Bank of Florida — Shareholder Meeting (May 2009)
39 slides from Bank of Florida's shareholder meeting presentation, May 1, 2009
Slide 1: Annual Shareholders Meeting April 30, 2009
Annual Shareholders Meeting April 30, 2009 NASDAQ: BOFL Bank of Florida Corp.
Slide 2: Welcome
Welcome Michael T. Putziger Chairman of the Board
Slide 3: Board of Directors
Board of Directors Michael T. Putziger, Chairman of the Board Don Barber Mike McMullan Joe Cox Ed Morton Brad Douglas Pierce Neese John James Ray Rodriguez LaVonne Johnson Francis Rooney Edward Kaloust Terry Stiles
Slide 4: Executive Management
Executive Management Michael L. McMullan President & Chief Executive Officer John B. James SEVP, Chief Administrative Officer Tracy L. Keegan EVP, Chief Financial Officer Roy N. Hellwege EVP, Director of Banking John S. Chaperon EVP, Director of Risk Management Arlette Yassa SVP, Corporate Secretary
Slide 5: Formal Business Session
Formal Business Session BANK oF FLORIDA corr.
Slide 6: Meeting Agenda
Meeting Agenda Rules of Order Approval of the Minutes Presentation of Proposals 1, 2 and 3 Proposal Vote
Slide 7: Annual Shareholder Presentation
Annual Shareholder Presentation Michael L. McMullan President & CEO
Slide 8: Forward Looking Statements
Forward Looking Statements Statements contained in this presentation which are not historical facts are forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause
Slide 9: Corporate Profile
Corporate Profile Founded in Naples, Florida in August 1999 Strong management team with an average of over 30 years of banking experience 5th largest publicly-traded bank holding company headquartered in Florida based on total assets 13 financial centers in 7 distinct and premier Florida markets Int
Slide 10: Over Half of Florida Deposits in Markets We Serve
Over Half of Florida Deposits in Markets We Serve Source: SNL Financial Data as of June 2008 Bank of Florida Counties Served Deposits State Mktshare Broward $35 billion 9.4% Collier $11 billion 3.0% Hillsborough $20 billion 5.4% Lee $11 billion 3.0% Miami-Dade $75 billion 20.1% Palm Beach $36 billio
Slide 11: Financials
Financials BANK oF FLORIDA corr. u
Slide 12: Asset Growth
Asset Growth $ in millions CAGR to 12.31.08 (5 years) Annual Data as of Year-end 5-Year CAGR 47% (39% excl. acquisitions) 18% $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $223 $421 $570 $883 $1,310 $1,549 $1,570 2003 2004 2005 2006 2007 2008 1Q09
Slide 13: Loan Growth
Loan Growth $ in millions CAGR to 12.31.08 (5 years) Annual Data as of Year-end 5-Year CAGR 45% (37% excl. acquisitions) 11% $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $200 $326 $486 $784 $1,145 $1,275 $1,288 2003 2004 2005 2006 2007 2008 1Q09
Slide 14: Loan Portfolio
Loan Portfolio 82% of portfolio is commercial-oriented Residential construction and land loans represent approximately 8% of total loans, down from 13% at 1Q08 Data as of March 31, 2009 Commercial Real Estate 50% Commercial & Industrial 9% Residential Mtgs 17% Consumer 1% Land 12% Construction 11% L
Slide 15: Loan Portfolio by Geography
Loan Portfolio by Geography Loan Portfolio is Geographically Diverse Across our Markets Data as of March 31, 2009 Other 14% Collier 21% Broward 18% Lee 15% Miami-Dade 11% Hillsborough 10% Palm Beach 5% Pinellas 6% County Loan Balance (in Millions) Collier $274.7 Broward $235.7 Lee $188.2 Miami-Dade
Slide 16: CRE Loans by Property Type
CRE Loans by Property Type 57% of commercial real estate loans are owner-occupied properties CRE Loans are Secured by a Diverse Group of Properties Data as of March 31, 2009 Industrial & Warehouse 15% Retail 21% Multi-Family 4% Hotel 8% Marine 3% Restaurant 2% Aviation 2% Other 14% Office 32% CRE Pr
Slide 17: CRE Loans by Geography
CRE Loans by Geography CRE Loans are Geographically Diverse Across our Markets Data as of March 31, 2009 Other 17% Collier 18% Broward 22% Lee 17% Miami-Dade 7% Hillsborough 7% Palm Beach 7% Pinellas 5% County Loan Balance (in Millions) Collier $112.4 Lee $109.4 Broward $139.8 Miami-Dade $46.5 Hills
Slide 18: Construction Loans by Project Type
Construction Loans by Project Type Residential construction portfolio totals $63 million Commercial construction portfolio totals $73 million 46% of construction loans are owner-occupied No high-rise condominium participation Construction Loans Secured by a Diverse Group of Projects Data as of March
Slide 19: Construction Loans by Geography
Construction Loans by Geography Construction Loans are Geographically Diverse Across our Markets Data as of March 31, 2009 Other 8% Collier 15% Broward 21% Lee 12% Miami-Dade 19% Hillsborough 12% Palm Beach 6% Pinellas 7% County Loan Balance (in Millions) Other $11.8 Collier $22.1 Broward $31.2 Lee
Slide 20: Residential Loan Mix
Residential Loan Mix Of the $183.9 million in residential mortgages, $82.5 million or 46% is owner occupied Of the $63.3 million in residential construction loans, $18.7 million or 29% is owner occupied Data as of March 31, 2009 Home Equity 12% Residential Development 11% Residential Construction 20
Slide 21: Residential Loans by Geography
Residential Loans by Geography No Sub-Prime Loans Includes Residential Development & Construction, Residential Mortgage, and HELOC Residential Loans Geographically Disbursed Within our Markets Data as of March 31, 2009 Other 11% Collier 33% Broward & Palm Beach 14% Lee 15% Miami-Dade 15% Hillsboroug
Slide 22: Credit Quality
Credit Quality Credit Quality Metrics $ in millions 1Q09 4Q08 3Q08 2Q08 1Q08 Net Charge-offs $11.8 $0.8 $5.2 $1.2 $0.1 as a % of Avg Loans 3.92% 0.26% 1.72% 0.40% 0.74% Allowance for LL $24.5 $29.5 $14.3 $13.2 $12.8 as a % of Total Loans 1.90% 2.32% 1.14% 1.11% 1.09% as a % of NPLs 21% 41% 49% 55% 6
Slide 23: NPLs by Vintage
NPLs by Vintage $ in millions As of March 31, 2009 NPLs As a % of total NPLs 2004 or Earlier $10.5 9% 2005 $30.8 27% 2006 $56.4 49% 2007 $17.3 15% 2008 - - Total $115.0 100%
Slide 24: NPAs by Loan Category
NPAs by Loan Category $ in millions Of the $28.5 million in Residential Mortgage NPLs in 1Q09, $8.8 million was owner occupied and $19.7 million was non-owner occupied Of the $17.5 million in Residential Mortgage NPLs in 4Q08, $3.5 million was owner occupied and $14.0 million was non-owner occupied
Slide 25: NPAs by Market
NPAs by Market $ in millions First Quarter 2009 Fourth Quarter 2008 NPLs OREO Total NPAs Collier $35.3 $0.8 $36.1 $12.4 $0.9 $13.3 Broward $17.5 – $17.5 $7.1 - $7.1 Lee $24.8 $1.2 $26.0 $16.6 $1.2 $17.8 Miami-Dade $9.0 - $9.0 $7.7 - $7.7 Hillsborough $14.6 – $14.6 $22.2 - $22.2 Palm Beach - - - $0.0
Slide 26: Net Charge-offs by Loan Category
Net Charge-offs by Loan Category $ in thousands Ratios may not sum due to rounding First Quarter 2009 Fourth Quarter 2008 NCOs NCOs/Avg Loans Residential Mortgage $1,696 0.56% $131 0.04% HELOC - - $196 0.06% Land and Construction – Residential $7,053 2.36% $120 0.04% Land and Construction – Commerci
Slide 27: Net Charge-offs by Market
Net Charge-offs by Market $ in thousands Ratios may not sum due to rounding First Quarter 2009 Fourth Quarter 2008 NCOs NCOs/Avg Loans Collier $2,650 0.89%$163 0.05% Broward $13 0.00% - - Lee $1,008 0.33% $222 0.07% Miami-Dade $438 0.14% $261 0.09% Hillsborough $7,201 2.40% $135 0.04% Pinellas $463
Slide 28: Asset Quality Compared to Peers: Nonperforming Loans/Loans
Asset Quality Compared to Peers Ratios in % Annual data as of Year-end Excludes loans 90+ days past due and still accruing Source: SNL Financial Florida peers include BBX, CCBG, CSFL, GFLB, SBCF, SAMB, & TIBB Nonperforming Loans/Loans Peer data not yet available for 1Q09 6.00 5.00 4.00 3.00 2.00 1.0
Slide 29: Asset Quality Compared to Peers: Net Charge Offs/Average Loans
Asset Quality Compared to Peers Ratios in % Annual data as of Year-end Source: SNL Financial Net Charge Offs/Average Loans Florida peers include BBX, CCBG, CSFL, GFLB, SBCF, SAMB, & TIBB Peer data not yet available for 1Q09 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 0.12 0.13 0.01 0.07 0.03 0
Slide 30: Asset Quality Compared to Peers: Loan Loss Allowance/Loans
Asset Quality Compared to Peers Loan Loss Allowance/Loans Florida peers include BBX, CCBG, CSFL, GFLB, SBCF, SAMB, & TIBB Ratios in % Annual data as of Year-end Source: SNL Financial Peer data not yet available for 1Q09 2.50 2.00 1.50 1.00 0.50 0.00 0.78 1.04 0.86 0.99 0.95 0.88 1.00 0.90 1.26 1.33
Slide 31: Strong Deposit Growth
Strong Deposit Growth $201 $376 $495 $691 $937 $1,166 *DDA, NOW, Money Market, and Savings 5-Year CAGR 42% (35% excl. acquisitions) 24% $ in millions CAGR to 12.31.08 (5 years) Annual Data as of Year-end $1,165 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2003 2004 2005 2006 2007 2008 1Q09 $34 $61 $1
Slide 32: A Diverse Deposit Mix
A Diverse Deposit Mix Total Deposits $1.2 Billion Core deposits are 61% of total deposits Core deposits are total deposits excluding wholesale brokered CDs, wholesale CDARs, and CDs > $100k Data as of March 31, 2009 Retail CDs > $100k 17% Brokered Deposits 17% Retail CDARs 11% Wholesale CDARs 1% Ret
Slide 33: Top Line Revenue Growth
Top Line Revenue Growth Positive 5-Year Operating Leverage 5-Year CAGR 47% $ in millions CAGR to 12.31.08 (5 years) Annual Data as of Year-end Top Line Revenue = net interest income plus noninterest income (excluding securities gains/losses.) $50 $40 $30 $20 $10 $0 1.3 5.6 2.5 9.5 3.3 19.1 4.0 31.4
Slide 34: Liquidity – Loans/Deposits
Liquidity – Loans/Deposits $ in millions 3/31/09 12/31/08 9/30/08 6/30/08 3/31/08 Loans $1,288 $1,275 $1,247 $1,192 $1,174 Deposits $1,165 $1,167 $1,200 $1,012 $1,003 Loan/Deposits 111% 109% 104% 118% 117% Investment Securities $113 $118 $92 $93 $81 Securities/Assets 7% 8% 6% 7% 6%
Slide 35: Net Interest Margin
Net Interest Margin Source: SNL Financial 8.00% 6.00% 4.00% 2.00% 0.00% 2003 2004 2005 2006 2007 2008 1Q09 ($ in 000’s) 50,000 40,000 30,000 20,000 10,000 0 Net Interest Income BOFL NIM FL Peer Median NIM Avg Ann. Fed Funds Rate
Slide 36: Liquidity – Wholesale Funding
Liquidity – Wholesale Funding $ in millions No sub-debt at the holding company level No trust preferred securities 3/31/09 12/31/08 9/30/08 6/30/08 3/31/08 Wholesale Funding: Brokered Deposits $212 $240 $297 $191 $179 FHLB $118 $152 $108 $165 $162 Repurchase Agreements $20 $20 $20 $20 $20 Other Borr
Slide 37: Capital Ratios
Capital Ratios *First quarter 2009 ratios are estimates. Well Capitalized 3/31/09 12/31/08 3/31/08 Tier 1 Risk-Based Capital 6.00% 8.49%* 8.64% 10.09% Total Risk-Based Capital 10.00% 10.98%* 11.12% 12.33% Tier 1 Leverage Ratio 5.00% 7.62%* 7.86% 10.31% Tangible Equity to Tangible Assets 8.08% 8.43%
Slide 38: Capital Position Stronger than Peers
Capital Position Stronger than Peers Ratios in % Annual data as of Year-end Source: SNL Financial National peers include publicly traded banks with assets between $500 million and $3 billion Tangible Equity/Tangible Assets 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 9.53 8.11 9.76 7.82 10.22 7.
Slide 39: Question & Answer
Question & Answer BANK oF FLORIDA corr.