Seacoast Banking Q1 revenue misses on securities repositioning loss

Seacoast Banking of Florida

28/04/2026 21:19

Overview

US community bank's Q1 revenue missed analyst expectations

Adjusted EPS for Q1 beat analyst expectations

Company repositioned securities portfolio, incurring $39.5 mln loss for higher future yields

Outlook

Seacoast says its strategy to deliver on 2026 guidance remains on track

Company expects Villages Bancorporation conversion to enhance earnings power in Q3 2026

Seacoast expects to exit 2026 stronger and well positioned for long-term value

Result Drivers

SECURITIES REPOSITIONING - Co sold $277 mln in low-yielding securities and reinvested in higher-yielding assets, raising securities yields and net interest margin but incurring a $39.5 mln loss

DEPOSIT GROWTH AND LOWER COSTS - Organic deposit growth was 7% annualized, with noninterest-bearing deposits up 29% annualized and cost of deposits declining 13 basis points

NONINTEREST INCOME MIXED - Service charges and wealth management income rose, but overall noninterest income was reduced by the securities loss; mortgage banking income fell due to volatility in mortgage servicing rights

Company press release: ID:nBw9XyvrQa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$163.90 mln
$205.49 mln (5 Analysts)
Q1 Adjusted EPS
Beat
$0.62
$0.58 (5 Analysts)
Q1 EPS
$0.29
Q1 Adjusted Net Income
Beat
$67.78 mln
$62.28 mln (4 Analysts)
Q1 Net Income
$31.90 mln
Q1 Net Interest Income
$178.15 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy."

Wall Street's median 12-month price target for Seacoast Banking Corporation of Florida is $37.00, about 17% above its April 27 closing price of $31.63

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)