Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (November 2016)
12 slides from Seacoast Banking Corporation Of Florida's merger presentation, Nov 4, 2016
Slide 1: Acquisition of GulfShore Bank
Acquisition of GulfShore Bank November 4, 2016
Slide 2: Forward-looking statements
This presentation contains "forward - looking statements" within the meaning of Section 27 A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934 , including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues
Slide 3: 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 solicitati on of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale wou ld be unlawful prior to registration o
Slide 4: GulfShore Acquisition Extends Seacoast into the Attractive, Adjacent Tampa Market
GulfShore Acquisition Extends Seacoast into the Attractive, Adjacent Tampa Market High - Quality Acquisition, Strong Strategic Fit • Attractive size ($332 million in assets), pristine balance sheet, significant built - in growth prospects • Strong management team, big bank background, similar busine
Slide 5: Transaction Summary
Transaction Summary Transaction Value • Fully diluted transaction value of $54.8 million Consideration • Consideration equal to $9.80 per GulfShore common share (based on 10 - day average closing price of SBCF common stock of $17.33 as of 11/2/16) • Consideration mix comprises 85% stock and 15% cash
Slide 6: GulfShore Bank Overview
Loan & Deposit Composition ($ in 000s ) Assets: ( 1) $331,813 Gross Loans: (1) $252,554 Deposits: (1) $278,779 Tangible Equity: ( 1) $36,583 TCE / TA: ( 1) 11.0% NPAs / Assets: (2) 0.69% Efficiency Ratio: (2) 71.6% Net Interest Margin: (2) 3.39% Retail Footprint MRQ Key Financial Metrics (1) Holding
Slide 7: No Meaningful Change In Portfolio Mix
No Meaningful Change In Portfolio Mix, As GulfShore and Seacoast Loan Mixes Are Quite Comparable Seacoast’s outstanding as of June 30, 2016 + GulfShore outstanding as of July 31, 2016 C&I , 12.79% Commercial RE , 20.34% Owner Occupied CRE , 19.24% Construction , 16.48% Residential , 16.82% Consumer
Slide 8: Pro Forma Deposit Market Share Impact
Source: SNL Financial; deposit data as of 6/30/16 Pro Forma Deposit Market Share Impact ( F lorida - based banks only) Rank Institution (ST) Branches Deposits ($MM) Market Share 1 BankUnited Inc. (FL) 96 $14,951 2.9% 2 FCB Financial Holdings Inc. (FL) 48 6,473 1.2% 3 CenterState Banks (FL) 73 4,623
Slide 9: Tampa MSA market overview
• 2 nd largest in Florida, 18 th largest in the United States • Tampa MSA’s population grew 7.6% compared to 4.4% nationally in last five years; is projected to grow 5.6% from 2016 to 2021 compared to 3.7% nationally • Diverse set of employers headquartered in the MSA • Unemployment rate of 4.6% com
Slide 10: Tampa/St. Petersburg Represents Seacoast's Next Opportunity for Growth
Agenda Seacoast Has A Significant and Growing Position in Florida, U.S.’s 3 rd Largest State Southwest Florida Pop: 1,570,228 Pop Growth : 9.6 % Treasure Coast/ Palm Beach Co. Pop: 1,956,515 Growth : 7.3 % I - 4 Corridor Pop: 7,128,386 Growth: 8.5% Florida Population Growth, 2015 – 2020* * US Census
Slide 11: Pro Forma Financials and Key Assumptions
• Accretive to 2017E EPS and beyond • Earn - back of less than 3.5 years using crossover method, including all restructuring charges • Internal rate of return of nearly 20% Pro Forma Financials Attractive Financial Returns • Strong organic growth for GulfShore standalone • Approximately 35% cost sav
Slide 12: Summary
• Expands platform into the attractive, adjacent Tampa MSA, Florida’s 2 nd largest • Accelerates growth timetable, eliminates earnings drag from organic growth • Leverages Seacoast’s proven acquisition and integration capabilities, ability to grow acquired banks • Highly compatible management team,
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