Profile: Seacoast Banking Corporation of Florida (SBCF.O)
24 Jun 2019
Seacoast Banking Corporation of Florida, incorporated on January 24, 1983, is a bank holding company. The Company's principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers. The Company, through its bank subsidiary, provides a range of community banking services to commercial, small business and retail customers, offering a range of transaction and savings deposit products, treasury management services, brokerage, and secured and unsecured loan products, including revolving credit facilities, letters of credit and similar financial guarantees, and asset based financing. The Bank also provides trust and investment management services to retirement plans, corporations and individuals.
The Bank's MoneyPhone system allows customers to access information on their loan or deposit account balances, transfer funds between linked accounts, make loan payments, and verify deposits or checks that may have cleared, all over the telephone. In addition, customers may access banking information through the Bank's Customer Service Center (CSC) around the clock. It also offers Internet and mobile banking to business and retail customers. These services allow customers to access transactional information on their deposit accounts, review loan and deposit balances, transfer funds between linked accounts and deposit checks to and loan payments from a deposit account, all over the Internet or their Mobile device. The Bank's technology platform offers products to its customers, including digital deposit capture on smart phones, launching consumer and business tablet and mobile platforms, and rebranding its Website. The Bank also provides brokerage and annuity services.
The Company's subsidiaries include South Branch Building, Inc., TCoast Holdings, LLC, TC Property Ventures, LLC, Syracuse Holdings, Inc and GulfShore BancShares, Inc. The Company directly owns all the common equity in statutory trusts relating to its trust preferred securities, including SBCF Capital Trust I, SBCF Statutory Trust II, SBCF Statutory Trust III, BankFIRST (FL) Statutory Trust I, BankFIRST (FL) Statutory Trust II, The BANKshares Capital Trust I and Grand Bankshares Capital Trust I.
The Company's loan portfolio includes commercial and residential real estate loans, commercial and financial loans, and consumer loans. Commercial real estate mortgages' portfolio composition includes lending for retail trade, industrial, healthcare, churches and educational facilities, recreation, multifamily, mobile home parks, lodging, restaurants, agriculture, convenience stores, marinas, and other types of real estate. The commercial real estate (CRE) loans are secured by land development and construction, including one- to four- family residential construction, multi-family property and non-farm nonresidential property. The Company originates consumer loans, including installment loans, loans for automobiles, boats, and other personal, family and household purposes. As of December 31, 2016, the Bank's total loans were $2.88 billion.
The Company's portfolio consists of traditional investments, the majority of which are the United States Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation or revenue-based municipal bonds. Its securities are classified as securities available for sale and held to maturity. As of December 31, 2016, the Bank's total securities available for sale were $950.5 million and total securities held to maturity were $369.88 million.
Sources of Funds
The Company's funding sources primarily include customer-based core deposits, collateral-backed borrowings, cash flows from operations, and asset sales (primarily secondary marketing for residential real estate mortgages and marine financings). The Company's deposits include interest bearing deposits (interest bearing demand, savings and money markets deposits); noninterest bearing demand deposits, and certificate of deposits (CDs). As of December 31, 2016, the Bank's total deposits were $3.52 billion. As of December 31, 2016, borrowings were consisted of subordinated debt of $70.2 million, related to trust preferred securities issued by trusts organized or acquired by the Company, and borrowings from the Federal Home Loan Bank (FHLB) of $415 million.
Seacoast Banking Corporation of Florida
815 Colorado Ave,
PO Box 9012
STUART FL 34994-3053