Attached files
| file | filename |
|---|---|
| 8-K - FORM 8 K - CenterState Bank Corp | d8k.htm |
 Raymond James Annual Institutional
Investors Conference
March 7, 2011
Exhibit 99.1 |
 Forward Looking Statement
2
This presentation contains forward-looking statements, as defined by Federal
Securities Laws, relating to present or future trends or factors affecting
the operations, markets and products of CenterState Banks, Inc. (CSFL).
These statements are provided to assist in the understanding of future
financial performance. Any such statements are based on current expectations
and involve a number of risks and uncertainties. For a discussion of factors that
may cause such forward-looking statements to differ materially from actual
results, please refer to CSFL’s most recent Form 10-Q and Form
10-K filed with the Securities Exchange Commission.
CSFL undertakes no obligation to release revisions to these forward-looking
statements or reflect events or circumstances after the date of this
presentation. |
 Birmingham
Atlanta
Winston-Salem
Tampa
Winter Haven
Corporate Overview
Headquartered in Davenport, FL
$2.1 billion in assets
$1.9 billion in deposits
Company formed: June 2000
2 Subsidiary Banks; 54 locations
6 of 14 counties of operation rank in the top
15 fastest growing counties in Florida
3
Data
pro
forma
for
the
P&A
agreement
with
TD,
excluding
purchase
accounting
adjustments.
Correspondent Banking market |
 Merger and Corporate Structure
4
Merger of three national bank subsidiaries completed 12/10/10
CenterState Bank of Florida –
$1.9 billion in assets
Valrico State Bank –
$195 million in assets
Benefits of new structure includes use of capital, cost efficiency,
and development of specialists.
Newly consolidated special asset group comprised of 25
professionals focused on disposition of Legacy Bank assets and
FDIC covered assets.
Data
pro
forma
for
the
P&A
agreement
with
TD,
excluding
purchase
accounting
adjustments. |
 5
Update on 2010 Initiatives
Vero Beach Office
Opened May 2010
$33 million in deposits at .67% cost
$13 million in loans
Okeechobee Office
Opened June 2010
$24 million in deposits at .66% cost
1,305 new accounts opened in 8 months
Wealth Management
Joe Keating and team on board May of 2010
$109 million of new assets under management
Core Processing System Conversion
Lead bank conversion completed in September
Valrico State Bank scheduled this month |
 6
FDIC Acquisitions
Independent National Bank of Ocala
August 2010
Conversion and efficiencies to be gained in May
3% growth in core deposits
Olde Cypress Community Bank
July 2010
Conversion and efficiencies to be gained in July
3% growth in core deposits
Community National Bank at Bartow
August 2010
Conversion and efficiencies to be gained in September
2% growth in core deposits
Multiple FDIC assisted targets in our markets over the next 9 months
|
 7
TD Transaction
Acquired 4 branches in Putnam County, FL on January 20, 2011
Deposits acquired -
$113 million
Loans acquired -
$121 million of performing loans within our
footprint
Economics
–
Loans purchased at 90% of par which will produce a
healthy bargain purchase gain in 1Q2011
Credit Protection –
Entered a 2 year “Put Back”
agreement with TD
bank for any loan that becomes 30 days delinquent or is downgraded to
substandard |
 Florida Economy Slowly Recovering
8
Source: The Florida Legislature Office of Economic and Demographic
Research & Sterne Agee Judicial Foreclosure Process
a Damper on Recovery
Unemployment at 12% -
but
six consecutive months of
job growth after losing jobs
for three years
Lack of loan growth
opportunities will accelerate
bank consolidation in Florida |
 Loan Portfolio
(excluding FDIC Covered Loans)
Total Loans by Type (%)
Total Loans Detail
9
Loan Type
No. of
Loans
12/31/10
Balance
Avg Loan
Balance
Residential Real
Estate
2,704
$256MM
$95,000
Commercial
Real Estate
1,039
410MM
395,000
Construction,
A&D, & Land
572
109MM
191,000
Commercial &
Industrial
977
101MM
103,000
Consumer
/Other
2,739
56MM
20,000
Total
8,031
$932MM
$116,000 |
 Credit Quality Trends
10
Source: SNL Financial
Nonperforming assets include 90 days or more past due.
Florida peers include publicly traded banks and thrifts headquartered in
Florida. Southeastern peers include publicly traded financial
institutions located in AL, AR, FL, GA, MS, NC, SC, TN VA, and WV with total assets between $2 and $5 billion. |
 Non-Performing Loans
Other Real Estate Owned
$65,753,000 (7.06% of Gross Loans,)
35% of NPLs are current
83% of legal unpaid loan balance, net of
specific reserves
$12,239,000
62% of legal unpaid loan
balance at repossession date
11
Data as of 12/31/10
NonPerforming Assets
(excluding FDIC Covered Assets) |
 Conservative Balance Sheet
Total Risk-Based Capital Ratio -
19.3% at 12/31/10
Loans / Assets of 55%
at 12/31/10
40% of assets backed by the US Government
Low Concentration Levels
CRE at 114%
of capital vs. 300% guidance
CD&L at 36%
of capital vs. 100% guidance
Operating leverage that is yet untapped
12 |
 Core Deposit Focus
Value of core deposits not fully realized in this low rate
environment. Approximately 116,700 total accounts -
$14,400 average balance per account
Core deposits defined as non-time deposits.
13
DDA and NOW
12/2009
12/2010
Change
% Change
Balance
$427MM
$605MM
$178MM
42%
No. of Accounts
42,400
62,600
20,200
48% |
 14
Net Interest Margin |
 15
Loan / Deposit Ratios
Loans / Deposits ratio
CenterState Banks, Inc. –
67%
Southeastern Peers Average –
83%
Florida Peers Average –
80%
Source: SNL Financial, data as of most recent quarter available.
Florida peers include publicly traded banks and thrifts headquartered in
Florida. Southeastern peers include publicly traded financial
institutions located in AL, AR, FL, GA, MS, NC, SC, TN VA, and WV with total assets between $2 and $5 billion. |
 Birmingham
Atlanta
Winston-Salem
Tampa
Winter Haven
Correspondent Banking Division
Primary business lines
–
Bond Sales
–
Fed funds
–
Safekeeping, bond accounting, and
asset/liability consulting services
Customer base –
520 community banks
Opportunity
–
Bank Clearing & Cash Management
–
Talent Recruiting / M&A
Division Contribution
16
($000s, except per share)
4Q09
1Q10
2Q10
3Q10
4Q10
Net Interest Income
$1,656
$1,526
$1,319
$1,148
$974
Non-Interest Income
7,468
6,622
7,758
12,358
7,576
Non-Interest Expense
(6,512)
(6,164)
(6,740)
(9,249)
(6,689)
Income Tax Expense
(1,006)
(764)
(900)
(1,564)
(700)
Net Income Impact
$1,606
$1,220
$1,437
$2,693
$1,161
EPS Impact
$0.06
$0.05
$0.05
$0.09
$0.04
Management
lift
out
from
RBC
(formerly
ALAB)
and
Capital
Markets
Division
of
Silverton
(66
employees) |
 Profitability
17
1. Excludes credit costs, correspondent banking division expenses, and
non recurring costs; annualized |
 Summary
Energetic & experienced local management team taking
advantage of opportunities
Turmoil offers significant organic growth opportunities
Increased FDIC-assisted deals coming to our market in the
next 6 –
9 months
Unprecedented opportunities to add shareholder value
18 |