Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q3 2014 Earnings Presentation
15 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Oct 30, 2014
Slide 1: Third Quarter 2014
Third Quarter 2014 October 28, 2014
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2 Cautionary Notice Regarding Forward - Looking Statements This press release contains “forward - looking statements” within the meaning 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 about future fina
Slide 3: Q3 2014 Financial and Growth Highlights
3 Q3 2014 Financial and Growth Highlights Financial Highlights • Earnings per share of $0.12 for the third quarter, up from $0.07 in the prior quarter • Adjusted pretax, preprovision earnings* up 14% over the second quarter • Core net interest income** up $723 thousand, or over 4% compared to prior
Slide 4: Consistent Loan Growth In All Portfolios
4 Consistent Loan Growth In All Portfolios • Total loans increased over 10% year over year to $ 1.391 billion • Commercial loans increased $37 million from Q2 and $91 million or over 15% year over year • Residential production of $66 million, an 8% increase over Q2 • Commercial Real Estate loans hav
Slide 5: Consistent Growth in Low Cost Deposits
5 Consistent Growth in Low Cost Deposits • Average non - interest bearing d emand d eposits up $51 million or 11% compared to prior year • Total average deposits increased $86 million or 5% over prior year • Non - interest bearing and low - cost deposits were 86% of total average deposits compared t
Slide 6: Funding Costs Continue to Decline
6 Funding Costs Continue to Decline • Cost of interest - bearing liabilities declined 4 basis points compared to one year ago • Improved deposit mix lowered total cost of deposits by 3 basis points compared to Q3 2013 15 14 14 13 12 36 35 33 33 32 3Q13 4Q13 1Q14 2Q14 3Q14 Funding Costs .............
Slide 7: Net Interest Margin Improves
7 Net Interest Margin Improves • Net interest margin improves 7 basis points from Q2 • Net interest income increased $503 thousand linked quarter • Core net interest income* up $311 thousand linked quarter and $723 thousand year over year 16,872* 16,336 16,277 16,779 17,282* 3.25% 3.08% 3.07% 3.10%
Slide 8: Non-Interest Income
8 Non - Interest Income • Non - interest income increased $253 thousand from Q2, or 4% • Excluding mortgage banking fees, non - interest income increased $312 thousand or 6% year over year • Wealth Management fees up $175 thousand or 17% from Q3 2013 • Service charges on deposits increased $269 thou
Slide 9: Non-Interest Expense
9 Non - Interest Expense • Higher commissions (salaries and benefits) from increased mortgage banking production and wealth revenue in Q3 • Legacy cost reductions totaling $1.8 million annualized were announced in the prior quarter and remain on track to be substantially implemented late in the four
Slide 10: Asset Quality Improvement
10 Asset Quality Improvement • Net recoveries of $856 thousand in Q3 • NPLs have declined 34% year over year • Loan loss provision reversal of $1.4 million in Q3 • Nonperforming assets to total assets declined to 1.0%, compared to 1.6% a year ago $28,724 $27,672 $26,220 $21,745 71.08% 72.52% 74.26%
Slide 11: 2014-2015 Initiatives
11 2014 - 2015 Initiatives Building Shareholder Value • Continue revenue and growth momentum with integration of The BANKshares, Inc. • R eduction of legacy costs and operational expense • Focus on customer acquisition and diversified lending Growing Our Franchise • Accelerated growth through additi
Slide 12: Appendix
12 Appendix
Slide 13: Net Income - GAAP to Non-GAAP Reconciliation
13 Net Income - GAAP to Non - GAAP Reconciliation: Presented below is net income excluding adjustments for merger related legal and professional fees and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the underlying fundamentals of i
Slide 14: Non-Interest Expense - GAAP to Non-GAAP Reconciliation
14 Non - Interest Expense - GAAP to Non - GAAP Reconciliation: Presented below are non - interest expenses excluding adjustments for merger related legal and professional fees and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the un
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