Seacoast Banking rises after Q4 profit beats expectation

Seacoast Banking of Florida

28/01/2025 19:02

** Shares of regional lender Seacoast Banking Corporation of
Florida  SBCF.O  rise as much as 5.1%; last up 4.9% at $28.52
    ** SBCF late Tuesday posted a Q4 adjusted profit of 48
cents/shr topping Wall Street expectations of 33 cents/shr,
according to data compiled by LSEG
    ** Q4 net interest income rose 4% to $115.8 mln and beat
estimates of $110.7 mln, driven by a decline in the cost of
deposits 
    ** A string of rate cuts by the U.S. Federal Reserve has
eased the pressure on regional banks, as they pay out less to
hold onto customer deposits     
    ** Net interest margin - a key measure of banking
profitability - expanded by 3 bps to 3.39% in Q4 from a year
earlier    
    ** Piper Sandler says the quarter was strong and should take
analysts' estimates higher, but it still needs to see additional
M&A or a growth inflection to see more meaningful upside in the
shares    
    ** SBCF stock dipped 3.3% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))