XML 40 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Interest received $ 27,183us-gaap_ProceedsFromInterestReceived $ 17,935us-gaap_ProceedsFromInterestReceived
Fees and commissions received 6,638us-gaap_ProceedsFromFeesReceived 5,234us-gaap_ProceedsFromFeesReceived
Interest paid (1,748)us-gaap_InterestPaid (1,302)us-gaap_InterestPaid
Cash paid to suppliers and employees (21,870)us-gaap_PaymentsToSuppliersAndEmployees (19,469)us-gaap_PaymentsToSuppliersAndEmployees
Origination of loans held for sale (42,112)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (35,048)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale
Proceeds from loans held for sale 35,339us-gaap_ProceedsFromSaleOfLoansHeldForSale 37,842us-gaap_ProceedsFromSaleOfLoansHeldForSale
Net change in other assets (455)us-gaap_IncreaseDecreaseInOtherOperatingAssets 638us-gaap_IncreaseDecreaseInOtherOperatingAssets
Net cash provided by operating activities 2,975us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 5,830us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities    
Maturity of securities available for sale 28,046us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 23,586us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sale of securities available for sale 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt 4,061us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
Purchase of securities available for sale (13,769)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (41,058)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchase of securities held for investment (24,366)us-gaap_PaymentsToAcquireHeldToMaturitySecurities 0us-gaap_PaymentsToAcquireHeldToMaturitySecurities
Net new loans and principal repayments (31,542)us-gaap_PaymentsForProceedsFromLoansAndLeases (9,172)us-gaap_PaymentsForProceedsFromLoansAndLeases
Proceeds from the sale of other real estate owned 1,827us-gaap_ProceedsFromSaleOfForeclosedAssets 1,379us-gaap_ProceedsFromSaleOfForeclosedAssets
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank stock 3,725us-gaap_ProceedsFromSaleOfFederalReserveStock 567us-gaap_ProceedsFromSaleOfFederalReserveStock
Additions to bank premises and equipment (3,919)sbcf_AdditionsToBankPremisesAndEquipment (1,298)sbcf_AdditionsToBankPremisesAndEquipment
Maturity of securities held for investment 9,176us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment 0us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment
Purchase of FHLB and Federal Reserve Stock (2,466)us-gaap_PaymentsToAcquireLifeInsurancePolicies 0us-gaap_PaymentsToAcquireLifeInsurancePolicies
Net cash (used in) provided by investing activities (33,288)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (21,935)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities    
Net increase in deposits 193,291us-gaap_IncreaseDecreaseInDeposits 13,750us-gaap_IncreaseDecreaseInDeposits
Net increase (decrease) in federal funds purchased and repurchase agreements (63,617)us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet 4,826us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet
Issuance of common stock, net of related expense 0us-gaap_ProceedsFromIssuanceOfCommonStock 24,641us-gaap_ProceedsFromIssuanceOfCommonStock
Stock based employee benefit plans 30us-gaap_EmployeeBenefitsAndShareBasedCompensation 42us-gaap_EmployeeBenefitsAndShareBasedCompensation
Dividends paid 0us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock 0us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Net increase in cash and cash equivalents 129,704us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 43,259us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase (decrease) in cash and cash equivalents 99,391us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 27,154us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 100,539us-gaap_CashAndCashEquivalentsAtCarryingValue 191,624us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 199,929us-gaap_CashAndCashEquivalentsAtCarryingValue 218,778us-gaap_CashAndCashEquivalentsAtCarryingValue
Reconciliation of net income to cash provided by operating activities    
NET INCOME 5,859us-gaap_NetIncomeLoss 2,299us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 816us-gaap_Depreciation 757us-gaap_Depreciation
Amortization of premiums and discounts on securities, net 959us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 501us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Other amortization and accretion, net (929)us-gaap_OtherDepreciationAndAmortization 266us-gaap_OtherDepreciationAndAmortization
Change in loans held for sale, net (6,773)us-gaap_IncreaseDecreaseInLoansHeldForSale 2,794us-gaap_IncreaseDecreaseInLoansHeldForSale
Provision (recapture) for loan losses 433us-gaap_ProvisionForLoanLossesExpensed (735)us-gaap_ProvisionForLoanLossesExpensed
Gain on sale of securities 0us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments (17)us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
Gain on sale of loans (749)us-gaap_GainLossOnSalesOfConsumerLoans (415)us-gaap_GainLossOnSalesOfConsumerLoans
Losses on sale and write-downs of other real estate owned 81us-gaap_GainsLossesOnSalesOfOtherRealEstate 53us-gaap_GainsLossesOnSalesOfOtherRealEstate
Losses on disposition of fixed assets (1)us-gaap_GainLossOnDispositionOfAssets (12)us-gaap_GainLossOnDispositionOfAssets
Change in interest receivable 150us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (148)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
Change in interest payable (184)us-gaap_IncreaseDecreaseInInterestPayableNet (10)us-gaap_IncreaseDecreaseInInterestPayableNet
Change in prepaid expenses (171)us-gaap_IncreaseDecreaseInPrepaidExpense (236)us-gaap_IncreaseDecreaseInPrepaidExpense
Change in accrued taxes 3,804us-gaap_IncreaseDecreaseInAccruedTaxesPayable 1,643us-gaap_IncreaseDecreaseInAccruedTaxesPayable
Change in other assets (455)us-gaap_IncreaseDecreaseInOtherOperatingAssets 638us-gaap_IncreaseDecreaseInOtherOperatingAssets
Change in other liabilities 135us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (1,548)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities 2,975us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 5,830us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Supplemental disclosure of non cash investing activities:    
Fair value adjustment to securities 4,650sbcf_FairValueAdjustmentToSecurities 4,307sbcf_FairValueAdjustmentToSecurities
Transfer from loans to other real estate owned 649sbcf_TransferFromLoansToOtherRealEstateOwned 923sbcf_TransferFromLoansToOtherRealEstateOwned
Matured securities recorded as a receivable $ 691sbcf_TransferOfMaturedSecuritieStoOtherAssets $ 492sbcf_TransferOfMaturedSecuritieStoOtherAssets