Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2018 Earnings Presentation
19 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 29, 2019
Slide 1: Earnings Presentation Fourth Quarter and Full-Year Results 2018
Earnings Presentation FOURTH QUARTER AND FULL - YEAR RESULTS 2018
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward - Looking Statements This press release contains "forward - looking statements" within the meaning, and protections, of Section 27 A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934 , including, without limitation, statements a
Slide 3: Valuable Florida Franchise With Balanced Growth Strategy
Seacoast Bank [NASDAQ: SBCF] 3 Valuable Florida Franchise With Balanced Growth Strategy, Benefiting from Attractive Geography, Investments in Digital Transformation and Commercial Loan Platform, and Disciplined Acquisition Strategy Seacoast Customer Map • $6.7 billion in assets as of December 31, 20
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights 4 With a growing presence in Florida’s most attractive markets, Seacoast is one of Florida’s top - performing banking franchises. • Earnings per share totaled $0.31 on a GAAP basis, and $0.47 on an adjusted basis 1 . • On a GAAP basis, ended the quarter at 1.05% Return on T
Slide 5: Net Interest Income and Margin
Net Interest Income and Margin 5 • Net interest margin expanded 18 basis points to 4.00% quarter - over - quarter, driven by loan yield expansion of 29 basis points to 5.12% and securities yield expansion of 11 basis points to 3.11%, partially offset by higher deposit costs, which expanded 11 basis
Slide 6: Adjusted Noninterest Income
Adjusted Noninterest Income 1 6 • Adjusted noninterest income 1 totaled $12.9 million, up $0.5 million or 4% from the prior quarter and up $1.5 million or 13% compared to the prior year quarter. • Other income, service charges on deposits, and interchange income were higher as a result of continued
Slide 7: Adjusted Noninterest Expense
Adjusted Noninterest Expense 1 7 • As a percentage of average tangible assets, adjusted noninterest expense in the current quarter was 2.46% compared to 2.48% in the prior quarter. • During the fourth quarter, the Company continued to make investments in talent to scale the organization, including 1
Slide 8: Efficiency Ratio
Efficiency Ratio 8 • The efficiency ratio was 65.8% compared to 57.0% in the prior quarter and 64.0% in the fourth quarter of 2017. • The adjusted efficiency ratio 1 was 54.2% compared to 56.3% in the prior quarter and 52.6% in the fourth quarter of 2017. 2 1 Non - GAAP measure, see “Explanation of
Slide 9: Loan Growth Momentum Continues, Supported by a Strong Florida Economy
Loan Growth Momentum Continues, Supported by a Strong Florida Economy, and Prudent Guardrails 9 • Fourth quarter loans totaled $4.8 billion, an increase of $1.0 billion or 26% from year - ago levels. Adjusting for acquisitions, loans grew $376 million or 10% year over year. • Full year consumer and
Slide 10: The Deposit Franchise Continues to Perform Well
The Deposit Franchise Continues to Perform Well and Serves as a Source of Earnings Strength 10 • Total deposits increased 13% year - over - year. • Transaction accounts represented 50% of total deposits and increased 5% year - over - year. • Cost of deposits was 0.54%, up 11 basis points from the pr
Slide 11: Average Deposit Balances and Cost
Average Deposit Balances and Cost 11 Our focus on organic growth and relationship - based funding, in combination with our innovative analytics platform, supports a well - diversified low - cost deposit portfolio. Our deposit beta continues to perform within our expectations. 4Q'17 - 4Q'18 Interest
Slide 12: Credit Quality
Credit Quality ($ in thousands) 12 Non - Acquired 1 1 Includes charge off of $3.0 million for a single impaired loan.
Slide 13: Maintaining Strong Capital to Support Balanced Growth Opportunities
Maintaining Strong Capital to Support Balanced Growth Opportunities 13 1 1 Non - GAAP measure, see “Explanation of Certain Unaudited Non - GAAP Financial Measures.”
Slide 14: On-track to Achieve Our Vision 2020 Objectives
On - track to Achieve Our Vision 2020 Objectives 14 Vision 2020 Targets Return on Tangible Assets 1.30% + Return on Tangible Common Equity 16% + Efficiency Ratio Below 50%
Slide 15: Contact Details: Seacoast Banking Corporation of Florida
Contact Details: Seacoast Banking Corporation of Florida 15
Slide 16: +YEARS
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Slide 17: Explanation of Certain Unaudited Financial Measures
Explanation of Certain Unaudited Non - GAAP Financial Measures This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”) . The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP
Slide 18: GAAP to Non-GAAP Reconciliation Quarterly Trend
GAAP to Non - GAAP Reconciliation 18 Quarterly Trend Twelve Months Ended December 31, (Dollars in thousands except per share data) 4Q'18 3Q'18 2Q'18 1Q'18 4Q'17 2018 2017 Net income (loss) $ 15,962 $ 16,322 $ 16,964 $ 18,027 $ 13,047 $ 67,275 $ 42,865 Gain on sale of VISA Stock — — — — (15,153 ) — (
Slide 19: GAAP to Non-GAAP Reconciliation Quarterly Trend
GAAP to Non - GAAP Reconciliation 19 Quarterly Trend Twelve Months Ended December 31, (Dollars in thousands except per share data) 4Q'18 3Q'18 2Q'18 1Q'18 4Q'17 2018 2017 Adjusted Revenue $ 72,843 $ 63,901 $ 62,976 $ 62,160 $ 59,603 $ 261,880 $ 219,526 Impact of FTE adjustment 116 147 87 91 174 441
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