Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (March 2021)
18 slides from Seacoast Banking Corporation Of Florida's merger presentation, Mar 24, 2021
Slide 1: Acquisition of Legacy Bank of Florida
ACQUISITION OF LEGACY BANK OF FLORIDA March 23, 2021
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2 Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forw ard-looking statements” w ithin the meaning, and protections, of Section 27A of the Securit ies Act of 1933 and Section 21E of the Securit ies Exchange Act of 1934, including, w ithout limitation, statements ab
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 solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
Slide 4: Florida to Benefit from the Work-from-Anywhere Future Accelerated by COVID-19
• Companies and individuals seeking real estate affordability, lower taxes, warmer weather, and easy flights back to the Northeast are migrating to Florida. • Florida's population forecast was revised in November 2020 to reflect a larger 2020 base and stronger net-migration projections. Source: Offi
Slide 5: Attractive Broward and Palm Beach County markets
Source: S&P Global Market Intelligence, Claritas, pbggov.org, Forbes, https://www.foxbusiness.com/real-estate/florida-american-movers, http://edr.state.fl.us/content/area-profiles/county/PalmBeach.pdf, https://www.bdb.org/targeted-industries/financial-services-and-hedge- funds/, https://www.gflallia
Slide 6: Acquisition Strengthens Seacoast's Role as One of the Top Florida Banks in South Florida
Pro Forma Assets ($M) $8,342.4 $533.3 $8,875.7 Loans ($M) $5,804.2 $482.2 $6,286.4 Deposits ($M) $6,932.6 $431.8 $7,364.4 Acquisition of Legacy Bank of Florida Helps Strengthen Seacoast’s Role as One of the Top Florida Banks in the South Florida Market 1. Deposit market share data and deposit totals
Slide 7: Seacoast Continues To Strategically Expand Its Customer Franchise Across Florida
2013 Seacoast Customer Map: Legacy Bank of Florida expected to significantly strengthen Seacoast’s franchise in South Florida 2017 2021 Orlando MSA Orlando MSA Port St Lucie MSAPort St Lucie MSA South Florida MSA Tampa / St Pete MSA Port St Lucie MSA Seacoast Continues To Strategically Expand Its Cu
Slide 8: Combined Presence Increases Deposit Share and Advances Consolidation
Miami-Fort Lauderdale-Pompano Beach, FL MSA Broward, FL County Combined Broward County and Palm Beach County Presence Increases Deposit Share and Further Advances Consolidation In Key Markets Pro Forma Community Bank1 Deposit Market Share Impact 1. “Community Bank” defined as banks with less than $2
Slide 9: Financially Attractive Transaction With Compelling Pro Forma Financial Impact
Financially Attractive Transaction With Compelling Pro Forma Financial Impact and Conservative Approach Limiting Downside Risk • Financially attractive acquisition of a high quality franchise: – The transaction has minimal upfront dilution to tangible book value (TBV) per share, earnback period of 0
Slide 10: Negligible Impact on Seacoast's Capital Base
TCE Ratio 16.17% 11.33% 16.01% SBCF at 12/31/2020 Legacy at 12/31/2020 Pro Forma at Closing Tier 1 Common Ratio Total Capital Ratio Tier 1 Ratio Leverage Ratio 6.5% Well Capitalized 18.51% 11.97% 18.32% SBCF at 12/31/2020 Legacy at 12/31/2020 Pro Forma at Closing 17.46% 11.33% 17.16% SBCF at 12/31/2
Slide 11: Delivering Consistent Growth and Long-term Value Creation
$2.2 B $2.3 B $3.1 B $3.5 B $4.7 B $5.8 B $6.7 B $7.1 B $8.3 B $8.9 B¹ 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pro Forma Total Shareholder Returns A s s e ts ( $ B ) Delivering Consistent Growth and Long-term Value Creation Proven Track Record of Successful and Value-added Integrations 1 Year 3
Slide 12: Transaction Terms
Transaction Value • $102.2 million fully diluted, $6.05 per Legacy Bank of Florida common share1 Consideration • Shareholders will receive 0.1703 shares of Seacoast common stock • Options are rolled over into Seacoast options based on the positive difference between $6.05 and the exercise price Clos
Slide 13: Overview: Legacy Bank of Florida
Total Assets: $533,334 Total Gross Loans: $482,181 Total Deposits: $431,778 Tangible Common Equity: $57,063 Tangible Common Equity / Tangible Assets: 10.70% Overview: Legacy Bank of Florida 1. Bank-level regulatory data for the quarter ended December 31, 2020, unless otherwise noted Source: S&P Glob
Slide 14: Transaction Summary: Legacy Bank of Florida
o In-market acquisition of a high quality franchise with a high-yielding loan portfolio in attractive South Florida markets o Improves Seacoast’s projected profitability and returns ~6% EPS accretion in 2022 o Minimal upfront dilution to tangible book value per share, earned back in approximately 0.
Slide 15: Appendix
Appendix 15
Slide 16: CECL Impact
CECL Impact • Loans to be separated into purchased credit deteriorated (PCD) and non-purchased credit deteriorated (non-PCD) PCD Loans • The credit mark from purchase accounting relating to PCD loans will be recorded as allowance Non-PCD Loans • The credit mark from purchase accounting relating to t
Slide 17: Prudent Loan Portfolio Mix Maintained Post Consolidation
23.5% 2.6% 18.6% 23.0% 4.4% 9.8% 3.0% 12.8% 2.2% Prudent Loan Portfolio Mix Maintained Post Consolidation $432M 24.3% 2.5% 19.7% 21.1% 4.2% 9.8% 3.3% 13.0% 2.2% $5.8B C&DNon-OO CRE PPPOwner Occupied CRE1-4 Family Multi family C&IConsumer Other 14.5% 3.2% 6.5% 45.4% 6.6% 10.8% 0.1% 10.6% 2.2% $482M 1
Slide 18: Selected COVID-19 Sensitive Sectors
1. Loan data for Seacoast and Legacy as of December 31, 2020 2. All portfolios excluding PPP loans Selected COVID-19 Sensitive Sectors 18 Hotel Retail Office Restaurant $131 million 2.3% of portfolio $455 million 7.9% of portfolio $761 million 13.3% of portfolio $50 million 0.9% of portfolio • Avera
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