Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported Q1 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $73.6 million versus the consensus estimate of $74.61 million.

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. We had an outstanding quarter of customer acquisition and deposit growth, with pipelines increasing in all loan categories, reflecting our strong fundamentals and position in attractive markets. The underlying strength of our customer franchise and the value of our unique combination of customer analytics, marketing automation, and experienced bankers in growing urban markets situates us well to deliver sustainable, profitable growth.”

Charles M. Shaffer, Seacoast’s Chief Financial Officer, said, “Our first quarter 2019 results demonstrate a continued focus on strong financial performance, disciplined credit underwriting, and increasing levels of liquidity. We continue to build a balance sheet that is supported by a robust customer franchise, with an ending loan to deposit ratio of 86%, providing ample room for expansion of loans which reinforces our net interest margin. We will also take proactive additional expense reduction measures during the second quarter of 2019 that we expect will result in an annual pre-tax expense reduction of approximately $10 million. These initiatives, our quarter-end tangible common equity ratio of 10.2%, increasing levels of liquidity and a healthy balance sheet support our ability to deploy capital for continued organic growth and disciplined opportunistic acquisitions."

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