Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q1 2021 Earnings Presentation
29 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Apr 22, 2021
Slide 1: First Quarter 2021 Results Earnings Presentation
Earnings Presentation FIRST QUARTER 2021 RESULTS Contact: (email) Tracey.Dexter@SeacoastBank.com (phone) 772.403.0461 (web) www.SeacoastBanking.com
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2 FIRST QUARTER 2021 EARNINGS PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, includi
Slide 3: Valuable Florida Franchise, Well Positioned with Strong Capital, Liquidity and Credit Culture
3 FIRST QUARTER 2021 EARNINGS PRESENTATION • Highly disciplined credit portfolio • Prudent liquidity position • Strong capital position • Steady increase in shareholder value with tangible book value per share increasing 15% year-over- year • Active board with a diverse range of experience and exper
Slide 4: Florida to Benefit from the Work-from-Anywhere Future Accelerated by COVID-19
4 FIRST QUARTER 2021 EARNINGS PRESENTATION Florida to Benefit from the Work-from-Anywhere Future Accelerated by COVID-19 • Companies and individuals seeking real estate affordability, lower taxes, warmer weather, and easy flights back to the Northeast are migrating to Florida. • Florida's population
Slide 5: First Quarter 2021 Highlights
5 FIRST QUARTER 2021 EARNINGS PRESENTATION First Quarter 2021 Highlights All comparisons are to fourth quarter 2020 unless otherwise stated. • Net income of $33.7 million, an increase of 15%. Adjusted net income1 of $35.5 million, an increase of 16%. • Earnings per share increased to $0.60 compared
Slide 6: Net Interest Income and Margin
6 FIRST QUARTER 2021 EARNINGS PRESENTATION Net Interest Income and Margin • Net interest income1 totaled $66.7 million, a decrease of $2.2 million, or 3%, from the prior quarter and an increase of $3.5 million, or 5%, from the first quarter of 2020. This included interest and fees earned on Paycheck
Slide 7: Continued Strength in Noninterest Income
7 FIRST QUARTER 2021 EARNINGS PRESENTATION Continued Strength in Noninterest Income $14,669 $14,948 $17,785 $2,825 $2,423 $2,338 $3,246 $3,596 $3,820 $1,868 $1,949 $2,323 $2,208 $3,646 $4,225$139 $113 $287 $3,497 $2,332 $3,933 $886 $889 $859 BOLI Other Income SBA Gains Mortgage Banking Wealth Manage
Slide 8: Continued Focus on Disciplined Expense Control
8 FIRST QUARTER 2021 EARNINGS PRESENTATION Continued Focus on Disciplined Expense Control Noninterest expense increased $2.4 million and adjusted noninterest expense1 increased $2.0 million sequentially. Changes quarter-over-quarter on an adjusted basis include: • Salaries and benefits increased $1.
Slide 9: Efficiency Ratio Trend
9 FIRST QUARTER 2021 EARNINGS PRESENTATION • The efficiency ratio was 53.2% for the first quarter of 2021 compared to 48.2% in the prior quarter and 59.8% in the first quarter of 2020. • The adjusted efficiency ratio1 was 52.0% for the first quarter of 2021 compared to 48.8% in the prior quarter and
Slide 10: Disciplined Approach to Lending in a Recovering Florida Economy
10 FIRST QUARTER 2021 EARNINGS PRESENTATION Disciplined Approach to Lending in a Recovering Florida Economy • Loans outstanding totaled $5.7 billion, an increase of $344 million, or 6%, year-over-year. • Given the significant economic performance in the State of Florida, low unemployment, and clear
Slide 11: Paycheck Protection Program Loans
11 FIRST QUARTER 2021 EARNINGS PRESENTATION Paycheck Protection Program Loans ($ in m ill io n s) $576.5 $232.5 ($213.8) $595.2 December 31, 2020 Originations Forgiveness March 31, 2021 PPP loans outstanding at March 31, 2021: • Average loan size of $99,000 • Median loan size of $37,500 • Balances l
Slide 12: Seacoast's Lending Strategy Has Produced and Sustains a Diverse Loan Portfolio
12 FIRST QUARTER 2021 EARNINGS PRESENTATION Commercial Real Estate $1,438,365 25% Residential Real Estate $1,246,549 22% • Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 21% and 155%, respectively, of total consolidated risk based cap
Slide 13: Unrealized Gain (Loss) in Securities as of March 31, 2021
13 FIRST QUARTER 2021 EARNINGS PRESENTATION Unrealized Gain (Loss) in Securities as of March 31, 2021 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for Sale Government backed $ 7,686 $ 334 $ (2) $ 8,018 Agency mortgage backed 746,409 14,584 (6,774) 754,219 Pri
Slide 14: Strong Deposit Franchise Supported by Attractive Markets
14 FIRST QUARTER 2021 EARNINGS PRESENTATION Strong Deposit Franchise Supported by Attractive Markets • Total deposits increased $453 million quarter- over-quarter and increased $1.5 billion, or 25%, compared to the first quarter of 2020. First quarter balances include a decrease of $139 million in b
Slide 15: Cost of Deposits Continues to Decline
15 FIRST QUARTER 2021 EARNINGS PRESENTATION Cost of Deposits Continues to Decline 29% 32% 34% 35% 34% 8% 10% 6% 4% 2% 13% 11% 10% 8% 8% 20% 18% 20% 22% 23% 21% 20% 20% 21% 23% 9% 9% 10% 10% 10% Savings Int Bearing Demand Money Market Time Deposits Brokered Time Deposits Non-Int Bearing 1Q'20 2Q'20 3
Slide 16: Allowance for Credit Losses and Purchase Discount
16 FIRST QUARTER 2021 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loan Outstandings Allowance for Credit Losses % of Category Purchase Discount % of Category Acquisition, Development & Construction $ 227,117 $ 4,428 1.95 % $ 543 0.24 % Owner Occupied Comm
Slide 17: Continued Strong Asset Quality Trends
17 FIRST QUARTER 2021 EARNINGS PRESENTATION Continued Strong Asset Quality Trends Net Charge-Offs $973 $1,751 $1,736 $3,127 $3700.07% 0.12% 0.12% 0.21% 0.03% NCO NCO/Total Loans 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 Nonperforming Loans $25,582 $30,051 $36,897 $36,110 $35,328 0.48% 0.52% 0.63% 0.63% 0.62% NP
Slide 18: Strong Capital Supporting a Fortress Balance Sheet
18 FIRST QUARTER 2021 EARNINGS PRESENTATION Strong Capital Supporting a Fortress Balance Sheet $14.42 $15.11 $15.57 $16.16 $16.62 $18.82 $19.45 $19.91 $20.46 $20.89 Tangible Book Value Per Share Book Value Per Share 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 10.7% 10.2% 10.7% 11.0% 10.7% 1Q'20 2Q'20 3Q'20 4Q'20
Slide 19: Steady Increase in Shareholder Value
19 FIRST QUARTER 2021 EARNINGS PRESENTATION Steady Increase in Shareholder Value $10.41 $10.55 $10.95 $11.15 $11.39 $11.67 $12.01 $12.33 $12.98 $13.65 $14.30 $14.76 $14.42 $15.11 $15.57 $16.16 $16.62 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'2
Slide 20: Contact Details
20 FIRST QUARTER 2021 EARNINGS PRESENTATION Contact Details: Seacoast Banking Corporation of Florida Tracey L. Dexter Executive Vice President Chief Financial Officer (772) 403-0461 INVESTOR RELATIONS NASDAQ: SBCF
Slide 21: Appendix
21 FIRST QUARTER 2021 EARNINGS PRESENTATION Appendix
Slide 22: Loan Production and Pipeline Trend
22 FIRST QUARTER 2021 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands) 1Q'21 4Q'20 3Q'20 2Q'20 1Q'20 Commercial pipeline at period end $ 240,871 $ 166,735 $ 256,191 $ 117,042 $ 171,125 Commercial loan originations 204,253 277,389 88,245 106,857 183,330 Residential pipeline-saleable at pe
Slide 23: Legacy Bank of Florida Acquisition
23 FIRST QUARTER 2021 EARNINGS PRESENTATION Legacy Bank of Florida Acquisition High-Quality Expansion in Attractive Market • In-market acquisition of a high-quality franchise with a high-yielding loan portfolio in attractive Palm Beach and Broward counties • Leverages Seacoast’s proven integration c
Slide 24: Seacoast's Integrated Delivery Model Supports Our Growth Strategy
24 FIRST QUARTER 2021 EARNINGS PRESENTATION Seacoast’s Integrated Delivery Model Supports Our Growth Strategy 58% % of consumer deposits completed outside of the branch, an increase of 7% 10% % increase in consumer online users $831MM PPP originations to date supported by fully digital platform 37k+
Slide 25: Explanation of Certain Unaudited Non-GAAP Financial Measures
25 FIRST QUARTER 2021 EARNINGS PRESENTATION Explanation of Certain Unaudited Non-GAAP Financial Measures This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP
Slide 26: GAAP to Non-GAAP Reconciliation
26 FIRST QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'21 4Q'20 3Q'20 2Q'20 1Q'20 Net Income $ 33,719 $ 29,347 $ 22,628 $ 25,080 $ 709 Total noninterest income 17,671 14,930 16,946 15,006 14,688 Securities (gains)/l
Slide 27: GAAP to Non-GAAP Reconciliation
27 FIRST QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'21 4Q'20 3Q'20 2Q'20 1Q'20 Adjusted Noninterest Expense $ 43,879 $ 41,906 $ 45,432 $ 40,676 $ 41,482 Foreclosed property expense and net gain/(loss) on sale 65
Slide 28: GAAP to Non-GAAP Reconciliation
28 FIRST QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'21 4Q'20 3Q'20 2Q'20 1Q'20 Return on Average Tangible Assets (ROTA) 1.70 1.49 1.20 1.37 0.11 Impact of other adjustments for Adjusted Net Income 0.05 0.01 0.18
Slide 29: Quarterly Trend
29 FIRST QUARTER 2021 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands except per share data) 1Q'21 4Q'20 3Q'20 2Q'20 1Q'20 Net Interest income1 $ 66,741 $ 68,903 $ 63,621 $ 67,388 $ 63,291 Accretion on acquired loans (2,868) (4,448) (3,254) (2,988) (4,287) Interest and fees on PPP loans
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