Guggenheim Downgrades Seacoast Banking (SBCF) to Neutral

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Go back to Guggenheim Downgrades Seacoast Banking (SBCF) to Neutral

Seacoast Banking Earnings Increase 155% YOY to $5.9 Million, or $0.18 per Share, in 1Q15 Fueled by Strong Growth, Improving Operating Efficiency and Margin Expansion

April 28, 2015 5:13 PM EDT

STUART, Fla., April 28, 2015 /PRNewswire/ --

First Quarter 2015 Earnings Highlights

Net income grew 155% to $5.9 million, or $0.18 per diluted share, from $2.3 million, or $0.09 per diluted share, in the first quarter of 2014.  In the fourth quarter of 2014, the net loss was $1.5 million, or $0.05 per diluted share. Adjusted net income,(1) (excluding merger costs and other adjustments) increased 48% to $6.2 million or $ 0.19 per diluted share, for the first quarter 2015, compared to $4.2 million, or $0.13 per diluted share in 4Q14.  Revenues increased as Seacoast continued to grow its businesses.  Revenues increased $11.2 million or 52% above first quarter 2014 levels and $1.1... More