Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Merger or Acquisition (October 2007)
16 slides from Independent Bank's merger presentation, Oct 12, 2007
Slide 1: Acquisition of Slade's Ferry Bancorp.
Acquisition of Slade's Ferry Bancorp. Parent of October 12, 2007
Slide 2: Strategic Rationale - Building Franchise and Shareholder Value
Strategic Rationale - Building Franchise and Shareholder Value Contiguous market expansion in S.E. Mass. - State's fastest growing region Significant share improvement in vital Providence - New Bedford corridor Adding a solid loan and deposit base Ability to further penetrate SFBC customer base with
Slide 3: Slades Ferry Bancorp. Profile
Slades Ferry Bancorp. Profile As of 6/30/07 Assets: $ 628 MM Loans: $ 434 MM Deposits: $ 426 MM Stockholders Equity: $ 51MM Efficiency Ratio*: 76% NPA %: 0.39% Net Charge-Offs *: 0 b.p. * YTD '07 annualized
Slide 4: INDB/SFBC Footprint
INDB/SFBC Footprint INDB: 51 Branches SFBC: 9 Branches
Slide 5: Significant Deposit Share Improvement in Providence-New Bedford Corridor
Significant Deposit Share Improvement in Providence-New Bedford Corridor Source: SNL Financial; Deposit/Market Share data as of June 30, 2006
Slide 6: Market Infrastructure
Rail Lines Existing Under Construction Proposed Highway Rt. 44 Expansion Potential Gaming Site Growth Market Infrastructure
Slide 7: Slades Bank - High Quality Loan Portfolio
Slades Bank - High Quality Loan Portfolio Q2 '07 Resi Mort. Comm'l Home Eq./Consumer Comm'l Real Estate $434 MM 0.31 0.11 0.04 0.54 $434 MM NPA %: 0.39% Net Chargeoffs (YTD): $0
Slide 8: Bringing INDB's Deeper Product Set to SFBC's Customer Base
Bringing INDB's Deeper Product Set to SFBC's Customer Base Consumer Commercial Wealth Management Home Equity Deposit Services Marketing Programs Commercial Banking New Market Tax Credit Program IRS Sec. 1031 Services (Compass Exchange) Investment Management & Trust AUM: $1B+ 3 Inv. Centers SFBC Cust
Slide 9: Smooth Integration Expected
Smooth Integration Expected INDB's operating platform highly leverageable INDB management experienced in bank acquisitions Thorough due diligence performed
Slide 10: Summary of Significant Terms
Summary of Significant Terms Structure: 75% stock, 25% cash Exchange Ratio: Fixed 0.818 INDB shares for each share Cash Price: $25.50 per share Aggregate Value: $105.2 million(1) Approvals: Regulatory and SFBC shareholders Expected closing: Q1 2008 Transaction multiples: Price/Book - 2.07 x Price/Ta
Slide 11: Financially Attractive Transaction
Financially Attractive Transaction Key Assumptions Cost savings: Pretax $6 million (40% of SFBC base) 75% realized in 2008, 100% in 2009 Restructuring and other transaction charges (est): Capitalized after-tax restructuring charge of $9.3MM and one time after-tax merger related expenses of $0.6MM Co
Slide 12: Appendix
INDEPENDENT BANK CORP. APPENDIX
Slide 13: Balance Sheet Highlights
INDEPENDENT BANK CORP. Balance Sheet Highlights (in millions) Independent Bank com. Assets 2,658 Investments 460 Loans 1,981 Deposits 2,082 Equity 218 Goodwill 87 cole 1 Tangible Equity Ratio 5.94% Book Value Per Share 15.31 1) 6/30/07 C ¢ 2) Based on core deposit intangible of 2.75% (3) The pro for
Slide 14: Loan Mix
Loan Mix C&I Commercial RE Residential RE Consumer
Slide 15: Funding Mix
Funding Mix Demand Deposits Savings & Int Checking Time Deposits Borrowings
Slide 16: Forward-looking statements and contact information
Statements contained in this presentation that are not historical facts are "forward- looking statements" that are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited
Independent Bank — Merger or Acquisition (October 2007) on 6ix