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

12 Months Ended

Dec. 31, 2021

Balance Sheets


	December 31,
(In thousands)	2021		2020
Assets
Cash	$	57	$	70
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days	98,398		70,074
Investment in subsidiaries	1,286,478		1,134,536
Other assets	1,140		659
	$	1,386,073	$	1,205,339

Liabilities and Shareholders' Equity
Subordinated debt	$	71,646	$	71,365
Other liabilities	3,795		3,676
Shareholders' equity	1,310,632		1,130,298
	$	1,386,073	$	1,205,339

Statements of Income


	Year Ended December 31,
(In thousands)	2021		2020		2019
Income
Interest/other	$	167	$	270	$	679
Dividends from subsidiary Bank	47,684		20,230		18,084

Total income	47,851		20,500		18,763

Interest expense	1,683		2,236		3,368
Other expenses	765		838		651
Total expenses	2,448		3,074		4,019

Income before income taxes and equity in undistributed income of subsidiaries	45,403		17,426		14,744
Income tax benefit	(481)		(589)		(702)

Income before equity in undistributed income of subsidiaries	45,884		18,015		15,446
Equity in undistributed income of subsidiaries	78,519		59,749		83,293
Net income	$	124,403	$	77,764	$	98,739

Statements of Cash Flows


	Year Ended December 31,
(In thousands)	2021		2020		2019
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income	$	124,403	$	77,764	$	98,739
Equity in undistributed income of subsidiaries	(78,519)		(59,749)		(83,293)
Net (increase) decrease in other assets	(489)		1,772		(738)
Net increase (decrease) in other liabilities	400		256		265
Net cash provided by operating activities	45,795		20,043		14,973

Cash flows from investing activities
Net cash paid for bank acquisition	—		(1,462)		—
Net (advances)/repayments with subsidiary	(28,324)		(17,095)		(12,861)



Net cash used in investment activities	(28,324)		(18,557)		(12,861)

Cash flows from financing activities

Dividends paid	(22,506)		—		—
Stock based employment benefit plans	5,022		(1,486)		(2,239)
Net cash used in financing activities	(17,484)		(1,486)		(2,239)

Net change in cash	(13)		—		(127)
Cash at beginning of year	70		70		197
Cash at end of year	$	57	$	70	$	70

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	1,441	$	1,992	$	3,186