Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (March 2022)
16 slides from Seacoast Banking Corporation Of Florida's merger presentation, Mar 30, 2022
Slide 1: Acquisition of Apollo Bancshares, Inc. Investor Presentation
Investor Presentation March 29, 2022 Acquisition of Apollo Bancshares, Inc. 20 22
Slide 2: 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 future financial and operating results, cost savings, enha
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: Florida migration and population growth tailwinds
• Companies and individuals seeking lower taxes, warmer weather, and easy flights back to the Northeast are migrating to Florida • Florida's population grew 14.6% between 2010 and 2020. Double the rate of overall U.S. population growth Source: US Census data ◦ At over 21.7 million people in 2021, Fl
Slide 5: Strategic Rationale and Transaction Overview
Apollo Bancshares, Inc. (5) Seacoast Branches (58) ³ 5ACQUISITION OF APOLLO BANCSHARES, INC. Strategic Rationale and Transaction Overview Pro Forma Florida Branch Footprint Contribution Analysis ⁴ • Acquisition of Apollo Bancshares, Inc. (“Apollo”) allows Seacoast Banking Corporation of Florida (“Se
Slide 6: Expands Presence in Miami-Dade County, FL
Expands Presence in Miami – Dade County, FL Pro Forma Branch Footprint Apollo’s Strong Operational Branch Network 6ACQUISITION OF APOLLO BANCSHARES, INC. Apollo Bancshares, Inc. (5) Seacoast Branches (58) ¹ Solidify Market Position in Miami-Dade County 1. Seacoast branch map and branch count include
Slide 7: Market Highlights: Miami-Dade County, FL
7ACQUISITION OF APOLLO BANCSHARES, INC. • Miami-Dade County is the most populous in Florida, with a population of 2,758,636 • Miami’s International Airport provides ease of access for international travelers with over 100 airlines and 1,000 direct flights per day • The city of Miami and the surround
Slide 8: Financially Attractive Transaction With Compelling Pro Forma Financial Impact
Transaction Price Deal Price/Share ⁵ $36.65 Aggregate Deal Value $168M ~2.25 Years TBV Earnback 9.1% 2024 EPS Accretion Key Financial Results (2.5%) TBV Share Accr. / (Dilu.) at Close ~18% Internal Rate of Return 8.0% 2023 EPS Accretion 8 Financially Attractive Transaction With Compelling Pro Forma
Slide 9: M&A Strategy Delivering Consistent Growth and Long-Term Value Creation
2.2 2.3 3.1 3.5 4.7 5.8 6.7 7.1 8.3 10.3 11.3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Pro Forma Total Shareholder Returns P R O V E N T R A C K R E C O R D O F S U C C E S S F U L A N D V A L U E - A D D E D I N T E G R A T I O N S M&A Strategy Delivering Consistent Growth and Long-Term Va
Slide 10: Transaction Summary
Apollo Bancshares, Inc. Transaction Summary 10ACQUISITION OF APOLLO BANCSHARES, INC. Transaction Value • $168.3 million fully diluted, $36.65 per Apollo Bancshares, Inc. common share1 Consideration • Apollo Bancshares, Inc. shareholders will receive 1.006529x shares of Seacoast common stock • Apollo
Slide 11: Apollo Institution Overview
11 Institution Overview MRQ Bank Level Summary Financial Metrics ($000) Loan and Deposit Composition Retail Footprint Apollo Bancshares, Inc. (5) 1-4 Family 15.0% Multifamily 9.7% Non-Owner Occupied CRE 45.1% Owner Occupied CRE 10.4% C&D 9.4% C&I 8.6% Consumer 1.9% Transaction 49.1% Savings & MMDA 4
Slide 12: Transaction Summary: Acquisition of Apollo Bancshares
12 Transaction Summary: Apollo Bancshares, Inc. ACQUISITION OF APOLLO BANCSHARES, INC. • Natural continuation of Seacoast’s M&A strategy by providing an entry point into Miami with meaningful scale and a premier lending team with deep relationships and experience in the financially attractive market
Slide 13: Appendix
Appendix 13ACQUISITION OF APOLLO BANCSHARES, INC.
Slide 14: Transaction Consideration Detail
14ACQUISITION OF APOLLO BANCSHARES, INC. Transaction Consideration Detail Dollars in Millions, Except Per Share Amounts Seacoast Stock Price as of 03/28/2022 $35.48 [A] Consideration to Shareholders of Apollo Bancshares, Inc. Exchange Ratio to Apol lo Bancshares , Inc. Shareholders 1.006529x [B] Apo
Slide 15: Gross Credit and CECL Loan Marks
Gross Credit and CECL Loan Marks • 2.40% / $16.4 million gross pre-tax credit mark on the loan portfolio ‒ $0.2 million pre-tax, or 0.21% mark on PCD loans (0.02% of total gross loans), recorded as ALLL ‒ $16.2 million pre-tax, or 2.68% mark on non-PCD loans (2.38% of total gross loans), recorded as
Slide 16: Steady Loan & Deposit Mix Maintained Post Consolidation
Steady Loan & Deposit Mix Maintained Post Consolidation 16 Transaction 60.0% Savings & MMDA 32.9% Retail Time 2.3% Jumbo Time 4.8% Transaction 49.1% Savings & MMDA 41.3% Retail Time 2.6% Jumbo Time 7.1% Transaction 61.2% Savings & MMDA 32.0% Retail Time 2.3% Jumbo Time 4.6% 1-4 Family 18.2% Multifam
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