Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Shareholders' Equity

Note N

Shareholders' Equity

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. At December 31, 2015, an aggregate of 192,443 shares and 11,940 shares, respectively, have been issued as a result of employee participation in these plans.

A 1 for 5 reverse stock split was effective as of December 13, 2013. Each five shares of the Company's common stock was automatically converted to one share of the Company's common stock. Any fractional post-split shares as a result of the reverse split were rounded up to the nearest whole post-split share. Shareholders of the Company previously authorized the Board of Directors to approve a reverse stock split at the annual meeting in May 2013. All share amounts have been restated for all years presented.

A common stock offering was completed during November 2013 adding $75 million to capital, with approximately $47 million (net of issuance costs) received during November 2013, and $25 million received in January 2014 from a single investor that was required to obtain approval of the Federal Reserve Bank for its investment. Of the funds received, $50 million was utilized to redeem the Series A Preferred Stock at December 31, 2013, with the remainder available for future growth and general corporate purposes.

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, issuing no shares from treasury stock during 2015 and 2014.

Required Regulatory Capital

						Minimum for Capital Adequacy Purpose					Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in thousands)
SEACOAST BANKING CORP
(CONSOLIDATED)
At December 31, 2015:
Total Capital Ratio (to risk-weighted assets)	$	383,039		16.01	%	$	191,413	≥	8.00	%		N/A		N/A
Tier 1 Capital Ratio (to risk-weighted assets)		363,873		15.21			143,560	≥	6.00	%		N/A		N/A
Common Equity Tier 1 Capital (to risk-weighted assets)		317,004		13.25			107,670	≥	4.50	%		N/A		N/A
Tier 1 Leverage Ratio (to adjusted average assets)		363,873		10.70			136,009	≥	4.00	%		N/A		N/A
At December 31, 2014:
Total Capital (to risk-weighted assets)	$	322,765		16.25	%	$	158,903	≥	8.00	%		N/A		N/A
Tier 1 Capital (to risk-weighted assets)		305,665		15.39			79,452	≥	4.00	%		N/A		N/A
Tier 1 Capital (to adjusted average assets)		305,665		10.32			124,731	≥	4.00	%		N/A		N/A
SEACOAST NATIONAL BANK
(A WHOLLY OWNED BANK SUBSIDIARY)
At December 31, 2015:
Total Capital Ratio (to risk-weighted assets)	$	337,259		14.11	%	$	191,240	≥	8.00	%	$	239,050	≥	10.00	%
Tier 1 Capital Ratio (to risk-weighted assets)		318,093		13.31			143,430	≥	6.00	%		191,240	≥	8.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)		318,093		13.31			107,572	≥	4.50	%		155,382	≥	6.50	%
Tier 1 Leverage Ratio (to adjusted average assets)		318,093		9.36			135,929	≥	4.00	%		169,911	≥	5.00	%
At December 31, 2014:
Total Capital (to risk-weighted assets)	$	284,555		14.32	%	$	158,925	≥	8.00	%	$	198,656	≥	10.00	%
Tier 1 Capital (to risk-weighted assets)		267,455		13.46			79,462	≥	4.00	%		119,193	≥	6.00	%
Tier 1 Capital (to adjusted average assets)		267,455		9.04			118,409	≥	4.00	%		148,011	≥	5.00	%

N/A - Not Applicable

The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Under new Basel III standards adopted January 1, 2015, deferred tax assets (DTAs) were substantially restricted in regulatory capital calculations, the Common Equity Tier 1 Capital calculation was created, and new minimum adequacy and well capitalized thresholds were established. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. 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 (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital to average assets (as defined). Management believes, as of December 31, 2015, that the Company meets all capital adequacy requirements to which it is subject.

The Company is well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth above. At December 31, 2015, the Company’s deposit-taking bank subsidiary met the capital and leverage ratio requirements for well capitalized banks.