Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q3 2018 Earnings Presentation
21 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Nov 1, 2018
Slide 1: Earnings Presentation Q3 2018
Earnings Presentation Q3 - 2018
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward - Looking Statements This press release contains "forward - looking statements" within the meaning, and protections, 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 a
Slide 3: Valuable Florida Franchise With Balanced Growth Strategy
Seacoast Bank [NASDAQ: SBCF] 3 Valuable Florida Franchise With Balanced Growth Strategy, Benefiting from Attractive Geography, Investments in Digital Transformation and Commercial Loan Platform, and Strategic Acquisitions Seacoast Customer Map • $5.9 billion in assets as of September 30, 2018, opera
Slide 4: Seacoast's Differentiated Strategy
Seacoast's Differentiated Strategy 4
Slide 5: Q3 2018 Highlights and Notable Item
Q3 2018 Highlights and Notable Item 5 With a growing presence in Florida’s most attractive markets, Seacoast is one of Florida’s top - performing banking franchises. • Earnings per share totaled $0.34 on a GAAP basis, and $0.37 per share on an adjusted basis 1 . • Results for third quarter were impa
Slide 6: First Green Bank Acquisition: Continuation of Land and Expand M&A Strategy
First Green Bank Acquisition: Continuation of "Land and Expand" M&A Strategy in Orlando FL 6 High - Quality Expansion In Attractive Market • Expands footprint in Orlando, Florida’s 3rd largest MSA • As of September 30, 2018, First Green Bank had approximately $676 million in loans and $664 million i
Slide 7: Net Interest Income and Margin
Net Interest Income and Margin 7 • Net interest income 1 totaled $51.7 million, up $1.4 million or 3% from the prior quarter and $5.8 million or 13% from the prior year quarter. • Net interest margin was 3.82% in the current quarter compared to 3.77% in the prior quarter and 3.74% in the third quart
Slide 8: Adjusted Noninterest Income
Adjusted Noninterest Income 1 8 • Adjusted noninterest income 1 totaled $12.3 million, down $0.4 million or 3% from the prior quarter and up $0.9 million or 7% compared to the prior year quarter. • Adjusted noninterest income 1 is benefiting from increased customer engagement resulting in higher ser
Slide 9: Adjusted Noninterest Expense
Adjusted Noninterest Expense 1 9 • As a percentage of average tangible assets, adjusted noninterest expense in the current quarter was 2.48% compared to 2.57% for the prior quarter and 2.50% for the third quarter of 2017. • Higher salaries and benefits, reflecting investments in talent in our commer
Slide 10: Efficiency Ratio
Efficiency Ratio 10 • The efficiency ratio was 57.0% compared to 58.4% in the prior quarter and 58.9% in the third quarter of 2017. • The adjusted efficiency ratio 1 was 56.3% compared to 57.3% in the prior quarter and 57.7% in the third quarter of 2017. 2 1 Non - GAAP measure, see “Explanation of C
Slide 11: Loan Growth Momentum Continues
Loan Growth Momentum Continues, Supported by a Strong Florida Economy, and Prudent Guardrails 11 • Third quarter loans totaled $4.1 billion, an increase of $674 million or 20% from year - ago levels. Adjusting for acquisitions, loans grew $267 million or 8% year over year. • For the third consecutiv
Slide 12: The Deposit Franchise Continues to Perform Well
The Deposit Franchise Continues to Perform Well and Serves as a Source of Earnings Strength 12 • Total deposits increased 13% year over year. • Excluding acquired deposits, noninterest bearing deposits grew 8% year over year, and total deposits grew 4% year over year. • Transaction accounts represen
Slide 13: Average Deposit Balances and Cost
Average Deposit Balances and Cost 13 Our focus on organic growth and relationship - based funding, in combination with our innovative analytics platform, supports a well - diversified low - cost deposit portfolio. Our deposit beta continues to perform within our expectations. 3Q'17 - 3Q'18 Interest
Slide 14: Credit Quality
Credit Quality ($ in thousands) 14 Non - Acquired 1 1 Includes provision of $3.1 million for a single impaired loan.
Slide 15: Maintaining Strong Capital to Support Balanced Growth Opportunities
Maintaining Strong Capital to Support Balanced Growth Opportunities 15 1 1 Non - GAAP measure, see “Explanation of Certain Unaudited Non - GAAP Financial Measures.”
Slide 16: On-track to Achieve Our Vision 2020 Objectives
On - track to Achieve Our Vision 2020 Objectives 16 Vision 2020 Targets Return on Tangible Assets 1.30% + Return on Tangible Common Equity 16% + Efficiency Ratio Below 50%
Slide 17: Contact Details: Seacoast Banking Corporation of Florida
Contact Details: Seacoast Banking Corporation of Florida 17
Slide 18: +YEARS
+YEARS
Slide 19: Explanation of Certain Unaudited Financial Measures
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
Slide 20: GAAP to Reconciliation (3Q 2018 - 3Q 2017)
GAAP to Non - GAAP Reconciliation (3Q 2018 - 3Q 2017) 20 (Dollars in thousands except per share data) 3Q'18 2Q'18 1Q'18 4Q'17 3Q'17 Net income (loss) $ 16,322 $ 16,964 $ 18,027 $ 13,047 $ 14,216 Gain on sale of VISA Stock 0 0 0 (15,153 ) 0 Securities (gains)/losses, net 48 48 102 (112 ) 47 Total Adj
Slide 21: GAAP to Reconciliation (3Q 2018 - 3Q 2017)
GAAP to Non - GAAP Reconciliation (3Q 2018 - 3Q 2017) 21 (Dollars in thousands) 3Q'18 2Q'18 1Q'18 4Q'17 3Q'17 Adjusted Revenue $ 63,901 $ 62,976 $ 62,160 $ 59,603 $ 57,230 Impact of FTE adjustment 147 87 91 174 154 Adjusted Revenue on a fully taxable equivalent basis 64,048 63,063 62,251 59,777 57,3
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