Seacoast Banking Corporation of Florida (“Seacoast” or the
“Company”) (NASDAQ: SBCF) announced that its Board of Directors
(the “Board”) has renewed the Company's share repurchase program,
which was set to expire on December 31, 2023. Under the renewed
repurchase program, which will expire on December 31, 2024, the
Company may repurchase, from time to time, up to $100 million of
its shares of common stock, representing approximately 4% of the
Company’s outstanding common stock.
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.
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 $14.8 billion in assets and $12.1 billion in deposits
as of September 30, 2023. Seacoast provides integrated financial
services including commercial and consumer banking, wealth
management, and mortgage services to customers at 77 full-service
branches across Florida, and through advanced mobile and online
banking solutions. Seacoast National Bank is the wholly-owned
subsidiary bank of Seacoast Banking Corporation of Florida. For
more information about Seacoast, visit 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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
including, without limitation, statements about future financial
and operating results, cost savings, enhanced revenues, economic
and seasonal conditions in the Company’s markets, and improvements
to reported earnings that may be realized from cost controls, tax
law changes, new initiatives and for integration of banks that the
Company has acquired, or expects to acquire, as well as statements
with respect to Seacoast's objectives, strategic plans,
expectations and intentions and other statements that are not
historical facts. Actual results may differ from those set forth in
the forward-looking statements.
Forward-looking statements include statements
with respect to the Company’s 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 the Company’s
control, and which may cause the actual results, performance or
achievements of Seacoast Banking Corporation of Florida (“Seacoast”
or the “Company”) or its wholly-owned banking subsidiary, Seacoast
National Bank (“Seacoast Bank”), to be materially different from
results, performance or achievements expressed or implied by such
forward-looking statements. You should not expect the Company 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 the 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
impact of current and future economic and market conditions
generally (including seasonality) and in the financial services
industry, nationally and within Seacoast’s primary market areas,
including the effects of inflationary pressures, changes in
interest rates, slowdowns in economic growth, and the potential for
high unemployment rates, as well as the financial stress on
borrowers and changes to customer and client behavior and credit
risk as a result of the foregoing; potential impacts of adverse
developments in the banking industry highlighted by high-profile
bank failures, including impacts on customer confidence, deposit
outflows, liquidity and the regulatory response thereto;
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 those that
impact the money supply and inflation; the risks of changes in
interest rates on the level and composition of deposits (as well as
the cost of, and competition for, deposits), loan demand, liquidity
and the values of loan collateral, securities, and interest rate
sensitive assets and liabilities; interest rate risks,
sensitivities and the shape of the yield curve; changes in
accounting policies, rules and practices; changes in retail
distribution strategies, customer preferences and behavior
generally and as a result of economic factors, including heightened
inflation; 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; the
Company’s concentration in commercial real estate loans and in real
estate collateral in Florida; Seacoast’s ability to comply with any
regulatory requirements; the effects of problems encountered by
other financial institutions that adversely affect Seacoast or the
banking industry; inaccuracies or other failures from the use of
models, including 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 Seacoast’s investments
due to market volatility or counterparty payment risk, as well as
the effect of a decline in stock market prices on our fee income
from our wealth management business; statutory and regulatory
dividend restrictions; increases in regulatory capital requirements
for banking organizations generally; the risks of mergers,
acquisitions and divestitures, including Seacoast’s ability to
continue to identify acquisition targets, successfully acquire and
integrate desirable financial institutions and realize expected
revenues and revenue synergies; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; the Company’s ability to identify and address
increased cybersecurity risks; fraud or misconduct by internal or
external actors, which Seacoast may not be able to prevent, detect
or mitigate; inability of Seacoast’s risk management framework to
manage risks associated with the Company’s business; dependence on
key suppliers or vendors to obtain equipment or services for the
business on acceptable terms; reduction in or the termination of
Seacoast’s ability to use the online- or mobile-based platform that
is critical to the Company’s business growth strategy; the effects
of war or other conflicts, including the impacts related to or
resulting from Russia’s military action in Ukraine and the
Israel-Hamas war, acts of terrorism, natural disasters, including
hurricanes in the Company’s footprint, 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 the
Company; Seacoast’s 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 deferred tax assets could be reduced if estimates of
future taxable income from the Company’s operations and tax
planning strategies are less than currently estimated and sales of
capital stock could trigger a reduction in the amount of net
operating loss carryforwards that the Company 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, non-bank financial technology
providers, securities brokerage firms, insurance companies, money
market and other mutual funds and other financial institutions
operating in the Company’s 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; the failure
of assumptions underlying the establishment of reserves for
possible credit losses; risks related to environmental, social and
governance (“ESG”) matters, the scope and pace of which could alter
Seacoast’s reputation and shareholder, associate, customer and
third-party affiliations; and other factors and risks described
under “Risk Factors” herein and in any of the Company's subsequent
reports filed with the SEC and available on its website at
www.sec.gov.
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 the Company's annual report on Form
10-K for the year ended December 31, 2022 and quarterly reports on
Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and
September 30, 2023 under "Special Cautionary Notice Regarding
Forward-looking Statements" and "Risk Factors", and otherwise in
the Company's 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.
CONTACT:
Taylore Maxey
taylore@sachsmedia.com
(850) 702-9804
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