Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q3 2019 Earnings Presentation
23 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Oct 25, 2019
Slide 1: Earnings Presentation Third Quarter 2019 Results
Earnings Presentation THIRD QUARTER 2019 RESULTS Contact: (email) Chuck.Shaffer@SeacoastBank.com (phone) 772.221.7003 (web) www.SeacoastBanking.com
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 of assumptions and estimates, as well as differences in, and changes to, economic, market and credit 27A of the Securities Act of 1933 and S
Slide 3: Valuable Florida Franchise With Disciplined Growth Strategy
Seacoast Banking Corporation of Florida [NASDAQ: SBCF] Valuable Florida Franchise With Disciplined Growth Strategy, Benefiting from Fortress Balance Sheet with Robust Capital Generation, Prudent Liquidity Position, and Strict Credit Underwriting Seacoast Customer Map • $6.9 billion in assets as of S
Slide 4: Third Quarter Highlights
Third Quarter Highlights • Earnings per diluted share totaled $0.49 on a GAAP basis and $0.53 on an adjusted basis1 for the quarter • On a GAAP basis, ended the quarter at 1.61% Return on Tangible Assets (ROTA) and 14.7% Return on Average Tangible Common Equity (ROTCE). On an adjusted basis, third q
Slide 5: Net Interest Income and Margin
Net Interest Income and Margin ($ In Thousands) $60,100 $60,861 $60,219 $61,027 $51,709 4.00% 4.02% 3.82% 3.94% 3.89% 3.64% 3.73% 3.76% 3.67% 3.64% 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans • Net interest income1 totaled $61.0 mi
Slide 6: Noninterest Income
Noninterest Income 1 Noninterest Income (in thousands) Adjusted Noninterest Income (in thousands) $13,943 $13,577 $14,043 $928 $13,834 $927 $12,291 $927 $928 $12,339 $1,078 $2,238 $2,503 $1,078 $2,704 $2,394 $2,126 $691 $569 $2,174 $691 $569 $473 $1,734 $2,127 $1,734 $2,127 $1,135 $473 $1,135 $1,688
Slide 7: Proven Success at Disciplined Expense Control
Proven Success at Disciplined Expense Control Noninterest Expense (in thousands) Adjusted Noninterest Expense1 (in thousands) $41,000 $38,583 $38,027 $37,399 $4,842 $36,911 $35,913 $4,656 $4,769 $5,344 $2,033 $4,591 $5,028 $1,648 $2,033 $2,019 $6,178 $1,597 $5,499 $2,019 $5,858 $5,205 $5,414 $3,876
Slide 8: Continued Favorable Efficiency Ratio Trend
Continued Favorable Efficiency Ratio Trend GAAP - Efficiency Adjusted - Efficiency1 74% 71% 69% 66% 65% 64% 63% 62% 61% 61% 59% 58% 58% 58% 57% 57% 57% 57% 56% 56% 53% 53% 54% 51% 49% 49% 6 6 7 7 7 7 8 8 8 8 9 9 9 6 6 7 7 7 7 8 8 8 8 9 9 9 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1 '1
Slide 9: Loan Growth Momentum Continues
Loan Growth Momentum Continues, Supported by a Strong Florida Economy and Strict Credit Underwriting Total Loans Outstanding ($ in millions) $4,986 • Third quarter loans totaled $5.0 billion, an increase of $4,825 $4,828 $4,888 $927 million or 23% year-over-year. • New loan originations of $488 mill
Slide 10: Strong Deposit Franchise Supported by Attractive Markets
Strong Deposit Franchise Supported by Attractive Markets Deposits Outstanding ($ in millions) $5,606 $5,673 • Total deposits increased $132 million quarter-over- $5,541 quarter and $1.0 billion compared to the third quarter of $5,177 $1,129 $1,054 $1,218 2018. $4,644 $926 • Third quarter balances re
Slide 11: Average Deposit Balances and Cost
Average Deposit Balances and Cost Deposit Mix and Cost of Deposits Trended Cost of Deposits Fed Funds Cost of Deposits 0.43% 0.54% 0.67% 0.76% 0.73% 10% 10% 9% 9% 9% 2.50% 2.50% 2.50% 20% 20% 20% 20% 20% 2.25% 2.00% 2.00% 1.75% 22% 22% 21% 21% 21% 1.50% 1.25% 1.25% 13% 13% 14% 14% 14% 1.00% 4% 4% 6%
Slide 12: Continued Strong Asset Quality Trends
Continued Strong Asset Quality Trends ($ in thousands) Net Charge-Offs Nonperforming Loans NCO NCO / Loans NPL - Non-Acquired NPL- Acquired Total NPL Ratio $3,7491 $2,111 $1,841 $7,142 $10,693 $5,644 $6,990 $6,986 $18,998 $20,400 $797 $963 $15,783 $15,423 $15,810 0.08% 0.32% 0.08% 0.15% 0.17% 0.64%
Slide 13: Strong Capital Supporting Fortress Balance Sheet
Strong Capital Supporting Fortress Balance Sheet Tangible Book Value / Book Value Per Share Tangible Common Equity / Tangible Assets Tangible Book Value Per Share Book Value Per Share 11.1% 10.7% $18.08 $18.70 10.2% $16.83 $17.44 9.9% 9.7% $15.50 $14.30 $12.98 $13.65 $12.01 $12.33 3Q'18 4Q'18 1Q'19
Slide 14: Steady Increase in Shareholder Value
Steady Increase in Shareholder Value Tangible Book Value Per Share $14.30 $13.65 $12.98 $12.33 $12.01 $11.67 $11.39 $11.15 $10.95 $10.41 $10.55 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 Compounded annual growth rate of 13% in tangible book value per share since announcing our
Slide 15: We Remain Confident in our Ability to Achieve Our Vision 2020 Targets
We Remain Confident in our Ability to Achieve Our Vision 2020 Targets Vision 2020 Targets Return on Tangible Assets 1.30% + Return on Tangible Common Equity 16% + Efficiency Ratio Below 50% THIRD QUARTER 2019 EARNINGS PRESENTATION 15
Slide 16: Contact Details
Contact Details: Seacoast Banking Corporation of Florida Charles M. Shaffer Executive Vice President Chief Operating Officer and Chief Financial Officer (772) 221-7003 INVESTOR RELATIONS NASDAQ: SBCF THIRD QUARTER 2019 EARNINGS PRESENTATION 16
Slide 17: Appendix
Appendix THIRD QUARTER 2019 EARNINGS PRESENTATION 17
Slide 18: Loan Production and Pipeline Trend
Loan Production and Pipeline Trend Quarterly Trend Nine Months Ended (Amounts in thousands) 3Q'19 2Q'19 1Q'19 4Q'18 3Q18 3Q'19 3Q18 Commercial pipeline at period end $ 359,716 $ 261,586 $ 177,318 $ 164,064 $ 196,512 $ 359,716 $ 196,512 Commercial loans closed 282,224 156,958 109,076 159,388 130,989
Slide 19: 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 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18 3Q'19 3Q'18 Net Income $ 25,605 $ 23,253 $ 22,705 $ 15,962 $ 16,322 $ 71,563 $ 51,313 Total noninterest income 13,943 13,577 12,836 12,714 12,291 40,356 37,308
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18 3Q'19 3Q'18 Adjusted Noninterest Expense $ 36,911 $ 38,027 $ 41,098 $ 39,540 $ 35,913 $ 116,036 $ 108,165 Foreclosed property expense and net gain/(loss) on sa
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly Trend Nine Months Ended (Amounts in thousands except per share data) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18 3Q'19 3Q'18 Loan interest income excluding accretion on acquired loans $ 59,279 $ 58,169 $ 58,397 $ 55,470 $ 46,349 $ 175,845 $ 133,395 Accretion on acquired l
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) $121 $95 $572 $847 Branch Business Tax effect of Adjusted Net reductions continuity adjustments Securities $956 Income expenses - losses, net and other $1,135 expense hurricane BOLI $27,731 initiatives events benefits on Effect of death change in (inc
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