Seacoast Banking of Florida (SBCF) Earnings Call Presentation

Acquisition Overview - Seacoast Banking Corporation of Florida will acquire Villages Bancorporation, Inc, the holding company of Citizens First Bank[1, 11] - The acquisition will add approximately $41 billion in assets, $13 billion in loans, and $35 billion in low-cost deposits to Seacoast[12] - Citizens First Bank has a 53% deposit market share within The Villages MSA[12, 31] Financial Impact - The acquisition is projected to result in approximately 24% earnings accretion for Seacoast[12, 15, 21] - The tangible book value earnback period is estimated to be 28 years[15, 21] - The implied aggregate transaction value is $7108 million[44] Strategic Rationale - The acquisition provides Seacoast with a scalable banking platform in a growing 55+ residential community[12] - The pro forma company will have approximately $21 billion in total assets[15, 21] - Approximately 16% of the pro forma deposits will be in The Villages MSA, which has experienced 28% population growth since 2020[23, 24] Transaction Details - The transaction structure involves 25% cash and 75% stock consideration[44] - Seacoast estimates pre-tax merger costs of $52 million[54] - Approximately $25 billion of VBI's AFS securities will be sold and reinvested into higher-yielding assets, with an anticipated reinvestment rate of 520%[54]