Banc Of California, Inc. · NYSE:BANC
Banc Of California — First Pactrust Bancorp — Investor Presentation (November 2010)
23 slides from Banc Of California's investor presentation, Nov 2, 2010
Slide 1: First PacTrust Bancorp, Inc. October 2010
Exhibit 99.1 First PacTrust Bancorp, Inc. October 2010
Slide 2: Important Disclosures
Important Disclosures 2 Forward-Looking Statements These materials contain various forward-looking statements that are based on assumptions and describe our future plans and strategies and our expectations. These forward-looking statements are generally identified by words such as “believe,” “expect
Slide 3: Important Disclosures (Cont’d)
Important Disclosures (Cont’d) 3 Financial Projections This presentation contains projections of financial performance. Such projections are, by nature, based on anticipating future events that cannot be predicted with accuracy and there is no assurance that the projections can or will be achieved.
Slide 4: San Diego’s Largest Federally Chartered Community Bank
San Diego’s Largest Federally Chartered Community Bank 4 Deep Community Roots Chartered by the U.S. Office of Thrift Supervision Ranking for Largest Community Bank Franchises in San Diego by Assets * Insured by the FDIC MOST Founded in 1941 with 69 years of continuous operations NAME (CHARTER TYPE)
Slide 5: First PacTrust Announced Transformational Private Placement To Pursue Growth
First PacTrust Announced Transformational Private Placement To Pursue Growth 5 Enhance Management Team The First PacTrust Opportunity Growth Capital Enhanced management team better enables the Through the infusion of $60 million at Proceeds of the recapitalization expected to be Bank to pursue a rob
Slide 6: First PacTrust Has A Three-Part Growth Strategy
First PacTrust Has A Three-Part Growth Strategy 6 1. Organic Growth 2. Traditional M&A 3. FDIC-Assisted M&A Strengthen management and Selectively explore traditional Pursue strategic transactions commence growth strategy within acquisitions with FDIC assistance the Bank’s primary footprint Focus on
Slide 7: Pacific Trust Bank’s CAMEL Summary
Pacific Trust Bank’s CAMEL Summary 7 As of 9/30/10 Pro Forma • $18.79 Tangible Common Equity per share (1) • $14.01 Tangible Common Equity per share • $78.4 million Tangible Common Equity (1) • $135.9 million Tangible Common Equity (1) CAPITAL • 12.90% Tier 1 Risk-Based • 20.29% Tier 1 Risk-Based (e
Slide 8: Third Quarter Highlights
Third Quarter Highlights 8 Income Assets Company reported net income of $3.0 million and Tangible book value per share increased to EPS of $0.66 $18.79 / share Net interest margin increased to 4.13%, up from Net REO balance decreased to $7.8 million from 3.45% in the second quarter $8.3 million the
Slide 9: Bank’s Primary Market Area Recovering
Bank’s Primary Market Area Recovering 9 First PacTrust’s primary market area of San Diego has exhibited strong recovery rates in home prices. (1) San Diego Market San Diego County Home Prices Leading Southern 160% California recovery rd 3 highest home 140% 2009: 112% price increase (14%) 2003: 100%
Slide 10: Current Stock Price Relative to Peers
Current Stock Price Relative to Peers 10 FPTB’s offering price is at a significant discount to peers at 3.0x core earnings and 59% of current tangible book value. Market Valuation of Comparable Banks (1) Dividend Paying Banks, < $2.5b in Assets, Raised > $30m since 1/2009 Stock Price / 2010E Core Co
Slide 11: Transaction Improves Bank’s Capital Markets Exposure
Transaction Improves Bank’s Capital Markets Exposure 11 PRE RECAPITALIZATION POST RECAPITALIZATION 1. Limited Information to Investor Community 1. Enhanced Information to Investor Community No analyst coverage Pursue sell-side analyst coverage and increase No earnings conference calls investor commu
Slide 12: Appendix
BANCORP, INC: Appendix
Slide 13: Franchise Map and Branches
Franchise Map and Branches 13 Temecula Branch Riverside Branch Rancho Bernardo Branch El Cajon Branch Balboa Branch Chula Vista Main Branch Mini Branches Chula Vista Admin Center Chula Vista Riverside
Slide 14: Pacific Trust Bank Loan Composition
Pacific Trust Bank Loan Composition 14 Pacific Trust Bank’s loan portfolio consists predominantly of 1-4 family loans making up 84% of the Bank’s gross loans. Loan Locations Loan Breakdown as of 9/30/10 Consumer Commercial RE Land 1.6% 7.4% 2.5% C&I 0.1% Construction Multi Family 0.0% 4.8% 1-4 Famil
Slide 15: Strong Capital Position
Strong Capital Position 15 First PacTrust’s capital ratios exceed “well-capitalized” levels and will be further enhanced due to the private placement. Regulatory Ratios 25.0% 21.54% 22.5% 20.29% 20.0% 17.5% 14.59% 15.10% 15.0% 12.5% 14.15% 10.0% 12.90% 7.5% 9.80% 5.0% 10.00% 9.24% 2.5% 5.00% 6.00% 0
Slide 16: Non-Performing Asset Overview
Non-Performing Asset Overview 16 Of the $58.1 million in NPAs, nearly 43% are TDRs and the $7.8 million in REOs consist of 6 properties. (1) Non-Performing Asset Analysis $60.0 $58.1m ($24.9m) $50.0 7.02% (2.75%) $40.0 ($7.8m) $30.0 (0.94%) $25.4m ($17.6m) 3.34% (2.01%) $20.0 $10.0 ($3.6m) $5.0m $0.
Slide 17: Non-Performing Loans (NPLs)
Non-Performing Loans (NPLs) 17 Non-Performing Loans (NPLs) # of Average Loan Loan Type Loans Book Value Size 1-4 Family Subtotal 25 15,536,740 621,470 Pacific Trust Bank has 37 credits that are currently non-performing for a total balance of $25.4 million Multi-Family Subtotal 6 1,976,639 329,440 Pa
Slide 18: Troubled Debt Restructurings (TDRs)
Troubled Debt Restructurings (TDRs) 18 Non-Performing Loans (NPLs) # of Average Loan Pacific Trust Bank has completed Loan Type Loans Book Value Size troubled debt restructurings (TDRs) for 28 properties valued at $24.9 million 1-4 Family Subtotal 20 10,309,914 515,496 Most TDRs are performing as Mu
Slide 19: OREOs
OREOs 19 Pacific Trust Bank holds 6 OREO assets with a net value of $7.8 million 5 REO assets are for SFR (all have been appraised in 2010) 4 SFR are located in San Diego and 1 is located in Rancho Santa Fe All OREO is carried at 2 SFR are currently in escrow to be sold, an levels no more than 90% o
Slide 20: Securities Overview
Securities Overview 20 Investment Portfolio @ 09/30/2010 Lowest Maturity Est. Avg Original Coupon Par/Principal Purchase Book Current CUSIP # Investment Rating Date Life Face Value Rate Value Price Yield Book Value Pacific Trust Bank Security Portfolio (Bank) Government/Agency Securities: 3128X7MN1
Slide 21: Non-GAAP Financial Information
Non-GAAP Financial Information 21 Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include tangible com
Slide 22: Non-GAAP Financial Information (Cont.)
Non-GAAP Financial Information (Cont.) 22 The following table presents a reconciliationof tangible common equity per share to stockholders’ equity per share: As of 9/30/10 Pro Forma (1) Stockholders’ equity per share: $ 23.29 $ 14.01 Less: Effect of intangible assets 0.00 0.00 Tangible equity per sh
Slide 23: Non-GAAP Financial Information (Cont.)
Non-GAAP Financial Information (Cont.) 23 The following table presents the derivation of the estimated return on equity (ROE) utilizing the estimated 2010 core earnings and the September 30, 2010 equity balance: 2010 projected core earnings(1) $15.765m Equity as of September 30, 2010 $79.7m Core Ear
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