Seacoast Banking Q3 revenue up 37% but slightly misses estimates

By Reuters News


Overview

  • US community bank's Q3 revenue rose 37% yr/yr but slightly missed analyst expectations

  • Adjusted EPS for Q3 beat analyst expectations

  • Company repurchased over 1.2 mln shares year to date


Outlook

  • Company expects continued consistent loan growth, with commercial loan pipelines at $1.3 bln

  • Company says expanded footprint and community presence support future relationship and productivity growth

  • Company says balance sheet strength provides flexibility to support customers and pursue disciplined growth


Result Drivers

  • LOAN GROWTH - Co said higher average loan balances and improved loan yields drove increased interest income

  • ORGANIC LOAN GROWTH - Co reported 13% annualized organic loan growth in Q3, supporting revenue growth

  • ACQUISITION INTEGRATION - Co said completion of VBI integration contributed to growth and expanded mortgage origination activity


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Slight Miss*

$215 mln

$215.94 mln (5 Analysts)

Q3 Adjusted EPS

Beat

$0.66

$0.65 (6 Analysts)

Q3 EPS

$0.55

Q3 Adjusted Net Income

Slight Beat*

$71.85 mln

$71.29 mln (3 Analysts)

Q3 Net Income

$59.87 mln

Q3 Net Interest Income

$185.35 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy."

  • Wall Street's median 12-month price target for Seacoast Banking Corporation of Florida is $36.00, about 7% above its October 26 closing price of $33.66

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago


Reuters Recommended Reads

  • Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth

  • Oct 26 - Business First Bancshares Q3 net income rises on loan and deposit growth

  • Oct 26 - German American Bancorp Q3 net income rises on higher yields and margin expansion


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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