Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (April 2014)
11 slides from Seacoast Banking Corporation Of Florida's merger presentation, Apr 28, 2014
Slide 1: Acquisition of The BANKshares, Inc.
CONFIDENTIAL Acquisition of The BANKshares, Inc. April 25, 2014 For further information, contact : Dennis S. Hudson, III William R. Hahl CEO CFO Phone: 772 - 288 - 6085 Phone: 772 - 221 - 2825 Email: denny.hudson@seacoastnational.com Email: w.hahl@seacoastnational.com
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
CONFIDENTIAL Cautionary Notice Regarding Forward - Looking Statements This presentation includes forward - looking statements within the meaning of the “Safe - Harbor” provisions of the Private Securities Litigation Reform Act of 1995 , which management believes are a benefit to shareholders . These
Slide 3: Transaction Overview
CONFIDENTIAL T RANSACTION O VERVIEW 3 (1) Fixed exchange ratio of 0.4975 shares of Seacoast common stock for each BANKshares share (including Series A Convertible Preferred) (2) Based on Sail closing share price of $10.74 on 4/24/2014 Consideration ▪ Tax - free, stock - for - stock exchange ▪ Seacoa
Slide 4: Acquisition With A Compelling Vision
CONFIDENTIAL A CQUISITION W ITH A C OMPELLING V ISION 4 (1) By deposits at 6/30/13. Source: SNL Financial Strategically attractive • Meaningful extension of Seacoast’s existing market footprint -- becomes #6 Florida - based bank in the attractive Orlando MSA and 5 th largest bank headquartered in Fl
Slide 5: Overview of The BANKshares, Inc.
CONFIDENTIAL ▪ The BANKshares , Inc . , is headquartered in Winter Park, Florida and is a 25 - year - old franchise ▪ Operates through 12 branch locations positioned throughout Central Florida ▪ Strong market presence in the Orlando market, with long - standing small business and commercial relation
Slide 6: Enhances Our Florida Franchise
CONFIDENTIAL Institution Branches $B % Share 1Old Florida Bancshares 12 $1.1 2.9% 2CenterState Banks 18 0.6 1.5 3Three Shores Bancorp 4 0.5 1.3 4Villages Bancorp 4 0.5 1.3 5CNLBancshares 4 0.5 1.2 (6)Pro Forma 9 0.4 1.0 6UniSouth 12 0.3 0.9 7HomeBancorp 2 0.3 0.9 8BANKshares 7 0.3 0.8 9Citizens Banc
Slide 7: Pro Forma Deposit Composition
CONFIDENTIAL P RO F ORMA D EPOSIT C OMPOSITION 7 MMDA & Savings, 30% NOW, 13% Demand Deposits, 39% Jumbo Time Deposits, 10% Retail Time Deposits, 8% MMDA & Savings, 28% NOW, 30% Demand Deposits, 28% Jumbo Time Deposits, 6% Retail Time Deposits, 8% MMDA & Savings, 30% NOW, 25% Demand Deposits, 31% Ju
Slide 8: BANKshares Credit Summary
CONFIDENTIAL • High quality loan portfolio with concentration in small balance commercial loans with low LTVs, first position liens and high quality clientele • Portfolio mix, average loan size, as well as geography and industry sector improve diversification • Strong asset quality metrics • NPAs ex
Slide 9: Pro Forma Loan Composition
CONFIDENTIAL P RO F ORMA L OAN C OMPOSITION 9 Commercial & Industrial, 15% Owner - occupied CRE, 42% Commercial Real Estate, 27% 1 - 4 family, 15% Consumer, 1% Commercial & Industrial, 5% Owner - occupied CRE, 15% Commercial Real Estate, 29% 1 - 4 family, 46% Multifamily, 1% Consumer, 4% Commercial
Slide 10: Summary Acquisition Consequences
CONFIDENTIAL S UMMARY A CQUISITION C ONSEQUENCES 10 (1) Based on IBES consensus 2015 earnings estimate for Seacoast of $0.61 per share (2) As of 3/31/14 Pro Forma 2015 EPS Accretion (1) (with 100% of cost savings) 13% Tangible book value per share dilution at close 4.9% Earnback period Under 3 years
Slide 11: Well-Positioned To Execute Successfully
CONFIDENTIAL W ELL - P OSITIONED T O E XECUTE S UCCESSFULLY 11 ▪ Low integration risk ▪ Strong credit profile ▪ Common core processing vendor ▪ Complementary market coverage (facilitates assimilation of customer - facing business development teams) ▪ Well - defined, achievable cost savings opportuni
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