Beacon Financial Corporation · NYSE:BBT
Beacon Financial — Berkshire Hills Bancorp — Investor Day (November 2012)
98 slides from Beacon Financial's investor day presentation, Nov 29, 2012
Slide 1: Investor Conference: Creating Shareholder Value
Investor Conference NYSE:BHLB November 29, 2012 Creating Shareholder Value
Slide 2: Agenda
Agenda 11:30 a.m. Registration 12:00 p.m. Lunch 12:45 p.m. Welcome and Presentations by the Chairman of the Board, President and members of Executive Management 3:00 p.m. Reception 11 Wall Street New York, NY Location
Slide 3: Forward Looking Statements
Forward Looking Statements The information disclosed in this document includes various forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to credit quality (including delinquency trends and the all
Slide 4: Executive management team
Lawrence A. Bossidy Chairman Michael P. Daly President and CEO Sean A. Gray Executive Vice President Retail Banking Richard M. Marotta Executive Vice President Chief Risk Officer Kevin P. Riley Executive Vice President Chief Financial Officer Patrick J. Sullivan Executive Vice President Commercial B
Slide 5: Speakers
Speakers Speaker Governance Larry Bossidy Strategic Opportunity Mike Daly Human Capital Linda Johnston Controls and Processes Richard Marotta Retail Banking Sean Gray Commercial Banking Insurance and Wealth Management Pat Sullivan Financial Summary Share Value Kevin Riley Delivering the Future Quest
Slide 6: Economy and Governance
Economy and Governance Lawrence A. Bossidy Chairman
Slide 7: Berkshire Hills Board of Directors
Berkshire Hills Board of Directors Governance Audit Compensation Risk Management Capital Operating Plan Accountability Follow through Strategic Plan Growth Productivity Personnel Reviews Candid assessments Emphasis on depth Training Dedicated to Create Value Board responsible for providing oversight
Slide 8: Key Take-Aways
Key Take-Aways Top line growth in our markets Bottom line growth (ROE, EPS, TBV) Management - analytics Execution and delivery Alignment/transparency Doing right by investors 8
Slide 9: Landscape
Landscape Increasing uncertainties Interest rates and margins Economic outlook Regulatory expectations Political environment Navigating through it Speed of reaction Flexibility Multiple earnings drivers 9
Slide 10: BHLB Profile
BHLB Profile $5.5 billion regional bank Market cap approaching $600 million Strong revenue and earnings growth Quality balance sheet 73 Branches in MA, NY, CT and VT 10 Commercial and residential lending offices in central and eastern MA Retail and commercial banking, insurance and wealth management
Slide 11: Past Two Years' Growth
Past Two Years’ Growth Pro Forma Financial Data with Mergers Pre Mergers With Mergers ($ millions except per share and branch data) 12/31/10 9/30/12 Assets $ 2,881 $ 5,486 Loans 2,142 3,983 Deposits 2,204 4,031 Stockholders' equity 389 652 Shares outstanding (thousands) 14,076 24,912 Tangible equity
Slide 12: Revenue Growth
Revenue Growth 20%+ Total Annual Growth from Multiple Strategies ($ million) Note: Revenue in 11Q3 excludes $2 million non-core gain on Legacy stock. Growth includes organic, de novo, product and M&A strategies Growth results from spread income and fee income 12% increase in revenue per share to nea
Slide 13: Core EPS Growth
Core EPS Growth 20%+ Total Annual Growth, Positive Operating Leverage (cents) 52¢ 24 Cent (85%) increase in quarterly core EPS over two years 7 Cents was projected due to M&A quarterly benefit (before Beacon) Benefits from revenue growth, efficiencies, multiple earnings levers Component of managemen
Slide 14: Current Run Rate
Current Run Rate Note: Current run rate is estimated as of the start of the fourth quarter before Beacon acquisition. EPS - annualized $2.08 ROA 1.00% ROE 8% ROTE 15% NIM 3.50% Charge-offs/loans 0.27% Efficiency ratio 57% 14
Slide 15: Growth and Productivity
America's Most Exciting Bank Growth and Productivity Franchise investment Multiple Analytics earnings levers — Consolidation opportunity — BERKSHIRE HILLS BANCORP - BHLB 45 www.berkshirebank.com
Slide 16: Regional Presence
Regional Presence Berkshire branches in green Berkshire lending offices in blue 16
Slide 17: Our Regions
Our Regions Western New England Top market share Stable markets Higher margin New York Solid regional share Growing markets Strong de novo growth Hartford/Springfield Solid regional share Central location Market opportunity Eastern Massachusetts Growing regional segments Growing markets Market oppor
Slide 18: Market Strengths – New England and Central/Eastern NY
Market Strengths – New England and Central/Eastern NY Stability Diversified economic drivers Smaller bubble Competitive opportunity New England Deposit Market Share $410 Billion Total Deposits Number Share National banks 9 56% Regional banks > $4B deposits 6 13% All other 266 31% 18
Slide 19: Multiple Earnings Levers
Multiple Earnings Levers – Positive Operating Leverage Revenue Levers Organic volume Multiple business lines Commercial Banking Insurance, Wealth Management Retail Banking Mortgage, Small Business Geography M&A Scalability Data Technology Six Sigma 19 Six Sigma is a registered service mark and trade
Slide 20: Organic Growth Positioning
Organic Growth Positioning 20 Cumulative Organic Growth (%)
Slide 21: Analytics
Analytics Industry-wide need Data analytics Speed Flexibility 21
Slide 22: Franchise Investment
Franchise Investment Executive and senior leadership Regional headquarters Core systems conversion Project Management Office Most M&A integration complete 22
Slide 23: M&A Disciplines
M & A Disciplines Earnings accretion Manage capital impact Balance cash and stock mix ROE targets = 15% Cost save targets Payback target < 5 years on deal earnings and less than a year on overall earnings Understanding purchase accounting impact Modest reliance on revenue synergies Improving financi
Slide 24: Acquisition History
Acquisition History 24 Note: Combined data is average except for assets and EPS, which are totals. Price/TBV is weighted average.
Slide 25: Increased Return on Equity
Increased Return on Equity Core Return on Equity Key metric for performance goals Target of 10% plus Nearing 9% when Beacon integrated 15% investment benchmark Component of management compensation 25 Note: Core ROE excludes non core net costs primarily related to mergers and systems conversion. Plea
Slide 26: Key Stock Drivers
America's Most Exciting Bank ™ Key Stock Drivers Drivers of P/TBV Drivers of P/E Ratio Ratio Return on equity and on tangible equity EPS growth Efficiency ratio Capital ratio Net charge-offs BERKSHIRE HILLS BANCORP - BHLB 26 ‘www.beriahirebank.com
Slide 27: Short Term Executive Incentive
Short Term Executive Incentive 2012 2011 Actual 2012 Original Guidance 2012 Threshold 2012 Target Core earnings (millions) $27.9 $42.1 $37.9 $42.1 Core earnings increase N/A 51% 36% 51% Core efficiency ratio 63.2% <60.0% 62.0% 60.0% Criticized assets (Percent of tier 1 + ALLL) N/A N/A <54% <51% 27
Slide 28: Long Term Executive Incentive
Long Term Executive Incentive 2012 2012 Original Guidance 2012-14 Threshold 2012-14 Target Core EPS $1.90 - $1.95 $5.67 $6.30 Three year goals for core EPS and core ROE Equates to 10% annual core EPS growth 2013-2014 Core ROE: Target midpoint - third quartile compared to peers - level and trend 28
Slide 29: Human Capital
Human Capital Linda A. Johnston Executive Vice President
Slide 30: Fast-Paced, Performance Driven
Fast-Paced, Performance Driven Highly seasoned executive and senior management team Focus on talent Building depth across the organization Hired expert teams in business lines 30
Slide 31: Culture and Brand
Culture and Brand Performance culture Driven to succeed Pay for results RIGHT values – success the RIGHT way People assessed on results and behaviors Performance management and talent assessment 31
Slide 32: People Development
People Development Succession planning Predictive Index, 360 tools AMEB U Leadership training series Developing formal trainee programs 32
Slide 33: Creating Shareholder Value
Creating Shareholder Value Importance of earnings and profitability Bottom line drives our success and investment in business Clear expectations company-wide Rewards tied to results Understanding of what’s needed for success 33
Slide 34: Controls and Processes
Controls and Processes Richard M. Marotta Chief Risk Officer
Slide 35: Culture and Values Create the Platform
Culture and Values Create the Platform AMEB culture and RIGHT values provide for an efficient delivery platform Flexibility... Work Hard, Play Hard, Rest Hard Credit administration and pricing model Scalability... Respect, Integrity, Guts Core conversion, reserve, allowance, Moody’s adjusted risk ba
Slide 36: Driven by Analytics
Driven by Analytics COSO risk-based 5-level analytical framework Moody’s adjusted risk based analytics IBS provided historical and proprietary product, industry and geographical analytics BEA analytics for geographic strategies Six Sigma efficiency and profitability framework 36 Flexible, Scalable a
Slide 37: Enterprise Risk Management
Enterprise Risk Management Identify, measure and manage risk Seize the moment... and profitable opportunities ERM committee Board of Directors integration... Risk Management Committee Financial Legal Compliance Reputational Operational/IT Strategic Market Credit 37 Flexible, Scalable and Sustainable
Slide 38: Six Sigma
Six Sigma Driven through the Corporate Initiatives Group A tenet of the AMEB culture Primary drivers - process improvement, improved efficiency, regulatory adherence and cost reduction and revenue enhancement 5 Projects completed Two major projects underway with an additional one to two being planne
Slide 39: Core Conversion
Core Conversion IBS platform provides for long term growth System flexibility provides easy implementation of new product types, sets and integration Reduces time / cost of acquisitions and conversions Integrates entire company on common platform DATA, DATA, DATA... improves management and clarity o
Slide 40: Credit Administration
Credit Administration Analytical portfolio-based approach Signature based approval process Risk-based capital hold limits Transaction Relationship Product type Portfolio Geographic limitations Exception only Existing in-market relationships Moody’s adjusted risk-based weightings Perform quarterly po
Slide 41: Reserves and NCOs
Reserves and NCOs Industry, product type and historical analytics and reserves Moody’s adjusted risk-based LGD and PD Product and historical based LCP Model driven precision Experience based economic factor overlay Purchased portfolio segmented analysis Annual net charge-off range for the period of
Slide 42: Loan Pricing Model
Loan Pricing Model Collaboration of Lending, Risk and Finance Moody’s adjusted risk based loss factors Relationship driven Provides market analytics and guidance Benchmark – 15% ROE or greater 42 Flexible, Scalable and Sustainable
Slide 43: Compliance, AML/BSA and Audit
Compliance, AML/BSA and Audit COSO risk-based 5-level analytic framework Specifically tailored bank-wide, top down training provided by premier 3rd party vendor Numerous Dodd Frank and Basel III anticipated standards already implemented Chief Risk Officer Risk Management Committee of Board Liquidity
Slide 44: Conclusion
Conclusion Driven by analytics Primary tenet of AMEB Enterprise wide Supported and demanded by Board of Directors Fueled by Six Sigma Committed to shareholders and stakeholders 44 Flexible, Scalable and Sustainable
Slide 45: Retail Banking
Retail Banking Sean A. Gray Executive Vice President
Slide 46: What We've Done (2009 – 2012)
What We’ve Done (2009 – 2012) Category 12/31/09 9/30/12 % Growth Retail deposits $1,541MM $2,908MM 89% Retail loans $924MM $1,946MM 111% Retail fee income (annualized) $9.0MM $25.8MM 187% Total branches 45 73 62% Total bank-wide organic deposit growth 27% over this period Total organic retail loan g
Slide 47: Competitive Strengths
Competitive Strengths 2012 Initiatives Branch expansion Greenpark acquisition AMEB U execution M&A handbook, CBT, Beacon execution Core conversion upgrade Brand build-out Retail Core Strengths Balanced scorecards Integrated cross sales Performance management Differentiated model Relationship selling
Slide 48: Pro Forma Retail Deposit Growth 2012-2015
Pro Forma Retail Deposit Growth 2012-2015 Annual growth rate 4 - 6 % Targeted increase $400 - 600 million Focus on newer markets Target 80+ branches Product focus Relationship products Fee services Lower funding costs Small business initiatives 48
Slide 49: Pro Forma Retail Loan Growth 2012-2015
Pro Forma Retail Loan Growth 2012-2015 Annual growth rate 4 - 6 % Targeted increase $250 - 400 million Relationship focus Managed retention of mortgage volume Consumer loan initiatives 49
Slide 50: Retail Revenue Objectives
Retail Revenue Objectives Net interest income will balance volume growth and spread objectives with some margin tightening expected Customer service fee revenues to increase with deposit growth projected at 4-6% per year Mortgage banking revenues expected to normalize during and after 2013 from curr
Slide 51: Market Analysis
Market Analysis Western NE NY (w/Beacon) Hartford/Springfield Description Strong wallet share - largest revenue - lower growth, expanding competition, maintain market share, #1+ Albany – Solid economic growth, large box lacking commitment. Central NY – moderate growth, integration synergies, #7+ Div
Slide 52: Market Analysis: Deposits per Branch
Market Analysis Our Deposits per Branch $51.1MM Top 30 MSA’s among all metros with population > 500,000 52
Slide 53: Albany Branch Performance by Age
Albany Branch Performance by Age BHLB among top performing banks in terms of de novo deposit ramp-up Branch Age (years) Average Branch Deposits ($K) Note: SNL Pro Forma, adjusted for branch open date 53
Slide 54: S Curve – Albany MSA
S Curve – Albany MSA Note: Branch data is based on FDIC 6/30/11 deposit summary except for BHLB data which is based 6/30/12. Deposit Share (%) 54 BHLB Branch Share (%)
Slide 55: Targeted Albany Growth
Targeted Albany Growth Deposits ($MM) 55 Mature branches (>5 years as of June 2011) 9 8 De novos (<5 years as of June 2011) 4 4 New de novos - 7 Total 13 19
Slide 56: AMEB Brand
AMEB Brand People, attitude, energy Three value propositions No two customers are alike One size does not fit all Life should be exciting. Let us help. Geno Auriemma - “Life is Exciting, Let us Help” 56
Slide 57: AMEB Brand
AMEB Brand Teamwork, excellence and excitement. That’s what I expect from my team, and now I can expect that from my bank. Berkshire Bank, America’s Most Exciting Bank! 57
Slide 58: Branch Design
America's Most Exciting Bank “" Branch Design BERKSHIRE HILLS BANCORP - BHLB
Slide 59: AMEB Branch Difference
AMEB Branch Difference Customer friendly design with enhanced teller technology More personalized service Faster transactions Improved accuracy Less wait time and a better customer experience Only bank in northeast to feature new technology for daily transactions Smaller size requirements allow for
Slide 60: Branch Economics
Branch Economics Branch Costs Traditional AMEB FTE staff 4 3 Square feet 3,000 2,200 Cost to build $1.4 million $1.0 million AMEB branch revenue estimated 10-20% higher compared to identical traditional branch Focus on sales vs. operations Staff versatility Interactive environment Increased traffic
Slide 61: Laddering Up – My Banker Niche
Laddering Up – My Banker Niche Premier Needs market is growing and underserved. My Banker serves this important segment. 61
Slide 62: Retail Banking – My Banker
Retail Banking – My Banker Customer-Focused Concierge Banking 62
Slide 63: Small Business Initiative
Small Business Initiative 63 Branches concentrate on local small business All credits centrally underwritten and administered with relationship management at branch Improves responsiveness and integration with branch based business and personal services Commercial business bankers and middle market
Slide 64: Fee Business - Mortgage Banking
Fee Business - Mortgage Banking Eight lending offices in Eastern Massachusetts Current annualized originations run rate over $1 billion Integration and insurance cross sales Strong margins in current environment Spreading best practices across the franchise 64
Slide 65: Retail Banking – Building for the Future
Retail Banking – Building for the Future Integration Relationship Banking Model Technology Enhancements Tactical Expansion Improved Efficiencies 65 Brand - Next generation external campaign roll out M&A - Flawless execution People – AMEB U, M&A onsite support and leadership training AMEB experience
Slide 66: Commercial Banking
Commercial Banking Patrick J. Sullivan Executive Vice President
Slide 67: What We've Done: Loans and Deposits
What We’ve Done (2009 – 2012) 67 Note: 9/12 loan and deposit data adjusted to include estimated Beacon balances acquired in 10/12 net of Tennessee. Category 12/31/09 9/30/12 % Growth Commercial Loans $1,038MM $2,037MM 96% C&I Loans $186MM $611MM 228% CRE Loans $852MM $1,426MM 67% Commercial Deposits
Slide 68: What We've Done: Revenue and Fee Income
What We’ve Done (2009 – 2012) 68 Note: Loan and deposit data adjusted to include Beacon balances acquired in 10/12. Category 12/31/09 9/30/12 % Growth Total Revenue (annualized) $33MM $60MM 82% Fee Income (annualized) $2,219M $5,450M 146% Loan & Swap Fees $1,561M $3,387M 117% Cash Management $554M $
Slide 69: Our Competitive Advantage
Our Competitive Advantage Geography Community based bank with product sophistication Continuity to market and strong market leadership Responsive risk management culture Visibility of retail distribution and foundation support 69
Slide 70: Business Line Planning and Investment
Business Line Planning and Investment Relationship profitability model Established minimum ROE and ROA targets Planning tool for future profitability Relationship action planning (RAP) Knowledge based tool of our customers and prospects Utilized by leadership to drive cross sales Strategic business
Slide 71: Sustainability
Sustainability Team recruitment Investment in MIS support and product management teams Management by facts! Commercial Enterprise Team (2012) Product Management Team (2012) Risk management planning Customer and asset selection Market and competition planning Resource allocation Targeted sales campai
Slide 72: Total Commercial - Where Are We Going (2015)
Total Commercial - Where Are We Going (2015) Drivers of profitability Loan growth - 7% avg annual growth Deposit growth - 6% avg annual growth Fee income growth - 10% avg annual growth 72 Category 9/30/12 2015 % Annual Growth Loan O/S $2,037MM $2,474MM 7% Deposits $1,123MM $1,311MM 6% Fee income (an
Slide 73: Existing Markets
Existing Markets (prior 2012) Berkshire County and Vermont Albany and Central NY Springfield Central MA 73 Category 9/30/12 % of Total 2015 % Annual Growth Loan O/S $1,408MM 68% $1,533MM 3% Deposits $916MM 81% $1,052MM 5% Fee income (annualized) $3,041M 59% $3,467M 5% Current / Target Profile
Slide 74: New Markets
New Markets Hartford (CBT) Syracuse (Beacon) 74 Category 9/30/12 % of Total 2015 % Annual Growth Loan O/S $402MM 21% $591MM 16% Deposits $196MM 18% $246MM 9% Fee income (annualized) $154M 3% $636M 105% Current / Target Profile
Slide 75: Asset Based Lending
Asset Based Lending Customer characteristics Family owned – personal recourse... or Fund owned; professional management Moderately leveraged All in footprint Profitable with clean field exams 75 Category 9/30/12 % of Total 2015 % Annual Growth Loan O/S $227MM 10% $349MM 18% Fee income (annualized) $
Slide 76: Asset Based Lending Risk Profile
Asset Based Lending 76 Risk Profile
Slide 77: Conclusion
Conclusion 77 A culture focused on Sales, Risk, Accountability & Empowerment Increased EPS Results!
Slide 78: Insurance and Wealth Management
Insurance and Wealth Management Patrick J. Sullivan Executive Vice President
Slide 79: What We've Done (2009 – 2012)
What We’ve Done (2009 – 2012) Specialty Business 12/31/09 9/30/12 (Annualized) % Growth Wealth & Insurance Revenue $17.0MM $18.2MM 7% Total Wealth AUM $668MM $1,075MM 61% 79
Slide 80: Insurance - Our Competitive Advantage
Insurance - Our Competitive Advantage Leveraging across distribution networks Personal and commercial full service, with increasing commercial share Enhancing Financial Services products Taking advantage of firming conditions Opportunities for organic and strategic growth 80
Slide 81: Insurance - Where Are We Going (2015)
Insurance- Where Are We Going (2015) Drivers of profitability – Core production! Personal lines (7% avg annual growth) Commercial lines (9% avg annual growth) Financial services (50% avg annual growth) 81 Category 9/30/12 (Annualized) 2015 % Annual Growth Personal lines $4.6MM $5.6MM 7% Commercial l
Slide 82: Wealth - Our Competitive Advantage
Wealth - Our Competitive Advantage Emphasizing financial planning services Seasoned team of portfolio managers Client segmentation and service platform Leveraging new business across distribution networks......referral program Strategic acquisition opportunities in regional markets 82
Slide 83: Wealth Mgt - Where Are We Going (2015)
Wealth Mgt- Where Are We Going (2015) Drivers of profitability AUM - 10% avg annual growth Fee income and pricing - 9% avg annual growth 83 Category 9/30/12 (Annualized) 2015 % Annual Growth AUM $1,075MM $1,401MM 10% Fee income $7.3MM $9.3MM 9% Current / Target Profile
Slide 84: Conclusion
Conclusion Keep it “vanilla”! Stronger emphasis on commercial customers Tight integration and alignment with commercial and retail distribution networks Targeted strategic acquisitions 84
Slide 85: Financials
Financials Kevin P. Riley Chief Financial Officer
Slide 86: Operating Outlook 2013 - 2015
Operating Outlook 2013 - 2015 Loan growth – annual 5 – 10% Deposit growth - annual 4 – 6 % Net interest margin 3.30 – 3.50% Non-interest income/revenue 25 – 30% Provision/avg loans 25 – 30 basis points Efficiency ratio 53 – 57% Tax rate 33 – 35% 86
Slide 87: Financial Condition Targets – FYE 2015
Financial Condition Targets – FYE 2015 Total assets $6.5+ billion Gross loans $5.0+ billion Deposits $4.8+ billion TE/TA 7.5 – 8.0% Allowance/loans (1.00% on loans from business activities) 0.85%+ Note: Financial condition targets are based on organic initiatives before any potential M&A impacts. 87
Slide 88: Performance Targets
Performance Targets Note: Current run rate estimated as of 10/1/12 before Beacon acquisition except that TBVPS adjusted for estimated Beacon impact. 88 Current Run Rate 2015 Range Target Revenue $200MM $250-275MM 7-10% growth in 2015 EPS $2.08 $2.70 - $2.90 $3.00 run rate at YE 2015 ROA 1.00% 1.05 –
Slide 89: 2013 Guidance
2013 Guidance 89 Core EPS $2.25 - $2.35 Core ROE 8.4%+ Core ROA 1.00% Average loans $4.4 billion Average deposits $4.2 billion Revenue $225+ million NIM 3.30 – 3.40% Fee income/revenue 25 – 27% Efficiency ratio 56%- Tax rate 33 – 34%
Slide 90: Key Stock Drivers
America's Most Exciting Bank ™ Key Stock Drivers Drivers of P/TBV Drivers of P/E Ratio Ratio Return on equity and on tangible equity EPS growth Efficiency ratio Capital ratio Net charge-offs BERKSHIRE HILLS BANCORP - BHLB 90 ‘wore berkahirebank.oon
Slide 91: Delivering the Future
Delivering the Future Michael P. Daly President and CEO
Slide 92: America's Most Exciting Bank
93 America’s Most Exciting Bank sm
Slide 93: History of Delivering Results
History of Delivering Results Transparent guidance Delivered on 2010 goal of $2.00 core EPS run rate by Q4 2012 Exceeded annual core EPS guidance in 2010 and 2011; on track to exceed in 2012 Met or exceeded quarterly core EPS guidance in last 11 consecutive quarters Achieved guidance on non-core cos
Slide 94: Summarizing our Targets
Summarizing our Targets $3.00 Core EPS run rate by end of 2015 Equates to 44% increase over current 10% Core ROE run rate by end of 2015 TBV per share increase of 20%+ 55% efficiency ratio or below 25 basis points annual loan charge-offs TE/TA of 7.5%+ 95
Slide 95: Why Invest in BHLB
Why Invest in BHLB Shareholder return Growth and performance Record for results Experienced team Strong financial condition Higher market cap - increasing stock profile 100% buy ratings 96
Slide 96: Q&A
Q&A 97
Slide 97: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation references non-GAAP financial measures incorporating tangible equity and related measures, and core earnings excluding merger and other non-recurring costs. These measures are commonly used by investors in evaluating business combinations and financial c
Slide 98: Investor Relations contact
If you have any questions, please contact: David Gonci P.O. Box 1308 Pittsfield, MA 01202 Investor Relations Officer (413) 281-1973 dgonci@berkshirebank.com Committed to the RIGHT core values: Respect Integrity Guts Having Fun Teamwork
Berkshire Hills Bancorp — Investor Day (November 2012) on 6ix