Northfield Bancorp, Inc. · NASDAQ:NFBK
Northfield Bancorp — Merger or Acquisition (August 2015)
10 slides from Northfield Bancorp's merger presentation, Aug 26, 2015
Slide 1: Acquisition of Hopewell Valley Community Bank
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 Acquisition of Hopewell Valley Community Bank August 26, 2015
Slide 2: Forward-looking Statements and Associated Risk Factors; Additional Information
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -1- Forward-looking Statements and Associated Risk Factors; Additional Information This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
Slide 3: Transaction Overview
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -2- Transaction Overview Consideration • $14.32 per share; $54.9 million in aggregate1 • 75% Stock/25% Cash • 0.9592 shares of Northfield stock (fixed exchange ratio) or $14.50 cash • Hopewell Valley’s SBLF preferred redeemed at closing Market Cont
Slide 4: Strategic Rationale
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -3- Strategic Rationale Franchise Growth • Northfield expands into New Jersey counties of Mercer, Hunterdon and Somerset • Deposit franchise supports continued loan growth • Hopewell Valley’s commercial focus augments Northfield’s lending initiativ
Slide 5: Overview of Hopewell Valley Community Bank
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -4- Balance Sheet Assets $495 Gross Loans $357 Depos its $445 Tangible Common Equity1 $35 Loans / Depos its 80% Depos its / Funding 100% Profitability NIM 3.52% Cost of Funds 0.45% Efficiency Ratio 76.4% ROAA 0.50% ROATCE 6.7% Asset Quality NPAs /
Slide 6: Pro Forma Branch Network
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -5- HVCB (10) Northfield – NJ (9) Source: SNL Financial. Note: Deposit data as of June 30 2015. ($Millions) Northfield – NY (21) Pro Forma Branch Network Northfield HVCB Pro Forma Branches Deposits % of Total Branches Deposits % of Total Branches D
Slide 7: Pro Forma Loan Composition
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -6- Residential 19.5% Multifamily 56.1% CRE 18.3% Construction & Land 0.7% C&I 0.8% Other 2.0% Home Equity 2.6% NFBK Total Loans: $2,204 million Loan Yield: 4.11% Loans / Deposits: 111% Residential 15.1% Multifamily 1.3% CRE 57.4% Construction & La
Slide 8: Pro Forma Deposit Composition
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -7- Source: SNL Financial and company filings. Note: Financial data as of or for the quarter ended June 30, 2015. Excludes purchase accounting adjustments. Jumbo Time 14.4% Retail Time 14.7% Noninterest- Bearing 19.0% Other Transaction MMDA & Savin
Slide 9: Key Modeling Assumptions and Financial Impact
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -8- Key Modeling Assumptions • Cost savings: 30% of Hopewell Valley’s operating expense base • Credit mark: 2.4% of gross loans • Core deposit intangible: 1% of core deposits amortized over 10 years on sum-of- years’ digits basis • Restructuring ch
Slide 10: Contact Information
51 204 51 0 90 187 185 205 229 255 255 0 112 48 160 -9- 581 Main Street Suite 810 Woodbridge, NJ 07095 (732) 499-7200 www.eNorthfield.com John W. Alexander Chairman and CEO William R. Jacobs Senior Vice President, Chief Financial Officer Steven M. Klein President, Chief Operating Officer Kenneth, J.
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