Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q4 2017 Earnings Presentation
20 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Jan 31, 2018
Slide 1: Q4 2017 Earnings Presentation
Q4 - 2017 Earnings Presentation Contact: (email) Chuck.Shaffer@SeacoastBank.com (phone) 772.221.7003 (web) www.SeacoastBanking.com
Slide 2: 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 about future financial and operating results, cost savings
Slide 3: Transformed Florida Bank with Balanced Growth Strategy
• $5.8 billion in assets operating in the nation’s third most - populous state • Strong and growing presence in four of Florida’s most attractive MSAs ‒ Market leading presence in Orlando, Florida ‒ Growing share in West Palm Beach ‒ #2 share in Port St Lucie MSA ‒ Growing presence in Tampa MSA • In
Slide 4: Seacoast's Differentiated Strategy
4 Seacoast’s Differentiated Strategy Experienced Board & Management Team Comprehensive Customer Servicing Model Track Record of Value - Creating Acquisitions Expanding Analytical & Digital Capabilities Well - Positioned to Benefit From Florida Market Focused on Controls
Slide 5: 4Q and Full Year 2017 Highlights
5 4Q and Full Year 2017 Highlights With a growing presence in Florida’s most attractive markets, we have one of Florida’s top - performing banking franchises. • Achieved full - year adjusted EPS guidance target range, despite the impact from hurricanes • Increased tangible book value per share to $1
Slide 6: Notable Items Affecting Fourth Quarter 2017 Results
6 Notable Items Affecting Fourth Quarter 2017 Results Tax Cuts and Jobs Act of 2017 • An estimated $8.6 million of additional income tax expense was recorded to write down the Company’s net deferred tax assets as a result of the Tax Cuts and Jobs Act of 2017. The Company’s effective tax rate will de
Slide 7: Net Interest Income and Net Interest Margin
7 Net Interest Income and Net Interest Margin* ($ in thousands) • Net interest income* totaled $48.4 million, up $2.5 million or 5% from the prior quarter and $10.8 million or 29% from the prior year quarter. • Net interest margin was 3.71% in the current quarter compared to 3.74% in the prior quart
Slide 8: Adjusted Noninterest Income
8 $2,612 $2,422 $2,435 $2,626 $2,566 $2,334 $2,494 $2,671 $2,582 $2,836 $1,449 $1,257 $1,268 $1,318 $1,214 $1,616 $1,552 $1,272 $2,138 $1,487 $1,300 $1,447 $2,064 $1,981 $2,174 $611 $757 $836 $1,100 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 Q4-
Slide 9: Adjusted Noninterest Expense
9 $14,799 $16,389 $18,225 $18,097 $15,774 $3,030 $3,267 $3,108 $3,211 $3,216 $4,463 $4,625 $4,750 $4,500 $4,939 $6,562 $6,641 $7,746 $6,998 $7,475 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Other Occupancy / Telephone Data Processing Cost Salaries
Slide 10: Efficiency Ratio
10 104.50% 68.30% 68.60% 76.30% 72.6% 81.7% 78.0% 68.6% 62.4% 71.1% 73.9% 58.9% 64.0% 40% 50% 60% 70% 80% 90% 100% 110% GAAP - Efficiency 74.8% 67.5% 67.5% 68.2% 69.1% 69.6% 64.8% 63.1% 60.8% 64.7% 61.2% 57.7% 52.6% 40% 50% 60% 70% 80% 90% 100% 110% Adjusted - Efficiency 1 1 Non - GAAP measure, see
Slide 11: Total Loans Outstanding
11 Total Loans Outstanding (in millions) • Fourth quarter 2017 loans totaled $3.82 billion, an increase of $938 million or 33% from year - ago levels. Adjusting for acquisitions, loans grew $278 million or 10% year over year. • Pipelines were $119 million in commercial, $49 million in mortgage, and
Slide 12: Deposit Balances
12 • Total deposits increased 12% from the prior quarter and 30% from the fourth quarter of 2016, with annualized quarterly growth of organic deposits at 10%. • Transaction accounts represent 53% of total deposits, and have increased 21% year over year. • Brokered time deposits totaled $217 million
Slide 13: Credit Quality
13 Net Charge - offs Nonperforming Loans ALLL $23,400 $24,562 $26,000 $26,232 $27,122 0.96% 0.95% 0.95% 0.91% 0.90% 0.81% 0.83% 0.78% 0.77% 0.71% 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 ALLL ALLL Ratio - Non-Acquired ALLL Ratio - Total Non - Acquired ALLL to Nonperforming $228 $93 $(101) $279 $1,336 0.03% 0.0
Slide 14: Capital Position
Capital Position 14 Tangible Book Value / Book Value Per Share $9.37 $10.41 $10.55 $10.95 $11.15 $11.45 $12.34 $13.29 $13.66 $14.70 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 Tangible Book Value Per Share Book Value Per Share 13.1% 10.7% 11.2% 12.8% 13.5% 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 Adjusted Return on Tangible
Slide 15: Reiterating Vision 2020 Objectives
Reiterating Vision 2020 Objectives 15 • The Company is on track to achieve its Vision 2020 objectives. • The enactment of the Tax Cuts and Jobs Act of 2017 further enhances the Company’s ability to achieve these objectives. • Over time, we will continue to update our targets as greater clarity of ou
Slide 16: Contact Details
Investor Presentation Charles M. Shaffer Executive Vice President Chief Financial Officer (772) 221 - 7003 Chuck.Shaffer@seacoastbank.com INVESTOR RELATIONS www.SeacoastBanking.com NASDAQ: SBCF 16 16 Contact Details: Seacoast Banking Corporation of Florida
Slide 17: Years
YEARS
Slide 18: Explanation of 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 income and adjusted pretax, preprovision income . Management us
Slide 19: GAAP to Non-GAAP Reconciliation
( Q4 16 – Q4 17) GAAP to Non - GAAP Reconciliation 19 (Dollars in thousands except per share data) Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 First Quarter: 2017 Fourth Quarter: 2016 Net income (loss) 13,047 14,216 7,676 7,926 10,771 Gain on Sale of Visa Class B Shares (15,153) 47
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non - GAAP Reconciliation ( Q4 16 – Q4 17) 20 (Dollars in thousands) Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 First Quarter: 2017 Fourth Quarter: 2016 Adjusted Revenue 59,603 57,230 54,623 48,070 47,347 Impact of FTE adjustment 174 154 164 211 204 Adjusted Revenue on a fu
Seacoast Banking Corp of Florida — Q4 2017 Earnings Presentation on 6ix