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Seacoast Banking posts 1Q profit

STUART, Fla. (AP) _ Seacoast Banking Corp. of Florida (SBCF) on Tuesday reported first-quarter net income of $7.9 million.

The bank, based in Stuart, Florida, said it had earnings of 20 cents per share. Earnings, adjusted for non-recurring costs, came to 26 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The holding company for Seacoast National Bank posted revenue of $50.7 million in the period. Its adjusted revenue was $48.1 million, which beat Street forecasts. Four analysts surveyed by Zacks expected $47.7 million.

Seacoast Banking expects full-year earnings in the range of $1.28 to $1.32 per share.

Seacoast Banking shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $25.23, a rise of 55 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBCF at https://www.zacks.com/ap/SBCF


Keywords: Seacoast Banking, Earnings Report