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02.11.2009 16:07:00
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Bank of Florida Corp. Reports Third Quarter 2009 Financial Results
Bank of Florida Corporation (NASDAQ: BOFL) reported a net loss to common shareholders of $78.1 million, or $6.10 per diluted common share, in the third quarter of 2009. The net loss to common shareholders reflects a goodwill impairment charge of $62.0 million to write off all of the Company’s goodwill. This charge was a one-time, non-cash accounting transaction that will not affect the Company’s cash flows, liquidity, or tangible capital ratios, and was primarily due to the current state of the financial markets as well as the current market price of the Company’s common stock. Excluding the impact of the goodwill impairment charge, the net loss for the third quarter of 2009 was $16.1 million, or $1.26 per diluted share. This compares to a net loss of $6.5 million, or $0.51 per diluted share, in the second quarter of 2009. Also affecting third quarter results was a $25.7 million provision for loan losses, $13.0 million of which was added to the allowance for loan losses and $12.7 million of which was attributed to net charge-offs. Third quarter highlights include:
- Land, construction and development loans decreased 19% to $238.2 million from $295.4 million at June 30, 2009, although $37.9 million (16%) of these became permanent loans during the third quarter under prior commitments
- The allowance for loan losses was 3.03% of total loans, compared to 1.96% at June 30, 2009
- Net charge-offs on an annualized basis were 4.52% of average loans, up from 3.29% of average loans in the second quarter
- Non-performing loans totaled 11.98% of total loans, compared to 11.12% at June 30, 2009
- Non-performing assets totaled 10.79% of total assets, compared to 9.74% at June 30, 2009
- Tangible common equity as a percentage of tangible assets was 6.53%
- Net interest margin expanded five basis points to 3.02%, compared to 2.97% in the second quarter of 2009
- Total core deposits, which include retail CDARs but exclude wholesale brokered CDs, wholesale CDAR deposits, and CDs with balances in excess of $100,000, increased $58.4 million, or 8%, compared to the second quarter of 2009
- Since September 30, 2009, core deposits have increased an additional $84.5 million, bringing the total increase since June 30, 2009 to $142.9 million
- Assets under administration at Bank of Florida Trust Company totaled $734.5 million, an increase of $103.8 million from June 30, 2009
"Our third quarter results were most significantly affected by the $62.0 million goodwill impairment charge and the $25.7 million provision for loan losses. Our ‘core’ earnings, which is a non-GAAP measure that excludes taxes and credit-related expenses as well as the goodwill impairment charge, increased to $2.0 million compared to $1.0 million during the second quarter,” said Chief Executive Officer Michael L. McMullan. "This increase reflected effective management of our net interest margin combined with the cost savings plan that we implemented last quarter.
"We are continuing to work through problem assets systematically, and as quickly and efficiently as possible. Since the beginning of 2008, we have worked out 26 loans totaling $20.9 million prior to the foreclosure process with an average principal loss of 12%. During the same time period, 20 properties have been sold through foreclosure totaling $16.1 million with an average principal loss of 37%. The weighted average rate of principal loss on this $37.0 million was 23%. Currently, 54 loans totaling approximately $74.2 million, or 50% of total non-performing loans, are in the foreclosure process. In addition to working through our non-performing loans, we expect our provisions for loan losses and our allowance for loan losses to remain higher than historic levels.
"Over the past several years, we have also aggressively decreased our exposure to high risk commercial real estate loans, which include land, non-owner occupied commercial and non-owner occupied residential construction loans. These loans accounted for 193% of our total risk-based capital as of September 30, 2009, down from 292% in 2006.
"The Bank of Florida Trust Company continues to perform well. During the third quarter, assets under management, which drive trust revenues, increased by approximately $100 million over the second quarter due to new client assets, market value improvements, and significant additions to existing client accounts. The pipeline for new assets under management, which represents true organic growth, remains strong at approximately $80-$100 million over the next 12 months. We continue to see excellent opportunities to add new clients and experienced wealth management professionals, particularly within the Tampa, Naples, and Miami-Dade markets due to industry disruption created as a result of the current financial crisis.”
Net Interest Income
Net interest income for the third quarter of 2009 totaled $9.6 million, an increase of 1% compared to the second quarter of 2009. The net interest margin increased five basis points to 3.02%, compared to 2.97% in the second quarter of 2009, primarily as a result of lower costs of funds as market rates on deposits continued to ease, as well as an 8% increase in core deposits. The net interest margin, excluding the effects of nonaccrual loans and their related funding costs, would have been approximately 3.34% in the third quarter of 2009 compared to approximately 3.26% in the second quarter of this year.
Non-Interest Income
Non-interest income decreased to $1.6 million in the third quarter from $2.7 million in the second quarter, primarily due to an $839,000 decrease in gains on the sale of investment securities. Also impacting non-interest income during the third quarter was a $240,000 loss on the sale of one loan and a $260,000 loss on the sale of certain Other Real Estate Owned. Excluding gains on the sale of investment securities and the loss on the sale of assets, non-interest income increased 38% during the third quarter. Service charges and fees increased 63%, primarily due to income of $382,000 related to hedge ineffectiveness and the termination of a derivative transaction. Trust fees increased 13% as a result of new client business, additional inflows of client assets, and improved equity market conditions.
Non-Interest Expense
Non-interest expense increased $60.3 million over the second quarter 2009 to $73.0 million, due to the one-time, non-cash goodwill impairment charge of $62.0 million. Excluding the goodwill impairment charge, non-interest expense decreased $1.7 million, or 13%, as a direct result of the various cost saving measures which were implemented during the second and third quarters.
Asset Quality and Provision for Loan Losses
Non-performing loans totaled $150.1 million, or 11.98% of total loans, up $9.1 million from $141.0 million, or 11.12% of total loans as of the end of the second quarter. The increase in non-performing loans was primarily related to eight commercial real estate loans totaling $20.2 million, offset by net charge-offs of $12.7 million and transfers to Other Real Estate Owned of $5.3 million. The Company had $87.8 million and $87.7 million in loans defined as troubled debt restructurings as of September 30, 2009 and June 30, 2009, respectively. Of those amounts, $46.3 million and $54.6 million were accruing as of September 30, 2009 and June 30, 2009, respectively, and performing in accordance with their restructured terms. At September 30, 2009, there was $3.1 million in loans that were contractually past due 90 days or more as to principal or interest payments and still accruing interest as compared to $2.3 million at June 30, 2009. Non-performing assets were $160.6 million, or 10.79% of total assets, an increase of $11.7 million from $148.9 million or 9.74% of total assets as of the end of the second quarter.
Net charge-offs were $12.7 million, or 4.52% of average loans on an annualized basis, an increase of $3.2 million from $9.5 million, or 3.29% of average loans in the second quarter on an annualized basis. Net charge offs during the third quarter of 2009 were primarily related to valuation adjustments on several large residential construction loans. The provision for loan losses totaled $25.7 million, up $15.9 million from $9.8 million in the second quarter. The allowance for loan losses increased to $38.0 million or 3.03% of total loans, compared to $24.8 million, or 1.96% of total loans, at the end of the second quarter.
Balance Sheet and Capital
Total assets decreased $40.9 million, or 3%, to $1.5 billion at the end of the third quarter compared to the second quarter, primarily due to the goodwill impairment charge of $62.0 million. Excluding this write-off, total assets increased $21.1 million, or 1%. New loan production for the quarter was $21.0 million, primarily due to prior loan commitments in commercial real estate loans. Also contributing to new loan production in the third quarter were increased balances in one-to-four family residential, and commercial and industrial loans. Overall, loans decreased $14.1 million, or 1%, compared to the second quarter, primarily due to pay downs and charge-offs of non-performing loans. During the quarter, the Company used cash inflows from new deposits to pay down maturing borrowings and runoff of $11.0 million of brokered deposits to provide $35.9 million in on-balance sheet liquidity.
Total core deposits increased $58.4 million compared to the second quarter of 2009 due to a focus on lower cost money market and core CD deposits, which more than offset a $45.2 million runoff in retail CDARs. The decrease in retail CDARs was the direct result of a concentrated effort to lower the cost of funding and improve the net interest margin. At the end of the third quarter of 2009, core deposits increased to approximately 65% of total deposits, compared to 63% at the end of the second quarter. Management defines core deposits as the sum of demand deposits, NOW, MMDA, Savings, CDs less than $100,000 and reciprocal CDARs. The Federal Financial Institutions Examinations Council (FFIEC) defines core deposits as the sum of demand deposits, all NOW and ATS accounts, MMDA savings, other savings deposits, and time deposits under $100,000. Since September 30, 2009, core deposits have increased an additional $84.5 million, none of which were retail CDARs. The Company has suspended its participation in the CDARs program beginning in the fourth quarter of 2009, which is not expected to have a significant effect upon its liquidity position.
Shareholders’ equity at September 30, 2009, totaled $103.9 million, a decrease of $76.9 million, or 43%, compared to June 30, 2009, primarily due to the goodwill impairment charge. Excluding this charge, shareholders’ equity totaled $165.8 million, a decrease of $15.0 million, or 8%. Tangible common equity as a percentage of tangible assets stood at 6.53%, compared to 7.69% at the end of the second quarter of 2009. Consolidated tier 1 leverage, tier 1 risk-based capital, and total risk-based capital ratios were approximately 5.60%, 6.73%, and 9.28%, respectively, as of September 30, 2009.
The following tables summarize the Company’s results for the third quarter of 2009.
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq: BOFL) is a $1.5 billion-asset multi-bank holding Company located in Naples, Florida. Bank of Florida Corporation is the parent company for Bank of Florida - Southwest in Collier and Lee Counties; Bank of Florida – Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of Florida – Tampa Bay in Hillsborough and Pinellas Counties; and Bank of Florida Trust Company, collectively referred to as the "Company.” Investor information may be found on the Company’s web site, http://www.bankofflorida.com, by clicking on "Investor Relations." To receive an email alert of all company press releases, SEC filings, and events, select the "Email Notification” section.
Certain of the statements made herein are "forward-looking statements,” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may,” "will,” "anticipate,” "assume,” "should,” "indicate,” "would,” "believe,” "contemplate,” "expect,” "estimate,” "continue,” "plan,” "point to,” "project,” "could,” "intend,” "target” and other similar words and expressions of the future. Statements and predictions regarding provisions for loan losses, levels of the allowance for loan losses, levels of non-performing loans and assets, migration of loans into non-performing status and problem loan and asset resolutions (including foreclosures), and pipelines of assets under management are forward looking statements. Many of these are not within our control.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2008 and in our quarterly report on Form 10-Q for the period ending September 30, 2009 filed on the same day under "Special Cautionary Notice Regarding Forward-Looking Statements” and "Risk Factors,” and otherwise in our SEC reports and filings, including the 8-K to which this is an exhibit. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.
We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
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Bank of Florida Corporation Financial Highlights (unaudited) |
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| For the Three Months Ended | ||||||||||||||||||||
| Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2009 | 2009 | 2009 | 2008 | 2008 | |||||||||||||||
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Income Statement Highlights |
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| Net interest income before provision | $ | 9,554 | $ | 9,435 | $ | 9,595 | $ | 9,789 | $ | 10,921 | ||||||||||
| Provision for loan losses | 25,719 | 9,764 | 6,693 | 16,026 | 6,190 | |||||||||||||||
| Non interest income | 1,595 | 2,676 | 1,155 | 1,195 | 1,162 | |||||||||||||||
| Noninterest expense | 73,014 | 12,704 | 11,031 | 10,951 | 11,388 | |||||||||||||||
| Net (loss) income | (78,080 | ) | (6,500 | ) | (4,373 | ) | (10,014 | ) | (3,445 | ) | ||||||||||
| Top-line revenue | 10,637 | 10,760 | 10,750 | 10,984 | 12,055 | |||||||||||||||
| Basic (loss) income per common share | (6.10 | ) | (0.51 | ) | (0.34 | ) | (0.78 | ) | (0.27 | ) | ||||||||||
| Diluted (loss) income per common share | (6.10 | ) | (0.51 | ) | (0.34 | ) | (0.78 | ) | (0.27 | ) | ||||||||||
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Key Ratios |
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| Return on average assets | (20.63 | )% | (1.71 | )% | (1.15 | )% | (2.65 | )% | (0.95 | )% | ||||||||||
| Return on average common equity | (180.22 | ) | (14.19 | ) | (9.23 | ) | (20.89 | ) | (6.96 | ) | ||||||||||
| Net interest margin | 3.02 | 2.97 | 2.93 | 2.89 | 3.33 | |||||||||||||||
| Efficiency ratio 1 | 686.42 | 118.07 | 102.61 | 99.70 | 94.48 | |||||||||||||||
| Tangible common equity ratio 2 | 6.53 | 7.69 | 8.08 | 8.43 | 8.90 | |||||||||||||||
| Average equity to average assets | 11.73 | 12.06 | 12.46 | 12.70 | 13.66 | |||||||||||||||
| Average loans to average deposits | 95.67 | 99.21 | 104.04 | 103.84 | 112.45 | |||||||||||||||
| Net charge-offs to average loans | 4.52 | 3.29 | 3.92 | 0.26 | 1.72 | |||||||||||||||
| Loan loss allowance to total loans | 3.03 | 1.96 | 1.90 | 2.32 | 1.14 | |||||||||||||||
| Loan loss allowance to nonperforming loans | 25.32 | 17.58 | 21.28 | 41.10 | 49.08 | |||||||||||||||
| Nonperforming loans to total loans | 11.98 | 11.12 | 8.93 | 5.63 | 2.33 | |||||||||||||||
| Nonperforming assets to total assets | 10.79 | 9.74 | 7.67 | 4.95 | 2.15 | |||||||||||||||
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Average Balances |
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| Average loans | $ | 1,124,263 | $ | 1,153,183 | $ | 1,202,566 | $ | 1,213,371 | $ | 1,196,918 | ||||||||||
| Average assets | 1,513,915 | 1,520,350 | 1,521,222 | 1,509,950 | 1,448,889 | |||||||||||||||
| Average earning assets | 1,253,064 | 1,273,066 | 1,326,285 | 1,347,990 | 1,306,053 | |||||||||||||||
| Average deposits | 1,175,086 | 1,162,340 | 1,155,918 | 1,168,491 | 1,064,440 | |||||||||||||||
| Average common equity | 173,298 | 183,263 | 189,578 | 191,719 | 197,907 | |||||||||||||||
| As of Period End | ||||||||||||||||||||
| Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||
| 2009 | 2009 | 2009 | 2008 | 2008 | ||||||||||||||||
| Total assets | $ | 1,488,008 | $ | 1,528,879 | $ | 1,570,255 | $ | 1,549,013 | $ | 1,545,054 | ||||||||||
| Total loans (including unearned income and loan fees) | 1,253,257 | 1,267,349 | 1,288,177 | 1,275,311 | 1,247,802 | |||||||||||||||
| Total deposits | 1,223,369 | 1,167,052 | 1,165,267 | 1,166,282 | 1,199,705 | |||||||||||||||
| Stockholders' equity | 103,883 | 180,803 | 186,334 | 189,979 | 196,686 | |||||||||||||||
| Nonperforming assets | 160,604 | 148,945 | 120,515 | 76,670 | 33,199 | |||||||||||||||
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Assets under administration - Bank of Florida Trust Company |
734,469 | 630,657 | 522,541 | 494,633 | 439,942 | |||||||||||||||
| Assets under management - Bank of Florida Trust Company | 617,877 | 515,380 | 412,661 | 386,472 | 372,577 | |||||||||||||||
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GAAP reconciliation of tangible book value |
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| Tangible book value per common share | $ | 7.48 | $ | 8.70 | $ | 9.39 | $ | 9.79 | $ | 10.31 | ||||||||||
| Effect of goodwill and other intangibles | 0.20 | 4.99 | 4.99 | 5.08 | 5.08 | |||||||||||||||
| Book value per common share | $ | 7.68 | $ | 13.69 | $ | 14.38 | $ | 14.87 | $ | 15.39 | ||||||||||
| 1 Efficiency ratio = Noninterest expense divided by the total of net interest income before provision for loan losses plus noninterest income (excluding net securities gains and losses). | ||||||||||||||||||||
| 2 Tangible Common Equity = Tangible common equity as a percentage of tangible common assets | ||||||||||||||||||||
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Bank of Florida Corporation Consolidated Statements of Income (unaudited) |
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| Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2009 | 2009 | 2009 | 2008 | 2008 | |||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest and fees on loans | $ | 16,693 | $ | 16,717 | $ | 17,299 | $ | 18,960 | $ | 19,654 | ||||||||||
| Interest on securities and dividends | 1,232 | 1,351 | 1,492 | 1,376 | 1,302 | |||||||||||||||
| Interest on federal funds sold | 8 | 1 | 2 | 92 | 24 | |||||||||||||||
| Total interest income | 17,933 | 18,069 | 18,793 | 20,428 | 20,980 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Interest on deposits | 6,886 | 7,127 | 7,686 | 9,081 | 8,360 | |||||||||||||||
| Interest on subordinated debt | 109 | 132 | 147 | 234 | 170 | |||||||||||||||
| Interest on FHLB & other borrowings | 1,384 | 1,375 | 1,365 | 1,324 | 1,529 | |||||||||||||||
| Total interest expense | 8,379 | 8,634 | 9,198 | 10,639 | 10,059 | |||||||||||||||
| Net interest income | 9,554 | 9,435 | 9,595 | 9,789 | 10,921 | |||||||||||||||
| Provision for loan losses | 25,719 | 9,764 | 6,693 | 16,026 | 6,190 | |||||||||||||||
| Net interest income after provision for loan losses | (16,165 | ) | (329 | ) | 2,902 | (6,237 | ) | 4,731 | ||||||||||||
| Non interest income | ||||||||||||||||||||
| Service charges & fees | 911 | 560 | 472 | 474 | 464 | |||||||||||||||
| Gain on sale of assets, net | (479 | ) | 191 | 29 | 100 | (9 | ) | |||||||||||||
| Trust Fees, net | 651 | 574 | 654 | 621 | 679 | |||||||||||||||
| Gains on sale of investment securities | 512 | 1,351 | 0 | 0 | 28 | |||||||||||||||
| Total noninterest income | 1,595 | 2,676 | 1,155 | 1,195 | 1,162 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 4,717 | 5,460 | 5,211 | 5,056 | 5,533 | |||||||||||||||
| Occupancy expenses | 1,819 | 1,888 | 1,769 | 1,766 | 1,780 | |||||||||||||||
| Equipment rental, depreciation and maintenance | 771 | 812 | 837 | 799 | 813 | |||||||||||||||
| General operating | 65,707 | 4,544 | 3,214 | 3,330 | 3,262 | |||||||||||||||
| Total noninterest expense | 73,014 | 12,704 | 11,031 | 10,951 | 11,388 | |||||||||||||||
| (Loss) income before taxes (benefit) | (87,584 | ) | (10,357 | ) | (6,974 | ) | (15,993 | ) | (5,495 | ) | ||||||||||
| Income taxes (benefit) | (9,504 | ) | (3,857 | ) | (2,601 | ) | (5,979 | ) | (2,050 | ) | ||||||||||
| Net (loss) income | $ | (78,080 | ) | $ | (6,500 | ) | $ | (4,373 | ) | $ | (10,014 | ) | $ | (3,445 | ) | |||||
| (Loss) income per common share - diluted | $ | (6.10 | ) | $ | (0.51 | ) | $ | (0.34 | ) | $ | (0.78 | ) | $ | (0.27 | ) | |||||
| Weighted average common shares outstanding - diluted | 12,795,054 | 12,779,020 | 12,779,020 | 12,779,020 | 12,779,020 | |||||||||||||||
| Total common shares outstanding | 12,968,898 | 12,947,520 | 12,955,520 | 12,779,020 | 12,779,020 | |||||||||||||||
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Bank of Florida Corporation Consolidated Balance Sheet (unaudited) |
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| (dollars in thousands) | ||||||||||||||||||||
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A S S E T S |
9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | 9/30/2008 | |||||||||||||||
| Cash and due from banks | $ | 74,836 | $ | 38,940 | $ | 55,891 | $ | 47,064 | $ | 18,788 | ||||||||||
| Interest bearing due from other banks | 281 | 233 | 190 | 561 | 1,321 | |||||||||||||||
| Federal funds sold | 0 | 0 | 241 | 313 | 70,650 | |||||||||||||||
| Total cash and cash equivalents | 75,117 | 39,173 | 56,322 | 47,938 | 90,759 | |||||||||||||||
| Securities held to maturity | 2,187 | 2,363 | 3,317 | 3,316 | 3,316 | |||||||||||||||
| Securities available for sale | 102,763 | 102,459 | 109,741 | 114,660 | 88,284 | |||||||||||||||
| Loans held for sale | 172 | 0 | 156 | - | - | |||||||||||||||
| Portfolio loans | 1,254,472 | 1,268,786 | 1,289,582 | 1,276,985 | 1,249,663 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Allowance for loan losses | 38,002 | 24,778 | 24,479 | 29,533 | 14,264 | |||||||||||||||
| Unearned income and deferred loan fees | 1,387 | 1,437 | 1,561 | 1,674 | 1,861 | |||||||||||||||
| Net loans | 1,215,083 | 1,242,571 | 1,263,542 | 1,245,778 | 1,233,538 | |||||||||||||||
| Restricted securities, Federal Home Loan Bank and other bank stock | 8,643 | 8,467 | 8,647 | 9,246 | 7,347 | |||||||||||||||
| Premises and equipment | 27,776 | 28,248 | 29,029 | 29,501 | 30,113 | |||||||||||||||
| Accrued interest receivable | 5,245 | 4,656 | 5,121 | 4,990 | 5,458 | |||||||||||||||
| Intangible assets | 2,569 | 64,631 | 64,738 | 64,850 | 64,968 | |||||||||||||||
| Other assets | 48,453 | 36,311 | 29,642 | 28,734 | 21,271 | |||||||||||||||
| Total assets | $ | 1,488,008 | $ | 1,528,879 | $ | 1,570,255 | $ | 1,549,013 | $ | 1,545,054 | ||||||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Non interest bearing deposits | $ | 101,881 | $ | 97,378 | $ | 101,631 | $ | 114,905 | $ | 100,471 | ||||||||||
| MM/NOW | 410,706 | 387,104 | 383,815 | 366,349 | 388,520 | |||||||||||||||
| Savings | 6,248 | 6,427 | 6,318 | 5,752 | 5,972 | |||||||||||||||
| CD's < $100k | 194,544 | 118,802 | 114,083 | 107,889 | 115,477 | |||||||||||||||
| Retail CDAR's | 76,881 | 122,114 | 124,457 | 117,308 | 80,071 | |||||||||||||||
| Total core deposits 1 | 790,260 | 731,825 | 730,304 | 712,203 | 690,512 | |||||||||||||||
| Brokered CD's | 164,098 | 175,236 | 211,955 | 239,507 | 296,627 | |||||||||||||||
| CD's (all others) | 269,011 | 259,991 | 223,008 | 214,572 | 212,566 | |||||||||||||||
| Total deposits | 1,223,369 | 1,167,052 | 1,165,267 | 1,166,282 | 1,199,705 | |||||||||||||||
| Fed funds purchased | - | - | - | - | - | |||||||||||||||
| Subordinated debt | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | |||||||||||||||
| Other borrowings | 21,908 | 40,696 | 80,000 | 20,000 | 20,000 | |||||||||||||||
| Federal home loan bank advances | 118,461 | 118,466 | 118,470 | 152,474 | 108,278 | |||||||||||||||
| Accrued interest payable | 1,973 | 2,009 | 2,140 | 2,286 | 1,954 | |||||||||||||||
| Accrued expenses and other liabilities | 2,414 | 3,853 | 2,044 | 1,992 | 2,431 | |||||||||||||||
| Total liabilities | 1,384,125 | 1,348,076 | 1,383,921 | 1,359,034 | 1,348,368 | |||||||||||||||
| Stockholders' Equity: | ||||||||||||||||||||
| Preferred stock | 4,300 | 3,525 | - | - | - | |||||||||||||||
| Common stock | 130 | 130 | 130 | 128 | 128 | |||||||||||||||
| Additional paid-in capital | 200,746 | 200,615 | 200,592 | 199,862 | 199,792 | |||||||||||||||
| Restricted stock | (498 | ) | (559 | ) | (651 | ) | - | - | ||||||||||||
| Accumulated deficit | (15,030 | ) | (15,030 | ) | (15,030 | ) | (1,808 | ) | (1,808 | ) | ||||||||||
| Current year net income (loss) | (88,953 | ) | (10,873 | ) | (4,373 | ) | (13,222 | ) | (3,208 | ) | ||||||||||
| Other comprehensive income | 3,188 | 2,995 | 5,666 | 5,019 | 1,782 | |||||||||||||||
| Total stockholders' equity | 103,883 | 180,803 | 186,334 | 189,979 | 196,686 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,488,008 | $ | 1,528,879 | $ | 1,570,255 | $ | 1,549,013 | $ | 1,545,054 | ||||||||||
1 Management defines core deposits as the sum of demand deposits, NOW, MMDA, Savings, CDs less than $100 thousand and reciprocal CDARs. The Federal Financial Institutions Examinations Council (FFIEC) defines core deposits as the sum of demand deposits, all NOW and ATS accounts, MMDA savings, other savings deposits, and time deposits under $100 thousand.
| Summary of Average Rates | Changes in Rate & Volume | Changes in Net Interest Income | ||||||||||||||||||||||||||||||||||||||||
|
BANK OF FLORIDA CORPORATION |
($000) | ($000) | ($000) | |||||||||||||||||||||||||||||||||||||||
| September 2009 Quarter-to-Date | June 2009 Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||
| Average | Average | Average | Average | Rate | Volume | Increase (Decrease) Due to | ||||||||||||||||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Variance | Variance | Rate | Volume | Days Diff | Total | |||||||||||||||||||||||||||||||
| EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||
| Total Commercial loans | $ | 1,088,155 | $ | 14,303 | 5.21 | % | $ | 1,101,128 | $ | 14,436 | 5.26 | % | -0.05 | % | (12,973 | ) | $ | (139 | ) | $ | (153 | ) | $ | 159 | $ | (133 | ) | |||||||||||||||
| Total Consumer loans | 54,338 | 653 | 4.77 | % | 54,481 | 650 | 4.79 | % | -0.02 | % | (143 | ) | (3 | ) | (1 | ) | 7 | 3 | ||||||||||||||||||||||||
| Total Residential real estate loans | 128,746 | 1,737 | 5.35 | % | 125,531 | 1,631 | 5.21 | % | 0.14 | % | 3,215 | 44 | 44 | 18 | 106 | |||||||||||||||||||||||||||
| Overdrafts/ Nonaccrual loans 1 | (146,976 | ) | - | 0.00 | % | (127,957 | ) | - | 0.00 | % | 0.00 | % | (19,019 | ) | - | - | - | - | ||||||||||||||||||||||||
| Total Loans | 1,124,263 | 16,693 | 5.89 | % | 1,153,183 | 16,717 | 5.81 | % | 0.08 | % | (28,920 | ) | 233 | (441 | ) | 184 | (24 | ) | ||||||||||||||||||||||||
| Investment Securities | 109,256 | 1,231 | 4.47 | % | 114,456 | 1,350 | 4.73 | % | -0.26 | % | (5,200 | ) | (75 | ) | (59 | ) | 15 | (119 | ) | |||||||||||||||||||||||
| Federal funds sold | 19,293 | 8 | 0.16 | % | 5,000 | 1 | 0.08 | % | 0.08 | % | 14,293 | 1 | 6 | - | 7 | |||||||||||||||||||||||||||
| Deposits in banks | 252 | 1 | 1.57 | % | 427 | 1 | 0.94 | % | 0.63 | % | (175 | ) | 1 | (1 | ) | - | - | |||||||||||||||||||||||||
| Total Interest-earning assets | $ | 1,253,064 | $ | 17,933 | 5.68 | % | $ | 1,273,066 | $ | 18,069 | 5.69 | % | -0.01 | % | $ | (20,002 | ) | 159 | $ | (494 | ) | $ | 199 | $ | (136 | ) | ||||||||||||||||
| Non interest-earning assets | 272,469 | 254,814 | ||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,525,533 | $ | 1,527,880 | ||||||||||||||||||||||||||||||||||||||
| INTEREST-BEARING LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Checking | $ | 45,925 | 20 | 0.17 | % | $ | 50,320 | 23 | 0.18 | % | -0.01 | % | (4,395 | ) | $ | (1 | ) | $ | (2 | ) | $ | - | $ | (3 | ) | |||||||||||||||||
| Money Market Accounts | 338,492 | 1,339 | 1.57 | % | 339,609 | 1,401 | 1.65 | % | -0.08 | % | (1,117 | ) | (68 | ) | (9 | ) | 15 | (62 | ) | |||||||||||||||||||||||
| Savings Accounts | 6,420 | 6 | 0.37 | % | 6,388 | 5 | 0.31 | % | 0.06 | % | 32 | 1 | 0 | - | 1 | |||||||||||||||||||||||||||
| Total Certificates | 678,323 | 5,521 | 3.23 | % | 662,368 | 5,698 | 3.45 | % | -0.22 | % | 15,955 | (367 | ) | 127 | 63 | (177 | ) | |||||||||||||||||||||||||
| Total Deposits | 1,069,160 | 6,886 | 2.56 | % | 1,058,685 | 7,127 | 2.70 | % | -0.14 | % | 10,475 | (436 | ) | 117 | 78 | (241 | ) | |||||||||||||||||||||||||
| Total FHLB Advances | 118,463 | 1,202 | 4.03 | % | 121,511 | 1,193 | 3.94 | % | 0.09 | % | (3,048 | ) | 28 | (32 | ) | 13 | 9 | |||||||||||||||||||||||||
| Other Borrowings | 32,883 | 182 | 2.20 | % | 40,220 | 182 | 1.82 | % | 0.38 | % | (7,337 | ) | 39 | (41 | ) | 2 | - | |||||||||||||||||||||||||
| Total Subordinated Debt | 16,000 | 109 | 2.70 | % | 16,000 | 132 | 3.31 | % | -0.61 | % | - | (25 | ) | 1 | 1 | (23 | ) | |||||||||||||||||||||||||
| Total Other Borrowings | 167,346 | 1,493 | 3.54 | % | 177,731 | 1,507 | 3.40 | % | 0.14 | % | (10,385 | ) | 41 | (71 | ) | 16 | (14 | ) | ||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | $ | 1,236,506 | $ | 8,379 | 2.69 | % | $ | 1,236,416 | $ | 8,634 | 2.80 | % | -0.11 | % | $ | 90 | $ | (395 | ) | $ | 46 | $ | 94 | $ | (255 | ) | ||||||||||||||||
| Demand Deposits | 105,926 | 103,655 | ||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 5,565 | 4,507 | ||||||||||||||||||||||||||||||||||||||||
| Stockholder's equity | 177,536 | 183,302 | ||||||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 1,525,533 | $ | 1,527,880 | ||||||||||||||||||||||||||||||||||||||
| Net interest income/net interest spread | $ | 9,554 | 2.99 | % | $ | 9,435 | 2.89 | % | 0.10 | % | $ | (20,092 | ) | $ | 554 | $ | (540 | ) | $ | 105 | $ | 119 | ||||||||||||||||||||
| Net interest margin | 3.02 | % | 2.97 | % | 0.05 | % | ||||||||||||||||||||||||||||||||||||
1 For purposes of this analysis, non-accruing loans, if any, are not included in the average balances
| Summary of Average Rates | Changes in Rate & Volume | Changes in Net Interest Income | ||||||||||||||||||||||||||||||||||||||||
|
BANK OF FLORIDA CORPORATION |
($000) | ($000) | ($000) | |||||||||||||||||||||||||||||||||||||||
| September 2009 Quarter-to-Date | September 2008 Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||
| Average | Average | Average | Average | Rate | Volume | Increase (Decrease) Due to | ||||||||||||||||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Variance | Variance | Rate | Volume | Days Diff | Total | |||||||||||||||||||||||||||||||
| EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||
| Total Commercial loans | $ | 1,088,155 | $ | 14,303 | 5.21 | % | $ | 1,048,002 | $ | 16,961 | 6.44 | % | -1.23 | % | 40,153 | $ | (3,249 | ) | $ | 591 | $ | - | $ | (2,658 | ) | |||||||||||||||||
| Total Consumer loans | 54,338 | 653 | 4.77 | % | 55,293 | 791 | 5.69 | % | -0.92 | % | (955 | ) | (128 | ) | (10 | ) | - | (138 | ) | |||||||||||||||||||||||
| Total Residential real estate loans | 128,746 | 1,737 | 5.35 | % | 120,306 | 1,902 | 6.29 | % | -0.94 | % | 8,440 | (285 | ) | 120 | - | (165 | ) | |||||||||||||||||||||||||
| Overdrafts/ Nonaccrual loans 1 | (146,976 | ) | - | 0.00 | % | (26,674 | ) | - | 0.00 | % | 0.00 | % | (120,302 | ) | - | - | - | - | ||||||||||||||||||||||||
| Total Loans | 1,124,263 | 16,693 | 5.89 | % | 1,196,927 | 19,654 | 6.53 | % | -0.64 | % | (72,664 | ) | (1,931 | ) | (1,030 | ) | - | (2,961 | ) | |||||||||||||||||||||||
| Investment Securities | 109,256 | 1,231 | 4.47 | % | 102,554 | 1,299 | 5.04 | % | -0.57 | % | 6,702 | (147 | ) | 79 | - | (68 | ) | |||||||||||||||||||||||||
| Federal funds sold | 19,293 | 8 | 0.16 | % | 6,025 | 24 | 1.58 | % | -1.42 | % | 13,268 | (22 | ) | 6 | - | (16 | ) | |||||||||||||||||||||||||
| Deposits in banks | 252 | 1 | 1.57 | % | 557 | 3 | 2.14 | % | -0.57 | % | (305 | ) | (1 | ) | (1 | ) | - | (2 | ) | |||||||||||||||||||||||
| Total Interest-earning assets | $ | 1,253,064 | $ | 17,933 | 5.68 | % | $ | 1,306,063 | $ | 20,980 | 6.39 | % | -0.71 | % | $ | (52,999 | ) | (2,101 | ) | $ | (946 | ) | $ | - | $ | (3,047 | ) | |||||||||||||||
| Non interest-earning assets | 272,469 | 145,843 | ||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,525,533 | $ | 1,451,906 | ||||||||||||||||||||||||||||||||||||||
| INTEREST-BEARING LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Checking | $ | 45,925 | 20 | 0.17 | % | $ | 47,392 | 49 | 0.41 | % | -0.24 | % | (1,467 | ) | (29 | ) | - | $ | - | $ | (29 | ) | ||||||||||||||||||||
| Money Market Accounts | 338,492 | 1,339 | 1.57 | % | 328,099 | 2,389 | 2.90 | % | -1.33 | % | 10,393 | (1,100 | ) | 50 | - | (1,050 | ) | |||||||||||||||||||||||||
| Savings Accounts | 6,420 | 6 | 0.37 | % | 6,173 | 9 | 0.58 | % | -0.21 | % | 247 | (3 | ) | - | - | (3 | ) | |||||||||||||||||||||||||
| Total Certificates | 678,323 | 5,521 | 3.23 | % | 581,733 | 5,913 | 4.04 | % | -0.81 | % | 96,590 | (1,188 | ) | 796 | - | (392 | ) | |||||||||||||||||||||||||
| Total Deposits | 1,069,160 | 6,886 | 2.56 | % | 963,396 | 8,360 | 3.45 | % | -0.89 | % | 105,764 | (2,320 | ) | 846 | - | (1,474 | ) | |||||||||||||||||||||||||
| Total FHLB Advances | 118,463 | 1,202 | 4.03 | % | 147,004 | 1,324 | 3.58 | % | 0.45 | % | (28,541 | ) | 167 | (289 | ) | - | (122 | ) | ||||||||||||||||||||||||
| Other Borrowings | 32,883 | 182 | 2.20 | % | 21,081 | 176 | 3.32 | % | -1.12 | % | 11,802 | (60 | ) | 66 | - | 6 | ||||||||||||||||||||||||||
| Total Subordinated Debt | 16,000 | 109 | 2.70 | % | 16,000 | 199 | 4.95 | % | -2.25 | % | - | (91 | ) | 1 | - | (90 | ) | |||||||||||||||||||||||||
| Total Other Borrowings | 167,346 | 1,493 | 3.54 | % | 184,085 | 1,699 | 3.67 | % | -0.13 | % | (16,739 | ) | 16 | (222 | ) | - | (206 | ) | ||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | $ | 1,236,506 | $ | 8,379 | 2.69 | % | $ | 1,147,482 | $ | 10,059 | 3.49 | % | -0.80 | % | $ | 89,024 | $ | (2,304 | ) | $ | 624 | $ | - | $ | (1,680 | ) | ||||||||||||||||
| Demand Deposits | 105,926 | 101,044 | ||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 5,565 | 5,473 | ||||||||||||||||||||||||||||||||||||||||
| Stockholder's equity | 177,536 | 197,907 | ||||||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 1,525,533 | $ | 1,451,906 | ||||||||||||||||||||||||||||||||||||||
| Net interest income/net interest spread | $ | 9,554 | 2.99 | % | $ | 10,921 | 2.90 | % | 0.09 | % | $ | (142,023 | ) | $ | 203 | $ | (1,570 | ) | $ | - | $ | (1,367 | ) | |||||||||||||||||||
| Net interest margin | 3.02 | % | 3.33 | % | -0.31 | % | ||||||||||||||||||||||||||||||||||||
1 For purposes of this analysis, non-accruing loans, if any, are not included in the average balances
|
Bank of Florida |
||||||||||||||||
| Loan Portfolio Balances (Unaudited) | ||||||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | |||||||||||
| Commercial | ||||||||||||||||
| Commercial and Industrial | $ | 114,230 | $ | 117,518 | $ | 118,681 | $ | 115,553 | $ | 111,462 | ||||||
| Commercial Real Estate | 674,147 | 631,748 | 634,744 | 595,201 | 575,734 | |||||||||||
| Construction | 84,514 | 142,339 | 145,453 | 187,212 | 196,917 | |||||||||||
| Land | 153,716 | 153,074 | 151,168 | 149,632 | 159,845 | |||||||||||
| Total Commercial | $ | 1,026,607 | $ | 1,044,679 | $ | 1,050,046 | $ | 1,047,598 | $ | 1,043,958 | ||||||
| Consumer | ||||||||||||||||
| Residential Mortgage | 172,912 | 170,595 | 183,909 | 174,699 | 155,379 | |||||||||||
| Home Equity | 43,118 | 40,656 | 39,589 | 40,355 | 39,138 | |||||||||||
| Consumer | 11,103 | 11,588 | 11,611 | 11,985 | 11,930 | |||||||||||
| Total consumer | 227,133 | 222,839 | 235,109 | 227,039 | 206,447 | |||||||||||
| Adjustment for Settlement /Deferred Fees | -483 | -169 | 3,022 | 675 | -2,603 | |||||||||||
| Total Loans | $ | 1,253,257 | $ | 1,267,349 | $ | 1,288,177 | $ | 1,275,311 | $ | 1,247,802 | ||||||
| Loans Portfolio Balances by County (Unaudited) | ||||||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | |||||||||||
| Commercial and Industrial | ||||||||||||||||
| Collier | $ | 12,347 | $ | 16,817 | $ | 24,962 | $ | 27,741 | $ | 25,870 | ||||||
| Lee | 7,480 | 10,116 | 8,440 | 9,292 | 7,932 | |||||||||||
| Hillsborough | 19,085 | 18,351 | 17,802 | 17,469 | 23,880 | |||||||||||
| Miami-Dade | 15,165 | 15,865 | 16,466 | 11,041 | 12,697 | |||||||||||
| Broward | 18,333 | 17,966 | 12,246 | 11,797 | 10,899 | |||||||||||
| Palm Beach | 3,908 | 3,845 | 2,794 | 2,378 | 1,992 | |||||||||||
| Pinellas | 21,397 | 18,257 | 20,267 | 20,212 | 13,329 | |||||||||||
| Polk | 79 | - | - | - | - | |||||||||||
| Other | 16,436 | 16,301 | 15,704 | 15,622 | 14,863 | |||||||||||
| Total Commercial and Industrial | $ | 114,230 | $ | 117,518 | $ | 118,681 | $ | 115,553 | $ | 111,462 | ||||||
| Commercial Real Estate | ||||||||||||||||
| Collier | $ | 109,891 | $ | 102,408 | $ | 112,362 | $ | 112,533 | $ | 116,934 | ||||||
| Lee | 108,133 | 117,045 | 109,395 | 101,346 | 93,659 | |||||||||||
| Hillsborough | 54,104 | 39,481 | 42,941 | 55,980 | 45,612 | |||||||||||
| Miami-Dade | 61,158 | 49,377 | 46,491 | 48,097 | 51,109 | |||||||||||
| Broward | 139,752 | 140,420 | 139,825 | 119,774 | 115,828 | |||||||||||
| Palm Beach | 51,721 | 46,478 | 46,660 | 43,758 | 40,389 | |||||||||||
| Pinellas | 36,648 | 28,322 | 28,328 | 28,166 | 30,474 | |||||||||||
| Polk | 9 | 9 | 64 | 65 | 65 | |||||||||||
| Alachua | 9,930 | 9,935 | 13,121 | 13,053 | 13,100 | |||||||||||
| Other | 102,800 | 98,273 | 95,557 | 72,431 | 68,564 | |||||||||||
| Total Commercial Real Estate | $ | 674,147 | $ | 631,748 | $ | 634,744 | $ | 595,201 | $ | 575,734 | ||||||
| Commercial Construction and Land | ||||||||||||||||
| Collier | $ | 22,376 | $ | 27,535 | $ | 27,563 | $ | 27,463 | $ | 31,100 | ||||||
| Lee | 17,237 | 16,094 | 19,301 | 27,934 | 36,378 | |||||||||||
| Hillsborough | 23,163 | 27,488 | 27,974 | 25,137 | 25,223 | |||||||||||
| Miami-Dade | 17,772 | 27,228 | 30,943 | 30,784 | 33,492 | |||||||||||
| Broward | 35,247 | 41,664 | 41,786 | 48,444 | 49,444 | |||||||||||
| Palm Beach | 13,503 | 13,397 | 12,499 | 15,165 | 17,544 | |||||||||||
| Pinellas | 6,194 | 20,121 | 17,404 | 14,157 | 10,792 | |||||||||||
| Polk | 612 | 618 | 618 | 618 | 618 | |||||||||||
| Other | 12,858 | 20,083 | 17,955 | 38,189 | 40,537 | |||||||||||
| Total Commercial Construction and Land | $ | 148,962 | $ | 194,228 | $ | 196,043 | $ | 227,891 | $ | 245,128 | ||||||
| Residential Construction and Land | ||||||||||||||||
| Collier | $ | 20,309 | $ | 25,147 | $ | 22,939 | $ | 22,327 | $ | 25,049 | ||||||
| Lee | 10,469 | 13,830 | 13,971 | 14,564 | 18,386 | |||||||||||
| Hillsborough | 16,249 | 18,064 | 16,556 | 24,465 | 25,526 | |||||||||||
| Miami-Dade | 18,644 | 18,258 | 17,134 | 17,812 | 15,645 | |||||||||||
| Broward | 6,194 | 12,800 | 11,866 | 9,872 | 7,977 | |||||||||||
| Palm Beach | 2,351 | 2,206 | 2,132 | 5,878 | 8,117 | |||||||||||
| Pinellas | 7,526 | 1,764 | 1,739 | 1,482 | 954 | |||||||||||
| Polk | 140 | 140 | 3,750 | 3,750 | 140 | |||||||||||
| Other | 7,386 | 8,976 | 10,491 | 8,802 | 9,840 | |||||||||||
| Total Residential Construction and Land | $ | 89,268 | $ | 101,185 | $ | 100,578 | $ | 108,953 | $ | 111,634 | ||||||
| Residential Mortgage & HELOC | ||||||||||||||||
| Collier | $ | 80,397 | $ | 77,749 | $ | 84,795 | $ | 80,629 | $ | 77,549 | ||||||
| Lee | 35,914 | 34,328 | 35,854 | 36,747 | 37,454 | |||||||||||
| Hillsborough | 15,803 | 15,515 | 15,632 | 8,446 | 7,314 | |||||||||||
| Miami-Dade | 35,102 | 43,412 | 31,956 | 31,843 | 23,923 | |||||||||||
| Broward | 30,733 | 25,342 | 28,518 | 29,798 | 20,681 | |||||||||||
| Palm Beach | 3,934 | 3,535 | 2,479 | 2,485 | 2,152 | |||||||||||
| Pinellas | 3,724 | 3,751 | 2,550 | 2,565 | 2,560 | |||||||||||
| Polk | 659 | 662 | 665 | 668 | 738 | |||||||||||
| Alachua | 209 | 210 | - | - | - | |||||||||||
| Other | 9,555 | 6,747 | 21,049 | 21,873 | 22,147 | |||||||||||
| Total Residential Mortgage and HELOC | $ | 216,030 | $ | 211,251 | $ | 223,498 | $ | 215,054 | $ | 194,517 | ||||||
| Consumer | ||||||||||||||||
| Collier | $ | 1,856 | $ | 1,753 | $ | 2,069 | $ | 2,168 | $ | 2,159 | ||||||
| Lee | 979 | 1,130 | 1,224 | 1,110 | 1,120 | |||||||||||
| Hillsborough | 1,597 | 1,679 | 1,536 | 1,569 | 1,599 | |||||||||||
| Miami-Dade | 1,048 | 2,544 | 2,514 | 2,483 | 2,480 | |||||||||||
| Broward | 1,277 | 1,286 | 1,433 | 1,647 | 1,585 | |||||||||||
| Palm Beach | 99 | 110 | 165 | 171 | 173 | |||||||||||
| Pinellas | 1,089 | 1,120 | 1,009 | 1,165 | 1,208 | |||||||||||
| Polk | 70 | 126 | 28 | 28 | 111 | |||||||||||
| Other | 3,088 | 1,840 | 1,633 | 1,643 | 1,495 | |||||||||||
| Total Consumer | $ | 11,103 | $ | 11,588 | $ | 11,611 | $ | 11,985 | $ | 11,930 | ||||||
| Adjustment for Settlement /Deferred Fees | -483 | -169 | 3,022 | 675 | -2,603 | |||||||||||
| Total Loans | $ | 1,253,257 | $ | 1,267,349 | $ | 1,288,177 | $ | 1,275,311 | $ | 1,247,802 | ||||||
|
Bank of Florida - Consolidated |
|||||||||||||||
| 09/30/09 Balance | 06/30/09 Balance | 03/31/09 Balance | 12/31/08 Balance | 09/30/08 Balance | |||||||||||
| Land | |||||||||||||||
| Raw Land | $ | 28,892 | $ | 23,173 | $ | 27,216 | $ | 32,201 | $ | 37,984 | |||||
| Commercial Development | 87,207 | 96,698 | 86,678 | 77,556 | 76,743 | ||||||||||
| Residential Development | 37,617 | 33,203 | 37,274 | 39,874 | 45,118 | ||||||||||
| Total Land | $ | 153,716 | $ | 153,074 | $ | 151,168 | $ | 149,632 | $ | 159,845 | |||||
| Construction Loans | |||||||||||||||
|
Residential |
|||||||||||||||
| Condominium | $ | 17,810 | $ | 18,004 | $ | 19,415 | $ | 25,572 | $ | 24,802 | |||||
| Condo Conversions | 7,055 | 6,927 | 6,812 | 6,503 | 6,466 | ||||||||||
| Single-Family - Spec | 16,990 | 21,375 | 18,369 | 18,024 | 18,038 | ||||||||||
| Single-Family - Owner | 9,797 | 21,676 | 18,708 | 18,981 | 17,210 | ||||||||||
| Total Residential | $ | 51,652 | $ | 67,982 | $ | 63,304 | $ | 69,079 | $ | 66,516 | |||||
|
Commercial |
|||||||||||||||
| Office | $ | 17,206 | $ | 26,949 | $ | 24,328 | $ | 30,125 | $ | 23,719 | |||||
| Retail | 2,880 | 2,871 | 9,830 | 28,284 | 32,085 | ||||||||||
| Industrial/Warehouse | 2,025 | 5,287 | 8,320 | 9,915 | 11,375 | ||||||||||
| Mini Storage Facility | - | - | - | - | |||||||||||
| Hotel | - | 8,161 | 5,386 | 13,014 | 11,078 | ||||||||||
| Restaurant | - | 727 | 733 | 728 | 718 | ||||||||||
| Church | 3,622 | 3,257 | 3,008 | 137 | 132 | ||||||||||
| Multifamily (5+ units) | 2,732 | 9,847 | 9,205 | 8,377 | 12,651 | ||||||||||
| Hospital/ACLF | - | - | - | - | |||||||||||
| Other | 4,397 | 17,258 | 21,339 | 27,554 | 38,643 | ||||||||||
| Total Commercial | $ | 32,862 | $ | 74,357 | $ | 82,149 | $ | 118,133 | $ | 130,401 | |||||
| TOTAL LAND, CONST, & DEV | $ | 238,230 | $ | 295,413 | $ | 296,621 | $ | 336,844 | $ | 356,762 | |||||
| Permanent CRE Loans | |||||||||||||||
| Office | $ | 204,711 | $ | 201,635 | $ | 204,449 | $ | 197,077 | $ | 194,014 | |||||
| Retail | 144,420 | 140,384 | 133,518 | 108,763 | 100,185 | ||||||||||
| Industrial/Warehouse | 111,874 | 104,526 | 96,128 | 92,436 | 76,678 | ||||||||||
| Mini Storage Facility | 11,212 | 3,705 | 3,724 | 3,745 | 3,764 | ||||||||||
| Hotel | 63,202 | 47,309 | 48,227 | 37,149 | 36,639 | ||||||||||
| Restaurant | 6,779 | 6,397 | 11,107 | 11,116 | 11,151 | ||||||||||
| Church | 1,764 | 1,773 | 1,663 | 4,378 | 4,414 | ||||||||||
| Multifamily (5+ units) | 31,766 | 27,639 | 23,129 | 30,674 | 44,796 | ||||||||||
| Hospital/ACLF | 2,024 | 1,071 | 1,081 | 1,095 | 1,108 | ||||||||||
| Other | 96,395 | 97,309 | 111,718 | 108,767 | 102,986 | ||||||||||
| TOTAL CRE LOANS | $ | 674,147 | $ | 631,748 | $ | 634,744 | $ | 595,201 | $ | 575,734 | |||||
| Commercial | |||||||||||||||
| Secured | 104,008 | 108,413 | $ | 107,227 | $ | 103,125 | $ | 100,012 | |||||||
| Unsecured | 10,222 | 9,105 | 11,454 | 12,427 | 11,450 | ||||||||||
| Residential Mortgages | |||||||||||||||
| HELOC | 43,118 | 40,656 | 39,589 | 40,355 | 39,138 | ||||||||||
| Residential | 172,912 | 170,595 | 183,909 | 174,699 | 155,379 | ||||||||||
| Consumer | |||||||||||||||
| Secured | 7,523 | 7,841 | 7,972 | 8,424 | 8,597 | ||||||||||
| Unsecured | 3,580 | 3,748 | 3,639 | 3,561 | 3,332 | ||||||||||
| Adjustment for Settlement/Deferred Fees | -483 | -169 | 3,022 | 675 | -2,603 | ||||||||||
| TOTAL PORTFOLIO | $ | 1,253,257 | $ | 1,267,349 | $ | 1,288,177 | $ | 1,275,311 | $ | 1,247,802 | |||||
| Non-Performing Assets and Accruing Loans Past Due 30-89 Days (Unaudited) | ||||||||||||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | |||||||||||||||||
| Non-Performing Assets | ||||||||||||||||||||||
| Non-Accrual Loans | ||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||
| Commercial and Industrial | $ | 1,388 | $ | 4,486 | $ | 1,943 | $ | 1,363 | $ | 246 | ||||||||||||
| Commercial Real Estate | $ | 66,702 | $ | 37,321 | 27,517 | 9,620 | 8,340 | |||||||||||||||
| Construction | $ | 2,698 | $ | 14,510 | 13,494 | 2,259 | 509 | |||||||||||||||
| Land | $ | 21,035 | $ | 21,798 | 18,334 | 6,890 | 2,948 | |||||||||||||||
| Total Commercial | $ | 91,823 | $ | 78,115 | $ | 61,288 | $ | 20,133 | $ | 12,043 | ||||||||||||
| Consumer | ||||||||||||||||||||||
| Residential Mortgage | $ | 25,824 | $ | 31,770 | $ | 28,472 | $ | 18,832 | $ | 6,220 | ||||||||||||
| Home Equity | $ | 802 | $ | 926 | 281 | 139 | 774 | |||||||||||||||
| Construction and Land | $ | 31,055 | $ | 29,548 | 24,732 | 32,427 | 9,878 | |||||||||||||||
| Other | $ | 603 | $ | 592 | 261 | 322 | 149 | |||||||||||||||
| Total Consumer | $ | 58,284 | $ | 62,836 | $ | 53,746 | $ | 51,720 | $ | 17,021 | ||||||||||||
| Total Non-Accrual Loans 1 | $ | 150,107 | $ | 140,951 | $ | 115,034 | $ | 71,853 | $ | 29,064 | ||||||||||||
| Foreclosed Real Estate | $ | 10,497 | $ | 7,994 | $ | 5,481 | $ | 4,817 | $ | 4,135 | ||||||||||||
| Total Non-Performing Assets | $ | 160,604 | $ | 148,945 | $ | 120,515 | $ | 76,670 | $ | 33,199 | ||||||||||||
|
1 Also includes Loans 90 days+ and accruing |
$ | 3,133 | $ | 2,282 | $ | 1,887 | - | $ | 1 | |||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | |||||||||||||||||
| Non Performing Loans by County (Unaudited) | ||||||||||||||||||||||
| Commercial and Industrial | ||||||||||||||||||||||
| Collier | - | $ | 3,164 | $ | 206 | $ | 1,207 | $ | 221 | |||||||||||||
| Lee | - | 2 | 55 | 2 | - | |||||||||||||||||
| Hillsborough | 536 | - | - | - | - | |||||||||||||||||
| Miami-Dade | - | - | 256 | 16 | 17 | |||||||||||||||||
| Broward | 386 | 1,005 | 1,006 | 8 | 9 | |||||||||||||||||
| Palm Beach | - | - | - | - | - | |||||||||||||||||
| Pinellas | 466 | 315 | - | 100 | - | |||||||||||||||||
| Polk | - | - | - | - | - | |||||||||||||||||
| Other | - | - | 420 | 32 | - | |||||||||||||||||
| Total Commercial and Industrial | $ | 1,388 | $ | 4,486 | $ | 1,943 | $ | 1,363 | $ | 246 | ||||||||||||
| Commercial Real Estate | ||||||||||||||||||||||
| Collier | $ | 21,942 | $ | 2,433 | $ | 838 | $ | 518 | - | |||||||||||||
| Lee | 10,024 | $ | 13,180 | 14,131 | 7,382 | 7,243 | ||||||||||||||||
| Hillsborough | 844 | $ | 961 | - | - | - | ||||||||||||||||
| Miami-Dade | 6,215 | - | - | - | - | |||||||||||||||||
| Broward | 7,451 | $ | 1,804 | 1,804 | - | - | ||||||||||||||||
| Palm Beach | 8,817 | $ | 7,748 | - | - | - | ||||||||||||||||
| Pinellas | 867 | - | - | - | - | |||||||||||||||||
| Polk | - | - | - | - | - | |||||||||||||||||
| Alachua | 9,145 | $ | 9,145 | 9,145 | - | - | ||||||||||||||||
| Other | $ | 1,397 | $ | 2,050 | 1,599 | 1,720 | 1,097 | |||||||||||||||
| Total Commercial Real Estate | $ | 66,702 | $ | 37,321 | $ | 27,517 | $ | 9,620 | $ | 8,340 | ||||||||||||
| Commercial Construction | ||||||||||||||||||||||
| Collier | $ | 2,698 | $ | 2,716 | $ | 2,612 | $ | 2,259 | - | |||||||||||||
| Lee | - | $ | 4,400 | 4,400 | - | 509 | ||||||||||||||||
| Hillsborough | - | $ | 438 | - | - | |||||||||||||||||
| Miami-Dade | - | - | - | - | - | |||||||||||||||||
| Broward | - | $ | 6,482 | 6,482 | - | - | ||||||||||||||||
| Palm Beach | - | - | - | - | - | |||||||||||||||||
| Pinellas | - | - | - | - | - | |||||||||||||||||
| Polk | - | - | - | - | - | |||||||||||||||||
| Other | - | $ | 474 | - | - | - | ||||||||||||||||
| Total Commercial Construction | $ | 2,698 | $ | 14,510 | $ | 13,494 | $ | 2,259 | $ | 509 | ||||||||||||
| Commercial Land | ||||||||||||||||||||||
| Collier | $ | 10,695 | $ | 12,074 | $ | 12,321 | $ | 950 | - | |||||||||||||
| Lee | $ | 2,849 | $ | 2,512 | 2,516 | 1,504 | 608 | |||||||||||||||
| Hillsborough | $ | 1,640 | $ | 1,361 | 1,361 | 2,096 | - | |||||||||||||||
| Miami-Dade | $ | 2,109 | $ | 2,109 | 2,136 | 2,340 | 2,340 | |||||||||||||||
| Broward | - | - | - | - | - | |||||||||||||||||
| Palm Beach | - | - | - | - | ||||||||||||||||||
| Pinellas | $ | 233 | $ | 233 | - | - | - | |||||||||||||||
| Polk | - | - | - | - | ||||||||||||||||||
| Other | $ | 3,509 | $ | 3,509 | ||||||||||||||||||
| Total Commercial Land | $ | 21,035 | $ | 21,798 | $ | 18,334 | $ | 6,890 | $ | 2,948 | ||||||||||||
| Residential Construction and Land | ||||||||||||||||||||||
| Collier | $ | 9,622 | $ | 9,762 | $ | 1,748 | $ | 1,960 | $ | 1,603 | ||||||||||||
| Lee | $ | 4,545 | $ | 2,978 | 2,661 | 3,607 | 3,273 | |||||||||||||||
| Hillsborough | $ | 11,423 | $ | 11,416 | 12,202 | 19,011 | 1,392 | |||||||||||||||
| Miami-Dade | $ | 4,469 | $ | 4,396 | 4,320 | 4,048 | - | |||||||||||||||
| Broward | - | - | - | - | - | |||||||||||||||||
| Palm Beach | - | - | - | 2,386 | ||||||||||||||||||
| Pinellas | $ | 996 | $ | 996 | - | - | - | |||||||||||||||
| Polk | - | - | 3,610 | 3,610 | 1,224 | |||||||||||||||||
| Other | - | - | 191 | 190 | - | |||||||||||||||||
| Total Residential Construction and Land | $ | 31,055 | $ | 29,548 | $ | 24,732 | $ | 32,427 | $ | 9,878 | ||||||||||||
| Residential Mortgage & HELOC | ||||||||||||||||||||||
| Collier | $ | 11,256 | $ | 9,710 | $ | 11,289 | $ | 5,374 | $ | 3,413 | ||||||||||||
| Lee | $ | 6,338 | $ | 6,568 | 7,198 | 4,060 | 756 | |||||||||||||||
| Hillsborough | $ | 707 | $ | 1,639 | 1,055 | 1,055 | - | |||||||||||||||
| Miami-Dade | $ | 4,171 | $ | 8,991 | 2,186 | 1,340 | 1,880 | |||||||||||||||
| Broward | $ | 3,474 | $ | 4,785 | 6,662 | 7,142 | 945 | |||||||||||||||
| Palm Beach | - | - | - | - | ||||||||||||||||||
| Pinellas | $ | 126 | - | - | - | - | ||||||||||||||||
| Polk | - | - | - | - | - | |||||||||||||||||
| Other | $ | 554 | $ | 1,003 | 363 | - | - | |||||||||||||||
| Total Residential Mortgage & HELOC | $ | 26,626 | $ | 32,696 | $ | 28,753 | $ | 18,971 | $ | 6,994 | ||||||||||||
| Consumer Other | ||||||||||||||||||||||
| Collier | $ | 65 | $ | 32 | $ | 50 | $ | 149 | $ | 149 | ||||||||||||
| Lee | - | $ | 24 | 59 | 23 | - | ||||||||||||||||
| Hillsborough | - | - | - | - | - | |||||||||||||||||
| Miami-Dade | - | $ | 36 | - | - | |||||||||||||||||
| Broward | - | - | - | - | ||||||||||||||||||
| Palm Beach | - | - | - | - | ||||||||||||||||||
| Pinellas | $ | 423 | $ | 433 | - | - | ||||||||||||||||
| Polk | - | - | - | - | ||||||||||||||||||
| Other | $ | 115 | $ | 67 | 152 | 150 | - | |||||||||||||||
| Total Consumer Other | 603 | 592 | 261 | 322 | 149 | |||||||||||||||||
| Total Non-Performing Loans | $ | 150,107 | $ | 140,951 | $ | 115,034 | $ | 71,853 | $ | 29,064 | ||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | |||||||||||||||||
| Collateral Dependant and Nonaccrual Loan Summary | ||||||||||||||||||||||
| Impaired loans without a valuation allowance | $ | 67,292 | $ | 71,296 | $ | 27,856 | $ | 15,896 | $ | 30,860 | ||||||||||||
| Impaired loans with a valuation allowance | 91,636 | 59,316 | 96,190 | 65,555 | 17,164 | |||||||||||||||||
| Total impaired loans | $ | 158,928 | $ | 130,612 | $ | 124,046 | $ | 81,451 | $ | 48,024 | ||||||||||||
| Valuation allowance related to impaired loans | 21,818 | 11,436 | 13,920 | 18,554 | 3,051 | |||||||||||||||||
| Total nonaccrual loans | 146,974 | 138,669 | 113,147 | 71,853 | 28,502 | |||||||||||||||||
| Total foreclosed real estate | 10,497 | 7,994 | 5,481 | 4,817 | 33,199 | |||||||||||||||||
| Total loans ninety days or more past due and still accruing | 3,133 | 2,282 | 1,887 | — | 562 | |||||||||||||||||
| (dollars in thousands) | September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31 2008 | September 30 2008 | |||||||||||||||||
| Accruing Loans Past Due 30-89 Days | ||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||
| Commercial and Industrial | 2,272 | 672 | 499 | 833 | 1,106 | |||||||||||||||||
| Commercial Real Estate | 27,126 | 14,161 | 2,820 | 1,107 | 14,991 | |||||||||||||||||
| Construction | 253 | |||||||||||||||||||||
| Land | 28,391 | 350 | 7,181 | 3,703 | 4,793 | |||||||||||||||||
| Total Commercial | $ | 58,042 | $ | 15,183 | $ | 10,500 | $ | 5,642 | $ | 20,890 | ||||||||||||
| Consumer | ||||||||||||||||||||||
| Residential Mortgage | 2,159 | 4,997 | 14,039 | 14,258 | 10,764 | |||||||||||||||||
| Home Equity | 1,484 | 141 | 1,757 | 153 | 157 | |||||||||||||||||
| Construction and Land | 669 | 2,976 | 10,092 | 2,598 | 5,351 | |||||||||||||||||
| Other | 251 | 26 | 90 | 77 | 103 | |||||||||||||||||
| Total Consumer | $ | 4,563 | $ | 8,140 | $ | 25,978 | $ | 17,087 | $ | 16,375 | ||||||||||||
| Total Accruing Loans Past Due 30-89 Days | $ | 62,605 | $ | 23,323 | $ | 36,478 | $ | 22,729 | $ | 37,265 | ||||||||||||
| September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31 2008 | September 30 2008 | ||||||||||||||||||
| Accruing Loans Past Due 30-89 Days by County | ||||||||||||||||||||||
| Commercial and Industrial | ||||||||||||||||||||||
| Collier | $ | 503 | - | $ | 8 | $ | 154 | $ | 994 | |||||||||||||
| Lee | 249 | 25 | - | - | 56 | |||||||||||||||||
| Hillsborough | - | 310 | 175 | 29 | 25 | |||||||||||||||||
| Miami-Dade | 537 | 122 | 250 | 150 | - | |||||||||||||||||
| Broward | 48 | 154 | - | 500 | - | |||||||||||||||||
| Palm Beach | - | - | - | |||||||||||||||||||
| Pinellas | - | - | 66 | - | - | |||||||||||||||||
| Polk | - | 61 | - | - | ||||||||||||||||||
| Other | 936 | - | 32 | |||||||||||||||||||
| Total Commercial and Industrial | $ | 2,272 | $ | 672 | $ | 499 | $ | 833 | $ | 1,106 | ||||||||||||
| Commercial Real Estate | ||||||||||||||||||||||
| Collier | $ | 1,291 | $ | 8,655 | $ | 931 | - | - | ||||||||||||||
| Lee | - | 5,486 | 1,889 | - | 4,940 | |||||||||||||||||
| Hillsborough | - | - | - | - | ||||||||||||||||||
| Miami-Dade | 14,032 | 20 | - | - | 2,544 | |||||||||||||||||
| Broward | - | - | - | - | 6,884 | |||||||||||||||||
| Palm Beach | 4,676 | - | - | - | - | |||||||||||||||||
| Pinellas | - | - | - | |||||||||||||||||||
| Polk | - | - | - | |||||||||||||||||||
| Other | 7,127 | 1,107 | 624 | |||||||||||||||||||
| Total Commercial Real Estate | $ | 27,126 | $ | 14,161 | $ | 2,820 | $ | 1,107 | $ | 14,991 | ||||||||||||
| Commercial Construction | ||||||||||||||||||||||
| Collier | $ | 253 | - | - | - | - | ||||||||||||||||
| Lee | - | - | - | - | - | |||||||||||||||||
| Hillsborough | - | - | - | - | - | |||||||||||||||||
| Miami-Dade | - | - | - | - | - | |||||||||||||||||
| Broward | - | - | - | - | - | |||||||||||||||||
| Palm Beach | - | - | - | - | - | |||||||||||||||||
| Pinellas | - | - | ||||||||||||||||||||
| Polk | - | - | ||||||||||||||||||||
| Other | - | - | ||||||||||||||||||||
| Total Commercial Construction | $ | 253 | - | - | - | - | ||||||||||||||||
| Commercial Land | ||||||||||||||||||||||
| Collier | - | $ | 0 | - | $ | 900 | $ | 950 | ||||||||||||||
| Lee | 544 | 350 | 1,620 | 1,551 | ||||||||||||||||||
| Hillsborough | 7,691 | - | 2,096 | |||||||||||||||||||
| Miami-Dade | - | 1,183 | 186 | |||||||||||||||||||
| Broward | 12,258 | - | - | |||||||||||||||||||
| Palm Beach | 6,943 | - | - | |||||||||||||||||||
| Pinellas | - | - | 3,672 | - | - | |||||||||||||||||
| Polk | - | - | ||||||||||||||||||||
| Other | 955 | - | 3,509 | - | 10 | |||||||||||||||||
| Total Commercial Land | $ | 28,391 | $ | 350 | $ | 7,181 | $ | 3,703 | $ | 4,793 | ||||||||||||
| Residential Construction and Land | ||||||||||||||||||||||
| Collier | - | $ | 0 | $ | 8,119 | - | $ | 1,304 | ||||||||||||||
| Lee | 195 | 2,976 | 132 | 212 | - | |||||||||||||||||
| Hillsborough | 474 | 1,000 | - | |||||||||||||||||||
| Miami-Dade | - | 899 | 4,048 | |||||||||||||||||||
| Broward | 488 | - | ||||||||||||||||||||
| Palm Beach | - | - | ||||||||||||||||||||
| Pinellas | - | - | 996 | - | - | |||||||||||||||||
| Polk | - | - | ||||||||||||||||||||
| Other | - | - | 845 | - | - | |||||||||||||||||
| Total Residential Construction and Land | $ | 669 | $ | 2,976 | $ | 10,092 | $ | 2,598 | $ | 5,351 | ||||||||||||
| Residential Mortgage & HELOC | ||||||||||||||||||||||
| Collier | $ | 1,939 | $ | 1,320 | $ | 6,754 | $ | 11,894 | $ | 2,245 | ||||||||||||
| Lee | 152 | 3,161 | 2,762 | 558 | 6,417 | |||||||||||||||||
| Hillsborough | - | - | - | - | 1,055 | |||||||||||||||||
| Miami-Dade | 693 | 531 | 6,280 | 532 | 207 | |||||||||||||||||
| Broward | 598 | 997 | ||||||||||||||||||||
| Palm Beach | - | - | ||||||||||||||||||||
| Pinellas | 859 | - | - | |||||||||||||||||||
| Polk | - | 126 | - | - | ||||||||||||||||||
| Other | 829 | - | ||||||||||||||||||||
| Total Residential Mortgage & HELOC | $ | 3,643 | $ | 5,138 | $ | 15,796 | $ | 14,411 | $ | 10,921 | ||||||||||||
| Consumer Other | ||||||||||||||||||||||
| Collier | $ | 24 | $ | 19 | - | - | - | |||||||||||||||
| Lee | 1 | 1 | 5 | 32 | 23 | |||||||||||||||||
| Hillsborough | - | - | ||||||||||||||||||||
| Miami-Dade | - | - | 36 | - | - | |||||||||||||||||
| Broward | - | - | ||||||||||||||||||||
| Palm Beach | - | 6 | 49 | - | - | |||||||||||||||||
| Pinellas | 226 | - | - | |||||||||||||||||||
| Polk | - | - | ||||||||||||||||||||
| Other | 45 | 80 | ||||||||||||||||||||
| Total Consumer Other | $ | 251 | $ | 26 | $ | 90 | $ | 77 | $ | 103 | ||||||||||||
| Total Accruing Loans Past Due 30-89 Days | $ | 62,605 | $ | 23,323 | $ | 36,478 | $ | 22,729 | $ | 37,265 | ||||||||||||
| Total Loans | $ | 1,253,257 | $ | 1,267,349 | $ | 1,288,177 | $ | 1,275,311 | $ | 1,247,802 | ||||||||||||
| Ratio of Non-Performing Loans to Total Loans | 11.98 | % | 11.12 | % | 8.93 | % | 5.63 | % | 2.33 | % | ||||||||||||
| Ratio of Loans Past Due 30-89 to Total Loans | 5.00 | % | 1.84 | % | 2.83 | % | 1.78 | % | 2.99 | % | ||||||||||||
| Ratio of Non-Performing Assets to Total Assets | 10.79 | % | 9.74 | % | 7.67 | % | 4.95 | % | 2.15 | % | ||||||||||||
| Quarter to Quarter Changer in Non-Performing Assets | ||||||||||||||||||||||
| Balance at Beginning of Quarter | $ | 148,945 | $ | 120,516 | $ | 76,670 | $ | 33,198 | $ | 24,689 | ||||||||||||
| Additions | 35,848 | 40,686 | 56,186 | 44,831 | 13,853 | |||||||||||||||||
| Reductions | ||||||||||||||||||||||
| Payments | 7,239 | 701 | 7 | 10 | 43 | |||||||||||||||||
| Return to Accrual Status | 1,825 | 420 | ||||||||||||||||||||
| Sales of Foreclosed Real Estate | 2,597 | 3,007 | 555 | 561 | 98 | |||||||||||||||||
| Other OREO transferred to Fixed Assets | 223 | - | - | - | - | |||||||||||||||||
| Charge-off/Writedowns | 12,305 | 8,129 | 11,779 | 789 | 5,204 | |||||||||||||||||
| Total Reductions | 24,189 | 12,257 | 12,341 | 1,359 | 5,344 | |||||||||||||||||
| Balance at End of Quarter | $ | 160,604 | $ | 148,945 | $ | 120,515 | $ | 76,670 | $ | 33,198 | ||||||||||||
|
Bank of Florida |
||||||||||||||||||||||
| Reserve for Credit Losses (Unaudited) | ||||||||||||||||||||||
| September 30, 2009 | June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | ||||||||||||||||||
| Balance at Beginning of Period | $ | 24,778 | $ | 24,479 | $ | 29,533 | $ | 14,264 | $ | 13,232 | ||||||||||||
| Loans and Leases Charged-off | ||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||
| Commercial and Industrial | -434 | -409 | -1,433 | -139 | -331 | |||||||||||||||||
| Commercial Real Estate | -6,253 | -611 | -431 | -41 | -2,278 | |||||||||||||||||
| Construction | -1,977 | -2,227 | -6,517 | -120 | -1,287 | |||||||||||||||||
| Land | -2,323 | -5,240 | -1,600 | -156 | -863 | |||||||||||||||||
| Consumer | ||||||||||||||||||||||
| Residential Mortgage | -1,327 | -743 | -1,696 | -131 | -90 | |||||||||||||||||
| Home Equity | -355 | -150 | -197 | -332 | ||||||||||||||||||
| Other | -94 | -112 | -102 | -5 | -23 | |||||||||||||||||
| Total Loans Charged-Off | -12,763 | -9,492 | -11,779 | -789 | -5,204 | |||||||||||||||||
| Recoveries on Loans and Leases Previously Charged-off | ||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||
| Commercial and Industrial | 27 | 3 | 5 | 4 | 24 | |||||||||||||||||
| Commercial Real Estate | 12 | |||||||||||||||||||||
| Construction | 6 | |||||||||||||||||||||
| Land | ||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||
| Residential Mortgage | 6 | |||||||||||||||||||||
| Home Equity | 1 | 1 | 5 | |||||||||||||||||||
| Other | 16 | 4 | 1 | 0 | 2 | |||||||||||||||||
| Total Recoveries on Loans Previously Charged-Off | 50 | 8 | 6 | 10 | 43 | |||||||||||||||||
| Net Loans and Leases Charged-Off | -12,713 | -9,484 | -11,773 | -779 | -5,162 | |||||||||||||||||
| Provision for Credit Losses2 | 25,719 | 9,764 | 6,693 | 16,025 | 6,190 | |||||||||||||||||
| Provision Adjustment 1 | 263 | - | - | - | - | |||||||||||||||||
| Reserve for Unfunded Commitments 2 | -45 | 19 | 26 | 23 | 4 | |||||||||||||||||
| Balance at End of Period | $ | 38,002 | $ | 24,778 | $ | 24,479 | $ | 29,533 | $ | 14,264 | ||||||||||||
| 1 Isolated adjustment due to timing of transaction; to be reversed in subsequent quarter | ||||||||||||||||||||||
| 2 Unfunded Commitments expense has been reclassified effective 9/30/09 retro to 1/1/2009 | ||||||||||||||||||||||
| Average Loans Outstanding | 1,124,263 | 1,153,183 | 1,202,566 | 1,213,371 | 1,196,918 | |||||||||||||||||
| Ratio of Net Loans Charged-off to Average Loans | 4.52 | % | 3.29 | % | 3.92 | % | 0.26 | % | 1.72 | % | ||||||||||||
| Outstanding (annualized) | ||||||||||||||||||||||
|
Ratio of Allowance for Loans Losses to Loans Outstanding |
3.03 | % | 1.96 | % | 1.90 | % | 2.32 | % | 1.14 | % | ||||||||||||
|
Bank of Florida Corporation Core Earnings Reconciliation (Dollars in millions) |
||||||||||||||||||||||||||||||||
| Versus 9/30/2009 | ||||||||||||||||||||||||||||||||
| 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2009 | 9/30/2008 | 3Q 08 | |||||||||||||||||||||||||
| Net Interest Income (1) | $ | 10.8 | $ | 10.6 | $ | 10.6 | $ | 10.4 | $ | 11.2 | $ | 0.2 | $ | 0.4 | ($0.4 | ) | ||||||||||||||||
| Fee Income (2) | 1.2 | 1.1 | 1.1 | 1.1 | 1.2 | 0.1 | 0.1 | - | ||||||||||||||||||||||||
| Gross Income | $ | 12.0 | $ | 11.7 | $ | 11.7 | $ | 11.5 | $ | 12.4 | $ | 0.3 | $ | 0.5 | (0.4 | ) | ||||||||||||||||
| Operating Expense (3) | 10.0 | 10.7 | 10.5 | 10.1 | 10.8 | (0.7 | ) | (0.1 | ) | (0.8 | ) | |||||||||||||||||||||
| Core Earnings (Pre-Tax/Credit) | $ | 2.0 | $ | 1.0 | $ | 1.2 | $ | 1.4 | $ | 1.6 | $ | 1.0 | $ | 0.6 | $ | 0.4 | ||||||||||||||||
| Carrying cost of nonaccrual loans | (1.3 | ) | (1.1 | ) | (1.0 | ) | (0.6 | ) | (0.3 | ) | (0.2 | ) | (0.7 | ) | (1.0 | ) | ||||||||||||||||
| Provision for Loan Loss | (25.7 | ) | (9.8 | ) | (6.7 | ) | (16.0 | ) | (6.2 | ) | (15.9 | ) | (9.7 | ) | (19.5 | ) | ||||||||||||||||
| Pre-Foreclosure/Foreclosed Property Expense | (0.7 | ) | (0.7 | ) | (0.5 | ) | (0.8 | ) | (0.6 | ) | - | 0.1 | (0.1 | ) | ||||||||||||||||||
| FDIC Special Assessment | - | (0.7 | ) | - | - | - | 0.7 | - | - | |||||||||||||||||||||||
| Write Off of Correspondent Bank Stock | - | (0.2 | ) | - | - | - | 0.2 | - | - | |||||||||||||||||||||||
| Securities/Interest Rate Swap Gains (Losses), net | 0.9 | 1.3 | - | - | - | (0.4 | ) | 0.9 | 0.9 | |||||||||||||||||||||||
| Gains (Losses) on ORE/Loan Sales, net | (0.4 | ) | 0.2 | - | 0.1 | - | (0.6 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||||||||||
| Items Related to Pre - 4Q 08 | - | (0.3 | ) | - | - | 0.3 | - | - | ||||||||||||||||||||||||
| Costs related to private/public equity raise | (0.3 | ) | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
| Income Tax Benefit, net | 9.4 | 3.9 | 2.6 | 5.9 | 2.1 | 5.5 | 3.5 | 7.3 | ||||||||||||||||||||||||
| Net Operating (Loss) | (16.1 | ) | (6.5 | ) | (4.4 | ) | (10.0 | ) | (3.4 | ) | (9.6 | ) | (6.1 | ) | (12.7 | ) | ||||||||||||||||
| Goodwill Impairment Charge | 62.0 | - | - | - | - | 62.0 | 62.0 | 62.0 | ||||||||||||||||||||||||
| Net (Loss) | (78.1 | ) | (6.5 | ) | (4.4 | ) | (10.0 | ) | (3.4 | ) | (71.6 | ) | (68.1 | ) | (74.7 | ) | ||||||||||||||||
| Diluted Operating EPS | (1.26 | ) | (0.51 | ) | (0.34 | ) | (0.78 | ) | (0.27 | ) | ||||||||||||||||||||||
| (Loss) Per Share | (6.10 | ) | (0.51 | ) | (0.34 | ) | (0.78 | ) | (0.27 | ) | ||||||||||||||||||||||
| Net Interest Margin | 3.02 | % | 2.97 | % | 2.93 | % | 2.89 | % | 3.33 | % | 0.05 | % | 0.13 | % | -0.31 | % | ||||||||||||||||
| Net Interest Margin - Pre Credit (1) | 3.34 | % | 3.26 | % | 3.12 | % | 3.02 | % | 3.40 | % | 0.08 | % | 0.32 | % | -0.06 | % | ||||||||||||||||
Notes:
(1) Excluding impact of nonaccrual loans and interest reversals
(2) Excluding securities, interest rate swap and ORE gains & losses
(3) Excluding pre-foreclosure & foreclosed property expenses, goodwill impairment charge, FDIC special assessment, correspondent bank (Silverton) stock write off, professional fees and termination costs related to pre-4Q 08 items, costs related to private/public equity raise
| Bank of Florida Corporation | |||||||||||||||
| Net Interest Margin Excluding Nonaccruals Calculation | |||||||||||||||
| (in thousands) | |||||||||||||||
| Sep-08 | Dec-08 | Mar-09 | Jun-09 | Sep-09 | |||||||||||
| Avg Non-Accruing Loans | 27,760 | 60,851 | 90,241 | 142,848 | 149,507 | ||||||||||
| Avg Total Funding Rate | 3.53 | % | 3.37 | % | 2.96 | % | 2.72 | % | 2.68 | % | |||||
| Avg Earning Assets | 1,331,913 | 1,342,586 | 1,319,903 | 1,260,031 | 1,244,719 | ||||||||||
| Net Interest Margin | 3.15 | % | 3.00 | % | 2.49 | % | 3.09 | % | 3.00 | % | |||||
| Annualized Net Interest Income | 41,955 | 40,278 | 32,800 | 38,935 | 37,342 | ||||||||||
| Annualized Non-Accruing Funding Cost | 980 | 2,051 | 2,667 | 3,885 | 4,007 | ||||||||||
| NIM Excluding Non-Accruing Funding Cost | 3.22 | % | 3.15 | % | 2.69 | % | 3.40 | % | 3.32 | % | |||||
| Quarterly NIM Excluding Non-Accruing Funding Cost | 3.40 | % | 3.02 | % | 3.12 | % | 3.26 | % | 3.34 | % | |||||
| YTD NIM Excluding Non-Accruing Funding Cost | 3.57 | % | 3.42 | % | 3.12 | % | 3.19 | % | 3.24 | % | |||||
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