Winter Haven, Fla.-based CenterState Bank Corp. reported third-quarter adjusted net income of $68.0 million, or 53 cents per share, up from $45.4 million, or 51 cents per share, in the same quarter of 2018.
The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 50 cents.
The company's GAAP net income of $55.1 million, or 43 cents per share, was up from $38.0 million, or 43 cents per share, in the year-ago period.
The company's tax-equivalent net interest margin for the third quarter came to 4.19%, compared to 4.31% for the same period in 2018. The drop was due to Fed rate cuts, a reduction in London interbank offered rates, and an increase in deposit costs, according to the company's earnings release.
Net charge-offs amounted to $2.4 million, an increase from charge-offs of $2.2 million in the linked quarter and $623,000 in the prior-year period.
For the third quarter, charge-offs were 0.08% of loans on an annualized basis, the same as in the second quarter.
The company's provision for loan losses was $3.7 million in the third quarter, compared to $2.0 million in the third quarter of 2018.
Total gross loans amounted to $11.92 billion at the end of the third quarter, up from $8.22 billion at the end of the same quarter in 2018. Total deposits came to $13.36 billion at the end of the third quarter, compared to $9.47 billion at Sept. 30, 2018.