STUART, Fla., Dec. 17, 2020 (GLOBE NEWSWIRE) — Seacoast Banking Company of Florida (“Seacoast” or the “Firm”) (NASDAQ: SBCF) introduced that its Board of Administrators (the “Board”) has adopted a share repurchase program. Underneath the repurchase program, which is able to expire on December 31, 2021, the Firm could repurchase, once in a while, as much as $100 million of its shares of frequent inventory, representing roughly 6.1% of the Firm’s excellent frequent inventory as of December 16, 2020.
The repurchase program permits shares to be repurchased within the open market, by block buy, in privately negotiated transactions, in a number of transactions once in a while, or pursuant to any buying and selling plan adopted in accordance with Rule 10b5-1 of the Securities Trade Act of 1934 (the “Trade Act”). Open market purchases shall be carried out in accordance with the restrictions set forth in Rule 10b-18 of the Trade Act and different relevant authorized and regulatory necessities.
The timing and precise variety of shares repurchased shall be made on the Firm’s discretion and can depend upon quite a lot of elements together with, with out limitation, worth, company and regulatory necessities, market circumstances, Seacoast’s monetary efficiency, and financial institution capital and liquidity necessities and priorities. The repurchase program doesn’t obligate the Firm to buy any explicit variety of shares.
The repurchase program could also be suspended, terminated or modified by the Board with out discover at any time for any purpose, together with, with out limitation, market circumstances, the price of repurchasing shares, the supply of different funding alternatives, capital and liquidity goals, and different elements deemed acceptable by Seacoast’s administration.
Commenting on the share repurchase program, Dennis S. Hudson, III, Seacoast’s Chairman and Chief Govt Officer mentioned, “We’re dedicated to sustaining a fortress stability sheet whereas additionally constructing long-term shareholder worth, and we are going to proceed to help our goal to keep up sturdy capital energy that ranks among the many highest in our peer group. Given our confidence in our ahead outlook, we felt it acceptable so as to add one other capital administration possibility for the approaching 12 months and because the general financial restoration turns into clearer.”
About Seacoast Banking Company of Florida (NASDAQ: SBCF)
Seacoast Banking Company of Florida is likely one of the largest group banks headquartered in Florida with roughly $8.3 billion in belongings and $6.9 billion in deposits as of September 30, 2020. The Firm offers built-in monetary providers together with industrial and retail banking, wealth administration, and mortgage providers to prospects by means of superior banking options, and 51 conventional branches of its locally-branded, wholly-owned subsidiary financial institution, Seacoast Financial institution. Workplaces stretch from Fort Lauderdale, Boca Raton and West Palm Seaside north by means of the Daytona Seaside space, into Orlando and Central Florida and the adjoining Tampa market, and west to Okeechobee and surrounding counties. Extra details about the Firm is obtainable at www.SeacoastBanking.com.
Cautionary Discover Relating to Ahead-Trying Statements
This press launch comprises “forward-looking statements” inside the which means, and protections, of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Trade Act of 1934, together with, with out limitation, statements about future monetary and working outcomes, price financial savings, enhanced revenues, financial and seasonal circumstances in our markets, and enhancements to reported earnings that could be realized from price controls, tax legislation modifications, new initiatives and for integration of banks that we have now acquired, in addition to statements with respect to Seacoast’s goals, strategic plans, together with Imaginative and prescient 2020, expectations and intentions and different statements that aren’t historic details, any of which can be impacted by the COVID-19 pandemic and associated results on the U.S. financial system. Precise outcomes could differ from these set forth within the forward-looking statements.
Ahead-looking statements embrace statements with respect to our beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates and intentions about future efficiency and contain identified and unknown dangers, uncertainties and different elements, which can be past our management, and which can trigger the precise outcomes, efficiency or achievements of Seacoast to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. You shouldn’t count on us to replace any forward-looking statements.
All statements aside from statements of historic reality might be forward-looking statements. You’ll be able to establish these forward-looking statements by means of our use of phrases corresponding to “could”, “will”, “anticipate”, “assume”, “ought to”, “help”, “point out”, “would”, “imagine”, “ponder”, “count on”, “estimate”, “proceed”, “additional”, “plan”, “level to”, “undertaking”, “might”, “intend”, “goal” or different comparable phrases and expressions of the long run. These forward-looking statements might not be realized on account of quite a lot of elements, together with, with out limitation: the consequences of future financial and market circumstances, together with seasonality and the opposed affect of COVID-19 (financial and in any other case); governmental financial and monetary insurance policies, together with rate of interest insurance policies of the Board of Governors of the Federal Reserve, in addition to legislative, tax and regulatory modifications (together with potential future laws); modifications in accounting insurance policies, guidelines and practices, together with the affect of the adoption of CECL; our participation within the PPP program; the dangers of modifications in rates of interest on the extent and composition of deposits, mortgage demand, liquidity and the values of mortgage collateral, securities, and curiosity delicate belongings and liabilities; rate of interest dangers, sensitivities and the form of the yield curve; uncertainty associated to the affect of LIBOR calculations on securities and loans; modifications in borrower credit score dangers and cost behaviors; modifications within the availability and value of credit score and capital within the monetary markets; modifications within the costs, values and gross sales volumes of residential and industrial actual property; our capacity to adjust to any regulatory necessities; the consequences of issues encountered by different monetary establishments that adversely have an effect on us or the banking trade; our focus in industrial actual property loans; the failure of assumptions and estimates, in addition to variations in, and modifications to, financial, market and credit score circumstances; the affect on the valuation of our investments on account of market volatility or counterparty cost threat; statutory and regulatory dividend restrictions; will increase in regulatory capital necessities for banking organizations usually; the dangers of mergers, acquisitions and divestitures, together with our capacity to proceed to establish acquisition targets and efficiently purchase fascinating monetary establishments; modifications in know-how or merchandise that could be harder, pricey, or much less efficient than anticipated; our capacity to establish and deal with elevated cybersecurity dangers; incapacity of our threat administration framework to handle dangers related to our enterprise; dependence on key suppliers or distributors to acquire tools or providers for our enterprise on acceptable phrases; discount in or the termination of our capacity to make use of the mobile-based platform that’s essential to our enterprise development technique; the consequences of warfare or different conflicts, acts of terrorism, pure disasters, well being emergencies, epidemics or pandemics, or different catastrophic occasions that will have an effect on normal financial circumstances; sudden outcomes of and the prices related to, current or new litigation involving us; our capacity to keep up enough inside controls over monetary reporting; potential claims, damages, penalties, fines and reputational harm ensuing from pending or future litigation, regulatory proceedings and enforcement actions; the dangers that our deferred tax belongings might be diminished if estimates of future taxable earnings from our operations and tax planning methods are lower than at the moment estimated and gross sales of our capital inventory might set off a discount within the quantity of internet working loss carryforwards that we could possibly make the most of for earnings tax functions; the consequences of competitors from different industrial banks, thrifts, mortgage banking corporations, client finance corporations, credit score unions, securities brokerage corporations, insurance coverage corporations, cash market and different mutual funds and different monetary establishments working in our market areas and elsewhere, together with establishments working regionally, nationally and internationally, along with such rivals providing banking services by mail, phone, laptop and the Web; and the failure of assumptions underlying the institution of reserves for potential mortgage losses.
Given the various unknowns and dangers being closely weighted to the draw back, our forward-looking statements are topic to the chance that circumstances shall be considerably totally different than we’re at the moment anticipating. If efforts to comprise COVID-19 are unsuccessful and restrictions on motion final into the fourth quarter and past, the recession can be for much longer and rather more extreme. Ineffective fiscal stimulus, or an prolonged delay in implementing it, are additionally main draw back dangers. The deeper the recession is, and the longer it lasts, the extra it is going to harm client fundamentals and sentiment. This might each lengthen the recession, and/or make any restoration weaker. Equally, the recession might harm enterprise fundamentals. And an prolonged world recession on account of COVID-19 would weaken the U.S. restoration. Consequently, the outbreak and its penalties, together with responsive measures to handle it, have had and are more likely to proceed to have an opposed impact, presumably materially, on our enterprise and monetary efficiency by adversely affecting, presumably materially, the demand and profitability of our services, the valuation of belongings and our capacity to satisfy the wants of our prospects.
All written or oral forward-looking statements attributable to us are expressly certified of their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described in our annual report on Type 10-Okay for the 12 months ended December 31, 2019, and our quarterly reviews on Type 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 underneath “Particular Cautionary Discover Relating to Ahead-looking Statements” and “Threat Elements”, and in any other case in our SEC reviews and filings. Such reviews can be found upon request from the Firm, or from the Securities and Trade Fee, together with by means of the SEC’s Web web site at www.sec.gov.
Charles M. Shaffer
President and Chief Working Officer
Seacoast Banking Company of Florida