Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q1 2018 Earnings Presentation
19 slides from Seacoast Banking Corporation Of Florida's earnings presentation, May 1, 2018
Slide 1: Q1 2018 Earnings Presentation
Q1 - 2018 Earnings Presentation Contact: (email) Chuck.Shaffer@SeacoastBank.com (phone) 772.221.7003 (web) www.SeacoastBanking.com
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward - Looking Statements 2 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
Slide 3: Valuable Florida Bank Franchise With Balanced Growth Strategy
• $5.9 billion in assets operating in the nation’s third most - populous state • Strong and growing presence in four of Florida’s most attractive MSAs ‒ #1 Florida based bank in the Orlando MSA ‒ Growing share in West Palm Beach ‒ #2 share in Port St Lucie MSA ‒ Growing presence in Tampa MSA • Inves
Slide 4: Seacoast's Differentiated Strategy
4 Seacoast’s Differentiated Strategy Experienced Board & Management Team Comprehensive Customer Servicing Model Track Record of Value - Creating Acquisitions Expanding Analytical & Digital Capabilities Well - Positioned to Benefit From Florida Market Focused on Controls
Slide 5: 1Q 2018 Highlights
5 1Q 2018 Highlights With a growing presence in Florida’s most attractive markets, Seacoast is one of Florida’s top - performing banking franchises. • Earnings per share totaled $0.38 on a GAAP basis, and $0.40 per share on an adjusted basis 1 . • Net income increased 127 % YoY to $18.0 million, whi
Slide 6: Net Interest Income and Margin
6 ($ in thousands) • Net interest income 1 totaled $49.9 million, up $1.5 million or 3% from the prior quarter and $11.5 million or 30% from the prior year quarter. • Net interest margin was 3.80% in the current quarter compared to 3.71% in the prior quarter and 3.63% in the first quarter of 2017. •
Slide 7: Noninterest Income
7 $2,422 $2,435 $2,626 $2,566 $2,672 $2,494 $2,671 $2,582 $2,836 $2,942 $1,257 $1,268 $1,318 $1,214 $1,380 $1,552 $1,272 $2,138 $1,487 $1,402 $1,447 $2,064 $1,981 $2,174 $2,946 $757 $836 $1,100 $1,056 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 Q
Slide 8: Noninterest Expense
8 $16,389 $18,225 $18,097 $15,774 $18,274 $3,267 $3,108 $3,211 $3,216 $3,643 $4,625 $4,750 $4,500 $4,939 $5,225 $6,641 $7,746 $6,998 $7,475 $8,563 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Other Expense Occupancy / Telephone Data Processing Cost
Slide 9: Efficiency Ratio
9 68.30% 68.60% 76.30% 72.6% 81.7% 78.0% 68.6% 62.4% 71.1% 73.9% 58.9% 64.0% 57.8% 40% 50% 60% 70% 80% 90% 100% 110% GAAP - Efficiency 67.5% 67.5% 68.2% 69.1% 69.6% 64.8% 63.1% 60.8% 64.7% 61.2% 57.7% 52.6% 57.1% 40% 50% 60% 70% 80% 90% 100% 110% Adjusted - Efficiency 1 1 Non - GAAP measure, see “Ex
Slide 10: Total Loans Outstanding
10 Total Loans Outstanding (in millions) • First quarter loans totaled $3.9 billion, an increase of $923 million or 31% from year - ago levels. Adjusting for acquisitions, loans grew $265 million or 9% year over year. • Pipelines were $123 million in commercial, $71 million in mortgage, and $50 mill
Slide 11: Deposit Balances
11 • Total deposits increased 3% from the prior quarter, and 28% from the first quarter of 2017. On an annualized basis deposits grew 11% quarter over quarter, and demand deposits grew 25% quarter over quarter. • Transaction accounts represent 53% of total deposits, and have increased 20% year over
Slide 12: Credit Quality
12 Net Charge - offs Nonperforming Loans ALLL $24,562 $26,000 $26,232 $27,122 $28,118 0.95% 0.95% 0.91% 0.90% 0.90% 0.83% 0.78% 0.77% 0.71% 0.72% 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 ALLL ALLL Ratio - Non-Acquired ALLL Ratio - Total Non - Acquired ALLL to Nonperforming $93 ($101) $279 $1,336 $1 0.01% - 0.0
Slide 13: Maintaining Strong Capital to Support Balanced Growth Opportunities
Maintaining Strong Capital to Support Balanced Growth Opportunities 13 Tangible Book Value / Book Value Per Share $10.41 $10.55 $10.95 $11.15 $11.39 $12.34 $13.29 $13.66 $14.70 $14.94 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 Tangible Book Value Per Share Book Value Per Share 10.7% 11.2% 12.8% 13.5% 14.8% 1Q 17
Slide 14: Reiterating Vision 2020 Objectives
Reiterating Vision 2020 Objectives 14 • The Company is on track to achieve its Vision 2020 objectives. • The enactment of the Tax Cuts and Jobs Act of 2017 is expected to enhance the Company’s ability to achieve these objectives. • Over time, we will continue to update our targets as greater clarity
Slide 15: Contact Details: Seacoast Banking Corporation of Florida
Investor Presentation Charles M. Shaffer Executive Vice President Chief Financial Officer (772) 221 - 7003 Chuck.Shaffer@seacoastbank.com INVESTOR RELATIONS www.SeacoastBanking.com NASDAQ: SBCF 15 15 Contact Details: Seacoast Banking Corporation of Florida
Slide 16: +YEARS
+YEARS
Slide 17: Explanation of Certain Unaudited 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 income and adjusted pretax, preprovision income . Management us
Slide 18: GAAP to Non-GAAP Reconciliation
( Q1 17 – Q1 18) GAAP to Non - GAAP Reconciliation 18 (Dollars in thousands except per share data) First Quarter: 2018 Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 First Quarter: 2017 Net income (loss) 18,027 13,047 14,216 7,676 7,926 Gain on sale of VISA Stock 0 (15,153) 47 (21) 0 S
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non - GAAP Reconciliation ( Q1 17 – Q1 18) 19 (Dollars in thousands) First Quarter: 2018 Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 First Quarter: 2017 Adjusted Revenue 62,160 59,603 57,230 54,623 48,070 Impact of FTE adjustment 91 174 154 164 211 Adjusted Revenue on a full
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