STUART, Fla. (AP) _ Seacoast Banking Corp. of Florida (SBCF) on Thursday reported second-quarter profit of $25.1 million.
The bank, based in Stuart, Florida, said it had earnings of 47 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The holding company for Seacoast National Bank posted revenue of $88.2 million in the period. Its revenue net of interest expense was $82.3 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $78.1 million.
Seacoast Banking shares have declined 35% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $20, a fall of 22% in the last 12 months.