Exhibit 99.1
FOR IMMEDIATE RELEASE
July 27, 2007
CenterState Banks of Florida, Inc. Announces
Second Quarter 2007 Operating Results
WINTER HAVEN, FL. – July 27, 2007 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the second quarter 2007 of $2,280,000 ($0.18 per share) compared to $2,207,000 ($0.19 per share) earned in the second quarter of 2006.
Net income for the six month period ending June 30, 2007 was $4,088,000 ($0.34 per share) compared to $4,017,000 ($0.36 per share) for the same period in 2006.
All per share data is presented herein on a diluted basis, unless otherwise stated. Quarterly condensed consolidated income statements (unaudited) are shown below for the periods indicated.
Quarterly Condensed Consolidated Income Statements (unaudited)
Amounts in thousands of dollars (except per share data)
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For the quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Net interest income | | $ | 11,244 | | | $ | 9,598 | | | $ | 9,622 | | | $ | 9,636 | | | $ | 9,581 | |
Provision for loan losses | | | (376 | ) | | | (282 | ) | | | (142 | ) | | | (129 | ) | | | (206 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after loan loss provision | | | 10,868 | | | | 9,316 | | | | 9,480 | | | | 9,507 | | | | 9,375 | |
Non interest income | | | 1,903 | | | | 1,540 | | | | 1,584 | | | | 1,550 | | | | 1,507 | |
Non interest expense | | | (9,362 | ) | | | (8,073 | ) | | | (7,854 | ) | | | (7,463 | ) | | | (7,297 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income before income tax | | | 3,409 | | | | 2,783 | | | | 3,210 | | | | 3,594 | | | | 3,585 | |
Income tax expense | | | (1,129 | ) | | | (975 | ) | | | (1,019 | ) | | | (1,343 | ) | | | (1,378 | ) |
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NET INCOME | | $ | 2,280 | | | $ | 1,808 | | | $ | 2,191 | | | $ | 2,251 | | | $ | 2,207 | |
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EPS (basic) | | $ | 0.18 | | | $ | 0.16 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | |
EPS (diluted) | | $ | 0.18 | | | $ | 0.16 | | | $ | 0.19 | | | $ | 0.20 | | | $ | 0.19 | |
Branch activity
During May, the Company opened its 36th banking location with the newly constructed branch office in Hillsborough County, the second new office opened in 2007 (the other was in Osceola County in February). The Company has five branch offices that are less than one year old. Two of these five offices are in temporary facilities until the permanent location is constructed. Construction of one of these two facilities is in process and is expected to be completed before the end of this year, and the other one, which construction has not yet started, could be completed early in 2008. In addition, there was a branch opened in October 2005 which is still operating in a temporary location. The construction of its permanent location has just begun at the end of June and is expected to be completed as early as December of this year or the beginning of 2008. The Company’s branch expansion strategy continues to add pressure to operating expenses and affect profitability.
Acquisition of Valrico Bancorp, Inc.
On April 2, 2007, the Company acquired Valrico Bancorp, Inc. (“VBI”) and its’ wholly owned subsidiary Valrico State Bank, as previously announced. The $36.1 million purchase price was a combination of 65% stock and 35% cash. VBI was a one bank holding company operating through its subsidiary, Valrico State Bank (“VSB”). VSB opened for business in 1989 and operates through four
banking locations in Hillsborough County, Florida. As noted above, a fifth location, also in Hillsborough County, was opened in May 2007. VSB is operating as a separate wholly owned subsidiary, similar to the Company’s other subsidiary banks. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands of dollars).
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| Assets: | | | |
Cash and due from banks | | $ | 6,789 |
Federal funds sold | | | 13,039 |
Securities available for sale | | | 12,177 |
Loans – net | | | 120,226 |
Premises and equipment | | | 9,289 |
Goodwill | | | 19,062 |
Core deposit intangible | | | 2,484 |
Other assets | | | 1,363 |
| | | |
Total Assets | | $ | 184,429 |
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| Liabilities: | | | |
Deposits | | $ | 130,614 |
Other liabilities | | | 17,602 |
Total Liabilities | | | 148,216 |
Net assets acquired | | | 36,213 |
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Total liabilities and net assets acquired | | $ | 184,429 |
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Combination of two subsidiary banks
On June 21, 2007 the Company announced its plan to combine two of its five subsidiary banks, CenterState Bank Mid FL and CenterState Bank West Florida, N.A. The name of the combined Bank will be CenterState Bank, N.A. and will have total assets of approximately $378 million. It will operate through twelve banking offices in Pasco, Lake, Sumter, Hernando and Citrus counties, which are contiguous west central Florida counties.
Credit quality
Nonperforming assets (which the Company defines as (1) non-accrual loans; (2) accruing loans that are 90 days or more delinquent and are deemed by management to be adequately secured and in the process of collection; (3) OREO (i.e. real estate acquired through foreclosure or deed in lieu of foreclosure); and (4) other repossessed assets that are not real estate), were $2,321,000 at June 30, 2007, compared to $645,000 at December 31, 2006. Non performing assets as a percentage of total assets was 0.19% at June 30, 2007, compared to 0.06% at December 31, 2006. Net charge-offs for the three month and six month periods ending June 30, 2007 were $106,000 and $111,000, respectively. Although the ratios have increased, they remain low to industry standards. The Company’s credit quality remains good.
The Company defines non performing loans as non accrual loans plus loans past due 90 days or more and still accruing interest. Non performing loans as a percentage of total loans was 0.27% at June 30, 2007, compared to 0.09% at December 31, 2006. The ratio of allowance for loan losses to non performing loans was 420% at June 30, 2007, compared to 1,206% at December 31, 2006.
Although non-accrual loans have been trending upwards, as noted in the table below, management does not feel there are any significant losses within the non-accrual portfolio. Most of the
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$1,997,000 of non-accrual loans are collateralized by real estate, of which most is residential real estate. Management believes that there are no significant losses on any of the non-accrual loans and that there are adequate reserves to cover any of these potential inherent losses.
The allowance for loan losses (“ALLL”) as a percentage of total loans outstanding was 1.15% at June 30, 2007 and 1.12% at December 31, 2006. The Company’s ALLL increased $2,164,000 during this six month period. Of this amount, $2,064,000 relates to an increase in the Company’s general reserve, which $1,617,000 relates to the acquisition of VSB and $447,000 is due to the growth in the loan portfolio. The remaining $100,000 increase is due to an increase in the Company’s specific reserves, which results from specific reserve analyses prepared for each of the Company’s impaired loans.
The table below summarizes selected credit quality data for the periods indicated.
Selected credit quality ratios, dollars are in thousands
(unaudited)
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As of or for the quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Non-accrual loans | | $ | 1,997 | | | $ | 1,196 | | | $ | 448 | | | $ | 696 | | | $ | 850 | |
Past due loans 90 days or more And still accruing interest | | | 267 | | | | 64 | | | | 162 | | | | 458 | | | | 1 | |
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Total non performing loans | | | 2,264 | | | | 1,260 | | | | 610 | | | | 1,154 | | | | 851 | |
Other real estate owned (“OREO”) | | | — | | | | 215 | | | | — | | | | — | | | | — | |
Repossessed assets other than real estate | | | 57 | | | | — | | | | 35 | | | | 35 | | | | 50 | |
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Total non performing assets | | $ | 2,321 | | | $ | 1,475 | | | $ | 645 | | | $ | 1,189 | | | $ | 901 | |
Non performing assets as a percentage of total assets | | | 0.19 | % | | | 0.14 | % | | | 0.06 | % | | | 0.12 | % | | | 0.09 | % |
Non performing loans as a percentage of total loans | | | 0.27 | % | | | 0.18 | % | | | 0.09 | % | | | 0.18 | % | | | 0.14 | % |
Net charge-offs (recoveries) | | $ | 106 | | | $ | 5 | | | $ | 154 | | | $ | 72 | | | $ | (9 | ) |
Net charge-offs as a percentage of average loans for the period | | | 0.01 | % | | | 0.00 | % | | | 0.02 | % | | | 0.01 | % | | | 0.00 | % |
Allowance for loan losses as a percentage of period end loans | | | 1.15 | % | | | 1.12 | % | | | 1.12 | % | | | 1.16 | % | | | 1.18 | % |
Financial highlights
Net interest margin (“NIM”) for the current quarter was 4.13%, a slight increase from the previous quarter. The Company is focused on the goal of growing deposits without additional NIM compression. Management has implemented incentive and other marketing plans focusing on checking account and other non time deposit account growth, which contributed to the higher marketing expenses for the prior three quarters.
Annualized return on average assets was 0.74% for the current quarter compared to 0.89% for the same quarter last year. Presented below are condensed consolidated balance sheets, condensed consolidated average balance sheets, and selected financial ratios for the periods indicated.
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Condensed Consolidated Balance Sheets (unaudited)
Amounts in thousands of dollars
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At quarter ended: | | 6/30/2007 | | | 3/31/2007 | | | 12/31/2006 | | | 9/30/2006 | | | 6/30/2006 | |
Cash and due from banks | | $ | 34,457 | | | $ | 41,433 | | | $ | 40,385 | | | $ | 35,345 | | | $ | 36,625 | |
Fed funds and money market | | | 51,997 | | | | 58,821 | | | | 79,636 | | | | 48,250 | | | | 80,285 | |
Investments | | | 227,324 | | | | 236,492 | | | | 235,350 | | | | 240,286 | | | | 229,428 | |
Loans | | | 826,215 | | | | 684,141 | | | | 657,963 | | | | 637,684 | | | | 621,638 | |
Allowance for loan losses | | | (9,519 | ) | | | (7,632 | ) | | | (7,355 | ) | | | (7,367 | ) | | | (7,310 | ) |
Premises and equipment, net | | | 52,827 | | | | 41,531 | | | | 39,879 | | | | 38,748 | | | | 36,996 | |
Goodwill | | | 28,924 | | | | 9,863 | | | | 9,863 | | | | 9,863 | | | | 9,863 | |
Core deposit intangible | | | 5,189 | | | | 2,944 | | | | 3,083 | | | | 3,249 | | | | 3,414 | |
Bank owned life insurance | | | 9,540 | | | | 7,394 | | | | 7,320 | | | | 7,246 | | | | 6,172 | |
Other assets | | | 14,030 | | | | 11,831 | | | | 10,978 | | | | 11,386 | | | | 11,519 | |
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TOTAL ASSETS | | $ | 1,240,984 | | | $ | 1,086,818 | | | $ | 1,077,102 | | | $ | 1,024,690 | | | $ | 1,028,630 | |
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Deposits | | $ | 998,382 | | | $ | 889,638 | | | $ | 892,806 | | | $ | 845,849 | | | $ | 855,031 | |
Other borrowings | | | 91,486 | | | | 73,536 | | | | 62,792 | | | | 59,605 | | | | 58,595 | |
Other liabilities | | | 8,869 | | | | 3,928 | | | | 4,172 | | | | 4,424 | | | | 3,932 | |
Stockholders’ equity | | | 142,247 | | | | 119,716 | | | | 117,332 | | | | 114,812 | | | | 111,072 | |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,240,984 | | | $ | 1,086,818 | | | $ | 1,077,102 | | | $ | 1,024,690 | | | $ | 1,028,630 | |
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Condensed Consolidated Average Balance Sheets (unaudited) Amounts in thousands of dollars | |
At quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Investments, fed funds, and other | | $ | 292,786 | | | $ | 295,365 | | | $ | 299,467 | | | $ | 300,846 | | | $ | 287,099 | |
Loans | | | 813,927 | | | | 669,005 | | | | 645,103 | | | | 632,568 | | | | 611,379 | |
Allowance for loan losses | | | (9,369 | ) | | | (7,423 | ) | | | (7,398 | ) | | | (7,371 | ) | | | (7,226 | ) |
All other assets | | | 145,680 | | | | 104,594 | | | | 100,502 | | | | 97,844 | | | | 99,470 | |
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TOTAL ASSETS | | $ | 1,243,024 | | | $ | 1,061,541 | | | $ | 1,037,674 | | | $ | 1,023,887 | | | $ | 990,722 | |
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Deposits- interest bearing | | $ | 789,457 | | | $ | 673,561 | | | $ | 657,654 | | | $ | 654,009 | | | $ | 611,678 | |
Deposits- non interest bearing | | | 200,164 | | | | 192,945 | | | | 196,093 | | | | 191,057 | | | | 204,138 | |
Other borrowings | | | 99,044 | | | | 72,582 | | | | 62,399 | | | | 60,486 | | | | 59,413 | |
Other liabilities | | | 11,608 | | | | 3,695 | | | | 4,989 | | | | 4,825 | | | | 4,726 | |
Stockholders’ equity | | | 142,751 | | | | 118,758 | | | | 116,539 | | | | 113,510 | | | | 110,767 | |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,243,024 | | | $ | 1,061,541 | | | $ | 1,037,674 | | | $ | 1,023,887 | | | $ | 990,722 | |
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Selected financial ratios (unaudited) | |
As of or for the quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Return on average assets (annualized) | | | 0.74 | % | | | 0.69 | % | | | 0.84 | % | | | 0.87 | % | | | 0.89 | % |
Return on average equity (annualized) | | | 6.41 | % | | | 6.17 | % | | | 7.46 | % | | | 7.87 | % | | | 7.99 | % |
Net interest margin (tax equivalent basis) | | | 4.13 | % | | | 4.09 | % | | | 4.09 | % | | | 4.12 | % | | | 4.29 | % |
Loan / deposit ratio | | | 82.8 | % | | | 76.9 | % | | | 73.7 | % | | | 75.4 | % | | | 72.7 | % |
Stockholders’ equity / total assets | | | 11.5 | % | | | 11.0 | % | | | 10.9 | % | | | 11.2 | % | | | 10.8 | % |
Efficiency ratio | | | 71 | % | | | 72 | % | | | 70 | % | | | 67 | % | | | 66 | % |
Book value per share | | $ | 11.44 | | | $ | 10.71 | | | $ | 10.54 | | | $ | 10.32 | | | $ | 10.00 | |
At June 30, 2007 total loans were $826,215,000, which is an increase of $168,252,000, or 26% compared to December 31, 2006. $121,843,000 of this increase resulted from the acquisition of VSB.
At June 30, 2007 total deposits were $998,382,000, which is an increase of $105,576,000, or 12%
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compared to December 31, 2006. Excluding the deposits acquired from the purchase of VSB (approximately $130,614,000), there was a decrease of approximately $25,038,000, or 3%, during the six month period ending June 30, 2007. Deposit growth, especially in core deposits (i.e. non time deposits) continues to be a challenge. The Company has initiated various incentive programs as well as other marketing efforts targeted at deposit growth. The Company believes there are several forces causing this slow down in deposit growth, including the interest rate environment which may have enticed customers to shift from lower yielding accounts to higher yielding time deposits and the slow down in real estate activity in Florida, which translates into less transactions which equates to lower balances held in title company accounts and other real estate related accounts.
The tables below summarize the loan and deposit mix over the most recent five quarter ends.
Loan mix (in thousands of dollars)
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At quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Real estate loans | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 197,577 | | | $ | 185,820 | | | $ | 180,869 | | | $ | 181,579 | | | $ | 173,011 | |
Commercial | | | 379,407 | | | | 296,788 | | | | 291,536 | | | | 277,888 | | | | 267,834 | |
Construction, development and land loans (note 1) | | | 109,694 | | | | 68,543 | | | | 60,950 | | | | 56,112 | | | | 60,289 | |
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Total real estate loans | | | 686,678 | | | | 551,151 | | | | 533,355 | | | | 515,579 | | | | 501,134 | |
Commercial | | | 79,620 | | | | 76,558 | | | | 68,948 | | | | 67,642 | | | | 64,978 | |
Consumer and other loans | | | 61,059 | | | | 57,418 | | | | 56,684 | | | | 55,489 | | | | 56,567 | |
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Total loans before unearned fees and costs | | | 827,357 | | | | 685,127 | | | | 658,987 | | | | 638,710 | | | | 622,679 | |
Unearned fees and costs | | | (1,142 | ) | | | (986 | ) | | | (1,024 | ) | | | (1,026 | ) | | | (1,041 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 826,215 | | | $ | 684,141 | | | $ | 657,963 | | | $ | 637,684 | | | $ | 621,638 | |
Deposit mix (in thousands of dollars)
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At quarter ended: | | 6/30/07 | | 3/31/07 | | 12/31/06 | | 9/30/06 | | 6/30/06 |
Checking accounts | | | | | | | | | | | | | | | |
Non interest bearing | | $ | 189,619 | | $ | 202,840 | | $ | 223,602 | | $ | 198,386 | | $ | 207,804 |
Interest bearing | | | 130,087 | | | 114,636 | | | 110,627 | | | 97,060 | | | 107,035 |
Savings deposits | | | 57,211 | | | 44,462 | | | 46,806 | | | 47,562 | | | 48,471 |
Money market accounts | | | 121,905 | | | 117,322 | | | 100,528 | | | 102,114 | | | 111,445 |
Time deposits | | | 499,560 | | | 410,378 | | | 411,243 | | | 400,727 | | | 380,276 |
| | | | | | | | | | | | | | | |
Total deposits | | $ | 998,382 | | $ | 889,638 | | $ | 892,806 | | $ | 845,849 | | $ | 855,031 |
| | |
| note 1: | | The increase in this category was due to the acquisition of Valrico State Bank and certain reclassifications from the Commercial Real Estate Loan category to Construction, Development and Land Loan category. |
| note 2: | | Construction (exclusive of single family construction), Acquisition & Development and Land loans approximate 55% of regulatory capital which compares favorably to regulatory guidelines of 100% of regulatory capital. |
| note 3: | | Commercial Real Estate loans (exclusive of owner occupied) plus the loans describe in note 2 above approximate 205% of regulatory capital which compares favorably to regulatory guidelines of 300% of regulatory capital. |
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Non interest income and non interest expense
The tables below summarize the Company’s non interest income and non interest expense for the periods indicated.
Quarterly Condensed Consolidated Non Interest Income (unaudited)
Amounts in thousands of dollars
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For the quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Service charges on deposit accounts | | $ | 1,146 | | | $ | 953 | | | $ | 876 | | | $ | 902 | | | $ | 875 | |
Commissions from mortgage broker activities | | | 62 | | | | 52 | | | | 71 | | | | 79 | | | | 106 | |
Loan related fees | | | 87 | | | | 75 | | | | 91 | | | | 70 | | | | 75 | |
Commissions from sale of mutual funds and annuities | | | 165 | | | | 80 | | | | 202 | | | | 142 | | | | 81 | |
Debit card and ATM fees | | | 237 | | | | 188 | | | | 176 | | | | 138 | | | | 141 | |
BOLI income | | | 95 | | | | 74 | | | | 75 | | | | 74 | | | | 63 | |
Gain (loss) on sale of investments | | | — | | | | — | | | | — | | | | — | | | | 17 | |
Other service charges and fees | | | 111 | | | | 118 | | | | 93 | | | | 145 | | | | 149 | |
| | | | | | | | | | | | | | | | | | | | |
Total non interest income | | $ | 1,903 | | | $ | 1,540 | | | $ | 1,584 | | | $ | 1,550 | | | $ | 1,507 | |
Quarterly Condensed Consolidated Non Interest Expense (unaudited) Amounts in thousands of dollars | |
For the quarter ended: | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | | | 9/30/06 | | | 6/30/06 | |
Employee salaries and wages | | $ | 3,840 | | | $ | 3,243 | | | $ | 3,200 | | | $ | 3,116 | | | $ | 3,000 | |
Employee incentive/bonus compensation | | | 508 | | | | 513 | | | | 586 | | | | 515 | | | | 523 | |
Employee stock option expense | | | 133 | | | | 135 | | | | 136 | | | | 147 | | | | 181 | |
Health insurance and other employee benefits | | | 575 | | | | 542 | | | | 537 | | | | 432 | | | | 419 | |
Payroll taxes | | | 260 | | | | 331 | | | | 210 | | | | 214 | | | | 220 | |
Other employee related expenses | | | 228 | | | | 170 | | | | 189 | | | | 159 | | | | 149 | |
Incremental direct cost of loan origination | | | (279 | ) | | | (279 | ) | | | (276 | ) | | | (248 | ) | | | (324 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total salaries, wages and employee benefits | | $ | 5,265 | | | $ | 4,655 | | | $ | 4,582 | | | $ | 4,335 | | | $ | 4,168 | |
| | | | | |
Occupancy expense | | | 1,083 | | | | 914 | | | | 912 | | | | 907 | | | | 856 | |
Depreciation of premises and equipment | | | 588 | | | | 504 | | | | 497 | | | | 484 | | | | 498 | |
Supplies, stationary and printing | | | 173 | | | | 146 | | | | 146 | | | | 141 | | | | 174 | |
Marketing expenses | | | 257 | | | | 287 | | | | 249 | | | | 98 | | | | 106 | |
Data processing expenses | | | 389 | | | | 280 | | | | 280 | | | | 300 | | | | 273 | |
Legal, auditing and other professional fees | | | 276 | | | | 196 | | | | 187 | | | | 190 | | | | 165 | |
Bank regulatory related expenses | | | 110 | | | | 98 | | | | 93 | | | | 96 | | | | 79 | |
Postage and delivery | | | 75 | | | | 68 | | | | 65 | | | | 66 | | | | 66 | |
ATM related expenses | | | 136 | | | | 103 | | | | 94 | | | | 110 | | | | 114 | |
Amortization of CDI | | | 238 | | | | 139 | | | | 166 | | | | 165 | | | | 166 | |
Other expenses | | | 772 | | | | 683 | | | | 583 | | | | 571 | | | | 632 | |
| | | | | | | | | | | | | | | | | | | | |
Total non interest expense | | $ | 9,362 | | | $ | 8,073 | | | $ | 7,854 | | | $ | 7,463 | | | $ | 7,297 | |
CenterState Banks of Florida, Inc. is a multi bank holding company which operates through five wholly owned subsidiary banks with 36 locations in nine counties throughout Central Florida. The Company’s stock is listed on the NASDAQ national market under the symbol CSFL. Request for information regarding the purchase or sale of the common stock can be obtained from James Stevens, at Keefe, Bruyette & Woods (800-221-3246), Chris Cerniglia, at Ryan Beck & Co (800-793-7226), Michael Acampora, at Raymond James (800-363-9652), or Eric Lawless, at FIG Partners, LLC (866-344-2657). For additional information contact Ernest S. Pinner, CEO, or James J. Antal, CFO, at 863-293-2600.
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“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements related to future events, other future financial performance or business strategies, and may be identified by terminology such as “may,” “will,” “should,” “expects,” “scheduled,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “potential,” or “continue” or the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.
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