Equibles

8-K

SEACOAST BANKING CORP OF FLORIDA (SBCF)

8-K 2022-12-09 For: 2022-12-09
View Original
Added on April 08, 2026

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 eventreported): December 9, 2022

<br><br> <br>SEACOAST BANKING CORPORATION OF FLORIDA
(Exact Name of Registrant as Specified in Charter)<br><br> <br>
Florida 000-13660 59-2260678
--- --- ---
(State or Other Jurisdiction<br><br> <br>of Incorporation) (Commission File Number) (IRS Employer<br><br> <br>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<br><br> <br>****
---

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:

x Written communications pursuant to Rule 425 under the<br>Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the<br>Exchange Act (17 CFR 240.14a-12)
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¨ Pre-commencement communications pursuant to Rule 14d-2(b)<br>under the Exchange Act (17 CFR 240.14d-2(b))
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¨ Pre-commencement communication pursuant to Rule 13e-4(c)<br>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 8.01 Other 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 herebyrevised 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’sFinancial 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<br> as of June 30, 2022 Balance<br> Sheet Capital<br> Position LTM<br> Profitability Valuation<br> as of August 3, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Total Bank<br> CRE / Price<br> /
**** **** **** **** **** 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,<br> State Ticker ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (x) (x) (x) (%) ($M)
Atlantic<br> Union Bkshs Corp. Richmond,<br> 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<br> Corp. Jackson,<br> 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,<br> 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<br> Inc. Wheeling,<br> 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<br> Corp. Tupelo,<br> 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<br> Bancshares Inc. Birmingham,<br> 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<br> Financial Corp. Nashville,<br> 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<br> Bancorp Southern<br> 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<br> Oak Bancshares Inc. Wilmington,<br> 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<br> Bancorp Inc. Coral<br> 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<br> Holding Co. Charleston,<br> 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<br> First Bancshares Hattiesburg,<br> 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’sFinancial 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<br> as of June 30, 2022 Balance<br> Sheet Capital Position LTM Profitability Valuation as of August 3, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Total Bank<br> 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,<br> State Ticker ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (x) (x) (x) (%) ($M)
Burke &<br> Herbert Bank & Trust Alexandria,<br> 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<br> Bancshares Inc. Asheville,<br> 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<br> Holdings Inc. Fort Myers,<br> 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<br> First Bancshares Inc Greenville,<br> 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<br> Bankshares Inc Bluefield,<br> 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<br> 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<br> National Bankshares Danville,<br> 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<br> Bankshares Inc. Doraville,<br> 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<br> Hldgs Inc Nashville,<br> 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<br> Corp Fairmont,<br> 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<br> Bankshares Inc. Charlottesville,<br> 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<br> Inc. Fitzgerald,<br> 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<br> Corp.² Prattville,<br> 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<br> 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<br> 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<br> Inc. Fairfax,<br> 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<br> Bancshares Inc.² Dyersburg,<br> 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’sFinancial Advisor —Analysis of Precedent Transactions” is amended by deleting the table of Acquiror and Target names at thetop of page 51 (the Regional Precedent Transactions) of the Definitive Proxy Statement and replacing it with the following:
Transaction<br> Information Seller<br> 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<br> First Bancshares MS Heritage<br> Southeast Bancorp. GA 07/27/22 15.5 – 179 6.9 32.0 7.0 0.81 0.22
HomeTrust<br> Bancshares Inc. NC Quantum Capital<br> Corp. GA 07/25/22 4.2 – 158 4.5 – 10.2 3.15 0.00
First Bancorp NC GrandSouth<br> Bancorporation SC 06/21/22 10.7 10.8 189 8.5 14.3 7.5 1.40 0.26
F.N.B. Corp. PA UB Bancorp NC 06/01/22 9.2 – 154 4.4 10.2 6.6 1.14 0.04
DFCU Financial MI First Citrus<br> Bancorp. Inc. FL 05/12/22 15.3 – 211 9.3 63.3 8.0 1.01 0.00
United Community<br> Banks Inc. GA Progress<br> Financial Corp. AL 05/04/22 13.2 – 165 7.9 – 8.3 1.19 0.19
Seacoast<br> Bnkg Corp. of FL FL Drummond<br> Banking Co. FL 05/04/22 13.8 – 191 9.5 – 8.3 1.37 0.21
The First<br> Bancshares MS Beach Bancorp<br> Inc. FL 04/26/22 NM – 154 9.6 – 13.1 0.40 1.77
Seacoast<br> Bnkg Corp. of FL FL Apollo Bancshares/Apollo<br> Bank FL 03/29/22 20.0 – 195 9.7 – 9.4 0.91 0.37
United Community<br> Banks Inc. GA Reliant Bancorp<br> Inc. TN 07/14/21 10.4 11.1 181 12.1 11.0 9.3 1.62 0.28
Lake Michigan<br> CU MI Pilot Bancshares<br> Inc. FL 06/16/21 12.3 – 187 9.8 19.1 8.1 1.36 0.30
Simmons First<br> National Corp. AR Triumph Bancshares<br> Inc. TN 06/07/21 17.2 – 153 8.9 – 9.7 0.98 0.92
Simmons First<br> National Corp. AR Landmark<br> Community Bank TN 06/07/21 14.0 – 143 8.0 – 10.1 1.08 0.66
United Bankshares<br> Inc. WV Community<br> Bankers Trust Corp VA 06/03/21 14.2 13.5 168 11.7 41.9 10.2 1.28 0.71
First Bancorp NC Select Bancorp<br> Inc. NC 06/01/21 23.8 14.4 185 11.0 28.6 9.4 0.79 0.56
United Community<br> Banks Inc. GA Aquesta Financial<br> Holdings NC 05/27/21 18.1 – 217 11.8 66.5 6.2 1.01 0.76
Peoples Bancorp<br> Inc. OH Premier Financial<br> Bancorp Inc. WV 03/29/21 12.9 – 139 4.9 9.5 11.0 1.20 1.16
Seacoast<br> Banking Corp. of FL FL Legacy Bank<br> of Florida FL 03/23/21 18.1 – 187 16.2 – 10.7 1.15 0.32
BancorpSouth<br> Bank MS FNS Bancshares<br> Inc. AL 01/13/21 19.4 – 154 6.5 35.1 9.1 0.77 0.64

All values are in US Dollars.

^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’sFinancial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the paragraph spanningpages 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’sFinancial Advisor — Net Present Value Analyses” is supplemented by adding the following underlined text to the last full paragraphon 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’sFinancial Advisor —Relevant Public Companies Analysis” is amended by deleting the bulleted list of company names spanningpages 60 and 61 of the Definitive Proxy Statement and replacing it with the following:
Balance<br> Sheet Asset<br> Quality Profitability<br> / Earnings (MRQ)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
LTM<br> Loan Tier<br> 1 NIB TBV<br> + Dividends ALLL<br> / Cost<br> of Net Fee
Total Growth Securities TCE<br> / Loans<br> / CRE/ Leverage TRBC Dep.<br> / 1-Year 3-Year 5-Year NPAs/ Loans Total Interest Income<br> /
Assets (ex.<br> PPP) /<br> Assets TA Deposits TRBC Ratio Ratio Dep. CAGR CAGR CAGR Assets^(1)^ (ex.<br> PPP) Deposits Margin Revenue
Company Ticker City, State (M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
1 South<br> Plains Finl Inc. SPFI Lubbock,<br> TX 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<br> Financial Group Inc. SMMF Moorefield,<br> WV 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<br> Bancorp. WTBA West Des<br> Moines, IA 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<br> Financial Services PFIS Scranton,<br> PA 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<br> Bancorp Inc. HBCP Lafayette,<br> LA 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<br> First Bancshares Inc SFST Greenville,<br> SC 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<br> Bancshares Inc. GNTY Addison,<br> TX 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<br> Financial Corp. FRST McLean,<br> VA 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<br> National Bankshares AMNB Danville,<br> VA 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<br> River Bancshares Inc. RRBI Alexandria,<br> LA 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<br> Finl Hldgs Inc CSTR Nashville,<br> TN 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<br> Bancshares Inc. CIVB Sandusky,<br> OH 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<br> Financial Corp MVBF Fairmont,<br> WV 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<br> First Corporation BFC Manitowoc,<br> WI 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<br> Guaranty Bancshares Inc. FGBI Hammond,<br> LA 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<br> Financial Services ORRF Shippensburg,<br> PA 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<br> Business Finl. Svcs. Inc FBIZ Madison,<br> WI 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<br> First Bancorp FNLC Damariscotta,<br> ME 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<br> Bank FRBA Hamilton,<br> NJ 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<br> Financial Corp. CHMG Elmira,<br> NY 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<br> Financial Group Inc. BWFG New Canaan,<br> CT 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<br> County Bancorp Inc. OBT Middletown,<br> NY 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<br> Financial Services COFS Sparta,<br> MI 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<br> Valley Community Bncp CVCY Fresno,<br> CA 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<br> Bancorp PCB Los Angeles,<br> CA 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<br> Inc. FVCB Fairfax,<br> VA 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<br> Bancorp Inc. CBNK Rockville,<br> MD 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<br> Bancorp Inc. UNTY Clinton,<br> NJ 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

All values are in US Dollars.

Source: S&P Global Market Intelligence, FactSet.

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

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

All values are in US Dollars.

Source: S&P Global Market Intelligence, FactSet.

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

(1) LTM<br> ADTV = Last twelve months average daily trading volume.
9. The disclosure under the heading “Proposal1: The Merger — Opinion of Professional’s Financial Advisor — Relevant Nationwide Transactions Analysis — ProfessionalHolding Corp” is amended by deleting the bulleted list of company names spanning pages 63 and 64 of the Definitive Proxy Statementand 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<br> First Bancshares Heritage<br> 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<br> Bancorp Inc. PCSB Financial<br> 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<br> Community Banks Inc. Progress<br> 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<br> Bank Holdings Corp. Bancshares<br> 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<br> Bancorp Inc. BT Holdings<br> 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<br> First National Corp. Spirit of<br> 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<br> Financial Corp. Partners<br> 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<br> Merchants Corp. Level One<br> 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<br> Second Bancorp Inc. West Suburban<br> 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<br> State Corporation Atlantic<br> 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<br> Community Banks Inc. Reliant Bancorp<br> 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.<br> Corp. Howard Bancorp<br> 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<br> Bancorp 1st Constitution<br> 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<br> Banking System Inc. Bank of Commerce<br> 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<br> Bankshares Inc. Community<br> 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<br> Foundation Inc. TGR Financial<br> 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<br> Bancorp Select Bancorp<br> 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<br> 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<br> Financial Services First Choice<br> 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<br> Bankshares Inc. Mackinac<br> 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<br> Bancorp Inc. Premier Financial<br> 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<br> multiple defined as transaction P/TBV divided by Buyer P/TBV.
10. The disclosure under the heading “Proposal1: 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 withthe 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<br> Banking Corp. of FL Drummond<br> 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<br> First Bancshares Beach Bancorp<br> 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<br> Banking Corp. of FL Apollo Bancshares/Apollo<br> 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<br> Bancorp Inc. BT Holdings<br> 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<br> First National Corp. Spirit of<br> 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.<br> First Bancshares Inc. Texas Citizens<br> 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<br> Bancshares, Inc. Happy Bancshares<br> 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<br> Banking Corp. of FL Legacy Bank<br> 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<br> Bank National<br> 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<br> Financial Services Group BBVA USA<br> 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<br> Community Banks Inc. Three Shores<br> 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<br> Financial USA Inc. AIM Bancshares<br> 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<br> de Credito e Inversiones Executive<br> Banking Corp. FL 9/25/19 62 0 % -- 1.45 x -- -- 66.9 x -- 4.9 % -- -- -- -- 522 0.4 % 0.3 %
14 First<br> Financial Bankshares TB&T<br> 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<br> Holding Corp. Marquis<br> 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<br> Bancshares Inc. LegacyTexas<br> 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<br> Bradesco SA BAC Florida<br> Bank FL 5/6/19 508 0 % -- 2.63 x -- -- 17.1 x -- 34.6 % -- -- -- -- 2,275 1.6 % 1.4 %
18 BancFirst<br> Corp. Pegasus<br> 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<br> multiple defined as transaction P/TBV divided by Buyer P/TBV.

Important Information About the Proposed Transactionand 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 ORSUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND THE OTHER RELEVANT MATERIALS BEFORE MAKING ANY VOTING DECISIONWITH 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 LanguageRegarding 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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