Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Q1 2025 Earnings Presentation
27 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Apr 25, 2025
Slide 1: Earnings Presentation First Quarter 2025
EARNINGS PRESENTATION FIRST QUARTER 2025 2025
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth managemen
Slide 3: Valuable Florida Franchise with Strong Capital and Liquidity
Valuable Florida Franchise with Strong Capital and Liquidity • 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 capit
Slide 4: First Quarter 2025 Highlights
First Quarter 2025 Highlights Comparisons are to the fourth quarter of 2024 unless otherwise stated • Net income of $31.5 million, or $0.37 per diluted • Cost of deposits declined 15 basis points to 1.93%. share. Pre-tax pre-provision earnings1 increased to $50.6 million. • Tangible book value per s
Slide 5: Net Interest Income
Net Interest Income 1 Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans $116,115 $118,857 $105,298 $104,657 $106,975 3.48% ($ in thousands) 3.39% 3.24% 3.18% 3.17% 3.24% 3.05% 2.91% 2.90% 2.87% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 • Net interest income1 totaled $118.9 milli
Slide 6: Noninterest Income
Noninterest Income ($ in thousands) Noninterest income increased 8% year over year Noninterest income increased $5.1 million from the prior quarter to $22.2 million, and adjusted noninterest income1 decreased $3.5 million to $22.0 million. Changes from the prior quarter include: $187 $25,456 $196 $2
Slide 7: Continued Focus on Building Wealth Management
Continued Focus on Building Wealth Management Assets Under Management End-of-Period ($ in millions) $2,127 Assets under management totaled $2.1 billion at $2,053 March 31, 2025, increasing 14% year over year. $1,711 The wealth management team has continued its $1,387 growth trajectory, adding $117 m
Slide 8: Noninterest Expense
Noninterest Expense ($ in millions) ($ in millions) 1 Noninterest Expense Adjusted Noninterest Expense Noninterest expense totaled $90.6 million, an increase $1.1 of $5.0 million, or 6%, from the prior quarter, and an $0.3 increase of $0.2 million compared to the prior year $7.1 $— $89.5 $15.1 quart
Slide 9: Disciplined Approach to Lending in a Strong Florida Economy
Disciplined Approach to Lending in a Strong Florida Economy Total Loans End-of-Period ($ in millions) Loans outstanding increased by $143.1 million, or 5.6% annualized, from the prior quarter. $10,205 $10,300 $10,443 $9,978 $10,039 Loan pipelines increased $288.2 million from the prior quarter to $9
Slide 10: Loan Portfolio Mix
Loan Portfolio Mix At March 31, 2025 Consumer, 2% CRE-Retail, 11% Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $426 thousand and the CRE-Office, 5% average commercial loan size is $838 Residential, 25% thousand. CRE-Multifamily 5+, 4%
Slide 11: Allowance for Credit Losses and Purchase Discount
Allowance for Credit Losses and Purchase Discount Loans Allowance for Credit % of Loans % of Loans ($ in thousands) Outstanding Losses Outstanding Purchase Discount Outstanding Construction and Land Development $ 618,493 $ 6,772 1.09 % $ 2,034 0.33 % Owner Occupied Commercial Real Estate 1,713,579 1
Slide 12: Continued Strong Asset Quality Trends
Continued Strong Asset Quality Trends ($ in thousands) Nonperforming Loans Net Charge-Offs NCO NCO/Average Loans NPL NPL/Total Loans Accruing Past Due / Total Loans $92,446 $9,946 $77,205 $80,857 $71,018 $7,445 $59,927 0.90% $7,038 0.77% 0.79% 0.40% $6,113 0.68% 0.60% $3,630 0.29% 0.27% 0.24% 0.16%
Slide 13: Investment Securities Performance and Composition
Investment Securities Performance and Composition $3,253 $2,862 $2,628 $2,806 $2,619 $2,625 High quality AFS portfolio consisting of 88% agency backed $2,160 $2,227 securities, with the remainder comprised primarily of $1,949 $1,967 highly-rated investment grade bonds. CLO portfolio is 3.88% entirel
Slide 14: Distinctive Deposit Franchise Supported by Attractive Markets
Distinctive Deposit Franchise Supported by Attractive Markets Deposits End-of-Period ($ in millions) Total deposits increased $332.4 million, or 11.0% annualized, to $12.6 billion. Excluding brokered deposits, total deposits $12,575 $12,016 $12,116 $12,244 $12,242 increased $363.5 million, or 12.3%
Slide 15: Granular, Diverse and Relationship-Focused Customer Funding Base
Granular, Diverse and Relationship-Focused Customer Funding Base Deposits End-of-Period ($ in millions) $12,244 $12,242 $12,575 $12,016 $12,116 12% 11% 11% The Company benefits from a granular deposit 13% 12% 2% 2% 2% franchise, with the top ten depositors representing 1% 3% approximately 3% of tota
Slide 16: Robust Capital Position Supporting a Fortress Balance Sheet
Robust Capital Position Supporting a Fortress Balance Sheet Tangible Book Value Per Share Tangible Common Equity / Tangible Assets $16.71 $16.20 $16.12 9.6% 9.6% 9.6% 9.3% 9.3% $15.41 $15.26 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Return on Tangible Common Equity Total Risk-Based
Slide 17: Investor Relations Contacts
Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Corporate Development & Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF
Slide 18: Appendix
Appendix FIRST QUARTER 2025 EARNINGS PRESENTATION 18
Slide 19: Heartland Bancshares, Inc. Transaction Summary
Heartland Bancshares, Inc. Transaction Summary • Heartland Bancshares, Inc. and Heartland National Bank to merge with and into Seacoast Banking Corporation of Florida and Seacoast Bank • 50% stock / 50% cash consideration Structure and Consideration • Each share exchanged for stock to receive 4.9164
Slide 20: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend ($ in thousands) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Commercial pipeline at period end $ 884,878 $ 605,357 $ 744,548 $ 743,789 $ 498,617 Commercial loan originations 405,449 711,506 499,655 405,957 260,032 SBA pipeline at period end 19,233 28,793 28,944 2
Slide 21: Average Yield Trends
Average Yield Trends Quarterly Average Yields/Rates (%) Asset & Liability Yield/Rate Trends (%) 7.93 7.95 Earning asset yields declined two basis points in 1Q’25 while the rate 7.86 on interest-bearing liabilities declined 22 basis points. 7.30 6.00 7.02 Only 21% of 3.50 Total Interest 5.00 Earning
Slide 22: Recognition
Recognition 5th consecutive year nd 2 consecutive year 1st time winner 2nd consecutive year 1st time winner 1st time winner 2nd consecutive year 4th consecutive year FIRST QUARTER 2025 EARNINGS PRESENTATION 22
Slide 23: 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 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Net Income $ 31,464 $ 34,085 $ 30,651 $ 30,244 $ 26,006 Total noninterest income 22,180 17,068 23,679 22,184 20,497 Securities (gains) losses, net (196) 8,388 (187) 44 (229) Tot
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Adjusted Noninterest Expense $ 89,546 $ 85,295 $ 84,818 $ 82,537 $ 83,277 Provision for credit losses on unfunded commitments (150) (250) (250) (251) (250) Other real estate own
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Average Assets $ 15,395,642 $ 15,204,041 $ 14,996,846 $ 14,839,707 $ 14,690,776 Less average goodwill and intangible assets (801,687) (806,710) (812,761) (818,914) (825,531) Ave
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Yield on Loans1 5.90 % 5.93 % 5.94 % 5.93 % 5.90 % Impact of accretion on acquired loans (0.32) (0.45)% (0.36) (0.41) (0.42) Yield on loans excluding accretion on acquired loans
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