Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (May 2022)
18 slides from Seacoast Banking Corporation Of Florida's merger presentation, May 5, 2022
Slide 1: Acquisition of Drummond Banking Company
Investor Presentation May 4, 2022 Acquisition of Drummond Banking Company 20 22
Slide 2: 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 future financial and operating results, cost savings, enha
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: Florida's Economic Growth Continues
Florida’s Economic Growth Continues Attracted by Florida’s favorable business climate, lower taxes, warmer weather and easy flights to the Northeast, record numbers of individuals and companies have completed or announced plans to relocate operations to Florida. Sources: US Census data; The Florida
Slide 5: Strategic Rationale and Transaction Overview
5 Strategic Rationale and Transaction Overview Pro Forma Florida Branch Footprint Contribution Analysis ² • Drummond Banking Company is a 32 year-old institution that provides Seacoast with a seasoned, consistently profitable franchise with low-cost core deposits driven by deep customer loyalty, a h
Slide 6: Drummond Banking Company History
6 Drummond Banking Company History ACQUISITION OF DRUMMOND BANKING COMPANY • Much like the history of the Hudson family founding Seacoast in 1926, the Drummond family’s history in Florida banking dates back to the early 1940s. Luther W. Drummond founded Levy County State Bank in 1945. Forty five yea
Slide 7: Establishes Ocala and Gainesville Seacoast Presence
Establishes Ocala and Gainesville Seacoast Presence 7 Drummond Community Bank (18) Seacoast Branches (63) ¹ 1. Seacoast branch map and branch count include recently announced acquisition of Apollo Bancshares, Inc. Note: Branch and deposit data as of June 30, 2021 Source: S&P Capital IQ Pro Establish
Slide 8: Low Historical Deposit Beta Coupled with Favorable Deposit Composition
0.15 0.15 0.14 0.13 0.11 0.10 0.11 0.11 0.11 0.09 0.09 0.09 0.11 0.22 0.31 0.330.25 0.29 0.50 0.50 0.50 0.55 1.00 1.04 1.25 1.30 1.53 1.80 2.01 2.28 2.50 2.50 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2019 Historical Deposit Beta Dr
Slide 9: Drummond Offers Seacoast Resilient and Diversified Sources of Fee Revenue
Drummond Offers Seacoast Resilient and Diversified Sources of Fee Revenue 9 Bankers Title of the Nature Coast • Bankers Title of the Nature Coast is a title company that provides both commercial and residential title services to the communities it serves. • In 2021, Bankers Title of the Nature Coast
Slide 10: Ocala and Gainesville Market Highlights
Ocala, FL 10 Gainesville, FL Market HighlightsMarket Highlights • Ocala is well known for its hundreds of thoroughbred horse farms. Ocala and Marion County are known as the "horse capital of the world.” This has attracted high net worth families from around the world with over 400 thoroughbred farms
Slide 11: Financially Attractive Transaction With Compelling Pro Forma Financial Impact
~1.6 Years TBV Earnback 8.1% 2024 EPS Accretion Key Financial Results (2.5%) TBV Share Accr. / (Dilu.) at Close ~26.0% Internal Rate of Return 8.6% 2023 EPS Accretion Transaction Price Deal Price/Share³ $1,751.96 Aggregate Deal Value $173.2M Price, Multiples & Assumptions ~0.6 Years TBV Earnback 6.1
Slide 12: M&A Strategy Delivering Consistent Growth and Long-Term Value Creation
2.2 2.3 3.1 3.5 4.7 5.8 6.7 7.1 8.3 10.3 13.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Pro Forma Total Shareholder Returns P R O V E N T R A C K R E C O R D O F S U C C E S S F U L A N D V A L U E - A D D E D I N T E G R A T I O N S M&A Strategy Delivering Consistent Growth and Long-Term Va
Slide 13: Drummond Banking Company Transaction Summary
Drummond Banking Company Transaction Summary 13 Transaction Value • $173.2 million fully diluted, $1,751.96 per Drummond Banking Company common share1 Consideration • Drummond Banking Company shareholders will receive 51.9561 x shares of Seacoast common stock • Drummond Banking Company does not have
Slide 14: Institution Overview
14 Institution Overview MRQ Bank Level Summary Financial Metrics ($000) Loan and Deposit Composition Retail Footprint Drummond Banking Company (18) 1-4 Family 18.5% Multifamily 0.8% Non-Owner Occupied CRE 10.9% Owner Occupied CRE 14.5%C&D 17.4% C&I 10.8% Consumer 19.5% Other 7.6% Noninterest Bearing
Slide 15: Transaction Summary: Drummond Banking Company
15 Transaction Summary: Drummond Banking Company • Provides a seasoned, consistently profitable franchise with low-cost core deposits, a history of strong credit performance and an entry into new stable markets with manageable downside risk • Franchise with less than 0.10% cost of deposits and ~50%
Slide 16: Appendix
Appendix 16ACQUISITION OF DRUMMOND BANKING COMPANY
Slide 17: Gross Credit and CECL Loan Marks
Gross Credit and CECL Loan Marks • 2.47% / $13.3 million gross pre-tax credit mark on the loan portfolio ‒ $1.3 million pre-tax, or 4.30% mark on PCD loans (0.25% of total gross loans), recorded as ALLL ‒ $12.0 million pre-tax, or 2.36% mark on non-PCD loans (2.22% of total gross loans), recorded as
Slide 18: Steady Loan & Deposit Mix Maintained Post Consolidation
Steady Loan & Deposit Mix Maintained Post Consolidation 18 Noninterest Bearing 39.6% Non-time Interest Bearing Deposits 54.3% CDs > $100k 4.1% CDs < $100k 2.0% Noninterest Bearing 51.0% Non-time Interest Bearing Deposits 40.8% CDs > $100k 6.1% CDs < $100k 2.1% Noninterest Bearing 38.5% Non-time Inte
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