Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — Merger or Acquisition (August 2021)
21 slides from Seacoast Banking Corporation Of Florida's merger presentation, Aug 23, 2021
Slide 1: Investor Presentation for Acquisitions of Sabal Palm Bancorp and Business Bank of Florida
INVESTOR PRESENTATION FOR ACQUISITIONS OF: SABAL PALM BANCORP, INC. AND BUSINESS BANK OF FLORIDA, CORP. August 23, 2021
Slide 2: Forward-looking statements
2 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, loan growth, cos
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's Economic and Population Growth Continues
• 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 grew 14.6% between 2010 and 2020, double the rate of overall U.S. population growth Source: US Census data • In March 202
Slide 5: Combined Franchise: Seacoast, Sabal Palm and Business Bank of Florida
Assets ($M) $9,317 $582 $412 $188 Loans ($M) $5,480 $478 $272 $136 Deposits ($M) $7,836 $486 $377 $166 Equity ($M) $1,182 $61 $33 $21 Sabal Palm Bancorp, Inc. and Business Bank of Florida, Corp.: Advance consolidation, expand in growth markets, drive EPS accretion, and offset incremental costs as SB
Slide 6: Financially Attractive Transactions With Compelling Pro Forma Financial Impact
Financially Attractive Transactions With Compelling Pro Forma Financial Impact and Conservative Approach Limiting Downside Risk • Financially attractive acquisitions of two high-quality franchises: – Cumulatively, the transactions have minimal upfront dilution to TBV per share, earnback of 1.25 year
Slide 7: Seacoast Continues To Strategically Expand Its Customer Franchise Across Florida
2013 Seacoast Customer Map: Sabal Palm Bancorp and Business Bank of Florida expected to strengthen Seacoast’s franchise in 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 I
Slide 8: Establishes Sarasota County Presence and Advances Consolidation In Brevard County
Establishes Sarasota County Presence and Advances Consolidation In Brevard County 1. “Community Bank” defined as banks with less than $20 billion in total assets as of most recently reported quarter 2. Seacoast branch map and branch count are pro forma for recently completed acquisition of Legacy Ba
Slide 9: Sabal Palm Bank Market Overview: Sarasota, FL
Sabal Palm Bank Market Overview: Sarasota, FL Growing and vibrant gulf coast market surrounded by some of the wealthiest waterfront communities in the state 1. Source: Economic Development Council of Sarasota County Source: S&P Global Market Intelligence • The waterfront towns surrounding Sarasota,
Slide 10: Florida Business Bank Market Overview: Melbourne, FL
Florida Business Bank Market Overview: Melbourne, FL “Space Coast” market is the economic engine of Brevard County, led by the technology and aerospace industries 1. Source: Economic Development Council of Florida’s Space Coast Source: S&P Global Market Intelligence • Brevard County, the birthplace
Slide 11: Meeting the $10 Billion Asset Threshold Challenge
Meeting the $10 Billion Asset Threshold Challenge Well-Prepared to Cross $10 Billion Mark and Offset Incremental Costs Through Acquisitions 1. Source: S&P Global Market Intelligence; represents most recent quarter assets available • Seacoast estimates that the aggregate costs of crossing the $10 bil
Slide 12: Pro Forma Capital Ratios
TCE Ratio 17.03% 11.97% 12.57% 16.06% 14.90% SBCF at 6/30/21 Legacy at 6/30/21 Sabal Palm 6/30/21 FBB at 6/30/21 Pro Forma at Close Tier 1 Common Ratio Total Capital Ratio Tier 1 Ratio Leverage Ratio 6.5% Well Capitalized 19.21% 12.65% 13.55% 17.31% 17.08% SBCF at 6/30/21 Legacy at 6/30/21 Sabal Pal
Slide 13: 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 $9.3B $10.5B2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q2 Pro Forma Total Shareholder Returns As se ts ($ B) Delivering Consistent Growth and Long-term Value Creation Proven Track Record of Successful and Value-added Integrations
Slide 14: Sabal Palm Bancorp Transaction Summary
Transaction Value • $53.9 million fully diluted, $6.96 per Sabal Palm Bancorp, Inc. common share1 Consideration • Shareholders will receive 0.2203 shares of Seacoast common stock • Options are rolled over into Seacoast options based on the positive difference between $6.96 and the exercise price Clo
Slide 15: Business Bank of Florida Transaction Summary
Transaction Value • $28.4 million fully diluted, $25.25 per Business Bank of Florida common share1 Consideration • Shareholders will receive 0.7997 shares of Seacoast common stock • Options are rolled over into Seacoast options based on the positive difference between $25.25 and the exercise price C
Slide 16: Overview: Sabal Palm Bank
Transaction 57.9% Savings & MMDA 35.2% Retail Time 2.1% Jumbo Time ² 4.8% Bank Level Assets: $412,177 Bank Level Gross Loans: $272,122 Bank Level Deposits: $377,457 Bank Level Tangible Common Equity: $32,859 Bank Level TCE / TA: 7.97% Overview: Sabal Palm Bank 1. Bank-level regulatory data for the q
Slide 17: Overview: Florida Business Bank
1-4 Family 2.1% Multifamily 3.1% CRE 67.2% C&D 5.4% C&I 22.0% Consumer 0.3% Yield on Loans: 4.96% Cost of Deposits 0.29% NPAs / Assets: 0.00% Loan to Deposit Ratio: 81.96% Net Interest Margin: 3.84% Overview: Florida Business Bank Bank Level Assets: $188,433 Bank Level Gross Loans: $136,382 Bank Lev
Slide 18: Transaction Summary: Sabal Palm and Business Bank of Florida
o In-market acquisition of two core deposit franchises with high-yielding loan portfolios in attractive Florida markets o Improves Seacoast’s projected profitability and returns 4% cumulative EPS accretion in 2023 when including the impact of both transactions together o Cumulatively, the transactio
Slide 19: Appendix
Appendix 19
Slide 20: Sabal Palm Bancorp Credit and Interest Rate Marks
Sabal Palm Bancorp, Inc. Credit and Interest Rate Marks • 0.75% / $2.1 million gross pre-tax credit and interest rate mark on the loan portfolio ‒ $0.5 million pre-tax, or 3.69% mark on PCD loans (0.21% of gross loans excl. PPP loans), recorded as ALLL ‒ $3.6 million pre-tax, or 1.39% mark on non-PC
Slide 21: Prudent Loan Portfolio Mix Maintained Post Consolidation
Prudent Loan Portfolio Mix Maintained Post Consolidation $8.3B¹ $377M $166M $8.9B¹ $6.0B¹ C&DNon-OO CRE PPPOwner Occupied CRE1-4 Family Multi family C&IConsumer Other $272M $138M² 1. Does not include fair value adjustments 2. Reflects gross loans balance before unearned income 3. Adjusted for revers
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