SEACOAST BANKING CORP OF FLORIDA
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash Flows from Operating Activities | ||
| Net income | $86,901 | $74,490 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 6,381 | 6,090 |
| Accretion of discounts on securities, net | (2,371) | (798) |
| Amortization of operating lease right-of-use assets | 6,148 | 5,993 |
| Other amortization and accretion, net | (14,678) | (14,952) |
| Stock based compensation | 10,233 | 10,290 |
| Origination of loans designated for sale | (82,146) | (82,695) |
| Sale of loans designated for sale | 79,187 | 86,221 |
| Provision for credit losses | 12,559 | 33,528 |
| Deferred income taxes | 7,321 | (3,348) |
| (Gains) losses on securities | (372) | 456 |
| Gains on sale of loans | (4,251) | (2,993) |
| Losses (gains) on sale and write-downs of other real estate owned | 134 | (37) |
| Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 284 | 1,755 |
| Changes in operating assets and liabilities, net of effects from acquired companies: | ||
| Net decrease in other assets | 24,973 | 5,046 |
| Net increase in other liabilities | 4,606 | 1,684 |
| Net cash provided by operating activities | $134,909 | $120,730 |
| Cash Flows from Investing Activities | ||
| Maturities and repayments of debt securities available-for-sale | 269,277 | 153,866 |
| Maturities and repayments of debt securities held-to-maturity | 34,361 | 58,357 |
| Proceeds from sale of debt securities available-for-sale | 104,425 | 30,490 |
| Purchases of debt securities available-for-sale | (651,360) | (28,095) |
| Maturities and redemptions of time deposits with other banks | 4,132 | 1,492 |
| Purchases of time deposits with other banks | (3,482) | (2,613) |
| Net new loans and principal repayments | (158,095) | 159,298 |
| Proceeds from the sale of loans held for investment | 10,905 | — |
| Proceeds from sale of other real estate owned | 2,841 | 577 |
| Proceeds from sale of FHLB and Federal Reserve Bank Stock | 11,310 | 73,473 |
| Purchase of FHLB and Federal Reserve Bank Stock | (20,743) | (90,896) |
| Proceeds from sale of Visa Class B shares | 4,104 | — |
| Net cash from bank acquisitions | — | 141,674 |
| Additions to bank premises and equipment | (3,884) | (9,665) |
| Net cash (used in) provided by investing activities | $(396,209) | $487,958 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash Flows from Financing Activities | ||
| Net increase in deposits | $466,651 | $6,898 |
| Net (decrease) increase in repurchase agreements | (164,397) | 104,421 |
| Net decrease in FHLB borrowings with original maturities of three months or less | — | (220,000) |
| Repayments of FHLB borrowings with original maturities of more than three months | (160,000) | (75,000) |
| Proceeds from FHLB borrowings with original maturities of more than three months | 355,000 | 110,000 |
| Stock based employee benefit plans | 972 | 4,316 |
| Repurchase of common stock | (880) | (45) |
| Dividends paid | (46,170) | (45,236) |
| Net cash provided by (used in) financing activities | $451,176 | $(114,646) |
| Net increase in cash and cash equivalents | 189,876 | 494,042 |
| Cash and cash equivalents at beginning of period | 447,182 | 201,940 |
| Cash and cash equivalents at end of period | $637,058 | $695,982 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $219,201 | $124,927 |
| Cash paid (refunded) for taxes, net | 10,888 | (7,920) |
| Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | — | 2,068 |
| Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | — | 2,080 |
| Supplemental disclosure of non-cash investing activities: | ||
| Transfers from loans to other real estate owned | 953 | — |
| Transfers from bank premises to other real estate owned | 883 | 5,455 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.