Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SI Financial Group, Inc. | d868802d8k.htm |
 Sterne Agee
Investor Conference February 11 –
13, 2015
Exhibit 99.1 |
 Forward Looking
Statements This
presentation
contains
forward-looking
statements,
which
can
be
identified
by
the
use
of
words
such
as
“believes,”
“expects,”
“anticipates,”
“estimates”
or
similar
expressions.
These
forward-looking
statements
include,
but
are
not
limited
to:
statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating strategies;
statements regarding the asset quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.
These
forward-looking
statements
which
are
based
on
our
current
beliefs
and
expectations,
are
subject
to
significant
risks
and
uncertainties.
Actual
results
may
differ
materially
from
those
contemplated
by
the
forward-looking
statements
due
to,
among
others,
the
following
factors:
general economic conditions, either nationally or in our market areas, that are different than
expected; changes in the interest rate environment that reduce our margins
or reduce the fair value of financial instruments;
increased competitive pressures among financial services companies;
changes in consumer spending, borrowing and savings habits;
legislative or regulatory changes that adversely affect our business;
adverse changes in the securities and credit markets; and
changes in accounting policies and practices, as may be adopted by bank regulatory agencies or
the Financial Accounting Standards Board.
Any
forward-looking
statements
made
by
us
speak
only
as
of
the
date
hereof.
Any
of
the
forward-looking
statements
that
we
make
in
this
presentation
may
later
prove
incorrect
because
of
inaccurate
assumptions,
the
factors
illustrated
above
or
other
factors
that
we
cannot
foresee.
Because
of
these
and
other
uncertainties,
our
actual
future
results
may
be
materially
different
from
the
results
indicated
by
these
forward-looking
statements.
We
do
not
undertake,
and
specifically
disclaim
any
obligation,
to
revise
any
forward-looking
statements
contained
in
this
presentation.
2 |
 (1)
Closing price on February 2, 2015
(2)
See Appendix –
Non-GAAP Financial Measures
(3)
Quarterly dividend increased to $0.04 in January 2015
Market Summary as of February 3, 2015
Issuer:
SI Financial Group, Inc.
Listing / Ticker Symbol:
Nasdaq Global Market / “SIFI”
Market Price Per Share:
(1)
$11.08
Shares Outstanding:
12,780,000
Market Capitalization:
$141.6 million
Tangible Book Value Per Share:
(2)
$10.89
Price to Tangible Book Value:
101.74%
Dividend Yield:
(3)
1.44%
3 |
 Company
Overview |
 Headquartered
in Willimantic, CT Established in 1842
Total assets in 1995: $252 million
Total assets as of December 31, 2014: $1.35 billion
5 |
 Business
Strategy Community oriented focus by offering a full range of financial products and
services
Optimize future growth opportunities by executing a proven business model and
by opportunistically seeking branch or whole bank acquisitions in areas in or
adjacent to existing market area
Prudently diversify the asset mix and geographic concentration by selectively
increasing the percentage of commercial business loans, multi-family and
commercial real estate loans locally and in the New England region and by
expanding the existing portfolio of time share and homeowner association loans
Continue conservative underwriting practices and maintain a high
quality loan
portfolio
Increase core deposits by emphasizing exceptional customer service, cross-selling
our full range of financial products and increasing our commercial deposits
Supplement noninterest income through expanded mortgage banking and wealth
management operations
6 |
 Financial
Highlights |
 Assets as of
December 31, 2014 - $1.35 billion
8 |
 Securities
Portfolio Comparison 9 |
 Loan
Portfolio Comparison 10 |
 CRE Portfolio
Analysis – December 31, 2014
11 |
 12
C&I Portfolio-
December 31, 2014 |
 Asset Quality
– Trend
Savings Institute has maintained high asset quality with solid reserve coverage
Aggressive with early recognition of nonperforming loans
2009
2010
2011
2012
2013
2014
Nonperforming loans
$ 3,007
$ 4,925
$ 10,591
$ 7,654
$ 6,993
$ 5,002
Other real estate owned
3,680
1,285
976
1,293
2,429
1,271
Nonperforming assets
6,687
6,210
11,567
8,947
9,422
6,273
NPLs/Loans
0.49%
0.81%
1.70%
1.11%
0.66%
0.48%
NPAs/Assets
0.77%
0.67%
1.21%
0.94%
0.70%
0.46%
Reserves/Loans
0.80%
0.79%
0.80%
0.93%
0.66%
0.74%
Reserves/NPLs
162.65%
97.44%
46.93%
83.45%
98.90%
155.88%
Dollars in thousands.
13 |
 Deposits
Total deposits exclude mortgagors’
and investors’
escrow accounts.
Dollars in
thousands.
Average
Interest Rate
2.25%
1.55%
1.18%
0.97%
0.75%
0.62%
14 |
 Operating
Results 2012
2013
2014
Net Interest Margin
2.88%
2.93%
3.11%
Net Income (Loss)
$1,118
($855)
$4,411
EPS
$0.11
($0.08)
$0.36
Non-Interest Income
$8,717
$8,305
$10,166
Dollars in thousands, except per share amounts.
15 |
 Expenses/Efficiencies
2012
2013
2014
Non-Interest
Expenses
$43.7 million
(1)
$37.7 million
(3)
$41.5 million
Efficiency Ratio
88.19
(2)
96.10
84.05
FTE
248
(2)
294
280
Assets/FTE
$3.8 million
$4.6 million
$4.8 million
(1)
2012 represents total for both SIFI and NFSB as independent banks.
(2)
SIFI Only.
(3)
Only four months as a combined institution.
16 |
 Financial
Strength – December 31, 2014
* Represents regulatory capital ratios for Savings Institute.
Ratio *
Minimum
Required
Well
Capitalized
Risk-Based Capital
15.87%
8.00%
10.00%
Tier 1 Risk-Based
Capital
14.86%
4.00%
6.00%
Tier 1 Capital
9.37%
4.00%
5.00%
17 |
 Appendix
– Non-GAAP Financial Measures |
 Non-GAAP
Financial Measures – December 31, 2014
Tangible Book Value Per Share:
Book value per share
$12.35
Effect of intangible assets per share
( 1.46)
Tangible book value per share
$10.89
Tangible Common Equity:
Equity
$157,739
Less: Intangible assets
(18,697)
Tangible equity
$139,042
Dollars in thousands, except per share amounts.
19 |
 2015
Initiatives Add Commercial Lenders
Right Size Branch Network
Expiring Contracts
EMV Chip Card
20 |