SBCF - Seacoast Banking GAAP EPS of $0.47 misses by $0.11 revenue of $104.4M misses by $0.45M
- Seacoast Banking press release ( NASDAQ: SBCF ): Q3 GAAP EPS of $0.47 misses by $0.11 .
- Revenue of $104.4M (+15.5% Y/Y) misses by $0.45M .
- On an adjusted basis, pre-tax pre-provision earnings 1 were $49.0 million, an increase of 6% compared to the second quarter of 2022 and an increase of 12% compared to the third quarter of 2021.
- Net interest income totaled $88.3 million in the third quarter of 2022, an increase of $6.6 million, or 8%, from the second quarter of 2022 and an increase of $17.0 million, or 24%, compared to the third quarter of 2021. For the nine months ended September 30, 2022, net interest income was $246.5 million, an increase of $42.7 million, or 21%, compared to the nine months ended September 30, 2021.
- Net interest margin increased 29 basis points to 3.67% in the third quarter of 2022 compared to 3.38% in the second quarter of 2022. Excluding the effects of PPP and accretion on acquired loans, net interest margin increased 33 basis points to 3.57% in the third quarter of 2022 from 3.24% in the second quarter of 2022. Securities yields increased 38 basis points to 2.36%, and loan yields increased 16 basis points to 4.45%.
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Seacoast Banking GAAP EPS of $0.47 misses by $0.11, revenue of $104.4M misses by $0.45M