Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2024 Earnings Presentation
26 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 27, 2025
Slide 1: Earnings Presentation Fourth Quarter 2024
EARNINGS PRESENTATION FOURTH QUARTER 2024 2024
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2FOURTH QUARTER 2024 EARNINGS PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1
Slide 3: Valuable Florida Franchise with Strong Capital and Liquidity
3FOURTH QUARTER 2024 EARNINGS PRESENTATION • Sustained, strong presence in Florida’s most attractive markets • #15 Florida market share ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach county ▪ #1 overall market share in Port St. Lucie MSA • Strong capital and liquidity s
Slide 4: Fourth Quarter 2024 Highlights
4FOURTH QUARTER 2024 EARNINGS PRESENTATION • Net income of $34.1 million, or $0.40 per diluted share, an increase of $3.4 million. • Adjusted net income1 of $40.6 million, or $0.48 per diluted share, an increase of $10.0 million. • Net interest income of $115.8 million, an increase of $9.1 million,
Slide 5: Net Interest Income
5FOURTH QUARTER 2024 EARNINGS PRESENTATION Net Interest Income ($ in th ou sa nd s) $111,035 $105,298 $104,657 $106,975 $116,115 3.36% 3.24% 3.18% 3.17% 3.39% 3.02% 2.91% 2.87% 2.90% 3.05% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 4Q'23 1Q'24 2Q'24 3Q'24 4Q'2
Slide 6: Noninterest Income
6FOURTH QUARTER 2024 EARNINGS PRESENTATION Noninterest income decreased $6.6 million from the prior quarter to $17.1 million, and adjusted noninterest income1 increased $2.0 million to $25.5 million. Changes from the prior quarter include: Service charges on deposits totaled $5.1 million, a decrease
Slide 7: Continued Focus on Building Wealth Management Assets
7FOURTH QUARTER 2024 EARNINGS PRESENTATION Assets Under Management End-of-Period ($ in millions) $870 $1,239 $1,387 $1,711 $2,053 2020 2021 2022 2023 2024 Continued Focus on Building Wealth Management Assets under management totaled $2.1 billion at December 31, 2024, increasing 20% year over year. T
Slide 8: Noninterest Expense
8FOURTH QUARTER 2024 EARNINGS PRESENTATION Noninterest Expense Noninterest expense totaled $85.6 million, an increase of $0.8 million, or 1%, from the prior quarter, and a decrease of $0.8 million, or 1%, compared to the prior year quarter. Changes on an adjusted basis compared to the prior quarter
Slide 9: Disciplined Approach to Lending in a Strong Florida Economy
9FOURTH QUARTER 2024 EARNINGS PRESENTATION $393 $573 $834 $831 $693 $478 $394 $538 $658 $903 Pipeline Originations 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Loan Pipeline End-of-Period vs Originations ($ in millions) $10,063 $9,978 $10,039 $10,205 $10,300 5.85% 5.90% 5.93% 5.94% 5.93% 5.40% 5.48% 5.52% 5.58% 5.
Slide 10: Loan Portfolio Mix
10FOURTH QUARTER 2024 EARNINGS PRESENTATION At December 31, 2024 Loan Portfolio Mix Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $383 thousand and the average commercial loan size is $814 thousand. Portfolio diversification in terms of
Slide 11: Allowance for Credit Losses and Purchase Discount
11FOURTH QUARTER 2024 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loans Outstanding Allowance for Credit Losses % of Loans Outstanding Purchase Discount % of Loans Outstanding Construction and Land Development $ 648,054 $ 7,252 1.12 % $ 2,556 0.39 % Owner
Slide 12: Continued Strong Asset Quality Trends
12FOURTH QUARTER 2024 EARNINGS PRESENTATION Net Charge-Offs $4,720 $3,630 $9,946 $7,445 $6,113 0.19% 0.15% 0.40% 0.29% 0.24% NCO NCO/Average Loans 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 ($ in thousands) $148,931 $146,669 $141,641 $140,469 $138,055 1.48% 1.47% 1.41% 1.38% 1.34% ACL ACL/Total Loans 4Q'23 1Q'24
Slide 13: Investment Securities Performance and Composition
13FOURTH QUARTER 2024 EARNINGS PRESENTATION Investment Securities Performance and Composition Portfolio yield increased two basis points to 3.77% from 3.75% in the prior quarter primarily due to new purchases. Net unrealized losses in the AFS portfolio increased during the fourth quarter by $42.7 mi
Slide 14: Distinctive Deposit Franchise Supported by Attractive Markets
14FOURTH QUARTER 2024 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $11,777 $12,016 $12,116 $12,244 $12,242 5.50% 5.50% 5.50% 5.00% 4.50% 2.00% 2.19% 2.31% 2.34% 2.08% Total Deposits Fed Funds Cost of Deposits 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Distinctive Deposit Franchise Supported by At
Slide 15: Granular, Diverse and Relationship-Focused Customer Funding Base
15FOURTH QUARTER 2024 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $11,777 $12,016 $12,116 $12,244 $12,242 Transaction Accounts Savings Money Market Brokered Time Deposits 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Granular, Diverse and Relationship-Focused Customer Funding Base The Company benef
Slide 16: Robust Capital Position Supporting a Fortress Balance Sheet
16FOURTH QUARTER 2024 EARNINGS PRESENTATION $15.08 $15.26 $15.41 $16.20 $16.12 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 9.3% 9.3% 9.3% 9.6% 9.6% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 15.1% 15.9% 16.1% 16.2% 16.2% 14.0% 14.5% 14.7% 14.8% 14.8% Total Risk Based Capital Tier 1 Ratio 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 11.2% 9.
Slide 17: Investor Relations
Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF
Slide 18: Appendix
18FOURTH QUARTER 2024 EARNINGS PRESENTATION Appendix
Slide 19: Quarterly Trend
19FOURTH QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Commercial pipeline at period end $ 605,357 $ 744,548 $ 743,789 $ 498,617 $ 306,531 $ 605,357 $ 306,531 Commercial loan originations 711,506 499,655 405,957 260,
Slide 20: Asset & Liability Yield/Rate Trends
20FOURTH QUARTER 2024 EARNINGS PRESENTATION 7.93 7.95 7.86 7.30 3.12 3.26 3.25 2.88 4.61 4.65 4.73 4.77 2.19 2.31 2.34 2.08 3.47 3.69 3.75 3.77 Variable Rate Loans Interest Bearing Deposit Costs Fixed/Adjustable Rate Loans Total Deposit Costs Securities 1Q'24 2Q'24 3Q'24 4Q'24 Quarterly Average Yiel
Slide 21: Recognition
21FOURTH QUARTER 2024 EARNINGS PRESENTATION Recognition 2nd consecutive year 4th consecutive year 1st time winner 5th consecutive year 1st time winner 1st time winner 2nd consecutive year 2nd consecutive year
Slide 22: Explanation of Certain Unaudited Non-GAAP Financial Measures
22FOURTH QUARTER 2024 EARNINGS PRESENTATION This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, noninte
Slide 23: Quarterly Trend
23FOURTH QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Net Income $ 34,085 $ 30,651 $ 30,244 $ 26,006 $ 29,543 $ 120,986 $ 104,033 Total noninterest income 17,068 23,679 22,184 20,497 17,338 83,
Slide 24: Quarterly Trend
24FOURTH QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Adjusted Noninterest Expense 85,295 84,818 82,537 83,277 86,367 335,927 357,275 Provision for credit losses on unfunded commitments (250) (
Slide 25: Quarterly Trend
25FOURTH QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Average Assets $ 15,204,041 $ 14,996,846 $ 14,839,707 $ 14,690,776 $ 14,738,034 $ 14,933,758 $ 14,622,774 Less average goodwill and intangi
Slide 26: Quarterly Trend
26FOURTH QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Yield on Loans2 5.93 % 5.94 % 5.93 % 5.90 % 5.85 % 5.93 % 5.88 % Impact of accretion on acquired loans (0.45) (0.36) % (0.41) (0.42) (0.45)
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