Seacoast Banking Corp. of Florida (SBCF) Q1 FY2024 earnings: revenue $126 million, down 18.2% on the year

Seacoast Banking Corp. of Florida (SBCF) reported revenue of $126 million for Q1 FY2024, the quarter ended 31 March 2024, down 18.2% on the same quarter a year earlier. Net income was $26 million, up 119.9% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$126 milliondown 18.2%

Net income$26 millionup 119.9%

Diluted EPS$0.31

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	126	128	n/a	n/a
Interest expense	70.6	66.0	n/a	n/a
Pre-tax income	33.8	37.8	n/a	n/a
Income tax	7.8	8.3	n/a	n/a
Effective tax rate	23.1%	21.8%	n/a
Net income	26.0	29.5	n/a	n/a
Net margin	20.7%	23.1%	n/a
Diluted EPS	$0.31	$0.35	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	24.7	29.9	n/a	n/a
Cash from investing	-25.7	39.5	n/a	n/a
Cash from financing	237	-318	n/a	n/a
Depreciation and amortisation	8.4	9.0	n/a	n/a
Share-based compensation	2.2	3.1	n/a	n/a
Dividend per share	$0.18	n/a	n/a	n/a
Diluted shares, weighted	85m	85m	n/a	n/a
Shares outstanding at period end	85m	85m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,118	2,108	n/a	n/a
Redeemable equity	n/a	0.0	n/a	n/a
Deposits	12,016	11,777	n/a	n/a
Debt	106	106	n/a	n/a
Other liabilities	590	589	n/a	n/a
Total liabilities and equity	14,830	14,580	n/a	n/a
Fixed assets	111	113	n/a	n/a
Goodwill	732	732	n/a	n/a
Intangible assets	89.4	95.6	n/a	n/a
Securities held for sale or to maturity	2,619	2,516	n/a	n/a
Loans	9,831	9,914	n/a	n/a
Cash and equivalents	683	447	n/a	n/a
Other assets	764	761	n/a	n/a
Total assets	14,830	14,580	n/a	n/a

Questions

What was Seacoast Banking Corp. of Florida's revenue in Q1 FY2024?

Seacoast Banking Corp. of Florida (SBCF) reported revenue of $126 million for Q1 FY2024, the quarter ended 31 March 2024, down 18.2% on the same quarter a year earlier.

How much did Seacoast Banking Corp. of Florida earn in Q1 FY2024?

Net income for Q1 FY2024 was $26 million, up 119.9% on the year, and diluted earnings per share $0.31.

When did Seacoast Banking Corp. of Florida report Q1 FY2024 results?

Seacoast Banking Corp. of Florida filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 8 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	137	128	126	127	130	133	141	151	157	203	164	208
Interest expense	60.5	66.0	70.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	40.5	37.8	33.8	39.2	39.3	43.6	40.9	55.3	46.9	43.5	40.9	76.1
Tax rate	22%	22%	23%	23%	22%	22%	23%	23%	22%	21%	22%	22%
Net income	31.4	29.5	26.0	30.2	30.7	34.1	31.5	42.7	36.5	34.3	31.9	59.5
Net margin	23%	23%	21%	24%	24%	26%	22%	28%	23%	17%	19%	29%
Diluted EPS	$0.37	$0.35	$0.31	$0.36	$0.36	$0.40	$0.37	$0.50	$0.42	$0.28	$0.29	$0.55
Operating cash flow	62.7	29.9	24.7	56.9	53.4	45.0	31.0	72.3	30.2	54.5	71.8	61.7
Buybacks	0.0	n/a	n/a	n/a	0.0	n/a	0.0	0.0	0.0	0.0	10.0	23.3
Shares outstanding	85m	85m	85m	85m	85m	86m	86m	86m	88m	98m	98m	97m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0000730708-24-000139: the filing on EDGAR. All of Seacoast Banking Corp. of Florida's filings: EDGAR company page.

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