Quarterly Report (10-q)

Date : 05/12/2014 @ 2:34PM
Source : Edgar (US Regulatory)
Stock : Seacoast Banking Corp. of Florida (MM) (SBCF)
Quote : $10.5601 0.1701 (1.64%) @ 3:38PM

[....]

NOTE K — SUBSEQUENT EVENTS

Acquisition

On April 24, 2014, Seacoast signed a definitive agreement and plan of merger with The BANKshares, Inc., a bank holding company (“BANKshares”). BANKshares founded in 1989, is headquartered in Winter Park, Florida, and following the closing of the merger, the acquisition is expected to add approximately $674 million in assets, $506 million in deposits, and $374 million in loans, along with twelve branch locations throughout central Florida. For the year ended December 31, 2013, BANKshares reported net income of $3.0 million, and for the three months ended March 31, 2014 had net income of $0.7 million. The all-stock transaction provides that BANKshares’ shareholders will receive 0.4975 shares of Seacoast common stock. Based on Seacoast’s closing price on April 23, 2014, the transaction would be valued at approximately $76 million, with closing to be completed in the fourth quarter of 2014, subject to regulatory approvals and customary closing conditions.

[....]

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FIRST QUARTER 2014

The following discussion and analysis is designed to provide a better understanding of the significant factors related to the Company’s results of operations and financial condition.

STRATEGIC OVERVIEW

A number of significant milestones marking both quantitative and qualitative improvements in our business were attained in 2013, better positioning the Company to increase net income to common shareholders in 2014, and prospectively. These included:

• the recapture of the $45 million valuation allowance on net deferred tax assets;

• a successful raise of $75 million in common equity;

• the termination of the Bank’s formal agreement with the Office of the Comptroller of the Currency (“OCC”), and

• the redemption of the Company’s $50 million in outstanding Series A Preferred Stock originally issued to the U.S. Department of Treasury under the Troubled Asset Relief Program.

[....]

Realization of Deferred Tax Assets

At March 31, 2014, the Company had net deferred tax assets (“DTA”) of $63.7 million. Although realization is not assured, management believes that realization of the carrying value of the DTA is more likely than not, based upon expectations as to future taxable income and tax planning strategies, as defined by ASC 740 Income Taxes. In comparison, at March 31, 2013 the Company had net DTA of $18.2 million.

http://ih.advfn.com/p.php?pid=nmona&article=62169249

Marker:
Seacoast Banking Cor (SBCF)
$10.57 up 0.18 (1.73%)
Volume: 69,555

Seacoast Reports Earnings for Fourth Quarter and Year 2013

Date : 01/29/2014 @ 4:01PM
Source : PR Newswire (US)
Stock : Seacoast Banking Corp. of Florida (MM) (SBCF)
Quote : $11.14 0.3 (2.77%) @ 12:34PM

[....]

Net income available to common shareholders for the 2013 year totaled $47.9 million or $2.44 per diluted common share,

[...]

http://ih.advfn.com/p.php?pid=nmona&article=60843730

*Current P/E is 4.5

It is right back where it started. Only a higher price. What is the deal here. Debt gone, moving forward, looking good.. I guess they have fell with ALL. But this is a great play at this price. Unless, like always it seems.... Something isn't right in Stuart...

They need a big push , special promo to steal customers away from big banks. Something Real ! How about offering 2% interest on all savings accounts that are opened with a checking acct. Thus, you make money both ways... No one offers 2% Take all the deposits and put them into something turning 4%..

SBCF To Announce Qrterly & Year-End Earnings Results On Wednesday, January 29

http://ih.advfn.com/p.php?pid=nmona&article=60658289

Speaking of smart investments...someone just made a quick $10MM.

R/S makes it look like it rallied on the charts, when it did not.

Sounds like the fox was watching the hen house?

"Guess Ms. Daum steps in to accept her preffered shares and a huge chunck of money as the common holders wait. I don't think you should have a share price that floats, and at the same time pay the people allowing it to just FLOAT ! "

That is always a bad idea.

Well the short answer to your question is - yes I do.

HOWEVER you're connecting some very interesting dots I hadn't considered.

The reason I said that I thought it was still overpriced is because they still have $50MM in TARP debt...that debt may not be to the US Treasury anymore but that doesn't mean those preferred shares went away..they just have a new owner.

The Treasury auctioned off their Preferred shares to an "un-named investor". That new owner very smartly bought $50MM dollars worth of debt for $40MM dollars. That alone was an excellent investment but what if that un-named investor is CapGen?? If it is that would be a positively brilliant move. A quick search didn't reveal who bought the debt...but if it is [CapGen] then this could be the marriage JAXB has been looking for... and that would make CapGen our mystery match-maker.

SBCF needs $50MM... and JAXB raised $50MM....both are Florida banks...CapGen owns significant portions of both... hmmmmmm..

Very good eye here Pagz! impressive! ..this will be fun to see what unfolds.

Still think this is overpriced? Barely trading at BV and nicely profitable. And look who is also in this Florida bank, our JAXB co-investors CapGen.

Guess Ms. Daum steps in to accept her preffered shares and a huge chunck of money as the common holders wait. I don't think you should have a share price that floats, and at the same time pay the people allowing it to just FLOAT ! What a joke !

SBCF Video Chart 10/14/2013

http://www.missionir.com/videos.html

Stop the free money to preffered share holders ! This thing isn't going to go up if they keep paying themselves so so much money based on nothing. They need to turn it around first...

Very surprised to see it this low. Can not believe that they took a special payout, yet again. The rich paying themselves yet again...

time for another leg up... 2.70 by mid sept.

Looks like we are moving along nicely. I am surprised that their assets have no be evaluaTed and should be worth another 10%. Prices of home around here have further, much further to rise than almost anywhere in the country. While others depreciated around 25 - 40% we went down from 50 -70%.... Thats right, up to 70%. Some homes, including our newest one went from 460K to 244K from 04 til 07(we bought) then dropped in value to 170... A drop of 60% Today it is back up at the buy point 250K. But getting a home in this division is increasingly difficult.

Thank you, sir!

Nice chart work on SBCF there!

SBCF: Triggered Breakout Testing New Support

http://ichartpennystocks.com/sbcf-triggered-breakout-testing-new-support/

Remeber, they are still holding many homes going up in value. Probably close to 30 - 40% up within 2 years. Already up 25% in past 18 months.

Have to give several ontopic posts "recent" to be a mod.

Buying more when it dips just below 2s again...

I think their past any more trouble.

Here is the problem I have with the book value. Although true what you say. It does not take into account the value of the thousands of homes in this area. We all know about the collapse. Seacoast was lucky to make it to the otherside of this thing. But now have many houses on their sheet that will gain 30% (realistically) in value over the next 2 years. If only 30% of their assets are home loans. 650 million. That increases their value by 200 million over the next 2 years.

Not ssure if those numbers are exact. Just the fact they made it out of the recession, did not sell, were a $30 stock at one point. Lends one to almost be sure... That if you buy today at 2 bucks. You will be at 20 in 10 years. These guys went down 35% year over year for the past 5 - 7. If you only get back half, that is 17% year over year for the next 5.

Same situation for BAC. Down 18% year over year for 5 years. Although at a 52 week hig close to 13 bucks. It too is way undervalued going forward. Once a 60 dollar stock. Both are big winners....

What others you guys got... Want a long shot ? AMBS. Its a .04 cent stock that has went up 10 fold in a year. I can tell you, do you DD on them. But they have most of my money. These banks are my sure bet. AMBS "hopefully" will make me rich. I think, they are doing a great job, have professionals involved, great people, a great bioscience. Holding out for the right deals.
TThey did make a couple small mistakes starting out. But have brought in some real players and advisors. Amgen co-founder. Ely lily past incubator cheif, etc... Just cant miss. vBut time the "out" may be hard. It will be vilotile for sure. But it could shoot from .04 to .25 with 3 months, then back down to .10 again. The white papers they produce, and the timeing sheets they offer for their future products are very important to print out. Watch the timelines closely. See if they are late on the first one or two, then going forward, base you investment timing on that lateness for future stuff...

Good luck guys, thanks for letting me vent. :) Please pass on any other stocks yo might think is good. No one comes to this page, so I think its a great place to post and meet...

This is another bank that I am watching closely. I can see the turnaround in process. Just not ready to quite make the leap yet.

Book value per share common $1.24 as of March 31, 2013

Seacoast Banking Cor (SBCF)
$2.19 up 0.06 (2.82%)
Volume: 158,646 @ 3:27:14 PM ET on 5/17/2013

Common Shares Outstanding 94,850,027

http://ih.advfn.com/p.php?pid=nmona&article=57329079

*Overpriced at this time

Will give a try next week

THat is 15% since I gave the warning... Will triple within a year. Great stable Company that made it out of the Florida Housing Crush. They have moved into the commercial market and caught up with the other banks in online banking. Can't MISS!

This is a great long play back up into the teens within 2 years. Steady, rock solid company that made it through the down turn. Consolidating debt, branches, etc. Got the local news and articles. This is my long long play.

Hell, it was at 35 bucks 7 years ago. They go as the florida housing and money go. No where to go but up on this, thrilled, and no one else will want it..

SBCF-technical analyiss
SBCF is trading in the range of $1.40 - $1.77 in the past 30 days.
SBCF bounced back from a recent support.
Commodity Channel Index (CCI) is bullish for SBCF.
Money Flow Index (MFI) is bullish and moving up for SBCF.
On Balance Volume (OBV) is bullish and moving up for SBCF.
The 10-day simple moving average is bearish and moving down for SBCF.

WTF, 1.1 million dollar profit...no movement. Someone is asleep at the wheel.

This guy's playing hardball with the old fakeout breakout. Last week the price tested resistance, even temporarily blasted well past it, but has since come back down to test support. This would be the argument against being aggressive and playing a breakout without a confirming close above resistance. However, the next time you try it that way, that first confirming candle is going to finish strong and close way above resistance, so you can get screwed either way. If you played this thinking it was going to breakout and run right away, then I don't blame you if you got stopped out, but I'm keeping it on the watchlist for now. Ideally the 15 EMA holds up, and at least that last April low should hold, and then maybe it'll try for another breakout in a little while.

http://onlycharts.com/forum-3/flipping-penny-stocks/flipping-penny-stocks-weekend-watchlist-update-may-2-6/

Taking a position here.

Do you have any idea why the sudden increase in volumn?

1.33

$1.28 going into tomorrow.

Thought I would create a forum for this bank, which I feel is a decent SPECULATIVE play going forward @ 1.20, possibly wont need a R/S like many. They are now the big player on the Treasure coast with a big competitor failing this past spring. The yahoo board seems to get pretty dirty with this stock, so thought it might be better suited here. Their capital ratios have improved significantly in the past year, they have tried to acquire a bank in the past year, and they are actually lending money down in Florida right now.

Curious to know other's thoughts.

GLTA


Description :

Seacoast Banking Corporation of Florida is a bank holding company that operates through its principal subsidiary, Seacoast National Bank (Seacoast National). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending, and provide a variety of trust and asset management services, as well as securities and annuity products. As of December 31, 2009, Seacoast National had 40 banking offices in 13 counties in Florida. As of December 31, 2009, the Company had 24 branches in the Treasure Coast, including the counties of Martin, St. Lucie and Indian River on Florida’s southeastern coast.

Ticker : http://www.google.com/finance?q=SBCF

Company website : http://www.seacoastbanking.com/

Investor Relations/News : http://www.snl.com/irweblinkx/news.aspx?iid=100425

Ownership : http://moneycentral.msn.com/ownership?Symbol=SBCF

Insider ownership : http://www.secform4.com/insider-trading/730708.htm

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