Southern First Bancshares, Inc. · NASDAQ:SFST
Southern First Bancshares — Greenville First Bancshares — Shareholder Meeting (May 2006)
19 slides from Southern First Bancshares's shareholder meeting presentation, May 17, 2006
Slide 1: Greenville First Bancshares Annual Shareholder's Meeting May 17th, 2006
Slide 2: Forward-Looking Statements
d-Looking Statements During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performance of Greenville First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risks and
Slide 3: Greenville First Bancshares — Corporate Profile
Greenville First Bancshares — Corporate Profile * Greenville First Bank opened in 2000 + $405 million in total assets (1) * Greenville SC market - $7.6 billion in deposits (2) + 3.1% Market Share (2) * GVBK — NASDAQ market * 23% Insider Ownership * $66 million — Market Capitalization (1) *3 offices
Slide 4: GVBK — 2005 Performance Highlights
GVBK — 2005 Performance Highlights * Solid asset & earnings growth * Successful opening of our Parkway and Augusta Road offices * Record retail deposit production * Disciplined credit culture * Improved efficiency ¢ Added 15 talented bankers to our team * Stock price increased 26% Fl T
Slide 5: 2005 Performance — Asset Growth
2005 Performance — Asset Growth * Assets exceed $400 million / 28% growth over 2004 ¢ Loans increased 21% for 2005 Hf Total Assets (in millions) 2002 2003 2004 2005 2002 @ Loans (in millions) 2003 2004 2005 dl FI T
Slide 6: 2005 Performance — Earnings Grow
2005 Performance — Earnings Grow * Net earnings increased 25% to $2.5 million and reflect 4% quarter charge related to move of corporate headquarters ¢ Operating earnings increased 71% to $3.4 million Hi Net Eamings (in thousands) Wi Net Operating Eamings (in thousands) $3,000 $2514 $4,000 $3,444 —
Slide 7: 2005 Performance — Office Expansion
2005 Performance — Office Expansion ¢ Parkway Office opened in March 2005 « Augusta Road Office opened in November 2005 Gree FIRST
Slide 8: Performance - Retail Deposit Growth
005 Performance - Retail Deposit Growth * 36% increase in retail deposits / 24% increase in the number of transaction accounts [" Number of Transaction Accounts 5000. 4500 4,192 4000 3,301 3500, 3000 2008 2500. 2000. 2003 2004 2005 a — Grell FIRST
Slide 9: Performance Highlight — Disciplined Credit Culture
Performance Hig ght — Disciplined Credit Culture ¢ Loan loss reserve / total loans = 1.33% 1) * Reserve covers nonperforming loans 9.6 times @ NCO's to Avg. Total Loans 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% @ NPA's/ Total Assets 1.00% 0.80% 0.60% 0.07% 2001 2002 2003 2004 2005 0.40% 0.20%
Slide 10: Performance Highlight — Efficiency
Performance Highlight — Efficienc « Efficiency ratio = 49.2% for 2005 * 36% increase in the number of people in the last year —— Efficiency Ratio 80% 70% 65.2% 60% 50% 40% 2002 2003 2004 2005 Gree FIRST
Slide 11: Performance Highlight — Stock Price Appreciation
Performance Highlight — Stock Price Appreciation ag Price History - GVBK (1/1/2005-12/31/2005) Sees Bancshares Nc @ S8P 500 Index ™@ Nasdaq Composite Index 20% 15% 10% 5% 0% 5% -109% Jan 2005 Apr 2005 Jul 2005 Oct 2005 Dec 2005
Slide 12: Greenville First Bancshares: Committed to the Future
Greenville First Bancshares Committed to the Future Greil FIRST
Slide 13: GVBK Strategic Plan — Grow Shareholder Value
GVBK Strategic Plan — Grow Shareholder Value mu GVBK Market Capitalization ($ Millions) | $75.0 $65.8 $51.9 $50.0 $31.1 $25.0 $14.8 $0.0 2002 2003 2004 2005 Gel FIRST
Slide 14: Strategic Initiatives - By 2008
Strategic Initiatives - By 2008: * Capitalize on our G&exeFIRST model ¢ Invest in strategic infrastructure — Verdae Headquarters, Woodruff Road Office — Key Bankers — Risk Management * Grow assets to $600 million * Grow earnings to $5 million ¢ Grow market share in excess of 5% FI T
Slide 15: GVBK — First Quarter 2006 Progress Report
GVBK -— First Quarter 2006 Progress Report: ¢ Assets increased to $417 million * Strongest growth quarter in history for loans and deposits Compared to first quarter 2005: — Loans increased 23% to $364 million — Retail deposits increased 52% to $206 million — Transaction accounts increased 40% to $1
Slide 16: Greenville Market Share Data
K - Market Share Data Carolina First 13 1,639 21.5% Wachovia 22 1,523 20.0% BB&T 20 1,124 14.7% Bank of America a 795 10.4% SunTrust 20 409 5.4% Bank of TR 7 282 3.7% Palmetto Bank 12 274 3.6% 16 others 43 1,351 17.7% Source - FDIC ~ June 2005 dl FI T
Slide 17: GVBK — Key Success Drivers
GVBK — Key Success Drivers ¢ Experienced & Performance Driven Leadership ° Unique Chent@IRST Model ¢ Dynamic Greenville, SC Market * Growth Story / Winning Reputation ¢ Disciplined Credit & Risk Management Culture Fl T * Momentum
Slide 18: Reconciliation of Non-GAAP Financial Measures
iliation of Non ial Measures ‘This presentation contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles (“GAAP”). Operating noninterest expense is used to compute the operating efficiency ratio. Net income, (GAAP) $2,514 Non-operati
Slide 19: Searchable text section of graphics shown above
Searchable text section of graphics shown above Greenville First Bancshares Annual Shareholder's Meeting May 17th, 2006 Forward-Looking Statements During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performan
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