Seacoast Banking Corporation Of Florida · NASDAQ:SBCF
Seacoast Banking Corporation Of Florida — Seacoast Banking Corp of Florida — IPO Roadshow (August 2009)
36 slides from Seacoast Banking Corporation Of Florida's IPO roadshow presentation, Aug 11, 2009
Slide 1: Follow-on Common Stock Offering August 2009
Dennis S. Hudson, III William R. Hahl Chief Executive Officer Chief Financial Officer Jean Strickland Russell Holland III President & Chief Credit Officer Chief Banking Officer Follow-on Common Stock Offering August 2009 **** The issuer has filed a registration statement (including a prospectus) wit
Slide 2: Offering Terms
Offering Terms Issuer: Seacoast Banking Corporation of Florida (NASDAQ: SBCF)Type of Security: Follow-on Public Common Stock OfferingOffering Amount: 34,500,000 shares (100% Primary)Over-Allotment Option: 15% of 28,500,000 shares*Expected Pricing Date: August 2009Use of Proceeds: General corporate p
Slide 3: Special Cautionary Note Regarding Forward-Looking Statements
SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain of the statements made herein or incorporated by reference under the captions "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and elsewhere are "forward-looking statements" wit
Slide 4: Equity Offering Objectives
Equity Offering Objectives Significantly strengthens capital positionPro forma tangible common equity ratio of 7.06% (1) (2)Pro forma tangible common equity to risk-weighted assets ratio of 9.64% (1)Pro forma total risk based capital ratio of 16.7% (1)Offering size guided by in-depth stress testing
Slide 5: Investment Highlights Summary
Investment Highlights Summary $2.1 billion asset bank with strong market share in highly attractive Florida Treasure Coast markets (1), with projected population growth of 13.3% (versus 6.3% nationwide average) (2) Second largest publicly-traded Florida-domiciled bank ranked by depositsHistory of st
Slide 6: Current Market Valuation Comparison
Franchise Overview Current Market Valuation Comparison Note: Seacoast market data as of August 6, 2009; Peer Group market data as of August 5, 2009LTM pre-tax, pre-provision earnings excludes non-cash goodwill impairment chargePeer Group is defined as the following companies: ABCB, BOFL, BTFG, CCBG,
Slide 7: SBCF vs NASDAQ Bank Peers share price
SBCF NASDAQ Bank Peers 12/31/1999 1 1 1 1/3/2000 0.9978 0.9638 0.9887 1/4/2000 0.9978 0.9321 0.9788 1/5/2000 1.0044 0.9329 0.9871 1/6/2000 1.0044 0.9426 0.9847 1/7/2000 1.0044 0.9475 1.0003 1/10/2000 1 0.9329 0.9786 1/11/2000 1 0.9176 0.9812 1/12/2000 1.0022 0.9187 0.9811 1/13/2000 0.9956 0.9412 0.9
Slide 8: A Strong Sustainable Franchise Growing Market Share
Franchise Overview A Strong Sustainable Franchise Growing Market Share SBCF has a presence in:The 2nd, 3rd and 6th wealthiest counties in FloridaMartin County:# 1 in market with 10 locations 21.74% total market share#3 wealth market in Florida (1)Port St. Lucie-Fort Pierce MSA:# 6 in market with 6 b
Slide 9: Core Profitability
Core Profitability Historical Pre-tax, Pre-provision Earnings ($mm) 2004 2005 2006 2007 2008 Pre-tax, Pre-provision Net Income 23999 33730 40098 26908 20937 (1) Excludes impact of non-cash goodwill impairment chargeSource: SNL Financial Franchise Overview Pre-tax, pre-provision earnings high in 2006
Slide 10: Historically Stable Tax Equivalent Net Interest Margin
2004Y 2005Y 2006Y 2007Y Q1'08(1) Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Yield on Loans 6.06 6.54 7.34 7.3 6.62 6.12 6.01 5.68 5.63 5.33 NIM 3.89 3.97 4.15 3.92 3.74 3.69 3.57 3.32 3.44 3.65 Cost of Deposits 1.02 1.3 2.14 2.88 2.63 2.22 2.2 2.13 1.79 1.4 Q2'09 NIM increased by 21 basis points versus Q1'09 NIM
Slide 11: Strong Retail Franchise with Low Cost Core Deposits
Noninterest-bearing Demand Brokered Time CD Savings Deposits Other Time Deposit Time CD >100,000 East 284326 64244 780386 328937 298529 Strong Retail Franchise with Low Cost Core Deposits Current Deposit Composition Peer Group cost of deposits calculated as (MRQ expense of deposits*4)/(MRQ average d
Slide 12: Historical Deposit Trends
As Seacoast's CDs mature over the next 7 months, the Company's cost of deposits are expected top be driven increasingly lowerThe benefit of CD roll-off and repricing has brought 2Q'09 cost of CDs to 2.80% versus a peer median of 3.27% for 1Q'09 (1) Historical Deposit Trends Franchise Overview Note:
Slide 13: Florida Market Update: Continued Population Growth
Florida Market Update: Continued Population Growth Attractive Demographics (1) Aggregate Florida total movers 65 and over for the decade Source: Fishkind & Associates, Inc. Presentation January 23, 2008; U.S. Census Bureau, Census 2000 The State of Florida is projected to have the 3rd highest popula
Slide 14: The Current Economic Environment: First In, First Out
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1/9/2009 2/9/2009 3/9/2009 4/9/2009 5/9/2009 6/9/2009 Treasure Coast 78100 76900 84900 89000 89100 93100 108200 128300 153900 193900 254000 253200 226100 153600 114900 122100 118000 116400 110000 109900 Historic Trend (1) 82606 85
Slide 15: Loan Portfolio Overview
Overview Loan Portfolio Overview Seacoast has an 80-year history of conservative underwriting with an exclusive focus on businesses and consumers in its market footprint Recent loan portfolio losses have resulted from a concentration in residential construction and land development loans which were
Slide 16: Loan Portfolio Overview: Composition
Loan Portfolio Overview Note: Dollars in millionsSource: Company filings Residential C&D Commercial C&D Individual C&D Resi. RE - Adjustable Resi. RE - Fixed rate Home equity mortgages Home equity lines CRE Mort. - Owner Occ. CRE Mort. - Non Owner Occ. C&F Installments to Individuals Other East 96.6
Slide 17: Credit Quality Statistics
Loan Portfolio Overview Credit Quality Statistics at June 30, 2009 Note: Dollars in thousands(1) Current non-accrual loans include loans less than 30 days delinquent and restructured loans that are performing in accordance with the restructure termsSource: Company filings
Slide 18: Migration Trends
Migration Trends Note: Dollars in thousands(1) Total NPAs excludes troubled debt restructuresSource: Company filings Loan Portfolio Overview
Slide 19: Significantly Reduced Exposure to Large Residential C&D Loans
Loan Portfolio Overview Significantly Reduced Exposure to Large Residential C&D and Land Development Loans SBCF recognized the impending credit turmoil in early 2006 and took significant steps to reduce its exposure to residential construction and land development loansLoans in this portfolio with b
Slide 20: Construction & Development Detail
Loan Portfolio Overview Construction & Development Detail Core Loan Markets1 Brevard Orange Miami-Dade Highlands Volusia Broward Lake Collier Charlotte Marion Other 194013948.2 24471783.47 19909616.15 17017718.47 15891753.25 13859000 6650089.73 3627601.59 3132024.62 2435038.45 1954187.96 4426647.68
Slide 21: Commercial Real Estate Mortgage Detail
Loan Portfolio Overview Commercial Real Estate Mortgage Detail Source: Company filings CRE Loan Portfolio by Vintage Office buildings Retail trade Industrial Healthcare Churches and education Multifamily Mobile home parks Lodging Restaurant Agricultural Convenience stores Other East 0.247 0.209 0.16
Slide 22: Residential Real Estate Detail
Loan Portfolio Overview Residential Real Estate Detail (1) According to the most recent National Delinquency Survey, as reported by the Mortgage Bankers Association(2) Does not include HELOCS or HELOANSSource: National Delinquency Survey Q1 2009 Mortgage Bankers Association; Company filings Resident
Slide 23: Recent Stress Test Results Methodology
Recent Stress Test Results Methodology Seacoast recognized the potential credit issues and began a comprehensive portfolio analysis in late 2006Seacoast "undertook a comprehensive review of all large credits, primarily construction loans, where the primary source of repayment is related to the sale
Slide 24: Stress Test Methodology Details
Stress Test Methodology Details (1) A very granular approach with detailed segmentation approach for each product typeIncluded assumptions more severe than SCAP to reflect conditions in FloridaContinued collateral value reductions through 2010Land devalued by 43% to 87%Residential Construction (excl
Slide 25: Stress Test Loss Results
The stress test we conducted recently with an outside consultant on our loan portfolio is not a forecast and does not reflect our outlook or our expected results, and should not be viewed as a prediction of future results, performance or future capital adequacy. The test was based upon numerous comp
Slide 26: Capital Plan Pro Forma - Severe Stress Case Analysis
Capital Plan Pro Forma - Severe Stress Case Analysis Note: Dollar values in thousands(1) Assumes a common equity raise with net proceeds of $55.0 million; does not include any assumptions on pricing or number of shares issued. Illustrates pro forma impact to capital levels on an aggregate basis.(2)
Slide 27: Other Capital Alternatives Summary
Other Capital Alternatives Summary In addition to the proposed common equity raises, Seacoast is considering and has implemented additional capital-generating and capital- and cash-conserving alternatives:Announced deferral of trust preferred distributions, deferral of dividend payments and suspensi
Slide 28: Recent Organization Changes
Recent Organization Changes In reaction to recent industry and economic developments, Seacoast has redefined the membership, focus, and objectives of its senior management teamThe Company has taken a proactive approach to the current market environment
Slide 29: Investment Highlights Summary
Investment Highlights Summary $2.1 billion asset bank with strong market share in highly attractive Florida Treasure Coast markets (1), with projected population growth of 13.3% (versus 6.3% nationwide average) (2) Second largest publicly-traded Florida-domiciled bank ranked by depositsHistory of st
Slide 30: General Terms of CapGen Investment in Seacoast
General Terms of CapGen Investment in Seacoast CapGen's designated affiliate (the "Investor") intends to purchase 6 million newly issued shares of Common Stock.The Investor's purchase price will be the public offering price up to a maximum price of $2.50 per share of Common Stock.This letter of inte
Slide 31: Appendix: Summary Balance Sheet & Earnings
Appendix: Summary Balance Sheet & Earnings
Slide 32: Appendix: Summary Operations, Credit & Capital
Appendix: Summary Operations, Credit & Capital (1) Includes the impact of a one-time non-cash goodwill charge of $49.8 million during Q2'09
Slide 33: Appendix: Historical Loan Portfolio Overview
Appendix: Historical Loan Portfolio Overview Historical Loan Portfolio Composition Note: Dollars in millionsSource: Company filings
Slide 34: Appendix: Asset Quality Detail
Note: Dollars in thousands(1) 2004 includes a $1,225 reserve carryover from the acquisition of Century National Bank; 2005 includes a $2,518 reserve carryover from the acquisition of Big Lake Financial Corp.Source: SNL Financial, Company filings Pre 2004 2004 2005 2006 2007 2008 YTD 2009 Balance 799
Slide 35: Appendix: Historical Asset Quality Overview
Migration Trends - Most Recent Three Quarters Note: Dollars in thousandsSource: Company filings Appendix: Historical Asset Quality Overview
Slide 36: Appendix: Non-GAAP Reconciliation Tables
Appendix: Non-GAAP Reconciliation Tables
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