First Bancshares, Inc. · OTC:FIBH
First Bancshares — Merger or Acquisition (July 2019)
15 slides from First Bancshares's merger presentation, Jul 23, 2019
Slide 1: Acquisition of First Florida Bancorp
July 22, 2019 @ TheFirst Acquisition of First F/rda Bancorp
Slide 2: Safe Harbor
2 Safe Harbor ABOUT THE FIRST BANCSHARES, INC . The First Bancshares, Inc . (“FBMS” or the “Company”), headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association . Founded in 1996 , The First has operations in Mississippi, Louisiana, Alabama, Florid
Slide 3: Caution Regarding Forward Looking Statements
3 Caution Regarding Forward Looking Statements This presentation contains “forward - looking statements” as defined in the Private Securities Litigation Reform Act of 1995 , and is intended to be protected by the safe harbor provided by the same . These statements are subject to numerous risks and u
Slide 4: Transaction Terms
4 (1) Based upon 6,548,312 outstanding shares of First Florida common stock, comprised of 6,395,812 outstanding shares of First Fl orida common stock and 152,500 in the money incentive stock options (2) Based upon FBMS 10 - day average closing price of $30.30 for the period ranging 7/3/2019 to 7/17/
Slide 5: Overview of First Florida Bancorp, Inc.
5 ▪ Holding company for First Florida Bank ▪ Headquartered in Destin, FL ▪ Established in 2006 ▪ Branch network extends to Okaloosa, Walton and Bay counties within the Panama City and Crestview - Ft. Walton Beach - Destin MSAs ▪ Retail wealth management practice, “First Florida Wealth Group” based i
Slide 6: Transaction Rationale
6 (1) Tangible book value payback period calculated using the crossover method Note: Based upon FBMS 10 - day average closing price of $30.30 for the period ranging 7/3/2019 to 7/17/2019 Note: Estimated financial impact calculated using 1 st Quarter 2019 financial data Source: S&P Global Market Inte
Slide 7: Continued Growth in the Gulf South
7 Mississippi $314 100% Total Assets: $4.0 Total Loans: $2.6 Total Deposits: $3.2 Continued Growth in the Gulf South P RO F ORMA H IGHLIGHTS ($B ILLION ) G ULF S OUTH F OOTPRINT FFB Locations FBMS Locations ▪ Focused on expansion and M&A in MS, AL, LA, GA & FL ▪ Seeking compatible cultures and striv
Slide 8: Key Transaction Impacts
8 Key Transaction Impacts (1) (1) Estimated impacts provided solely for illustrative purposes (2) Tangible book value payback period calculated using the crossover method; inclusive of all one - time related transaction expe nses Note: Based upon FBMS 10 - day average closing price of $30.30 for the
Slide 9: Strengthening an Attractive Footprint
9 Note: Includes FFB’s loan production office on Hutchinson Blvd, Panama City Beach Source: S&P Global Market Intelligence Strengthening an Attractive Footprint First Florida Locations FBMS Locations
Slide 10: Attractive Market Characteristics
10 ▪ Strong aviation, aerospace/defense, and hospitality/tourism industry presence ▪ Region houses extensive U.S. military installments, including Tyndall AFB, Naval Air Station Whiting Field, Eglin Air Force Base and Hurlburt Field; Fort Walton MSA has over 1,400 military members in the area after
Slide 11: Familiar Pro Forma Demographics
11 (1) HHI is abbreviation for household income Source: S&P Global Market Intelligence, Data USA Familiar Pro Forma Demographics ▪ Enhancing footprint with attractive, familiar Gulf South markets ▪ Acquisition improves FBMS’ demographic profile ▪ First Florida’s markets include over 58,000 household
Slide 12: Transaction Assumptions
12 (1) Based upon First Florida Bancorp’s June 30, 2019 total loans of $254,399 (includes loans held for sale) (2) Core deposits defined as total deposits less CDs > $100k; Based upon First Florida Bancorp’s March 31, 2019 core deposits of $266,859 Source: S&P Global Market Intelligence Transaction
Slide 13: Experienced Acquiror and Due Diligence
13 Experienced Acquiror x Experienced in successfully executing and integrating M&A transactions ▪ FBMS management has successfully executed multiple M&A transactions in their recent history ▪ Increases the probability of a smooth integration process for employees and customers x Extensive credit re
Slide 14: Building Upon a Proven Track Record
14 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 $19.00 3/1/2013 3/1/2014 3/1/2015 3/1/2016 3/1/2017 3/1/2018 3/1/2019 Note: Assets shown as of next quarter after close Note: Dates are as of transaction close, unless otherwise specified Source: S&P Global Market Intelligence B
Slide 15: The First Bancshares, Inc.
Gh) TheFirst BANCSHARES, INC.