Latest news with #SBCF
Yahoo
30-05-2025
- Business
- Yahoo
Seacoast Banking Acquires Villages Bancorporation
Seacoast Banking Corporation of Florida (NASDAQ:SBCF) recently disclosed the acquisition of Villages Bancorporation, Inc. (VBI), the parent company of Citizens First Bank, for an estimated $710.8 million. A financial advisor leading a client meeting, explaining different investment options in detail. Through a proration mechanism, VBI stockholders will get a combination of $1,000 in cash and 38.5 Seacoast Banking Corporation of Florida (NASDAQ:SBCF) shares per share, guaranteeing 25% cash and 75% stock. The transaction is scheduled to wrap up in Q4 2025 and be 22% EPS accretive by 2026, with a tangible book value earnback in less than three years. VBI has $1.3 billion in loans, $3.5 billion in deposits, and $4.1 billion in assets throughout its 19 branches. It owns a deposit share of more than 50% in the Wildwood-The Villages MSA. The Villages, a high-growth Florida town of 150,000 people, offers a strategic expansion opportunity. Seacoast Banking Corporation of Florida (NASDAQ:SBCF) will have $21 billion in pro forma assets after the VBI and Heartland Bancshares transactions. While we acknowledge the potential of SBCF to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SBCF and that has 100x upside potential, check out our report about this READ NEXT: and . Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Mail
27-04-2025
- General
- Daily Mail
Explorers escape with no injuries after being rescued 250ft underground in abandoned mine shaft
Two men were rescued without injury after becoming stuck in a 250ft abandoned mine shaft. The pair were rappelling down the site near Twentynine Palms, California, on April 19 when their equipment failed. A third member of the party, who stayed above ground, was able to summon rescue crews who used ARVs to navigate the rugged terrain. Shawn Millerick, a spokesman for the San Bernardino County Fire Department, said: 'This is an area that, you know, there's no way you're going to get a four-wheel drive vehicle up here. You need specialized equipment.' A rescuer was lowered into the mine using a dual-line rope system as night began to fall. 'We're just going to hoist them out one at a time, and then our rescuer will come up after,' Millerick said. Both men were secured and hoisted to the surface without suffering injuries just before 7pm. 'We had to dispatch everybody from all different points in the county,' Millerick added. Crews from Twentynine Palms and Yucca Valley, Fontana, Lake Arrowhead and Hesperia were called to aid the rescue, according to SBCF. Marine Corps Air Combat Center, Morongo Basin Ambulance, and the San Bernardino County Sheriff's Department also provided support. 'This incident demonstrates San Bernardino County Fire's readiness to respond to emergencies in even the most challenging environments,' SBCF said.
Daily Mail
27-04-2025
- General
- Daily Mail
Two men rescued after being stranded down 250-foot deep California mine shaft
A pair of California rappellers were rescued after they became stranded in a steep 250-foot-deep mine shaft. The two young men became stuck in the abandoned mine near Twentynine Palms on April 19 after their equipment failed, according to the San Bernardino County Fire Department. A third companion, who had remained above ground, called 911 to rescue the stranded rappellers. A video showed the operation of responding crews, who used ARVs to navigate the 'rugged terrain.' 'This is an area that, you know, there's no way you're going to get a four-wheel drive vehicle up here. You need specialized equipment,' spokesperson Shawn Millerick said in the video. A rescuer was lowered into the mine using a dual-line rope system as night began to fall. 'We're just going to hoist them out one at a time, and then our rescuer will come up after,' Millerick said. Both men were secured and hoisted to the surface without sustaining injuries just before 7pm. A rescuer was lowered into the mine using a dual-line rope system as night began to fall. 'We're just going to hoist them out one at a time, and then our rescuer will come up after,' Millerick said. Both men were secured and hoisted to the surface without sustaining injuries just before 7pm 'This is an area that, you know, there's no way you're going to get a four-wheel drive vehicle up here. You need specialized equipment,' spokesperson Shawn Millerick said in the video 'We had to dispatch everybody from all different points in the county,' Millerick added. Crews from Twentynine Palms and Yucca Valley, Fontana, Lake Arrowhead and Hesperia were called to aid the rescue, according to SBCF. Marine Corps Air Combat Center, Morongo Basin Ambulance and the San Bernadino County Sheriff's Department also provided support. 'This incident demonstrates San Bernardino County Fire's readiness to respond to emergencies in even the most challenging environments,' SBCF said.
Yahoo
24-04-2025
- Business
- Yahoo
Seacoast Banking: Q1 Earnings Snapshot
STUART, Fla. (AP) — STUART, Fla. (AP) — Seacoast Banking Corp. of Florida (SBCF) on Thursday reported first-quarter net income of $31.5 million. The Stuart, Florida-based bank said it had earnings of 37 cents per share. Earnings, adjusted for one-time gains and costs, came to 38 cents per share. The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share. The holding company for Seacoast National Bank posted revenue of $206.4 million in the period. Its revenue net of interest expense was $140.7 million, exceeding Street forecasts. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on SBCF at Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Seacoast Banking Corp of Florida (SBCF) Q4 2024 Earnings Call Highlights: Strong Earnings ...
Adjusted Pre-Tax Pre-Provision Earnings: $56.6 million, a 22% increase from the prior quarter. Net Interest Margin: Expanded by 22 basis points to 3.39%. Cost of Deposits: Reduced by 26 basis points to 2.08%. Loan Growth: Increased by 4% on an annualized basis. Adjusted Return on Tangible Assets: Improved to 1.24% from 0.98%. Adjusted Efficiency Ratio: Declined from 59.8% to 56.1%. Tangible Common Equity Ratio: 9.6%. CET1 Ratio: 14.8%. Net Income: $34.1 million or $0.40 per share. Adjusted Net Income: $40.6 million or $0.48 per share. Net Interest Income: $115.8 million, up 9% from the prior quarter. Noninterest Income: Increased 8% from the prior quarter to $25.5 million. Loan Production: Record originations of $900 million during the quarter. Tangible Book Value Per Share: $16.12, a 7% year-over-year increase. Allowance for Credit Losses: $138.1 million or 1.34% of total loans. Nonperforming Loans: Represented 0.9% of total loans. Investment Securities Yield: Increased to 3.77%. Total Deposits: $12.2 billion, flat from the prior quarter. Warning! GuruFocus has detected 6 Warning Sign with SBCF. Release Date: January 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Seacoast Banking Corp of Florida (NASDAQ:SBCF) reported a 22% increase in adjusted pre-tax pre-provision earnings, reaching $56.6 million. The net interest margin expanded by 22 basis points to 3.39%, indicating improved profitability. Loan production set a record with $900 million in originations, showcasing strong growth in both C&I and commercial real estate. The company's capital position remains robust with a tangible common equity ratio of 9.6% and a CET1 ratio of 14.8%. Asset quality metrics improved, with a significant decline in classified and criticized assets, enhancing the bank's financial stability. The cost of deposits, although reduced, remains a concern at 2.08%, which could impact future profitability if not managed effectively. Loan yields decreased by 10 basis points excluding accretion, reflecting potential pressure on interest income. Non-interest income is expected to decline slightly in the first quarter due to the absence of favorable items like loan sales and SBIC income. The company faces competition in loan rates, which could affect its ability to maintain favorable loan yields. There is a potential risk of increased deposit costs if the Federal Reserve does not cut rates as anticipated. Q: How is Seacoast Banking Corp of Florida planning for loan growth in the upcoming year? A: Charles Shaffer, CEO, mentioned that they expect low to mid-single-digit growth early in the year, moving to high single digits later. The pipeline is expected to build up after a typical seasonal slowdown at the start of the year. The company is confident due to a strong team and onboarding of new relationships. Q: What are the current trends in loan yields and competition? A: Michael Young, EVP, noted that loan add-on rates were slightly above 7% in the fourth quarter. The higher long end of the yield curve entering 2025 is supportive of loan yields. While competition exists, Seacoast remains focused on maintaining structure over price. Q: Are there opportunities for deploying excess capital, and what is the company's stance on M&A? A: Charles Shaffer indicated that post-election, M&A conversations have accelerated, particularly in Florida. The company is active in the M&A market and will be opportunistic if favorable opportunities arise. Q: Can you clarify the loan sales in the fourth quarter? A: Tracey Dexter, CFO, explained that the fourth quarter included sales of $20 million in consumer fintech loans and $20 million in non-performing commercial real estate loans, which resulted in a gain on sale due to remaining purchase discounts. Q: How is Seacoast Banking managing deposit costs and what is the outlook for 2025? A: Michael Young stated that deposit costs have decreased and are expected to stabilize. Even without a rate cut, deposit costs might see a slight upward drift, but loan yield repricing is expected to outpace deposit costs, leading to margin expansion. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
