Start Time: 10:00 January 1, 0000 10:42 AM ET
Seacoast Banking Corporation of Florida (NASDAQ:SBCF)
Q1 2024 Earnings Conference Call
April 26, 2024, 10:00 AM ET
Company Participants
Chuck Shaffer - Chairman and CEO
Tracey Dexter - EVP and CFO
James Stallings - EVP and Chief Credit Officer
Michael Young - EVP, Treasurer and Director of IR
Conference Call Participants
Brandon King - Truist Securities
David Pfister - Raymond James
Woody Lay - KBW
Stephen Scouten - Piper Sandler
David Bishop - Hovde Group
Operator
Welcome to Seacoast Banking Corporation's First Quarter 2024 Earnings Conference Call. My name is Marvalue, and I will be your operator. Later, we will conduct a question-and-answer session. [Operator Instructions].
Before we begin, I have been asked to direct your attention to the statement at the end of the company's press release regarding forward-looking statements. Seacoast will be discussing issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act and its comments today are intended to be covered within the meaning of the Act. Please note that this conference is being recorded.
I will now turn the call over to Chuck Shaffer, Chairman and CEO of Seacoast Bank. Mr. Shaffer, you may begin.
Chuck Shaffer
Okay, thank you and thank you all for joining us this morning. As we provide our comments, we'll reference the first quarter earnings slide deck, which you can find at seacoastbanking.com. I'm joined today by Tracey Dexter, Chief Financial Officer; Michael Young, Treasurer and Director of Investor Relations; and James Stallings, Chief Credit Officer.
We started 2024 on solid footing, one of the strongest quarters on record for customer acquisition. This results from our focused investment over the last 24 months in acquiring the most talented revenue-producing bankers in Florida, strong execution by our retail team, and further investments in marketing and branding across all of our markets. We saw significant new opportunities throughout the state which drove growth in DDA and supported an annualized deposit growth rate of 8%.
Additionally, we had an outstanding quarter in wealth management with fee-based assets under management increasing by $160 million and exited the quarter with a significant wealth pipeline. Both our SBA team and our insurance agency had solid quarterly results and our treasury team continues to win middle market commercial depository accounts. Our loan pipeline reached its highest point in over a year with a large proportion of that in C&I, and we expect a meaningful second quarter for closings.