Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET
Company Participants
Chuck Shaffer - Chairman & CEO
Tracey Dexter - CFO
Michael Young - Treasurer & Director, IR
Conference Call Participants
Russell Gunther - Stephens
Woody Lay - KBW
David Feaster - Raymond James
David Bishop - Hovde Group
Stephen Scouten - Piper Sandler
Operator
Welcome to the Seacoast Banking Corporation's Third Quarter 2024 Earnings Conference Call. My name is JL, and I will be your operator. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
Before we begin, I've 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 that act. Please note that this conference is being recorded.
I'll now turn the call over to Chuck Shaffer, Chairman and CEO of Seacoast Bank. Mr. Shaffer, you may begin.
Chuck Shaffer
All right. Thank you, and good morning, everyone. Before we start, I want to express our sympathy for all those affected by the hurricanes. Our hearts go out to all those who lost loved ones or experienced catastrophic losses. I also want to express my sincere appreciation for our associates who with unwavering resilience valiantly reacted to both hurricanes, securing our facilities while preparing their homes and families and quickly focusing on supporting our customers and communities before and after the storm. I'm incredibly impressed and proud of our entire team. And Tracey will provide a few further thoughts on the hurricanes here shortly.
As we turn to the quarter, we will refer to the third quarter earnings slide deck, which is at seacoastbanking.com. And I'm here with Tracey Dexter, our CFO; Michael Young, Treasurer and Director of Investor Relations; James Stallings, our Chief Credit Officer.
The Seacoast team produced an excellent quarter. The results this quarter evidenced the inflection in growth and the start of margin expansion that we expected to materialize in the second half of 2024. We continue to see our investments in banker talent, marketing and customer focused culture paying off, producing annualized loan growth of 7% and annualized customer deposit growth of 7%.