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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021
OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
Florida 59-2260678
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
815 COLORADO AVENUE,STUARTFL 34994
(Address of Principal Executive Offices) (Zip Code)
(772) 287-4000
(Registrant’s Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockSBCFNasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes No

Common Stock, $0.10 Par Value – 55,294,320 shares as of March 31, 2021



INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
  PAGE #
   
   
 
   
 
Condensed consolidated balance sheets - March 31, 2021 and December 31, 2020
 
Consolidated statements of cash flows – Three months ended March 31, 2021 and 2020
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

2

Table of Contents

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended March 31,
(In thousands, except per share data)20212020
Interest and fees on loans$62,298 $63,440 
Interest and dividends on securities6,446 8,818 
Interest on interest bearing deposits and other investments586 734 
Total Interest Income69,330 72,992 
Interest on deposits1,065 3,190 
Interest on time certificates1,187 4,768 
Interest on borrowed money468 1,857 
Total Interest Expense2,720 9,815 
Net Interest Income66,610 63,177 
Provision for credit losses(5,715)29,513 
Net Interest Income after Provision for Credit Losses72,325 33,664 
Noninterest income
Other income17,785 14,669 
Securities (losses) gains, net(114)19 
Total Noninterest Income (Note I – Noninterest Income and Expense)
17,671 14,688 
Total Noninterest Expenses (Note I – Noninterest Income and Expense)
46,120 47,798 
Income Before Income Taxes43,876 554 
Provision (benefit) for income taxes10,157 (155)
Net Income$33,719 $709 
Share Data
Net income per share of common stock
Diluted$0.60 $0.01 
Basic0.61 0.01 
Average common shares outstanding
Diluted55,992 52,284 
Basic55,271 51,803 
See notes to unaudited condensed consolidated financial statements.
 


3

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended March 31,
(In thousands)20212020
Net Income$33,719 $709 
Other comprehensive income (loss):
Available-for-sale securities:
Unrealized (losses) gains on available-for-sale securities, net of tax benefit of $3.1 million and tax expense of $26 thousand for the three months ended March 31, 2021 and 2020, respectively
$(10,851)$130 
Amortization of unrealized losses on securities transferred to held-to-maturity, net of tax expenses of $6 thousand and $12 thousand for the three months ended March 31, 2021 and 2020, respectively
24 47 
Reclassification adjustment for losses included in net income, net of tax benefit of $22 thousand for the three months ended March 31, 2020
 117 
Available-for-sale securities, net of tax$(10,827)$294 
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax benefit of $47 thousand for the three months ended March 31, 2021
$(138)$ 
Total other comprehensive (loss) income $(10,965)$294 
Comprehensive Income$22,754 $1,003 
See notes to unaudited condensed consolidated financial statements.

 


4

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,December 31,
(In thousands, except share data)20212020
Assets  
Cash and due from banks$89,123 $86,630 
Interest bearing deposits with other banks890,202 317,458 
Total cash and cash equivalents979,325 404,088 
Time deposits with other banks750 750 
Debt securities:
Securities available-for-sale (at fair value)1,051,396 1,398,157 
Securities held-to-maturity (fair value $500.7 million at March 31, 2021 and $192.2 million at December 31, 2020)
512,307 184,484 
Total debt securities1,563,703 1,582,641 
Loans held for sale (at fair value)60,924 68,890 
Loans5,661,492 5,735,349 
Less: Allowance for credit losses(86,643)(92,733)
Loans, net of allowance for credit losses5,574,849 5,642,616 
Bank premises and equipment, net70,385 75,117 
Other real estate owned15,549 12,750 
Goodwill221,176 221,176 
Other intangible assets, net15,382 16,745 
Bank owned life insurance132,634 131,776 
Net deferred tax assets24,497 23,629 
Other assets152,646 162,214 
Total Assets$8,811,820 $8,342,392 
Liabilities
Deposits$7,385,749 $6,932,561 
Securities sold under agreements to repurchase, maturing within 30 days109,171 119,609 
Subordinated debt71,436 71,365 
Other liabilities90,115 88,455 
Total Liabilities7,656,471 7,211,990 
Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 55,647,636 and outstanding 55,294,320 at March 31, 2021, and authorized 120,000,000, issued 55,584,979 and outstanding 55,243,226 shares at December 31, 2020
5,529 5,524 
Other shareholders' equity1,149,820 1,124,878 
Total Shareholders' Equity1,155,349 1,130,402 
Total Liabilities and Shareholders' Equity$8,811,820 $8,342,392 
 See notes to unaudited condensed consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended March 31,
(In thousands)20212020
Cash Flows from Operating Activities  
Net income$33,719 $709 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,440 1,511 
Amortization of premiums and discounts on securities, net2,362 989 
Amortization of operating lease right-of-use assets1,102 1,274 
Other amortization and accretion, net(4,437)(1,531)
Stock based compensation1,759 2,000 
Origination of loans designated for sale(163,863)(73,223)
Sale of loans designated for sale177,516 66,126 
Provision for credit losses(5,715)29,513 
Deferred income taxes2,320 2,207 
Losses on sale of securities 95 
Gains on sale of loans(5,570)(2,138)
Gains on sale and write-downs of other real estate owned(167)(415)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned315 219 
Changes in operating assets and liabilities, net of effects from acquired companies:
Net decrease (increase) in other assets4,658 (6,245)
Net increase in other liabilities1,659 3,595 
Net cash provided by operating activities47,098 24,686 
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale155,860 82,715 
Maturities and repayments of debt securities held-to-maturity43,291 8,894 
Proceeds from sale of debt securities available-for-sale 27,765 
Purchases of debt securities available-for-sale(36,512)(74,213)
Purchases of debt securities held-to-maturity(160,031) 
Net new loans and principal repayments79,353 25,154 
Proceeds from sale of other real estate owned1,340 3,736 
Additions to other real estate owned(654) 
Proceeds from sale of FHLB and Federal Reserve Bank Stock2,704 27,923 
Purchase of FHLB and Federal Reserve Bank Stock(55)(26,227)
Net cash from bank acquisition 33,883 
Additions to bank premises and equipment(341)(570)
Net cash provided by investing activities84,955 109,060 
 See notes to unaudited condensed consolidated financial statements.

 
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
(In thousands)20212020
Cash Flows from Financing Activities  
Net increase in deposits$453,188 $129,005 
Net decrease in repurchase agreements(10,438)(21,398)
Net decrease in FHLB borrowings with original maturities of three months or less (170,000)
Proceeds from FHLB borrowings with original maturities of more than three months 120,000 
Stock based employee benefit plans434 (1,010)
Dividends paid  
Net cash provided by financing activities443,184 56,597 
Net increase in cash and cash equivalents575,237 190,343 
Cash and cash equivalents at beginning of period404,088 124,531 
Cash and cash equivalents at end of period$979,325 $314,874 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$3,695 $10,259 
Cash paid during the period for taxes  
Recognition of operating lease right-of-use assets 33 
Recognition of operating lease liabilities 33 
Supplemental disclosure of non-cash investing activities:
Transfer of debt securities from available-for-sale to held-to-maturity$210,805 $ 
Transfers from loans to other real estate owned 5,571 
Transfers from bank premises to other real estate owned3,318  
See notes to unaudited condensed consolidated financial statements.
 
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at December 31, 202055,243 $5,524 $856,092 $256,701 $(8,285)$20,370 $1,130,402 
Comprehensive income— — — 33,719 — (10,965)22,754 
Stock based compensation expense— — 1,759 — — — 1,759 
Common stock transactions related to stock based employee benefit plans20 2 — (408)— (406)
Common stock issued for stock options31 3 837 — — — 840 
Three months ended March 31, 202151 5 2,596 33,719 (408)(10,965)24,947 
Balance at March 31, 202155,294 $5,529 $858,688 $290,420 $(8,693)$9,405 $1,155,349 
Accumulated
Other
Common StockPaid-inRetainedTreasuryComprehensive
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at December 31, 201951,514 $5,151 $786,242 $195,813 $(6,032)$4,465 $985,639 
Comprehensive income— — — 709 — 294 1,003 
Stock based compensation expense— — 2,000 — — — 2,000 
Common stock transactions related to stock based employee benefit plans115 12 (32)— (1,390)— (1,410)
Common stock issued for stock options37 4 396 — — — 400 
Cumulative change in accounting principle upon adoption of new accounting pronouncement— — — (16,876)— — (16,876)
Issuance of common stock, pursuant to acquisition1,043 104 20,927 — — — 21,031 
Three months ended March 31, 20201,195 120 23,291 (16,167)(1,390)294 6,148 
Balance at March 31, 202052,709 $5,271 $809,533 $179,646 $(7,422)$4,759 $991,787 
 See notes to unaudited condensed consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note A – Basis of Presentation
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.
Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities.

Note B – Recently Issued Accounting Standards, Not Yet Adopted
None this period.

Note C – Earnings per Share
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.
For the three months ended March 31, 2021, no options to purchase shares of the Company's common stock were anti-dilutive, compared to 489,000 shares that were excluded in the computation of diluted earnings per share for the three months ended March 31, 2020.
Three Months Ended March 31,
(Dollars in thousands, except per share data)20212020
Basic earnings per share  
Net income$33,719 $709 
Average common shares outstanding55,271 51,803 
Net income per share$0.61 $0.01 
Diluted earnings per share
Net income$33,719 $709 
Average common shares outstanding55,271 51,803 
Add: Dilutive effect of employee restricted stock and stock options721 481 
Average diluted shares outstanding55,992 52,284 
Net income per share$0.60 $0.01 

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Note D – Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2021 and December 31, 2020 are summarized as follows:
 March 31, 2021
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Debt securities available-for-sale    
U.S. Treasury securities and obligations of U.S. government agencies$7,686 $334 $(2)$8,018 
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities746,409 14,584 (6,774)754,219 
Private mortgage-backed securities and collateralized mortgage obligations80,156 1,989 (261)81,884 
Collateralized loan obligations172,392 239 (160)172,471 
Obligations of state and political subdivisions32,914 1,943 (53)34,804 
Totals$1,039,557 $19,089 $(7,250)$1,051,396 
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$512,307 $5,539 $(17,126)$500,720 
Totals$512,307 $5,539 $(17,126)$500,720 
 December 31, 2020
(In thousands)Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Debt securities available-for-sale    
U.S. Treasury securities and obligations of U.S. government agencies$8,250 $528 $(1)$8,777 
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,038,437 23,457 (1,240)1,060,654 
Private mortgage-backed securities and collateralized mortgage obligations89,284 2,131 (210)91,205 
Collateralized loan obligations202,563 279 (647)202,195 
Obligations of state and political subdivisions33,005 2,321  35,326 
Totals$1,371,539 $28,716 $(2,098)$1,398,157 
Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities$184,484 $7,818 $(123)$192,179 
Totals$184,484 $7,818 $(123)$192,179 
No securities were sold during the three months ended March 31, 2021. For the three months ended March 31, 2020, proceeds from sales of securities were $27.8 million, which resulted in gross gains of $0.1 million and gross losses of $0.2 million. Also included in “Securities gains (losses), net” is a decrease of $0.1 million for the three months ended March 31, 2021 and an increase of $0.1 million for the three months ended March 31, 2020 in the value of a CRA-qualified mutual fund.
During the three months ended March 31, 2021, the Company reclassified debt securities with an amortized cost of $210.8 million from available-for-sale to held-to-maturity, as it has the ability and intent to hold these securities to maturity. These securities had net unrealized gains of $0.8 million at the date of transfer, which will continue to be reported in accumulated other comprehensive income, and will be amortized over the remaining life of the securities as an adjustment of yield. The effect on interest income of the amortization of net unrealized gains is offset by the amortization of the premium on the securities transferred.
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At March 31, 2021, debt securities with a fair value of $350.5 million were pledged primarily as collateral for public deposits and secured borrowings.
The amortized cost and fair value of debt securities held-to-maturity and available-for-sale at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in less than one year$ $ $435 $437 
Due after one year through five years  12,400 13,310 
Due after five years through ten years  8,113 8,464 
Due after ten years  19,652 20,611 
   40,600 42,822 
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities512,307 500,720 746,409 754,219 
Private mortgage-backed securities and collateralized mortgage obligations  80,156 81,884 
Collateralized loan obligations  172,392 172,471 
Totals$512,307 $500,720 $1,039,557 $1,051,396 
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, or using observable market data. The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.
 March 31, 2021
 Less Than 12 Months12 Months or LongerTotal
(In thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$ $ $253 $(2)$253 $(2)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities314,851 (6,725)4,888 (49)319,739 (6,774)
Private mortgage-backed securities and collateralized mortgage obligations18,752 (236)2,029 (25)20,781