Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) announced that its Board of Directors
(the “Board”) has adopted a share repurchase program. Under the
repurchase program, which will expire on December 31, 2021, the
Company may repurchase, from time to time, up to $100 million of
its shares of common stock, representing approximately 6.1% of the
Company’s outstanding common stock as of December 16, 2020.
The repurchase program permits shares to be repurchased in the
open market, by block purchase, in privately negotiated
transactions, in one or more transactions from time to time, or
pursuant to any trading plan adopted in accordance with Rule 10b5-1
of the Securities Exchange Act of 1934 (the “Exchange Act”). Open
market purchases will be conducted in accordance with the
limitations set forth in Rule 10b-18 of the Exchange Act and other
applicable legal and regulatory requirements.
The timing and actual number of shares repurchased will be made
at the Company’s discretion and will depend on a variety of factors
including, without limitation, price, corporate and regulatory
requirements, market conditions, Seacoast’s financial performance,
and bank capital and liquidity requirements and priorities. The
repurchase program does not obligate the Company to purchase any
particular number of shares.
The repurchase program may be suspended, terminated or modified
by the Board without notice at any time for any reason, including,
without limitation, market conditions, the cost of repurchasing
shares, the availability of alternative investment opportunities,
capital and liquidity objectives, and other factors deemed
appropriate by Seacoast’s management.
Commenting on the share repurchase program, Dennis S. Hudson,
III, Seacoast’s Chairman and Chief Executive Officer said, “We are
committed to maintaining a fortress balance sheet while also
building long-term shareholder value, and we will continue to
support our objective to maintain robust capital strength that
ranks among the highest in our peer group. Given our confidence in
our forward outlook, we felt it appropriate to add another capital
management option for the coming year and as the overall economic
recovery becomes clearer.”
About Seacoast Banking Corporation of Florida (NASDAQ:
SBCF)
Seacoast Banking Corporation of Florida is one of the largest
community banks headquartered in Florida with approximately $8.3
billion in assets and $6.9 billion in deposits as of September 30,
2020. The Company provides integrated financial services including
commercial and retail banking, wealth management, and mortgage
services to customers through advanced banking solutions, and 51
traditional branches of its locally-branded, wholly-owned
subsidiary bank, Seacoast Bank. Offices stretch from Fort
Lauderdale, Boca Raton and West Palm Beach north through the
Daytona Beach area, into Orlando and Central Florida and the
adjacent Tampa market, and west to Okeechobee and surrounding
counties. More information about the Company is available at
www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning, and protections, of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including, without limitation, statements
about future financial and operating results, cost savings,
enhanced revenues, economic and seasonal conditions in our markets,
and improvements to reported earnings that may be realized from
cost controls, tax law changes, new initiatives and for integration
of banks that we have acquired, as well as statements with respect
to Seacoast's objectives, strategic plans, including Vision 2020,
expectations and intentions and other statements that are not
historical facts, any of which may be impacted by the COVID-19
pandemic and related effects on the U.S. economy. Actual results
may differ from those set forth in the forward-looking
statements.
Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates and intentions
about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
effects of future economic and market conditions, including
seasonality and the adverse impact of COVID-19 (economic and
otherwise); governmental monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal
Reserve, as well as legislative, tax and regulatory changes
(including potential future legislation); changes in accounting
policies, rules and practices, including the impact of the adoption
of CECL; our participation in the PPP program; the risks of changes
in interest rates on the level and composition of deposits, loan
demand, liquidity and the values of loan collateral, securities,
and interest sensitive assets and liabilities; interest rate risks,
sensitivities and the shape of the yield curve; uncertainty related
to the impact of LIBOR calculations on securities and loans;
changes in borrower credit risks and payment behaviors; changes in
the availability and cost of credit and capital in the financial
markets; changes in the prices, values and sales volumes of
residential and commercial real estate; our ability to comply with
any regulatory requirements; the effects of problems encountered by
other financial institutions that adversely affect us or the
banking industry; our concentration in commercial real estate
loans; the failure of assumptions and estimates, as well as
differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of our investments due to
market volatility or counterparty payment risk; statutory and
regulatory dividend restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including our ability to
continue to identify acquisition targets and successfully acquire
desirable financial institutions; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; our ability to identify and address increased
cybersecurity risks; inability of our risk management framework to
manage risks associated with our business; dependence on key
suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of
our ability to use the mobile-based platform that is critical to
our business growth strategy; the effects of war or other
conflicts, acts of terrorism, natural disasters, health
emergencies, epidemics or pandemics, or other catastrophic events
that may affect general economic conditions; unexpected outcomes of
and the costs associated with, existing or new litigation involving
us; our ability to maintain adequate internal controls over
financial reporting; potential claims, damages, penalties, fines
and reputational damage resulting from pending or future
litigation, regulatory proceedings and enforcement actions; the
risks that our deferred tax assets could be reduced if estimates of
future taxable income from our operations and tax planning
strategies are less than currently estimated and sales of our
capital stock could trigger a reduction in the amount of net
operating loss carryforwards that we may be able to utilize for
income tax purposes; the effects of competition from other
commercial banks, thrifts, mortgage banking firms, consumer finance
companies, credit unions, securities brokerage firms, insurance
companies, money market and other mutual funds and other financial
institutions operating in our market areas and elsewhere, including
institutions operating regionally, nationally and internationally,
together with such competitors offering banking products and
services by mail, telephone, computer and the Internet; and the
failure of assumptions underlying the establishment of reserves for
possible loan losses.
Given the many unknowns and risks being heavily
weighted to the downside, our forward-looking statements are
subject to the risk that conditions will be substantially different
than we are currently expecting. If efforts to contain COVID-19 are
unsuccessful and restrictions on movement last into the fourth
quarter and beyond, the recession would be much longer and much
more severe. Ineffective fiscal stimulus, or an extended delay in
implementing it, are also major downside risks. The deeper the
recession is, and the longer it lasts, the more it will damage
consumer fundamentals and sentiment. This could both prolong the
recession, and/or make any recovery weaker. Similarly, the
recession could damage business fundamentals. And an extended
global recession due to COVID-19 would weaken the U.S. recovery. As
a result, the outbreak and its consequences, including responsive
measures to manage it, have had and are likely to continue to have
an adverse effect, possibly materially, on our business and
financial performance by adversely affecting, possibly materially,
the demand and profitability of our products and services, the
valuation of assets and our ability to meet the needs of our
customers.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2019, and our quarterly reports on Form
10-Q for the quarters ended March 31, 2020, June 30, 2020 and
September 30, 2020 under "Special Cautionary Notice Regarding
Forward-looking Statements" and "Risk Factors", and otherwise in
our SEC reports and filings. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
www.sec.gov.
Charles M. ShafferPresident and Chief Operating OfficerSeacoast
Banking Corporation of Florida (772) 221-7003
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