Somerset Hills Bancorp — Shareholder Meeting (May 2013)
10 slides from Somerset Hills Bancorp's shareholder meeting presentation, May 8, 2013
Slide 1: Annual Meeting of Shareholders
~\OMERSET HILLS = BANCORP Annual Meeting of Shareholders May 8, 2013
Slide 2: Forward-Looking Statements
Forward-Looking Statements This investor presentation contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "ex
Slide 3: 2012 Overview
2012 Overview * Newcompany records posted in 2012: * Earnings: $3.4 million * Net interest income (tax equivalent basis): $12.1 million * Total assets (at period-end): $369 million * Total deposits (at period-end): $320 million (89% core) * Operating expenses reduced each of the past three years. *
Slide 4: First Quarter 2013 Results
First Quarter 2013 Results * Recorded first quarter 2013 net income of $402,000 after the recognition of $352,000 of after-tax merger-related charges. + Excluding after-tax merger-related charges, first quarter net income was $754,000 or $0.14 per diluted common share in 2013 versus $820,000 or $0.1
Slide 5: Transaction Overview
Transaction Overview * Per Share Consideration * Transaction Value * Consideration Mix: + Exchange: * Board Representation: + Status of Required Approvals: $12.00 per share $65.8 million based on a $12.00 share price 90% stock / 10% cash Exchange ratio fixed at 1.1962 :1 Somerset directors, Ed Deuts
Slide 6: Transaction Rationale
Transaction Rationale * Attractive financial terms of the merger that allow our shareholders to receive 90% of the consideration paid in Lakeland common stock * The financial condition, operating results and prospects of Lakeland * Amore liquid trading market for the exchanged Lakeland common shares
Slide 7: Pro Forma Branch Network
Pro Forma Branch Network A Somerset Branch O Lakeland Branch ]
Slide 8: Pro Forma Loan Composition
Pro Forma Loan Composition Pro Forma IERSET HILL / SOMERSET HI 1s 9) Lakeland Bancorp. Inc. (Lakeland Bancorp. Inc. ‘Commercial Real Estate -54% 130733 Commercial RealEstate ~ $.1425487 Commercial Real Estate -53% $ 1255870 ‘Commercial and Industral 13% 32192 cine oni 1% 246:129 Commercial and Indus
Slide 9: Pro Forma Deposit Composition
Pro Forma Deposit Composition ‘otal Deposts ‘Fza70997 | Totaldeposts Sao core Deposits" ($2,067,205 Core Deposits! 2383079
Slide 10: Somerset Hills Bancorp
S OMERSET HILLS BANCORP
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