Southstate Bank Corporation · NYSE:SSB
Southstate Bank — First Financial Holdings — Keefe, Bruyette & Woods Community Bank Investor Conference 2013
26 slides from Southstate Bank's conference presentation, Jul 30, 2013
Slide 1: Keefe, Bruyette & Woods Community Bank Investor Conference July 30, 2013
Keefe, Bruyette & Woods Community Bank Investor Conference July 30, 2013
Slide 2: Forward-Looking Statements & Non-GAAP Measures
SCBT has filed a registration statement and other relevant documents concerning the transaction with the Securities and Exchange Commission and appropriate state and federal banking authorities. SCBT and First Financial have prepared a proxy statement and other relevant documents concerning the prop
Slide 3: SCBT Financial Corporation Highlights
Habersham Bank SCBT Financial Corporation Highlights
Slide 4: Largest Publicly Traded Bank Holding Company Headquartered in SC
4 Financial data combined as of 6/30/2013. Does not include impact of purchase accounting adjustments FIRST FINANCIAL HOLDINGS, INC. Largest Publicly Traded Bank Holding Company Headquartered in SC Serving the banking needs of customers within the Carolinas for 80 years and Georgia for 113 years Tic
Slide 5: Market Performance
MARKET PERFORMANCE See endnotes (1) Price Performance since 12/31/08 5 Pricing data as of 7/12/13 75.0% 58.7% 14.7% (32.9%) (56.5%)
Slide 6: 2nd Quarter 2013 Highlights
2ND QUARTER 2013 HIGHLIGHTS Net Income of $12.5 Million or $0.74 per diluted share Operating income of $13.1 Million or $0.77 per diluted share Asset Quality Continues to Improve NPAs down $7.7 Million Loans & Deposits $61 Million in legacy loan growth primarily in the I-85 corridor from Charlotte t
Slide 7: Operating Efficiency Ratio - QTD
OPERATING EFFICIENCY RATIO - QTD 7 See endnotes (10)
Slide 8: Consistent Long-Term Earnings Power
CONSISTENT LONG-TERM EARNINGS POWER In Millions
Slide 9: Dividends
DIVIDENDS 9 See endnotes (11)
Slide 10: Credit Quality (Non-Acquired)
CREDIT QUALITY (NON-ACQUIRED) 10 See endnotes (7)
Slide 11: Capital
15.00% 12.00% 9.00% 6.00% 3.00% 0.00% CAPITAL 16.23% 14.90% 14 60% 14.80% 13.40% 13.20% 9.53% 9.58% 8.66% ERS : : | Tangible Common Leverage Ratio Tier 1 Capital Ratio Total Risk-Based Equity/Assets Capital Ratio 1 SCBT estimates as of 6/30/13 mM KRX Median as of 3/31/13 Carolina Median as of 3/31/1
Slide 12: First Financial Holdings, Inc. Highlights
Habersham Bank First Financial Holdings, Inc. Highlights
Slide 13: FFCH 2nd Quarter Highlights
FFCH 2nd QUARTER HIGHLIGHTS 13 Net Income to common shareholders of $6.9 Million or $0.42 per diluted share Core Operating Income22 of $7.9 Million or $0.48 per diluted share Asset Quality Improvement NPA’s down $5.5 Loan and Deposits Loan decline of $60.3 Million Core deposits flat Time deposits de
Slide 14: Profitability: Core Earnings EPS
PROFITIBILITY 14 Core Earnings EPS See endnotes (22) 22
Slide 15: Net Interest Margin
NET INTEREST MARGIN 15 Net Interest Margin Average Earning Assets
Slide 16: Largest SC Bank Merger: SCBT and First Financial Holdings
February 20, 2013 Largest SC Bank Merger SCBT Financial Corporation and First Financial Holdings, Inc.
Slide 17: Merger with FFCH
MERGER WITH FFCH 17 SCBT (81 branches) FFCH (65 branches) 7/26/2013 Branches: 146 FTE’s 2,275 Assets: $8.2 Billion Loans: $5.9 Billion Deposits: $6.7 Billion Core Deposits $4.9 Billion Financial data combined as of 6/30/2013. Does not include impact of purchase accounting adjustments GEORGIA Charlot
Slide 18: Partnership Rationale
18 PARTNERSHIP RATIONALE A natural partnership between two culturally similar South Carolina community banks Significant franchise accretion Forms continuous coastal presence from Savannah, GA to Wilmington, NC Enhances market share in all combined markets Strategic Value Financially Attractive Low
Slide 19: Merger Financial Impact
TBV accretive ~ 3 to 3.5 years Double digit EPS accretive (excluding one-time merger costs) for the first full year Assumes preferred equity remains outstanding through 2014 Closed on July 26th, 2013 Cost savings ~ 30% by end of 2014 No revenue synergies assumed One-time merger related expenses ~ $2
Slide 20: Deposit Market Share in South Carolina
Data as of 6/30/12 FDIC Summary of Deposits Excludes non-retail branches SOUTH CAROLINA #5 MARKET SHARE 20 Deposit Market Share in South Carolina Deposits Market Rank Institution ($mm) Share Branches 1 Wells Fargo & Co. $12,189 18.09 % 146 2 Bank of America Corp. 9,114 13.53 102 3 BB&T Corp. 6,939 1
Slide 21: Franchises That Complement Each Other
MSA SCBT Rank FFCH Rank Pro Forma Hilton Head 2 7 1 Georgetown 8 3 1 Charleston 10 2 2 Florence 10 7 5 Greenville 8 14 5 Myrtle Beach 19 6 6 FRANCHISES THAT COMPLEMENT EACH OTHER 21 Market Share Mortgage Banking - Pro Forma Mortgage Market Share #4 in South Carolina Wealth Management - Assets Under
Slide 22: Wealth Management Strategies
Strength in Numbers: Combined Assets Under Management and Care of $3.3 Billion Combined revenues of approximately $15.8 Million Nationally top-ranking among trust and fiduciary services institutions Competitive platform of fully integrated Wealth Management solutions: Full Service Broker-Dealer Regi
Slide 23: Mortgage Banking Strategies
Pro Forma Mortgage Market Share #4 in SC SCBT #5 / First Financial #8 (6) Platform of integrated Mortgage Banking products: Retail Mortgage: 70 originators covering 12 regional markets Retail Mortgage: ~ $1.3 billion in annual production Wholesale Mortgage: $500 million in annual production Portfoli
Slide 24: Our Company Footprint
OUR COMPANY FOOTPRINT 24 GEORGIA Charlotte Wilmington Myrtle Beach Hilton Head Island Savannah Atlanta Florence Columbia Athens Gainesville Georgetown Charleston NORTH CAROLINA SOUTH CAROLINA Greenville
Slide 25: Investor Contacts
INVESTOR CONTACTS Robert R. Hill, Jr. Chief Executive Officer John C. Pollok Senior Executive Vice President and Chief Financial Officer / Chief Operating Officer 2440 Mall Drive Charleston, South Carolina 29406 843-529-5933 www.firstfinancialholdings.com 520 Gervais Street Columbia, South Carolina
Slide 26: Endnotes
ENDNOTES Source: SNL Financial. Pricing data as of 7/12/13 KRX is a composition of 50 regionally diversified mid and small-cap banking institutions in the U.S and is calculated using and equal-weighted method . Carolina Peers include all major exchange traded banks and thrifts in North Carolina and
First Financial Holdings — Keefe, Bruyette & Woods Community Bank Investor Conference 2013 on 6ix