Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ASB Bancorp Inc | d357921d8k.htm |
 Annual
Meeting of Shareholders Asheville, NC
May 24, 2012
NASDAQ | ASBB
Exhibit 99.1 |
 This
presentation, as well as other written communications made from time to time by the Company and its
subsidiaries and oral communications made from time to time by authorized officers of the
Company, may contain
statements
relating
to
the
future
results
of
the
Company
(including
certain
projections
and
business
trends)
that
are
considered
“forward-looking
statements”
as
defined
in
the
Private
Securities
Litigation
Reform
Act of 1995 (the PSLRA). Such forward-looking statements may be identified by the use of
such words as “believe,”
“expect,”
“anticipate,”
“should,”
“planned,”
“estimated,”
“intend”
and
“potential.”
For
these
statements,
the
Company
claims
the
protection
of
the
safe
harbor
for
forward-looking
statements
contained
in
the PSLRA.
The Company cautions you that a number of important factors could cause actual results to
differ materially from those currently anticipated in any forward-looking
statement. Such factors include, but are not limited to: prevailing economic and
geopolitical conditions; changes in interest rates, loan demand, real estate values and
competition; changes in accounting principles, policies, and guidelines; changes in any
applicable law, rule, regulation or practice with respect to tax or legal issues; and
other economic, competitive, governmental, regulatory and technological factors
affecting the Company’s operations, pricing, products and services and other
factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on
Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking
statements are made as of the date of this presentation, and, except as may be
required by applicable law or regulation, the Company
assumes no obligation to update the forward-looking statements or to update the reasons
why actual results could differ from those projected in the forward-looking
statements. NASDAQ | ASBB
Forward-Looking Statements
| 2 |
 •
Introduction
•
Profile and Executive Management
•
Market Area and Geographic Footprint
•
Financial Performance
•
Stock Information
•
Selected Balance Sheet Data
•
Selected Income Statement Data
•
Competitive Environment
•
Deposit Market Share
•
Changes in Competitors
•
Objectives
•
Near Term
•
Longer Term
NASDAQ | ASBB
Overview
| 3 |
 NASDAQ |
ASBB Introduction
| 4 |
 •
$800 million community bank with 13
offices and 170 employees in Western
North Carolina
•
Founded in 1936
•
Largest community bank chartered and
headquartered in Asheville, NC
•
Converted from the mutual form of
ownership on October 11, 2011
NASDAQ | ASBB
Profile
| 5 |
 NASDAQ |
ASBB Executive Management
| 6
Role
Years in
Banking
Suzanne DeFerie
(age 55)
President &
Chief Executive Officer
20 years
Kirby Tyndall
(age 57)
Executive Vice President &
Chief Financial Officer
22 years
David Kozak
(age 51)
Executive Vice President &
Chief Lending Officer
27 years
Fred Martin
(age 42)
Executive Vice President &
Chief Information Officer
16 years |
 •
Nestled in the Blue Ridge and Great Smoky Mountains, the
Asheville area attracts newcomers and tourists with its
astounding quality of life and welcoming entrepreneurial
environment.
•
Known for its culinary delights, history, architecture, natural
settings and as a Mecca for adventure lovers, Asheville has
something for everyone.
•
Often
called
“San
Francisco
of
the
East
and
Paris
of
the
South”
–
Asheville is one of the Southeast’s most progressive and vibrant
cities.
•
“Millions
of
foodies
can’t
be
wrong”
–
Asheville
named
a
Top
10
Food
&
Wine
Destination
in
the
U.S.,
Trip
Advisor
Travelers'
Choice
2011
NASDAQ | ASBB
Market: “Asheville – any way you like it”
| 7 |
 •
Asheville Metro population:
417,012
•
March 2012 Metro
Unemployment: 7.9%
–
Down from high of 9.2% in June
2009
–
NC current rate is 9.7%
•
Average home price (2011):
$236,492
•
Median income: $43,445
•
Major Industries:
–
Government
–
Healthcare
–
Tourism
| 8
NASDAQ | ASBB
Geographic Footprint |
 NASDAQ |
ASBB Financial Performance:
2011 in Review
| 9 |
 NASDAQ Global
Market ASBB
Conversion closing
October 11, 2011
Offering price
$10.00
Opening price (10/12/11)
$11.50
Book value per share (3/31/12)
$20.66
Shares issued
5,584,551 shares
ESOP shares purchased
446,764 shares
NASDAQ | ASBB
Stock Information
| 10 |
 December 31,
2011 ($ in millions)
Total assets
$ 790.9
Cash and cash equivalents
72.3
Investment securities
249.1
Gross loans, net of deferred fees
432.9
Deposits
608.2
Borrowings
60.0
Total equity
115.6
NASDAQ | ASBB
Selected Balance Sheet Data
| 11 |
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ASBB Selected Balance Sheet —
Loans
| 12
Commercial
Construction & Land
Development
$22.4 5%
Commercial Mortgage
$139.9 32%
Commercial &
Industrial
$17.5 4%
Non-commercial
Construction & Land
Development
$3.9 1%
Residential Mortgage
$175.9 41%
Revolving Mortgage
$51.0 12%
Consumer
$22.6 5%
Loan Composition ($ mil)
December 31, 2011 |
 NASDAQ |
ASBB Selected Balance Sheet —
Asset Quality
| 13 |
 NASDAQ |
ASBB Selected Balance Sheet —
Deposits
| 14
Noninterest-bearing
Demand Accounts
$54.1 9%
NOW Accounts
$132.8 22%
Savings Accounts
$24.9 4%
Money Market
Accounts
$137.9 23%
Certificate Accounts
$258.5 42%
Deposit Composition ($ mil)
December 31, 2011 |
 NASDAQ |
ASBB Selected Balance Sheet—Core Deposits
*
| 15
* Excludes all time deposits (retail, jumbo and brokered). |
 NASDAQ |
ASBB Selected Balance Sheet —
Capital
| 16 |
 NASDAQ |
ASBB Selected Income Statement Trends
| 17
(excludes securities
gains/losses) |
 NASDAQ |
ASBB Competitive Environment
| 18 |
 NASDAQ |
ASBB Deposit Market Share: 5 County Region
| 19
Institution
Offices
Deposits
($000)
Market
Share
Institution
Offices
Deposits
($000)
Market
Share
Wells Fargo Bank
17
$1,348,649
19.9%
United Community
4
$ 133,003
2.0%
First Citizens Bank
22
1,223,659
18.0%
First Bank
5
115,320
1.7%
Asheville Savings
13
617,912
9.1%
Blue Ridge Savings
5
109,804
1.6%
Mountain 1st
7
455,227
6.7%
Capital Bank
4
100,005
1.5%
HomeTrust Bank
6
442,068
6.5%
Forest Commercial
1
83,242
1.2%
Bank of America
10
436,157
6.4%
Fifth Third Bank
4
67,128
1.0%
SunTrust Bank
13
434,967
6.4%
Black Mtn Savings
1
31,287
0.5%
BB&T
8
374,715
5.5%
Pisgah Community
1
29,448
0.4%
TD Bank
10
300,806
4.4%
Southern Community
1
24,501
0.4%
RBC Bank
8
254,509
3.8%
GreenBank
1
10,133
0.2%
Macon Bank
3
192,944
2.8%
Woodforest Natl
3
2,265
0.0%
Institutions: 22
147
$6,787,749
100.0% |
 Institution
Description of Change
Deposits
($000s)
Market
Share
Wells Fargo
Acquired Wachovia
$1,348,649
19.9%
TD Bank
Acquired Carolina First
300,806
4.4%
PNC Bank
Acquired RBC
254,509
3.8%
First Bank
Acquired Bank of Asheville (FDIC)
115,320
1.7%
Bank of N Carolina
Acquired Blue Ridge Savings (FDIC)
109,804
1.6%
Capital Bank
Recapitalized by PE
100,005
1.5%
Forest Commercial
2008 de novo entry
83,242
1.2%
Pisgah Community
2008 de novo entry
29,448
0.4%
Capital Bank
Acquired GreenBank
10,133
0.2%
Institutions: 9
$2,351,916
34.7%
NASDAQ |
ASBB
Changes in Competitors
| 20 |
 NASDAQ |
ASBB Objectives
| 21 |
 •
Goal #1 –
Profitable loan growth and
continued improvement in asset quality –
most significant drivers of profitability
•
Capitalize on market competitor opportunities
•
Grow core deposits to maintain low funding
costs
NASDAQ | ASBB
Near Term Objectives
| 22 |
 •
Evaluation of capital management strategies,
such as share repurchases and cash dividends
•
Share repurchases permitted after one year
anniversary of conversion
•
Share repurchases decisions will consider capital
needs, price and volume of shares
•
Cash dividend decisions will consider sustainable
current earnings and other alternative uses of
capital, such as share repurchases
NASDAQ | ASBB
Near Term Objectives, cont.
| 23 |
 •
Continued evaluation of regulatory reform
impact
•
Expansion of in market opportunities, with
both potential branch locations and continued
leveraging of technology based delivery
systems
•
Evaluation of acquisition opportunities, both
in market and surrounding areas
NASDAQ | ASBB
Longer Term Objectives
| 24 |
 NASDAQ |
ASBBQ |