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Seacoast Banking Corporation of Florida (symbol: SBCF) is a prominent financial institution headquartered in Stuart, Florida. Since its inception in 1926, the bank has grown strategically through a clear vision and the dedication of its professional employees. Seacoast Bank operates as the primary subsidiary, offering a comprehensive suite of financial services.
As one of the largest publicly traded commercial banks in Florida, Seacoast Bank provides integrated financial services, including commercial and consumer banking, wealth management, mortgage and insurance services. The bank combines the personalized service of a community bank with the advanced products and conveniences of a national financial institution.
Seacoast Bank's extensive network of branches extends from Palm Beach County through the Treasure Coast, reaching Orlando, Okeechobee, and surrounding counties. The bank is well-known for its commitment to local decision-making and understanding of the markets it serves, ensuring responsiveness to customer needs.
Recent achievements of Seacoast Banking Corporation include the expansion of their mobile and online banking solutions, enhancing accessibility for customers. The bank also offers specialized services such as treasury management, brokerage, and credit facilities, aiming to cater to a wide range of financial requirements.
Seacoast Banking Corporation's financial stability is underscored by its quality credit culture and the expertise of its professional staff. The company's focus on strategic growth and continuous improvement positions it as a leading entity in Florida's banking industry.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced a definitive agreement to acquire Heartland Bancshares, expanding its presence in Central Florida. The acquisition involves Heartland's four branches with $641 million in deposits and $161 million in loans as of December 31, 2024.
The transaction is valued at approximately $110 million, with Heartland shareholders receiving either $147.10 in cash, 4.9164 shares of Seacoast common stock, or a 50-50 combination per share. The deal is expected to be 7% accretive to earnings per share in 2026, with modest tangible book value dilution recovered in approximately 2.25 years.
The acquisition is scheduled to close in the third quarter of 2025, subject to regulatory approvals and Heartland shareholder approval.
Seacoast Banking of Florida (NASDAQ: SBCF) reported strong Q4 2024 results with net income of $34.1 million ($0.40 per diluted share), up from $30.7 million in Q3 2024. The company's full-year 2024 net income reached $121.0 million ($1.42 per diluted share), compared to $104.0 million in 2023.
Key highlights include a 22 basis point expansion in net interest margin to 3.39% and adjusted net income of $40.6 million ($0.48 per diluted share) for Q4 2024. Net revenues increased to $132.9 million, up 2% from the previous quarter. The company maintained strong capital position with a tangible common equity ratio of 9.6% and a loan-to-deposit ratio of 84%.
Total loans increased by $94.7 million with loan originations up 37% to $902.6 million in Q4. Total deposits remained stable at $12.2 billion, with customer transaction accounts representing 50% of total deposits.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced a quarterly cash dividend of $0.18 per share for its common stock shareholders. The dividend will be paid on March 31, 2025, to shareholders of record as of March 14, 2025.
The company, operating through its subsidiary Seacoast National Bank, is one of Florida's largest community banks, with $15.2 billion in assets and $12.2 billion in deposits as of September 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services through 77 full-service branches across Florida, complemented by mobile and online banking solutions.
Seacoast Banking of Florida (NASDAQ: SBCF) has scheduled its fourth quarter 2024 earnings release for January 27th, 2024, after market close. The company will host a conference call to discuss earnings results and business trends on January 28th at 10:00 a.m. Eastern Time.
Investors can access the earnings results through the company's website under the 'Press Releases' section. The conference call can be joined toll-free at (800) 715-9871 with Conference ID: 8804483. Supporting charts will be available on the company's website under the 'Presentations' section. A recording of the call will be accessible for one year through the company's website under 'Corporate Information'.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced the renewal of its share repurchase program by its Board of Directors on December 18, 2024. The new program, extending through December 31, 2025, authorizes the repurchase of up to $100 million of common stock, representing approximately 4% of outstanding shares.
The program allows for shares to be repurchased through various methods, including open market transactions, block purchases, and private negotiations, in compliance with Rule 10b-18 of the Securities Exchange Act. The actual timing, number of shares, and method of repurchase will be determined by the company based on factors including price, market conditions, and capital requirements.
Seacoast Banking of Florida (NASDAQ: SBCF) reported Q3 2024 net income of $30.7 million, or $0.36 per diluted share, compared to $30.2 million in Q2 2024 and $31.4 million in Q3 2023. The quarter showed 7% annualized loan growth and customer deposit growth. Net interest income was $106.7 million, with net interest margin at 3.17%. Total assets reached $15.2 billion with total shareholders' equity of $2.2 billion. The company maintained strong capital positions with a Tier 1 ratio of 14.8% and tangible book value per share increased 20% annualized to $16.20.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced a quarterly cash dividend of $0.18 per share for holders of the Company's common stock. The dividend will be payable on December 31, 2024, to shareholders of record at the close of business on December 13, 2024. This decision was made by the Company's Board of Directors on October 17, 2024.
Seacoast Banking of Florida operates through its wholly owned subsidiary, Seacoast National Bank, which is one of the largest community banks headquartered in Florida. As of June 30, 2024, the Company reported approximately $15.0 billion in assets and $12.1 billion in deposits. Seacoast provides integrated financial services, including commercial and consumer banking, wealth management, and mortgage services, through 77 full-service branches across Florida and advanced mobile and online banking solutions.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced it will release its third quarter 2024 results on October 24th, after the market closes. The company will host a conference call on October 25th at 10:00 a.m. Eastern Time to discuss the earnings results and business trends. Investors can access the earnings results on Seacoast's website and participate in the conference call by dialing (800) 715-9871 (Conference ID: 6787376). Charts used during the call will be available on the website, and a recording of the call will be accessible for one year via a link on the company's website.
Seacoast Banking (NASDAQ: SBCF) reported Q2 2024 results with net income of $30.2M, or $0.36 per diluted share, up from $26.0M, or $0.31 per share in Q1 2024. Compared to Q2 2023, net income decreased slightly from $31.2M, or $0.37 per share.
Adjusted net income was $30.3M, or $0.36 per share, vs. $31.1M, or $0.37 per share in Q1 2024, and $43.5M, or $0.51 per share in Q2 2023. Pre-tax pre-provision earnings rose 25% QoQ to $44.6M, a 9% YoY increase. Adjusted pre-tax pre-provision earnings were $44.5M, up 5% QoQ but down 22% YoY.
Return on average tangible assets was 1.00%, and return on average tangible shareholders' equity was 10.75%. Seacoast's Tier 1 capital ratio stood at 14.8%, with a loan-to-deposit ratio of 83%.
Growth areas included noninterest income, which rose 8% QoQ to $22.2M. Loan originations increased 37% QoQ to $538M, with loan pipelines at $834.4M. Noninterest expenses decreased 9% QoQ to $82.5M. The efficiency ratio improved to 60.21% from 66.78% in the prior quarter.
CEO Charles M. Shaffer highlighted the company's strong balance sheet and disciplined credit approach, expecting further organic growth.
Seacoast Banking of Florida (NASDAQ: SBCF) has announced a quarterly cash dividend of $0.18 per share for holders of its common stock. The dividend will be payable on September 30, 2024, to shareholders of record as of September 13, 2024. This decision was made by the Company's Board of Directors on July 18, 2024.
Seacoast, through its subsidiary Seacoast National Bank, is a major community bank in Florida with $14.8 billion in assets and $12.0 billion in deposits as of March 31, 2024. The bank operates 77 full-service branches across Florida, offering integrated financial services including commercial and consumer banking, wealth management, and mortgage services.
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