Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Q3 2024 Earnings Presentation
26 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Oct 25, 2024
Slide 1: Earnings Presentation Third Quarter 2024
EARNINGS PRESENTATION THIRD QUARTER 2024 2024
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 the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as wel
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: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights Comparisons are to the second quarter of 2024 unless otherwise stated • Net income of $30.7 million, or $0.36 per diluted • Net interest margin, excluding accretion on acquired share, an increase of $0.4 million. loans, expanding to 2.90% from 2.87%. • Pre-tax pre-provi
Slide 5: Net Interest Income
Net Interest Income Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans $119,505 $111,035 $106,975 ($ in thousands) $105,298 $104,657 3.57% 3.36% 3.24% 3.18% 3.17% 3.13% 3.02% 2.91% 2.87% 2.90% 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 • Net interest income1 totaled $107.0 million
Slide 6: Noninterest Income
Noninterest Income (In Thousands) Noninterest income up 33% and adjusted Noninterest income increased $1.5 million from the prior quarter to $23.7 noninterest income1, which excludes million, and adjusted noninterest income1 increased $1.3 million to $23.5 securities activity, up 29% year over year.
Slide 7: Continued Focus on Building Wealth Management
Continued Focus on Building Wealth Management Assets Under Management End-of-Period ($ in millions) $1,988 Assets under management totaled $2.0 billion at September 30, 2024, increasing 16% year to date from $1,711 December 31, 2023. $1,387 The wealth management team is having continued $1,239 succe
Slide 8: Noninterest Expense
Noninterest Expense (In Thousands) Noninterest expense down 10% and adjusted Noninterest expense totaled $84.8 million, an increase of $2.3 million, or 3%, noninterest expense1, which excludes merger- from the prior quarter. Changes compared to the prior quarter include: related charges and expense
Slide 9: Disciplined Approach to Lending in a Strong Florida Economy
Disciplined Approach to Lending in a Strong Florida Economy Total Loans End-of-Period ($ in millions) Loans outstanding increased by $166.8 million, or 6.6% annualized, from the prior quarter. $10,011 $10,063 $9,978 $10,039 $10,205 Loan yields increased one basis point from the prior quarter to 5.94
Slide 10: Loan Portfolio Mix
Loan Portfolio Mix At September 30, 2024 Construction & Land Development and1 CRE Loans to Total Risk Based Capital Consumer, 2% CRE-Retail, 11% 227% SBCF 34% CRE-Office, 6% 251% Residential, 25% Peers 57% CRE-Multifamily 5+, 4% CRE Construction & Land Development Peer Source: 2Q’24 S&P Capital CRE-
Slide 11: Allowance for Credit Losses and Purchase Discount
Allowance for Credit Losses and Purchase Discount Loans Allowance for Credit % of Loans % of Loans ($ in thousands) Outstanding Losses Outstanding Purchase Discount Outstanding Construction and Land Development $ 595,753 $ 7,058 1.18 % $ 3,193 0.54 % Owner Occupied Commercial Real Estate 1,676,814 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 $12,748 $80,857 $77,205 $9,946 $65,104 $59,927 $7,445 $41,508 0.50% $4,720 0.77% 0.79% $3,630 0.40% 0.65% 0.60% 0.29% 0.41% 0.19% 0.15% 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 3
Slide 13: Investment Securities Performance and Composition
Investment Securities Performance and Composition $2,160 Portfolio yield increased six basis points to 3.75% from 3.69% in the $1,949 $1,967 $1,842 $1,836 prior quarter primarily due to new purchases. Unrealized losses in the AFS portfolio improved during the quarter by ($ in millions) 3.69% 3.75% 3
Slide 14: Distinctive Deposit Franchise Supported by Attractive Markets
Distinctive Deposit Franchise Supported by Attractive Markets Total deposits increased $127.5 million, or 4.2% annualized, Deposits End-of-Period ($ in millions) ending the quarter at $12.2 billion. Excluding brokered deposits, total deposits increased $195.9 million, or 6.6% $12,108 $12,116 $12,244
Slide 15: Granular, Diverse and Relationship-Focused Customer Funding Base
Granular, Diverse and Relationship-Focused Customer Funding Base Deposits End-of-Period ($ in millions) $12,108 $12,016 $12,116 $12,244 $11,777 10% The Company benefits from a granular deposit franchise, with 11% 13% 12% 12% the top ten depositors representing approximately 3% of total 3% 1% 1% 3% 2
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 Increase of 13.6% year over year $16.20 9.6% 9.3% 9.3% 9.3% 8.7% $15.41 $15.26 $15.08 $14.26 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Return on Tangib
Slide 17: Investor Relations Contacts
Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF
Slide 18: Appendix
Appendix THIRD QUARTER 2024 EARNINGS PRESENTATION 18
Slide 19: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend Nine Months Ended (Amounts in thousands) 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 3Q'24 3Q'23 Commercial pipeline at period end $ 744,548 $ 743,789 $ 498,617 $ 306,531 $ 259,445 $ 744,548 $ 259,445 Commercial loan originations 499,655 405,957 260,032 334,229 9
Slide 20: Non-owner Occupied Commercial Real Estate
Non-owner Occupied Commercial Real Estate Balance % of 30+ Days Past- CRE Non-Owner Occupied ($ in ‘000s) Balance Total Loans Average Loan Size Accruing Non Accrual Weighted LTV Retail $ 1,135,452 11.1 % $ 2,248 $ 324 $ — 50 % Office 561,984 5.5 1,678 — 2,914 54 Multifamily 5+ 458,588 4.5 2,259 — 3,
Slide 21: Liquidity Sources vs Uninsured Deposits
Liquidity Sources vs Uninsured Deposits Cash and Borrowing Capacity vs. Uninsured Deposits ($ in millions) $6,311 $1,233 Unpledged Securities Uninsured and uncollateralized deposits represent 31% of total deposits. $348 Lines of Credit Total Cash & Borrowing Capacity = $6.3 billion Total liquidity s
Slide 22: 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 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 3Q'24 3Q'23 Net Income $ 30,651 $ 30,244 $ 26,006 $ 29,543 $ 31,414 $ 86,901 $ 74,490 Total noninterest income 23,679 22,184 20,497 17,338 17,793 66,360 61,814
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 3Q'24 3Q'23 Adjusted Noninterest Expense 84,818 82,537 83,277 86,367 90,610 250,632 270,908 Provision for credit losses on unfunded commitments (250) (251) (25
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 3Q'24 3Q'23 Average Assets $14,996,846 $14,839,707 $14,690,776 $14,738,034 $14,906,003 $14,843,007 $14,583,932 Less average goodwill and intangible assets (812
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 3Q'24 3Q'23 Yield on Loans2 5.94 % 5.93 % 5.90 % 5.85 % 5.93 % 5.93 % 5.89 % Impact of accretion on acquired loans (0.36) (0.41)% (0.42) (0.45) (0.59) (0.40) (
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