SEACOAST BANKING CORP OF FLORIDA
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
SBCF$34.07-0.1%Stored close · as of Nov 10, 2026
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Consolidated statements of cash flows – and
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash Flows from Operating Activities | ||
| Net income | $26,006 | $11,827 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 2,110 | 2,066 |
| Accretion of discounts on securities, net | (634) | (44) |
| Amortization of operating lease right-of-use assets | 2,044 | 1,863 |
| Other amortization and accretion, net | 232 | (6,636) |
| Stock based compensation | 2,217 | 2,642 |
| Origination of loans designated for sale | (31,264) | (27,576) |
| Sale of loans designated for sale | 27,199 | 28,749 |
| Provision for credit losses | 1,368 | 31,598 |
| Deferred income taxes | 4,299 | (17,952) |
| Gains on sale of securities | (229) | (5) |
| Gains on sale of loans | (934) | (860) |
| Gains on sale and write-downs of other real estate owned | (26) | — |
| Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 286 | 1,154 |
| Changes in operating assets and liabilities, net of effects from acquired companies: | ||
| Net decrease in other assets | 3,127 | 22,516 |
| Net decrease in other liabilities | (11,129) | (36,297) |
| Net cash provided by operating activities | $24,672 | $13,045 |
| Cash Flows from Investing Activities | ||
| Maturities and repayments of debt securities available-for-sale | 50,888 | 36,850 |
| Maturities and repayments of debt securities held-to-maturity | 10,441 | 11,829 |
| Proceeds from sale of debt securities available-for-sale | 86,829 | 30,490 |
| Purchases of debt securities available-for-sale | (260,992) | (22,402) |
| Maturities of time deposits with other banks | 989 | — |
| Purchases of time deposits with other banks | (2,988) | — |
| Net new loans and principal repayments | 87,371 | 25,883 |
| Proceeds from sale of other real estate owned | 1,243 | — |
| Proceeds from sale of FHLB and Federal Reserve Bank Stock | 2,483 | 28,848 |
| Purchase of FHLB and Federal Reserve Bank Stock | (5,320) | (54,642) |
| Proceeds from sale of Visa Class B shares | 4,104 | — |
| Net cash from bank acquisitions | — | 141,674 |
| Additions to bank premises and equipment | (762) | (5,812) |
| Net cash (used in) provided by investing activities | $(25,714) | $192,718 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash Flows from Financing Activities | ||
| Net increase in deposits | $238,906 | $208,765 |
| Net (decrease) increase in repurchase agreements | (47,841) | 95,577 |
| Repayments of FHLB borrowings | (50,000) | — |
| Proceeds from FHLB borrowings | 110,000 | 90,000 |
| Stock based employee benefit plans | 813 | 3,617 |
| Dividends paid | (15,294) | (14,419) |
| Net cash provided by financing activities | $236,584 | $383,540 |
| Net increase in cash and cash equivalents | 235,542 | 589,303 |
| Cash and cash equivalents at beginning of period | 447,182 | 201,940 |
| Cash and cash equivalents at end of period | $682,724 | $791,243 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for interest | $70,378 | $23,457 |
| Cash paid during the period for taxes | — | 6 |
| Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | — | 1,610 |
| Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | — | 1,610 |
| Transfers from loans to other real estate owned | 89 | — |
| Transfers from bank premises to other real estate owned | 883 | 5,455 |
| 1See "Note 11 - Business Combinations" for non cash transactions related to business combinations. | ||
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