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Seacoast Banking Corporation of Florida (SBCF) is a financial holding company that operates through its principal subsidiary, Seacoast National Bank. The company provides a wide range of financial services, including commercial and consumer banking, wealth management, mortgage services, and insurance services. SBCF is one of the largest banks headquartered in Florida, with a significant presence in the state's fastest-growing markets, offering both digital and physical banking solutions.
- Commercial and Financial - Offers loans for working capital, asset expansion, asset acquisition, or other business purposes.
- Commercial Real Estate - Non-Owner Occupied - Provides loans for acquiring or refinancing commercial property where occupancy by the borrower is not the primary intent.
- Commercial Real Estate - Owner Occupied - Extends loans for acquiring or refinancing real estate to be occupied by the borrower's business.
- Residential Real Estate - Provides loans collateralized by residential properties, including fixed and variable rate mortgages, home equity mortgages, and home equity lines of credit.
- Construction and Land Development - Offers loans for funding land development and construction projects, including residential and commercial properties.
- Consumer - Provides installment loans and lines of credit extended to consumer customers.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Charles M. Shaffer ExecutiveBoard | Chairman, President and Chief Executive Officer | Armellini Express Lines; Florida Bankers Association; United Way of Martin County | Charles M. Shaffer has been the CEO of SBCF since January 2021 and the Chairman since February 2022. He previously served as COO from May 2019 to January 2021 and as CFO from January 2017 to May 2019 at SBCF. | |
Joseph M. Forlenza ExecutiveBoard | Executive Vice President and Chief Risk Officer | Member of the Risk Management Association ; Board Member and Treasurer of The Falls Homeowner Association | Joseph M. Forlenza is the Executive Vice President and Chief Risk Officer at SBCF since April 2019. Previously, he served as Executive Vice President and Chief Audit Executive from January 2017 to April 2019. | |
Tracey L. Dexter ExecutiveBoard | Executive Vice President and Chief Financial Officer | Board Member, Hibiscus Children’s Center | Tracey L. Dexter serves as the Executive Vice President and Chief Financial Officer at SBCF since June 2020, and previously held the role of Senior Vice President and Controller from January 2017 to June 2020. She is also a Board Member at Hibiscus Children’s Center. | |
Austen D. Carroll Executive | Executive Vice President and Chief Lending Officer | Austen D. Carroll serves as the Executive Vice President and Chief Lending Officer at SBCF since 2021. He has over 25 years of banking experience and built Seacoast's commercial banking strategy since joining in April 2021. | ||
Juliette P. Kleffel Executive | Executive Vice President and Chief Operating Officer | Juliette P. Kleffel is the Executive Vice President and Chief Operating Officer at SBCF since December 18, 2023, and previously served as Chief Banking Officer until December 15, 2023, with a comprehensive leadership history at SBCF in roles such as Community Banking Executive and Small Business Banking Leader. | ||
Alvaro J. Monserrat Board | Independent Director | CEO of Ultra 7; Partner at Corten Capital | Alvaro J. Monserrat has served as an Independent Director at SBCF since 2017 and participates in key board committees such as Audit, Compensation & Governance, Corporate Development, and Information Technology (Chair). Outside of SBCF, he leverages his extensive experience in business strategy and technology as CEO of Ultra 7 and Partner at Corten Capital. | |
Christopher E. Fogal Board | Lead Independent Director | Partner Emeritus at Carr, Riggs & Ingram, LLC | Christopher E. Fogal has been with Seacoast Banking Corporation of Florida since 1997. He currently serves as a Lead Independent Director and sits on the Audit, Bank Trust, and Information Technology Committees. With extensive expertise as a CPA and over 30 years of experience in financial oversight, he significantly contributes to the company’s governance. | |
Dennis J. Arczynski Board | Board Member | Dennis J. Arczynski has served as a board member at SBCF since 2013, chairing the Risk Management Committee and also serving on the Audit, Corporate Development, and Information Technology committees. He built his career over 33 years at the OCC and has worked as a consultant in risk management, corporate governance, and regulatory affairs since 2007. | ||
Dennis S. Hudson Board | Member of the Board of Directors | Board Member at Chesapeake Utilities Corporation ; Audit Committee Member at Chesapeake Utilities Corporation ; Governance Committee Chair at Chesapeake Utilities Corporation | Dennis S. Hudson, III began his career at SBCF in 1978 and served as CEO from June 1998 to December 2020, later serving as Executive Chairman from January 1, 2021 to December 31, 2021. He has been a board member since 1984, demonstrating over four decades of leadership in the financial services industry. | |
Eduardo J. Arriola Board | Director of SBCF | CEO of Arriola & Co.; Board Member of Federal Home Loan Bank of Atlanta | Eduardo J. Arriola is currently a Director at SBCF, appointed on June 4, 2024. Previously, he served as Executive Vice President and Market Executive of Seacoast Bank until June 2024. | |
H. Gilbert Culbreth Board | Company Board Member | CEO and Owner, Gilbert Chevrolet Company, Inc. ; CEO and Owner, Gilbert Ford ; President, Culbreth Realty, Inc. ; President, Parrott Investments, Inc. ; President, Gilbert Cattle Co., LLC ; President, Grace Marine ; President, Gilbert Aviation Inc. ; President, Gilbert Oil Company, LLC ; President, Gilbert Trucking, Inc. | H. Gilbert Culbreth, Jr. has served on SBCF’s Company Board of Directors since 2008 and on its Bank Board of Directors since 2006, and is recognized as an independent director under Nasdaq rules. | |
Jacqueline L. Bradley Board | Director | Tampa Electric Company - Board of Directors (since 2020) ; Lafayette Square Holding Company, LLC - Independent Director, Chair of Audit Committee (since 2021) ; The Studio Museum in Harlem - Board Member | Jacqueline L. Bradley has served as a Director at SBCF since 2015. She chairs the Trust and Wealth Management Committee at SBCF and brings extensive experience from her previous roles at BankFIRST, SunTrust Bank, and Moody’s Investors Services. | |
Joseph B. Shearouse Board | Director of SBCF | Director of Seacoast National Bank | Joseph B. Shearouse, III is a Director at SBCF since July 20, 2023. He previously served as Senior Vice President and Market Executive at Seacoast Bank until July 2023. | |
Maryann Goebel Board | Board Member & Compensation & Governance Committee Chair | Independent Director at Repay Holdings Corporation; Chair of Technology Committee at Repay Holdings Corporation | Maryann Goebel has been with SBCF since 2014, serving on key committees including Audit, Compensation & Governance (as Chair), Information Technology (since May 2023), and Risk Management. Her extensive experience in IT strategy and corporate governance has been a driving force in shaping the bank's technology initiatives. | |
Robert J. Lipstein Board | Independent Director | Onfolio Holdings: Board member and Chair of the Audit Committee since March 2022; Firstrust Bank: Board member and Chair of the Audit Committee since 2021; Hatch Bank: Board member since 2024; Jefferson Einstein Philadelphia Hospital: Board member since 2016 | Robert J. Lipstein has been with SBCF since 2019 serving as an Independent Director and Chair of the Audit Committee. He brings over 40 years of experience, including a long tenure as a senior partner at KPMG. | |
Thomas E. Rossin Board | Director | Thomas E. Rossin has served as a director at SBCF since 2003 and currently chairs the Corporate Development Committee, bringing decades of expertise in law, public service, and banking to the board. |
- In light of the variable accretion income and recent Q4 levels being higher due to elevated payoffs, can you explain the specific drivers behind this variability and how you plan to forecast it more accurately moving forward?
- With guidance indicating a deposit cost stabilization following a midyear Fed rate cut, what contingency plans are in place if the macroeconomic environment results in a delayed or absent rate cut and higher deposit costs persist?
- Given your comments on potential excess capital deployment and opportunities in the M&A market, how are you balancing such acquisitions against organic growth investments, and what criteria will you use to evaluate future M&A deals?
- As asset quality metrics have improved with recent loan sales reducing problematic exposures, how confident are you that this trend will continue once lower rate fixed loans mature and reset in a higher rate environment, and what measures will you take if asset quality begins to deteriorate?
- While Q4 showed improved efficiency ratios and profitability, how do you intend to maintain or further enhance these margins amid continued investments in revenue-producing talent and potential inflationary pressures on expenses?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Heartland Bancshares, Inc. | 2025 | The planned acquisition involves a 50% stock and 50% cash consideration with an aggregate value of approximately $110 million; it will merge Heartland Bancshares and Heartland National Bank into Seacoast, expanding the footprint in Central Florida with a strong deposit franchise and cost savings targets, and is expected to close in Q3 2025 with a price protection collar for stock adjustments. |
Professional Holding Corp. | 2023 | Completed on January 31, 2023, this deal was structured as a merger with an overall purchase price of $421.0 million (primarily in Seacoast common stock) and significantly expanded Seacoast’s presence in South Florida through added deposits, loans, and branch network integration. |
Drummond Banking Company | 2022 | Completed on October 7, 2022, the acquisition was executed for $158,332,000 via a stock exchange (driving 51.9561 Seacoast shares per Drummond share) and added 18 branches in North Florida while recognizing $103.5 million in goodwill, enhancing Seacoast’s regional scale. |
Sabal Palm Bancorp, Inc. | 2022 | Finalized on January 3, 2022, this deal, valued at $62.1 million (partly through common stock issuance), merged Sabal Palm Bank into Seacoast to secure entry into the Sarasota market, bringing in total assets of $462.2 million and completing system integration by Q2 2022. |
Business Bank of Florida, Corp. | 2022 | Completed on January 3, 2022, this acquisition was executed via a stock exchange at an effective purchase price of $31.98 million, resulting in the acquisition of assets worth $198.8 million (including cash, loans, and deposit intangibles) and the recognition of $8.0 million in goodwill, further bolstering Seacoast’s Florida footprint. |
Apollo Bancshares, Inc. | 2022 | Concluded on October 7, 2022, this acquisition was valued at approximately $168.3 million (with a purchase price of $145.842 million) and involved a specific share exchange ratio that expanded Seacoast’s market presence in Miami-Dade County, expected to be 8.0% EPS accretive in 2023 while delivering significant operational synergies. |
Recent press releases and 8-K filings for SBCF.
- Q1 2025 Earnings: Reported net income of $31.5 million and earnings of $0.37 per share with increased net interest income and improved margins (net interest margin up 9 basis points).
- Loan and Deposit Growth: Achieved 6% annualized loan growth and 11% annualized deposit growth, driven by strong relationship banking and talent onboarding (noninterest-bearing deposits grew 17% annualized).
- Strong Capital Position: Maintained a robust balance sheet with tangible book value per share up 10% year-over-year and excellent capital ratios, underlining financial strength and disciplined credit management.
- Strategic M&A and Expansion: On track to complete the acquisition of Heartland Bancshares in Q3 2025 and expanded the branch network with new locations in Fort Lauderdale and Tampa.
- Net income of $31.5 million was reported for Q1 2025, with diluted earnings of $0.37 per share, reflecting solid performance compared to the prior quarter and year (doc ).
- The bank experienced 11% annualized deposit growth and 6% loan growth, with its net interest margin expanding by 9 basis points to 3.48% (doc ).
- The announcement included a proposed acquisition of Heartland Bancshares, Inc., expected to close in Q3 2025, which will add four locations in Central Florida and bolster the bank’s expansion in the Fort Lauderdale and Tampa regions (doc ).
- Seacoast Banking Corp of Florida entered into a definitive merger agreement with Heartland Bancshares, Inc. and Heartland National Bank to merge Heartland into Seacoast, with Seacoast emerging as the surviving corporation.
- Under the merger terms, each share of Heartland common stock will convert into $147.10 in cash or 4.9164 shares of Seacoast common stock (subject to adjustments), and shareholders may also choose a 50-50 cash and stock option.
- The transaction, approved by the boards of the involved companies, includes conditions to closing and will involve a subsequent filing of a proxy statement/prospectus with the SEC.
- Strategic Expansion & Deposit Growth: Seacoast Banking Corp of Florida announced its acquisition of Heartland Bancshares, Inc., expanding its Central Florida footprint by adding Heartland National Bank with reported deposits of approximately $641M (with a 25% loan-to-deposit ratio) and about $161M in loans as of December 31, 2024.
- Deal Structure & Valuation: The transaction, valued at roughly $110M (also noted as $109.7M), provides shareholders options of cash at $147.10 (alternatively $141.96 per share), stock via an exchange ratio of 4.9164 shares, or a 50% cash/50% stock mix, priced at 1.63x tangible book value and 5.3x 2025 EPS.
- Financial Benefits: The deal is expected to be approximately 7% accretive to EPS in 2026, with modest tangible book value dilution that should be recouped within about 2.25 years, and is supported by planned 25% cost savings.
- Closing & Conditions: The acquisition is scheduled to close in Q3 2025, subject to regulatory and shareholder approvals.
- Additional Terms: Key deal provisions include specific price protection mechanisms to manage stock price fluctuations.
- The company held one-on-one investor meetings in February 2025 to review its business strategy, financial performance, and future opportunities.
- Key financial highlights include a net income of $34.1 million, adjusted net income of $40.6 million, and net interest income of $115.8 million with an improved net interest margin of 3.39% (or 3.05% excluding accretion on acquired loans).
- The presentation emphasized a strong capital base with a Tier 1 capital ratio of 14.8%, improved efficiency ratios, and a focus on organic growth and opportunistic acquisitions.
- Reported net income of $34.1M and adjusted net income of $40.6M with diluted EPS of $0.40 and $0.48, reflecting improved profitability
- Expanded net interest margin by 22 basis points to 3.39%; net interest income rose 9% to $116.1M, while deposit costs dropped by 26 basis points to 2.08%, reinforcing operational efficiency
- Maintained a robust capital position with a Tier 1 capital ratio of 14.8% alongside a strong Tier 1/CET1 and tangible common equity ratio of 9.6%, ensuring solid balance sheet strength
- Achieved record loan originations of $900M with annualized loan growth of approximately 4%, supporting organic expansion
- Grew wealth management assets by 20% year over year to $2.1B, marking a record year in business production and growth
- Q4 2024 results delivered a net income of $34.1 million ($0.40 diluted) and adjusted net income of $40.6 million ($0.48 diluted) with a net interest margin of 3.39%, reflecting improvements over prior periods.
- For the full year ended December 31, 2024, net income was $121.0 million ($1.42 diluted), demonstrating solid performance through revenue growth, improved cost controls, and robust loan production.