![]() Investor Presentation October 29, 2009 B A N K S Exhibit 99.1 |
![]() 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. Forward Looking Statement 2 |
![]() Corporate Overview Headquartered in Davenport, Florida $1.8 billion in assets $1.3 billion in deposits Company formed: June 2000 4 Subsidiary Banks; 38 branch banking offices in 10 counties throughout Central Florida 6 of 10 counties of operation rank in the top 15 fastest growing counties in Florida Counties of Operation Citrus Hernando Hillsborough Lake Marion Orange Osceola Pasco Polk Sumter Headquarters CenterState Bank Central Florida, N.A. CenterState Bank, N.A. CenterState Bank of Florida, N.A. Valrico State Bank 3 |
![]() Conservative Balance Sheet Loans / Assets of 53% as of 9/30/09 Loans / Deposits of 75% as of 9/30/09 Constr/A&D/Land loans represent 13% of total loans versus 23% for Southeastern peers and 17% for Florida peers NPAs / Assets of 2.20% versus 4.11% for Southeastern peers and 7.95% for Florida peers Robust capital position • TCE and Tier 1 leverage ratios of 11.4% and 11.7% at 9/30/09 Source: SNL Financial and Company filings, data as of most recent quarter available. Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. 4 |
![]() 5 Why Raise Capital? Positions us to take advantage of attractive opportunities Buyer of choice for institutions in the region Limited competition for increasing number of government assisted transactions Allows us to organically expand our franchise and lines of business Strategic recruiting of top talent in target markets Leverage correspondent banking division Maintain capital ratios after repaying TARP Took approximately $28 MM TARP in Nov 2008 in the abundance of caution, have repaid in Sept 2009 Source: SNL Financial. Texas ratio defined as nonperforming assets + 90 days past due divided by loan loss reserve + tangible common equity. (1) Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. (2) Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. |
![]() Goals and Priorities Achieve Return on Average Assets of 1.00% Surpass $5 billion in assets Expand into new markets with demographics similar to Central Florida Remain highly capitalized Strategic Goals 18 – 24 Month Priorities Acquire 2-3 banking institutions through FDIC assisted transactions Leverage Correspondent Banking Division Reduce the level of problem assets 6 |
![]() Growing Number of Potential Opportunities Texas Ratio > 50.0% or TCE / TA < 5.0% Number Number of of Deposits State Institutions Branches ($MM) Alabama 5 88 $3,810 Florida 44 366 16,842 Georgia 13 105 5,360 Source: SNL Financial. Dollars in thousands Data as of most recent quarter available. Includes banks and thrifts in Central and North Florida, Southern and Central Alabama and Southern Georgia with assets greater than $100.0 million and Texas Ratios greater than 50.0% or Tangible Common Equity / Assets less than 5.0%. 7 Deposit Premium Paid to FDIC: 1.7 % Assets Acquired Cash $155,640 Securities Available for Sale 11,549 Goodwill 4,722 Core Deposit Intangible 466 Other Assets 8,113 Total $180,490 Liabilities Assumed Total Deposits $180,182 Other Liabilities 308 Total $180,490 Ocala National Bank • Core Deposits remain intact • Profitable year-to-date |
![]() Market Share Opportunity Combined Counties of Operation 8 Deposits per Deposits Market Branch Rank Institution ($000) Share Branches ($000) 1 Bank of America Corp. (NC) $10,301,554 20.25 % 111 $92,807 2 SunTrust Banks Inc. (GA) 9,196,029 18.08 146 62,986 3 Wells Fargo & Company (CA) 8,120,483 15.96 113 71,863 4 BB&T Corp. (NC) 3,916,987 7.70 73 53,657 5 Regions Financial Corp. (AL) 3,311,920 6.51 91 36,395 6 CenterState Banks (FL) 1,204,831 2.37 37 32,563 7 Fifth Third Bancorp (OH) 1,131,031 2.22 30 37,701 8 South Financial Group Inc. (SC) 838,113 1.65 17 49,301 9 Village Bancorp Inc. (FL) 817,150 1.61 9 90,794 10 The Tampa Banking Co. (FL) 786,536 1.55 9 87,393 Source: FDIC and SNL Financial. Deposit data as of 6/30/09.. Market share data for CSFL's combined counties of operation, excluding Orange County. Excludes Orange County in which CSFL has $20.0 million in deposits and 1 branch. |
![]() Correspondent Banking Division Management lift out from RBC (16 employees – formerly ALAB) and recent addition of a team from Silverton (40 employees) Physical operations – Birmingham (AL), Atlanta (GA) and Winston-Salem (NC) Three primary business lines Bond Sales Fed funds Safekeeping, bond accounting, and asset/liability consulting services Customer base – small to medium size financial institutions primarily located in Florida, Alabama and Georgia Opportunity Primary clearing, wires Switching to agent basis for fed funds Division Contribution 9 ($ in thousands, except per share) 4Q08 1Q09 2Q09 3Q09 Net Interest Income $43 $1,178 $1,975 $1,813 Bond Sales Commission 1,412 2,557 2,610 5,630 Other Income --- 40 60 381 Total Expenses (1,007) (2,104) (2,038) (5,312) Income Tax Provision (117) (428) (881) (967) Net Income Impact $331 $1,243 $1,726 $1,545 EPS Impact $0.03 $0.10 $0.14 $0.07 |
![]() Peer Comparison – Capital Ratios (%) 10 Source: SNL Financial, Data as of most recent quarter available. Financial institutions included in this comparison are all public banks and thrifts headquartered in Florida with assets greater than $500 million. 0.92 1.38 3.59 3.63 3.63 6.45 3.52 7.01 7.69 7.23 7.92 7.26 6.00 7.59 6.03 7.86 4.66 8.29 8.89 8.86 7.58 9.28 7.43 10.96 11.38 11.70 0.00 2.00 4.00 6.00 8.00 10.00 12.00 Florida Community Banks, Inc. Sun American Bancorp TIB Financial Corp. BankAtlantic Bancorp, Inc. Bank of Florida Corporation Great Florida Bank First Comm. Bank Corp. Beach Comm. Bancshares, Inc. Seacoast Banking Corp. of FL Community Bank of South FL 1st United Bancorp, Inc. Capital City Bank Group, Inc. CenterState Banks, Inc. TCE Ratio % Leverage Ratio % |
![]() Florida Peers – NPA ratio 11 Source: SNL Financial Data as of most recent quarter available. Financial institutions included in this comparison are all public banks and thrifts headquartered in Florida with assets greater than $500 million. 1.61 2.20 3.85 4.96 5.81 6.91 7.78 7.99 8.99 9.98 10.59 10.77 13.31 30.87 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 1st United Bancorp, Inc. CenterState Banks, Inc. TIB Financial Corp. First Comm. Bank Corp. of America Capital City Bank Group, Inc. BFC Financial Corporation Seacoast Banking Corp. of FL Community Bank of South FL, Inc. BankAtlantic Bancorp, Inc. Great Florida Bank Beach Community Bancshares, Inc. Sun American Bancorp Bank of Florida Corporation Florida Community Banks, Inc. |
![]() Quality Growth & Liquidity Total Asset Growth Loans / Deposits (%) Median loans / deposits ratio of 94% for Southeastern peers and 100% for Florida peers Source: SNL Financial; data as of most recent quarter available Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. 12 Loans $441 $517 $658 $841 $892 $947 Deposits 660 717 893 973 994 1,256 1,077 1,217 1,784 1,603 1,333 1,067 1,009 872 754 181 150 68 - 500 1,000 1,500 2,000 2004 2005 2006 2007 2008 3Q09 CSFL Assets Assets Acquired 67 72 74 87 90 75 0 20 40 60 80 100 2004 2005 2006 2007 2008 3Q09 |
![]() Loan Portfolio Total Loans by Type (%) Total Loans Detail Construction, Development, & land represents only 13% of the total portfolio 13 Loan Type No. of Loans 9/30/09 Balance Avg Loan Balance Residential Real Estate 2,628 $253MM $96,000 Commercial Real Estate 1,132 426MM 376,000 Construction, A&D, & Land 585 134MM 230,000 Commercial & Industrial 1,023 88MM 86,000 Consumer /Other 2,262 56MM 25,000 Total 7,630 $957MM $126,000 |
![]() Commercial Real Estate & Construction Loans Commercial Real Estate by Type (%) Constr/Dev/Land Loans by Type (%) $426 million 56% owner-occupied $134 million Approximately 13% of total loans * approx. 80% commercial and 20% residential 14 Data as of 9/30/09 Industrial 6% Non Accrual CRE 2% Other CRE 12% Mobile Home Park 1% Hotel/Lodging 0% Aviation 1% Strip Center 6% Mini warehouse 3% Res.Multi Family 4% Agriculture 2% Warehouse 5% Restaurant 3% Medical 5% Retail 17% Church / Education 8% Office 25% C-D-L Non Accrual 3% Constr-single fam owner 1% Consumer-Owned Residential Lots 25% Constr-Other 0% Constr-Spec 2% Constr-Warehouse 7% Constr-Medical 2% Constr-Retail 2% Constr-Industrial 1% Constr-Church 2% Constr-Office 1% Developer-Owned Lots 8% Undeveloped Land* 46% |
![]() CRE Concentrations C&D Concentration – Category A (%) CRE Concentration – Category B (%) Source: SNL Financial and Company Filings; data as of 9/30/09 or most recent quarter available. Category A includes acquisition and development loans, commercial construction loans, residential construction spec loans and vacant land loans. Category B includes all of the above plus non-owner occupied commercial real estate loans. Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. 15 53 153 130 100 0 40 80 120 160 CSFL Southeastern Peers Florida Peers Regulatory Guidelines 140 272 259 300 0 80 160 240 320 CSFL Southeastern Peers Florida Peers Regulatory Guidelines |
![]() Credit Quality Trends NPAs / Loans & OREO (%) Net Charge-Offs / Avg. Loans (%) Source: SNL Financial and Company filings. Nonperforming assets include 90 days or more past due. Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. 1.71 0.10 0.57 1.49 1.54 1.86 2.77 3.77 4.74 0.59 0.89 4.11 2.94 2.13 1.81 1.41 4.48 0.44 7.65 5.57 3.44 2.49 2.76 0.00 2.00 4.00 6.00 8.00 2006 2007 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 CSFL Southeastern Peers Florida Peers 0.71 0.51 0.56 0.08 0.12 0.08 0.70 0.52 2.05 1.37 1.73 1.69 0.74 0.31 0.11 2.05 0.97 0.34 0.42 0.22 0.35 0.11 1.63 0.75 0.00 0.60 1.20 1.80 2.40 2006 2007 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 CSFL Florida Peers Southeastern Peers Problem Loan Trends ($MM) Reserves / Loans (%) 1.77 1.49 1.49 1.37 1.35 1.29 1.12 2.07 1.40 1.68 1.82 1.36 1.25 0.90 1.26 1.22 1.39 1.58 1.94 2.04 2.05 0.80 1.15 1.50 1.85 2.20 2006 2007 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 CSFL Southeastern Peers Florida Peers E 16 • ALLL / NPL ratio of 59% at 9/30/09 compared to 45% at 6/30/09 0 15 30 45 60 3Q08 4Q08 1Q09 2Q09 3Q09 30-89 days past due 90 days and non accrual OREO and repo |
![]() Nonperforming Loans & Other Real Estate Nonperforming Loans Other Real Estate Owned $29,546,000 3.12% of Gross Loans $8,983,000 Residential Real Estate $5,592K (37 loans) Commercial Real Estate $13,267K (31 loans) Construction, A&D, & Land $10,068K (32 loans) Commercial $321K (13 loans) Consumer / Other $298K (12 loans) 17 Commercial Buildings (7) $3,046K Commercial Lots (1) $138K Mobile Homes w/ Land (7) $321K Vacant Land $1,606K Mixed Properties $521K Single Family Homes (22) $2,355K Residential Lots (17) $996K Office Condos (5) $539K 19% 45% 34% 1% 1% 26% 6% 6% 18% 4% 27% 2% 11% |
![]() Deposit Composition Approximately 65,650 total accounts - $19,132 average balance per account Retained 98% of non-CD deposits from Ocala National Jumbo Time Deposits Retail Time Deposits Money Market & Savings Accts. Demand – Interest bearing Non – Interest bearing deposits 24% 23% 23% 13% 17% Total Deposits ($MM) Number of Deposit Accounts Core deposits defined as non-time deposits. 18 219 168 284 288 297 0 300 600 900 1,200 1,500 2004 2005 2006 2007 2008 9/30/09 32,249 32,024 32,280 40,822 43,974 53,198 12,452 11,001 13,191 10,579 8,811 8,234 0 20,000 40,000 60,000 2004 2005 2006 2007 2008 9/30/2009 Time Deposits Core Deposits |
![]() Profitability Pre-Tax, Pre-Provision Income ($000) and ROAA (%) Pre-tax, pre-provision ROAA and margin impacted by inflated balance sheet •YTD data as of or for the nine months ended 9/30/09, annualized. Pre-Tax, Pre-Provision income and ROAA also exclude credit related costs. 19 Net Interest Margin (%) $17,692 $12,162 $14,564 $14,027 $11,119 1.38 1.22 0.98 1.01 1.43 $0 $5,000 $10,000 $15,000 $20,000 2005 2006 2007 2008 YTD 2009* 0.00 0.40 0.80 1.20 1.60 Pre-Tax, Pre-Provision Income PTPP ROAA 4.17 4.01 3.75 3.88 3.42 3.14 3.16 3.54 3.61 2.80 3.20 3.60 4.00 4.40 2006 2007 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 |
![]() Profitability Noninterest Income / Op. Revenue (%) 13.7 14.4 15.2 14.9 14.9 25.0 28.3 28.0 21.4 22.6 24.9 23.5 24.2 24.4 23.6 24.5 21.4 20.4 21.0 22.5 22.2 22.8 20.6 10.0 15.0 20.0 25.0 30.0 2006 2007 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 CSFL Southeastern Peers Florida Banks Source: SNL Financial and Company filings. * YTD data as of or for the six months ended 6/30/09. Southeastern peers include ABCB, BTFG, GRNB, PNFP, RNST, SCBT, UBSH and UCBI. Florida peers include BBX, BOFL, CCBG, SBCF and TIBB. 20 |
![]() Summary Energetic management team that is taking advantage of opportunities Home field advantage in attractive markets Capitalized to take advantage of market dislocation Unprecedented opportunities to add shareholder value 21 |