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 (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.
Seacoast Banking Corporation will acquire Professional Holding Corp. in a strategic move to enhance its presence in South Florida's tri-county market. The transaction, valued at approximately $488.6 million, is expected to be accretive to Seacoast's earnings by 11.8% in 2023 and 15.4% in 2024, with a 2.3-year earnback on tangible book value dilution. Professional, with $2.4 billion in deposits and $2.0 billion in loans, will operate as Seacoast Bank post-acquisition, further strengthening Seacoast’s community banking capabilities.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported a second-quarter net income of $32.8 million, a 59% increase from the prior quarter and a 4% increase year-over-year. Adjusted net income was $36.3 million, growing 34% from Q1 2022. The company achieved a net interest margin of 3.38%, reflecting strong loan originations and growth in demand deposits. Seacoast's tangible common equity ratio stood at 9.74%, providing solid capital and liquidity. The company has expanded into new markets and continues to pursue strategic acquisitions, enhancing its competitive presence in Florida.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) declared a quarterly cash dividend of $0.17 per share on July 19, 2022. This dividend will be payable on September 30, 2022 to shareholders on record as of September 15, 2022. The company, with approximately $10.9 billion in assets and $9.2 billion in deposits as of March 31, 2022, offers integrated financial services through over 50 branches in Florida and advanced digital solutions.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is set to release its Q2 2022 financial results on July 28, post-market. Investors can find the earnings report on the company’s website, with a conference call scheduled for July 29 at 10:00 a.m. ET to discuss the results and business trends. The call will be accessible via a toll-free number and online through a webcast. Seacoast, a leading Florida community bank, reported approximately $10.9 billion in assets and $9.2 billion in deposits as of March 31, 2022.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has announced an agreement to acquire Drummond Banking Company, enhancing its presence in North Florida. Drummond, with 18 branches and approximately $932 million in deposits, adds stability and growth potential. The merger, valued at about $173.2 million, is projected to be 8.6% accretive to earnings per share in 2023, with a modest dilution of tangible book value expected to be recovered in 1.6 years. The transaction reflects Seacoast's successful M&A strategy and will be finalized in Q4 2022, pending regulatory and shareholder approval.