Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Q2 2018 Earnings Presentation
22 slides from Seacoast Banking Corporation Of Florida's earnings presentation, Aug 1, 2018
Slide 1: Q2 2018 Earnings Presentation
Q2 - 2018 Earnings Presentation 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 2 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
Slide 3: Valuable Florida Bank Franchise With Balanced Growth Strategy
• $5.9 billion in assets operating in the nation’s third most - populous state • Strong and growing presence in four of Florida’s most attractive MSAs ‒ #1 Florida based bank in the Orlando MSA ‒ Growing share in West Palm Beach ‒ #2 share in Port St Lucie MSA ‒ Growing presence in Tampa MSA • Inves
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: Q2 2018 Highlights
5 2 Q 2018 Highlights With a growing presence in Florida’s most attractive markets, Seacoast is one of Florida’s top - performing banking franchises. • Earnings per share totaled $0.35 on a GAAP basis, and $0.38 per share on an adjusted basis 1 . • Net income increased 121% YoY to $17.0 million, whi
Slide 6: Notable Items Impacting Results by $0.05 per share in the Second Quarter
Notable Items Impacting Results by $0.05 per share in the Second Quarter 6 • $0.5 million reduction in accretion from discounts on acquired loans quarter over quarter . • Experienced higher prepayments quarter over quarter on the nonacquired originated loan portfolio which reduced loan growth by 3 %
Slide 7: First Green Bank Acquisition: Continuation of Land and Expand M&A Strategy
First Green Bank Acquisition: Continuation of “Land and Expand” M&A Strategy in Orlando FL 7 High - Quality Expansion In Attractive Market • Expands footprint in Orlando, Florida’s 3rd largest MSA • Significantly strengthens Seacoast’s position as the #1 community bank by deposit market share in the
Slide 8: Net Interest Income and Margin
8 ($ in thousands) • Net interest income 1 totaled $50.3 million, up $0.4 million or 1 % from the prior quarter and $6.0 million or 14% from the prior year quarter. • Net interest margin was 3.77% in the current quarter compared to 3.80% in the prior quarter and 3.84% in the second quarter of 2017.
Slide 9: Adjusted Noninterest Income
9 $2,435 $2,626 $2,566 $2,672 $2,674 $2,671 $2,582 $2,836 $2,942 $3,076 $1,268 $1,318 $1,214 $1,380 $1,500 $1,272 $2,138 $1,487 $1,402 $1,336 $2,064 $1,981 $2,174 $2,946 $3,117 $757 $836 $1,100 $1,056 $1,066 $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 $1
Slide 10: Adjusted Noninterest Expense
10 $18,225 $18,097 $15,774 $18,274 $19,417 $3,108 $3,211 $3,216 $3,643 $3,393 $4,750 $4,500 $4,939 $5,225 $5,319 $7,746 $6,998 $7,475 $8,563 $8,418 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Other Expense Occupancy / Telephone Data Processing Cost
Slide 11: Efficiency Ratio
11 68.60% 76.30% 72.6% 81.7% 78.0% 68.6% 62.4% 71.1% 73.9% 58.9% 64.0% 57.8% 58.4% 40% 50% 60% 70% 80% 90% 100% 110% GAAP - Efficiency 67.5% 68.2% 69.1% 69.6% 64.8% 63.1% 60.8% 64.7% 61.2% 57.7% 52.6% 57.1% 57.3% 40% 50% 60% 70% 80% 90% 100% 110% Adjusted - Efficiency 1 1 Non - GAAP measure, see “Ex
Slide 12: Total Loans Outstanding
12 Total Loans Outstanding (in millions) • Second quarter loans totaled $3.9 billion, an increase of $644 million or 19% from year - ago levels. Adjusting for acquisitions, loans grew $237 million or 7% year over year . • Experienced higher prepayments quarter over quarter on the nonacquired origina
Slide 13: Deposit Balances
13 • Total deposits have increased 18% year over year, and declined seasonally quarter over quarter. • Transaction accounts represent 52% of total deposits, and have increased 9 % year over year. • Brokered time deposits increased quarter over quarter, as we reduced our balance of advances from the
Slide 14: Average Deposit Balances and Cost
14 (1) Beta calculated using the change in deposit costs 2Q18 vs 2Q17 divided by the 75bps change in Fed Funds rate from June 30, 2017 to June 30, 2018 Average Deposit Balances and Cost Our focus on organic growth and relationship - based funding, in combination with our innovative analytics platfor
Slide 15: Credit Quality
15 Net Charge - offs Nonperforming Loans ALLL $26,000 $26,232 $27,122 $28,118 $28,924 0.95% 0.91% 0.90% 0.90% 0.88% 0.78% 0.77% 0.71% 0.72% 0.73% 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 ALLL ALLL Ratio - Non-Acquired ALLL Ratio - Total Provision for Loan Losses $279 ($101) $1,336 $1 $1,690 - 0.01% 0.03% 0.14%
Slide 16: Maintaining Strong Capital to Support Balanced Growth Opportunities
Maintaining Strong Capital to Support Balanced Growth Opportunities 16 Tangible Book Value / Book Value Per Share $10.55 $10.95 $11.15 $11.39 $11.67 $13.29 $13.66 $14.70 $14.94 $15.18 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 Tangible Book Value Per Share Book Value Per Share 11.2% 12.8% 13.5% 14.8% 13.5% 2Q 17
Slide 17: Reiterating Vision 2020 Objectives
Reiterating Vision 2020 Objectives 17 • We remain confident in our ability to achieve our Vision 2020 targets announced early last year. We continue to monitor the impact of the Tax Cuts and Jobs Act of 2017 and believe the impact of this important legislation will more fully materialize in the mark
Slide 18: Contact Details: Seacoast Banking Corporation of Florida
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 18 18 Contact Details: Seacoast Banking Corporation of Florida
Slide 19: +YEARS
+YEARS
Slide 20: Non-GAAP financial information notice
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 21: GAAP to Non-GAAP Reconciliation
( Q2 17 – Q2 18) GAAP to Non - GAAP Reconciliation 21 (Dollars in thousands except per share data) Second Quarter: 2018 First Quarter: 2018 Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 Net income (loss) 16,964 18,027 13,047 14,216 7,676 Gain on sale of VISA Stock 0 0 (15,153) 47 (21)
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non - GAAP Reconciliation ( Q2 17 – Q2 18) 22 (Dollars in thousands) Second Quarter: 2018 First Quarter: 2018 Fourth Quarter: 2017 Third Quarter: 2017Second Quarter: 2017 Adjusted Revenue 62,976 62,160 59,603 57,230 54,623 Impact of FTE adjustment 87 91 174 154 164 Adjusted Revenue on a full
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