Seacoast Banking Corp. of Florida in Stuart reported flat earnings after selling underperforming securities.
The $gtk billion-asset company said in a press release that profit rose nominally from a year earlier, to $31.9 million, after it absorbed a $39.5 million loss from selling securities in January. Seacoast sold about $277 million in low-yielding securities.
Seacoast reinvested the funds into higher-yielding positions, resulting in a 24-basis-point yield improvement in the quarter.
The company did not disclose an earnback period for the securities loss.