Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2019 Earnings Presentation
23 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 24, 2020
Slide 1: Earnings Presentation Fourth Quarter 2019 Results
Earnings Presentation FOURTH QUARTER 2019 RESULTS Contact: (email) Chuck.Shaffer@SeacoastBank.com (phone) 772.221.7003 (web) www.SeacoastBanking.com
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 Section of assumptions and estimates, as well as differences in, and changes to, economic, market and credit 27A of the Securities Act of 1933 and S
Slide 3: Seacoast Has a Valuable and Growing Florida Franchise
Seacoast Has a Valuable and Growing Florida Franchise Seacoast Customer Map • $7.1 billion in assets as of • Highly disciplined credit portfolio December 31, 2019, operating in the nation’s third-most populous state • Prudent liquidity position • Strong and growing presence in four of Florida’s most
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights • Net income for the fourth quarter of 2019 was $27.2 million, an increase of 6% compared to the third quarter of 2019 and 70% compared to the fourth quarter of 2018. For the year ended December 31, 2019, net income was $98.7 million, or $1.90 per diluted share, compared to
Slide 5: Net Interest Income and Margin
Net Interest Income1 and Margin ($ In Thousands) $60,100 $60,861 $60,219 $61,027 $61,846 4.00% 4.02% 3.94% 3.89% 3.84% 3.73% 3.76% 3.67% 3.64% 3.63% 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans • Net interest income1 totaled $61.8 m
Slide 6: Noninterest Income
Noninterest Income 1 Noninterest Income (in thousands) Adjusted Noninterest Income (in thousands) $16,376 $13,834 $13,837 $904 $12,859 $928 $904 $13,943 $1,091 $12,714 $928 $2,394 $2,917 $5,456 $1,091 $2,503 $2,715 $569 $576 $2,570 $569 $519 $2,127 $1,514 $576 $809 $519 $2,127 $1,514 $809 $1,508 $1,
Slide 7: Continued Focus on Disciplined Expense Control
Continued Focus on Disciplined Expense Control Noninterest Expense (in thousands) Adjusted Noninterest Expense1 (in thousands) $49,464 $6,086 $39,540 $36,911 $35,967 $3,668 $5,650 $38,583 $38,057 $4,591 $2,323 $4,875 $6,801 $4,656 $4,910 $1,597 $1,419 $1,648 $2,025 $5,701 $5,414 $5,809 $5,499 $5,430
Slide 8: Continued Favorable Efficiency Ratio Trend
Continued Favorable Efficiency Ratio Trend GAAP - Efficiency Adjusted - Efficiency1 74% 71% 66% 64% 65% 62% 61% 61% 59% 58% 58% 58% 57% 57% 57% 57% 56% 56% 53% 53% 54% 51% 49% 48% 49% 48% 6 7 7 7 7 8 8 8 8 9 9 9 9 6 7 7 7 7 8 8 8 8 9 9 9 9 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1
Slide 9: Loan Growth Momentum Continues, Supported by a Strong Florida Economy
Loan Growth Momentum Continues, Supported by a Strong Florida Economy and Strict Credit Underwriting Total Loans Outstanding ($ in millions) $5,198 • Fourth quarter loans totaled $5.2 billion, an increase $4,986 of $373 million, or 8%, year-over-year. $4,825 $4,828 $4,888 • New loan originations of
Slide 10: Strong Deposit Franchise Supported by Attractive Markets
Strong Deposit Franchise Supported by Attractive Markets Deposits Outstanding ($ in millions) $5,673 $5,606 $5,541 $5,585 $5,177 • Total deposits decreased $88 million, or 2%, quarter- $1,129 $1,054 $1,218 $1,185 over-quarter and increased $408 million, or 8%, $926 compared to the fourth quarter of
Slide 11: Average Deposit Balances and Cost
Average Deposit Balances and Cost Deposit Mix and Cost of Deposits Trended Cost of Deposits Fed Funds Cost of Deposits 0.54% 0.67% 0.76% 0.73% 0.61% 10% 9% 9% 9% 9% 2.50% 2.50% 2.50% 20% 20% 20% 20% 21% 2.25% 2.00% 2.00% 1.75% 1.75% 22% 21% 21% 21% 20% 1.50% 1.25% 1.25% 13% 14% 14% 14% 14% 1.00% 4%
Slide 12: Continued Strong Asset Quality Trends
Continued Strong Asset Quality Trends ($ in thousands) Net Charge-Offs Nonperforming Loans NCO NCO / Loans NPL - Non-Acquired NPL- Acquired Total NPL Ratio $3,7491 $3,225 $2,111 $5,965 $1,841 $5,644 $10,693 $6,986 $6,990 $20,400 $20,990 $963 $15,783 $15,423 $15,810 0.32% 0.08% 0.15% 0.17% 0.25% 0.55
Slide 13: Strong Capital Supporting Fortress Balance Sheet
Strong Capital Supporting Fortress Balance Sheet Tangible Book Value / Book Value Per Share Tangible Common Equity / Tangible Assets Tangible Book Value Per Share Book Value Per Share 11.1% 11.1% $19.13 10.7% $18.08 $18.70 10.2% $16.83 $17.44 9.7% $14.76 $13.65 $14.30 $12.33 $12.98 4Q'18 1Q'19 2Q'19
Slide 14: Steady Increase in Shareholder Value
Steady Increase in Shareholder Value Tangible Book Value Per Share $14.76 $14.30 $13.65 $12.98 $12.33 $12.01 $11.67 $11.39 $11.15 $10.95 $10.55 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 Compounded annual growth rate of 13% in tangible book value per share since announcing our
Slide 15: 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% FOURTH QUARTER 2019 EARNINGS PRESENTATION 15
Slide 16: Contact Details
Contact Details: Seacoast Banking Corporation of Florida Charles M. Shaffer Executive Vice President Chief Operating Officer and Chief Financial Officer (772) 221-7003 INVESTOR RELATIONS NASDAQ: SBCF FOURTH QUARTER 2019 EARNINGS PRESENTATION 16
Slide 17: Appendix
Appendix FOURTH QUARTER 2019 EARNINGS PRESENTATION 17
Slide 18: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend Twelve Months Ended (Amounts in thousands) 4Q'19 3Q'19 2Q'19 1Q'19 4Q'18 4Q'19 4Q'18 Commercial pipeline at period end $ 255,993 $ 359,716 $ 261,586 $ 177,318 $ 164,064 $ 255,993 $ 164,064 Commercial loan originations1 246,980 282,224 156,958 109,07
Slide 19: 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 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'19 3Q'19 2Q'19 1Q'19 4Q'18 4Q'19 4Q'18 Net Income $ 27,176 $ 25,605 $ 23,253 $ 22,705 $ 15,962 $ 98,739 $ 67,275 Total noninterest income 16,376 13,943 13,577 12,836 12,714 56,732 50,0
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'19 3Q'19 2Q'19 1Q'19 4Q'18 4Q'19 4Q'18 Adjusted Noninterest Expense $ 35,967 $ 36,911 $ 38,027 $ 41,098 $ 39,540 $ 152,003 $ 147,705 Foreclosed property expense and net gain/(loss) on
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'19 3Q'19 2Q'19 1Q'19 4Q'18 4Q'19 4Q'18 Loan interest income excluding accretion on acquired loans $ 59,515 $ 59,279 $ 58,169 $ 58,397 $ 55,470 $ 235,359 $ 188,865 Accretion on acquired
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) $634 $2$91,12066 Tax effect of Merger$28,6 related32 adjustments charges $2,539 $1,456 Net Income Adjusted Net Income $27,176 Amortization of intangibles $Securities26,837 $26,837 gains, net FOURTH QUARTER 2019 EARNINGS PRESENTATION 23
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