Seacoast Banking Corporation Of Florida · NASDAQ:SBCF

Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2021 Earnings Presentation

32 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 27, 2022

  1. Slide 1: Fourth Quarter 2021 Earnings Presentation

    EARNINGS PRESENTATION FOURTH QUARTER 2021 20 21

  2. Slide 2: Forward-Looking Statements

    2FOURTH QUARTER 2021 EARNINGS PRESENTATION 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, including, without limitation, statements about future financi

  3. Slide 3: Valuable Florida Franchise, Well Positioned for Growth

    3FOURTH QUARTER 2021 EARNINGS PRESENTATION • $9.7 billion in assets as of December 31, 2021, operating in the nation’s third-most populous state • Strong presence in Florida’s most attractive markets ▪ #1 Florida-based bank in Orlando MSA ▪ #1 market share in Port St Lucie MSA ▪ #2 Florida-based ban

  4. Slide 4: Florida's Economic Growth Continues

    4FOURTH QUARTER 2021 EARNINGS PRESENTATION Florida’s Economic Growth Continues • Companies and individuals seeking lower taxes, warmer weather, and easy flights back to the Northeast are migrating to Florida. • Florida's population grew 14.6% between 2010 and 2020. Double the rate of overall U.S. po

  5. Slide 5: Fourth Quarter 2021 Highlights

    5FOURTH QUARTER 2021 EARNINGS PRESENTATION • Net interest margin declined six basis points to 3.16%. Excluding the effect of PPP and accretion on acquired loans, net interest margin increased two basis points to 2.91%. • Steadily building shareholder value through consistent growth in tangible book

  6. Slide 6: Net Interest Income and Margin

    6FOURTH QUARTER 2021 EARNINGS PRESENTATION Net Interest Income and Margin ($ in th ou sa nd s) $68,903 $66,741 $65,933 $71,455 $72,412 3.59% 3.51% 3.23% 3.22% 3.16% 3.37% 3.25% 3.03% 2.89% 2.91% Net Interest Income Net Interest Margin NIM, excluding PPP and accretion on acquired loans 4Q'20 1Q'21 2Q

  7. Slide 7: Continued Strength in Noninterest Income

    7FOURTH QUARTER 2021 EARNINGS PRESENTATION Continued Strength in Noninterest Income $14,948 $19,058 $18,330 $2,423 $2,495 $2,606 $3,596 $4,131 $4,135 $1,949 $2,562 $2,356 $3,646 $2,550 $2,030 $113 $812 $200 $2,332 $5,380 $5,708$889 $1,128 $1,295 BOLI Other Income SBA Gains Mortgage Banking Wealth Ma

  8. Slide 8: Continued Focus on Disciplined Expense Control

    8FOURTH QUARTER 2021 EARNINGS PRESENTATION $41,906 $46,811 $48,309 $25,060 $28,691 $29,766 $4,265 $4,657 $5,157$5,629 $5,441 $5,546 $496 $2,131 $2,049 $6,456 $5,891 $5,791 Other Expense Legal & Professional Occupancy & Telephone Data Processing Cost Salaries & Benefits 4Q'20 3Q'21 4Q'21 $43,681 $55,

  9. Slide 9: Efficiency Ratio Trend

    9FOURTH QUARTER 2021 EARNINGS PRESENTATION Palm Beach Community Bank and North Star Bank Acquisitions Pa lm B ea ch C om m un ity a nd N or th S ta r Ba nk A cq ui si tio n Efficiency Ratio Trend 66% 57% 53% 49% 48% 60% 50% 62% 48% 53% 55% 60% 54% 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 2Q '20 3Q

  10. Slide 10: Building Florida's Leading Commercial Bank

    10FOURTH QUARTER 2021 EARNINGS PRESENTATION Ron York joins as Treasury Management Executive Previously with First Horizon 4Q 2020 Chris Rolle joins as West FL Regional Market President, formerly Director of Middle Market Banking at Synovus and Central FL Market President at BB&T Building Florida’s L

  11. Slide 11: Diverse Loan Portfolio

    11FOURTH QUARTER 2021 EARNINGS PRESENTATION Seacoast's Lending Strategy Produced and Sustains a Diverse Loan Portfolio Commercial Real Estate - Owner Occupied $1,197,774 20% Construction and Land Development $230,824 4% Paycheck Protection Program $91,107 2% Consumer $174,175 3% Commercial & Financi

  12. Slide 12: Disciplined Approach to Lending in an Expanding Florida Economy

    12FOURTH QUARTER 2021 EARNINGS PRESENTATION Disciplined Approach to Lending in an Expanding Florida Economy $5,735 $5,661 $5,437 $5,906 $5,925 $5,168 $5,079 $5,073 $5,715 $5,834 $567 $582 $364 $191 $91 4.42% 4.39% 4.33% 4.49% 4.31% 4.23% 4.15% 4.13% 4.03% 3.94% Yield Excluding PPP and Accretion on A

  13. Slide 13: Paycheck Protection Program Loans

    13FOURTH QUARTER 2021 EARNINGS PRESENTATION Paycheck Protection Program Loans ($ in m ill io ns ) $576 $295 ($778) $93 December 31, 2020 Originations and Acquisitions Forgiveness December 31, 2021 PPP Fee Revenue Summary (in thousands) Fees earned from SBA to date (net of related costs) to originate

  14. Slide 14: Investment Securities Performance and Composition

    14FOURTH QUARTER 2021 EARNINGS PRESENTATION Unrealized Gain (Loss) in Securities as of December 31, 2021 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for Sale Government backed $ 6,466 $ 316 $ (3) $ 6,779 Agency mortgage backed 1,234,721 8,308 (20,309) 1,222,

  15. Slide 15: Strong Deposit Franchise Supported by Attractive Markets

    15FOURTH QUARTER 2021 EARNINGS PRESENTATION Strong Deposit Franchise Supported by Attractive Markets $6,933 $7,386 $7,836 $8,334 $8,068 $3,856 $4,333 $4,716 $4,932 $4,966 $2,246 $2,440 $2,618 $2,785 $2,547 $831 $613 $502 $617 $555 Transaction Accounts Savings & Money Market Time Deposits 4Q'20 1Q'21

  16. Slide 16: Continued Branch Optimization While Maintaining Low Cost of Deposits

    16FOURTH QUARTER 2021 EARNINGS PRESENTATION Continued Branch Optimization While Maintaining Low Cost of Deposits ($ in m ill io ns ) Trended Cost of Deposits and Deposits per Branch $116 $118 $135 $138 $138 $156 $166 $165 $154 1.75% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.61% 0.57% 0.31% 0

  17. Slide 17: A Continued Focus on Building Wealth Management

    17FOURTH QUARTER 2021 EARNINGS PRESENTATION A Continued Focus on Building Wealth Management $653 $870 $1,239 4Q'19 4Q'20 4Q’21 Assets Under Management ($ in millions) 33% CAG R Assets under management totaled $1.2 billion at December 31, 2021 increasing 42% from December 31, 2020. This is a result o

  18. Slide 18: Allowance for Credit Losses and Purchase Discount

    18FOURTH QUARTER 2021 EARNINGS PRESENTATION The total allowance for credit losses of $83.3 million as of December 31, 2021 represents management’s estimate of lifetime expected credit losses. The remaining unrecognized discount on acquired loans of $23.1 million will be earned as an adjustment to yi

  19. Slide 19: Continued Strong Asset Quality Trends

    19FOURTH QUARTER 2021 EARNINGS PRESENTATION Continued Strong Asset Quality Trends Net Charge-Offs $3,127 $370 $655 $1,432 $570 0.21% 0.03% 0.05% 0.10% 0.04% NCO NCO/Total Loans 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Nonperforming Loans $36,110 $35,328 $32,920 $32,612 $30,598 0.63% 0.62% 0.61% 0.55% 0.52% NPL

  20. Slide 20: Strong Capital Supporting a Fortress Balance Sheet

    20FOURTH QUARTER 2021 EARNINGS PRESENTATION Strong Capital Supporting a Fortress Balance Sheet $16.16 $16.62 $17.08 $17.52 $17.84 $20.46 $20.89 $21.33 $22.12 $22.40 Tangible Book Value Per Share Book Value Per Share 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 11.0% 10.7% 10.4% 10.6% 11.1% 4Q'20 1Q'21 2Q'21 3Q'21

  21. Slide 21: Steady Increase in Shareholder Value

    21FOURTH 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 $17.08 $17.52 $17.84 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 2

  22. Slide 22: Investor Relations

    Tracey L. Dexter Executive Vice President Chief Financial Officer (772) 403-0461 INVESTOR RELATIONS NASDAQ: SBCF

  23. Slide 23: Appendix

    23FOURTH QUARTER 2021 EARNINGS PRESENTATION Appendix

  24. Slide 24: Quarterly Trend

    24FOURTH QUARTER 2021 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 4Q'21 4Q'20 Commercial pipeline at period end $ 397,822 $ 368,907 $ 322,014 $ 240,871 $ 166,735 397,822 166,735 Commercial loan originations1 408,948 331,618 193,028 2

  25. Slide 25: January 2022 Acquisition of Business Bank of Florida, Corp.

    25FOURTH QUARTER 2021 EARNINGS PRESENTATION January 2022 Acquisition of Business Bank of Florida, Corp. Balances Prior to Acquisition (Excludes Purchase Accounting and Fair Value Adjustments) (In thousands) December 31, 2021 Selected Assets: Cash and equivalents $ 38,297 Loans by segment: Constructi

  26. Slide 26: January 2022 Acquisition of Sabal Palm Bancorp, Inc.

    26FOURTH QUARTER 2021 EARNINGS PRESENTATION January 2022 Acquisition of Sabal Palm Bancorp, Inc. Balances Prior to Acquisition (Excludes Purchase Accounting and Fair Value Adjustments) (In thousands) December 31, 2021 Selected Assets: Cash and equivalents $ 169,865 Loans by segment: Construction and

  27. Slide 27: Integrated Delivery Model Supports Growth Strategy

    27FOURTH QUARTER 2021 EARNINGS PRESENTATION Integrated Delivery Model Supports Growth Strategy Strong momentum in usage of digital tools and other non-branch delivery channels, and tools to equip our teams to outperform Open - Digital numbers to be provided. All metrics compare 4Q’21 to 4Q’20 Consum

  28. Slide 28: Explanation of Certain Unaudited Non-GAAP Financial Measures

    28FOURTH 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

  29. Slide 29: GAAP to Non-GAAP Reconciliation

    29FOURTH QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 4Q'21 4Q'20 Net Income $ 36,330 $ 22,944 $ 31,410 $ 33,719 $ 29,347 $ 124,403 $ 77,764 Total noninterest income 1

  30. Slide 30: GAAP to Non-GAAP Reconciliation

    30FOURTH QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 4Q'21 4Q'20 Adjusted Noninterest Expense $ 48,309 $ 46,811 $ 43,400 $ 43,879 $ 41,906 $ 182,399 $ 169,496 Foreclo

  31. Slide 31: GAAP to Non-GAAP Reconciliation

    31FOURTH QUARTER 2021 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 4Q'21 4Q'20 Return on Average Assets (ROA) 1.43 % 0.93 % 1.40 % 1.61 % 1.39 % 1.33 % 0.99 % Impact of removing av

  32. Slide 32: Quarterly Trend

    32FOURTH QUARTER 2021 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 4Q'21 4Q'20 Net Interest income1 $ 72,412 $ 71,455 $ 65,933 $ 66,741 $ 68,903 $ 276,541 $ 263,203 Accretion on acquired loans (3,520) (3,483) (2,

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