Seacoast Banking Corporation of Florida reported fourth quarter 2024 net income of $34.1 million, or $0.40 per diluted share, and adjusted net income of $40.6 million, or $0.48 per diluted share, representing a 33% increase quarter-over-quarter. For the full year 2024, net income was $121.0 million, or $1.42 per diluted share.
The company's net interest margin expanded by 22 basis points quarter-over-quarter to 3.39%. Seacoast achieved a record loan production of $903 million in the fourth quarter, demonstrating accelerating business momentum.
Wealth management assets under management grew 20% year-over-year to $2.1 billion by December 31, 2024. Seacoast also executed a strategic repositioning, recognizing an $8.0 million pre-tax loss on securities sales, and reinvesting $113 million at a 5.4% yield with an estimated earnback of less than three years.
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