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.
Bank of Florida CorporationFinancial Highlights
(unaudited) 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
Income Statement Highlights
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 )
Key Ratios
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
Average Balances
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
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
GAAP reconciliation of tangible book
value
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
Bank of Florida
CorporationConsolidated Statements of Income (unaudited)
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
Bank of Florida CorporationConsolidated Balance Sheet
(unaudited) (dollars in
thousands)
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
LIABILITIES AND STOCKHOLDERS'
EQUITY
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
CORPORATIONRATE / VOLUME VARIANCE ANALYSISThree
months ended September 30, 2009 vs.Three months ended June
30, 2009
($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
CORPORATIONRATE / VOLUME VARIANCE ANALYSISThree
months ended September 30, 2009 vs.Three months ended
September 30, 2008
($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 FloridaLoan
Composition
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 -
ConsolidatedConcentration
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
CorporationCore 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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