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Seacoast lines up NSBC
Posted on Friday, 19 May 2017 13:34
Acquisitive Seacoast Banking is continuing to make its mark in the sunshine state, this time buying NorthStar Banking (NSBC) for USD 32.10 million to become a top five Florida-based bank in the Tampa metropolitan statistical area (MSA).
The cash and stock offer equates to a price of USD 16.00 per share and is expected to complete early in the fourth quarter of 2017 following the usual set of approvals.
Organised in 2005, NSBC has deposits of USD 168.00 million and loans of USD 137.00 million, and will increase Seacoast's assets in Tampa by 38.0 per cent to roughly USD 554.00 million.
As of 31st March 2017, the bank had total assets of USD 211.80 million, gross loans of USD 136.66 million, deposits of USD 167.80 million and tangible equity of USD 21.66 million.
In terms of ratios, it had tangible common equity to tangible assets of 10.2 per cent, efficiency of 82.2 per cent and net interest margin of 3.9 per cent.
Through the acquisition, the holding company of Seacoast Bank will boost its presence in the Tampa MSA by adding a further three branches to a regional portfolio which includes GulfShore Bancshares, bought last month for USD 54.80 million.
Seacoast expects the NSBC purchase will add to earnings per share in 2017, excluding one-time transaction costs, and have a tangible book value earnback period of 1.4 years using the crossover method.
The company noted the deal provides an internal rate of return of over 20.0 per cent and gives access to the Tampa-St. Petersburg-Clearwater MSA, billed as the second-largest in Florida.
This area is also ranked among the fastest-growing in the country with population set to rise by 6.5 per cent by 2022 and has one of the Southeast's lowest unemployment rates among metropolitan regions, at 4.1 per cent in March 2017.
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