Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (January 2020)
13 slides from Seacoast Banking Corporation Of Florida's merger presentation, Jan 24, 2020
Slide 1: Acquisition of Fourth Street Banking Company (Freedom Bank)
ACQUISITION OF FOURTH STREET BANKING COMPANY (FREEDOM BANK) January 23, 2020
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding 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 fut
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: Strengthening Seacoast's Role as One of the Top Florida Banks in Tampa-St. Petersburg
Fourth Street Banking Company / Freedom Bank: Strengthening Seacoast’s Role as One of the Top Florida Banks in Tampa-St. Petersburg, FL Market • Enhances Seacoast’s franchise in Tampa-St. Petersburg MSA, one of the largest MSAs in the Southeast and top 20 in the nation by population High-Quality • B
Slide 5: Fourth Street Transaction Summary
Fourth Street Transaction Summary Transaction Value • $63.6 million fully diluted, $3.75 per Fourth Street common share1 2 • Shareholders will receive 0.1275 shares of Seacoast common stock Consideration • Options cashed out at the positive difference between $3.75 and the exercise price Closing • E
Slide 6: Overview: Freedom Bank
Overview: Freedom Bank MRQ Summary Financial Metrics¹ ($000) Bank Level Assets: $306,215 Yield on Loans: 5.79% Bank Level Gross Loans: $248,948 Cost of Deposits 1.05% Bank Level Deposits: $276,401 NPAs / Assets: 0.34% Bank Level Tangible Common Equity: $28,296 Loan to Deposit Ratio: 90.1% Bank Level
Slide 7: Tampa-St. Petersburg-Clearwater MSA is the Second Largest in Florida
The Tampa-St. Petersburg-Clearwater MSA is the Second Largest in Florida With A Healthy Business Environment Population Growth Business Environment • 2nd largest MSA in • Tampa ranked #34 on Business.org's list of Florida, 18th largest in the top 40 US cities for entrepreneurs. United States. • Busi
Slide 8: Combined Tampa-St. Petersburg Presence Increases Deposit Share In Key Market
Combined Tampa-St. Petersburg Presence Increases Deposit Share In Key Market Pro Forma Community Bank1 Deposit Market Share Impact Tampa-St. Petersburg-Clearwater, FL MSA City of St. Petersburg, FL Deposits Total Deposits Total 2019 Active in Market Market 2019 Active in Market Market Rank Instituti
Slide 9: Acquisition Further Strengthens Seacoast's Franchise In Florida
Agenda Acquisition Further Strengthens Seacoast’s Franchise In Florida, U.S.’s 3rd Largest State Projected Florida Population Growth, Seacoast Customer Map 2020 – 2025* Treasure Coast / Palm Beach Co. Current: 3,814,388 Expected I-4 Corridor Growth: 6.4% Orlando MSA Current: 6,599,350 Expected Growt
Slide 10: Transaction Summary: Fourth Street Banking Company
Transaction Summary: Fourth Street Banking Company o In-market acquisition of core deposit franchise with high-yielding loan portfolio in the attractive Tampa-St. Petersburg market o Improves Seacoast’s projected profitability and returns 3%+ EPS accretion in 2021; 5%+ cumulative EPS accretion in 20
Slide 11: Appendix
Appendix 11
Slide 12: Fourth Street Transaction Summary – Loan Portfolio Mark and CECL Assumptions
Fourth Street Transaction Summary – Loan Portfolio Mark and CECL Assumptions • 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 ALLL CECL Impac
Slide 13: Prudent Loan Portfolio Mix Maintained Post Consolidation
Prudent Loan Portfolio Mix Maintained Post Consolidation Other 0.9% C&I 1-4 Family 14.2% Combined Pro Forma Portfolio Mix ¹ 23.1% Consumer Multifamily 3.9% Other 3.3% 1.2% HELOC $5,369 million 6.5% C&D OwnerOcc Bank Level: C&I 6.2% CRE 14.5% 1-4 Family C&D Ratio: 42.5% 20.0% 22.2% Multifamily CRE Ra
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