Seacoast Banking Corporation of Florida (SBCF) Misses Q2 EPS by 5c

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported Q2 EPS of $0.38, $0.05 worse than the analyst estimate of $0.43.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said “Seacoast’s balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit our shareholders. Consumer and small business loan originations reached record levels and we exited the quarter with our commercial loan pipeline at an all-time high. Looking ahead, we expect our total loan growth to accelerate, driven by the combination of a robust pipeline, investments we have made in proprietary commercial banking technologies, and expanding our commercial platform within the Tampa and South Florida markets. During the quarter we announced the acquisition of First Green Bancorp, Inc., which will introduce more than 10,000 new customers in central and south Florida to Seacoast’s innovative banking platforms and deepen our presence in Orlando, Florida’s third-largest metropolitan area. We expect this acquisition to close early in the fourth quarter.”

Charles M. Shaffer, Seacoast’s Chief Financial Officer, said, “We continue to balance a disciplined approach to credit, liquidity, and expense management, while making investments in technology and talent, resulting in an increase in tangible book value per share to $11.67 at period end and positioning us well to deliver the strong performance we outlined in our Vision 2020 plan. With a loan to deposit ratio of 84% and a ratio of tangible common equity to tangible assets of 9.6%, our balance sheet provides us with the resources to prudently fund our organic growth initiatives while continuing to make accretive acquisitions.”

For earnings history and earnings-related data on Seacoast Banking Corporation of Florida (SBCF) click here.

You May Also Be Interested In

• Seacoast Banking Corporation of Florida (SBCF) Tops Q1 EPS by 2c
• AppFolio (APPF) Tops Q1 EPS by 17c
• Robert Half International (RHI) Reports In-Line Q1 EPS