SEACOAST BANKING CORP OF FLORIDA

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

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, 2025 · Filed May 7, 2025

SBCF$34.07-0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated statements of cash flows – and

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
(In thousands)	2025	2024
Cash Flows from Operating Activities
Net income	$31,464	$26,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,205	2,110
Accretion of discounts on securities, net	(807)	(634)
Amortization of operating lease ROUAs	2,234	2,044
Other amortization and accretion, net	1,983	232
Stock-based compensation	3,038	2,217
Origination of loans designated for sale	(15,964)	(31,264)
Sale of loans designated for sale	18,778	27,199
Provision for credit losses	9,250	1,368
Deferred income taxes	857	4,299
Gains on securities	(196)	(229)
Gains on sale of loans	(1,992)	(934)
Losses (gains) on sale and write-downs of OREO	134	(26)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO	86	286
Changes in operating assets and liabilities, net of effects from acquired companies:
Net (increase) decrease in other assets	(8,048)	3,127
Net decrease in other liabilities	(12,016)	(11,129)
Net cash provided by operating activities	$31,006	$24,672
Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS	121,302	50,888
Maturities and repayments of debt securities HTM	10,575	10,441
Proceeds from sale of debt securities AFS	—	86,829
Purchases of debt securities AFS	(485,904)	(260,992)
Maturities and redemptions of time deposits with other banks	1,721	989
Purchases of time deposits with other banks	—	(2,988)
Net new loans and principal repayments	(161,430)	87,371
Proceeds from the sale of loans held for investment	14,532	—
Proceeds from sale of OREO	97	1,243
Proceeds from sale of FHLB and Federal Reserve Bank stock	9,026	2,483
Purchase of FHLB and Federal Reserve Bank stock	(20,020)	(5,320)
Proceeds from sale of Visa Class B shares	—	4,104
Additions to bank premises and equipment	(3,214)	(762)
Net cash used in investing activities	$(513,315)	$(25,714)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
(In thousands)	2025	2024
Cash Flows from Financing Activities
Net increase in deposits	$332,369	$238,906
Net decrease in repurchase agreements	(30,943)	(47,841)
Repayments of FHLB borrowings with original maturities of more than three months	(190,000)	(50,000)
Proceeds from FHLB borrowings with original maturities of more than three months	410,000	110,000
Stock-based employee benefit plans	289	813
Dividends paid	(15,441)	(15,294)
Net cash provided by financing activities	$506,274	$236,584
Net increase in cash and cash equivalents	23,965	235,542
Cash and cash equivalents at beginning of period	476,607	447,182
Cash and cash equivalents at end of period	$500,572	$682,724
Supplemental disclosure of cash flow information:
Cash paid for interest	$68,270	$70,378
Cash paid for taxes	—	—
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations	7,866	—
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations	7,866	—
Supplemental disclosure of non-cash investing activities:
Transfers from loans to OREO	986	89
Transfers from bank premises to OREO	—	883

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.