Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q3 2015 Earnings Presentation
25 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Oct 27, 2015
Slide 1: Third Quarter 2015
Third Quarter 2015 October 23, 2015 Contact : (email) Steve.Fowle@SeacoastBank.com (phone) 772.463.8977 (web) www.SeacoastBanking.com
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Third Quarter 2015 Cautionary Notice Regarding Forward - Looking Statements 2 These slides contain “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
Slide 3: Financial Highlights
Third Quarter 2015 3 Financial Highlights Growth Highlights Q3 2015 Financial and Growth Highlights • Loans increased $162 million or 8% compared to Q2 2015, and rose 51% year - over - year. Excluding acquisitions, loans increased $238 million or 3% compared to Q2 2014 and $227 or 16% from Q3 2014.
Slide 4: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 4
Slide 5: About Seacoast
Third Quarter 2015 Agenda • $3.4B bank in the nation’s third most - populous state • Strong and growing presence in two of Florida’s most attractive MSAs • Third - generation CEO; strong, engaged and independent board • Investing in innovative commercial banking platform and digital customer acquisi
Slide 6: Investment Thesis
Third Quarter 2015 Agenda Investment Thesis Successfully Executing a New Model for Community Bankin g 6 • Reaping benefits from strategic investments in organic growth • Successful commercial banking platform – Accelerate • Leader in using digital technology to drive customer acquisition, enable cro
Slide 7: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 7
Slide 8: Florida's Unemployment Rate
8 Third Quarter 2015 Florida’s Unemployment Rate
Slide 9: Florida's Economic Improvement
Third Quarter 2015 Agenda Florida’s Economic Improvement 9 Investor Presentation Retail Location Commercial Banking Location • Employment overall grew 3.3% YOY in Florida vs 2.1% for the nation. • Unemployment in August was down to 5.3%, a drop of 0.2% from June levels. • Strongest sectors were educ
Slide 10: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 10
Slide 11: Transaction Overview
Third Quarter 2015 Acquired BMO Harris Bank’s retail and business banking operations in Orlando MSA with 14 branches, $355 MM in deposits and $70 MM in pass - rated business banking loans High quality, low cost deposit base. Most recent quarter cost of deposits: 0.23% Deposit premium of 3.0% of tota
Slide 12: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 12
Slide 13: Earnings Improvement Trend
Third Quarter 2015 Earnings Improvement Trend 13 (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P) • Net Income increased to $4.4 million, a $1.4 million or 48% increase from Q3 2014 • Adjusted net incom
Slide 14: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 14
Slide 15: Loan Growth Momentum Continues
Third Quarter 2015 Loan Growth Momentum Continues 15 $1,391 $1,822 $1,854 $ 1,937 $2,099 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Total Loans Outstanding Total loans were $2.1 billion at September 30, 2015, up $162 million or 8.4% from the second quarter.
Slide 16: Deposit Balances Extend Growth Trends
Third Quarter 2015 Deposit Balances Extend Growth Trends 16 $506 $728 $754 $796 $849 $1,042 $1,307 $1,416 $1,499 $1,545 $252 $327 $318 $304 $308 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Non Interest Bearing Low Cost Deposits Time Deposits Average Deposit Balances (in
Slide 17: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 17
Slide 18: Net Interest Income and Margin Expands from Acquisition and Core Growth Activity
Third Quarter 2015 Net Interest Income and Margin Expands from Acquisition and Core Growth Activity 18 $17,282 $24,883 $25,834 $25,788 $29,130 3.17% 3.56% 3.62% 3.50% 3.75% 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 Q3-14 Q4-14 Q1-15 Q2-15 Q3-
Slide 19: Non Interest Income
Third Quarter 2015 Non Interest Income 19 $1,753 $2,208 $2,002 $2,115 $2,217 $1,452 $1,603 $1,737 $2,033 $1,925 $1,225 $1,212 $1,242 $1,335 $1,385 $825 $716 $1,088 $1,032 $1,177 $894 $1,150 $909 $1,272 $1,012 $252 $330 $334 $366 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,0
Slide 20: Non Interest Expense
Third Quarter 2015 Non Interest Expense 20 $9,917 $12,459 $11,192 $11,814 $13,236 $1,769 $1,925 $2,184 $2,235 $2,279 $2,820 $3,426 $3,251 $3,272 $3,604 $4,338 $6,598 $6,048 $6,376 $6,645 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Other Occupancy / Telephone Data
Slide 21: Transforming Our Business Outside of Branch
21 Transforming Our Business Outside of Branch September 2015 September 2014 % of Checks Deposited 26.6% 20.3% % of Deposit Accounts Opened 9.82% 1.88% % of Consumer Loans Opened 16.53% 0.00% % of Business Loans Opened 10.96% 0.00% Still in the early innings of our transformation, but already seeing
Slide 22: • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights •
Third Quarter 2015 • About Seacoast • Florida Economic Updates • Acquisitions Update • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Appendix 22
Slide 23: Explanation of Certain Unaudited Non-GAAP Financial Measures
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 adjusted net income, GAAP
Slide 24: Net Income - GAAP to Non-GAAP Reconciliation
Net Income - GAAP to Non - GAAP Reconciliation (Q3 14 – Q3 15) 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 of the underlying
Slide 25: Net Income - GAAP to Non-GAAP Reconciliation
Net Income - GAAP to Non - GAAP Reconciliation (Q3 14 – Q3 15) 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 of the underlying
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