Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (May 2025)
22 slides from Seacoast Banking Corporation Of Florida's merger presentation, May 29, 2025
Slide 1: Acquisition of Villages Bancorporation, Inc.
Acquisition of Villages Bancorporation, Inc. May 29, 2025 2025
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
2 Cautionary Notice Regarding Forward - Looking Statements This presentation contains “forward - looking statements” within the meaning, and protections, of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended, including, witho
Slide 3: Important Information For Investors And Shareholders
3 Important Information For Investors And Shareholders Seacoast will file with the SEC a registration statement on Form S - 4 containing a proxy statement of VBI and a prospectus of Seacoast, and Seacoast will file other documents with respect to the proposed transaction . A definitive proxy stateme
Slide 4: Acquisition of Villages Bancorporation, Holding Company of Citizens First Bank
Acquisition of Villages Bancorporation, Holding Company of Citizens First Bank Note: Deposit data as of June 30, 2024 Sources: S&P Capital IQ Pro. FDIC Transformative acquisition of Villages Bancorporation, Inc. (“VBI”), holding company of Citizens First Bank, established in 1 991 by the developers
Slide 5: Seacoast Continues to Build its Story as the #1 Pure Play Florida Public Bank
Seacoast Continues to Build its Story as the #1 Pure Play Florida Public Bank¹ 1. Deposit data as of June 30, 2024. Excludes Raymond James Financial, Inc. 2. For illustrative purposes, assumes transaction closes December 31, 2025, cost savings are 100% phased - in and excludes one - time transaction
Slide 6: A Strategically Compelling Acquisition with Granular Core Deposits
A Strategically Compelling Acquisition with Granular Core Deposits 1. Deposit data as of June 30, 2024. Reflects Florida domiciled deposits. Excludes Raymond James Financial, Inc. 2. 2026 fully - phased in EPS accretion. For illustrative purposes, assumes transaction closes December 31, 2025, cost s
Slide 7: Increases Deposit Concentration in the Highest Growth Florida Markets
Increases Deposit Concentration in the Highest Growth Florida Markets 1. Represents weighted average of respective MSAs Note: Deposit market share data as of June 30, 2024. Seacoast operating MSAs not shown due to de minimis size: Homosassa Spri ngs , Florida MSA and Naples - Marco Island, Florida M
Slide 8: Citizens First Bank first mover rights and The Villages community
• As an affiliate of the developer, Citizens First Bank has had first mover rights allowing it to select branch locations in new developments prior to competitors • Citizens First Bank is the only community bank within The Villages , ranked #1 overall with 53% deposit market share in the Villages MS
Slide 9: Overview of Villages Bancorporation, Holding Company of Citizens First Bank
Overview of Villages Bancorporation, Holding Company of Citizens First Bank 1. Reflects consolidated financial data as of or for the three months ended March 31, 2025 Note: Deposit data as of June 30, 2024 Sources: S&P Capital IQ Pro. FRED. FDIC • Villages Bancorporation, Inc. is the bank holding co
Slide 10: Historically Low Deposit Costs and Attractive Beta Throughout Cycles
Historically Low Deposit Costs and Attractive Beta Throughout Cycles Note: Bank level financial data used where consolidated financial data unavailable Source: S&P Capital IQ Pro ~$33K Average Deposit Account Balance ~104K Number of Deposit Accounts 1.40% Q1’25 Cost of Total Deposits 20.5% 16.0% 71.
Slide 11: Identified Areas of Strategic Upside
Identified Areas of Strategic Upside 1. The 5 U.S. cities with the best credit scores. FOXBusiness , May 15, 2020 • Consistently growing mortgage lending opportunities throughout The Villages with development of The Villages II offering further possibilities • Steady - income borrowers with the high
Slide 12: Transaction Summary
Transaction Summary 1. Reflects Seacoast management estimate of VBI’s 2026 estimated earnings, fully phased - in cost savings of 27%, and incremental ear nings benefit of the anticipated balance sheet restructuring Note: Market data as of May 28, 2025 • Villages Bancorporation, Inc. and Citizens Fir
Slide 13: Illustrative Pro Forma Financial Impact
Illustrative Pro Forma Financial Impact 1. Eliminates double count related to CECL adoption 2. For illustrative purposes, assumes transaction closes December 31, 2025, cost savings are 100% phased - in and excludes one - time t ransaction related costs. Includes fully - converted equivalent non - vo
Slide 14: Attractive Pro Forma Results
Attractive Pro Forma Results 1. For illustrative purposes, reflects 2026 estimated performance assuming transaction closes December 31, 2025, cost savings ar e 1 00% phased - in and excludes one - time transaction related costs Note: Includes public banks headquartered in the Southeast, as defined b
Slide 15: Florida's Bank: Continuing to Build Through Successful M&A and Organic Growth
Florida’s Bank: Continuing to Build Through Successful M&A and Organic Growth 1. Acquired assets reflects target’s publicly available financials from quarter prior to closing 2. Deposit market share for Florida - based banks as of June 30 every year. Excludes EverBank Financial Corp. and Raymond Jam
Slide 16: Modeling Assumptions and Due Diligence Process
Modeling Assumptions and Due Diligence Process ACQUISITION OF VILLAGES BANCORPORATION, INC.
Slide 17: Key Pro Forma Financial Assumptions
Key Pro Forma Financial Assumptions Note: As of May 28, 2025 • Sale of approximately $2.5 billion of VBI’s AFS securities to be reinvested into higher yielding assets • Current portfolio is significantly below market • Anticipated reinvestment rate of 5.20% Securities Repositioning $84.8 million (~6
Slide 18: Seacoast's Comprehensive Due Diligence Process
• High quality, granular retail portfolio: $272,000 residential average loan size and $31,000 HELOC average outstanding • 100% coverage of all loans > $3 million; average loan size not reviewed is $131,000 consisting primarily of residential loans • Reviewed 100% of all criticized and classified loa
Slide 19: Appendix
ACQUISITION OF VILLAGES BANCORPORATION, INC. Appendix
Slide 20: Pro Forma Loan and Deposit Composition
Pro Forma Loan and Deposit Composition 1. Does not include fair value / purchase accounting adjustments Note: Financial data as of March 31, 2025. Seacoast loan and deposit totals, yields, and costs reflect GAAP data. Seacoast lo an and deposit compositions and CRE ratio reflect bank level financial
Slide 21: Illustrative Pro Forma Earnings Per Share Reconciliation
Illustrative Pro Forma Earnings Per Share Reconciliation 1. For illustrative purposes, assumes transaction closes on 12/31/25 and excludes one time transaction - related expenses 2. “Run - rate” 2026E illustrative impact assumes cost savings are fully phased - in (vs. 65% anticipated cost savings re
Slide 22: Illustrative Reconciliation of Tangible Book Value Dilution
Illustrative Reconciliation of Tangible Book Value Dilution TBV Shares TBV Dollars in Millions; excluding per share data ($M) (M) per Share SBCF Consensus Tangible Book Value at Closing (12/31/2025) $1,502.8 87.9 $17.10 Equity Consideration to VBI 527.5 21.2 Core Deposit Intangible (89.3) Goodwill C
Seacoast Banking Corp of Florida — Merger or Acquisition (May 2025) on 6ix