Seacoast Banking Q3 revenue up 37% but slightly misses estimates
SBCF•Seacoast Banking's third-quarter revenue rose 37% year over year to $215 million, slightly below the $215.94 million estimate. Adjusted EPS was $0.66, above the $0.65 estimate.
1. Quarterly results
Seacoast Banking reported third-quarter revenue of $215 million, up 37% year over year and slightly below analyst estimates of $215.94 million. Adjusted EPS of $0.66 beat the $0.65 estimate; net income was $59.87 million and adjusted net income was $71.85 million.
2. Loan growth and outlook
The company reported 13% annualized organic loan growth in the quarter, citing higher average loan balances and improved loan yields as drivers of increased interest income. It said commercial loan pipelines totaled $1.3 billion and it expects continued consistent loan growth. Seacoast also said completing the VBI integration contributed to growth and expanded mortgage origination activity.
3. Share repurchases
The company repurchased more than 1.2 million shares year to date.
