Seacoast Banking Corporation of Florida Reports Third Quarter Earnings for 2023

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The Seacoast Banking ($NASDAQ:SBCF) Corporation of Florida recently reported its earnings for the third quarter of 2023. The company, which is headquartered in Stuart, Florida with a presence across the Southeast and the Midwest of the United States, reported strong earnings for the quarter, exceeding analysts’ expectations. The Seacoast Banking Corporation of Florida is a financial services company that provides banking, mortgage and investment services to its customers. The company is known for its community-focused approach to banking, offering competitive services and products as well as personalized customer service. The company reported strong growth in net income for the third quarter, with year-over-year increases of over 20%. This growth was driven by growth in deposits and retail loan originations, as well as an increase in fee income.

Additionally, the company’s asset quality remained strong throughout the quarter, and its credit cost ratio remained low. Looking ahead, the company remains focused on continuing to serve its customers with exceptional products and services at competitive rates.

Earnings

According to the earnings report for the fiscal year ending June 30 2021, the company earned 3.31M USD in total revenue, indicating an 18.3% decrease from the previous year. However, during the past three years, SEACOAST BANKING’s total revenue has increased from 3.31M USD to 7.06M USD. This is a positive sign for the company and analysts are hopeful that this trend will continue in the future. SEACOAST BANKING is confident that its efforts to diversify its portfolio and improve customer service will result in continued success and growth.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Seacoast Banking. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Seacoast Banking. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Seacoast Banking. More…

Key Ratios Snapshot

Some of the financial key ratios for Seacoast Banking are shown below. More…

Share Price

The stock opened at $20.2 and closed at $20.0, decreasing by 0.6% from its prior closing price of $20.1. This marks a slight decline in SEACOAST BANKING‘s stock price, indicating investors’ hesitancy to invest in the company. SEACOAST BANKING’s third quarter earnings report is likely to be closely watched by investors ahead of any potential stock movements, as they look to gauge whether the company is meeting expectations or not. The results of the earnings report could potentially have a large impact on the company’s performance going forward. Live Quote…

Analysis

GoodWhale has conducted a thorough analysis of SEACOAST BANKING’s wellbeing and our results present a positive outlook. According to our Star Chart, SEACOAST BANKING is classified as a ‘cow’, which implies that it has a track record of paying consistent and sustainable dividends. This type of company is likely to be of interest to investors looking for stable returns. Furthermore, SEACOAST BANKING has strong assets, with a medium rating in growth, profitability, and dividend. Combined, these characteristics create a high health score of 10/10, meaning that it is able to easily sustain future operations in times of crisis. More…

Peers

Seacoast Banking Corp of Florida, Capital City Bank Group Inc, Mid-Southern Bancorp Inc, and Itau Corpbanca are all financial institutions that offer banking services to their customers. These services can include savings and checking accounts, loans, and investment opportunities. While each company has its own unique advantages, they all share the goal of providing quality customer service and a positive banking experience.

– Capital City Bank Group Inc ($NASDAQ:CCBG)

Capital City Bank Group Inc is a financial holding company that operates through its subsidiaries. The Company’s primary business is commercial banking. It offers a range of banking services to individual and corporate customers through its subsidiaries. These services include demand deposit accounts, savings accounts, time deposit accounts, commercial and consumer loans, mortgage loans, and other services. The Company operates in Florida, Georgia, and Alabama.

– Mid-Southern Bancorp Inc ($NASDAQ:MSVB)

Mid-Southern Bancorp Inc is a bank holding company. As of December 31, 2020, the Company had $2.9 billion in assets, $2.1 billion in loans, $2.3 billion in deposits and $311.4 million in shareholders’ equity. The Company operates approximately 50 full-service banking offices in Indiana, Illinois, Kentucky and Tennessee.

– Itau Corpbanca ($NYSE:ITCB)

Itau Corpbanca is a leading financial institution in Chile with a market cap of 1.91B as of 2022. The company offers a wide range of banking products and services to individuals, small and medium-sized enterprises, and large corporations in Chile. It has a strong focus on digital transformation and offers a wide range of digital banking products and services. It is also one of the largest issuers of credit cards in Chile.

Summary

Seacoast Banking Corporation of Florida is a financial services company with a focus on retail and commercial banking, wealth management, and mortgage services. Analysts have been closely watching the company’s progress as its stock price has increased over the past few years. This is a sign that the company is managing assets effectively and making money for shareholders. It appears that investors are optimistic about Seacoast Banking’s prospects going forward.