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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 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.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported Q1 2022 net income of $20.6 million, or $0.33 per diluted share, reflecting a 43% decrease from Q4 2021 and 39% from Q1 2021. Adjusted net income was $27.1 million, or $0.44 per share. The bank's net interest margin increased to 3.25%, with total deposits reaching $9.2 billion, a 15% rise from the previous quarter. Despite merger-related expenses impacting profits, strong loan growth through acquisitions and an expanding pipeline position the bank for future gains. The company remains committed to disciplined growth and capital management.
On April 19, 2022, Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a quarterly cash dividend increase from $0.13 to $0.17 per share. The dividend will be paid on June 30, 2022, to shareholders on record as of June 15, 2022. With approximately $9.7 billion in assets and $8.1 billion in deposits as of December 31, 2021, Seacoast is one of Florida's largest community banks. The company offers a range of financial services through over 50 branches and advanced banking solutions.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will release its Q1 2022 earnings on April 28, 2022, after market close. A conference call to discuss the results is scheduled for April 29, 2022, at 10:00 a.m. ET. Investors can participate by calling toll-free (866) 374-5140. Seacoast, a significant community bank with approximately $9.7 billion in assets and $8.1 billion in deposits, offers various financial services through over 50 branches in Florida. Full details, including charts and a replay of the call, will be available on their website.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has announced its agreement to acquire Apollo Bancshares, Inc., enhancing its presence in Miami-Dade County, Florida. The transaction, valued at approximately $168.3 million, adds Apollo's assets of $928 million in deposits and $665 million in loans. Seacoast expects this acquisition to increase deposits in the Miami-Fort Lauderdale area by 45%, reaching around $2.7 billion, and to be 8.0% accretive to earnings per share in 2023. Closing is anticipated in early Q4 2022.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has appointed James Stallings as executive vice president and chief credit officer, succeeding Richard Raiford. Stallings brings nearly 25 years of experience in banking and credit risk, notably enhancing BB&T's growth during his tenure. Chuck Shaffer, CEO, emphasized Stallings’ expertise in credit risk administration, which aligns with the company’s goal for disciplined growth. As of December 31, 2021, Seacoast Banking had approximately $9.7 billion in assets and $8.1 billion in deposits and operates over 50 branches in Florida.
Seacoast Banking Corporation of Florida announces leadership changes effective February 3, 2022. CEO Charles M. Shaffer will also become Chairman of the Board, succeeding Dennis S. Hudson III, who remains a board member. Shaffer emphasized the company’s ongoing growth strategy and commitment to enhancing shareholder value. Under his leadership, tangible book value has increased, and expansions are underway in commercial banking and technology. This transition follows a planned succession strategy initiated in 2020.
Seacoast Banking Corporation of Florida reported a strong performance for Q4 and the full year 2021. Net income reached $36.3 million for Q4, representing a 58% increase from the prior quarter and a 24% year-over-year rise. The total net income for 2021 was $124.4 million, up 60% from 2020. Key metrics include a return on average tangible equity of 14.29% and a tangible common equity ratio of 11.09%. Following the acquisition of Sabal Palm Bancorp and Business Bank of Florida, growth initiatives continue, driven by enhanced digital experiences and a strong recruitment drive.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) declared a quarterly cash dividend of $0.13 per share on January 25, 2022. This dividend is to be paid on March 31, 2022 to shareholders who are on record as of the close of business on March 15, 2022. As of September 30, 2021, the company reported approximately $9.9 billion in assets and $8.3 billion in deposits, offering a range of financial services through 52 branches across Florida.
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