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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, 2022
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 – 61,238,897 shares as of March 31, 2022



INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
  PAGE #
   
   
 
   
 
Condensed consolidated balance sheets - March 31, 2022 and December 31, 2021
 
Consolidated statements of cash flows – Three months ended March 31, 2022 and 2021
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

2

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)20222021
Interest and fees on loans$67,118 $62,298 
Interest and dividends on securities10,181 6,446 
Interest on interest bearing deposits and other investments933 586 
Total Interest Income78,232 69,330 
Interest on deposits767 1,065 
Interest on time certificates468 1,187 
Interest on borrowed money475 468 
Total Interest Expense1,710 2,720 
Net Interest Income76,522 66,610 
Provision for credit losses6,556 (5,715)
Net Interest Income after Provision for Credit Losses69,966 72,325 
Noninterest income:
Service charges on deposit accounts2,801 2,338 
Interchange income4,128 3,820 
Wealth management income2,659 2,323 
Mortgage banking fees1,686 4,225 
Marine finance fees191 189 
SBA gains156 287 
BOLI income1,334 859 
Other2,870 3,744 
15,825 17,785 
Securities losses, net(452)(114)
Total Noninterest Income15,373 17,671 
Noninterest Expense:
Salaries and wages28,219 21,393 
Employee benefits5,501 4,980 
Outsourced data processing costs6,156 4,468 
Telephone / data lines733 785 
Occupancy3,986 3,789 
Furniture and equipment1,426 1,254 
Marketing1,171 1,168 
Legal and professional fees4,789 2,582 
FDIC assessments789 526 
Amortization of intangibles1,446 1,211 
Foreclosed property expense and net gain on sale(164)(65)
3

Provision for credit losses on unfunded commitments142  
Other4,723 4,029 
Total Noninterest Expense58,917 46,120 
Income Before Income Taxes26,422 43,876 
Provision for income taxes5,834 10,157 
Net Income$20,588 $33,719 
Share Data
Net income per share of common stock
Diluted$0.33 $0.60 
Basic0.34 0.61 
Average common shares outstanding
Diluted61,704 55,992 
Basic61,127 55,271 

See notes to unaudited condensed consolidated financial statements.
 


4

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended March 31,
(In thousands)20222021
Net Income$20,588 $33,719 
Other comprehensive income (loss):
Available-for-sale securities:
Unrealized losses on available-for-sale securities, net of tax benefit of $20.6 million and $3.1 million for the three months ended March 31, 2022 and 2021, respectively
$(66,012)$(10,851)
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, net of tax expense of $7 thousand and $6 thousand for the three months ended March 31, 2022 and 2021, respectively
36 24 
Available-for-sale securities, net of tax$(65,976)$(10,827)
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax benefit of $22 thousand and $47 thousand for the three months ended March 31, 2022 and 2021, respectively
(64)(138)
Total other comprehensive loss $(66,040)$(10,965)
Comprehensive (Loss) Income $(45,452)$22,754 

See notes to unaudited condensed consolidated financial statements.

 


5

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,December 31,
(In thousands, except share data)20222021
Assets  
Cash and due from banks$351,128 $238,750 
Interest bearing deposits with other banks871,387 498,979 
Total cash and cash equivalents1,222,515 737,729 
Time deposits with other banks5,975  
Debt securities:
Securities available-for-sale (at fair value)1,706,619 1,644,319 
Securities held-to-maturity (fair value $709.5 million at March 31, 2022 and $627.4 million at December 31, 2021)
747,004 638,640 
Total debt securities2,453,623 2,282,959 
Loans held for sale (at fair value)20,615 31,791 
Loans6,451,217 5,925,029 
Less: Allowance for credit losses(89,838)(83,315)
Loans, net of allowance for credit losses6,361,379 5,841,714 
Bank premises and equipment, net74,617 72,404 
Other real estate owned11,567 13,618 
Goodwill286,606 252,154 
Other intangible assets, net21,549 14,845 
Bank owned life insurance206,375 205,041 
Net deferred tax assets47,222 27,321 
Other assets192,774 201,857 
Total Assets$10,904,817 $9,681,433 
Liabilities
Deposits$9,243,768 $8,067,589 
Securities sold under agreements to repurchase, maturing within 30 days120,922 121,565 
Subordinated debt71,716 71,646 
Other liabilities112,126 109,897 
Total Liabilities9,548,532 8,370,697 
Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 61,640,882 and outstanding 61,238,897 at March 31, 2022, and authorized 120,000,000, issued 58,909,369 and outstanding 58,504,250 shares at December 31, 2021
6,124 5,850 
Other shareholders' equity1,350,161 1,304,886 
Total Shareholders' Equity1,356,285 1,310,736 
Total Liabilities and Shareholders' Equity$10,904,817 $9,681,433 
 
See notes to unaudited condensed consolidated financial statements.

6

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended March 31,
(In thousands)20222021
Cash Flows from Operating Activities  
Net income$20,588 $33,719 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,420 1,440 
Amortization of premiums and discounts on securities, net361 2,362 
Amortization of operating lease right-of-use assets990 1,102 
Other amortization and accretion, net(1,173)(4,437)
Stock based compensation1,419 1,759 
Origination of loans designated for sale(57,625)(163,863)
Sale of loans designated for sale71,210 177,516 
Provision for credit losses6,556 (5,715)
Deferred income taxes866 2,320 
Gains on sale of loans(2,324)(5,570)
Gains on sale and write-downs of other real estate owned(255)(167)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned31 315 
Changes in operating assets and liabilities, net of effects from acquired companies:
Net decrease in other assets15,471 4,658 
Net (decrease) increase in other liabilities(3,001)1,659 
Net cash provided by operating activities$54,534 $47,098 
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale95,398 155,860 
Maturities and repayments of debt securities held-to-maturity26,430 43,291 
Proceeds from sale of debt securities available-for-sale26,011  
Purchases of debt securities available-for-sale(244,551)(36,512)
Purchases of debt securities held-to-maturity(134,941)(160,031)
Maturities of time deposits with other banks498  
Net new loans and principal repayments(44,256)79,353 
Purchases of loans held for investment(111,292) 
Proceeds from sale of other real estate owned3,742 1,340 
Additions to other real estate owned(319)(654)
Proceeds from sale of FHLB and Federal Reserve Bank Stock 2,704 
Purchase of FHLB and Federal Reserve Bank Stock(3,347)(55)
Net cash from bank acquisitions208,933  
Additions to bank premises and equipment(825)(341)
Net cash used in investing activities$(178,519)$84,955 

 See notes to unaudited condensed consolidated financial statements.

 
7

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
(In thousands)20222021
Cash Flows from Financing Activities  
Net increase in deposits$613,899 $453,188 
Net decrease in repurchase agreements(643)(10,438)
Stock based employee benefit plans3,509 434 
Dividends paid(7,994) 
Net cash provided by financing activities$608,771 $443,184 
Net increase in cash and cash equivalents484,786 575,237 
Cash and cash equivalents at beginning of period737,729 404,088 
Cash and cash equivalents at end of period$1,222,515 $979,325 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$1,673 $3,695 
Recognition of operating lease right-of-use assets, other than through bank acquisitions3,370  
Recognition of operating lease liabilities, other than through bank acquisitions3,370  
Supplemental disclosure of non-cash investing activities:
Transfer of debt securities from available-for-sale to held-to-maturity$ $210,805 
Transfers from bank premises to other real estate owned1,008 3,318 

See notes to unaudited condensed consolidated financial statements.
 
8

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Accumulated
Other
Comprehensive
Income (Loss)
 Common StockPaid-in
Capital
Retained
Earnings
Treasury
Stock
(In thousands)SharesAmountTotal
Balance at December 31, 202158,504 $5,850 $963,851 $358,598 $(10,569)$(6,994)$1,310,736 
Comprehensive income— — — 20,588 — (66,040)(45,452)
Stock based compensation expense— — 1,419 — — — 1,419 
Common stock transactions related to stock based employee benefit plans7 1 (5)— 110 — 106 
Common stock issued for stock options178 18 3,385 — — — 3,403 
Issuance of common stock, pursuant to acquisitions2,550 255 89,979 — — — 90,234 
Conversion of options, pursuant to acquisitions— — 3,833 — — — 3,833 
Dividends on common stock ($0.13 per share)
— — — (7,994)— — (7,994)
Three months ended March 31, 20222,735 274 98,611 12,594 110 (66,040)45,549 
Balance at March 31, 202261,239 $6,124 $1,062,462 $371,192 $(10,459)$(73,034)$1,356,285 
Accumulated
Other
Comprehensive
Income (Loss)
Common StockPaid-in
Capital
Retained
Earnings
Treasury
Stock
(In thousands)SharesAmountTotal
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, 2021
51 5 2,596 33,719 (408)(10,965)24,947 
Balance at March 31, 2021
55,294 $5,529 $858,688 $290,420 $(8,693)$9,405 $1,155,349 

 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 1 – 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, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, 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, 2021.
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.
Recently Issued Accounting Standards, Not Yet Adopted
In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables - Troubled Debt Restructurings by Creditors, and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross writeoffs by year of origination for financing receivables held at amortized cost. The amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The impact to the Company’s consolidated financial statements of the adoption of ASU 2022-02 is not expected to be material.

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Note 2 – 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, 2022 and March 31, 2021, no options to purchase shares of the Company's common stock were anti-dilutive.
Three Months Ended March 31,
(Dollars in thousands, except per share data)20222021
Basic earnings per share  
Net income$20,588 $33,719 
Average common shares outstanding61,127 55,271 
Net income per share$0.34 $0.61 
Diluted earnings per share
Net income$20,588 $33,719 
Average common shares outstanding61,127 55,271 
Add: Dilutive effect of employee restricted stock and stock options577 721 
Average diluted shares outstanding61,704 55,992 
Net income per share$0.33 $0.60 
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.

Note 3 – Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows:
 March 31, 2022
(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