Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Investor Presentation (August 2009)
15 slides from Southern First Bancshares's investor presentation, Aug 20, 2009
Slide 1: Southern First Bancshares, Inc. Investor Presentation
SOUTHERN FIRST BANCSHARES, INC. Investor Presentation August 20 th , 2009
Slide 2: Forward-Looking Statements
Forward-Looking Statements During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risks
Slide 3: Southern First Bancshares - Corporate Profile
Southern First Bancshares - Corporate Profile • Greenville First Bank opened in 2000 • $743 million in total assets (1) • Greenville SC market - $10.1 billion in deposits - 4.6% market share / 5 th out of 34 banks (2) • Columbia SC market - $12.2 billion in deposits in Richland & Lexington Counties
Slide 4: The Stock Price - Current Valuation
The Stock Price - Current Valuation June 30, 2007 June 30, 2009 Stock Price $20.38 $6.99 Price / Book Value 168% 49% Company Book Value $12.11 $14.33 Price / LTM EPS 17.6 x 34.9 x Company LTM EPS $1.16 $.20
Slide 5: SFST - Investment Value
SFST - Investment Value • Dynamic South Carolina Markets - Greenville & Columbia - largest SC markets - Quality demographics • Intense Focus on Asset Quality - Risk management - continuous improvement - Results favorable to peers • Unique Model – Significant efficiencies - assets / employee
Slide 6: SFST - Investment Value
SFST - Investment Value • Core Deposit Focus - Operation GOLD - Q2 2009 results up 20% from Q2 2008 • Performance Driven Team - Market knowledge and reputation • Market Valuation - Historic low multiples
Slide 7: South Carolina - Dynamic Markets
South Carolina - Dynamic Markets Greenville Market Columbia Market County: Greenville Richland Lexington Deposits $10.1 billion $9.6 billion $2.7 billion 5 year annual 9.5% 11.1% 9.1% growth rate Market share 4.6% * * State Rank Population 1st 2nd 5th Income 1st 3rd 4th Data: FDIC - June 2008
Slide 8: SFST - Asset Quality
SFST- Asset Quality • SFST non-performing assets decreased to 1.77% • SNL Southeast Bank average NPA’s = 2.86% • SFST charge-offs increased to .35% • SNL Southeast Bank average charge-offs > 1.00%
Slide 9: Corporate Strategy - Unique Model
Corporate Strategy — Unigue Model Chent IRST Assets per Employes Targeted Focus Relationship Team Structure Produces Sustainable Efficiencies Technology Advantages Srey 8cAverage | AllBanks Data: FDIC — March 2009 ~h Sou “CL VU FIRST
Slide 10: SFST - Core Deposit Focus
SFST- Core Deposit Focus • Improved market share to 5 th in the Greenville market • Opened new offices in Greenville and Columbia markets in 2008 • New transaction accounts up 20% from same period 2008 Greenville Market Share Bank Offices Deposits ($ mil) Market Share Carolina First 2,863 28.3 % Wac
Slide 11: SFST - Performance Driven Team
SFST - Performance Driven Team • Focused Experience - Market strategy - Finance & operations - Risk management • Extensive Market Knowledge - Hometown reputations • Consistent Culture - Minimal turnover
Slide 12: SFST - Earnings Potential
SFST- Earnings Potential Net earnings declined 44% to $1.9 million ($.58 per share) * Operating earnings were $3.1 million (1) ¢ Fannie Mae investment loss ($1.9 million) + Significant margin pressure from historic Fed interest rate reductions +« Provision increased $1.1 million or 54% @ Net Earning
Slide 13: 2009 Current Initiatives
2009 Current Initiatives: • Maintain strong capital ratios - Solid cushion in excess of well capitalized requirements • Aggressively deal with credit issues - Stress test CRE portfolio - Increase scope of external loan review • Operation GOLD - Core deposit initiative • Margin improvement - Both sid
Slide 14: Unprecedented Times - Strategic Focus
Unprecedented Times — Strategic Focus Growth Markets Leadership é Asset Depth Winning ality — Banks — Core 4 Deposit zfsient Strength ~ 4 _ if a 4.
Slide 15: Southern First Bancshares, Inc. NASDAQ symbol = SFST
S OUTHERN F IRST B ANCSHARES, INC. NASDAQ symbol = SFST
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