Seacoast Bkg Corp Fla Stock Price, News & Analysis

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has successfully completed its acquisition of Professional Holding Corp. (NASDAQ: PFHD) as of January 31, 2023. This strategic merger aims to strengthen Seacoast's footprint in the South Florida market, particularly by integrating Professional Bank's significant assets, which include approximately $2.2 billion in deposits and $2.1 billion in loans. Under the merger agreement, Professional shareholders received 0.8909 shares of Seacoast common stock for each share held. The acquisition is expected to enhance Seacoast's financial services offering and competitive positioning in the region.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported fourth-quarter 2022 net income of $23.9 million, or $0.34 per diluted share, reflecting an 18% decrease from Q3 2022. The bank's adjusted net income rose 22% to $39.9 million. Notably, the net interest margin expanded by 69 basis points to 4.36%, driven by increased loan yields. For the entire year, net income totaled $106.5 million, down 14% from 2021. The company completed acquisitions of Apollo Bancshares and Drummond Banking, contributing significantly to their asset base. Despite increasing operating expenses due to merger-related costs, Seacoast is well-positioned with strong capital metrics.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a quarterly cash dividend of $0.17 per share, declared on January 18, 2023. This dividend will be payable on March 31, 2023, to shareholders of record as of the close of business on March 15, 2023. As of September 30, 2022, the company held approximately $10.3 billion in assets and $8.8 billion in deposits. Seacoast is among Florida's largest community banks and offers a variety of financial services through over 50 branches and advanced digital banking solutions.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced that it will release its fourth quarter 2022 earnings on January 26, 2023, after market close. A live conference call is scheduled for January 27 at 10:00 AM ET to discuss these results and business trends. As of September 30, 2022, Seacoast had approximately $10.3 billion in assets and $8.8 billion in deposits, serving customers through over 50 branches and digital platforms. Investors can access earnings details and presentations on the company’s website.

Seacoast Banking Corporation of Florida (SBCF) has renewed its share repurchase program, allowing for the buyback of up to $100 million in common stock, which represents about 4% of outstanding shares. This program will last until December 31, 2023, and purchases can occur through various methods, including open market transactions. The actual buyback will depend on factors like market conditions and the company's financial health, with no obligation to buy a specific number of shares. This initiative aims to enhance shareholder value.

Seacoast Banking Corporation of Florida (SBCF) reported Q3 2022 net income of $29.2 million ($0.47/share), an 11% decrease from Q2 but up 27% year-over-year. Adjusted net income was $32.8 million ($0.53/share), also down 10% from Q2 but up 12% year-over-year. Net interest income rose by 24% to $88.3 million, aided by a 29 basis points increase in net interest margin to 3.67%. Total assets stood at $10.3 billion with tangible common equity ratio at 9.79%. The company successfully completed acquisitions of Apollo and Drummond, significantly expanding its footprint in Florida.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) declared a quarterly cash dividend of $0.17 per share on October 18, 2022. This dividend is payable on December 30, 2022, to shareholders of record as of December 15, 2022. With approximately $10.8 billion in assets and $9.2 billion in deposits, Seacoast provides various financial services through its network of over 50 branches across Florida and advanced online banking solutions.

Seacoast Bank Expands Presence in Miami-Dade County and enters Ocala and Gainesville with the completion of its acquisitions of Apollo Bancshares and Drummond Banking Company on October 7, 2022. The total merger consideration was approximately $304 million, with Apollo shareholders receiving 1.006529 shares of Seacoast for each share held and Drummond shareholders receiving 51.9561 shares. Apollo Bank has about $930 million in deposits and $736 million in loans, while Drummond boasts $919 million in deposits and $571 million in loans.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced that it will release its third quarter 2022 earnings on October 27, after market close. A conference call to discuss the results is scheduled for October 28 at 10:00 a.m. ET, accessible via toll-free number (866) 374-5140 (passcode: 6944 8197#). Investors can find earnings details and presentations on the company's website. As of June 30, 2022, Seacoast holds approximately $10.8 billion in assets and $9.2 billion in deposits.