Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Q1 2024 Earnings Presentation
27 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Apr 26, 2024
Slide 1: Earnings Presentation First Quarter 2024
EARNINGS PRESENTATION FIRST 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 • $14.8 billion in assets as of March 31, 2024, • Market Cap: $2.2 billion as of March operating in the nation’s fastest growing 31, 2024 and third most populated state • Strong capital position, supporting • Strong presence in Florida’s m
Slide 4: First Quarter 2024 Highlights
First Quarter 2024 Highlights Comparisons are to the fourth quarter of 2023 unless otherwise stated • Net income of $26.0 million, or $0.31 per diluted share; adjusted net income1 of $31.1 million, or $0.37 per diluted share. • Adjusted return on average tangible assets1 of 1.04%, adjusted return on
Slide 5: Net Interest Income
Net Interest Income Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans $131,351 $127,153 $119,505 $111,035 ($ in thousands) $105,298 4.31% 3.86% 3.57% 3.36% 3.24% 3.78% 3.42% 3.13% 3.02% 2.91% 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 • Net interest income1 totaled $105.3 million
Slide 6: Noninterest Income
Noninterest Income (In Thousands) Noninterest income increased $3.2 million from the prior quarter to $20.5 million, and adjusted noninterest income1 increased $0.5 million to $20.3 million. Changes from the prior quarter include: $2,224 Service charges on deposits increased $0.1 million from the pr
Slide 7: Continued Focus on Building Wealth Management
Continued Focus on Building Wealth Management Assets Under Management ($ in millions) $1,871 Assets under management totaled $1.9 billion at $1,711 March 31, 2024, increasing 9% from December 31, 2023. $1,387 $1,239 The wealth management team is having continued success at winning business with comm
Slide 8: Noninterest Expense
Noninterest Expense (In Thousands) Adjusted noninterest expense1 has decreased $7.3 Noninterest expense totaled $90.4 million, an increase of $4.0 million, or 5%, from million, from $90.6 million in the third quarter of the prior quarter, and adjusted noninterest expense1 totaled $83.3 million, a 20
Slide 9: Disciplined Approach to Lending in a Strong Florida Economy
Disciplined Approach to Lending in a Strong Florida Economy Total Loans End-of-Period ($ in millions) $10,134 $10,118 $10,011 $10,063 $9,978 Loans outstanding declined by $84.9 million and loan pipelines increased quarter over quarter to $572.9 million. 5.93% 5.89% 5.90% 5.86% 5.85% Loan yields incr
Slide 10: Loan Portfolio Mix
Loan Portfolio Mix At March 31, 2024 Construction & Land Development and CRE Loans to Total Risk Based Capital Consumer, 2.4% CRE-Retail, 11.2% 281% Peers 65% 222% CRE-Office, 5.7% SBCF Residential, 25.3% 36% CRE-Multifamily 5+, 3.7% CRE Construction & Land Development Peer Source: 4Q’23 S&P Capital
Slide 11: Allowance for Credit Losses and Purchase Discount
Allowance for Credit Losses and Purchase Discount Loans Allowance for Credit ($ in thousands) Outstanding Losses % of Category Purchase Discount % of Category Construction and Land Development $ 623,246 $ 7,001 1.12 % $ 4,260 0.68 % Owner Occupied Commercial Real Estate 1,656,131 10,017 0.60 23,832
Slide 12: Continued Stable Asset Quality Trends
Continued Stable Asset Quality Trends ($ in thousands) Nonperforming Loans and Past Dues Net Charge-Offs NCO NCO/Average Loans NPL NPL/Total Loans Accruing Past Due / Total Loans $77,205 $65,104 $12,748 $50,787 $48,326 0.77% $41,508 0.65% 0.50% 0.48% 0.41% $705 $4,720 $3,630 $3,188 0.50% 0.17% 0.14%
Slide 13: Historical Asset Quality Trends
Historical Asset Quality Trends ($ in thousands) Nonperforming Loans and Past Dues Net Charge-Offs NCO/Average Loans NPL/Total Loans Accruing Past Due / Total Loans 0.77% 0.63% 0.65% 0.22% 0.52% 0.13% 0.15% 0.40% 0.30% 0.30% 0.05% 0.18% 0.10% 0.35% 0.01% 2020 2021 2022 2023 1Q’24 Annualized 2020 202
Slide 14: Investment Securities Performance and Composition
Investment Securities Performance and Composition $2,016 Recognized a $4.1 million gain on the opportunistic sale of Visa Class $1,916 $1,842 $1,949 B shares during the quarter. The gain was offset by a partial $1,836 repositioning of the securities portfolio. ($ in millions) 3.32% 3.42% 3.47% Recog
Slide 15: Distinctive Deposit Franchise Supported by Attractive Markets
Distinctive Deposit Franchise Supported by Attractive Markets Strong quarter for customer acquisition, leading to quarterly Deposits End-of-Period ($ in millions) growth in noninterest bearing demand deposits and an 8% annualized increase in total deposits. $12,310 $12,283 $12,108 $11,777 $12,016 Co
Slide 16: Granular, Diverse and Relationship-Focused Customer Funding Base
Granular, Diverse and Relationship-Focused Customer Funding Base Deposits End-of-Period ($ in millions) $12,310 $12,283 $12,108 $12,016 $11,777 7% 8% 10% 11% 13% 3% 5% 3% 1% The Company benefits from a granular deposit franchise, with 1% the top ten depositors representing approximately 4% of total
Slide 17: 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 $15.26 $15.08 9.3% 9.3% 8.5% 8.7% 8.4% $14.25 $14.24 $14.26 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Return on Tangible Common Equity Total Risk Based
Slide 18: 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 19: Appendix
Appendix FIRST QUARTER 2024 EARNINGS PRESENTATION 19
Slide 20: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend (Amounts in thousands) 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 Commercial pipeline at period end $ 498,617 $ 306,531 $ 259,445 $ 198,984 $ 289,162 Commercial loan originations 260,032 334,229 94,021 307,430 320,209 SBA pipeline at period end 15,630 20,600 41,
Slide 21: 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 $ 1,120,440 11.2 % $ 2,138 $ — $ 1,608 51 % Office 565,127 5.7 1,605 — 11,521 55 Multifamily 5+ 370,342 3.7 1,824 3
Slide 22: Liquidity Sources vs Uninsured Deposits
Liquidity Sources vs Uninsured Deposits Cash and Borrowing Capacity vs. Uninsured Deposits ($ in millions) $5,773 Uninsured and uncollateralized deposits represent 29% of $391 Unpledged Securities total deposits. $300 Lines of Credit Total Cash & Borrowing Capacity = $5.8 Billion Total liquidity sou
Slide 23: 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 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 Net Income $ 26,006 $ 29,543 $ 31,414 $ 31,249 $ 11,827 Total noninterest income 20,497 17,338 17,793 21,576 22,445 Securities losses (gains), net (229) 2,437 387 176 (107) BOLI
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 Adjusted Income Taxes 9,569 8,874 10,012 14,344 7,441 Adjusted Net Income1 $ 31,132 $ 31,363 $ 34,170 $ 43,489 $ 23,682 Earnings per diluted share, as reported $ 0.31 $ 0.35 $ 0
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 Pre-Tax Pre-Provision Earnings $ 35,674 $ 42,006 $ 43,383 $ 40,864 $ 47,560 Total Adjustments to Noninterest Income (229) 2,437 387 176 (2,224) Total Adjustments to Noninterest
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in thousands except per share data) 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 Adjusted Return on Average Tangible Common Equity 11.15 % 11.80 % 12.79 % 16.08 % 10.16 % Loan Interest Income1 $ 147,308 $ 148,004 $ 150,048 $ 148,432 $ 135,341 Accretion on ac
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