Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Q4 2024 Earnings Presentation
26 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 26, 2024
Slide 1: Earnings Presentation Fourth Quarter 2024
EARNINGS PRESENTATION FOURTH QUARTER 2024 2024
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of
Slide 3: Valuable Florida Franchise with Strong Capital and Liquidity
Valuable Florida Franchise with Strong Capital and Liquidity • Sustained, strong presence in Florida’s most attractive markets • #15 Florida market share ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach county ▪ #1 overall market share in Port St. Lucie MSA • Strong capit
Slide 4: Fourth Quarter 2024 Highlights
Fourth Quarter 2024 Highlights Comparisons are to the third quarter of 2024 unless otherwise stated • Net income of $34.1 million, or $0.40 per diluted • Loans grew 3.7% on an annualized basis despite the share, an increase of $3.4 million. headwinds presented by elevated payoffs and several strateg
Slide 5: Net Interest Income
Net Interest Income Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans $116,115 $111,035 $105,298 $104,657 $106,975 ($ in thousands) 3.36% 3.39% 3.24% 3.18% 3.17% 3.02% 3.05% 2.91% 2.90% 2.87% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 • Net interest income1 totaled $116.1 million
Slide 6: Noninterest Income
Noninterest Income ($ in thousands) Noninterest income decreased 2% and adjusted noninterest income1, which excludes securities Noninterest income decreased $6.6 million from the prior quarter to $17.1 activity, increased 29% year over year. million, and adjusted noninterest income1 increased $2.0 m
Slide 7: Continued Focus on Building Wealth Management
Continued Focus on Building Wealth Management Assets Under Management End-of-Period ($ in millions) Assets under management totaled $2.1 billion at $2,053 December 31, 2024, increasing 20% year over year. $1,711 The wealth management team continued its business growth in the fourth quarter of 2024,
Slide 8: Noninterest Expense
Noninterest Expense ($ in millions) ($ in millions) 1 Noninterest Expense Adjusted Noninterest Expense Noninterest expense totaled $85.6 million, an increase of $0.8 million, or 1%, from the prior quarter, and a decrease of $0.8 million, or 1%, compared to the prior $7.1 $0.3 year quarter. Changes o
Slide 9: Disciplined Approach to Lending in a Strong Florida Economy
Disciplined Approach to Lending in a Strong Florida Economy Total Loans End-of-Period ($ in millions) Record originations of $903 million in the fourth quarter. Net annualized growth near 4%, with headwinds presented by elevated payoffs and strategic loan sales. $10,063 $9,978 $10,039 $10,205 $10,30
Slide 10: Loan Portfolio Mix
Loan Portfolio Mix At December 31, 2024 Consumer, 2% CRE-Retail, 12% Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $383 thousand and the average commercial loan size is $814 Residential, 25% CRE-Office, 6% thousand. CRE-Multifamily 5+,
Slide 11: Allowance for Credit Losses and Purchase Discount
Allowance for Credit Losses and Purchase Discount Loans Allowance for Credit % of Loans % of Loans ($ in thousands) Outstanding Losses Outstanding Purchase Discount Outstanding Construction and Land Development $ 648,054 $ 7,252 1.12 % $ 2,556 0.39 % Owner Occupied Commercial Real Estate 1,686,629 1
Slide 12: Continued Strong Asset Quality Trends
Continued Strong Asset Quality Trends ($ in thousands) Nonperforming Loans Net Charge-Offs NCO NCO/Average Loans NPL NPL/Total Loans Accruing Past Due / Total Loans $92,446 $9,946 $77,205 $80,857 $7,445 $65,104 $59,927 0.90% 0.77% 0.79% 0.40% $6,113 0.65% $4,720 0.60% $3,630 0.29% 0.24% 0.19% 0.50%
Slide 13: Investment Securities Performance and Composition
Investment Securities Performance and Composition $2,160 $2,227 Portfolio yield increased two basis points to 3.77% from 3.75% in $1,949 $1,967 $1,836 the prior quarter primarily due to new purchases. Net unrealized losses in the AFS portfolio increased during the fourth quarter by $42.7 million, dr
Slide 14: Distinctive Deposit Franchise Supported by Attractive Markets
Distinctive Deposit Franchise Supported by Attractive Markets Deposits End-of-Period ($ in millions) Total deposits were $12.2 billion, flat from the prior quarter. $12,016 $12,116 $12,244 $12,242 Continued focus on organic growth and relationship-based $11,777 funding, in combination with our innov
Slide 15: Granular, Diverse and Relationship-Focused Customer Funding Base
Granular, Diverse and Relationship-Focused Customer Funding Base Deposits End-of-Period ($ in millions) $12,016 $12,116 $12,244 $12,242 $11,777 The Company benefits from a granular deposit franchise, with 13% 12% 12% 11% 11% the top ten depositors representing approximately 4% of total 1% 3% 2% 2% 1
Slide 16: Robust Capital Position Supporting a Fortress Balance Sheet
Robust Capital Position Supporting a Fortress Balance Sheet Tangible Book Value Per Share Tangible Common Equity / Tangible Assets $16.20 $16.12 9.6% 9.6% 9.3% 9.3% 9.3% $15.41 $15.26 $15.08 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Return on Tangible Common Equity Total Risk Based
Slide 17: Investor Relations Contacts
Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF
Slide 18: Appendix
Appendix FOURTH QUARTER 2024 EARNINGS PRESENTATION 18
Slide 19: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend Twelve Months Ended ($ in thousands) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Commercial pipeline at period end $ 605,357 $ 744,548 $ 743,789 $ 498,617 $ 306,531 $ 605,357 $ 306,531 Commercial loan originations 711,506 499,655 405,957 260,032 334,2
Slide 20: Average Yield Trends
Average Yield Trends Quarterly Average Yields/Rates (%) Asset & Liability Yield/Rate Trends (%) 7.93 7.95 Earning asset yields declined three basis points in 4Q’24 while the 7.86 rate on interest bearing liabilities declined 36 basis points. 7.30 6.00 Only 21% of Total Interest Earning Assets 3.40 5
Slide 21: Recognition
Recognition 5th consecutive year nd 2 consecutive year 1st time winner 2nd consecutive year 1st time winner 1st time winner 2nd consecutive year 4th consecutive year FOURTH QUARTER 2024 EARNINGS PRESENTATION 21
Slide 22: Explanation of Certain Unaudited Non-GAAP Financial Measures
Explanation of Certain Unaudited Non-GAAP Financial Measures This presentation contains financial information determined by These measures are also useful in understanding performance trends methods other than Generally Accepted Accounting Principles and facilitate comparisons with the performance o
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Net Income $ 34,085 $ 30,651 $ 30,244 $ 26,006 $ 29,543 $ 120,986 $ 104,033 Total noninterest income 17,068 23,679 22,184 20,497 17,338 83,428 79,152 S
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Adjusted Noninterest Expense 85,295 84,818 82,537 83,277 86,367 335,927 357,275 Provision for credit losses on unfunded commitments (250) (250) (251) (
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Average Assets $15,204,041 $14,996,846 $14,839,707 $14,690,776 $14,738,034 $14,933,758 $14,622,774 Less average goodwill and intangible assets (806,710
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Yield on Loans2 5.93 % 5.94 % 5.93 % 5.90 % 5.85 % 5.93 % 5.88 % Impact of accretion on acquired loans (0.45) (0.36)% (0.41) (0.42) (0.45) (0.42) (0.57
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