Seacoast Banking of Florida Expands Share Repurchase Program to Enhance Shareholder Value

Seacoast Banking of Florida Expands Share Repurchase Initiative

Seacoast Banking of Florida, the holding company for First Seacoast Bank, announces a new authorization for share repurchases, signaling its commitment to enhancing shareholder value. This latest initiative permits the repurchase of up to 228,858 shares of common stock, building upon an initial authorization granted in April 2024, which allowed for the repurchase of 507,707 shares, representing approximately 10% of the outstanding shares at that time. As of now, the company has successfully repurchased 397,008 shares at an average price of $9.15 per share, reflecting a proactive approach to managing its capital structure.

The new repurchase authorization accounts for approximately 5% of the pro forma outstanding shares, assuming all remaining shares from the original plan are repurchased. This strategic move comes at a critical time as Seacoast Banking aims to bolster its presence and stability within the competitive banking landscape of New Hampshire. By executing these repurchases on the open market, the company seeks to optimize its equity capital and signal confidence in its financial health. Additionally, the company may utilize a trading plan under SEC Rule 10b5-1 to manage the timing and execution of these transactions, although it acknowledges that the actual number of shares repurchased is not guaranteed.

The repurchase program remains effective until December 3, 2025, allowing Seacoast Banking to respond flexibly to market conditions. The company retains the discretion to suspend or discontinue the program at any time, underscoring the importance of adapting to the evolving financial environment. Alongside this development, the bank continues to serve the financial needs of its communities through its five full-service offices in Strafford and Rockingham Counties, reinforcing its commitment to local residents and businesses.

In addition to the share repurchase program, Seacoast Banking's announcement includes forward-looking statements that address potential uncertainties and risks associated with executing the repurchases. Such risks may include challenges stemming from market volatility, which could impact the timing and scale of the buyback efforts. Nevertheless, Seacoast Banking remains focused on navigating these challenges while enhancing shareholder value and fostering growth within its operational footprint.