Bank Of Florida — Investor Presentation (December 2008)
26 slides from Bank Of Florida's investor presentation, Dec 1, 2008
Slide 1: Bank of Florida Corp. Investor Presentation – December 2008
Bank of Florida Corp. Investor Presentation – December 2008 NASDAQ: BOFL
Slide 2: Forward Looking Statements
2 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 actual results to differ
Slide 3: Mission Statement
3 To be the “Bank of Choice” for businesses, professionals and individuals with desire for relationship-driven financial solutions. Business Owners Entrepreneurs Executives Professionals (Physicians, Attorneys, Accountants) Professional Associations Businesses Wealthy Families and Individuals Founda
Slide 4: Company 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/thrift holding company headquartered in Florida based on total assets; 4th largest based on market capitalization 13 financial centers in 7 distinc
Slide 5: Company Profile (Con't)
Primary focus is lending on commercial real estate properties in the $1 - $15 million range; increased attention on growing commercial and industrial lending Comprehensive suite of products and services specifically designed for business clients and wealthy individuals Integrated wealth management s
Slide 6: Over Half of Florida Deposits in Markets We Serve
6 Over Half of Florida Deposits in Markets We Serve $372 billion Total State Deposits 55.4% $206 billion Total Market Deposits 4.8% $18 billion Pinellas 9.7% $36 billion Palm Beach 20.1% $75 billion Miami-Dade 3.0% $11 billion Lee 5.4% $20 billion Hillsborough 3.0% $11 billion Collier 9.4% $35 billi
Slide 7: Financials
é Financials
Slide 8: 3Q08 Financial Highlights
8 3Q08 Financial Highlights Loans grew 8% year-over-year Core deposits (including $80 million in new reciprocal CDARS) grew 72% annualized compared to 2Q08 Provision for Loan Losses of $6.2 million, up from $1.6 million in 2Q08 Third Party Loan Review in 3Q08 - Over 40% of Loan Portfolio and 99% of
Slide 9: History of Strong Asset Growth
9 $ in millions CAGR to 12.31.07 (5 years) Annual Data as of Year-end $223 $421 $570 $883 $1,310 $1,545 $0 $300 $600 $900 $1,200 $1,500 $1,800 2003 2004 2005 2006 2007 3Q08 History of Strong Asset Growth 5-Year CAGR 55% 46% excl. acquisitions 18%
Slide 10: History of Strong Loan Growth
10 History of Strong Loan Growth 5 Year CAGR 61% $ in millions CAGR to 12.31.07 (5 years) Annual Data as of Year-end 53% excl. acquisitions 9% $200 $326 $486 $784 $1,145 $1,248 $0 $300 $600 $900 $1,200 $1,500 2003 2004 2005 2006 2007 3Q08
Slide 11: Loan Portfolio
11 Loan Portfolio Land 13% Construction 16% Commercial Real Estate 45% Commercial & Industrial 9% Residential Mtgs 16% Consumer 1% Total loans of $1.2 billion; 72% of portfolio is commercial-oriented Residential construction and land loans represent approximately 9% of total loans, down from 12% at
Slide 12: CRE Loans are Secured by a Diverse Group of Properties
12 Total CRE loans of $576 million 40% of commercial real estate loans are owner-occupied properties Data as of September 30, 2008 CRE Loans by Property Type CRE Loans are Secured by a Diverse Group of Properties Industrial & Warehouse 17% Office 34% Multi-Family 8% Aviation 2% Other 15% Retail 13%
Slide 13: Construction Loans Secured by a Diverse Group of Projects
13 Total construction portfolio of $197 million - $66 million is residential, $130 million is commercial 19% of construction loans are owner-occupied No high-rise condominium participation Data as of September 30, 2008 Construction Loans by Project Type Construction Loans Secured by a Diverse Group
Slide 14: Residential Loans Geographically Disbursed Within our Markets
14 Total Residential Portfolio of $306 million No Sub-Prime Loans Data as of September 30, 2008 Includes Residential Development & Construction, 1-4 Family Residential, and HELOC Residential Loans by Geography Residential Loans Geographically Disbursed Within our Markets Broward Palm Beach Counties
Slide 15: Asset Quality Consistently Outperforms Peers: Nonperforming Loans/Loans
Asset Quality Consistently Outperforms 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, CCGB, CSFL, GFLB, SBCF, SAMB, & TIBB Nonperforming Loans/Loans 15 0.02 0.22 0.16 0.16 0.07 0.15 0.03 0.25 1.08 1.50
Slide 16: Asset Quality Consistently Outperforms Peers: Net Charge Offs
16 Asset Quality Consistently Outperforms Peers Florida peers include BBX, CCGB, CSFL, GFLB, SBCF, SAMB, & TIBB Ratios in % Annual data as of Year-end Source: SNL Financial Net Charge Offs / Average Loans 0.12 0.13 0.01 0.07 0.03 0.01 0.03 0.08 0.04 0.31 0.57 0.64 0.96 1.15 0.00 0.40 0.80 1.20 1.60
Slide 17: Loan Loss Allowance / Loans
17 Loan Loss Allowance / Loans Florida peers include BBX, CCGB, CSFL, GFLB, SBCF, SAMB, & TIBB Ratios in % Annual data as of Year-end Source: SNL Financial .78 1.04 0.86 0.99 0.95 0.88 1.00 0.90 1.26 1.33 1.11 1.75 1.14 1.58 0.00 0.50 1.00 1.50 2.00 2003 2004 2005 2006 2007 2Q08 3Q08 Bank of Florida
Slide 18: Credit Quality in Florida 3Q08 / 3Q07
18 Of Bank of Florida’s peers that have reported NPAs/Assets for 3Q08: Nearly all have reported a significant increase in their NPA/Assets ratios year-over-year Bank of Florida’s NPAs/Assets continue to rank favorably compared to peers NPAs/Assets (%) Credit Quality in Florida 3Q08 / 3Q07 Source: SN
Slide 19: History of Strong Deposit Growth
19 History of Strong Deposit Growth 5 Year CAGR 49% $201 $376 $495 $691 $937 $1,012 $ in millions CAGR to 12.31.07 (5 years) Annual Data as of Year-end 38% excl. acquisitions *DDA, NOW, Money Market, and Savings 28% $0 $300 $600 $900 $1,200 $1,500 2003 2004 2005 2006 2007 3Q08 Transaction Accounts*
Slide 20: A Diverse Deposit Mix
20 Total Deposits $1.2 Billion A Diverse Deposit Mix Data as of September 30, 2008 CDARS Wholesale 5% CDARS Retail 7% Non-Interest Bearing 8% NOW 4% CDs Brokered 20% CDs Retail 27% MMA & Savings 29%
Slide 21: Positive 5-Year Operating Leverage
21 Positive 5-Year Operating Leverage Strong Top Line Revenue Growth $ in millions CAGR to 12.31.07 (5 years) Annual Data as of Year-end $6.9 $12.0 $22.4 $35.4 $48.3 $36.5 5 Year CAGR 63% $0 $10 $20 $30 $40 $50 $60 $5.6 $9.5 $19.1 $31.4 $38.2 $33.0 2003 2004 2005 2006 2007 YTD 08 Noninterest Income
Slide 22: Net Interest Margin
22 Net Interest Margin NIM 4.46% 4.44% 4.25% 4.10% 3.96% 3.69% 3.62% 3.58% 3.33% 10% 0% 2% 4% 6% 8% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q08 Cost of Interest Bearing Deposits Yield on Loans
Slide 23: Trust Company Assets Under Advice
23 Trust Company Assets Under Advice 5 Year CAGR 47% $ in millions CAGR to 12.31.07 (5 years) Annual Data as of Year-end $0 $200 $400 $600 2003 2004 2005 2006 2007 3Q08 $131 $202 $390 $415 $499 $440
Slide 24: 2008 Outlook
é 2008 Outlook
Slide 25: 2008 Outlook
25 Considering Participation in Treasury Capital Purchase Program up to Maximum of 3% of Risk-Weighted Assets or ~$35 to $40 Million Increase in Loan Loss Reserves Anticipated in 4Q08 as Residential Real Estate Continues to be Difficult to Value October Federal Reserve Rate Cuts Likely to Cause Simi
Slide 26: Question & Answer
é Question & Answer
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