Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q4 2024 Earnings Conference Call January 28, 2025 10:00 AM ET
Company Participants
Chuck Shaffer - Chairman and CEO
Tracey Dexter - CFO
Michael Young - Treasurer and Director, IR
Conference Call Participants
Woody Lay - KBW
Russell Gunther - Stephens
David Feaster - Raymond James
Christopher Marinac - Janney Montgomery Scott
David Bishop - Hovde Group
Operator
Welcome to Seacoast Banking Corporation's Fourth Quarter and Full Year 2024 Earnings Conference Call. My name is Jericho, and I'll be your operator. [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, Jericho, and good morning, everyone. As we go through our presentation, we'll refer to the fourth quarter earnings slide deck available at seacoastbanking.com. I'm here today with Tracey Dexter, our Chief Financial Officer; Michael Young, our Treasurer and Director of Investor Relations; and James Stallings, our Chief Credit Officer.
Seacoast team delivered an outstanding quarter. This period showcased profitability enhancements we've been focusing on, while also demonstrating the organic growth and margin expansion we anticipated would materialize by late 2024.
Adjusted pre-tax pre-provision earnings were $56.6 million, a 22% increase from the prior quarter, and the net interest margin expanded by 22 basis points to 3.39%. Our strong granular core deposit franchise allowed us to reduce the cost of deposits by 26 basis points