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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): December 9, 2022

 

 

 

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in Charter)

 

 

 

Florida 000-13660 59-2260678

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

815 Colorado Avenue, Stuart, Florida 34994
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (772) 287-4000

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

xWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common stock, $0.10 par value SBCF Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 
 

 

 

Item 8.01Other Events.

 

As previously reported, on August 7, 2022, Seacoast Banking Corporation of Florida (the “Company,” “we,” or “our” or “Seacoast”), the parent company of Seacoast National Bank (“SNB”), entered into an Agreement and Plan of Merger (the “Agreement”) providing for the merger (the “Merger”) of the Company with and into Professional Holding Corp. (“Professional”), the parent company of Professional Bank, and the merger of Professional Bank with and into SNB (together with the Merger, the “Mergers”). In connection with the Mergers, the Company and Professional each filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement, dated November 14, 2022 (the “Definitive Proxy Statement”), and Professional commenced mailing the Definitive Proxy Statement to shareholders of Professional on or about November 14, 2022.

 

Since October 24, 2022, Professional has received demand letters from certain purported shareholders of Professional (the “Demand Letters”). The Demand Letters allege that the Definitive Proxy Statement (or the related preliminary proxy statement, filed on October 4, 2022) contains certain disclosure deficiencies.

 

Seacoast and Professional have not responded to the Demand Letters and believe they are without merit. However, in order to moot the unmeritorious disclosure claims, alleviate the costs, risks and uncertainties inherent in litigation, and provide additional information to its shareholders, the Company is voluntarily supplementing the Definitive Proxy Statement with the supplemental disclosures described in the following section entitled “Supplemental Disclosures” in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K is an admission, or shall be deemed an admission, of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, the Company denies all allegations in the Demand Letters that additional disclosure was or is required.

 

Supplemental Disclosures

 

The following are additional disclosures that supplement the disclosures contained in, and that should be read in conjunction with, the Definitive Proxy Statement, which should be read in its entirety. To the extent that information in this supplemental disclosure differs from, or updates information contained in, the Definitive Proxy Statement, the information in this supplemental disclosure shall supersede or supplement the information in the Definitive Proxy Statement. Capitalized terms used herein, but not otherwise defined, shall have the meanings ascribed to such terms in the Definitive Proxy Statement.

 

The Definitive Proxy Statement is hereby revised to reflect the following:

 

1.The disclosure under the heading “Proposal 1: The Merger – Background of the Merger” is supplemented by adding the following underlined text to the third full paragraph on page 39 of the Definitive Proxy:

 

The parties had no further contact until April 12, 2022, when Mr. Martens advised Mr. Shaffer that on April 11, 2022, Professional had received an unsolicited non-binding letter of intent from a third party seeking to purchase Professional. Prior to the receipt of the letter of intent, neither the Professional board of directors nor its management had intended to solicit a sale or merger of Professional. Mr. Martens and Mr. Shaffer informally discussed Seacoast’s interest in a potential merger/acquisition transaction with Professional. At approximately the same time, Professional’s investment bankers, Stephens, informally contacted Piper Sandler, investment bankers to Seacoast, to discuss a potential transaction. On April 13, 2022, Seacoast formally engaged Piper Sandler to act as its exclusive financial advisor in connection with a possible transaction. Following further discussions, on April 15, 2022, Professional and Seacoast entered into a confidentiality agreement containing customary terms, including a waivable standstill provision, in connection with a possible transaction.

 

2.The disclosure under the heading “Proposal 1: The Merger – Background of the Merger” is supplemented by adding the following underlined text to the sixth full paragraph on page 39 of the Definitive Proxy:

 

Following its engagement, Stephens contacted 11 potential parties, including Seacoast and the initial third-party offeror, with regard to a possible combination with Professional. Three of those parties entered into confidentiality agreements containing customary terms, including waivable standstill provisions, with Professional, following which they were given access to a virtual data room. The parties were further advised that the deadline for the submission of a bid was June 1, 2022. Three potential buyers submitted proposals to purchase Professional, including Seacoast.

 

 

 

 

3.The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Comparable Company Analyses” is amended by deleting the table of company names at the bottom of page 48 (the Seacoast Peer Group) of the Definitive Proxy Statement and replacing it with the following:

 

Financials as of June 30, 2022         Balance Sheet   Capital Position   LTM Profitability   Valuation as of August 3, 2022 
                              Total   Bank CRE /                   Price /         
                 Loans/    NPAs /    TCE /    Lev.    RBC    Total                   Effic.         LTM    2022E   2023E   Div.    Market 
            Assets    Deps.    Assets    TA    Ratio    Ratio    RBC    ROAA    ROAE    NIM    Ratio    TBV    EPS    EPS    EPS    Yield    Cap 
Company  City, State   Ticker    ($M)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (x)    (x)    (x)    (%)    ($M) 
Atlantic Union Bkshs Corp.  Richmond, VA   AUB    19,662    84.7    0.21    6.78    9.26    13.85    268.5    1.14    8.66    3.12    53.7    199    11.8    11.6    9.8    3.6    2,522 
Trustmark Corp.  Jackson, MS   TRMK    16,952    74.2    0.39¹     7.23    8.80    13.26    235.6    0.64    6.47    2.64    75.8    167    18.3    14.1    13.0    2.8    2,013 
TowneBank  Portsmouth, VA   TOWN    16,864    74.5    0.10    8.26    9.19    16.76    227.6    1.16    9.92    2.77    63.2    158    11.7    11.2    10.3    3.2    2,084 
WesBanco Inc.  Wheeling, WV   WSBC    16,800    75.2    0.21¹     7.52    9.51    15.40    275.8    1.09    6.96    3.01    58.9    172    12.0    11.5    10.8    4.0    2,020 
Renasant Corp.  Tupelo, MS   RNST    16,618    77.0    0.46¹     7.34    9.16    15.34    256.3    0.91    6.77    2.90    65.9    163    12.5    11.6    10.7    2.7    1,876 
ServisFirst Bancshares Inc.  Birmingham, AL   SFBS    14,494    90.2    0.08    8.27    8.19    11.18    319.3    1.52    19.70    2.93    32.2    392    20.9    18.5    17.0    1.1    4,701 
FB Financial Corp.  Nashville, TN   FBK    12,194    81.8    0.39¹     8.90    10.20    13.60    270.8    1.21    10.68    3.24    63.2    187    13.6    13.9    11.5    1.2    1,989 
First Bancorp  Southern Pines, NC   FBNC    10,566    66.7    0.39    7.27¹     9.95    14.91    283.9    1.10    9.89    3.14    50.2    190    11.2    9.0    8.6    2.5    1,295 
Live Oak Bancshares Inc.  Wilmington, NC   LOB    9,121    71.9    1.60¹     6.98¹     9.44    12.49¹     166.0    2.32    26.28    3.98    63.5    218    9.0    17.7    15.3    0.3    1,715 
Amerant Bancorp Inc.  Coral Gables, FL   AMTB    8,151    92.3    0.39    8.51    10.25    13.21    282.3    1.35    13.06    3.14    76.0    130    9.2    12.2    10.4    1.4    897 
City Holding Co.  Charleston, WV   CHCO    6,243    69.3¹     0.40    7.76    9.42    16.26    203.7    1.50    13.53    2.92    50.1    272    14.7    13.8    13.4    2.8    1,292 
The First Bancshares  Hattiesburg, MS   FBMS    6,037    58.9    0.50¹     6.43    10.43¹     16.98¹     165.1    1.10    9.94    3.06    56.6    160    9.5    9.3    8.3    2.5    604 

 

 

1) Reflects bank level data

2) SBCF data does not include pending acquisitions

 

Note:  Peer group includes publicly traded banks headquartered in the southeast between $5 billion and $20 billion in total assets; Price / Estimated EPS multiples based on mean consensus estimates per S&P Global Market Intelligence for each respective year  

 

 

 

 

4.The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Comparable Company Analyses” is amended by deleting the table of company names at the bottom of page 49 (Professional Peer Group) of the Definitive Proxy Statement and replacing it with the following:

 

Financials as of June 30, 2022         Balance Sheet   Capital Position   LTM Profitability   Valuation as of August 3, 2022 
                              Total   Bank CRE /                   Price /         
                 Loans/    NPAs /    TCE /    Lev.    RBC    Total                   Effic.         LTM    2022E   2023E   Div.    Market 
            Assets    Deps.    Assets    TA    Ratio    Ratio    RBC    ROAA    ROAE    NIM    Ratio    TBV    EPS    EPS    EPS    Yield    Cap 
Company  City, State   Ticker    ($M)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (%)    (x)    (x)    (x)    (%)    ($M) 
Burke & Herbert Bank & Trust  Alexandria, VA   BHRB    3,586    59.1    0.27¹    8.12    10.94¹    19.16¹    269.5    1.05    10.32    2.92    68.3    131    10.2    --    --    4.1    380 
HomeTrust Bancshares Inc.  Asheville, NC   HTBI    3,549    89.3    0.46¹    10.31    10.11¹    11.02¹    291.9    1.01    9.00    3.42    69.9    103    10.8    10.3    10.3    1.5    372 
FineMark Holdings Inc.  Fort Myers, FL   FNBT    3,528    72.4    0.03¹    7.56    9.16    20.03    115.2    0.84    9.65    2.20    65.9    128    12.3    --    --    --    343 
Southern First Bancshares Inc  Greenville, SC   SFST    3,288    99.1    0.20    8.60    9.71    13.97    235.6    1.41    15.17    3.36    55.7    124    8.6    11.0    9.9    --    351 
First Community Bankshares Inc  Bluefield, VA   FCBC    3,258    82.2    0.82    9.08    8.40¹    13.18¹    232.9    1.37    10.26    3.60    57.8    185    12.3    11.6    11.3    3.6    525 
Primis Financial Corp.  McLean, VA   FRST    3,237    98.0    0.65    9.27    10.21    17.58    208.7    0.63    5.15    3.03    69.2    117    16.0    15.1    12.1    2.9    339 
American National Bankshares  Danville, VA   AMNB    3,234    71.8    0.17¹    7.58    9.42    14.06    294.4    1.17    11.14    2.85    54.9    157    9.8    10.8    10.6    3.2    375 
MetroCity Bankshares Inc.  Doraville, GA   MCBS    3,168    115.6    1.07    9.96    10.31    17.60    36.6    2.40    24.30    4.27    34.4    165    7.5    7.4    7.9    2.9    521 
CapStar Finl Hldgs Inc  Nashville, TN   CSTR    3,097    85.0    0.08    10.19    11.10    14.79    274.0    1.47    12.44    3.15    54.6    149    10.1    11.0    10.2    1.9    462 
MVB Financial Corp  Fairmont, WV   MVBF    2,984    84.7    0.84¹    8.27    11.63¹    --    262.1    0.95    10.23    3.45    89.5    161    15.2    22.0    9.9    2.1    395 
Blue Ridge Bankshares Inc.  Charlottesville, VA   BRBS    2,800    88.4    0.49¹    8.23    10.02¹    12.13¹    281.2    1.43    14.01    3.62    62.5    123    7.2    --    --    3.3    279 
Colony Bankcorp Inc.  Fitzgerald, GA   CBAN    2,728    62.3    0.22¹    6.52    10.74    16.55    309.6    0.72    8.24    3.20    76.4    146    11.3    10.2    8.7    3.0    253 
River Financial Corp.²  Prattville, AL   RVRF    2,501    63.6    0.11¹    4.13    8.36¹    13.44¹    177.6    1.15    16.48    3.19    52.1    209    7.8    --    --    1.4    213 
C&F Financial Corp.  Toano, VA   CFFI    2,334    75.8    0.15¹    7.31    9.50    15.50    221.9    1.17    13.05    4.10    69.2    101    6.6    --    --    3.3    169 
John Marshall Bancorp Inc.  Reston, VA   JMSB    2,316    82.8    0.02    8.96    10.97¹    15.12¹    335.6    1.38    14.48    3.22    45.4    182    12.7    --    --    --    376 
FVCBankcorp Inc.  Fairfax, VA   FVCB    2,306    86.4    0.16¹    8.25    10.72¹    --    385.1    1.18    11.82    3.14    50.2    141    11.6    11.0    11.1    --    267 
First Citizens Bancshares Inc.²  Dyersburg, TN   FIZN    2,290    60.9    0.52¹    7.29    9.38¹    --    278.3    1.31    12.45    3.33¹    59.7    114    9.0    --    --    2.2    255 

 

 

1) Reflects bank level data as of June 30, 2022

2) Reflects holding company data as of March 31, 2022

 

Note:  Peer group includes publicly traded banks headquartered in the southeast between $2.25 billion and $3.75 billion in total assets; Price / Estimated EPS multiples based on mean consensus estimates per S&P Global Market Intelligence for each respective year

 

 

 

 

5.The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor —Analysis of Precedent Transactions” is amended by deleting the table of Acquiror and Target names at the top of page 51 (the Regional Precedent Transactions) of the Definitive Proxy Statement and replacing it with the following:

 

                  Transaction Information   Seller Information 
                      Price/   Core   1-Day                 
                  Deal   LTM   Est.       Dep.   Market   Total   TCE/   LTM   NPAs/ 
              Announce.   Value   EPS   EPS   TBV   Prem.   Prem.   Assets   TA   ROAA   Assets 
Acquiror  St   Target  St   Date   ($M)   (x)   (x)   (%)   (%)   (%)   ($M)   (%)   (%)   (%) 
The First Bancshares   MS   Heritage Southeast Bancorp.   GA    07/27/22    207.5    15.5        179    6.9    32.0    1,697    7.0    0.81    0.22 
HomeTrust Bancshares Inc.   NC   Quantum Capital Corp.   GA    07/25/22    67.6    4.2        158    4.5        660    10.2    3.15    0.00 
First Bancorp   NC   GrandSouth Bancorporation   SC    06/21/22    181.1    10.7    10.8    189    8.5    14.3    1,253    7.5    1.40    0.26 
F.N.B. Corp.   PA   UB Bancorp   NC    06/01/22    117.7    9.2        154    4.4    10.2    1,170    6.6    1.14    0.04 
DFCU Financial   MI   First Citrus Bancorp. Inc.   FL    05/12/22    105.0    15.3        211    9.3    63.3    689    8.0    1.01    0.00 
United Community Banks Inc.   GA   Progress Financial Corp.   AL    05/04/22    268.4    13.2        165    7.9        1,860    8.3    1.19    0.19 
Seacoast Bnkg Corp. of FL   FL   Drummond Banking Co.   FL    05/04/22    173.2    13.8        191    9.5        1,025    8.3    1.37    0.21 
The First Bancshares   MS   Beach Bancorp Inc.   FL    04/26/22    116.7    NM         154    9.6        620    13.1    0.40    1.77 
Seacoast Bnkg Corp. of FL   FL   Apollo Bancshares/Apollo Bank   FL    03/29/22    168.3    20.0        195    9.7        1,044    9.4    0.91    0.37 
United Community Banks Inc.   GA   Reliant Bancorp Inc.   TN    07/14/21    518.6    10.4    11.1    181    12.1    11.0    3,098    9.3    1.62    0.28 
Lake Michigan CU   MI   Pilot Bancshares Inc.   FL    06/16/21    99.9    12.3        187    9.8    19.1    656    8.1    1.36    0.30 
Simmons First National Corp.   AR   Triumph Bancshares Inc.   TN    06/07/21    132.1    17.2        153    8.9        894    9.7    0.98    0.92 
Simmons First National Corp.   AR   Landmark Community Bank   TN    06/07/21    146.4    14.0        143    8.0        1,007    10.1    1.08    0.66 
United Bankshares Inc.   WV   Community Bankers Trust Corp   VA    06/03/21    305.3    14.2    13.5    168    11.7    41.9    1,699    10.2    1.28    0.71 
First Bancorp   NC   Select Bancorp Inc.   NC    06/01/21    314.3    23.8    14.4    185    11.0    28.6    1,832    9.4    0.79    0.56 
United Community Banks Inc.   GA   Aquesta Financial Holdings   NC    05/27/21    130.6    18.1        217    11.8    66.5    752    6.2    1.01    0.76 
Peoples Bancorp Inc.   OH   Premier Financial Bancorp Inc.   WV    03/29/21    292.4    12.9        139    4.9    9.5    1,946    11.0    1.20    1.16 
Seacoast Banking Corp. of FL   FL   Legacy Bank of Florida   FL    03/23/21    106.6    18.1        187    16.2        533    10.7    1.15    0.32 
BancorpSouth Bank   MS   FNS Bancshares Inc.   AL    01/13/21    108.4    19.4        154    6.5    35.1    786    9.1    0.77    0.64 

 

 

 1) Reflects bank level data

 

Note: Includes bank and thrift transactions announced since January 1, 2021 with targets headquartered in the southeast with total assets between $500M and $5.0B and disclosed deal values; excludes transactions with targets headquartered outside of the continental U.S. and transactions with non-bank buyers

 

 

 

 

6.The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the paragraph spanning pages 51 and 52 of the Definitive Proxy Statement:

 

Piper Sandler performed an analysis that estimated the net present value of a share of Seacoast common stock assuming Seacoast performed in accordance with publicly available mean analyst balance sheet and earnings per share estimates for Seacoast for the years ending December 31, 2022 and December 31, 2023 with a long-term annual net income and balance sheet growth rate for the years ending December 31, 2024 through December 31, 2026, as provided by the senior management of Seacoast. To approximate the terminal value of a share of Seacoast common stock at December 31, 2026, Piper Sandler applied price to 2026 earnings multiples ranging from 10.0x to 17.5x and multiples of 2026 tangible book value ranging from 150% to 225%. Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to Seacoast. The terminal values were then discounted to present values using different discount rates ranging from 8.0% to 12.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Seacoast common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Seacoast common stock of $19.50 to $38.27 when applying multiples of earnings and $24.30 to $41.74 when applying multiples of tangible book value.

 

7.The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s Financial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the last full paragraph on page 52 of the Definitive Proxy Statement:

 

Piper Sandler also performed an analysis that estimated the net present value per share of Professional common stock, assuming Professional performed in accordance with certain financial projection assumptions for Professional for the years ending December 31, 2022 through December 31, 2026, as provided by the senior management of Seacoast. To approximate the terminal value of a share of Professional common stock at December 31, 2026, Piper Sandler applied price to 2026 earnings multiples ranging from 8.0x to 13.0x and multiples of 2026 tangible book value ranging from 125% to 175%. Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to Professional. The terminal values were then discounted to present values using different discount rates ranging from 9.0% to 13.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Professional common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Professional common stock of $11.71 to $22.58 when applying multiples of earnings and $18.31 to $30.41 when applying multiples of tangible book value.

 

 

 

 

8.The disclosure under the heading “Proposal 1: The Merger — Opinion of Professional’s Financial Advisor —Relevant Public Companies Analysis” is amended by deleting the bulleted list of company names spanning pages 60 and 61 of the Definitive Proxy Statement and replacing it with the following:

 

             Balance Sheet   Asset Quality   Profitability / Earnings (MRQ) 
                  LTM Loan                   Tier 1       NIB   TBV + Dividends       ALLL /   Cost of   Net   Fee 
              Total   Growth   Securities   TCE /   Loans /   CRE/   Leverage   TRBC   Dep. /   1-Year   3-Year   5-Year   NPAs/   Loans   Total   Interest   Income / 
              Assets   (ex. PPP)   / Assets   TA   Deposits   TRBC   Ratio   Ratio   Dep.   CAGR   CAGR   CAGR   Assets(1)   (ex. PPP)   Deposits   Margin   Revenue 
    Company  Ticker   City, State  ($M)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%) 
1   South Plains Finl Inc.   SPFI   Lubbock, TX  $3,975    12.3    24.0    8.6    75.3    217    10.1    13.9    34.9    (2.3)   7.7    NM     0.18    1.52    0.27    4.01    33.7 
2   Summit Financial Group Inc.   SMMF   Moorefield, WV   3,763    19.2    13.4    6.9    100.1    310    10.5    12.4    20.2    9.6    9.3    11.8    0.43    1.18    0.35    3.65    13.5 
3   West Bancorp.   WTBA   West Des Moines, IA   3,475    15.3    21.5    6.2    90.5    397    11.2    13.6    24.3    (6.2)   8.4    9.8    0.01    0.99    0.42    2.92    8.6 
4   Peoples Financial Services   PFIS   Scranton, PA   3,422    19.4    21.3    7.4    88.1    317    9.8    14.0    25.7    (0.1)   8.5    9.4    0.09    1.16    0.22    3.05    14.1 
5   Home Bancorp Inc.   HBCP   Lafayette, LA   3,362    22.9    15.7    7.4    76.2    284    9.3    13.7    32.1    (6.1)   6.3    6.7    0.56    1.18    0.15    3.75    11.2 
6   Southern First Bancshares Inc   SFST   Greenville, SC   3,288    20.4    3.1    8.6    99.1    236    10.0    13.5    27.8    11.1    12.1    12.6    0.09    1.19    0.26    3.34    9.7 
7   Guaranty Bancshares Inc.   GNTY   Addison, TX   3,281    14.0    29.4    7.6    76.9    266    9.7    14.9    39.8    3.2    11.2    10.0    0.30    1.36    0.23    3.60    18.5 
8   Primis Financial Corp.   FRST   McLean, VA   3,237    15.4    8.8    9.3    98.0    209    12.4    15.7    24.3    (0.4)   7.3    8.9    0.57    1.15    0.35    3.32    9.7 
9   American National Bankshares   AMNB   Danville, VA   3,234    10.1    20.9    7.6    71.8    294    9.2    13.7    37.0    (0.8)   9.3    8.1    0.05    0.91    0.09    2.76    18.4 
10   Red River Bancshares Inc.   RRBI   Alexandria, LA   3,121    16.2    26.2    8.1    64.6    164    9.4    16.3    41.5    (11.5)   3.4    NM     0.03    1.05    0.19    2.72    19.3 
11   CapStar Finl Hldgs Inc   CSTR   Nashville, TN   3,097    13.8    23.2    10.2    85.0    274    11.7    14.3    27.3    3.0    7.8    6.6    0.08    0.93    0.23    3.39    19.4 
12   Civista Bancshares Inc.   CIVB   Sandusky, OH   3,039    10.1    25.0    7.5    84.1    301    10.7    16.0    34.3    (10.1)   4.1    5.7    0.12    1.33    0.11    3.46    18.7 
13   MVB Financial Corp   MVBF   Fairmont, WV   2,984    25.0    22.3    8.3    84.7    262    11.6    -    51.4    1.2    13.1    13.6    0.69    1.03    0.11    4.09    30.9 
14   Bank First Corporation   BFC   Manitowoc, WI   2,961    12.7    14.5    8.8    91.8    244    8.9    11.7    31.7    8.1    13.0    13.7    0.15    0.95    0.27    3.21    17.6 
15   First Guaranty Bancshares Inc.   FGBI   Hammond, LA   2,959    17.7    15.3    6.0    86.3    296    9.4    11.7    21.1    12.0    8.2    9.1    0.43    1.03    0.83    3.71    8.8 
16   Orrstown Financial Services   ORRF   Shippensburg, PA   2,824    20.1    18.4    7.7    81.4    282    9.5    13.3    23.0    (2.8)   9.2    6.5    0.19    1.17    0.11    3.68    23.0 
17   First Business Finl. Svcs. Inc   FBIZ   Madison, WI   2,777    13.7    8.8    9.6    122.5    383    10.2    11.3    29.1    12.4    12.2    11.0    0.21    1.06    0.22    3.71    22.5 
18   The First Bancorp   FNLC   Damariscotta, ME   2,630    17.2    26.1    7.6    79.4    224    8.8    13.6    14.4    3.5    10.4    11.8    0.19    0.91    0.44    3.13    17.9 
19   First Bank   FRBA   Hamilton, NJ   2,568    16.4    6.0    10.0    102.5    393    10.2    12.5    27.7    10.6    11.1    9.6    0.47    1.13    0.23    3.75    5.2 
20   Chemung Financial Corp.   CHMG   Elmira, NY   2,450    11.3    28.8    6.3    74.1    362    8.1    12.9    32.3    (13.4)   3.8    7.1    0.31    1.08    0.14    2.96    23.8 
21   Bankwell Financial Group Inc.   BWFG   New Canaan, CT   2,436    20.5    4.8    9.2    100.9    427    10.2    11.8    18.3    23.8    11.3    9.9    0.63    0.77    0.37    4.01    4.6 
22   Orange County Bancorp Inc.   OBT   Middletown, NY   2,392    19.2    23.6    5.8    66.8    403    8.1    13.2    35.9    (14.6)   4.1    5.2    0.79    1.62    0.13    3.13    14.5 
23   ChoiceOne Financial Services   COFS   Sparta, MI   2,360    11.9    42.9    4.5    52.3    166    8.2    12.7    27.1    (30.8)   (4.9)   1.6    0.05    0.66    0.19    2.94    20.4 
24   Central Valley Community Bncp   CVCY   Fresno, CA   2,346    12.5    43.9    4.7    53.9    257    9.1    14.9    44.2    (38.7)   (6.5)   0.4    0.01    0.87    0.04    3.47    8.1 
25   PCB Bancorp   PCB   Los Angeles, CA   2,345    18.8    6.4    14.0    91.8    230    15.1    18.9    49.5    15.7    11.3    14.0    0.09    1.14    0.22    4.00    14.6 
26   FVCBankcorp Inc.   FVCB   Fairfax, VA   2,306    17.0    13.6    8.3    86.4    385    10.7    -    28.1    (3.7)   5.1    10.3    0.15    0.90    0.41    3.29    3.7 
27   Capital Bancorp Inc.   CBNK   Rockville, MD   2,155    12.5    10.7    9.6    86.0    274    9.1    14.3    44.6    16.6    18.7    17.1    0.33    1.63    0.21    7.04    19.1 
28   Unity Bancorp Inc.   UNTY   Clinton, NJ   2,117    11.8    7.0    10.3    104.2    258    10.7    -    30.1    20.3    17.7    16.3    0.36    1.28    0.23    4.38    13.0 

 

Source: S&P Global Market Intelligence, FactSet.

Note: Dollars in millions. LTM=Last Twelve Months.

(1)NPAs/Assets excludes restructured loans from nonperforming assets.

 

 

 

 

              Profitability / Earnings (MRQ)   Ownership Data   Market Data 
                  LTM   LTM           Est.   Est.   Est.                       Price/       LTM 
              Effic.   Core   Core   Core   Core   2022   2023   2022   Inst.   Insider   Retail   Market   LTM   Tang.   LTM   NTM   2022   2023   Div.   Div. 
              Ratio   ROAA   ROATCE   ROAA   ROATCE   ROA   ROA   ROTE   Owner.   Owner.   Owner.   Cap   ADTV(1)   BV   EPS   EPS   EPS   EPS   Yield   Payout 
    Company  Ticker   City, State  (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   ($M)   ($M)   (x)   (x)   (x)   (x)   (x)   (%)   (%) 
1   South Plains Finl Inc.   SPFI   Lubbock, TX   63.3    1.58    16.7    1.64    18.5    1.32    1.14    13.5    24    41    35   $466    0.6    1.37    8.2    10.5    9.7    10.1    1.8    12.2 
2   Summit Financial Group Inc.   SMMF   Moorefield, WV   47.5    1.42    20.3    1.42    20.6    1.43    1.35    17.8    30    19    51    376    0.4    1.47    8.0    6.8    7.1    7.1    2.4    19.5 
3   West Bancorp.   WTBA   West Des Moines, IA   42.0    1.47    20.5    1.45    22.7    1.35    1.04    20.7    41    11    47    426    0.7    1.97    8.5    10.5    8.9    11.1    3.9    32.7 
4   Peoples Financial Services   PFIS   Scranton, PA   54.9    1.08    13.3    1.13    14.7    1.10    1.17    14.5    30    4    66    378    0.6    1.52    8.5    9.3    10.0    9.0    3.0    25.0 
5   Home Bancorp Inc.   HBCP   Lafayette, LA   59.9    1.32    14.5    1.22    16.5    1.11    1.14    14.1    40    14    46    324    0.6    1.35    8.5    7.9    9.0    7.8    2.4    20.1 
6   Southern First Bancshares Inc   SFST   Greenville, SC   57.3    1.42    15.3    0.96    10.7    1.03    1.06    10.7    79    6    15    351    1.0    1.24    8.6    10.4    10.0    8.9    0.0    0.0 
7   Guaranty Bancshares Inc.   GNTY   Addison, TX   58.9    1.30    15.4    1.36    17.2    1.32    1.23    15.9    25    30    45    437    0.6    1.76    11.2    10.8    10.6    10.8    2.4    25.6 
8   Primis Financial Corp.   FRST   McLean, VA   69.6    0.75    8.3    0.79    8.4    0.65    0.78    7.4    65    15    20    339    0.8    1.17    16.0    12.9    15.1    12.1    2.9    46.5 
9   American National Bankshares   AMNB   Danville, VA   57.3    1.32    16.4    1.12    14.1    1.06    1.07    13.9    40    4    56    375    0.7    1.57    9.8    10.8    10.8    10.6    3.2    30.9 
10   Red River Bancshares Inc.   RRBI   Alexandria, LA   55.2    1.09    11.8    1.17    14.6    1.12    1.17    13.5    19    34    47    389    0.4    1.54    11.8    10.5    10.9    10.5    0.5    6.1 
11   CapStar Finl Hldgs Inc   CSTR   Nashville, TN   54.9    1.49    14.5    1.32    13.1    1.35    1.38    12.8    44    16    40    462    1.0    1.49    10.1    10.6    11.0    10.2    1.9    13.5 
12   Civista Bancshares Inc.   CIVB   Sandusky, OH   66.4    1.23    14.6    1.01    13.5    1.12    1.25    15.9    55    6    39    335    0.9    1.42    8.7    7.9    8.9    7.6    2.6    22.7 
13   MVB Financial Corp   MVBF   Fairmont, WV   76.3    0.33    3.6    0.03    0.3    0.64    1.28    6.3    46    12    43    395    1.1    1.61    15.2    13.9    22.0    9.9    2.1    29.4 
14   Bank First Corporation   BFC   Manitowoc, WI   42.6    1.46    17.2    1.50    18.4    1.46    1.56    17.3    27    16    57    581    0.7    2.28    13.4    11.9    12.6    11.6    1.3    19.9 
15   First Guaranty Bancshares Inc.   FGBI   Hammond, LA   61.2    1.13    19.0    1.12    19.1    1.05    1.12    16.2    9    45    46    259    0.4    1.47    8.9    8.5    8.9    8.1    2.6    23.0 
16   Orrstown Financial Services   ORRF   Shippensburg, PA   58.4    1.12    13.4    1.27    16.2    1.19    1.08    17.4    44    5    50    278    0.6    1.29    9.2    8.3    8.3    8.6    2.9    26.8 
17   First Business Finl. Svcs. Inc   FBIZ   Madison, WI   63.7    1.42    16.2    1.65    15.7    1.32    1.14    15.1    62    6    31    282    0.8    1.28    7.6    8.2    7.6    8.1    2.4    17.2 
18   The First Bancorp   FNLC   Damariscotta, ME   43.5    1.51    18.2    1.55    19.9    -    -    -    39    15    46    334    0.5    1.70    8.7    -    -    -    4.5    37.4 
19   First Bank   FRBA   Hamilton, NJ   46.7    1.34    13.5    1.35    13.6    1.44    1.43    13.5    37    8    55    294    0.4    1.15    8.8    7.4    8.0    7.6    1.6    12.2 
20   Chemung Financial Corp.   CHMG   Elmira, NY   61.6    1.13    15.5    1.34    21.0    1.13    1.06    17.0    35    27    38    221    0.3    1.45    7.9    8.6    8.0    8.2    2.6    20.7 
21   Bankwell Financial Group Inc.   BWFG   New Canaan, CT   43.7    1.49    17.5    1.95    22.3    1.47    1.10    15.3    31    28    40    243    0.9    1.12    7.2    8.2    6.9    8.7    2.5    17.1 
22   Orange County Bancorp Inc.   OBT   Middletown, NY   60.5    0.85    11.1    0.37    5.8    0.85    1.12    13.1    39    17    44    185    0.3    1.33    9.8    7.5    9.5    6.9    2.4    23.8 
23   ChoiceOne Financial Services   COFS   Sparta, MI   62.7    1.03    16.5    1.10    22.8    -    -    -    11    12    77    158    0.1    1.53    7.3    -    -    -    4.7    34.5 
24   Central Valley Community Bncp   CVCY   Fresno, CA   54.2    1.10    15.5    1.22    24.0    1.11    1.18    22.5    49    16    35    195    0.6    1.79    7.6    6.9    7.2    6.8    2.9    22.0 
25   PCB Bancorp   PCB   Los Angeles, CA   49.0    1.92    16.9    1.65    15.8    1.77    1.70    14.1    39    20    41    294    1.4    1.13    7.3    7.1    7.4    6.9    3.0    20.0 
26   FVCBankcorp Inc.   FVCB   Fairfax, VA   46.7    1.25    13.1    1.22    13.6    1.25    1.24    11.9    32    21    47    267    0.7    1.41    11.6    11.2    11.0    11.1    0.0    0.0 
27   Capital Bancorp Inc.   CBNK   Rockville, MD   62.0    2.08    21.7    2.23    22.1    1.98    2.02    17.5    33    38    28    339    0.5    1.63    8.0    8.2    8.3    7.6    1.0    6.6 
28   Unity Bancorp Inc.   UNTY   Clinton, NJ   42.8    1.91    19.0    1.90    18.4    1.89    1.81    16.1    47    30    23    292    0.8    1.37    7.8    7.3    7.6    7.4    1.6    11.2 

 

Source: S&P Global Market Intelligence, FactSet.

Note: Dollars in millions. LTM=Last Twelve Months.

(1)LTM ADTV = Last twelve months average daily trading volume.

 

 

 

 

9.The disclosure under the heading “Proposal 1: The Merger — Opinion of Professional’s Financial Advisor — Relevant Nationwide Transactions Analysis — Professional Holding Corp” is amended by deleting the bulleted list of company names spanning pages 63 and 64 of the Definitive Proxy Statement and replacing it with the following:

 

                                    Transaction Multiples        Buyer Impacts    Target Financial Data 
                                    Target    Buyer         Price/    Price/    Core    Market                               
                     Deal    Stock    Cost    Price/    Price/    Pay-to-    LTM    LTM EPS +    Deposit    One Day    EPS    TBV    TBV    Total    NPAs/    LTM 
           Target    Annc.    Value    Consid.    Saves    TBV    TBV    Trade(1)    EPS    Cost Saves    Prem.    Prem.    Acc/(Dil)    Acc/(Dil)    Earnback    Assets    Assets    ROAA 
    Acquirer  Target   ST    Date    ($MM)    (%)    (%)    (x)    (x)    (x)    (x)    (x)    (%)    (%)    (%)    (%)    (yrs)    ($MM)    (%)    (%) 
1   The First Bancshares  Heritage Southeast Bancorp.   GA    7/27/22    208    100%   30%   1.79x   1.67x   1.07x   15.5x   8.6x   6.9%   32.0%   10.0%   (8.0%)   3.0    1,697    --    0.8%
2   Brookline Bancorp Inc.  PCSB Financial Corp.   NY    5/24/22    320    57%   30%   1.18x   1.35x   0.87x   20.3x   14.0x   3.3%   13.9%   13.0%   --    --    1,985    0.4%   0.8%
3   United Community Banks Inc.  Progress Financial Corp.   AL    5/4/22    268    97%   25%   1.65x   1.86x   0.89x   13.2x   8.8x   7.9%   --    2.0%   --    --    1,860    0.2%   1.2%
4   National Bank Holdings Corp.  Bancshares of Jackson Hole Inc   WY    4/1/22    230    77%   28%   2.03x   1.71x   1.19x   19.6x   --    8.5%   --    15.7%   --    2.9    1,599    0.4%   1.0%
5   Origin Bancorp Inc.  BT Holdings Inc.   TX    2/24/22    313    97%   30%   1.45x   1.51x   0.96x   13.8x   10.0x   7.0%   --    12.7%   (3.6%)   2.2    1,989    0.8%   1.3%
6   Simmons First National Corp.  Spirit of Texas Bancshares Inc   TX    11/19/21    582    100%   35%   1.83x   1.72x   1.07x   12.4x   9.1x   12.8%   20.0%   9.8%   (2.0%)   2.8    3,154    0.2%   1.5%
7   OceanFirst Financial Corp.  Partners Bancorp   MD    11/4/21    188    81%   40%   1.46x   1.38x   1.05x   26.3x   9.6x   5.3%   20.1%   10.0%   (4.0%)   3.0    1,638    0.8%   0.5%
8   First Merchants Corp.  Level One Bancorp Inc.   MI    11/4/21    332    74%   30%   1.83x   1.73x   1.06x   10.0x   7.0x   9.7%   15.7%   10.4%   (4.3%)   2.9    2,544    0.5%   1.3%
9   Old Second Bancorp Inc.  West Suburban Bancorp Inc.   IL    7/26/21    286    65%   37%   1.22x   1.14x   1.07x   14.5x   7.9x   2.2%   2.7%   38.0%   (18.0%)   4.8    2,972    1.1%   0.7%
10   South State Corporation  Atlantic Capital Bcshs Inc.   GA    7/23/21    545    100%   33%   1.62x   1.59x   1.02x   12.5x   9.5x   --    11.2%   3.0%   (2.0%)   2.0    3,780    0.5%   1.3%
11   United Community Banks Inc.  Reliant Bancorp Inc.   TN    7/14/21    519    100%   31%   1.81x   1.72x   1.05x   10.4x   8.0x   12.1%   11.0%   8.5%   (3.7%)   3.0    3,098    --    1.6%
12   F.N.B. Corp.  Howard Bancorp Inc.   MD    7/13/21    422    100%   50%   1.54x   1.47x   1.05x   18.0x   10.2x   9.0%   40.6%   4.0%   (2.0%)   3.0    2,600    0.6%   0.9%
13   Lakeland Bancorp  1st Constitution Bancorp   NJ    7/12/21    244    99%   44%   1.52x   1.39x   1.10x   11.5x   7.0x   5.9%   14.1%   10.1%   (3.9%)   3.3    1,789    1.0%   1.2%
14   Columbia Banking System Inc.  Bank of Commerce Holdings   CA    6/23/21    269    99%   30%   1.66x   1.90x   0.87x   14.7x   10.3x   7.1%   13.7%   4.0%   0.3%   0.0    1,829    0.4%   1.1%
15   United Bankshares Inc.  Community Bankers Trust Corp   VA    6/3/21    305    96%   30%   1.68x   2.01x   0.84x   14.2x   10.1x   11.7%   41.9%   2.5%   0.3%   0.0    1,699    0.7%   1.3%
16   First Foundation Inc.  TGR Financial Inc.   FL    6/3/21    295    97%   30%   1.81x   1.81x   1.00x   17.2x   12.0x   7.0%   8.9%   9.5%   (2.4%)   2.1    2,274    0.0%   0.9%
17   First Bancorp  Select Bancorp Inc.   NC    6/1/21    314    99%   45%   1.85x   2.06x   0.90x   23.8x   11.6x   11.0%   28.6%   10.0%   (3.0%)   2.0    1,832    0.6%   0.8%
18   Glacier Bancorp Inc.  Altabancorp   UT    5/18/21    935    100%   18%   2.88x   3.31x   0.87x   22.0x   18.4x   20.0%   12.9%   5.8%   1.0%   0.0    3,522    0.1%   1.4%
19   Enterprise Financial Services  First Choice Bancorp   CA    4/26/21    404    99%   25%   1.89x   1.93x   0.98x   11.5x   9.4x   10.6%   35.0%   8.5%   (2.7%)   2.6    2,501    0.2%   1.5%
20   Nicolet Bankshares Inc.  Mackinac Financial Corp   MI    4/12/21    248    80%   30%   1.69x   --    --    18.3x   10.3x   --    69.4%   14.0%   (5.0%)   1.9    1,502    0.9%   0.9%
21   Peoples Bancorp Inc.  Premier Financial Bancorp Inc.   WV    3/29/21    292    99%   30%   1.39x   1.62x   0.86x   12.9x   9.0x   --    9.5%   21.0%   (6.7%)   2.6    1,946    1.2%   1.2%

 

Source: S&P Global Market Intelligence, Professional Management.

Note: Dollars in millions.

(1)Pay-to-Trade multiple defined as transaction P/TBV divided by Buyer P/TBV.

 

 

 

 

10.The disclosure under the heading “Proposal 1: The Merger — Opinion of Professional’s Financial Advisor — Relevant Regional Transactions Analysis — Professional” is amended by deleting the bulleted list of transactions at the top of page 65 of the Definitive Proxy Statement and replacing it with the following:

 

                                    Transaction Multiples    Buyer Impacts    Target Financial Data 
                                    Target    Buyer         Price/    Price/    Core    Market                               
                     Deal    Stock    Cost    Price/    Price/    Pay-to-    LTM    LTM EPS +    Deposit    One Day    EPS    TBV    TBV    Total    NPAs/    LTM 
           Target    Annc.    Value    Consid.    Saves    TBV    TBV    Trade(1)    EPS    Cost Saves    Prem.    Prem.    Acc/(Dil)    Acc/(Dil)    Earnback    Assets    Assets    ROAA 
    Acquirer  Target   ST    Date    ($MM)    (%)    (%)    (x)    (x)    (x)    (x)    (x)    (%)    (%)    (%)    (%)    (yrs)    ($MM)    (%)    (%) 
1   Seacoast Banking Corp. of FL  Drummond Banking Co.   FL    5/4/22    173    100%   40%   1.91x   2.01x   0.95x   13.8x   --    9.5%   --    8.6%   (2.6%)   1.6    1,025    0.2%   1.4%
2   The First Bancshares  Beach Bancorp Inc.   FL    4/26/22    117    99%   50%   1.54x   1.64x   0.94x   50.9x   11.4x   9.6%   --    2.3%   (1.0%)   1.8    620    1.8%   0.4%
3   Seacoast Banking Corp. of FL  Apollo Bancshares/Apollo Bank   FL    3/29/22    168    95%   39%   1.95x   2.02x   0.96x   20.0x   11.9x   9.7%   --    8.0%   (2.5%)   2.3    1,044    0.4%   0.9%
4   Origin Bancorp Inc.  BT Holdings Inc.   TX    2/24/22    313    97%   30%   1.45x   1.51x   0.96x   13.8x   10.0x   7.0%   --    12.7%   (3.6%)   2.2    1,989    0.8%   1.3%
5   Simmons First National Corp.  Spirit of Texas Bancshares Inc   TX    11/19/21    582    100%   35%   1.83x   1.72x   1.07x   12.4x   9.1x   12.8%   20.0%   9.8%   (2.0%)   2.8    3,154    0.2%   1.5%
6   Bus. First Bancshares Inc.  Texas Citizens Bancorp Inc.   TX    10/21/21    54    99%   --    1.57x   1.46x   1.08x   16.6x   4.5x   4.8%   --    15.0%   (5.0%)   3.0    538    4.1%   0.9%
7   Home Bancshares, Inc.  Happy Bancshares Inc.   TX    9/15/21    888    100%   33%   1.59x   2.17x   0.73x   12.2x   7.9x   7.3%   --    9.2%   1.5%   0.0    6,262    0.4%   1.3%
8   Seacoast Banking Corp. of FL  Legacy Bank of Florida   FL    3/23/21    107    93%   45%   1.87x   2.19x   0.85x   18.1x   11.3x   16.2%   --    6.5%   (0.1%)   0.3    533    0.3%   1.2%
9   BancorpSouth Bank  National United Bancshares Inc   TX    12/2/20    115    71%   40%   1.56x   --    --    15.8x   8.5x   6.8%   --    --    (1.5%)   3.0    749    1.2%   1.1%
10   PNC Financial Services Group  BBVA USA Bancshares, Inc.   TX    11/16/20    11,567    0%   35%   1.31x   1.33x   --    --    NM     --    --    21.0%   (8.5%)   --    103,653    1.3%   (2.5%)
11   United Community Banks Inc.  Three Shores Bancorp. Inc.   FL    3/9/20    218    89%   24%   1.33x   1.17x   1.14x   --    10.2x   4.4%   (17.1%)   --    --    --    1,874    0.4%   0.8%
12   Heartland Financial USA Inc.  AIM Bancshares Inc.   TX    2/11/20    280    90%   30%   2.10x   1.69x   1.24x   13.4x   8.5x   12.3%   --    10.0%   (5.3%)   3.6    1,776    0.1%   1.4%
13   Banco de Credito e Inversiones  Executive Banking Corp.   FL    9/25/19    62    0%   --    1.45x   --    --    66.9x   --    4.9%   --    --    --    --    522    0.4%   0.3%
14   First Financial Bankshares  TB&T Bancshares Inc.   TX    9/19/19    208    100%   --    2.97x   4.54x   0.65x   19.4x   --    28.0%   --    --    --    --    624    0.0%   1.8%
15   Professional Holding Corp.  Marquis Bancorp Inc.   FL    8/12/19    83    89%   --    1.53x   1.32x   1.16x   11.9x   7.3x   10.8%   --    --    --    --    680    0.3%   1.2%
16   Prosperity Bancshares Inc.  LegacyTexas Finl Group Inc   TX    6/17/19    2,057    85%   25%   2.16x   2.01x   1.08x   12.7x   10.9x   20.8%   9.3%   10.3%   (9.7%)   4.5    9,346    0.7%   1.8%
17   Banco Bradesco SA  BAC Florida Bank   FL    5/6/19    508    0%   --    2.63x   --    --    17.1x   --    34.6%   --    --    --    --    2,275    1.6%   1.4%
18   BancFirst Corp.  Pegasus Bank   TX    4/24/19    122    0%   --    2.59x   2.21x   --    17.1x   --    13.9%   --    --    --    --    624    0.0%   1.2%

 

Source: S&P Global Market Intelligence, Company documents.

Note: Dollars in millions.

(1)Pay-to-Trade multiple defined as transaction P/TBV divided by Buyer P/TBV.

 

 

 

 

Important Information About the Proposed Transaction and Where to Find It

 

In connection with the Mergers, Seacoast filed the Form S-4/A Registration Statement with the SEC on November 10, 2022 (the “Registration Statement”), which includes the Definitive Proxy Statement and a prospectus of Seacoast. The Registration Statement has been declared effective by the SEC and the Definitive Proxy Statement has been mailed to Professional’s shareholders. Additionally, the Company and Professional filed and may file other relevant materials with the SEC in connection with the Mergers. Copies of such filings may be obtained free of charge at the SEC’s web site at www.sec.gov. SHAREHOLDERS OF PROFESSIONAL ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND THE OTHER RELEVANT MATERIALS BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE MERGERS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS AND THE PARTIES THERETO. The information contained on, or that may be accessed through, the websites referenced in this communication is not incorporated by reference into, and is not a part of, this communication.

 

Participants in the Solicitation

 

Professional and its directors and officers may be deemed participants in the solicitation of proxies of Professional’s shareholders in connection with the proposed Mergers. Shareholders may obtain more detailed information regarding the names, affiliations, and interests of certain of Professional’s executive officers and directors in the solicitation by reading Professional’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Definitive Proxy Statement, and other relevant materials filed with the SEC in connection with the Mergers. Information concerning the interests of Professional’s participants in the solicitation, which may, in some cases, be different than those of their shareholders generally, is set forth in the Definitive Proxy Statement.

 

 

 

 

Cautionary Language Regarding Forward-Looking Statements

 

Certain statements contained in this Current Report on Form 8-K, including statements included or incorporated by reference in this Current Report on Form 8-K, are not statements of historical fact and constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be protected by the safe harbor provided by that Act. These statements are subject to risks and uncertainties and include information about possible or assumed future results of operations of Seacoast after the Merger is completed, as well as information about the Merger. Words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions, or the negatives thereof, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Many possible events or factors could affect the future financial results and performance of each of Seacoast and Professional before the Merger or Seacoast after the Merger, and could cause those results or performance to differ materially from those expressed in the forward-looking statements. These possible events or factors include, but are not limited to: (a) general business and economic conditions, either globally, nationally, in the State of Florida, or in the specific markets in which Seacoast or Professional operate, including the negative impacts and disruptions resulting from rising interest rates, supply chain challenges and inflation, which have had and may likely continue to have an adverse impact on our business operations and performance, and could continue to have a negative impact on our credit portfolio, stock price, borrowers and the economy as a whole both globally and domestically; (b) the impact of Hurricane Ian on Florida generally, as well as certain of the communities Professional Bank and SNB serve, and which could continue to have a negative impact on our business, credit portfolio, borrowers and our stock price; (c) the failure to obtain the approval of Professional’s shareholders in connection with the Merger; (d) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect Seacoast’s and Professional’s respective businesses and the price of their respective common stocks; (e) the risk that a condition to closing of the proposed Merger may not be satisfied; (f) the risk that a required regulatory approval for the proposed Merger is not obtained or is obtained subject to conditions that are not anticipated; (g) the parties’ ability to achieve the synergies and value creation contemplated by the proposed Merger; (h) the parties’ ability to promptly and effectively integrate the businesses of Seacoast and Professional, including unexpected transaction costs, including the costs of integrating operations, severance, professional fees and other expenses; (i) the diversion of management time on issues related to the Merger; (j) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (k) the effect of the announcement or pendency of the Merger on Seacoast’s customer, employee and business relationships, operating results, and business generally; (l) deposit attrition, operating costs, customer loss and business disruption following the proposed Merger, including difficulties in maintaining relationships with employees, may be greater than expected; (m) reputational risks and the reaction of the companies’ customers to the proposed Merger; (n) customer acceptance of the combined company’s products and services; (o) increased competitive pressures and solicitations of customers and employees by competitors; (p) the failure to consummate or delay in consummating the Merger for other reasons; (q) the outcome of any legal proceedings that may be instituted against Seacoast or Professional related to the Merger Agreement or the Merger; (r) changes in laws or regulations; (s) the dilution caused by Seacoast’s issuance of additional shares of its common stock in the Merger or related to the Merger; (t) the sale price of Seacoast common stock could decline before the completion of the Merger, including as a result of the financial performance of Seacoast or Professional or more generally due to broader stock market movements and the performance of financial companies and peer group companies; (u) changes in interest rates, deposit flows, loan demand, and real estate values; and (v) the ongoing impacts and disruptions resulting from COVID-19 or other variants on the economies and communities Professional Bank and SNB serve, which has had and may likely continue to have an adverse impact on each company’s business operations and performance, and could continue to have a negative impact on our credit portfolio, stock price, borrowers and the economy as a whole both globally and domestically.

 

For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the “Risk Factors” section of the Definitive Proxy Statement, as well as the factors set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in each of Seacoast’s and Professional’s most recent Form 10-K and Form 10-Q reports, which are available online at www.sec.gov, and are incorporated by reference herein. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations or financial condition of Seacoast or Professional. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date made. As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, we caution you not to place reliance on these forward-looking statements. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

 

No Offer or Solicitation

 

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SEACOAST BANKING CORPORATION OF FLORIDA
     
Date: December 9, 2022 By: /s/ Tracey L. Dexter
    Tracey L. Dexter
    Chief Financial Officer

 

 


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