Seacoast Banking Corp. of Florida (NASDAQ:SBCF) Q4 2019 Earnings Conference Call - Final Transcript

Jan 24, 2020 • 10:00 am ET

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Seacoast Banking Corp. of Florida (NASDAQ:SBCF) Q4 2019 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

Thank you. [Operator Instructions] And our first question comes from David Feaster from Raymond James. Please go ahead.

Analyst
David Feaster

Hey, good morning guys. Congrats on the deal.

Executive
Dennis S. Hudson, III

Thank you. We're excited about it.

Analyst
David Feaster

So, you got a pretty full plate here, two deals. But I believe you've had as much as three ongoing at the same time. Are we on pause here near-term or would you still be interested in M&A at this point? And I guess, historically, you've converted and closed the same day. Is that the plan here?

Executive
Dennis S. Hudson, III

Yes, that is the plan here, David. And just, generally, conversations remain robust. We plan to close the First Bank of the Palm Beaches deal in mid-March. So, that's right around the quarter. And one of the benefits of doing small lower risk transaction is we can close and convert them at the same time, which we'll do with both these transactions. And keep moving down the road.

So, we're still out talking to various opportunities. The conversations remain robust and there's still plenty of opportunity to continue our M&A strategy as we move forward.

Analyst
David Feaster

Okay, terrific. I guess just what -- do you really expand your St. Pete presence here? How do you think about this market and the opportunities for growth for both loans and deposits, as well as new hires?

Executive
Dennis S. Hudson, III

Yes. No, I'd say, great question, David. And what I would say to you is, we've talked in the past to both research and investors that we love the Tampa, St. Pete market. It's a tremendous market. It's twice the size of Orlando and it's the second largest MSA in in the State of Florida. It is full of opportunities for us both in terms of customers and bankers. And as we've done over the past year, we've continued to expand our banker pool in the market. And just here in the fourth quarter, added across the franchise another seven commercial bankers and another nine MLOs.

So, we continue to expand distribution. We think the markets are serving as well. We continue to see strong population growth in the markets and great opportunities for growth. So, this gives us the more scale there. The team that operates in the St. Pete market has operated there for many years, is well regarded, well thought of, and is staying on with us and is excited about the opportunity to work with us. So, I think this acquisition is more than just acquiring a bank. There is a great market behind it.

Executive
Charles M. Shaffer

So, as you know, David, our position in Pinellas County was quite small. Previously, we had a very, very small amount of exposure there. And so, as Cathy and her team get together and assimilate with our position there, it just builds an even stronger presence for her and for her bank in that market. And we're really excited about the talent that is coming with that acquisition.

So, very, very excited about that. Also, a good support, part of