Financial Information of Parent Company

12 Months Ended

Dec. 31, 2011

Financial Information of Parent Company [Abstract]

Financial Information of Parent Company

Note O

Seacoast Banking Corporation of Florida

(Parent Company Only) Financial Information

Balance Sheets

	December 31
	2011		2010
	(In thousands)
ASSETS
Cash	$	7,781	$	17,944
Securities purchased under agreement to resell with subsidary bank, maturing within 30 days		3,344		3,629
Investment in subsidiaries		212,583		200,498
Other assets		14		10
	$	223,722	$	222,081
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt	$	53,610	$	53,610
Other liabilities		35		2,172
Shareholders’ equity		170,077		166,299
	$	223,722	$	222,081

Statements of Income (Loss)

	Year Ended December 31
	2011			2010			2009
	(In thousands)
Income
Dividends from subsidiary Bank	$	—		$	—		$	—
Interest/other		79			12			12
		79			12			12
Interest expense		1,152			1,187			1,365
Other expenses		405			879			521
Loss before income tax benefit and equity in undistributed income (loss) of subsidiaries		(1,478	)		(2,054	)		(1,874	)
Income tax benefit		—			—			656
Loss before equity in undistributed income (loss) of subsidiaries		(1,478	)		(2,054	)		(1,218	)
Equity in undistributed income (loss) of subsidiaries		8,145			(31,149	)		(145,468	)
Net income (loss)	$	6,667		$	(33,203	)	$	(146,686	)

Statement of Cash Flows

	Year Ended December 31
	2011			2010			2009
	(In thousands)
Cash flows from operating activities
Interest received	$	9		$	12		$	12
Interest paid		(3,288	)		—			(440	)
Dividends received		70			—			—
Income taxes paid		(67	)		63			687
Other		(420	)		(893	)		(551	)
Net cash used in operating activities		(3,696	)		(818	)		(292	)
Cash flows from investing activities
Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net		285			1,601			(4,062	)
Investments in subsidiaries		—			(38,000	)		(108,000	)
Net cash provided by (used in) investment activities		285			(36,399	)		(112,062	)
Cash flows from financing activities
Issuance of common stock, net of related expense		—			47,127			82,553
Stock based employment plans		123			180			174
Dividend reinvestment plan		—			20			31
Dividends paid on Series A preferred stock		(6,875	)		—			(389	)
Dividends paid on common stock		—			—			(191	)
Net cash provided by (used in) financing activities		(6,752	)		47,327			82,178
Net change in cash		(10,163	)		10,110			(30,176	)
Cash at beginning of year		17,944			7,834			38,010
Cash at end of year	$	7,781		$	17,944		$	7,834
RECONCILIATION OF INCOME (LOSS) TO CASH USED IN OPERATING ACTIVITIES
Net income (loss)	$	6,667		$	(33,203	)	$	(146,686	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in undistributed (income) loss of subsidiaries		(8,145	)		31,149			145,468
Other, net		(2,218	)		1,236			926
Net cash used in operating activities	$	(3,696	)	$	(818	)	$	(292	)