Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2020

Balance Sheets


	December 31,
(In thousands)	2020		2019
Assets
Cash	$	70	$	70
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days	70,074		52,979
Investment in subsidiaries	1,134,536		1,005,756
Other assets	659		1,515
	$	1,205,339	$	1,060,320

Liabilities and Shareholders' Equity
Subordinated debt	$	71,365	$	71,085
Other liabilities	3,676		3,700
Shareholders' equity	1,130,298		985,535
	$	1,205,339	$	1,060,320

Statements of Income


	Year Ended December 31,
(In thousands)	2020		2019		2018
Income
Interest/other	$	270	$	679	$	484
Dividends from subsidiary Bank	—		—		—
Total income	270		679		484

Interest expense	2,236		3,368		3,165
Other expenses	838		651		879
Total expenses	3,074		4,019		4,044

Loss before income taxes and equity in undistributed income of subsidiaries	(2,804)		(3,340)		(3,560)
Income tax benefit	(589)		(702)		(747)

Loss before equity in undistributed income of subsidiaries	(2,215)		(2,638)		(2,813)
Equity in undistributed income of subsidiaries	79,979		101,377		70,088
Net income	$	77,764	$	98,739	$	67,275

Statements of Cash Flows


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income	$	77,764	$	98,739	$	67,275
Equity in undistributed income of subsidiaries	(79,979)		(101,377)		(70,088)
Net (increase) decrease in other assets	1,772		(738)		(10,045)
Net increase (decrease) in other liabilities	256		265		(3,431)
Net cash used in operating activities	(187)		(3,111)		(16,289)

Cash flows from investing activities
Net cash paid for bank acquisition	(1,462)		—		(6,558)
Investment in unconsolidated subsidiary	—		(10)		—
Proceeds from sale of Visa Class B stock	—		—		21,333
Dividends from bank subsidiary	20,230		18,082		—
Increase in securities purchased under agreement to resell, maturing within 30 days, net	(17,095)		(12,849)		(421)
Net cash provided by investment activities	1,673		5,223		14,354

Cash flows from financing activities

Stock based employment benefit plans	(1,486)		(2,239)		978
Net cash (used in) provided by financing activities	(1,486)		(2,239)		978

Net change in cash	—		(127)		(957)
Cash at beginning of year	70		197		1,154
Cash at end of year	$	70	$	70	$	197

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	1,992	$	3,186	$	2,936