Seacoast Posts $59.9 Million; InvenTrust Raises 2026 Forecast
Key Facts
Seacoast Banking Corporation of Florida reported net income of $59.9 million, or $0.55 per diluted share, in the third quarter of 2026, compared with $36.5 million and $0.42 per share in the same period of 2025, according to a company statement published by Nasdaq on October 27. Net income in the previous quarter was $59.5 million, the statement said. In real estate, InvenTrust Properties reported net income of $19.4 million, or $0.25 per share, compared with $6.0 million and $0.08 in the third quarter of last year. Butterfield, based in Hamilton, Bermuda, reported net income of $61.0 million, or $1.50 per share, versus $61.1 million and $1.46 in the corresponding period. The results reflect different operating trends: loan growth at Seacoast, occupancy and leasing indicators at InvenTrust, and interest income sources at Butterfield.
Seacoast increased its loan balances by $428.8 million during the quarter, equivalent to an annualized growth rate of 13%, and said strong loan originations supported the increase. The company added that commercial loan pipelines totaled $1.3 billion as of September 30, 2026, and described the outlook for continued steady growth as strong. The expansion in lending provides operating context for the bank’s results, as the statement links balance growth to new loan flows. Seacoast scheduled a conference call to discuss the results for October 28, 2026, at 10:00 a.m. Eastern Time. The call will allow the company to present details of the quarter’s results and update investors on its growth outlook.
InvenTrust’s results showed growth in same-property net operating income, a measure of performance at existing properties, which rose 3.1% to $50.4 million in the third quarter. For the first nine months of 2026, growth in the measure was 3.4%, with its value reaching $144.8 million, according to the official disclosure. The company executed 86 leases covering a total of about 549,000 square feet. Comparable leases covered 512,000 square feet and achieved a blended re-leasing spread of 14.2%. These figures provide a picture of leasing and existing-property performance alongside net income growth to $19.4 million in the quarter.
InvenTrust’s funds from operations under the Nareit standard totaled about $41.5 million, or $0.53 per diluted share, compared with $38.4 million and $0.49 in the third quarter of 2025. Core funds from operations reached $39.0 million, or $0.50 per share. The company raised its 2026 fiscal-year forecast, setting a range for net income of $0.31 to $0.33 per diluted share and for core funds from operations of $1.94 to $1.96 per share. It also raised its same-property net operating income growth forecast to a range of 3.75%–4.25%. The CEO said year-to-date growth in Nareit funds from operations per share was about 10%, and that signed leases yet to commence, redevelopment and acquisition opportunities represent avenues for business growth in 2027.
At Butterfield, net interest income rose to $97.2 million in the third quarter of 2026 from $92.7 million in the corresponding period of 2025, and was also up from $95.6 million in the previous quarter. The company attributed the improvement to reinvestment of securities at higher yields and better Treasury returns. It said the positive impact was partly offset by pressure on loan yields and a slight increase in deposit costs. Core net income was $64.2 million, or $1.58 per diluted share, above reported net income of $61.0 million, or $1.50 per share. The difference between the two figures highlights the impact of items excluded from the core income measure, while reported net income was close to its level a year earlier as earnings per share rose from $1.46.
Butterfield also linked the quarter’s results to its pending acquisition of CIBC Caribbean, saying it still expected the deal to close in the first half of 2027. The bank added that engagement with regulators and integration planning were progressing as expected. The bank had scheduled a conference call to discuss the results for October 28, 2026, at 10:00 a.m. Eastern Time. On the same day, InvenTrust scheduled its earnings call for 10:00 a.m. Eastern Time. The calls follow publication of the results, giving the companies an opportunity to discuss the figures and forecasts in their disclosures.