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| FOR IMMEDIATE RELEASE | | Exhibit 99.1 |
| October 24, 2008 | | |
CenterState Banks of Florida, Inc. Announces
Third Quarter 2008 Operating Results
DAVENPORT, FL. – October 24, 2008 — CenterState Banks of Florida, Inc. (NASDAQ SYMBOL: CSFL) reported net income for the third quarter 2008 of $761,000 ($0.06 per share) compared to $1,952,000 ($0.15 per share) earned in the third quarter of last year. Most of the decrease was due to our provision for loan losses ($1,764,000 versus $529,000). Also contributing to the decrease in net income was the $525,000 decrease in our net interest income between the two quarters.
The increase in our loan loss provision was a reflection of the continued deterioration of the real estate market in Florida specifically and the overall economy in general. The decrease in our net interest income was the result of a $38 million decrease in average interest earning assets between 3Q08 and 3Q07 and a slightly lower net interest margin (“NIM”) between the two periods.
On a sequential quarter basis, our NIM increased 13bps (3.75% to 3.88% on a tax equivalent basis). Although our average interest earnings assets decreased approximately $13 million between these two sequential quarters, our NIM expansion was enough to compensate resulting in a net increase in our net interest income of $346,000. 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)
| | | | | | | | | | | | | | | | | | | | |
For the quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Net interest income | | $ | 10,376 | | | $ | 10,030 | | | $ | 9,814 | | | $ | 10,605 | | | $ | 10,901 | |
Provision for loan losses | | | (1,764 | ) | | | (1,515 | ) | | | (604 | ) | | | (1,605 | ) | | | (529 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after loan loss provision | | | 8,612 | | | | 8,515 | | | | 9,210 | | | | 9,000 | | | | 10,372 | |
Non interest income | | | 2,098 | | | | 1,824 | | | | 1,873 | | | | 1,920 | | | | 1,961 | |
Sale of bank branch office real estate | | | | | | | 1,483 | | | | | | | | | | | | | |
Sale of bank shell | | | | | | | | | | | | | | | 1,000 | | | | | |
Non interest expense | | | (9,704 | ) | | | (9,640 | ) | | | (9,479 | ) | | | (9,307 | ) | | | (9,442 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income before income tax | | | 1,006 | | | | 2,182 | | | | 1,604 | | | | 2,613 | | | | 2,891 | |
Income tax expense | | | (245 | ) | | | (714 | ) | | | (493 | ) | | | (854 | ) | | | (939 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME | | $ | 761 | | | $ | 1,468 | | | $ | 1,111 | | | $ | 1,759 | | | $ | 1,952 | |
| | | | | | | | | | | | | | | | | | | | |
EPS (basic) | | $ | 0.06 | | | $ | 0.12 | | | $ | 0.09 | | | $ | 0.14 | | | $ | 0.16 | |
EPS (diluted) | | $ | 0.06 | | | $ | 0.12 | | | $ | 0.09 | | | $ | 0.14 | | | $ | 0.15 | |
Average common shares outstanding (basic) | | | 12,454,407 | | | | 12,447,484 | | | | 12,442,517 | | | | 12,435,451 | | | | 12,433,574 | |
Average common shares outstanding (diluted) | | | 12,590,330 | | | | 12,572,067 | | | | 12,581,714 | | | | 12,561,155 | | | | 12,618,781 | |
Common shares outstanding at period end | | | 12,454,407 | | | | 12,454,407 | | | | 12,444,407 | | | | 12,436,407 | | | | 12,434,029 | |
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| Selected financial ratios (unaudited) | |
| | | | | |
As of or for the quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Return on average assets (annualized) | | | 0.25 | % | | | 0.48 | % | | | 0.36 | % | | | 0.58 | % | | | 0.62 | % |
Return on average equity (annualized) | | | 2.03 | % | | | 3.93 | % | | | 2.97 | % | | | 4.73 | % | | | 5.36 | % |
Net interest margin(tax equivalent basis) | | | 3.88 | % | | | 3.75 | % | | | 3.61 | % | | | 3.93 | % | | | 3.92 | % |
Loan / deposit ratio | | | 91.3 | % | | | 88.0 | % | | | 82.9 | % | | | 86.5 | % | | | 83.7 | % |
Stockholders’ equity (to total assets) | | | 12.1 | % | | | 12.2 | % | | | 12.0 | % | | | 12.2 | % | | | 11.9 | % |
Tier 1 capital (to average assets) | | | 11.1 | % | | | 10.9 | % | | | 10.7 | % | | | 10.8 | % | | | 10.3 | % |
Efficiency ratio | | | 78 | % | | | 81 | % | | | 81 | % | | | 74 | % | | | 73 | % |
Book value per share | | $ | 11.96 | | | $ | 11.94 | | | $ | 12.05 | | | $ | 11.92 | | | $ | 11.71 | |
Tangible book value per share | | $ | 9.37 | | | $ | 9.33 | | | $ | 9.43 | | | $ | 9.28 | | | $ | 8.96 | |
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Correspondent banking division
The Company, through its lead bank in Winter Haven, Florida, is in the process of initiating a correspondent banking and bond sales division. This new business line is being created by way of a management lift-out. The Company is hiring substantially all the employees of the Royal Bank of Canada’s (“RBC”) bond sales division (17 employees), who were previously employees of Alabama National Bank (“ALAB”) prior to RBC’s acquisition of ALAB. The division will operate out of a newly leased facility in Birmingham, Alabama. The staff is expected to officially be employees of our lead bank on or about November 1, 2008. The business lines are primarily divided into three inter-related revenue generating activities. The first, and largest, revenue generator is commissions earned on fixed income security sales. The Company will not inventory securities, and will not initiate or maintain a trading securities portfolio. The second category includes: (1) correspondent bank deposits (i.e. federal funds purchased); (2) correspondent bank checking accounts; and (3) loans to correspondent banks. The third, and smallest revenue generating category, includes fees from safe-keeping activities, bond accounting for correspondents, and asset/liability consulting related activities. The customer base includes small to medium size financial institutions primarily located in Florida, Georgia and Alabama, but will also include several other southeastern States. At September 30, 2008, we had $22,954,000 in deposits of correspondent banks (federal funds purchased) included in other borrowed funds in our condensed consolidated balance sheet. We also had $163,000 of correspondent bank checking accounts and no loans to correspondent banks outstanding at September 30, 2008.
Strong capital position
The federal bank regulatory agencies have established certain capital requirements for banks. To be considered “well capitalized” under these federal bank regulatory guidelines, the Company needed to have $58,841,000 (5%) of tier 1 regulatory capital at September 30, 2008. The Company had $130,117,000 (11.1%) of tier 1 regulatory capital on this date, more than twice needed to be considered “well capitalized” by the federal bank regulatory agencies. These agencies have also set two other regulatory capital guidelines, tier 1 capital as a percentage of risk weighted assets and total regulatory capital as a percentage of risk weighted assets. The Company’s capital ratios in both of these categories also exceed the amount needed to be considered “well-capitalized” by the regulatory agencies. Book value per share and tangible book value per share at September 30, 2008 was $11.96 and $9.37, respectively. At this same date the Company’s capital ratio and tangible capital ratio were 12.1% and 9.7%, respectively.
Credit quality and allowance for loan losses
Management has continued to aggressively monitor credit risk and potential losses in the Company’s loan portfolio, in light of the current real estate environment in Florida. During the current quarter, the Company took a charge of $1,764,000 to loan loss provision (expense) and charged-off (net of recoveries) $1,094,000, or 0.13% of average loans outstanding during the quarter. The Company’s allowance for loan losses was $12,269,000 at September 30, 2008 compared to $11,599,000 at June 30, 2008, an increase of $670,000. This increase is a net amount which resulted from an increase of $770,000 in our general loan loss allowance less a $100,000 decrease in our specific loan loss allowance. The increase in our general allowance is primarily due to changes in the loan portfolio mix, changes in our historical charge-off rates and the increase in our loan portfolio. Our specific allowance is the result of specific allowance analyses prepared for each of our impaired loans. The decrease in our specific
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allowance is the result of charge-offs taken during the period and the change in the mix of impaired loans. The allowance for loan losses as a percentage of loans outstanding was 1.40% as of September 30, 2008 compared to 1.37% as of June 30, 2008. Management believes the Company’s allowance for loan losses was adequate at September 30, 2008 to cover any probable losses related to these loans. However, management recognizes that many factors can adversely impact various segments of our market and customers, and therefore there is no assurance as to the amount of losses or probable losses which may develop in the future.
The table below summarizes the changes in our allowance for loan losses during the previous five quarters.
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| Allowance for loan losses (unaudited) | |
| (amounts are in thousands $) | |
| | | | | |
as of or for the quarter ending | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Allowance at beginning of period | | $ | 11,599 | | | $ | 11,258 | | | $ | 10,828 | | | $ | 9,903 | | | $ | 9,519 | |
| | | | | |
Charge-offs | | | (1,120 | ) | | | (1,185 | ) | | | (298 | ) | | | (693 | ) | | | (160 | ) |
Recoveries | | | 26 | | | | 11 | | | | 124 | | | | 13 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | | (1,094 | ) | | | (1,174 | ) | | | (174 | ) | | | (680 | ) | | | (145 | ) |
Provision for loan losses | | | 1,764 | | | | 1,515 | | | | 604 | | | | 1,605 | | | | 529 | |
| | | | | | | | | | | | | | | | | | | | |
Allowance at end of period | | $ | 12,269 | | | $ | 11,599 | | | $ | 11,258 | | | $ | 10,828 | | | $ | 9,903 | |
| | | | | | | | | | | | | | | | | | | | |
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 were 1.49% at September 30, 2008, compared to 1.23% at June 30, 2008.
Non performing assets (which the Company defines as non performing loans, as defined above, plus (a) OREO (i.e. real estate acquired through foreclosure or deed in lieu of foreclosure); and (b) other repossessed assets that are not real estate), were $16,343,000 at September 30, 2008, compared to $13,089,000 at June 30, 2008. Non performing assets as a percentage of total assets was 1.32% at September 30, 2008, compared to 1.07% at June 30, 2008.
As shown in the following table, the largest component of non performing loans is non accrual loans, which as of September 30, 2008 totaled $12,943,000 (78 loans). Of this amount approximately $3,457,000 or 27% are residential real estate loans (27 loans); approximately $6,111,000 or 47% are commercial real estate loans (18 loans); approximately $2,254,000 or 18% are construction, acquisition and development, and land loans (12 loans); approximately $946,000 or 7% are commercial loans (13 loans); and $175,000 or 1% are consumer and all other loans (8 loans).
The Company has no construction or development loans with national builders. We do business with local builders and developers that have typically been long time customers. As indicated above, non accrual construction, acquisition and development, and land loans totaled $2,254,000 at September 30, 2008. This category includes the following loans: 5 loans for $947,000 collateralized by 15 residential lots; 2 loans for $668,000 collateralized by two single family homes under construction (spec homes); and, 5 loans for $639,000 for land, other than developed lots. Four of these twelve loans have a specific allowance which in the aggregate totals $149,000.
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OREO at September 30, 2008 was $2,897,000, which represented fourteen single family homes ($2,299,000), two residential lots ($59,000), unimproved land ($220,000), one mobile home with land ($86,000), and one commercial real estate property ($233,000).
The table below summarizes selected credit quality data for the periods indicated.
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Selected credit quality ratios, dollars are in thousands (unaudited) | |
| | | | | |
As of or for the quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Non accrual loans | | $ | 12,943 | | | $ | 10,385 | | | $ | 9,101 | | | $ | 3,797 | | | $ | 4,610 | |
Past due loans 90 days or more | | | | | | | | | | | | | | | | | | | | |
And still accruing interest | | | 155 | | | | 68 | | | | 2,345 | | | | 277 | | | | 327 | |
| | | | | | | | | | | | | | | | | | | | |
Total non performing loans | | | 13,098 | | | | 10,453 | | | | 11,446 | | | | 4,074 | | | | 4,937 | |
Other real estate owned (“OREO”) | | | 2,897 | | | | 2,270 | | | | 792 | | | | 583 | | | | 177 | |
Repossessed assets other than real estate | | | 348 | | | | 366 | | | | 236 | | | | 170 | | | | 133 | |
| | | | | | | | | | | | | | | | | | | | |
Total non performing assets | | $ | 16,343 | | | $ | 13,089 | | | $ | 12,474 | | | $ | 4,827 | | | $ | 5,247 | |
Non performing loans as a percentage of total loans | | | 1.49 | % | | | 1.23 | % | | | 1.37 | % | | | 0.48 | % | | | 0.59 | % |
Non performing assets as a percentage of total assets | | | 1.32 | % | | | 1.07 | % | | | 1.00 | % | | | 0.40 | % | | | 0.43 | % |
Net charge-offs (recoveries) | | $ | 1,094 | | | $ | 1,174 | | | $ | 174 | | | $ | 680 | | | $ | 145 | |
Net charge-offs as a percentage of average loans for the period | | | 0.13 | % | | | 0.14 | % | | | 0.02 | % | | | 0.08 | % | | | 0.02 | % |
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Impaired loans (SFAS No. 114) | | $ | 21,637 | | | $ | 19,523 | | | $ | 18,947 | | | $ | 11,803 | | | $ | 10,577 | |
Non impaired loans (SFAS No. 5) | | | 854,670 | | | | 829,535 | | | | 814,796 | | | | 829,602 | | | | 829,764 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 876,307 | | | $ | 849,058 | | | $ | 833,743 | | | $ | 841,405 | | | $ | 840,341 | |
Allowance for loan losses as a percentage of period end loans: | | | | | | | | | | | | | | | | | | | | |
Impaired loans (SFAS No. 114) | | | 4.92 | % | | | 5.97 | % | | | 6.33 | % | | | 6.88 | % | | | 7.17 | % |
Non impaired loans (SFAS No. 5) | | | 1.31 | % | | | 1.26 | % | | | 1.23 | % | | | 1.21 | % | | | 1.10 | % |
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Total loans | | | 1.40 | % | | �� | 1.37 | % | | | 1.35 | % | | | 1.29 | % | | | 1.18 | % |
Loan growth and deposit growth
During the current quarter, loans increased by $27,249,000, or 3.2%, and deposits decreased by $5,015,000, or 0.5%. For the nine month period ending September 30, 2008, loans increased by $34,902,000 or 4.1% and deposits decreased by $13,308,000, or 1.4%. While deposit growth, especially core deposit growth, has been a challenge, non time deposits (core deposits) increased by $31,694,000, or 7.3%. During this same period, time deposits decreased $45,002,000 or 8.4%. Time deposits were 51% of total deposits at September 30, 2008 compared to 55% at December 31, 2007. This favorable shift in deposit mix along with the repricing of time deposits as they mature subsequent to the decrease in market interest rates during the first quarter of this year contributed to the 13bps improvement in the Company’s NIM during the current quarter compared to the second quarter of the year.
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Presented below are condensed consolidated balance sheets and average balance sheets for the periods indicated.
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| Condensed Consolidated Balance Sheets (unaudited) | |
| Amounts in thousands of dollars | |
| | | | | |
At quarter ended: | | 9/30/2008 | | | 6/30/2008 | | | 3/31/2008 | | | 12/31/2007 | | | 9/30/2007 | |
Cash and due from banks | | $ | 32,818 | | | $ | 33,784 | | | $ | 36,279 | | | $ | 30,293 | | | $ | 32,390 | |
Fed funds and money market | | | 38,411 | | | | 36,671 | | | | 81,585 | | | | 42,155 | | | | 33,184 | |
Investments | | | 176,085 | | | | 193,449 | | | | 192,773 | | | | 199,434 | | | | 217,242 | |
Loans | | | 876,307 | | | | 849,058 | | | | 833,743 | | | | 841,405 | | | | 840,341 | |
Allowance for loan losses | | | (12,269 | ) | | | (11,599 | ) | | | (11,258 | ) | | | (10,828 | ) | | | (9,903 | ) |
Premises and equipment, net | | | 60,010 | | | | 58,093 | | | | 56,559 | | | | 55,458 | | | | 53,999 | |
Goodwill | | | 28,118 | | | | 28,118 | | | | 28,118 | | | | 28,118 | | | | 29,299 | |
Core deposit intangible | | | 4,137 | | | | 4,330 | | | | 4,525 | | | | 4,725 | | | | 4,955 | |
Bank owned life insurance | | | 10,020 | | | | 9,990 | | | | 9,823 | | | | 9,728 | | | | 9,637 | |
Other assets | | | 21,085 | | | | 20,316 | | | | 16,452 | | | | 16,942 | | | | 14,442 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | 1,234,722 | | | $ | 1,222,140 | | | $ | 1,248,599 | | | $ | 1,217,430 | | | $ | 1,225,586 | |
| | | | | | | | | | | | | | | | | | | | |
Deposits | | $ | 959,312 | | | $ | 964,327 | | | $ | 1,005,097 | | | $ | 972,620 | | | $ | 1,004,426 | |
Other borrowings | | | 119,228 | | | | 101,348 | | | | 85,505 | | | | 88,146 | | | | 65,840 | |
Other liabilities | | | 7,216 | | | | 7,771 | | | | 8,015 | | | | 8,382 | | | | 9,699 | |
Stockholders’ equity | | | 148,966 | | | | 148,694 | | | | 149,982 | | | | 148,282 | | | | 145,621 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,234,722 | | | $ | 1,222,140 | | | $ | 1,248,599 | | | $ | 1,217,430 | | | $ | 1,225,586 | |
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Condensed Consolidated Average Balance Sheets (unaudited) | |
| Amounts in thousands of dollars | |
| | | | | |
At quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Investments, fed funds, and other | | $ | 217,338 | | | $ | 253,513 | | | $ | 274,165 | | | $ | 245,580 | | | $ | 273,086 | |
Loans | | | 861,786 | | | | 838,915 | | | | 834,971 | | | | 840,297 | | | | 844,316 | |
Allowance for loan losses | | | (11,759 | ) | | | (11,429 | ) | | | (10,896 | ) | | | (10,001 | ) | | | (9,663 | ) |
All other assets | | | 141,707 | | | | 137,878 | | | | 138,754 | | | | 136,860 | | | | 132,032 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | 1,209,072 | | | $ | 1,218,877 | | | $ | 1,236,994 | | | $ | 1,212,736 | | | $ | 1,239,771 | |
| | | | | | | | | | | | | | | | | | | | |
Deposits- interest bearing | | $ | 803,980 | | | $ | 815,623 | | | $ | 826,334 | | | $ | 815,691 | | | $ | 822,417 | |
Deposits- non interest bearing | | | 147,255 | | | | 154,769 | | | | 163,515 | | | | 175,364 | | | | 182,529 | |
Other borrowings | | | 101,067 | | | | 89,881 | | | | 88,311 | | | | 63,976 | | | | 80,275 | |
Other liabilities | | | 7,556 | | | | 8,289 | | | | 8,552 | | | | 10,050 | | | | 10,013 | |
Stockholders’ equity | | | 149,214 | | | | 150,315 | | | | 150,282 | | | | 147,655 | | | | 144,537 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,209,072 | | | $ | 1,218,877 | | | $ | 1,236,994 | | | $ | 1,212,736 | | | $ | 1,239,771 | |
| | | | | | | | | | | | | | | | | | | | |
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The tables below summarize the loan and deposit mix over the most recent five quarter ends.
| | | | | | | | | | | | | | | | | | | | |
| Loan mix (in thousands of dollars) | |
| | | | | |
At quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Real estate loans | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 221,546 | | | $ | 211,602 | | | $ | 209,591 | | | $ | 209,186 | | | $ | 202,628 | |
Commercial | | | 426,268 | | | | 409,131 | | | | 389,316 | | | | 385,669 | | | | 384,893 | |
Construction, development and land loans | | | 90,270 | | | | 91,514 | | | | 95,700 | | | | 108,615 | | | | 112,485 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 738,084 | | | | 712,247 | | | | 694,607 | | | | 703,470 | | | | 700,006 | |
Commercial | | | 78,115 | | | | 78,279 | | | | 77,495 | | | | 78,231 | | | | 79,906 | |
Consumer and other loans | | | 60,882 | | | | 59,316 | | | | 62,493 | | | | 60,687 | | | | 61,497 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans before unearned fees and costs | | | 877,081 | | | | 849,842 | | | | 834,595 | | | | 842,388 | | | | 841,409 | |
Unearned fees and costs | | | (774 | ) | | | (784 | ) | | | (852 | ) | | | (983 | ) | | | (1,068 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 876,307 | | | $ | 849,058 | | | $ | 833,743 | | | $ | 841,405 | | | $ | 840,341 | |
| | | | | | | | | | | | | | | |
| Deposit mix (in thousands of dollars) |
| | | | | |
At quarter ended: | | 9/30/08 | | 6/30/08 | | 3/31/08 | | 12/31/07 | | 9/30/07 |
Checking accounts | | | | | | | | | | | | | | | |
Non interest bearing | | $ | 147,154 | | $ | 159,176 | | $ | 172,711 | | $ | 159,089 | | $ | 183,959 |
Interest bearing | | | 137,694 | | | 147,421 | | | 148,155 | | | 135,442 | | | 130,550 |
Savings deposits | | | 76,035 | | | 68,538 | | | 57,824 | | | 49,127 | | | 53,780 |
Money market accounts | | | 107,545 | | | 112,163 | | | 107,496 | | | 93,076 | | | 107,846 |
Time deposits | | | 490,884 | | | 477,029 | | | 518,911 | | | 535,886 | | | 528,291 |
| | | | | | | | | | | | | | | |
Total deposits | | $ | 959,312 | | $ | 964,327 | | $ | 1,005,097 | | $ | 972,620 | | $ | 1,004,426 |
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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 |
| | | | | |
For the quarter ended: | | 9/30/08 | | 6/30/08 | | | 3/31/08 | | 12/31/07 | | 9/30/07 |
Service charges on deposit accounts | | $ | 1,131 | | $ | 1,018 | | | $ | 1,086 | | $ | 1,187 | | $ | 1,150 |
Commissions from mortgage broker activities | | | 7 | | | 29 | | | | 21 | | | 31 | | | 42 |
Loan related fees | | | 96 | | | 91 | | | | 107 | | | 103 | | | 116 |
Commissions from sale of mutual funds and annuities | | | 145 | | | 173 | | | | 109 | | | 146 | | | 195 |
Debit card and ATM fees | | | 271 | | | 274 | | | | 261 | | | 246 | | | 234 |
BOLI income | | | 100 | | | 97 | | | | 95 | | | 87 | | | 97 |
Gain (loss) on sale of investments | | | 197 | | | (6 | ) | | | 44 | | | 5 | | | 2 |
Other service charges and fees | | | 151 | | | 148 | | | | 150 | | | 115 | | | 125 |
| | | | | | | | | | | | | | | | |
Non interest income – subtotal | | $ | 2,098 | | $ | 1,824 | | | $ | 1,873 | | $ | 1,920 | | $ | 1,961 |
Sale of bank branch office real estate | | | — | | | 1,483 | | | | — | | | — | | | — |
Sale of bank shell | | | — | | | — | | | | — | | | 1,000 | | | — |
| | | | | | | | | | | | | | | | |
Total non interest income | | $ | 2,098 | | $ | 3,307 | | | $ | 1,873 | | $ | 2,920 | | $ | 1,961 |
| | | | | | | | | | | | | | | | | | | | |
| Quarterly Condensed Consolidated Non Interest Expense (unaudited) | |
| Amounts in thousands of dollars | |
| | | | | |
For the quarter ended: | | 9/30/08 | | | 6/30/08 | | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | |
Employee salaries and wages | | $ | 4,123 | | | $ | 4,113 | | | $ | 3,990 | | | $ | 3,885 | | | $ | 3,861 | |
Employee incentive/bonus compensation | | | 116 | | | | 287 | | | | 389 | | | | 98 | | | | 382 | |
Employee stock option expense | | | 102 | | | | 107 | | | | 91 | | | | 104 | | | | 137 | |
Health insurance and other employee benefits | | | 376 | | | | 475 | | | | 509 | | | | 543 | | | | 600 | |
Payroll taxes | | | 276 | | | | 279 | | | | 329 | | | | 262 | | | | 268 | |
Other employee related expenses | | | 239 | | | | 228 | | | | 232 | | | | 230 | | | | 215 | |
Incremental direct cost of loan origination | | | (224 | ) | | | (245 | ) | | | (210 | ) | | | (225 | ) | | | (253 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total salaries, wages and employee benefits | | $ | 5,008 | | | $ | 5,244 | | | $ | 5,330 | | | $ | 4,897 | | | $ | 5,210 | |
| | | | | |
Occupancy expense | | | 1,158 | | | | 1,105 | | | | 1,130 | | | | 1,073 | | | | 1,131 | |
Depreciation of premises and equipment | | | 617 | | | | 606 | | | | 589 | | | | 604 | | | | 609 | |
Supplies, stationary and printing | | | 164 | | | | 183 | | | | 190 | | | | 191 | | | | 180 | |
Marketing expenses | | | 378 | | | | 261 | | | | 273 | | | | 302 | | | | 250 | |
Data processing expenses | | | 265 | | | | 317 | | | | 298 | | | | 382 | | | | 401 | |
Legal, auditing and other professional fees | | | 335 | | | | 305 | | | | 263 | | | | 375 | | | | 254 | |
Bank regulatory related expenses | | | 250 | | | | 217 | | | | 184 | | | | 147 | | | | 113 | |
Postage and delivery | | | 90 | | | | 88 | | | | 90 | | | | 88 | | | | 77 | |
ATM and debit card related expenses | | | 182 | | | | 183 | | | | 169 | | | | 168 | | | | 180 | |
Amortization of CDI | | | 193 | | | | 196 | | | | 199 | | | | 230 | | | | 235 | |
Loss on sale of repossessed real estate (“OREO”) | | | 22 | | | | — | | | | — | | | | — | | | | — | |
Valuation write down of repossessed real estate (“OREO”) | | | 190 | | | | 25 | | | | — | | | | — | | | | — | |
Loss (gain) on repossessed assets other than real estate | | | 38 | | | | 37 | | | | 2 | | | | (8 | ) | | | — | |
Foreclosure and repossession related expenses | | | 103 | | | | 79 | | | | 70 | | | | 37 | | | | 8 | |
Internet and telephone banking | | | 86 | | | | 88 | | | | 85 | | | | 78 | | | | 79 | |
Operational write-offs and losses | | | 39 | | | | 105 | | | | 43 | | | | 135 | | | | 69 | |
Correspondent account and Federal Reserve charges | | | 62 | | | | 70 | | | | 66 | | | | 62 | | | | 64 | |
Conferences, seminars, education and training | | | 52 | | | | 63 | | | | 71 | | | | 45 | | | | 54 | |
Other expenses | | | 472 | | | | 468 | | | | 427 | | | | 501 | | | | 528 | |
| | | | | | | | | | | | | | | | | | | | |
Total non interest expense | | $ | 9,704 | | | $ | 9,640 | | | $ | 9,479 | | | $ | 9,307 | | | $ | 9,442 | |
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CenterState Banks of Florida, Inc. is a multi bank holding company which operates through four wholly owned subsidiary banks with 37 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 Stifel Nicolaus (866-780-7926), Michael Acampora, at Raymond James (800-363-9652), or Dudley Stephens, at Burke Capital Markets (404-446-1800). For additional information contact Ernest S. Pinner, CEO, or James J. Antal, CFO, at 863-419-7750.
“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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