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Section 1: 10-Q (10-Q)

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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 June 30, 2020
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 – 52,990,655 shares as of June 30, 2020



INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
  PAGE #
   
   
 
   
 
 
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

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 June 30,Six Months Ended June 30,
(In thousands, except per share data)2020201920202019
Interest and fees on loans$64,844  $62,288  $128,284  $124,575  
Interest and dividends on securities7,694  9,076  16,512  18,346  
Interest on interest bearing deposits and other investments684  873  1,418  1,791  
Total Interest Income73,222  72,237  146,214  144,712  
Interest on deposits1,203  4,825  4,393  8,698  
Interest on time certificates3,820  5,724  8,588  10,683  
Interest on borrowed money927  1,552  2,784  4,421  
Total Interest Expense5,950  12,101  15,765  23,802  
Net Interest Income67,272  60,136  130,449  120,910  
Provision for credit losses7,611  2,551  37,124  3,948  
Net Interest Income after Provision for Credit Losses59,661  57,585  93,325  116,962  
Noninterest income
Other income13,776  14,043  28,445  26,888  
Securities gains (losses), net1,230  (466) 1,249  (475) 
Total Noninterest Income (Note H)15,006  13,577  29,694  26,413  
Total Noninterest Expenses (Note H)42,399  41,000  90,197  84,099  
Income Before Income Taxes32,268  30,162  32,822  59,276  
Provision for income taxes7,188  6,909  7,033  13,318  
Net Income$25,080  $23,253  $25,789  $45,958  
Share Data
Net income per share of common stock
Diluted$0.47  $0.45  $0.49  $0.88  
Basic0.47  0.45  0.49  0.89  
Average common shares outstanding
Diluted53,308  51,952  52,807  51,998  
Basic52,985  51,446  52,394  51,403  
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 June 30,Six Months Ended June 30,
(In thousands)2020201920202019
Net Income$25,080  $23,253  $25,789  $45,958  
Other comprehensive income:
Unrealized gains on securities available-for-sale17,581  11,633  17,684  24,309  
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement      (730) 
Amortization of unrealized losses on securities transferred to held-to-maturity, net59  72  119  143  
Reclassification adjustment for (gains) losses included in net income(1,188) 556  (1,092) 643  
Provision for income taxes(3,917) (2,774) (3,882) (6,035) 
Total other comprehensive income12,535  9,487  12,829  18,330  
Comprehensive Income$37,615  $32,740  $38,618  $64,288  
See notes to unaudited condensed consolidated financial statements.

 


4

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30,December 31,
(In thousands, except share data)20202019
Assets  
Cash and due from banks$84,178  $89,843  
Interest bearing deposits with other banks440,142  34,688  
Total cash and cash equivalents524,320  124,531  
Time deposits with other banks2,496  3,742  
Debt securities:
Securities available-for-sale (at fair value)976,025  946,855  
Securities held-to-maturity (fair value $235,946 at June 30, 2020 and $262,213 at December 31, 2019)
227,092  261,369  
Total debt securities1,203,117  1,208,224  
Loans held for sale (at fair value)54,943  20,029  
Loans5,772,052  5,198,404  
Less: Allowance for credit losses(91,250) (35,154) 
Loans, net of allowance for credit losses5,680,802  5,163,250  
Bank premises and equipment, net69,041  66,615  
Other real estate owned15,847  12,390  
Goodwill212,146  205,286  
Other intangible assets, net17,950  20,066  
Bank owned life insurance127,954  126,181  
Net deferred tax assets21,404  16,457  
Other assets153,993  141,740  
Total Assets$8,084,013  $7,108,511  
Liabilities
Deposits$6,666,783  $5,584,753  
Securities sold under agreements to repurchase, maturing within 30 days92,125  86,121  
Federal Home Loan Bank (FHLB) borrowings135,000  315,000  
Subordinated debt71,225  71,085  
Other liabilities88,277  65,913  
Total Liabilities7,053,410  6,122,872  
Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 53,326,794 and outstanding 52,990,655 at June 30, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 2019
5,299  5,151  
Other shareholders' equity1,025,304  980,488  
Total Shareholders' Equity1,030,603  985,639  
Total Liabilities and Shareholders' Equity$8,084,013  $7,108,511  
 See notes to unaudited condensed consolidated financial statements.

5

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Six Months Ended June 30,
(In thousands)20202019
Cash Flows from Operating Activities  
Net income$25,789  $45,958  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation3,031  3,308  
Amortization of premiums and discounts on securities, net1,746  1,223  
Amortization of operating lease right-of-use assets2,363  2,041  
Other amortization and accretion, net(366) (1,632) 
Stock based compensation3,524  4,027  
Origination of loans designated for sale(203,935) (139,219) 
Sale of loans designated for sale174,450  138,961  
Provision for credit losses37,124  3,948  
Deferred income taxes(3,328) 3,736  
(Gains) losses on sale of securities(1,092) 643  
Gains on sale of loans(5,303) (3,980) 
Gains on sale and write-downs of other real estate owned(485) (408) 
Losses on disposition of fixed assets220  464  
Changes in operating assets and liabilities, net of effects from acquired companies:
Net increase in other assets(22,451) (21) 
Net increase (decrease) in other liabilities19,139  (9,623) 
Net cash provided by operating activities30,426  49,426  
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale134,488  41,564  
Maturities and repayments of debt securities held-to-maturity33,969  16,935  
Proceeds from sale of debt securities available-for-sale92,314  73,297  
Purchases of debt securities available-for-sale(239,160) (87,433) 
Maturities of time deposits with other banks1,246  3,263  
Net new loans and principal repayments(431,182) (12,017) 
Purchases of loans held for investment  (50,562) 
Proceeds from sale of other real estate owned4,503  2,722  
Proceeds from sale of FHLB and Federal Reserve Bank Stock33,448  29,070  
Purchase of FHLB and Federal Reserve Bank Stock(26,227) (22,648) 
Net cash from bank acquisition33,883    
Proceeds from bank owned life insurance  12,378  
Additions to bank premises and equipment(880) (1,485) 
Net cash (used in) provided by investing activities(363,598) 5,084  
 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)
Six Months Ended June 30,
(In thousands)20202019
Cash Flows from Financing Activities  
Net increase in deposits$908,288  $363,969  
Net increase (decrease) in federal funds purchased and repurchase agreements6,004  (132,308) 
Net decrease in FHLB borrowings with original maturities of three months or less(315,000) (177,000) 
Repayments of FHLB borrowings with original maturities of more than three months  (63,000) 
Proceeds from FHLB borrowings with original maturities of more than three months135,000    
Stock based employee benefit plans(1,331) (2,343) 
Dividends paid    
Net cash provided by (used in) financing activities
732,961  (10,682) 
Net increase in cash and cash equivalents
399,789  43,828  
Cash and cash equivalents at beginning of period124,531  115,951  
Cash and cash equivalents at end of period$524,320  $159,779  
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$15,756  $23,200  
Cash paid during the period for taxes3,492  6,000  
New operating lease right-of-use assets52  29,077  
New operating lease liabilities52  33,403  
Supplemental disclosure of non cash investing activities:
Transfer of debt securities from held-to-maturity to available-for-sale$  $52,796  
Transfers from loans to other real estate owned6,186  555  
Transfers from bank premises to other real estate owned1,289    
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 March 31, 202052,709  $5,271  $809,533  $179,646  $(7,422) $4,759  $991,787  
Comprehensive income—  —  —  25,080  —  12,535  37,615  
Stock based compensation expense—  —  1,523  —  —  —  1,523  
Common stock transactions related to stock based employee benefit plans262  26  (15) —  (615) —  (604) 
Common stock issued for stock options20  2  280  —  —  —  282  
Three months ended June 30, 2020282  28  1,788  25,080  (615) 12,535  38,816  
Balance at June 30, 202052,991  $5,299  $811,321  $204,726  $(8,037) $17,294  $1,030,603  
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at March 31, 201951,414  $5,141  $780,680  $119,779  $(4,959) $(4,217) $896,424  
Comprehensive income—  —  —  23,253  —  9,487  32,740  
Stock based compensation expense—  —  1,899  —  —  —  1,899  
Common stock transactions related to stock based employee benefit plans22  2  (12) —  (1,178) —  (1,188) 
Common stock issued for stock options25  3  361  —  —  —  364  
Three months ended June 30, 201947  5  2,248  23,253  (1,178) 9,487  33,815  
Balance at June 30, 201951,461  $5,146  $782,928  $143,032  $(6,137) $5,270  $930,239  
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)Shares