Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q2 2019 Earnings Presentation
69 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Aug 12, 2019
Slide 1: Second Quarter 2019 Results
Investor Presentation SECOND QUARTER 2019 RESULTS SECOND QUA RTER 2019
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 the failure of assumptions and estimates, as well as differences in, and changes to, economic, market Section 27A of the Securities Act of 1933 and
Slide 3: Agenda
Agenda 1 ABOUT SEACOAST BANK 2 COMPANY PERFORMANCE 3 SEACOAST’S DIFFERENTIATED STRATEGY 4 OUTLOOK SECOND QUA RTER 2019 3 3
Slide 4: Seacoast Has a Valuable and Growing Florida Franchise
Seacoast Has a Valuable and Growing Florida Franchise Seacoast Customer Map • $6.8 billion in assets as of June 30, • Investing in business banking and 2019 operating in the nation’s third- innovative customer analytics most populous state ORLANDO MSA • Growth-oriented culture, • Strong and growing
Slide 5: Agenda: Company Performance
Agenda 1 ABOUT SEACOAST BANK 2 COMPANY PERFORMANCE 3 SEACOAST’S DIFFERENTIATED STRATEGY 4 OUTLOOK SECOND QUAR TER 2019 5
Slide 6: Second Quarter Highlights
Second Quarter 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 $0.45 on a GAAP basis and $0.50 on an adjusted basis1 • On a GAAP basis, ended the quarter at 1.50% Return on Tangible A
Slide 7: Net Interest Income and Margin
Net Interest Income and Margin ($ In Thousands) • Net interest income1 totaled $60.2 million, down $0.6 million or 1% from the prior quarter and up $9.9 million or 20% from the second quarter of 2018. • Net interest margin1 decreased 8 basis points to 3.94% quarter-over-quarter. Removing accretion o
Slide 8: Noninterest Income
Noninterest Income 1 Adjusted noninterest income1, which excludes losses on sales of securities, totaled $14.0 million, up $1.2 million, or 9%, sequentially and up $1.3 million, or 10%, compared to the prior year quarter. Quarter-over-quarter results include: Mortgage banking fees increased $0.6 mil
Slide 9: Noninterest Expense
Noninterest Expense 1 Noninterest expense declined $2.1 million and adjusted noninterest expense1 declined $3.1 million sequentially. Changes quarter-over-quarter consisted of the following: Other expenses decreased $1.0 million sequentially, the result of our continued focus on efficiency and strea
Slide 10: Efficiency Ratio
Efficiency Ratio GAAP - Efficiency Adjusted - Efficiency1 • The efficiency ratio was 53.5% compared to 56.6% in the prior quarter and 58.4% in the second quarter of 2018. • The adjusted efficiency ratio1 was 51.4% compared to 55.8% in the prior quarter and 57.3% in the second quarter of 2018. • The
Slide 11: Loan Growth Momentum Continues
Loan Growth Momentum Continues, Supported by a Strong Florida Economy and Prudent Guardrails Total Loans Outstanding ($ in millions) • Second quarter loans totaled $4.9 billion, an increase of $914 million or 23% year-over-year. • New loan originations of $407 million, compared to $310 million in th
Slide 12: Solid Deposit Growth Reflects Strong Franchise Fundamentals
Solid Deposit Growth Reflects Strong Franchise Fundamentals and Positioning in Attractive Markets Deposits Outstanding ($ in millions) • Total deposits grew 3% on an annualized basis quarter- over-quarter, excluding the impact of a $99 million reduction in brokered time deposits. During the quarter
Slide 13: Average Deposit Balances and Cost
Average Deposit Balances and Cost Deposit Mix and Cost of Deposits Trended Cost of Deposits 0.39% 0.43% 0.54% 0.67% 0.76% Our focus on organic growth and relationship-based funding, in combination with our innovative analytics platform, supports a well-diversified low-cost deposit portfolio. Our dep
Slide 14: Credit Quality
Credit Quality Net Charge-Offs ($ in thousands) Nonperforming Loans ($ in thousands) 1 ALLL ($ in thousands) Provision for Loan Losses ($ in thousands) Non-Acquired SECOND QUARTER 2019 1Includes charge off of $3.0 million for a single impaired loan. 14
Slide 15: Maintaining Strong Capital to Support Balanced Growth Opportunities
Maintaining Strong Capital to Support Balanced Growth Opportunities Tangible Book Value / Book Value Per Share Tangible Common Equity / Tangible Assets Return on Tangible Common Equity Total Risk Based and Tier 1 Capital 1 SECOND QUARTER 2019 1Non-GAAP measure, see “Explanation of Certain Unaudited
Slide 16: We Remain Confident in our Ability to Achieve Our Vision 2020 Targets
We Remain Confident in our Ability to Achieve Our Vision 2020 Targets Vision 2020 Targets Return on Tangible Assets 1.30% + Return on Tangible Common Equity 16% + Efficiency Ratio Below 50% SECOND QUARTER 2019 16
Slide 17: Agenda: Seacoast's Differentiated Strategy
Agenda 1 ABOUT SEACOAST BANK 2 COMPANY PERFORMANCE 3 SEACOAST’S DIFFERENTIATED STRATEGY 4 OUTLOOK SECOND QUA RTER 2019 17
Slide 18: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 19: Seacoast Executes a Customer Centric-Model for Profitable Organic Growth
Seacoast Executes a Customer Centric-Model for Profitable Organic Growth Meeting Customer Needs Profitability Through an Evolving Distribution Network BUSINESS CONSUMERS Operating Companies Mass Affluent, Affluent WHO WE SERVE LENDING DEPOSITS PAYMENTS WEALTH NEEDS WE MEET WE AIM TO BE PRIMARY ACQUI
Slide 20: Closer Look at Commercial Banking
Closer Look at Commercial Banking – Continued Evolution of Offerings and Delivery Model Expanded Product Launched Accelerate Offering to Include Scaled Small Business Expanded Central Florida Commercial Banking with Factoring and Asset Administration (SBA) and & Broward County three offices Based Le
Slide 21: Commercial Banking Is Propelled by A Unique Value Proposition
Commercial Banking Is Propelled by A Unique Value Proposition… Local Banks’ Technology Gap SEACOAST’S DIFFERENTIATED Mega Banks’ Shortfall VALUE PROPOSITION - High cost-to-serve diminishes - Disengaged from local markets ability to invest - Widening capabilities gap - Limited individual attention -
Slide 22: Focused on What Still Matters Most to Business Owners
…And Is Focused on What STILL Matters Most to Business Owners Top Drivers of Increased Customer Wallet Share RELATIONSHIP MANAGER PURCHASE PROCESS • Teaches valuable things about the PRODUCT OFFERING business • Provides a quick purchase • Promotes continuous • Communicates the value received experie
Slide 23: Strategy Has Delivered Robust Results In Commercial Banking
Executing Seacoast’s Strategy Has Delivered Robust Results In Commercial Banking… $ Millions $ Millions $ Millions $2,549 $865 $553 $2,090 $730 $483 $432 $1,496 $489 2016 2017 2018 2016 2017 2018 2016 2017 2018 COMMERCIAL LOAN PORTFOLIO DEPOSITS ATTRIBUTABLE TO LOAN ORIGINATIONS COMMERCIAL BANK CUST
Slide 24: The Model Continues To Drive Efficiency
…And The Model Continues To Drive Efficiency $ Millions $ Millions Has grown by 56% since 2016 $62 $133 $134 $57 $43 $86 2016 2017 2018 2016 2017 2018 ASSETS PER OPERATIONS FTE ASSETS PER BANKER SECOND QUA RTER 2019 24
Slide 25: Seacoast Will Continue To Expand Business Banking
Seacoast Will Continue To Expand Business Banking With Best-In-Class Tools and Business Bankers TODAY 2019, LAYING THE FOUNDATION FOR GROWTH TOMORROW 2020+ ACCELERATING GROWTH EXPANDING OUR PRESENCE - Expand market coverage in Tampa and - Continued significant expansion, optimizing coverage in Browa
Slide 26: Attractive Opportunities Exist To Expand Business Banking
Attractive Opportunities Exist To Expand Business Banking in the Markets Seacoast Serves and Is Seeking To Enter TARGET MARKET # OF BANKERS FLORIDA MSAs OPPORTUNITY1 (Small Business & (# of Businesses) Commercial) Miami-Ft. Lauderdale-West Palm Beach2 150,770 27 Tampa-St. Petersburg-Clearwater 55,12
Slide 27: Seacoast's Community Bank Operates A Tested and Winning Strategy
Seacoast’s Community Bank Operates A Tested and Winning Strategy ACQUIRE THE RIGHT CUSTOMERS Targeted Expansion into Attractive Markets Expanding Analytic Capabilities Inform Outreach Campaigns ACQUIRE DEEPEN DEEPEN RELATIONSHIPS WITH EXISTING CUSTOMERS LOWER COST Cross Sell Opportunities Inside & O
Slide 28: A Proven Approach to Customer Acquisition
A Proven Approach to Customer Acquisition LEVERAGE SEACOAST VALUE TARGET THE RIGHT PROSPECTS PROMOTE CONSISTENTLY + PROPOSITION + Target Markets Florida Expertise & Brand Recognition Behavioral Insights Enhanced Convenience & Accessibility Buy Box Competitive & Comprehensive Product Set EFFECTIVE CU
Slide 29: Digital Servicing Enables Migration to Low-Cost Channels
Digital Servicing Enables Migration to Low-Cost Channels 34% 45% 26% 41% 17% 37% ATM | Mobile | RDC Deposits 2020 VISION E-Sign 2016 2017 2018 2016 2017 2018 2020 VISION 47% 66% 43% 61% 55% 38% Consumer Mobile Consumer Online Adoption Adoption 2020 VISION 2016 2017 2018 2020 VISION 2016 2017 2018 16
Slide 30: Seacoast Is Growing While Rationalizing Branches
As a Result, Seacoast Is Growing While Rationalizing Branches As of YE 2018, Deposits Increased 187% While Branches Increased Only 50% Since YE 2013 $5,177 $5,000 $ Millions $110 $4,593 $4,500 $102 $100 $4,000 $3,523 $90 $3,500 $90 $3,000 $2,844 $80 $2,500 $2,417 $75 $70 $2,000 $1,806 $1,500 $66 $60
Slide 31: Strategy Has Delivered Robust Results In Community Banking
Executing Seacoast’s Strategy Has Delivered Robust Results In Community Banking… $ Millions $ Millions $ Millions Have grown by 42% since 2016 Has grown by 44% since 2016 $2,276 $4,312 $108 $1,727 $3,863 $1,384 $88 3,034 $75 2016 2017 2018 2016 2017 2018 2016 2017 2018 LOAN PORTFOLIO TOTAL DEPOSITS
Slide 32: The Model Continues To Drive Efficiency
…And The Model Continues To Drive Efficiency $ Millions $ Thousands Surpassed the $100MM per branch milestone $360 $340 $320 $300 $280 $342 $102 $260 $90 $293 $240 $75 $262 $220 $200 2016 2017 2018 2016 2017 2018 DEPOSITS PER BRANCH REVENUE PER ASSOCIATE - Digital migration continues to drive branch
Slide 33: Seacoast Is Well Positioned For Further Growth in Key Markets
Seacoast Is Well Positioned For Further Growth in Key Markets 2013 2018 2019 & Beyond Customer Footprint Customer Footprint Attractive Florida MSA’s Orlando Tampa/St Pete Palm Beach Mass (teal) Mass Affluent (orange) Affluent (green) SMART GROWTH IN DESIRABLE FLORIDA MSA’S FUTURE FOCUS MARKETS SECON
Slide 34: Wealth Management Represents a Significant Opportunity
Wealth Management Represents a Significant Opportunity BUILT THE BUSINESS 2015/2016 $ Millions Significant investments to build the business, Allowing Seacoast to extract including hiring top talent and new leadership to added value from the prepare for future growth. franchise OPTIMIZED THE TEAM Ex
Slide 35: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 36: Florida Is an Attractive Market, with a Healthy Economy
Florida Is an Attractive Market, with a Healthy Economy, and Strong Population Growth Florida Snapshot Seacoast Customer Map •Florida GDP surpassed $1 trillion in mid 2018 •Florida GDP ranks fourth nationwide behind California, Texas and New York •If Florida were its own country, it would have the 1
Slide 37: Florida Is a Growing Market Served by Dramatically Fewer Banks
Florida Is a Growing Market Served by Dramatically Fewer Banks Florida GDP $ in Billions Number of Florida HQ’d Banks $1,100 300 $1,000 Florida GDP 250 $900 200 $800 $700 150 $600 # of Florida HQ’d Banks 100 $500 $400 50 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja
Slide 38: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 39: Seacoast Continues to Benefit from Value-Creating Acquisitions
Seacoast Continues to Benefit from Value-Creating Acquisitions First GREEN Bank October 2018 20%+ average IRR 2018 20% NorthStar Bank Palm Beach Community Bank November 2017 October 2017 GulfShore Bank April 2017 largest Florida 2017 th headquartered publicly BMO Harris Bank 4 traded bank, up from 6
Slide 40: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 41: Seacoast's Approach to Customer Analytics Is a Unique Advantage
Seacoast’s Approach to Customer Analytics Is a Unique Advantage UNIFIED, HOLISTIC VIEW OF DYNAMIC CUSTOMER LIFETIME DRIVEN BY ANALYTIC MODELS EACH CUSTOMER VALUE (CLTV) MODEL AND MACHINE LEARNING PATENT PENDING • In-house analytical dataset of • Dynamic view of each customer’s • Opportunity Sizing E
Slide 42: Unique Approach to Growing Customer Value
Unique Approach to Growing Customer Value Patent Pending Unlike Other Community Banks, Seacoast Uses its Vast Data Set and Machine Learning to Drive Value Creation BEHAVIORAL & FINANCIAL DATA CUSTOMER TREATMENT PLANS Current Customers • Face to Face1 • ATMs New Customers v • Outbound Call1 • Online
Slide 43: Example of a Targeted, Multi-Channel Marketing Campaign
Example of a Targeted, Multi-Channel Marketing Campaign Analytic models identify customers who have a LOC they are not using, triggering automated marketing campaign LOC usage campaign – delivered to eligible customers across multiple touchpoints EMAIL ATM MESSAGE FACE TO FACE INTERACTION DIGITAL BA
Slide 44: Driving Incremental Results from Current Customers: Consumer Loans
Seacoast’s Model Is Driving Incremental Results from Current Customers: No.1 – Consumer Loans Incremental growth among customers with over 6 months tenure Consumer Revolve and Installment – New Loan Dollars Per Tenured Customer Outcomes • 126% increase in loan production effectiveness • Directly sup
Slide 45: Driving Incremental Results from Current Customers: Consumer Deposits
Seacoast’s Model Is Driving Incremental Results from Current Customers. No. 2 – Consumer Deposits Incremental growth among customers with over 6 months tenure Consumer Deposits – New Deposit Dollars Per Tenured Customer Outcomes • 78% increase in deposit production effectiveness • Leverages existing
Slide 46: Customers Value Seacoast's Advice and Take Action
Customers Value Seacoast’s Advice and Take Action Seacoast ) 80% 70% National Bank National Bank National Bank Regional Bank National Bank 60% Regional Bank National Bank Florida Bank 50% Regional Bank Regional Bank National Bank National Bank Florida Bank 40% National Bank Act on the financial advi
Slide 47: Single View of the Customer Gives Greater Insight into Value Creation
With a Single View of the Customer, Seacoast Has Greater Insight into Value Creation Than Its Peers A Few Examples of Opportunities within the Size of Audience Simulated Opportunity Existing Customer Base Increasing Deposits from existing customers 25% improvement = $60MM Number of current customers
Slide 48: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 49: Disciplined Credit Culture Focused on Six Key Tenets
Seacoast’s Philosophy Is Executed Through a Disciplined Credit Culture Focused on Six Key Tenets DIVERSIFIED SKILLED • Focus on consumers and businesses with revenue under $50 • Continuously recruiting high quality teammates million • Specialized units for construction loan administration, portfolio
Slide 50: Guardrails, Analytics and Credit Culture Playbook
Guardrails, Analytics and Credit Culture Playbook Guide Execution Toward Building an Intentional Portfolio EXPAND GROW SELECTIVE CAUTION AVOID Support customers with Requires strong balance sheet No interest in adding Highly attractive, expand Actively seek new prudent underwriting, no and high, liq
Slide 51: Granularity & Lack of Concentration Are Hallmarks of the Portfolio
Granularity & Lack of Concentration Are Hallmarks of the Seacoast Portfolio 14% 12% Largest Relationship as % of Capital $ Millions 10% $657 Avg Comm. Loan Size (Loans in Core) $ Thousands 8% 12.5% 9.5% 9.2% 6% 8.7% $354 4% 6.7% 6.6% 5.5% 4.7% 2% 3.8% 0% Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec
Slide 52: Disciplined Portfolio Management Continues to Deliver Sound Mix
Disciplined Portfolio Management Continues to Deliver Sound Mix Focus on C&I built mix from 10% to 14% of total loans while CRE remained flat, delivered through a distinctive, relationship-focused business model LOANS OUTSTANDING LOAN MIX $241 5% 6% 6% 5% $262 5% 6% 6% 5% 10% $689 12% 14% 15% $223 $
Slide 53: Commercial Real Estate Exposure Is Moderate
Commercial Real Estate Exposure Is Moderate and Well Below 1 RegulatoryDOWNLOADS Thresholds CRE and AD&C ratios remain well below regulatory limits TOTAL CRE AS % OF RISK-BASED CAPITAL AD&C AS % OF RISK-BASED CAPITAL 300% Regulatory Guidance 100% Regulatory Guidance 250% 80% 216% 200% 60% 57% 150% 4
Slide 54: Seacoast's Model Is Built to Perform Through Business Cycles
Seacoast’s Model Is Built to Perform Through Business Cycles SELECTIVE on new construction projects (Residential and Commercial) Requiring more pre-sales and pre-leasing requirements on construction AVOID lending on HIGH RISK industries Increasing borrower equity requirements STRICTER COVENANTS on n
Slide 55: Seacoast Executes a Differentiated Strategy from Other Community Banks
Seacoast Executes a Differentiated Strategy from Other Community Banks Comprehensive Well-Positioned to Benefit Organic Growth Model from Florida Market Track Record of Value- Advanced Analytical and Creating Acquisitions Digital Capabilities Focused on Controls Experienced Board and Management Team
Slide 56: Seacoast has a Revitalized Board, Aligned with Shareholders
Seacoast has a Revitalized Board, Aligned with Shareholders and Its Balanced Growth Strategy Dennis Arczynski Maryann Goebel Herb Lurie Robert Lipstein Bank Regulations Technology Financial Services / Financial Institutions July 2013 February 2014 Capital Markets Audit & SEC Compliance April 2016 Ma
Slide 57: Strategy To Sustain Value Creation Post 2020
Seacoast’s Strategy To Sustain Value Creation Post 2020 Focus on Controls Complete Disciplined, Leverage Our Analytics Capabilities Accretive Acquisitions That To Expand Customer Relationships Expand Our Footprint Capitalize on Continue to Evolve Our Operating Advance Our Culture To Business Banking
Slide 58: Agenda: Outlook
Agenda 1 ABOUT SEACOAST BANK 2 COMPANY PERFORMANCE 3 SEACOAST’S DIFFERENTIATED STRATEGY 4 OUTLOOK SECOND QUA RTER 2019 58 65
Slide 59: Since 2014, Seacoast Has Scaled Its Business and Transformed Its Operating Model
Since 2014, Seacoast Has Scaled Its Business and Transformed Its Operating Model to Deliver Strong Returns $3.1B assets $3.5B assets $4.7B assets $5.8B assets $6.8B assets 2014 $456MM mkt cap 2015 $515MM mkt cap 2016 $839MM mkt cap 2017 $1.2B mkt cap 2018 $1.3 mkt cap 201481.3% efficiency 201568.5%
Slide 60: Key Principles to Driving Long-Term Shareholder Value
Key Principles to Driving Long-Term Shareholder Value 1 Primary driver of growth will be strong performance from business units growing organically in robust Florida markets 2 Goal is to deliver profitability and growth to the maximum level while maintaining our conservative risk posture Acquisition
Slide 61: Seacoast Is On Track To Achieve Vision 2020 Goals
Seacoast Is On Track To Achieve Vision 2020 Goals 68 Launched in 2017, Vision 2020 Connects Current and Planned Innovations with Necessary Changes in Our Business Vision 2020 Goals ROTA | 1.30%+ ROTCE | 16%+ Efficiency Ratio | Below 50 How We Sell How We Service How We Operate How We Scale and Evolv
Slide 62: Seacoast Believes It Is Well Positioned to Outpace on Growth
Seacoast Believes It Is Well Positioned to Outpace on Growth Expand Business Press the Accelerator Capitalize on Opportunistic Banking On Analytics Florida M&A Accelerate organic growth Drive our customer-centric Well-positioned to benefit Remain disciplined in through investments in approach, lever
Slide 63: 2019 Outlook and Priorities
2019 Outlook and Priorities 2019 Outlook • Loan growth in the mid to high single digits • Deposit growth target of 6% • Continue to drive risk adjusted spreads on lending • Maintain our conservative credit quality profile • Continue focus on building noninterest income as a percentage of overall rev
Slide 64: 2020 and 2021+ Outlook and Priorities
2020 and 2021+ Outlook and Priorities 2020 Outlook • Achieve Vision 2020 Goals • Continue focus on building noninterest income as a percentage of revenue • Accelerate fulfillment in commercial banking with new origination tools, and leverage the proprietary commercial portal to exploit relationship
Slide 65: Contact Details
Contact Details: Seacoast Banking Corporation of Florida Charles M. Shaffer Executive Vice President Chief Financial Officer (772) 221-7003 Chuck.Shaffer@seacoastbank.com INVESTOR RELATIONS www.SeacoastBanking.com NASDAQ: SBCF SECOND QUA RTER 2019 65
Slide 66: 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 67: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 2Q'19 2Q'18 Net Income $ 23,253 $ 22,705 $ 15,962 $ 16,322 $ 16,964 $ 45,958 $ 34,991 Total noninterest income 13,577 12,836 12,714 12,291 12,721 26,413 25,017
Slide 68: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 2Q'19 2Q'18 Adjusted Noninterest Expense $ 38,027 $ 41,098 $ 39,540 $ 35,913 $ 36,547 $ 79,125 $ 72,252 Foreclosed property expense and net gain/(loss) on sale
Slide 69: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 2Q'19 2Q'18 Loan interest income excluding accretion on acquired loans $ 58,169 $ 58,397 $ 55,470 $ 46,349 $ 44,341 $ 116,568 $ 87,817 Accretion on acquired loa
Seacoast Banking Corp of Florida — Q2 2019 Earnings Presentation on 6ix