Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (November 2019)
13 slides from Seacoast Banking Corporation Of Florida's merger presentation, Nov 20, 2019
Slide 1: Acquisition of First Bank of the Palm Beaches
ACQUISITION OF FIRST BANK OF THE PALM BEACHES November 19, 2019
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about fut
Slide 3: Important Information For Investors And Shareholders
Important Information For Investors And Shareholders This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitatio
Slide 4: First Bank of the Palm Beaches: Strengthening Seacoast's Role as One of the Top Florida Banks in Palm Beach
First Bank of the Palm Beaches: Strengthening Seacoast’s Role as One of the Top Florida Banks in Palm Beach, FL • Enhances Seacoast’s franchise in Palm Beach County, one of Florida’s top counties by population and household income High-Quality • Builds off of the Grand Bankshares and Palm Beach Comm
Slide 5: First Bank Transaction Summary
First Bank Transaction Summary Transaction Value • $32.9 million fully diluted, $5.91 per First Bank common share1 • Shareholders will receive 0.2000 shares of Seacoast common stock Consideration • Options cashed out at the positive difference between $5.91 and the exercise price Closing • Expected
Slide 6: Overview: First Bank of the Palm Beaches
Overview: First Bank of the Palm Beaches Consolidated MRQ Summary Operating Metrics ($000s) Assets ($000): $189,126 Yield on Loans: 5.19% Gross Loans ($000): $150,228 Cost of Deposits 0.87% Deposits ($000): $171,681 NPAs / Assets: 0.12% Tangible Equity ($000): $16,434 Loan to Deposit Ratio: 87.5% TC
Slide 7: Palm Beach Is The Third Largest County In Florida
Palm Beach Is The Third Largest County In Florida, With Continuing In-Migration And A Healthy Business Environment Population & Income Business Environment • 3rd largest county in Florida; 2019 population of ~1.5 million, • Strong mix of professional and business services firms representing 6.8% of
Slide 8: Combined Palm Beach Presence Increases Deposit Share In Key Market
Combined Palm Beach Presence Increases Deposit Share In Key Market Pro Forma Community Bank1 Deposit Market Share Impact Palm Beach, FL County Total Deposits Total 2019 Active in Market Market Rank Institution Branches ($mm) Share Pro Forma 8 $821.1 1.54% 1 Seacoast Banking Corp. of Florida 6 $654.7
Slide 9: Acquisition Further Strengthens Seacoast's Franchise In Florida
Agenda Acquisition Further Strengthens Seacoast’s Franchise In Florida, U.S.’s 3rd Largest State Projected Florida Population Growth, Seacoast Customer Map 2020 – 2025* Treasure Coast / Palm Beach Co. Current: 3,814,388 Expected I-4 Corridor Growth: 6.4% Orlando MSA Current: 6,599,350 Expected Growt
Slide 10: Transaction Summary: First Bank of the Palm Beaches
Transaction Summary: First Bank of the Palm Beaches o In-market acquisition of core deposit franchise with high-yielding loan portfolio in the attractive Palm Beach County market o Improves Seacoast’s projected profitability and returns 2%+ EPS accretion in 2021 o Minimal impact to TBV o Leverages S
Slide 11: Appendix
Appendix 11
Slide 12: First Bank Transaction Summary – Loan Portfolio Mark and CECL Assumptions
First Bank Transaction Summary – Loan Portfolio Mark and CECL Assumptions • Loans to be separated into purchased credit deteriorated (PCD) and non-purchased credit deteriorated (non-PCD) PCD Loans • The credit mark from purchase accounting relating to PCD loans will be recorded as ALLL CECL Impact •
Slide 13: Prudent Loan Portfolio Mix Maintained Post Consolidation
Prudent Loan Portfolio Mix Maintained Post Consolidation Other 1.0% 1-4 Family 21.6% Combined Pro Forma Portfolio Mix C&I Multifamily 14.2% 2.8% Consumer Other 4.2% 0.8% $5,013 million1 HELOC OwnerOcc 7.0% CRE 20.4% 1-4 Family C&D C&I 22.1% Multifamily C&D Ratio: 42.0% 6.5% 13.9% CRE Ratio: 203.9% O
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