Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — KBW Community Bank Investor Conference 2014
14 slides from Southern First Bancshares's conference presentation, Jul 30, 2014
Slide 1: Southern First Bancshares, Inc. at KBW Community Bank Investor Conference
1 Southern First Bancshares, Inc. Justin Strickland – President Mike Dowling – Chief Financial Officer KBW Community Bank Investor Conference July 30th, 2014
Slide 2: 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 forwardlooking statements involve certain risks and uncertainties, includin
Slide 3: Southern First Bank Corporate Profile
(*) Q2 2014 (**) FDIC data 3 Headquartered in Greenville SC • 151 total employees • $967 million in total assets (*) • 6th largest bank headquartered in SC • Greenville SC market – 4 offices • largest banking market in SC • #5 market share out of 34 banks (**) • Columbia SC market – 3 offices • 2nd
Slide 4: SFST market valuation
• SFST – $66 million market capitalization • $13.75 current price (7/15/14) – 1.1% TBV / 13 x LTM EPS • Ownership – 43% institutional / 14% insider 4 SFST market valuation: SFST – 83% KBW Bank – 57%>
Slide 5: SFST: Investment Profile
SFST: Investment Profile 5 Growth / Performance Excellent earnings momentum / asset quality Model Proven organic growth / excellent efficiency Markets 3 largest SC markets / excellent demographics Leadership Market experience / performance driven
Slide 6: Performance: 2014 2nd quarter highlights
• Net income increased 18% to $1.3 million • Total assets increased 15% to $967 million • Loans increased 19% to $813 million • Core deposits increased 13% to $536 million • Top line revenue growth – Total revenue up 17% from Q2 2013 • Book value increased to $12.56 per share • NPA’s = 1.40% • Net c
Slide 7: Growth / Performance: Earnings momentum
$961 $1,300 $1,419 $1,439 $1,250 $1,566 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Net Income 7 Growth / Performance Earnings momentum – up 18% in Q2 2014 $784 $1,109 $1,228 $1,248 $1,057 $1,313 $700 $800 $900 $1,000 $1,100 $1,200 $1,3
Slide 8: Growth / Performance: Strong growth in top line revenue
8 Growth / Performance Strong growth in top line revenue $7,760 $8,008 $8,418 $8,637 $8,613 $9,359 $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Total Revenue ($ 000’s) * • Q2 2014 total revenue increased 17% from Q2 2013 • Q2 2014 noninterest income increased 7
Slide 9: Model: Relationship team model generating organic growth
9 Model Relationship team model generating solid organic growth $644 $734 $813 $600 $650 $700 $750 $800 $850 $900 2012 2013 YTD 2014 Loans - $ mil $576 $680 $747 $500 $550 $600 $650 $700 $750 $800 2012 2013 YTD 2014 Deposits - $ mil
Slide 10: Model: Lower overhead generates efficiency
10 Model Lower overhead generates efficiency 66% 80% 55% 60% 65% 70% 75% 80% 85% 90% Southern First SC Banks Efficiency Ratio $6.3 $4.0 $2 $3 $4 $5 $6 $7 $8 Southern First SC Banks Assets / Employee ($ mil) FDIC March 2014
Slide 11: Markets – 3 largest in SC
11 Greenville $10 billion deposit market Columbia – (2 counties) $12 billion deposit market Charleston $8 billion deposit market Markets – 3 largest in SC
Slide 12: Leadership Team
• Extensive experience as relationship bankers • Significant market knowledge and reputation – Art Seaver – Greenville – Justin Strickland – Columbia – Len Howell - Charleston • Focused on performance and building value • Building a unique culture – attracting talent 12 Leadership Team:
Slide 13: Leadership: Current executive focus
13 Leadership Current executive focus Momentum - earnings Growth - market share / revenue Innovation – mobile / experience Capital - prudence Infrastructure - team / capabilities
Slide 14: SFST – growing shareholder value
14 South Carolina Greenville Columbia Charleston Southern First Bancshares SFST – growing shareholder value Growth / Performance Model Markets Leadership
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