Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Shareholders’ Equity

Required Regulatory Capital

The Company is subject to various regulatory capital requirements administered by the Federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by the regulators, which could have a direct material impact on the financial statements. These requirements involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated pursuant to regulatory guidance. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, Tier 1 capital and common equity Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets, all as defined in the regulations.

At December 31, 2020 and 2019, the Company and Seacoast Bank, its wholly-owned banking subsidiary, were both considered “well capitalized” based on the applicable U.S. regulatory capital ratio requirements as reflected in the table below:


					Minimum to meet “Well Capitalized” Requirements					Minimum for Capital Adequacy Purpose1
(Dollars in thousands)	Amount		Ratio		Amount			Ratio		Amount			Ratio
Seacoast Banking Corporation of Florida
(Consolidated)

At December 31, 2020:
Total Risk-Based Capital Ratio (to risk-weighted assets)	$	1,029,455	18.51	%	n/a			n/a		$	444,839	≥	8.00	%
Tier 1 Capital Ratio (to risk-weighted assets)	970,594		17.46		n/a			n/a		333,629		≥	6.00
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)	899,225		16.17		n/a			n/a		250,222		≥	4.50
Leverage Ratio (to adjusted average assets)	970,594		11.92		n/a			n/a		325,690		≥	4.00
At December 31, 2019:
Total Risk-Based Capital Ratio (to risk-weighted assets)	$	860,934	15.71	%	n/a			n/a		$	438,506	≥	8.00	%
Tier 1 Capital Ratio (to risk-weighted assets)	825,640		15.06		n/a			n/a		328,880		≥	6.00
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)	754,555		13.77		n/a			n/a		246,660		≥	4.50
Leverage Ratio (to adjusted average assets)	825,640		12.20		n/a			n/a		270,788		≥	4.00

Seacoast National Bank
(A Wholly Owned Bank Subsidiary)
At December 31, 2020:
Total Risk-Based Capital Ratio (to risk-weighted assets)	$	956,592	17.21	%	$	555,772	≥	10.00	%	$	444,617	≥	8.00	%
Tier 1 Capital Ratio (to risk-weighted assets)	897,731		16.15		444,617		≥	8.00		333,463		≥	6.00
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)	897,727		16.15		361,252		≥	6.50		250,097		≥	4.50
Leverage Ratio (to adjusted average assets)	897,731		11.03		406,904		≥	5.00		325,523		≥	4.00
At December 31, 2019:
Total Risk-Based Capital Ratio (to risk-weighted assets)	$	804,058	14.68	%	$	547,440	≥	10.00	%	$	437,952	≥	8.00	%
Tier 1 Capital Ratio (to risk-weighted assets)	768,764		14.04		437,952		≥	8.00		328,464		≥	6.00
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)	768,764		14.04		355,836		≥	6.50		246,348		≥	4.50
Leverage Ratio (to adjusted average assets)	768,764		11.38		337,787		≥	5.00		270,230		≥	4.00
1Excludes the Basel III capital conservation buffer of 2.5%, which if not exceeded may constrain dividends, equity repurchases and compensation.
n/a - not applicable

Common Stock

The Company has reserved 300,000 common shares for issuance in connection with an employee stock purchase plan and 1,000,000 common shares for issuance in connection with an employee profit sharing plan.

Holders of common stock are entitled to one vote per share on all matters presented to shareholders as provided in the Company’s Articles of Incorporation. The Company implemented a dividend reinvestment plan during 2007, and issued no shares from treasury stock under this plan during 2020 or 2019.

In December, 2020, the Company's Board of Directors authorized the Company to repurchase up to $100 million of its shares of outstanding common stock. The amount and timing of repurchases, if any, will be based on a variety of factors, including share acquisition price, regulatory limitations, market conditions and other factors. The Company has made no repurchases under the program.