Welcome to our dedicated page for Seacoast Banking of Florida news (Ticker: SBCF), a resource for investors and traders seeking the latest updates and insights on Seacoast Banking of Florida stock.
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 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.
Seacoast Banking of Florida (NASDAQ: SBCF) will announce its second quarter 2024 earnings results on July 25th, after market close.
Investors can access the earnings report on the company's website, SeacoastBanking.com, under 'Press Releases' in the 'News/Events' section. Additionally, the company will host a conference call on July 26th at 10:00 a.m. ET to discuss the results and business trends.
Participants can join the call by dialing (800) 715-9871 with Conference ID 5967990. Conference call charts will be available online in the 'Presentations' section. A recording of the call will be accessible on the website for one year.
Seacoast Bank has appointed Tony Coley as Regional President for South Florida, as announced on May 20, 2024.
Tony brings over 30 years of experience, having previously held leadership roles at Truist Financial and BB&T.
He will oversee commercial banking in Miami-Dade, Broward, and Palm Beach counties, a important region for the bank's growth.
His strategic vision, community involvement, and industry expertise are seen as key assets for enhancing Seacoast's presence and client experience in South Florida.
Tony has been recognized among Florida's 500 most influential business leaders and holds various community leadership roles.
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