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 worth of its common stock, representing approximately 5.0% of shares outstanding as of December 16, 2021. The program will run until December 31, 2022, and shares may be repurchased through various methods including open market transactions. The actual timing and number of shares repurchased will depend on market conditions and financial performance.
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Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a net income of $22.9 million, or $0.40 per diluted share, for Q3 2021, marking a 27% decrease from Q2 2021 but a 1% increase year-over-year. The adjusted net income was $29.4 million, with tangible book value per share rising 13% to $17.52. The company completed the acquisition of Legacy Bank, adding significant loans and deposits, and announced proposed acquisitions to enhance its market presence. Loan originations surged by 50% quarter-over-quarter, reflecting strong demand for credit.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a quarterly cash dividend of $0.13 per share, declared on October 19, 2021. This dividend will be payable on December 31, 2021 to shareholders recorded by the close of business on December 15, 2021. As of June 30, 2021, Seacoast manages approximately $9.3 billion in assets and $7.8 billion in deposits, providing various financial services through its 52 branches across Florida.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is strategically expanding its operations into north Florida, appointing Brannon Fitch as executive vice president and regional president for the region. Fitch brings extensive leadership experience from BB&T. Additionally, Tim McLean joins as senior vice president of commercial real estate to lead efforts in Naples, with plans to enhance the bank's presence in this growing market. The company is also bolstering its commercial banking team across Florida, hiring experienced bankers to support growth initiatives.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will announce its third quarter 2021 results on October 28, after market close. A conference call is scheduled for October 29 at 10:00 a.m. ET to discuss the earnings and business trends. Investors can access the webcast and view charts related to the call on Seacoast's website. As of June 30, 2021, the company holds approximately $9.3 billion in assets and $7.8 billion in deposits. More details can be found on their official site.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced two significant acquisitions, targeting Sabal Palm Bancorp and Business Bank of Florida, expanding its footprint in Brevard and Sarasota counties. The deals will enhance Seacoast’s asset base by approximately $600 million, with Sabal Palm holding $377 million in deposits and $272 million in loans, while Florida Business Bank has $166 million in deposits and $136 million in loans. These acquisitions are projected to be 4% accretive to earnings in 2023, with minimal dilution of tangible book value.
Seacoast Banking Corporation of Florida announced the successful acquisition of Legacy Bank of Florida on August 6, 2021. With this merger, Legacy Bank shareholders received 0.1703 shares of Seacoast common stock for each share held. The acquisition enhances Seacoast's footprint in the rapidly growing Palm Beach and Broward counties, with Legacy Bank holding approximately $485 million in deposits and $476 million in loans as of June 30, 2021. Seacoast aims to leverage its digital solutions and customer service to create value for shareholders through this strategic move.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported a net income of $31.4 million for Q2 2021, a 7% decline from Q1, but a 25% increase compared to Q2 2020. Adjusted net income was $33.3 million with tangible common equity at 10.43%. Total deposits rose by $450.7 million to $7.8 billion, with transaction accounts increasing by 9%. However, net interest income decreased by 1%, influenced by reduced Paycheck Protection Program (PPP) loan income. A key acquisition of Legacy Bank of Florida is anticipated to strengthen growth in the South Florida market.
Seacoast Banking Corporation of Florida (SBCF) declared a quarterly cash dividend of $0.13 per share on July 20, 2021. This dividend is set to be paid on September 30, 2021, to shareholders recorded by the close of business on September 15, 2021. As of March 31, 2021, the company reported approximately $8.8 billion in assets and $7.4 billion in deposits. Seacoast provides diversified financial services through 48 branches across Florida, enhancing its community banking presence.