Cornerstone Financial Holdings Limited · HKEX:8112
Cornerstone Financial — Merger or Acquisition (January 2024)
8 slides from Cornerstone Financial's merger presentation, Jan 18, 2024
Slide 1: Investor Presentation: Acquisition of Cornerstone Financial Corporation
Investor Presentation January 18, 2024 Acquisition of 5 1 2 242 111 33 200 111 51 191 191 191 Exhibit 99.1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, asset quality trends and profitability of The Bank of Princeton (“BP
Slide 3: Low risk, market fill-in transaction that enhances the core banking franchise
Low risk, market fill-in transaction that enhances the core banking franchise Adds scale in the Greater Philadelphia market with 6 branches and an attractive core funding base Opportunity for significant cost savings and operational enhancements Significant cash EPS accretion (~16%1 in 2025) on a re
Slide 4: Cornerstone Financial Corporation (CFIC) Company Overview
$321M Assets $276M Loans $290M Deposits 0.08% ROAA 1.52% Cost of deposits 3.61% NIM $20M Market Cap1 7.4% TCE/TA 0.14% NPAs / Assets Loan & Deposit Composition Cornerstone Financial Corporation (CFIC) Source: S&P Capital IQ Pro; Financial data as of or for the quarter ended September 30, 2023 Note:
Slide 5: Pro Forma Highlights and Franchise
Pro Forma Highlights1 Pro Forma Franchise Source: Company provided documents; S&P Capital IQ Pro (1) Balance sheet pro forma highlights estimated at close; includes merger adjustments assumed in the transaction Pro Forma Branch Network NJ NY PA BPRN Branches (29) CFIC Branches (6) CFIC HQ Philadelph
Slide 6: Pro Forma Loan & Deposit Composition
$276M $1.5B $1.8B Pro Forma Pro Forma Loan & Deposit Composition Source: S&P Capital IQ Pro; Financial data as of or for the quarter ended September 30, 2023 Note: Pro forma data excludes purchase accounting adjustments; jumbo time deposits defined as time deposits greater than $100 thousand Loan Po
Slide 7: Transaction terms: 100% stock consideration
100% stock consideration 0.24 shares of BPRN common stock for each share of CFIC common stock Implied price per share of $8.16 for an aggregate deal value of $17.9M1 Minimum net worth requirement with exchange ratio adjustment mechanism Approximately 92% BPRN / 8% CFIC Deal value / tangible book val
Slide 8: Financial Impact Summary
Financial Impact Summary (1) Excludes the impact of purchase accounting rate marks (AOCI, loans and deposits) (2) Cash EPS accretion also excludes CDI and CECL amortization (3) Tangible book value earnback calculated using the crossover method (4) Pro forma capital ratios are estimated and shown at
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