Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q1 2016 Earnings Presentation
30 slides from Seacoast Banking Corporation Of Florida's earnings presentation, May 4, 2016
Slide 1: First Quarter 2016
First Quarter 2016 First Quarter 2016 April 29, 2016 Contact : (email) Steve.Fowle@SeacoastBank.com (phone) 772.463.8977 (web) www.Sea coa stBanking.com
Slide 2: Forward-looking statements
First Quarter 2016 This presentation 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 financial and operating results, ability to r
Slide 3: Q1 2016 Financial and Growth Highlights
First Quarter 2016 3 Financial Highlights Growth Highlights Q1 2016 Financial and Growth Highlights • Integration of Floridian Financial Group, Inc. was successfully completed in Q1, adding 3,400 households and locations in Orlando and Daytona. • BankFIRST and Grand acquired franchises continue to s
Slide 4: Agenda
First Quarter 2016 4 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 5: About Seacoast Bank
First Quarter 2016 Agenda • $4.0B assets bank operating in the nation’s third most - populous state • Strong and growing presence in two of Florida’s most attractive MSAs • Top - ranked community bank in Orlando • Investing in digital transformation, innovative commercial banking delivery • Growth -
Slide 6: Investment Thesis
First Quarter 2016 Agenda Investment Thesis Successfully Executing a Differentiated Strategy for Balanced Growth 6 x Reaping benefits of strategic investments in organic growth and digital transformation x Track record of completing value - creating acquisitions in growing markets x Robust risk mana
Slide 7: Seacoast Is Growing Its Customer Base Organically And Via Acquisitions
First Quarter 2016 Seacoast Is Growing Its Customer Base Both Organically And Via Strategic Acquisitions 7 50 55 60 65 70 75 80 85 90 95 100 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 Total Including Acquisitions Total Excluding Acquisitions Hou
Slide 8: Seacoast Is Monetizing Its Customer Base Via Effective Cross Selling
First Quarter 2016 Seacoast Is Monetizing Its Customer Base Via Effective Cross Selling… 8 Cross Sell of Loans Up 137% Since YE ‘13 Cross Sell of Deposit Accounts Up 54% Since YE ‘13 878 1,253 2,085 - 500 1,000 1,500 2,000 2,500 3,000 2013 2014 2015 8,677 10,265 13,321 6,000 8,000 10,000 12,000 14,0
Slide 9: Customers Increasingly Choose Non-Branch Channels
First Quarter 2016 …And Seacoast Customers Increasingly Choose Non - Branch * Channels To Conduct Business 9 *Non - branch channels include Seacoast’s 24x7 call center based in Florida, website, online banking, and mobile banking Investments in digital and call center paying off for shareholders Non
Slide 10: Non-Branch Servicing Is A Key Component of Our Transformation Strategy
First Quarter 2016 50,000 80,000 110,000 140,000 170,000 200,000 230,000 260,000 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Teller Transactions Non-Teller Transactions Teller Forecast Non Teller Forecast Non - Branch Servicing Is A
Slide 11: Conservative Risk Profile Well Positioned for Sustainable Value Creation
First Quarter 2016 Seacoast Conservative Risk Profile Well Positioned for Sustainable Value Creation… 11 43% 79% From $1.21B To $2.17B Average Loan Size - Commercial Total Loan Portfolio Percentage Change Change in Dollars Loan Growth FY ‘11 – ‘15 From $567K To $ 324K Top 10 loan relationships repre
Slide 12: 2015 Results Demonstrate the Effectiveness of Balanced Growth Strategy
First Quarter 2016 2015 Results Demonstrate the Effectiveness of Seacoast’s Balanced Growth Strategy 12 Organic growth, coupled with strategic M&A, continue to drive financial performance Fully Diluted EPS – Adjusted 1 ROTCE – Adjusted 1 $0.47 $0.75 2014 2015 5.2% 8.3% 2014 2015 Improved 310 bps $10
Slide 13: Agenda
First Quarter 2016 13 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 14: Earnings History
First Quarter 2016 Earnings History 14 (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliati on to GAAP) • Net Income of $3.2 million, compared to $5.9 million in Q1 2015 • Adjusted net income (1 ) of $6.8 million was u
Slide 15: Agenda
First Quarter 2016 15 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 16: Loan Growth Momentum Continues
First Quarter 2016 Loan Growth Momentum Continues 16 $1,854 $1,937 $2,099 $2,156 $2,455 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Total Loans Outstanding (in millions) Total loans were $ 2.46 billion at March 31, 2016, up $601 million or 32% from th
Slide 17: Deposit Balances Extend Growth Trends
First Quarter 2016 Deposit Balances Extend Growth Trends 17 Total deposits increased 23% to $3.22 billion from one year ago. Transaction accounts represent 56% of total deposits. $1,428 $1,408 $1,488 $1,589 $1,805 $870 $904 $947 $961 $1,055 $312 $293 $307 $294 $362 $0 $500 $1,000 $1,500 $2,000 $2,50
Slide 18: Agenda
First Quarter 2016 18 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 19: Net Interest Income and Margin
First Quarter 2016 Net Interest Income and Margin 19 $25,834 $25,788 $29,130 $29,216 $30,349 3.62 % (1) 3.50% 3.75 % 3.67% 3.68% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 4.20% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Net Interest Income and Net Interest Marg
Slide 20: Non Interest Income
First Quarter 2016 Non Interest Income 20 $2,002 $2,115 $2,217 $2,229 $2,129 $1,737 $2,033 $1,925 $1,989 $2,217 $1,242 $1,335 $1,385 $1,302 $1,437 $1,088 $1,032 $1,177 $955 $999 $909 $1,272 $1,012 $911 $1,007 $334 $366 $396 $377 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,0
Slide 21: Non Interest Expense
First Quarter 2016 Non Interest Expense 21 $11,192 $11,814 $13,236 $13,124 $14,526 $2,184 $2,235 $2,279 $2,457 $2,488 $3,251 $3,272 $3,604 $3,678 $3,746 $6,048 $6,376 $6,645 $6,706 $6,507 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Other Occupancy / Telephone Data
Slide 22: Agenda
First Quarter 2016 22 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 23: Outlook for 2016: Maintain Pace of Change
First Quarter 2016 Outlook for 2016: Maintain Pace of Change • Continue organic growth investments in digital transformation and customer marketing initiatives • Complete prudent, accretive acquisitions that strengthen our franchise and leverage our capabilities • Achieve 2016 adjusted earnings targ
Slide 24: Agenda
First Quarter 2016 24 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 25: Florida Continues To Grow Rapidly
First Quarter 2016 Agenda Florida, The Nation’s Third Largest State, Continues To Grow Rapidly Population growth is a fundamental driver of the state economy 25 • Surpassed New York to become the third largest state in 2014 • One of only three states with a population over 20 million (Texas, Califor
Slide 26: Florida's Unemployment Rate
First Quarter 2016 26 Florida’s Unemployment Rate
Slide 27: Agenda
First Quarter 2016 27 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 28: Explanation of Certain Unaudited Non-GAAP Financial Measures
First Quarter 2016 Explanation of Certain Unaudited Non - GAAP Financial M easures 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 adjust
Slide 29: Net Income - GAAP to Non-GAAP Reconciliation
First Quarter 2016 Net Income - GAAP to Non - GAAP Reconciliation (Q1 15 – Q1 16) Presented below is net income excluding adjustments for merger related charges, branch closure charges, and other non core expenses. The Company believes that these results of operations are a more meaningful depiction
Slide 30: Net Income - GAAP to Non-GAAP Reconciliation
First Quarter 2016 Net Income - GAAP to Non - GAAP Reconciliation (Q1 15 – Q1 16) Presented below is net income excluding adjustments for merger related charges, branch closure charges, and other non core expenses. The Company believes that these results of operations are a more meaningful depiction
Seacoast Banking Corp of Florida — Q1 2016 Earnings Presentation on 6ix