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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.
Professional Holding Corp. (NASDAQ:PFHD) reported fourth-quarter 2022 net income of $4.3 million or $0.31 per share, a 49.7% decline from $8.5 million in the prior quarter. This drop attributed to acquisition-related expenses linked to its merger with Seacoast Banking Corporation. For the full year, net income rose by 3.7% to $22.1 million, powered by a 22.1% increase in net interest income, totaling $88.3 million. However, noninterest expenses surged 26% to $59.5 million, primarily due to higher salaries and acquisition costs. The company’s total assets grew to $2.6 billion, despite a 2.7% decline in total deposits.
Professional Holding Corp. (NASDAQ:PFHD) reported a net income of $8.5 million, or $0.63 per share, for Q3 2022, marking a 21.1% increase from Q2 2022. This growth was driven by a $2.9 million rise in net interest income, primarily due to Federal Reserve rate hikes. Year-over-year, net income also rose from $6.3 million in Q3 2021. However, noninterest income fell by 31.3% to $1.2 million, while noninterest expenses increased 9.9% to $13.9 million. Total deposits decreased by 32.2% annualized, with total loans up 3.5%.
Professional Holding Corp. (NASDAQ: PFHD) announced it will release its financial results for the third quarter ended September 30, 2022, on October 28, 2022. The earnings report will be available before market opening, providing investors insight into the company's quarterly performance.
Professional Holding Corp. is the parent company of Professional Bank, which offers commercial banking services to small-to-medium-sized businesses across Florida, operating nine branches and additional offices in various regions.
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.
Professional Holding Corp. (NASDAQ:PFHD) reported a record net income of $7.0 million or $0.52 per share for Q2 2022, reflecting a 189.1% increase from the previous quarter. Strong loan production contributed to this growth, with net interest income rising 15.0% to $21.9 million. Noninterest income also increased 39.9% to $1.8 million. However, provision for loan losses rose 163.2% to $2.2 million. Total assets decreased to $2.7 billion, although total loans increased 36.2% to $2.0 billion.
Professional Holding Corp. (NASDAQ: PFHD) will announce its financial results for Q2 2022 on July 28, 2022, after market close. The announcement will be followed by a conference call on July 29, 2022, at 11:00 a.m. ET. Investors can access the call by dialing the appropriate numbers and may find more details on the company’s website. Professional Bank, the subsidiary of PFHD, operates nine branches across Florida and focuses on commercial banking solutions for small to medium-sized businesses.
Professional Holding Corp. (NYSE:PFHD) will hold its annual shareholder meeting virtually on May 25, 2022, at 10:00 a.m. ET from its headquarters in Coral Gables, Florida. Shareholders eligible to vote include those recorded as of March 21, 2022. Proxy votes must be submitted by May 24, 2022, at 11:59 p.m. ET to be valid. The meeting will feature technical support for attendees. For further details, visit the company’s website.
Professional Holding Corp (PFHD) reported a net income decrease to $2.4 million, or $0.18 per share, for Q1 2022, down from $4.0 million in Q4 2021. The drop was mainly due to $2.6 million in severance expenses linked to the former CEO's exit. Total assets rose 30.9% to $2.9 billion, driven by cash and loan growth, while loan originations reached approximately $199.4 million. Despite a 27.9% hike in noninterest expenses, adjusted net income rose 25.9% to $5.0 million. The company maintains healthy liquidity and a strong capital position with a 13.6% total risk-based capital ratio.
Professional Holding Corp. (NASDAQ:PFHD) has appointed Joseph Willett to its Board of Directors and as Chairman of the Audit Committee. Willett brings over 25 years of financial management experience, including roles at Merrill Lynch and Chase Manhattan Bank. His appointment is expected to enhance the oversight and governance of the Company. Herbert Martens, non-executive Chairman, expressed optimism about Willett's contributions. Professional Bank, the subsidiary, offers banking products tailored for small to medium-sized businesses across Florida and has a digital center in Cleveland.
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