STUART, Fla., Dec. 17, 2020 (GLOBE NEWSWIRE) – Florida-based Seacoast Banking Corporation (“Seacoast” or the “Company”) (NASDAQ: SBCF) announced that its board of directors (the “Board”) has accepted a share buyback program . Under the buyback program, which expires on December 31, 2021, the company may from time to time repurchase up to $ 100 million of its common stock, representing approximately 6.1% of the company’s outstanding common stock as of December 16. 2020.
The Repurchase Program allows shares to be repurchased in the open market by bulk buying, in privately negotiated transactions, in one or more transactions from time to time, or in accordance with a Trading Plan Act of 1934 (the “Stock Exchange Act”) passed under Rule 10b5-1 of the Stock Exchange. Purchases in the open market are carried out in accordance with the restrictions set out in Rule 10b-18 of the Stock Exchange Act and other applicable legal and regulatory requirements.
The timing and actual number of shares repurchased are at the Company’s discretion and depend on a variety of factors including but not limited to pricing, corporate and regulatory requirements, market conditions, Seacoast’s financial performance, and bank capital and bank capital requirements and priorities Liquidity. The buyback program does not oblige the company to purchase a specific number of shares.
The Board of Directors may suspend, terminate or change the buyback program at any time without notice for any reason including, but not limited to, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity targets and other factors that are deemed appropriate by Seacoast’s management.
Commenting on the share buyback program, Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast, “We are committed to maintaining strong balance sheet while building long-term shareholder value, and we will continue to support our goal of maintaining robust capital strength at, which is one of the highest in our comparison group. Given our confidence in our future prospects, we felt it was appropriate to add one more fund management option for the coming year and as the macroeconomic recovery becomes clearer. “
About Seacoast Banking Corporation in Florida (NASDAQ: SBCF)
Florida-based Seacoast Banking Corporation is one of the largest community banks headquartered in Florida. As of September 30, 2020, approximately $ 8.3 billion of assets and deposits of $ 6.9 billion were invested. The company provides integrated financial services including commercial and retail banking, asset management and mortgage services to clients through advanced banking solutions and 51 traditional branches of wholly owned subsidiary Seacoast Bank. The offices extend from Fort Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, to Orlando and central Florida and the adjacent Tampa Market, and west to Okeechobee and the surrounding counties. You can find more information about the company at www.SeacoastBanking.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning and protection of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding future financial and operating results. Cost savings, improved revenues, economic and seasonal conditions in our markets, and improvements in reported profits that can be achieved through cost controls, changes in tax law, new initiatives and for the integration of banks that we have acquired, and statements related to The Goals by Seacoast, strategic plans, including Vision 2020, expectations and intentions, and other statements that are not historical facts and that are susceptible to being influenced by the COVID-19 pandemic and its associated impact on the US economy. Actual results could differ from those in the forward-looking statements.
Forward-looking statements include statements relating to our beliefs, plans, goals, goals, expectations, expectations, beliefs, estimates and intentions regarding future performance and involve known and unknown risks, uncertainties and other factors that may be beyond our control cause Seacoast’s actual results, performance or success to differ materially from the future results, performance or success expressed or implied in such forward-looking statements. You should not expect us to update any forward-looking statements.
All statements other than statements of historical fact may be forward-looking statements. You can identify these forward-looking statements by the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”. , “consider”, “expect”, “estimate”, “continue”, “continue”, “plan”, “point to”, “project”, “could”, “intend”, “aim” or other similar words and Expression of the future. These forward-looking statements may not work due to a number of factors including, without limitation: the effects of future economic and market conditions, including seasonality and the adverse effects of COVID-19 (economic and otherwise); government monetary and fiscal policy, including the interest rate policy of the Federal Reserve Board of Governors, and legislative, tax, and regulatory changes (including potential future legislation); Changes in accounting policies, rules and practices, including the effects of the introduction of the CECL; our participation in the PPP program; the risks of changes in interest rates in relation to the size and composition of deposits, credit 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; Uncertainty about the impact of LIBOR calculations on securities and loans; Changes in the borrower’s credit risk and payment history; Changes in the availability and cost of credit and capital in financial markets; Changes in prices, values and sales volumes of residential and commercial real estate; our ability to meet legal requirements; the impact of problems with other financial institutions that adversely affect us or the banking sector; our focus on commercial real estate loans; failure of assumptions and estimates and differences and changes in 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; Increasing regulatory capital requirements for banking organizations in general; the risks of mergers, acquisitions, and disposals, including our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions; Changes to technology or products that may be more difficult, expensive, or less effective than expected; our ability to identify and address increased cybersecurity risks; Inability of our risk management framework to manage risks associated with our business; Dependence on major suppliers or suppliers to obtain equipment or services for our business on acceptable terms; Reducing or ending our ability to use the mobile platform that is critical to our business growth strategy; the effects of war or other conflict, acts of terrorism, natural disasters, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected results and costs of existing or new legal disputes in which we are involved; our ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, and reputational damage arising from pending or future litigation, government proceedings, and enforcement actions; The risk that our deferred tax assets may be reduced if estimates of future taxable income from our business and tax planning strategies are below current estimates and the sale of our share capital could result in a reduction in the amount of net loss carryforwards that we may be able to use for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage lenders, consumer finance firms, 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 those operating regionally, nationally and internationally along with such Competitors offering banking products and services through the mail, phone, computer and the Internet; and the failure of the assumptions underlying the creation of provisions for possible credit losses.
Given the many unknowns and risks that are heavily weighted down, our forward-looking statements are subject to the risk that conditions will differ materially from those currently anticipated. If efforts to contain COVID-19 are unsuccessful and movement restrictions persist into the fourth quarter and beyond, the recession would be much longer and more severe. Ineffective fiscal incentives or a prolonged delay in implementation are also major downside risks. The deeper the recession is and the longer it lasts, the more it will damage fundamentals and consumer sentiment. This could both prolong the recession and weaken the recovery. Likewise, the recession could damage the fundamentals of business. And a widespread global recession due to COVID-19 would weaken US recovery. As a result, the outbreak and its aftermath, including measures to deal with the outbreak, may have had a material adverse effect on our business and financial performance, potentially affecting the demand for and profitability of our products and services, asset valuation and ours Ability to meet our customers’ needs.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this caution, including, without limitation, the risks and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 are described. 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 on our SEC reports and filings . Such reports are available upon request from the company or the Securities and Exchange Commission, including on the SEC’s web site at www.sec.gov.
Charles M. Shaffer
President and Chief Operating Officer
Seacoast Banking Corporation from Florida