Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (March 2015)
8 slides from Seacoast Banking Corporation Of Florida's merger presentation, Mar 31, 2015
Slide 1: Acquisition of Grand Bankshares, Inc.
March 25, 2015 Acquisition of Grand Bankshares , Inc. For further information, contact: Denny Hudson Chief Executive Officer Phone: 772 - 288 - 6085 Email: denny.hudson@seacoastnational.com William R. Hahl Chief Financial Officer Phone: 772 - 221 - 2825 Email: w.hahl@seacoastnational.com
Slide 2: Important Information for Investors and Shareholders
Acquisition of Grand Bankshares , Inc. 2 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 an y vote or approval, nor shall there be any sale of securities in any jur
Slide 3: Transaction Overview
3 Transaction Overview Acquisition of Grand Bankshares , Inc. Consideration 1 • Stock and cash • Fixed exchange ratio of 0.3114x • Seacoast to issue 1,090,492 shares to Grand common and Series A preferred shareholders • Aggregate of $1.48 million in cash to Series B preferred shareholders Deal Value
Slide 4: Strategic Rationale
4 Strategic Rationale Acquisition of Grand Bankshares , Inc. • Thorough and conservative due diligence limits pro forma risk and downside • Negative loan pre - tax credit mark of approximately $4.5 million gross of Grand’s loan loss reserve of $3.7 million • Other pre - tax purchase accounting marks
Slide 5: Palm Beach County is a Premier Florida Market
• North Palm Beach is one of Seacoast’s fastest growing markets • Palm Beach County has the second highest per capita income in Florida¹ • Top employers include:² • Palm Beach housing comeback is among the best in the nation³ • Consumer confidence in Florida the highest in the past 7 years⁴ (1) http
Slide 6: Overview of Grand Bankshares, Inc.
• Total Assets: $208 million • Loans / Deposits: 69% • TCE / TA: 6.13% • Tier 1 Leverage Ratio: 9.1% • Total Risk Based Capital Ratio: 15.4% • Noncurrent Loans / Loans: 0.86% • NPLs / Loans: 10.6% • Loan Loss Reserves / Loans: 2.9% • LTM ROAA: 0.41% • LTM ROAE: 6.42% • LTM Net Interest Margin: 3.64%
Slide 7: Seacoast's Pro Forma Franchise
7 Seacoast’s Pro Forma Franchise Acquisition of Grand Bankshares , Inc. Pro Forma County Branch Map Palm Beach County Deposit Market Share Pro Forma Financial Highlights 1 2014 Rank Institution (ST) Branches Deposits ($000) Market Share (%) 1 Wells Fargo & Co. (CA) 66 8,727,124 21.60 2 Bank of Ameri
Slide 8: Dominant Position as a Florida Based Bank
8 Dominant Position as a Florida Based Bank Acquisition of Grand Bankshares , Inc. Source: SNL Financial (1) Includes banks based in Florida and excludes banks headquartered in Miami and Miami Lakes, FL (2) Includes Okeechobee County , Indian River County, St. Lucie County and Martin County Florida
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