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Seacoast Banking Corporation of Florida reports news about its role as a bank holding company for Seacoast National Bank, providing commercial and consumer banking, wealth management, mortgage and insurance services through branch, mobile and online channels in Florida and Georgia. Recurring updates center on quarterly operating results, net interest margin, deposit trends, loan and securities yields, asset quality, capital levels and balance-sheet management.
Company announcements also cover common and Series A Non-Voting Preferred Stock dividends, share repurchase activity, board composition and other governance actions. Corporate-development news includes integration matters following completed bank acquisitions, along with product and technology initiatives tied to customer service and treasury, information technology and security operations.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will release its first quarter 2021 financial results on April 22, 2021, after market close. A conference call to discuss these results is scheduled for April 23, 2021, at 10:00 a.m. ET, where interested investors can participate by calling a toll-free number. The bank, which has approximately $8.3 billion in assets and $6.9 billion in deposits as of December 31, 2020, offers various financial services through its 48 branches across Florida. More information can be accessed through their website.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced its acquisition of Legacy Bank of Florida, expanding its footprint in the Broward and Palm Beach counties. The merger will combine Legacy's approximately $432 million in deposits and $482 million in loans with Seacoast's existing assets, increasing deposits in the Miami-Fort Lauderdale area by 41% to $1.4 billion. The transaction is expected to be 2% accretive to earnings in 2021 and 6% in 2022, with a value of approximately $102.2 million.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported a record net income of $29.3 million for Q4 2020, a 30% increase from Q3 2020. Adjusted net income reached $30.7 million, marking a 12% growth. For the entire year, net income totaled $77.8 million, down from $98.7 million in 2019. Key metrics include a return on tangible assets of 1.49% and a tangible common equity ratio of 11.01%. The company continues to maintain a strong capital position, with a Tier 1 capital ratio of 17.4%.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced the release of its fourth quarter 2020 results on January 28, 2021, after market close. Investors can access the earnings results on the company's website. A conference call is scheduled for January 29, 2021, at 10:00 a.m. ET to discuss these results and business trends. Seacoast Banking is among Florida's largest community banks with $8.3 billion in assets and $6.9 billion in deposits as of September 30, 2020.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has announced the promotion of Charles "Chuck" Shaffer to chief executive officer (CEO), completing a previously disclosed succession plan. Shaffer, who has served as president and COO since June 2020, is recognized for his significant contributions to the company's growth strategy. Former CEO Dennis Hudson III takes on the role of executive chairman. With approximately $8.3 billion in assets and a strong community banking presence, Seacoast aims for continued success under Shaffer's leadership.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a share repurchase program allowing the repurchase of up to $100 million of its common stock, approximately 6.1% of outstanding shares, set to expire on December 31, 2021. The program enables various purchasing methods, subject to market conditions and the company's financial performance. CEO Dennis Hudson emphasized the program aims to enhance long-term shareholder value while maintaining a strong balance sheet. As of September 30, 2020, Seacoast had $8.3 billion in assets.
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Seacoast Banking Corporation of Florida (SBCF) reported third-quarter 2020 net income of $22.6 million, or $0.42 per diluted share. Adjusted net income was $27.3 million, or $0.50 per diluted share. The tangible common equity ratio increased to 10.67%, and tangible book value per share rose to $15.57. Noninterest income reached a record $16.9 million, driven by mortgage banking, wealth management, and interchange income. However, net interest income decreased by 6% to $63.5 million. Overall, the company showcases robust growth and a solid balance sheet amid pandemic challenges.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will release its third quarter 2020 results on October 27, 2020, after market close. A conference call for discussing earnings and business trends will occur on October 28 at 10:00 a.m. ET. Investors can access earnings results and a replay of the call on Seacoast's website. As of June 30, 2020, Seacoast holds $8.1 billion in assets and $6.7 billion in deposits. The company operates 50 branches across Florida, providing various financial services.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has completed its acquisition of Fourth Street Banking Company, effective August 21, 2020, for approximately $41.7 million. Fourth Street shareholders will receive 0.1275 shares of Seacoast for each Fourth Street share. The acquisition enhances Seacoast's presence in Florida's growing markets, adding Freedom Bank's $359 million in deposits and $312 million in loans. This merger is expected to provide Freedom Bank's customers with access to Seacoast's digital banking services and extensive ATM network.