As previously
reported, on August 7, 2022, Professional Holding Corp. (the “Company,” “we,” or “our”), the
parent company of Professional Bank, entered into an Agreement and Plan of Merger (the “Agreement”) providing for the merger
(the “Merger”) of the Company with and into Seacoast Banking Corporation of Florida (“Seacoast”), the parent company
of Seacoast National Bank (“SNB”), and the merger of Professional Bank with and into SNB (together with the Merger, the “Mergers”).
In connection with the Mergers, the Company filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy
statement, dated November 14, 2022 (the “Definitive Proxy Statement”), and commenced mailing the Definitive Proxy Statement
to shareholders of the Company on or about November 14, 2022.
Since October 24, 2022,
the Company has received demand letters from certain purported shareholders of the Company (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.
The Company has not responded
to the Demand Letters and believes 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.
This filing will not
affect the timing of the special meeting of the Company’s shareholders scheduled for December 15, 2022, at 1:00 p.m., Eastern Time.
The Company’s board of directors continues to recommend that the Company’s shareholders vote “FOR” the approval
of the merger proposal.
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 | | |
| 2022 | E | |
| 2023 | E | |
| 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 $20 billion in total assets; Price / Estimated EPS multiples based on mean consensus estimates per S&P Global Market Intelligence for each respective year
| 4. | The disclosure under the heading “Proposal 1: The Merger — Opinion of Seacoast’s
Financial Advisor — Comparable Company Analyses” is amended by deleting the table of company names at the bottom of page 49
(Professional Peer Group) of the Definitive Proxy Statement and replacing it with the following: |
Financials
as of June 30, 2022 | |
| |
| | |
Balance
Sheet | | |
Capital Position | | |
LTM Profitability | | |
Valuation as of August 3, 2022 | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Total | | |
Bank
CRE / | | |
| | |
| | |
| | |
| | |
Price / | | |
| | |
| |
| |
| |
| | | |
| | | |
| Loans/ | | |
| NPAs
/ | | |
| TCE
/ | | |
| Lev. | | |
| RBC | | |
| Total | | |
| | | |
| | | |
| | | |
| Effic. | | |
| | | |
| LTM | | |
| 2022 | E | |
| 2023 | E | |
| Div. | | |
| Market | |
| |
| |
| | | |
| Assets | | |
| Deps. | | |
| Assets | | |
| TA | | |
| Ratio | | |
| Ratio | | |
| RBC | | |
| ROAA | | |
| ROAE | | |
| NIM | | |
| Ratio | | |
| TBV | | |
| EPS | | |
| EPS | | |
| EPS | | |
| Yield | | |
| Cap | |
Company | |
City,
State | |
| Ticker | | |
| ($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 | % | |
| 1.79 | x | |
| 1.67 | x | |
| 1.07 | x | |
| 15.5 | x | |
| 8.6 | x | |
| 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 | % | |
| 1.18 | x | |
| 1.35 | x | |
| 0.87 | x | |
| 20.3 | x | |
| 14.0 | x | |
| 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 | % | |
| 1.65 | x | |
| 1.86 | x | |
| 0.89 | x | |
| 13.2 | x | |
| 8.8 | x | |
| 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 | % | |
| 2.03 | x | |
| 1.71 | x | |
| 1.19 | x | |
| 19.6 | x | |
| -- | | |
| 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 | % | |
| 1.45 | x | |
| 1.51 | x | |
| 0.96 | x | |
| 13.8 | x | |
| 10.0 | x | |
| 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 | % | |
| 1.83 | x | |
| 1.72 | x | |
| 1.07 | x | |
| 12.4 | x | |
| 9.1 | x | |
| 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 | % | |
| 1.46 | x | |
| 1.38 | x | |
| 1.05 | x | |
| 26.3 | x | |
| 9.6 | x | |
| 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 | % | |
| 1.83 | x | |
| 1.73 | x | |
| 1.06 | x | |
| 10.0 | x | |
| 7.0 | x | |
| 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 | % | |
| 1.22 | x | |
| 1.14 | x | |
| 1.07 | x | |
| 14.5 | x | |
| 7.9 | x | |
| 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 | % | |
| 1.62 | x | |
| 1.59 | x | |
| 1.02 | x | |
| 12.5 | x | |
| 9.5 | x | |
| -- | | |
| 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 | % | |
| 1.81 | x | |
| 1.72 | x | |
| 1.05 | x | |
| 10.4 | x | |
| 8.0 | x | |
| 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 | % | |
| 1.54 | x | |
| 1.47 | x | |
| 1.05 | x | |
| 18.0 | x | |
| 10.2 | x | |
| 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 | % | |
| 1.52 | x | |
| 1.39 | x | |
| 1.10 | x | |
| 11.5 | x | |
| 7.0 | x | |
| 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 | % | |
| 1.66 | x | |
| 1.90 | x | |
| 0.87 | x | |
| 14.7 | x | |
| 10.3 | x | |
| 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 | % | |
| 1.68 | x | |
| 2.01 | x | |
| 0.84 | x | |
| 14.2 | x | |
| 10.1 | x | |
| 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 | % | |
| 1.81 | x | |
| 1.81 | x | |
| 1.00 | x | |
| 17.2 | x | |
| 12.0 | x | |
| 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 | % | |
| 1.85 | x | |
| 2.06 | x | |
| 0.90 | x | |
| 23.8 | x | |
| 11.6 | x | |
| 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 | % | |
| 2.88 | x | |
| 3.31 | x | |
| 0.87 | x | |
| 22.0 | x | |
| 18.4 | x | |
| 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 | % | |
| 1.89 | x | |
| 1.93 | x | |
| 0.98 | x | |
| 11.5 | x | |
| 9.4 | x | |
| 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 | % | |
| 1.69 | x | |
| -- | | |
| -- | | |
| 18.3 | x | |
| 10.3 | x | |
| -- | | |
| 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 | % | |
| 1.39 | x | |
| 1.62 | x | |
| 0.86 | x | |
| 12.9 | x | |
| 9.0 | x | |
| -- | | |
| 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 | % | |
| 1.91 | x | |
| 2.01 | x | |
| 0.95 | x | |
| 13.8 | x | |
| -- | | |
| 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 | % | |
| 1.54 | x | |
| 1.64 | x | |
| 0.94 | x | |
| 50.9 | x | |
| 11.4 | x | |
| 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 | % | |
| 1.95 | x | |
| 2.02 | x | |
| 0.96 | x | |
| 20.0 | x | |
| 11.9 | x | |
| 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 | % | |
| 1.45 | x | |
| 1.51 | x | |
| 0.96 | x | |
| 13.8 | x | |
| 10.0 | x | |
| 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 | % | |
| 1.83 | x | |
| 1.72 | x | |
| 1.07 | x | |
| 12.4 | x | |
| 9.1 | x | |
| 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 | % | |
| -- | | |
| 1.57 | x | |
| 1.46 | x | |
| 1.08 | x | |
| 16.6 | x | |
| 4.5 | x | |
| 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 | % | |
| 1.59 | x | |
| 2.17 | x | |
| 0.73 | x | |
| 12.2 | x | |
| 7.9 | x | |
| 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 | % | |
| 1.87 | x | |
| 2.19 | x | |
| 0.85 | x | |
| 18.1 | x | |
| 11.3 | x | |
| 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 | % | |
| 1.56 | x | |
| -- | | |
| -- | | |
| 15.8 | x | |
| 8.5 | x | |
| 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 | % | |
| 1.31 | x | |
| 1.33 | x | |
| -- | | |
| -- | | |
| 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 | % | |
| 1.33 | x | |
| 1.17 | x | |
| 1.14 | x | |
| -- | | |
| 10.2 | x | |
| 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 | % | |
| 2.10 | x | |
| 1.69 | x | |
| 1.24 | x | |
| 13.4 | x | |
| 8.5 | x | |
| 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 | % | |
| -- | | |
| 1.45 | x | |
| -- | | |
| -- | | |
| 66.9 | x | |
| -- | | |
| 4.9 | % | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| 522 | | |
| 0.4 | % | |
| 0.3 | % |
14 | | |
First
Financial Bankshares | |
TB&T
Bancshares Inc. | |
| TX | | |
| 9/19/19 | | |
| 208 | | |
| 100 | % | |
| -- | | |
| 2.97 | x | |
| 4.54 | x | |
| 0.65 | x | |
| 19.4 | x | |
| -- | | |
| 28.0 | % | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| 624 | | |
| 0.0 | % | |
| 1.8 | % |
15 | | |
Professional
Holding Corp. | |
Marquis
Bancorp Inc. | |
| FL | | |
| 8/12/19 | | |
| 83 | | |
| 89 | % | |
| -- | | |
| 1.53 | x | |
| 1.32 | x | |
| 1.16 | x | |
| 11.9 | x | |
| 7.3 | x | |
| 10.8 | % | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| 680 | | |
| 0.3 | % | |
| 1.2 | % |
16 | | |
Prosperity
Bancshares Inc. | |
LegacyTexas
Finl Group Inc | |
| TX | | |
| 6/17/19 | | |
| 2,057 | | |
| 85 | % | |
| 25 | % | |
| 2.16 | x | |
| 2.01 | x | |
| 1.08 | x | |
| 12.7 | x | |
| 10.9 | x | |
| 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 | % | |
| -- | | |
| 2.63 | x | |
| -- | | |
| -- | | |
| 17.1 | x | |
| -- | | |
| 34.6 | % | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| 2,275 | | |
| 1.6 | % | |
| 1.4 | % |
18 | | |
BancFirst
Corp. | |
Pegasus
Bank | |
| TX | | |
| 4/24/19 | | |
| 122 | | |
| 0 | % | |
| -- | | |
| 2.59 | x | |
| 2.21 | x | |
| -- | | |
| 17.1 | x | |
| -- | | |
| 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 the Company’s shareholders. Additionally, the Company and Seacoast 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 THE COMPANY 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
The Company and its directors and officers may
be deemed participants in the solicitation of proxies of the Company’s shareholders in connection with the proposed Mergers. Shareholders
may obtain more detailed information regarding the names, affiliations, and interests of certain of the Company’s executive officers
and directors in the solicitation by reading the Company’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 the Company’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 the Company 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 the Company 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 the Company’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 the Company’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
the Company, 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 the Company 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 the Company 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 the Company’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 the Company. 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.