Business Combinations (Tables)

3 Months Ended

Mar. 31, 2018

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information

Pro-forma data as of March 31, 2017 as if the acquisitions of Gulfshore, NSBC and PBCB occurred at the beginning of 2017 is as follows:

	Three Months  Ended March 31,
(In thousands, except per share amounts)	2017
Net interest income	$	45,987
Net income		11,285
EPS - basic		0.25
EPS - diluted		0.25

Gulf Shore Banc shares Inc [Member]

Business Acquisition [Line Items]

Schedule of summarizing the purchase price calculation

The Company acquired 100% of the outstanding common stock of GulfShore. Under the terms of the definitive agreement, GulfShore shareholders received, for each share of GulfShore common stock, the combination of $1.47 in cash and 0.4807 shares of Seacoast common stock (based on Seacoast’s closing price of $23.94 per share on April 7, 2017).

(In thousands, except per share data)	April 7, 2017
Shares exchanged for cash	$	8,034
Number of GulfShore Bancshares, Inc. common shares outstanding		5,464
Per share exchange ratio		0.4807
Number of shares of common stock issued		2,627
Multiplied by common stock price per share on April 7, 2017	$	23.94
Value of common stock issued		62,883
Total purchase price	$	70,917

Schedule of Business Acquisitions, by Acquisition

The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $37.1 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.

			Measurement
	Initially Reported		Period		As Adjusted
	April 7, 2017		Adjustments		April 7, 2017
		(In thousands)
Assets:
Cash	$	55,540	$	0	$	55,540
Investment securities		316		0		316
Loans, net		250,876		0		250,876
Fixed assets		1,307		0		1,307
Other real estate owned		13		0		13
Core deposit intangibles		3,927		0		3,927
Goodwill		37,098		0		37,098
Other assets		8,572		0		8,572
	$	357,649	$	0	$	357,649
Liabilities:
Deposits	$	285,350	$	0	$	285,350
Other liabilities		1,382		0		1,382
	$	286,732	$	0	$	286,732

Fair Value, Assets Measured on Recurring Basis

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.

	April 7, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	101,281	$	99,598
Commercial real estate		106,729		103,905
Construction/development/land		13,175		11,653
Commercial loans		32,137		32,247
Consumer and other loans		3,554		3,473
Purchased credit-impaired		0		0
Total acquired loans	$	256,876	$	250,876

NorthStar Bank [Member]

Business Acquisition [Line Items]

Schedule of summarizing the purchase price calculation

The Company acquired 100% of the outstanding common stock of NSBC. Under the terms of the definitive agreement, NSBC shareholders received, for each share of NSBC common stock, the combination of $2.40 in cash and 0.5605 shares of Seacoast common stock (based on Seacoast’s closing price of $24.92 per share on October 20, 2017). 

(In thousands, except per share data)	October 20, 2017
Shares exchanged for cash	$	4,701
Number of NorthStar Banking Corporation Common shares outstanding		1,958
Per share exchange ratio		0.5605
Number of shares of common stock issued		1,098
Multiplied by common stock price per share on October 20, 2017	$	24.92
Value of common stock issued		27,353
Cash paid for NorthStar Banking Corporation vested stock options		801
Total purchase price	$	32,855

Schedule of Business Acquisitions, by Acquisition

The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $12.3 million for this acquisition that is nondeductible for tax purposes. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values are known. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.

			Measurement
	Initially Reported		Period		As Adjusted
	October 20 2017		Adjustments		October 20, 2017
	(In thousands)
Assets:
Cash	$	5,485	$	0	$	5,485
Investment securities		56,123		0		56,123
Loans, net		136,832		0		136,832
Fixed assets		2,637		0		2,637
Core deposit intangibles		1,275		0		1,275
Goodwill		12,404		(99)		12,305
Other assets		1,522		99		1,621
	$	216,278	$	0	$	216,278
Liabilities:
Deposits	$	182,443	$	0	$	182,443
Other liabilities		980		0		980
	$	183,423	$	0	$	183,423

Fair Value, Assets Measured on Recurring Basis

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.

	October 20, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	15,111	$	15,096
Commercial real estate		73,139		69,554
Construction/development/land		11,706		10,390
Commercial loans		31,200		30,854
Consumer and other loans		6,761		6,645
Purchased Credit Impaired		5,527		4,293
Total acquired loans	$	143,444	$	136,832

Schedule of Contractually required principal and interest payments

Contractually required principal and interest payments have been adjusted for estimated prepayments.

(In thousands)	October 20, 2017
Contractually required principal and interest	$	5,596
Non-accretable difference		(689)
Cash flows expected to be collected		4,907
Accretable yield		(614)
Total purchased credit-impaired loan acquired	$	4,293

Palm Beach Community Bank [Member]

Business Acquisition [Line Items]

Schedule of summarizing the purchase price calculation

The Company acquired 100% of the outstanding common stock of PBCB. Under the terms of the definitive agreement, PBCB shareholders received, for each share of PBCB common stock, the combination of $6.26 in cash and 0.9240 shares of Seacoast common stock (based on Seacoast’s closing price of $24.31 per share on November 3, 2017). 

(In thousands, except per share data)	November 3, 2017
Shares exchanged for cash	$	15,694
Number of Palm Beach Community Bank Common shares outstanding		2,507
Per share exchange ratio		0.9240
Number of shares of common stock issued		2,316
Multiplied by common stock price per share on November 3, 2017	$	24.31
Value of common stock issued		56,312
Total purchase price	$	72,006

Schedule of Business Acquisitions, by Acquisition

The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $34.8 million for this acquisition that is nondeductible for tax purposes. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values are known. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.

			Measurement
	Initially Reported		Period		As Adjusted
	November 3, 2017		Adjustments		November 3, 2017
	(In thousands)
Assets:
Cash	$	9,301	$	0	$	9,301
Investment securities		22,098		0		22,098
Loans, net		272,090		(1,772)		270,318
Fixed assets		7,641		0		7,641
Core deposit intangibles		2,523		0		2,523
Goodwill		33,428		1,323		34,751
Other assets		9,909		449		10,358
	$	356,990	$	0	$	356,990
Liabilities:
Deposits	$	268,633	$	0	$	268,633
Other liabilities		16,351		0		16,351
	$	284,984	$	0	$	284,984

Fair Value, Assets Measured on Recurring Basis

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.

	As Adjusted November 3, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	30,153	$	30,990
Commercial real estate		134,705		132,089
Construction/development/land		69,686		67,425
Commercial loans		36,076		35,876
Consumer and other loans		179		172
Purchased Credit Impaired		4,768		3,766
Total acquired loans	$	275,567	$	270,318

Schedule of Contractually required principal and interest payments

Contractually required principal and interest payments have been adjusted for estimated prepayments.

(In thousands)	November 3, 2017
Contractually required principal and interest	$	4,768
Non-accretable difference		(1,002)
Cash flows expected to be collected		3,766
Accretable yield		0
Total purchased credit-impaired loan acquired	$	3,766