Southstate Bank Corporation · NYSE:SSB
Southstate Bank — SCBT Financial — Investor Presentation (October 2008)
27 slides from Southstate Bank's investor presentation, Oct 28, 2008
Slide 1: SCBT Financial Corporation Private Placement of Common Stock
SCBT Financial Corporation Private Placement of Common Stock September 2008
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements Statements contained in this presentation, which are not historical facts, are forward-looking statements. In addition, SCBT Financial Corporation (SCBT) through its senior management or directors may from time to time make forward-looking statements. The words “may,” “w
Slide 3: Transaction Overview
3 Transaction Overview Issuer: SCBT Financial Corporation Transaction Structure: Private placement of common stock Net Issuance Amount: $25.0 million Use of Proceeds: General corporate purposes Registration: File within 10 days of closing Exchange/Symbol: NASDAQ Global Select Market / SCBT Current M
Slide 4: Company Overview
4 3rd largest independent commercial bank headquartered in South Carolina - $2.8 billion in total assets as of June 30, 2008 Serving our customers for more than 74 years - Lead bank founded in 1934 - 50 locations in 16 South Carolina counties and one North Carolina county Strong customer relationshi
Slide 5: Banking Franchise - Management Team
6 Banking Franchise - Management Team Years of Experience Name (SCBT / Total) Current Position Robert R. Hill, Jr. 13/19 Chief Executive Officer John C. Pollok 13/19 Chief Operating Officer and Chief Financial Officer Joe E. Burns 8/31 Chief Credit Officer Richard C. Mathis 9/26 Chief Risk Officer J
Slide 6: Banking Franchise – Branch Locations
7 Banking Franchise – Branch Locations Augusta Charlotte Wilmington Savannah Piedmont-TSB Upstate Midlands Grand Strand Orangeburg Lowcountry Charleston Beaufort SCBT Regions Greenville Columbia Charleston Hilton Head Myrtle Beach Orangeburg
Slide 7: Banking Franchise - Deposit Market Share
8 Banking Franchise - Deposit Market Share Note: 2007 deposit market shares highlighted in red indicate those institutions whose market share decreased between 2006 to 2007 Data Source: SNL Financial; FDIC Deposit data as of June 30, 2007 and June 30, 2006 Rank Institution Total Deposits ($mm) 2007
Slide 8: How We Measure Success?
9 Soundness Profitability Quality Growth How We Measure Success?
Slide 9: Soundness - Loan Portfolio
10 By Type By Major Market Construction/ Land Development 24% Commercial Owner- Occupied 17% Commercial & Industrial 11% Consumer Residential Mortgage 12% Home Equity Loans 9% Consumer 5% Other Loans 8% Commercial Non- Owner Occupied 14% Other 5% Upstate 14% Charleston 8% Midlands 11% Orangeburg 10%
Slide 10: Soundness - Nonperforming Assets
11 By Type By Major Market Consumer Residential Mortgage 25% Home Equity Loans 7% Consumer 2% Other 3% Commercial Non- Owner Occupied 21% Construction/ Land Development 28% Commercial Owner- Occupied 8% Commercial & Industrial 6% Soundness - Nonperforming Assets Orangeburg 6% Lowcountry 12% Grand St
Slide 11: Soundness – Asset Quality
12 Soundness – Asset Quality Note: Loan data excludes loans held for sale; peer group represents the median value for the banks listed on page 24 (1) Non-performing assets consist of non-accrual loans, OREO and loans 90+ days delinquent and still accruing. (2) Non-performing loans consist of non-acc
Slide 12: Soundness – NCOs / Avg. Total Loans
13 Soundness – NCOs / Avg. Total Loans Note: Average total loans excludes loans held for sale; Peer group represents the median value for the banks listed on page 24 Data Source: SNL Financial; Company Documents 0.11% 0.09% 0.16% 0.15% 0.09% 0.17% 0.33% 0.10% 0.11% 0.15% 0.34% 0.23% 0.00% 0.10% 0.20
Slide 13: Soundness - Deposits
14 Savings 7% Interest-Bearing Deposits 28% Demand Deposits 16% CDs < $100,000 24% CDs > $100,000 24% Brokered Deposits 1% Charleston 3% Other 1% Grand Strand 5% Beaufort 11% Piedmont - TSB 19% Lowcountry 24% Orangeburg 16% Upstate 10% Midlands 11% By Type By Major Market Soundness - Deposits Data S
Slide 14: Profitability - Net Income and EPS
15 (1) Compounded annual growth rate for the period 2002 – 2007. Data Source: SNL Financial; Company Documents $13,834 $14,786 $14,016 $16,655 $19,805 $21,565 $10,781 $12,112 $1.62 $1.73 $1.64 $1.93 $2.15 $2.32 $0 $5,000 $10,000 $15,000 $20,000 $25,000 2002 2003 2004 2005 2006 2007 YTD '07 YTD '08 $
Slide 15: Profitability - Net Interest Margin (TE)
3.77% 3.85% 3.89% 3.91% 3.79% 3.81% 3.69% 3.83% 3.91% 3.88% 3.73% 3.66% 3.50% 3.60% 3.70% 3.80% 3.90% 4.00% Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 SCBT Peers 16 Profitability - Net Interest Margin (TE) Note: Peer group represents the median value for the banks listed on page 24 Data Source: SNL F
Slide 16: Profitability - Fee Income
17 Profitability - Fee Income Note: Peer group represents the median value for the banks listed on page 24 (1) For purposes of this presentation, Mortgage Banking Income for FY 2006 – 2007 is presented net of any related compensation expense. Data Source: SNL Financial; Company Documents 2006 2007 Q
Slide 17: Profitability - Operating Efficiency
18 41 45 50 50 50 62.3% 65.7% 66.1% 63.8% 64.9% 60.1% 61.5% 59.6% 58.3% 58.4% 30 35 40 45 50 55 60 2005 2006 2007 Q1'08 Q2'08 30.0% 40.0% 50.0% 60.0% 70.0% Number of Branches Efficiency Ratio - SCBT Efficiency Ratio - Peers Profitability - Operating Efficiency Note: Peer group represents the median
Slide 18: Quality Growth – Total Assets
19 $1,145 $1,198 $1,439 $1,926 $2,178 $2,597 $2,774 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2002 2003 2004 2005 2006 2007 Q2'08 CAGR (1): 17.5% (1) Compounded annual growth rate for the period 12/31/02 – 6/30/08. Data Source: SNL Financial; Company Documents Quality Growth – Total Assets
Slide 19: Quality Growth – Total Deposits
$898 $946 $1,174 $1,473 $1,707 $1,928 $2,057 $0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 2002 2003 2004 2005 2006 2007 Q2'08 20 CAGR (1): 16.3% (1) Compounded annual growth rate for the period 12/31/02 – 6/30/08. Data Source: SNL Financial; Company Documents Quality Growth – Total Deposits
Slide 20: Capital Position
21 Assumes net proceeds of approximately $25.0 million - 756,822 shares issued at $35.27 - Gross spread of 5.5%; other offering expenses of $225,000 As of Pro Forma 2006 2007 6/30/08 6/30/08 Tangible Equity / Tangible Assets 5.89% 5.90% 5.72% 6.65% Tier 1 Leverage Ratio 8.11% 8.42% 7.66% 8.61% Tier
Slide 21: Appendix
22 SCBT Financial Corporation Appendix
Slide 22: Attractive Demographics
23 Attractive Demographics Note: Includes publicly-traded commercial banks with total assets of $2.5 - $10.0 billion headquartered in the Southeast; Demographic statistics calculated using the weighted-average of deposits by county; FDIC deposit data as of June 30, 2007 Financial data as of June 30,
Slide 23: Strategic Acquisitions
24 Strategic Acquisitions (1) Note: Dollar values in millions (1) Since January 1, 2000. Whole bank transactions only. (2) Includes loan production offices. Data Source: SNL Financial; Company Documents Close Total Date Company Headquarters Assets 11/30/07 TSB Financial Corporation Charlotte, NC $20
Slide 24: Financial Results
25 Financial Results As of December 31, YTD 2003 2004 2005 2006 2007 2008 Balance Sheet: Total Assets $1,197.7 $1,437.0 $1,925.9 $2,178.4 $2,597.2 $2,774.4 Total Gross Loans (1) $938.8 $1,153.2 $1,535.9 $1,760.8 $2,083.0 $2,246.4 Total Deposits $947.4 $1,171.3 $1,473.3 $1,706.7 $1,927.9 $2,056.8 Sha
Slide 25: Loan Portfolio and Credit Quality by Loan Type
26 Loan Portfolio and Credit Quality Loan Type Amount Outstanding % of Total NPLs (1) % of Total NPLs % of Outstanding NCOs % of Total NCOs NCOs / Ending Loans (2) Commercial non-owner occupied $305,307 13.59% $1,922 25.08% 0.63% ($10) (0.71%) (0.01%) Construction / land development $558,375 24.86%
Slide 26: Loan Portfolio and Credit Quality by Market
27 Loan Portfolio and Credit Quality Market Amount Outstanding % of Total NPLs (1) % of Total NPLs % of Outstanding NCOs % of Total NCOs NCOs / Ending Loans (2) Grand Strand $168,067 7.48% $47 0.61% 0.03% $61 4.41% 0.07% Beaufort $256,374 11.41% $1,971 25.71% 0.77% $344 24.86% 0.27% Piedmont - TSB $
Slide 27: www.scbtonline.com
28 NASDAQ: SCBT www.scbtonline.com
SCBT Financial — Investor Presentation (October 2008) on 6ix