56Chevy
11 years ago
Quarterly Report (10-q)
Date : 05/12/2014 @ 2:34PM
Source : Edgar (US Regulatory)
Stock : Seacoast Banking Corp. of Florida (MM) (SBCF)
Quote : $10.5601 0.1701 (1.64%) @ 3:38PM
[....]
NOTE K — SUBSEQUENT EVENTS
Acquisition
On April 24, 2014, Seacoast signed a definitive agreement and plan of merger with The BANKshares, Inc., a bank holding company (“BANKshares”). BANKshares founded in 1989, is headquartered in Winter Park, Florida, and following the closing of the merger, the acquisition is expected to add approximately $674 million in assets, $506 million in deposits, and $374 million in loans, along with twelve branch locations throughout central Florida. For the year ended December 31, 2013, BANKshares reported net income of $3.0 million, and for the three months ended March 31, 2014 had net income of $0.7 million. The all-stock transaction provides that BANKshares’ shareholders will receive 0.4975 shares of Seacoast common stock. Based on Seacoast’s closing price on April 23, 2014, the transaction would be valued at approximately $76 million, with closing to be completed in the fourth quarter of 2014, subject to regulatory approvals and customary closing conditions.
[....]
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FIRST QUARTER 2014
The following discussion and analysis is designed to provide a better understanding of the significant factors related to the Company’s results of operations and financial condition.
STRATEGIC OVERVIEW
A number of significant milestones marking both quantitative and qualitative improvements in our business were attained in 2013, better positioning the Company to increase net income to common shareholders in 2014, and prospectively. These included:
• the recapture of the $45 million valuation allowance on net deferred tax assets;
• a successful raise of $75 million in common equity;
• the termination of the Bank’s formal agreement with the Office of the Comptroller of the Currency (“OCC”), and
• the redemption of the Company’s $50 million in outstanding Series A Preferred Stock originally issued to the U.S. Department of Treasury under the Troubled Asset Relief Program.
[....]
Realization of Deferred Tax Assets
At March 31, 2014, the Company had net deferred tax assets (“DTA”) of $63.7 million. Although realization is not assured, management believes that realization of the carrying value of the DTA is more likely than not, based upon expectations as to future taxable income and tax planning strategies, as defined by ASC 740 Income Taxes. In comparison, at March 31, 2013 the Company had net DTA of $18.2 million.
http://ih.advfn.com/p.php?pid=nmona&article=62169249
Marker:
Seacoast Banking Cor (SBCF)
$10.57 up 0.18 (1.73%)
Volume: 69,555
expediter13
11 years ago
It is right back where it started. Only a higher price. What is the deal here. Debt gone, moving forward, looking good.. I guess they have fell with ALL. But this is a great play at this price. Unless, like always it seems.... Something isn't right in Stuart...
They need a big push , special promo to steal customers away from big banks. Something Real ! How about offering 2% interest on all savings accounts that are opened with a checking acct. Thus, you make money both ways... No one offers 2% Take all the deposits and put them into something turning 4%..
56Chevy
11 years ago
Speaking of smart investments...someone just made a quick $10MM.
"The Treasury auctioned off their Preferred shares to an "un-named investor". That new owner very smartly bought $50MM dollars worth of debt for $40MM dollars. That alone was an excellent investment..." Seacoast Banking Corporation of Florida Announces the Redemption of All Outstanding Series A Preferred Stock
STUART, Fla., Jan. 2, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast National Bank, announced that it has redeemed all of its 2,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") for an aggregate price of $50,000,000, the face liquidation amount of the shares, plus approximately $368,000 of accrued but unpaid dividends. Originally issued to the Treasury Department under the Capital Purchase program and subsequently auctioned to private investors, the shares were redeemed from current holders through The Depository Trust Company as securities depository for the Series A Preferred Stock.
http://ih.advfn.com/p.php?pid=nmona&article=60535044
*I wonder why the bank didn't just pay the Treasury $40MM and save the $10MM themselves. ":~O ??? curious stuff here.
expediter13
12 years ago
Here is the problem I have with the book value. Although true what you say. It does not take into account the value of the thousands of homes in this area. We all know about the collapse. Seacoast was lucky to make it to the otherside of this thing. But now have many houses on their sheet that will gain 30% (realistically) in value over the next 2 years. If only 30% of their assets are home loans. 650 million. That increases their value by 200 million over the next 2 years.
Not ssure if those numbers are exact. Just the fact they made it out of the recession, did not sell, were a $30 stock at one point. Lends one to almost be sure... That if you buy today at 2 bucks. You will be at 20 in 10 years. These guys went down 35% year over year for the past 5 - 7. If you only get back half, that is 17% year over year for the next 5.
Same situation for BAC. Down 18% year over year for 5 years. Although at a 52 week hig close to 13 bucks. It too is way undervalued going forward. Once a 60 dollar stock. Both are big winners....
What others you guys got... Want a long shot ? AMBS. Its a .04 cent stock that has went up 10 fold in a year. I can tell you, do you DD on them. But they have most of my money. These banks are my sure bet. AMBS "hopefully" will make me rich. I think, they are doing a great job, have professionals involved, great people, a great bioscience. Holding out for the right deals.
TThey did make a couple small mistakes starting out. But have brought in some real players and advisors. Amgen co-founder. Ely lily past incubator cheif, etc... Just cant miss. vBut time the "out" may be hard. It will be vilotile for sure. But it could shoot from .04 to .25 with 3 months, then back down to .10 again. The white papers they produce, and the timeing sheets they offer for their future products are very important to print out. Watch the timelines closely. See if they are late on the first one or two, then going forward, base you investment timing on that lateness for future stuff...
Good luck guys, thanks for letting me vent. :) Please pass on any other stocks yo might think is good. No one comes to this page, so I think its a great place to post and meet...
expediter13
12 years ago
This is a great long play back up into the teens within 2 years. Steady, rock solid company that made it through the down turn. Consolidating debt, branches, etc. Got the local news and articles. This is my long long play.
Hell, it was at 35 bucks 7 years ago. They go as the florida housing and money go. No where to go but up on this, thrilled, and no one else will want it..
SPM555
14 years ago
This guy's playing hardball with the old fakeout breakout. Last week the price tested resistance, even temporarily blasted well past it, but has since come back down to test support. This would be the argument against being aggressive and playing a breakout without a confirming close above resistance. However, the next time you try it that way, that first confirming candle is going to finish strong and close way above resistance, so you can get screwed either way. If you played this thinking it was going to breakout and run right away, then I don't blame you if you got stopped out, but I'm keeping it on the watchlist for now. Ideally the 15 EMA holds up, and at least that last April low should hold, and then maybe it'll try for another breakout in a little while.
http://onlycharts.com/forum-3/flipping-penny-stocks/flipping-penny-stocks-weekend-watchlist-update-may-2-6/
Superfly15
14 years ago
Thought I would create a forum for this bank, which I feel is a decent SPECULATIVE play going forward @ 1.20, possibly wont need a R/S like many. They are now the big player on the Treasure coast with a big competitor failing this past spring. The yahoo board seems to get pretty dirty with this stock, so thought it might be better suited here. Their capital ratios have improved significantly in the past year, they have tried to acquire a bank in the past year, and they are actually lending money down in Florida right now.
Curious to know other's thoughts.
GLTA
Description :
Seacoast Banking Corporation of Florida is a bank holding company that operates through its principal subsidiary, Seacoast National Bank (Seacoast National). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending, and provide a variety of trust and asset management services, as well as securities and annuity products. As of December 31, 2009, Seacoast National had 40 banking offices in 13 counties in Florida. As of December 31, 2009, the Company had 24 branches in the Treasure Coast, including the counties of Martin, St. Lucie and Indian River on Florida’s southeastern coast.
Ticker : http://www.google.com/finance?q=SBCF
Company website : http://www.seacoastbanking.com/
Investor Relations/News : http://www.snl.com/irweblinkx/news.aspx?iid=100425
Ownership : http://moneycentral.msn.com/ownership?Symbol=SBCF
Insider ownership : http://www.secform4.com/insider-trading/730708.htm
Recent news :
Seacoast National Bank getting healthier thanks to stock sales and residential lending
By George Andreassi
Posted September 1, 2010 at 6:06 p.m., updated September 2, 2010 at 12:02 a.m.
www.tcpalm.com/news/2010/sep/01/seacoast-national-bank-getting-healthier-thanks/
10 Bank Acquisition Targets
By Philip van Doorn 09/03/10 - 10:00 AM EDT
www.thestreet.com/story/10851538/1/10-bank-acquisition-targets.html?puc=_mdb_html_pla3&cm_ven=EMAIL_mdb_html
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