Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q2 2015 Earnings Presentation
21 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jul 29, 2015
Slide 1: Second Quarter 2015
Second Quarter 2015 July 24, 2015
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2 Cautionary Notice Regarding Forward - Looking Statements This press release contains “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 future fina
Slide 3: Q2 2015 Financial and Growth Highlights
Second Quarter 2015 3 Financial Highlights Growth Highlights Q2 2015 Financial and Growth Highlights • Loans increased $83 million or 18% annualized compared to Q1 2015, and rose 45% year - on - year. Excluding the acquisition of The BANKshares , loans increased $238 million or 18% compared to Q2 20
Slide 4: Florida's Economic Improvement
Florida’s Economic Improvement Second Quarter 2015 4 • Employment overall grew 3.4% YOY and private sector employment is up 3.9%. • Unemployment in June was down to 5.5%, a drop of 0.2% from May levels. • Strongest sectors were construction, leisure & hospitality, education & health, manufacturing,
Slide 5: Florida Economic Outlook (Wells Fargo Securities)
5 Source: Wells Fargo Securities Florida Economic Outlook July 2015 . Second Quarter 2015
Slide 6: Pro Forma County Branch Map and Palm Beach Deposit Market Share
Second Quarter 2015 6 Pro Forma County Branch Map Palm Beach County Deposit Market Share Pro Forma Financial Highlights 1 2014 Rank Institution (ST) Branches Deposits ($000) Market Share (%) 1 Wells Fargo & Co. (CA) 66 8,727,124 21.60 2 Bank of America Corp. (NC) 55 6,354,287 15.73 3 JPMorgan Chase
Slide 7: Strategic Rationale
7 Strategic Rationale Second Quarter 2015 • Price / 12/31/14 Tangible Book Value: 108% • Core Deposit Premium: 1.2% • Price / LTM Earnings: 15.8x Strategically Compelling Financially Attractive Annualized Valuation Analytics • In - market acquisition more than doubles Seacoast’s presence in the attr
Slide 8: Earnings Improvement Trend
Second Quarter 2015 8 Earnings Improvement Trend • Adjusted Pretax, pre - provision income (1) significantly improved indicative of higher quality earnings. (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA
Slide 9: Loan Growth Momentum Continues
Second Quarter 2015 9 Loan Growth Momentum Continues • Total loans were $ 1.937 billion at June 30, 2015, up $83.0 million or 4.5% (18% annualized) from the first quarter. • Commercial loan originations for the quarter were a strong $85.8 million, increasing $24.5 million or 39.9% over the first qua
Slide 10: Deposit Balances Extend Growth Trends
Second Quarter 2015 10 Deposit Balances Extend Growth Trends • Average noninterest bearing demand deposits increased to 30.6% of total deposits compared with 28.0% for the second quarter 2014 • Average Low/No cost deposits increased to 88.3% of total deposits compared to 85.7% one year ago • Total d
Slide 11: Net Interest Income and Margin Meaningfully Improved
Second Quarter 2015 11 • Net interest income for the quarter totaled $ 25.8 million, up $9 million from a year ago. • Net interest margin for the quarter increased to 3.50% versus prior year of 3.10% in the second quarter 2014. • A decline in accretion from the purchase loans was the major factor in
Slide 12: Non Interest Income
Second Quarter 2015 12 Non Interest Income • Noninterest income increased $3.0 million or 50% from a year ago to $8.8 million and $1.5 million or 21% above the first quarter of 2015 • Service charges on deposit accounts increased $113,000 and interchange income grew $296,000 from the first quarter o
Slide 13: Non Interest Expense Moderates
Second Quarter 2015 13 Non Interest Expense Moderates $9,668 $9,917 $12,459 $11,192 $ 11,814 $1,811 $1,769 $1,925 $2,184 $2,235 $2,798 $2,820 $ 3,427 $ 3,251 $ 3,272 $4,523 $4,338 $6,598 $6,048 $6,376 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Core Operating Expenses (1) ($ in Thousands) Salaries and Benefits Da
Slide 14: Increased Branch Network Efficiency
Second Quarter 2015 14 $12,481 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 $15,000 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-
Slide 15: Appendix
Second Quarter 2015 15 Appendix
Slide 16: Florida Economic Outlook (Wells Fargo Securities)
16 Source: Wells Fargo Securities Florida Economic Outlook July 2015 . Second Quarter 2015
Slide 17: Orlando's Housing Market
17 Second Quarter 2015 Orlando’s Housing Market http:// www.orlandorealtors.org/resource/resmgr/docs_market_pulse/MarketPulse072015.html
Slide 18: Florida Housing Market Summary
18 Second Quarter 2015 http://media.floridarealtors.org/wp - content/uploads/2015/07/June - 2015 - Fla - MSA - summary.pdf
Slide 19: Explanation of Certain Unaudited Non-GAAP Financial Measures
Second Quarter 2015 19 Explanation of Certain Unaudited Non - GAAP Financial M easures • This press release contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP net income and
Slide 20: Net Income - GAAP to Non-GAAP Reconciliation
Second Quarter 2015 20 Net Income - GAAP to Non - GAAP Reconciliation 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 unde
Slide 21: Non-Interest Expense - GAAP to Non-GAAP Reconciliation
Second Quarter 2015 21 Non - Interest Expense - GAAP to Non - GAAP Reconciliation Presented below is core operating expenses and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the underlying fundamentals of its business and overall p
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