Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2024 Earnings Presentation
32 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Feb 12, 2025
Slide 1: Investor Presentation Fourth Quarter 2024
INVESTOR PRESENTATION FOURTH QUARTER 2024 2024
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2FOURTH QUARTER 2024 INVESTOR PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1
Slide 3: Agenda
01 ABOUT SEACOAST BANK 02 OUTLOOK 03 COMPANY PERFORMANCE 04 APPENDIX
Slide 4: About Seacoast Bank
AGENDA ABOUT SEACOAST BANK
Slide 5: Valuable Florida Franchise with Strong Capital and Liquidity
5FOURTH QUARTER 2024 INVESTOR PRESENTATION • Sustained, strong presence in Florida’s most attractive markets • #15 Florida market share ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach county ▪ #1 overall market share in Port St. Lucie MSA • Strong capital and liquidity s
Slide 6: Proven Track Record of Successful and Value-Added Integrations
6FOURTH QUARTER 2024 INVESTOR PRESENTATION PROVEN TRACK RECORD OF SUCCESSFUL AND VALUE-ADDED INTEGRATIONS
Slide 7: Outlook
AGENDA OUTLOOK
Slide 8: Executing Our Balanced Growth Strategy
8FOURTH QUARTER 2024 INVESTOR PRESENTATION Executing Our Balanced Growth Strategy Relationship oriented value proposition resonates with both clients and bankers Technology and high performance culture to attract best banking talent in Florida from larger regionals Momentum has been building, with s
Slide 9: Company Performance
AGENDA COMPANY PERFORMANCE
Slide 10: Fourth Quarter 2024 Highlights
10FOURTH QUARTER 2024 INVESTOR PRESENTATION • Net income of $34.1 million, or $0.40 per diluted share, an increase of $3.4 million. • Adjusted net income1 of $40.6 million, or $0.48 per diluted share, an increase of $10.0 million. • Net interest income of $115.8 million, an increase of $9.1 million,
Slide 11: Net Interest Income
11FOURTH QUARTER 2024 INVESTOR PRESENTATION Net Interest Income ($ in th ou sa nd s) $111,035 $105,298 $104,657 $106,975 $116,115 3.36% 3.24% 3.18% 3.17% 3.39% 3.02% 2.91% 2.87% 2.90% 3.05% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 4Q'23 1Q'24 2Q'24 3Q'24 4Q'
Slide 12: Noninterest Income
12FOURTH QUARTER 2024 INVESTOR PRESENTATION Noninterest income decreased $6.6 million from the prior quarter to $17.1 million, and adjusted noninterest income1 increased $2.0 million to $25.5 million. Changes from the prior quarter include: Service charges on deposits totaled $5.1 million, a decreas
Slide 13: Continued Focus on Building Wealth Management Assets
13FOURTH QUARTER 2024 INVESTOR PRESENTATION Assets Under Management End-of-Period ($ in millions) $870 $1,239 $1,387 $1,711 $2,053 2020 2021 2022 2023 2024 Continued Focus on Building Wealth Management Assets under management totaled $2.1 billion at December 31, 2024, increasing 20% year over year.
Slide 14: Noninterest Expense
14FOURTH QUARTER 2024 INVESTOR PRESENTATION Noninterest Expense Noninterest expense totaled $85.6 million, an increase of $0.8 million, or 1%, from the prior quarter, and a decrease of $0.8 million, or 1%, compared to the prior year quarter. Changes on an adjusted basis compared to the prior quarter
Slide 15: Disciplined Approach to Lending in a Strong Florida Economy
15FOURTH QUARTER 2024 INVESTOR PRESENTATION $393 $573 $834 $831 $693 $478 $394 $538 $658 $903 Pipeline Originations 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Loan Pipeline End-of-Period vs Originations ($ in millions) $10,063 $9,978 $10,039 $10,205 $10,300 5.85% 5.90% 5.93% 5.94% 5.93% 5.40% 5.48% 5.52% 5.58% 5
Slide 16: Loan Portfolio Mix
16FOURTH QUARTER 2024 INVESTOR PRESENTATION At December 31, 2024 Loan Portfolio Mix Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $383 thousand and the average commercial loan size is $814 thousand. Portfolio diversification in terms of
Slide 17: Allowance for Credit Losses and Purchase Discount
17FOURTH QUARTER 2024 INVESTOR PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loans Outstanding Allowance for Credit Losses % of Loans Outstanding Purchase Discount % of Loans Outstanding Construction and Land Development $ 648,054 $ 7,252 1.12 % $ 2,556 0.39 % Owner
Slide 18: Continued Strong Asset Quality Trends
18FOURTH QUARTER 2024 INVESTOR PRESENTATION Net Charge-Offs $4,720 $3,630 $9,946 $7,445 $6,113 0.19% 0.15% 0.40% 0.29% 0.24% NCO NCO/Average Loans 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 ($ in thousands) $148,931 $146,669 $141,641 $140,469 $138,055 1.48% 1.47% 1.41% 1.38% 1.34% ACL ACL/Total Loans 4Q'23 1Q'24
Slide 19: Investment Securities Performance and Composition
19FOURTH QUARTER 2024 INVESTOR PRESENTATION Investment Securities Performance and Composition Portfolio yield increased two basis points to 3.77% from 3.75% in the prior quarter primarily due to new purchases. Net unrealized losses in the AFS portfolio increased during the fourth quarter by $42.7 mi
Slide 20: Distinctive Deposit Franchise Supported by Attractive Markets
20FOURTH QUARTER 2024 INVESTOR PRESENTATION Deposits End-of-Period ($ in millions) $11,777 $12,016 $12,116 $12,244 $12,242 5.50% 5.50% 5.50% 5.00% 4.50% 2.00% 2.19% 2.31% 2.34% 2.08% Total Deposits Fed Funds Cost of Deposits 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Distinctive Deposit Franchise Supported by At
Slide 21: Granular, Diverse and Relationship-Focused Customer Funding Base
21FOURTH QUARTER 2024 INVESTOR PRESENTATION Deposits End-of-Period ($ in millions) $11,777 $12,016 $12,116 $12,244 $12,242 Transaction Accounts Savings Money Market Brokered Time Deposits 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Granular, Diverse and Relationship-Focused Customer Funding Base The Company benef
Slide 22: Robust Capital Position Supporting a Fortress Balance Sheet
22FOURTH QUARTER 2024 INVESTOR PRESENTATION $15.08 $15.26 $15.41 $16.20 $16.12 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 9.3% 9.3% 9.3% 9.6% 9.6% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 15.1% 15.9% 16.1% 16.2% 16.2% 14.0% 14.5% 14.7% 14.8% 14.8% Total Risk Based Capital Tier 1 Ratio 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 11.2% 9.
Slide 23: Investor Relations
Michael Young EVP, Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF
Slide 24: Appendix
24FOURTH QUARTER 2024 INVESTOR PRESENTATION Appendix
Slide 25: Quarterly Trend
25FOURTH QUARTER 2024 INVESTOR PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Commercial pipeline at period end $ 605,357 $ 744,548 $ 743,789 $ 498,617 $ 306,531 $ 605,357 $ 306,531 Commercial loan originations 711,506 499,655 405,957 260,
Slide 26: Asset & Liability Yield/Rate Trends
26FOURTH QUARTER 2024 INVESTOR PRESENTATION 7.93 7.95 7.86 7.30 3.12 3.26 3.25 2.88 4.61 4.65 4.73 4.77 2.19 2.31 2.34 2.08 3.47 3.69 3.75 3.77 Variable Rate Loans Interest Bearing Deposit Costs Fixed/Adjustable Rate Loans Total Deposit Costs Securities 1Q'24 2Q'24 3Q'24 4Q'24 Quarterly Average Yiel
Slide 27: Recognition
27FOURTH QUARTER 2024 INVESTOR PRESENTATION Recognition 2nd consecutive year 4th consecutive year 1st time winner 5th consecutive year 1st time winner 1st time winner 2nd consecutive year 2nd consecutive year
Slide 28: Explanation of Certain Unaudited Non-GAAP Financial Measures
28FOURTH QUARTER 2024 INVESTOR PRESENTATION This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, noninte
Slide 29: Quarterly Trend
29FOURTH QUARTER 2024 INVESTOR PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Net Income $ 34,085 $ 30,651 $ 30,244 $ 26,006 $ 29,543 $ 120,986 $ 104,033 Total noninterest income 17,068 23,679 22,184 20,497 17,338 83,
Slide 30: Quarterly Trend
30FOURTH QUARTER 2024 INVESTOR PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Adjusted Noninterest Expense 85,295 84,818 82,537 83,277 86,367 335,927 357,275 Provision for credit losses on unfunded commitments (250) (
Slide 31: Quarterly Trend
31FOURTH QUARTER 2024 INVESTOR PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Average Assets $ 15,204,041 $ 14,996,846 $ 14,839,707 $ 14,690,776 $ 14,738,034 $ 14,933,758 $ 14,622,774 Less average goodwill and intangi
Slide 32: Quarterly Trend
32FOURTH QUARTER 2024 INVESTOR PRESENTATION Quarterly Trend Twelve Months Ended ($ in thousands except per share data) 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 4Q'24 4Q'23 Yield on Loans2 5.93 % 5.94 % 5.93 % 5.90 % 5.85 % 5.93 % 5.88 % Impact of accretion on acquired loans (0.45) (0.36) % (0.41) (0.42) (0.45)
Seacoast Banking Corp of Florida — Q4 2024 Earnings Presentation on 6ix