Item 2.02 Results of Operations and Financial Condition
On January 23, 2020, Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") announced its financial results for the quarter and year ended
December 31, 2019. A copy of the press release announcing Seacoast's results for
the quarter and year ended December 31, 2019 is attached hereto as Exhibit 99.1
and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
On January 24, 2020, Seacoast will hold an investor conference call to discuss
its financial results for the quarter and year ended December 31, 2019. Attached
as Exhibit 99.2 are charts (available on the Company's website at
www.seacoastbanking.com) containing information used in the conference call and
incorporated herein by reference. All information included in the charts is
presented as of December 31, 2019, and the Company does not assume any
obligation to correct or update said information in the future.
The information in Items 2.02 and 7.01, as well as Exhibits 99.1 and 99.2 is
being furnished and shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
Press Release dated January 23, 2020 with respect to
99.1 Seacoast's financial results for the quarter and year ended
December 31, 2019
99.2 Data on website containing information used in the conference
call to be held on January 24, 2020
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
Exhibits 99.1 and 99.2 referenced herein, contain "forward-looking statements"
within the meaning of Section 28A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, including, without limitation,
statements about future financial and operating results, cost savings, enhanced
revenues, economic and seasonal conditions in our markets, and improvements to
reported earnings that may be realized from cost controls, tax law changes, new
initiatives and for integration of banks that we have acquired, or expect to
acquire, as well as statements with respect to Seacoast's objectives, strategic
plans, including Vision 2020, expectations and intentions and other statements
that are not historical facts. Actual results may differ from those set forth in
the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates and intentions,
and involve known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause the actual results, performance or
achievements of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements. You should not expect us to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking
statements. You can identify these forward-looking statements through our use of
words such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect", "estimate", "continue",
"further", "plan", "point to", "project", "could", "intend", "target" or other
similar words and expressions of the future. These forward-looking statements
may not be realized due to a variety of factors, including, without limitation:
the effects of future economic
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and market conditions, including seasonality; governmental monetary and fiscal
policies, including interest rate policies of the Board of Governors of the
Federal Reserve, as well as legislative, tax and regulatory changes; changes in
accounting policies, rules and practices; the risks of changes in interest rates
on the level and composition of deposits, loan demand, liquidity and the values
of loan collateral, securities, and interest sensitive assets and liabilities;
interest rate risks, sensitivities and the shape of the yield curve; uncertainty
related to the impact of LIBOR calculations on securities and loans; changes in
borrower credit risks and payment behaviors; changes in the availability and
cost of credit and capital in the financial markets; changes in the prices,
values and sales volumes of residential and commercial real estate; our ability
to comply with any regulatory requirements; the effects of problems encountered
by other financial institutions that adversely affect us or the banking
industry; our concentration in commercial real estate loans; the failure of
assumptions and estimates, as well as differences in, and changes to, 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; increases in regulatory capital requirements for banking
organizations generally; the risks of mergers, acquisitions and divestitures,
including our ability to continue to identify acquisition targets and
successfully acquire desirable financial institutions; changes in technology or
products that may be more difficult, costly, or less effective than anticipated;
our ability to identify and address increased cybersecurity risks; inability of
our risk management framework to manage risks associated with our business;
dependence on key suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of our ability to
use the mobile-based platform that is critical to our business growth strategy;
the effects of war or other conflicts, acts of terrorism, natural disasters or
other catastrophic events that may affect general economic conditions;
unexpected outcomes of, and the costs associated with, existing or new
litigation involving us; our ability to maintain adequate internal controls over
financial reporting; potential claims, damages, penalties, fines and
reputational damage resulting from pending or future litigation, regulatory
proceedings and enforcement actions; the risks that our deferred tax assets
could be reduced if estimates of future taxable income from our operations and
tax planning strategies are less than currently estimated and sales of our
capital stock could trigger a reduction in the amount of net operating loss
carryforwards that we may be able to utilize for income tax purposes; the
effects of competition from other commercial banks, thrifts, mortgage banking
firms, consumer finance companies, 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 institutions
operating regionally, nationally and internationally, together with such
competitors offering banking products and services by mail, telephone, computer
and the Internet; and the failure of assumptions underlying the establishment of
reserves for possible loan losses.
All written or oral forward-looking statements attributable to us are expressly
qualified in their entirety by this cautionary notice, including, without
limitation, those risks and uncertainties described in our annual report on Form
10-K for the year ended December 31, 2018, under "Special Cautionary Notice
Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our
SEC reports and filings. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including through the
SEC's Internet website at www.sec.gov.
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