Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2014 Earnings Presentation
19 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Feb 2, 2015
Slide 1: Fourth Quarter 2014
Fourth Quarter 2014 January 28 th , 2014
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Fourth Quarter 2014 2 Cautionary Notice Regarding Forward - Looking Statements This press release 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, statemen
Slide 3: Q4 2014 Financial and Growth Highlights
Fourth Quarter 2014 3 Financial Highlights Growth Highlights Q4 2014 Financial and Growth Highlights • Assets increased $731.5 million or 31.0% from the preceding quarter, reflecting the $683.2 million from acquisition of The BANKshares, Inc . • Total loans increased $430.8 million or 31.0% from 3Q1
Slide 4: Earnings Trend Improve
Fourth Quarter 2014 4 Earnings Trend Improve • Earnings excluding merger costs and other adjustments improve as legacy cost outs completed and acquisition is fully integrated during the quarter. • Larger loan loss provision and higher tax rate negatively impacts adjusted net income trend for the qua
Slide 5: Loan Growth Momentum Continues
Fourth Quarter 2014 5 Loan Growth Momentum Continues $ 672 $ 675 $ 682 $ 701 $ 774 $632 $637 $653 $690 $1,048 $1,304 $1,312 $1,335 $1,391 $ 1,822 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Total Loans ($ in Millions) Consumer Commercial • Total loa
Slide 6: Deposit Balances
Fourth Quarter 2014 6 Deposit Balances • Average noninterest bearing demand deposits increased to 30.8% of total deposits compared with 26.4% for the fourth quarter 2013 • Average Low/No cost deposits increased to 86.2% of total deposits compared to 83.8% one year ago $463 $481 $506 $506 $728 $ 1,00
Slide 7: Balance Sheet Growth
Fourth Quarter 2014 7 Balance Sheet Growth ($ in millions) • Deposits increased 5.2% excluding the acquisition of BANKshares year over year; Deposits excluding CDs and acquired deposits grew 9% from Q4 2013 • Loans increased 11.8% excluding the acquisition of BANKshares year over year $1,822 $2,417
Slide 8: Funding Costs Continue to Decline
Fourth Quarter 2014 8 Funding Costs Continue to Decline • Cost of Interest Bearing Liabilities declined 4 Basis Points compared to one year ago • Average cost of deposits decreased to 11 basis points from third quarter’s 12 basis points and compared to 14 basis points a year ago 14 14 13 12 11 35 33
Slide 9: Net Interest Income and Net Interest Margin
Fourth Quarter 2014 9 • The acquisition of BANKshares improved the loan mix, which together with organic loan growth during the quarter contributed approximately 33 bps to the margin improvement, in line with expectations • Net interest income for the quarter totaled $24.7 million, a $7.5 million in
Slide 10: Non Interest Income
Fourth Quarter 2014 10 Non Interest Income • Noninterest income (excluding security gains) increased $992,000 from September 30, 2014. This increase includes a full quarter effect of fees generated from BANKshares accounts • Bank owned life insurance (BOLI) investments were transferred to Seacoast a
Slide 11: Non Interest Expense
Fourth Quarter 2014 11 Non Interest Expense $9,645 $9,594 $9,668 $9,917 $ 12,459 $1,586 $1,695 $1,811 $1,769 $1,925 $2,746 $2,702 $2,798 $2,820 $ 3,427 $749 $813 $675 $717 $1,072 $839 $935 $924 $884 $1,741 $451 $386 $411 $387 $476 $2,610 $2,259 $2,513 $2,350 $ 3,309 $18,626 $18,384 $18,800 $18,844 $
Slide 12: Florida's Economic Improvement
Fourth Quarter 2014 12 Florida’s Economic Improvement • Jobs increased 3% in November • Unemployment fell to 5.8%, the lowest level in 6 years • Consumer confidence reached a post - recession high of 87.4% in December.
Slide 13: Florida Job Expansion
Fourth Quarter 2014 13 Florida Job Expansion
Slide 14: Year-Over-Year Growth in FL and US Real GDP
Year-Over-Year Growth in FL and US Real GDP 6.7% 2.2% oo | ——-US Growth non PP EEE LS LE ENE heh SF 9% 9? "Emm -4.0% ~——— 6.0% 6.25%
Slide 15: Florida's Housing Market is Recovering
Fourth Quarter 2014 15 Florida’s Housing Market is Recovering State / Metropolitan Statistical Area Single Family Homes Townhouses and Condos Closed Sales Y/Y % Chg. Median Sale Price Y/Y % Chg. Closed Sales Y/Y % Chg. Median Sale Price Y/Y % Chg. State of Florida 17,772 10.7% $176,000 3.5% 7,227 -
Slide 16: Appendix
Fourth Quarter 2014 16 Appendix
Slide 17: Explanation of Certain Unaudited Non-GAAP Financial Measures
Fourth Quarter 2014 17 Explanation of Certain Unaudited Non - GAAP Financial M easures • This press release contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP net income and
Slide 18: Net Income - GAAP to Non-GAAP Reconciliation
Fourth Quarter 2014 18 Net Income - GAAP to Non - GAAP Reconciliation: 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 depiction of the und
Slide 19: Non-Interest Expense - GAAP to Non-GAAP Reconciliation
Fourth Quarter 2014 19 Non - Interest Expense - GAAP to Non - GAAP Reconciliation: Presented below is core operating expenses and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the underlying fundamentals of its business and overall
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