Southstate Bank Corporation · NYSE:SSB
Southstate Bank — Merger or Acquisition (July 2021)
16 slides from Southstate Bank's merger presentation, Jul 23, 2021
Slide 1: Atlantic Capital Bancshares to Merge with SouthState Corporation
Atlantic Capital Bancshares to Merge with SouthState Corporation Investor Presentation Friday, July 23, 2021
Slide 2: Forward Looking Statements and Additional Information
F O R W A R D L O O K I N G S T AT E M E N T S A N D A D D I T I O N A L I N F O R M AT I O N Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section
Slide 3: Atlantic Capital: Franchise Overview
AT L A N T I C C A P I T A L : F R A N C H I S E O V E R V I E W (1) Company Overview Established in May 2007 with $125mm in equity capital, ACBI was the largest de novo bank equity capital raise in U.S. history at the time Publicly traded on NASDAQ since November 2, 2015 The Company operates throug
Slide 4: Transaction Highlights
TRANSACTION HIGHLIGHTS Deepens market penetration and enhances scale in the attractive Atlanta MSA Increases pro forma deposits to approximately $5 billion in Atlanta MSA Strategic Enhances corporate banking leadership and presence with an experienced team of bankers in the Atlanta MSA Rationale Fin
Slide 5: Key Transaction Assumptions
KEY TRANSACTION ASSUMPTIONS Consideration Mix: 100% stock Exchange Ratio: 0.36 shares of SSB common stock for each share of ACBI common stock Consideration and Transaction Value: $542 million deal value, or $26.43 per share(1) Deal Value Price / TBV: 1.61x Price / Forward EPS with Cost Savings: 9.3x
Slide 6: Integration Plans & Commitment to Atlanta
I N T E G R AT I O N P L A N S & C O M M I T M E N T T O AT L A N T A Atlanta to serve as the headquarters for the Corporate Banking Division Atlanta is currently the headquarters for SSB’s Mortgage and Correspondent Banking Divisions Doug Williams will serve as SSB will rank 8th in pro forma deposi
Slide 7: Deeper Penetration in the Attractive Atlanta MSA
D E E P E R P E N E T R AT I O N I N T H E AT T R A C T I V E AT L A N T A M S A Market Positioning as of June 30, 2020 Atlanta MSA Deposit Market Share Total Assets Average Less Than Deposits Branches Deposits per Branch Market Share Rank $100 bn Rank Institution ($Bn) (No.) ($M) (%) 1 - Bank of Am
Slide 8: Atlantic Capital: Fintech & Payments Business
AT L A N T I C C A P I T A L : F I N T E C H & P AY M E N T B U S I N E S S Highlights Service Charge Income ($ in thousands) Powering fintech and payments companies across the US $5,248 $6,000 Annualized Rapidly growing recurring revenue stream $5,000 Top 40 ACH Bank in the US(1) $4,000 Diversified
Slide 9: Summary
SUMMARY • Significantly improves market density in the growing and attractive Atlanta MSA • Enhances corporate banking leadership and presence with an experienced team of bankers • Opportunity to expand the rapidly growing Fintech & Payments business lines • Attractive in-market merger 9
Slide 10: Appendix
Appendix Ga
Slide 11: Atlantic Capital: Atlanta's Hometown Business Bank
AT L A N T I C C A P I T A L : AT L A N T A’ S H O M E T O W N B U S I N E S S B A N K Atlanta Market Overview Demographics Atlanta Georgia Southeast #1 for economic growth potential (among large metro areas) #1 world’s busiest airport 5.7% $85,729 $71,802 4.7% $62,953 #2 moving destination 3.9% #4
Slide 12: Pro Forma Demographics
PRO FORMA DEMOGRAPHICS Population Change (2010-2021) Projected Population Change (2021-2026) SSB ACBI Pro Forma National SSB ACBI Pro Forma National 16.3% 16.1% 16.3% 5.6% 5.7% 5.6% 7.2% 2.9% Median Household Income (2021) Projected HH Income Change (2021-2026) SSB ACBI Pro Forma National SSB ACBI P
Slide 13: Pro Forma Loan & Deposit Composition
PRO FORMA LOAN & DEPOSIT COMPOSITION Loan Composition ($B)(1) SouthState Corporation Atlantic Capital Bancshares, Inc. Pro Forma Total Loans & Leases (excl. PPP): $22.7 Total Loans & Leases (excl. PPP): $2.2 Total Loans & Leases (excl. PPP): $24.9 1-4 Consumer 1-4 Consumer C&I 1-4 Family & Other Fam
Slide 14: Atlantic Capital: Historical Credit Quality
AT L A N T I C C A P I T A L : H I S T O R I C A L C R E D I T Q U A L I T Y ( 1 ) Highlights Net Charge-Offs / Total Average Loans 0.60% ACBI overall credit quality remains solid with limited charge- 0.50% offs and non-accruals 0.40% Classified loans decreased 30% from 12/31/20 primary due to 0.30%
Slide 15: Comprehensive Due Diligence
COMPREHENSIVE DUE DILIGENCE Completed a coordinated comprehensive due diligence review with executives from ACBI & SSB, along with advisors & lawyers Detailed credit review completed by internal team Track record of successful integration and realization of cost savings Scope of Loan Review Process
Slide 16: SouthState
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