Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q1 2017 Earnings Presentation
19 slides from Seacoast Banking Corporation Of Florida's earnings presentation, May 1, 2017
Slide 1: Q1 2017 Earnings Presentation
Q1 - 2017 Earnings Presentation Contact: (email) Chuck.Shaffer@SeacoastBank.com (phone) 772.221.7003 (web) www.SeacoastBanking.com
Slide 2: Forward-looking statements
This presentation 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 financial and operating results, ability to realized deferred ta
Slide 3: 3rd Generation Florida Bank, Benefitting from Attractive Geography
• $5.1B assets bank operating in the nation’s third most - populous state • Strong and growing presence in two of Florida’s most attractive MSAs ‒ Top 10 bank in Orlando ‒ Growing share in West Palm Beach ‒ #1 share in Port St Lucie MSA, 8 th largest market in Florida ‒ Growing presence in Tampa MSA
Slide 4: Seacoast's Differentiated Strategy
Experienced Board & Management Team Comprehensive Customer Servicing Model Track Record of Value - Creating Acquisitions Expanding Analytical & Digital Capabilities Well - Positioned to Benefit From Florida Market Focused on Controls Experienced Board & Management Team Comprehensive Customer Servici
Slide 5: Notable Items Affecting Q1 Results
5 Certain items during the first quarter 2017, aggregating to $3.6 million in noninterest expense, were significant when compared to the prior quarter. • Return of seasonal 401(k) and payroll tax expense. • Restructured the executive team, with salary expense overlap and severance - related charges.
Slide 6: Net Interest Income and Margin
6 $30,349 $34,801 $37,735 $37,628 $38,377 3.68% 3.63% 3.69% 3.56% 3.63% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Net Interest Income and Net Interest Margin* ($ in thousands) • Net interest income for the quarter totaled $38.4 million, up 2% fro
Slide 7: Adjusted Noninterest Income
7 $2,129 $2,230 $2,698 $2,612 $2,422 $2,217 $2,370 $2,306 $2,334 $2,494 $1,437 $1,308 $1,283 $1,449 $1,257 $999 $1,364 $1,885 $1,616 $1,552 $1,007 $1,460 $1,210 $1,300 $1,447 $379 $382 $611 $733 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 Q1-16 Q2-16 Q3-16 Q4-16
Slide 8: Adjusted Noninterest Expense
8 $14,526 $15,245 $15,828 $14,799 $16,389 $2,488 $2,698 $3,223 $3,030 $3,267 $3,746 $4,184 $4,418 $4,463 $4,625 $6,100 $6,277 $6,646 $6,562 $6,641 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Other Occupancy / Telephone Data Processing Cost Salaries
Slide 9: Efficiency Ratio
9 84.30% 89.40% 82.80% 104.50% 68.30% 68.60% 76.30% 72.6% 81.7% 78.0% 68.6% 62.4% 71.1% 40% 50% 60% 70% 80% 90% 100% 110% Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 GAAP - Efficiency 83.30% 82.00% 79.60% 74.80% 67.50% 67.50% 68.20% 69.1% 69.6% 64.8% 63.1% 60.8% 64.
Slide 10: Total Loans Outstanding
10 Total Loans Outstanding (in millions) • Loans grew $514 million or 21% from year - ago levels. Adjusting for acquisitions, loans grew $456 million or 19%. Compared to the prior quarter, loans increased $93 million or 3%. • Pipelines remain strong, with the commercial pipeline at $123 million, res
Slide 11: The Deposit Franchise Continues to Perform Well
11 • Total deposits increased 14% from year over year, Transaction accounts represent 57% of total deposits, and have increased 16% year over year. • Cost of deposits of 0.14% remains flat from prior quarter, up from 0.13% in prior year first quarter. $1,805 $1,923 $1,945 $2,022 $2,096 $1,055 $1,192
Slide 12: Credit Quality
12 Net Charge - offs Nonperforming Loans ALLL $19,724 $20,725 $22,684 $23,400 $24,562 1.04% 0.99% 0.98% 0.96% 0.95% 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 ALLL ALLL Ratio - Non Acquired $199 $662 $550 $1,000 $1,304 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 Provision Loan Loss Provision $(397) $(339) $(1,409) $283 $142 -
Slide 13: Capital Position
Capital Position 13 Tangible Book Value / Book Value Per Share $9.17 $9.08 $9.35 $9.37 $10.41 $10.91 $11.20 $11.45 $11.45 $12.33 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 Tangible Book Value Per Share Book Value Per Share 8.5% 10.6% 12.6% 13.1% 10.7% 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 Adjusted Return on Tangible Com
Slide 14: Key Assumptions – Updated Guidance
Key Assumptions – Updated Guidance • Prepared based on static interest rates at 3/31/2017 (Fed funds at 1.0%, 10 year at 2.40%). No further interest rate increases modeled. • Loan growth in the mid to high teens • Core deposit growth of 7%, and funding shortfalls, filled with 1.0% time deposits or p
Slide 15: Contact Details: Seacoast Banking Corporation of Florida
Investor Presentation Charles M. Shaffer Executive Vice President Chief Financial Officer (772) 221 - 7003 Chuck.Shaffer@seacoastbank.com INVESTOR RELATIONS www.SeacoastBanking.com NASDAQ: SBCF 15 15 Contact Details: Seacoast Banking Corporation of Florida
Slide 16: YEARS
YEARS
Slide 17: 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 net income and adjusted net income, GAAP income and adjusted pretax, preprovision income . Management us
Slide 18: GAAP to Non-GAAP Reconciliation
(Q1 16 – Q1 17) GAAP to Non - GAAP Reconciliation (Dollars in thousands except per share data) First Quarter: 2017 Fourth Quarter: 2016 Third Quarter: 2016 Second Quarter: 2016 First Quarter: 2016 Net income (loss) $ 7,926 $ 10,771 $ 9,133 $ 5,332 $ 3,966 Boli Income 0 0 0 0 (464) Security Gains 0 (
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non - GAAP Reconciliation (Dollars in thousands) First Quarter: 2017 Fourth Quarter: 2016 Third Quarter: 2016 Second Quarter: 2016 First Quarter: 2016 Adjusted Revenue 48,070 47,347 47,212 43,604 38,388 Impact of FTE adjustment 211 204 287 308 127 Adjusted Revenue on a fully taxable equivale
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