Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2015 Earnings Presentation
27 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Feb 3, 2016
Slide 1: Fourth Quarter 2015
Fourth Quarter 2015 Fourth Quarter 2015 January 29, 2016 Contact : (email) Steve.Fowle@SeacoastBank.com (phone) 772.463.8977 (web) www.Sea coa stBanking.com
Slide 2: Forward-looking statements
Fourth Quarter 2015 This presentation contains “forward - looking statements” within the meaning 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 about future financial and operating results, ability to
Slide 3: Legal Information
Fourth Quarter 2015 On January 22 , 2016 , Seacoast filed a definitive Proxy Statement/Prospectus with the SEC regarding the proposed merger with Floridian . This Proxy Statement/Prospectus has been mailed to Floridian shareholders . INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDI
Slide 4: Q4 2015 Financial and Growth Highlights
Fourth Quarter 2015 4 Financial Highlights Growth Highlights Q4 2015 Financial and Growth Highlights • Loans increased $57 million or 3%, not annualized, compared to third quarter 2015, and rose 18% year - over - year. Excluding acquisitions, loans increased $218 million or 12% above year - ago leve
Slide 5: Agenda
Fourth Quarter 2015 5 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 6: About Seacoast Bank
Fourth Quarter 2015 Agenda • $3.5B bank in the nation’s third most - populous state • Strong and growing presence in Orlando and Palm Beach County, two of Florida’s most attractive MSAs • Third - generation CEO; strong, engaged and independent board • Investing in innovative commercial banking platf
Slide 7: Investment Thesis
Fourth Quarter 2015 Agenda Investment Thesis Successfully Executing a New Model for Community Bankin g 7 • Reaping benefits from strategic investments in organic growth • Successful commercial banking platform – Accelerate • Leader in using digital technology to drive customer acquisition, enable cr
Slide 8: Seacoast Bank – Evidence of Success
Fourth Quarter 2015 Seacoast Bank – Evidence of Success 8 (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliati on to GAAP) 280% 64% 26% 18% Pre Tax & Provision Revenue Revenue Expenses Total Growth 1 Compound Annual Gr
Slide 9: Agenda
Fourth Quarter 2015 9 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 10: Earnings Improvement Trend
Fourth Quarter 2015 Earnings Improvement Trend 10 (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliati on to GAAP) • Net Income increased to $6.0 million, compared to a $1.5 million net loss from Q4 2014 • Adjusted net
Slide 11: Agenda
Fourth Quarter 2015 11 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 12: Loan Growth Momentum Continues
Fourth Quarter 2015 Loan Growth Momentum Continues 12 $1,822 $1,854 $1,937 $2,099 $2,156 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Total Loans Outstanding (in millions) Total loans were $ 2.2 billion at December 31, 2015, up $334 million or 18% from the prior yea
Slide 13: Deposit Balances Extend Growth Trends
Fourth Quarter 2015 Deposit Balances Extend Growth Trends 13 Total deposits increased 18% to $2.84 billion at December 31, 2015 from year - ago levels. Cost of deposits at a low 12 basis points. $728 $754 $796 $849 $879 $1,307 $1,416 $1,499 $1,545 $1,624 $327 $318 $304 $308 $299 $0 $500 $1,000 $1,50
Slide 14: Agenda
Fourth Quarter 2015 14 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 15: Net Interest Income and Margin
Fourth Quarter 2015 Net Interest Income and Margin 15 $24,883 $25,834 $25,788 $29,130 $29,216 3.56% 3.62% 3.50% 3.75% 3.67% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 4.20% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Net Interest Income and Net Interest Margin* (
Slide 16: Non Interest Income
Fourth Quarter 2015 Non Interest Income 16 $2,208 $2,002 $2,115 $2,217 $2,229 $1,603 $1,737 $2,033 $1,925 $1,989 $1,212 $1,242 $1,335 $1,385 $1,302 $716 $1,088 $1,032 $1,177 $955 $1,150 $909 $1,272 $1,012 $911 $330 $334 $366 $396 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,
Slide 17: Non Interest Expense
Fourth Quarter 2015 Non Interest Expense 17 $12,459 $11,192 $11,814 $13,236 $13,124 $1,925 $2,184 $2,235 $2,279 $2,457 $3,426 $3,251 $3,272 $3,604 $3,678 $6,598 $6,048 $6,376 $6,645 $6,706 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Other Occupancy / Telephone Dat
Slide 18: Transforming Our Business
Fourth Quarter 2015 18 Transforming Our Business Still in the early innings of our transformation, but already seeing results which position us as unique to other community banks. x Alternative Sales x Alternative Service x Online Fulfillment x Analytics x Marketing Automation x Cross Sell x Trainin
Slide 19: Agenda
Fourth Quarter 2015 19 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 20: Seacoast Earnings Goal - 2016
Fourth Quarter 2015 Agenda Seacoast Earnings Goal - 2016 We now have line of site on achieving $1.00 EPS in the near term 20 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 Q4 '15 Run Rate Annualized EPS Run Rate Forward Rate Curve M&A Oppty Organic Growth/Operating Leverage FY '16 EPS Target $0.19 $0.76
Slide 21: Agenda
Fourth Quarter 2015 21 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 22: Florida’s Unemployment Rate
Fourth Quarter 2015 22 Florida’s Unemployment Rate
Slide 23: Florida’s Economic Improvement
Fourth Quarter 2015 23 Florida’s Economic Improvement • Employment overall grew 2.9% YOY in Florida vs 1.9% for the nation. • Unemployment in December was down to 5.0%, a drop of 0.7% from a year ago. • Strongest sectors were education and health services, leisure & hospitality, education & health,
Slide 24: Agenda
Fourth Quarter 2015 24 Agenda • About Seacoast • Earnings Highlights • Balance Sheet Trends • Income Statement Highlights • Earnings Goal – 2016 • Florida Economic Updates • Appendix
Slide 25: Explanation of Certain Unaudited Non-GAAP Financial Measures
Fourth Quarter 2015 Explanation of Certain Unaudited Non - GAAP Financial M easures 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 adjus
Slide 26: Net Income - GAAP to Non-GAAP Reconciliation
Fourth Quarter 2015 Net Income - GAAP to Non - GAAP Reconciliation (Q4 14 – Q4 15) Presented below is net income excluding adjustments for merger related charges, branch closure charges, and other non core expenses. The Company believes that these results of operations are a more meaningful depictio
Slide 27: Net Income - GAAP to Non-GAAP Reconciliation
Fourth Quarter 2015 Net Income - GAAP to Non - GAAP Reconciliation (Q4 14 – Q4 15) Presented below is net income excluding adjustments for merger related charges, branch closure charges, and other non core expenses. The Company believes that these results of operations are a more meaningful depictio
Seacoast Banking Corp of Florida — Q4 2015 Earnings Presentation on 6ix