Business
Seacoast Reports Record Third Quarter 2019 Earnings Results
Net Income Increased 57% Year-Over-Year to $25.6 Million Improved Operating Leverage and Strong Performance in Both Commercial and Mortgage Banking Highlight
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Net Income Increased 57% Year-Over-Year to $25.6 Million\n Improved Operating Leverage and Strong Performance in Both Commercial and Mortgage Banking Highlight 3Q Results STUART, Fla., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (“Seacoast” or the \"Company”) (NASDAQ: SBCF) today reported third quarter 2019 net income of $25.6 million, or $0.49 per diluted share, up 57% or $9.3 million year-over-year. Seacoast reported third quarter 2019 adjusted net income1 of $27.7 million, or $0.53 per diluted share, an increase of 57% or $10.1 million compared to the third quarter of 2018. For the third quarter of 2019, return on average tangible assets was 1.61%, return on average tangible shareholders’ equity was 14.7%, and the efficiency ratio was 48.6%, compared to 1.50%, 14.3% and 53.5%, respectively, in the prior quarter and 1.18%, 12.0%, and 57.0%, respectively, in the third quarter of 2018. Adjusted return on average tangible assets1 was 1.67%, adjusted return on average tangible shareholders’ equity1 was 15.3%, and the adjusted efficiency ratio1 was 49.0%, compared to 1.59%, 15.2%, and 51.4%, respectively, in the prior quarter, and 1.22%, 12.4%, and 56.3%, respectively, in the third quarter of 2018. Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said, \"During the third quarter, Seacoast reported a record $25.6 million in net income. Both our mortgage and commercial banking units showed continued momentum in the quarter, with robust loan originations generating disciplined growth in loan outstandings and a new record in mortgage banking fees. We are generating this growth and improving our operating leverage, all while delivering a highly disciplined credit portfolio.\" Charles M. Shaffer, Seacoast’s Chief Operating Officer and Chief Financial Officer, said, “We continue to steadily build shareholder value through consistent growth in our tangible book value per share, ending the period at $14.30, an increase of 19% compared to one year prior. Year to date, we have generated 11% operating leverage, with adjusted revenues1 increasing 18%, and adjusted noninterest expense1 increasing 7%, in spite of a more challenging interest rate environment. Despite two reductions in the Federal Reserve overnight rate and a declining 10-year treasury rate, our net interest margin, excluding the discount on purchas...