Bank of Florida Corporation (NASDAQ: BOFL) announced financial
results for the full year and fourth quarter ended December 31,
2009. The net loss for the year ended December 31, 2009 was $108.7
million or $8.51 per diluted share. Full year 2009 results were
most significantly impacted by the $62.0 million goodwill
impairment charge recorded during the third quarter of 2009.
Excluding this charge, the net loss was $46.7 million or $3.66 per
diluted share. This compares to a net loss $13.2 million or $1.03
per share for the year ended December 31, 2008. In addition to the
goodwill impairment charge, the increase in the net loss for the
full year ended December 31, 2009 was primarily due to a $49.2
million increase in the provision for loan losses.
Full Year 2009
Highlights
- Tangible Common Equity totaled
$76,169, or 5.30% of tangible assets, at December 31, 2009.
- Tangible Common Equity and
reserves totaled $118,232, or 8.22% of tangible assets, at December
31, 2009.
- Total core deposits, which
include demand deposits, NOW, MMDA, Savings, CDs less than $100,000
and reciprocal CDARs, increased 10%.
- Land, construction and
development loans decreased 34% to $223.8 million from $336.8
million at December 31, 2008.
- Net interest margin decreased 49
basis points to 2.85% for the year-ended December 31, 2009 from
3.34% for the year-ended December 31, 2008.
- Assets under administration at
Bank of Florida Trust Company totaled $740.5 million, an increase
of $245.9 million, or 50%, compared to December 31, 2008.
The net loss for the fourth quarter of 2009 was $19.8 million or
$1.55 per diluted share. This compares to a net loss of $78.1
million, or $6.10 per diluted share, in the third quarter of 2009.
Excluding the $62.0 million goodwill impairment charge recorded in
the third quarter of 2009, the net loss for the third quarter of
2009 was $16.1 million or $1.26 per diluted share.
Fourth Quarter 2009
Highlights
- The allowance for loan losses
was 3.47% of total loans, compared to 3.03% at September 30,
2009.
- Fourth quarter provision for
loan losses totaled $31.5 million, compared to $25.7 million in the
third quarter.
- Net charge-offs on an annualized
basis were 10.10% of average loans, up from 4.52% of average loans
in the third quarter.
- Non-performing loans totaled
13.56% of total loans, compared to 11.98% at September 30,
2009.
- Non-performing assets totaled
12.41% of total assets, compared to 10.79% at September 30,
2009.
- Tangible common equity as a
percentage of tangible assets was 5.30%.
- $24.0 million in on-balance
sheet liquidity added through the investment of cash inflows from
new deposits.
- Net interest margin decreased 54
basis points to 2.48%, compared to 3.02% in the third quarter of
2009.
- Assets under administration at
Bank of Florida Trust Company increased $6.1 million, or 1%,
compared to September 30, 2009.
“Our results for the fourth quarter and full year 2009 were as
we had expected, and in line with the disclosure provided in our
Registration Statement on file with the Securities and Exchange
Commission,” said Chief Executive Officer Michael L. McMullan. “Our
registration statement remains on file with the SEC, and we are
working hard on several internal and external capital raising
options.
“We remain focused on reducing our problem assets, and will
consider and evaluate all options that make economic sense for our
shareholders. We continue to make progress through sales,
absorption and restructures of non-performing loans and anticipate
this activity to pick up as we move through 2010. We have also
continued to reduce our exposure to land, construction, and
development loans over the past 12 months, as this portfolio now
represents 18% of our total loans, compared to 26% at December 31,
2008. In addition, early in the first quarter of 2010, we realigned
our senior management team to better focus on the challenges that
lie ahead this year.
“We also made progress in improving our core bank operations
during 2009, despite the challenges of the current economic
environment. Normalized net income at year end 2009, which excludes
the impact of one-time expenses, such as the goodwill impairment
charge recorded in the third quarter, as well as expenses related
to resolving non-performing assets and loan loss provisions
associated with non-performing loans, increased 19% compared to
year-end 2008. This increase is a direct result of our efforts to
increase non-interest income as well as the success of the expense
reduction initiatives that we implemented during the second half of
last year.
“In addition, during the fourth quarter, we significantly
improved our liquidity position by adding $24.0 million in
on-balance sheet liquidity through new deposit growth. While this
had a negative impact on our net interest margin in the short term,
it provided our balance sheet with necessary flexibility as we
continue to work through the challenging environment. As we
implemented a more normalized investment scenario with the
additional liquidity late in the fourth quarter, our net interest
margin improved to 2.80% in December (3.18% on a normalized basis,
which excludes the effects of nonaccrual loans and their related
funding costs), from 2.25% in November (2.59% on a normalized
basis), and we anticipate that we will continue to see some
improvement in our net interest margin during the first quarter of
2010.”
Net Interest Income
Net interest income for the 12 months ended December 31, 2009
amounted to $36.7 million, a decrease of $6.1 million compared to
the 12 months ended December 31, 2008. The net interest margin
decreased 49 basis points to 2.85% for the full year 2009, compared
to 3.34% for the full year 2008. The year-over-year decrease in the
net interest margin was primarily due to interest reversals related
to the increased level of nonaccrual loans. The normalized net
interest margin, which excludes the effects of nonaccrual loans and
their related funding costs, decreased 29 basis points to 3.13% for
the year ended December 31, 2009, compared to 3.42% for the year
ended December 31, 2008. The decrease in the normalized net
interest margin was related to the addition of on-balance sheet
liquidity that occurred during the fourth quarter of 2009 and the
timing of executing an investment strategy on these funds.
Net interest income for the fourth quarter of 2009 totaled $8.1
million, a decrease of 16% compared to $9.6 million in the third
quarter of 2009. The net interest margin decreased 54 basis points
to 2.48%, compared to 3.02% in the third quarter of 2009, primarily
as a result of an increased level of on-balance sheet liquidity and
the timing of executing an investment strategy on these funds. The
normalized net interest margin was approximately 2.81% in the
fourth quarter of 2009 compared to approximately 3.34% in the third
quarter of this year.
Non-Interest Income
Non-interest income increased $4.2 million to $8.9 million for
the year ended December 31, 2009, compared to $4.7 million for the
year ended December 31, 2008. The year-over-year increase in
non-interest income primarily resulted from an increase in
investment securities gains of $4.2 million. Service charges and
fees increased 37%, to $2.6 million, due to the implementation of a
more efficient process for commercial account analysis, as well as
income of $480,000 related to hedge ineffectiveness and the
termination of a derivative transaction recorded during the third
quarter of 2009. Trust fees decreased 5%, due to the distressed
equity market conditions that occurred during the first half of
2009.
Non-interest income increased $1.8 million to $3.4 million in
the fourth quarter from $1.6 million in the third quarter,
primarily due to a $1.9 million increase in investment securities
gains, and a 7% increase in trust fees as a result of an increase
in assets under management and improved equity market conditions.
Service charges and fees decreased 25%, primarily due to income of
$382,000 related to hedge ineffectiveness and the termination of a
derivative transaction recorded during the third quarter. Also
impacting non-interest income during the fourth quarter was
$333,000 related to losses on sale of Other Real Estate Owned.
Non-Interest Expense
Non-interest expense increased $64.5 million to $108.6 million
for the 12 months ended December 31, 2009, compared to $44.1
million for the same period in 2008. The increase in non-interest
expense during 2009 was primarily due to the $62.0 million goodwill
impairment charge that was recorded during the third quarter.
Excluding this charge, non-interest expenses increased $2.5
million, or 6%, to $46.6 million for the year ended December 31,
2009 from $44.1 million for the same period in 2008, primarily due
to a 31% increase in general operating expenses related to a $1.6
million increase in FDIC assessments in 2009, including the
$712,000 one-time FDIC assessment recorded during the second
quarter of 2009, as well as increased loan collection related
expenses and professional fees.
Non-interest expense decreased $61.2 million in the fourth
quarter to $11.8 million, due to the one-time, non-cash goodwill
impairment charge of $62.0 million recorded during the third
quarter. Excluding the goodwill impairment charge, non-interest
expense increased $748,000, or 7%, primarily due to higher loan
collection related expenses, FDIC assessments, and professional
fees.
Asset Quality and Provision for Loan Losses
Non-performing loans totaled $164.5 million, or 13.56% of total
loans at the end of the fourth quarter, up $14.4 million from
$150.1 million, or 11.98% of total loans as of the end of the third
quarter. The increase in non-performing loans was primarily related
to eight loans totaling $43.8 million, offset by net charge-offs of
$27.2 million and transfers to Other Real Estate Owned of $7.8
million. The Company had $90.6 million and $87.8 million in loans
defined as troubled debt restructurings as of December 31, 2009 and
September 30, 2009, respectively. Of those amounts, $48.9 million
and $46.3 million were accruing as of December 31, 2009 and
September 30, 2009, respectively, and performing in accordance with
their restructured terms. Non-performing assets were $178.8
million, or 12.41% of total assets, an increase of $18.2 million
from $160.6 million or 10.79% of total assets as of the end of the
third quarter.
Net charge-offs for the year ended December 31, 2009 were $61.1
million, or 5.37% of average loans, an increase of $51.9 million
from $9.2 million, or 0.78% of average loans for the year ended
December 31, 2008. Net charge-offs during 2009 were predominantly
related to construction, land, and commercial real estate loans.
Construction, land, and development loans represented 18% of total
loans at December 31, 2009, down from 26% of total loans at
December 31, 2008. The provision for loan losses totaled $73.7
million, up $49.2 million from $24.5 million for the year ended
December 31, 2008. The increase in the provision for loan losses
during 2009 was primarily due to an increase in non-performing
loans, non-performing assets, and net charge-offs resulting from
the continued downturn in the Florida economy and real estate
market.
Net charge-offs were $27.2 million, or 10.10% of average loans
on an annualized basis in the fourth quarter of 2009, an increase
of $14.5 million from $12.7 million, or 4.52% of average loans in
the third quarter on an annualized basis. Net charge-offs during
the fourth quarter of 2009 were primarily related to construction,
land, and commercial real estate loans. The provision for loan
losses totaled $31.5 million, up $5.8 million from $25.7 million in
the third quarter. The allowance for loan losses increased to $42.1
million or 3.47% of total loans, compared to $38.0 million, or
3.03% of total loans, at the end of the third quarter.
Balance Sheet and Capital
Total assets decreased $108.2 million, or 7%, to $1.4 billion,
at December 31, 2009 compared to December 31, 2008. The decrease in
total assets for the year was primarily due to the $62.0 million
goodwill impairment charge recorded during the third quarter of
2009. Excluding this charge, total assets decreased $46.2 million,
or 3% compared to December 31, 2008. The decrease in total assets
excluding the goodwill impairment charge was primarily due to a
$62.3 million, or 5%, decrease in total loans. This decrease
largely resulted from pay downs, and charge-offs of non-performing
loans, particularly within the land and construction portfolio.
Offsetting the decrease in loans year-over-year was a 10% increase
in commercial real estate loans. Total deposits increased 2%
year-over-year, while brokered CDs decreased 44% due to the
Company’s focus on reducing non-core funding. Core deposits
increased 10% due to a $202.1 million increase in CDs with balances
less than $100,000. During the quarter, $24.0 million in on-balance
sheet liquidity was added through the investment of cash inflows
from new deposits in short-term investments.
Total assets decreased $47.2 million, or 3% at the end of the
fourth quarter compared to the third quarter, primarily due to a
$40.2 million, or 3%, decrease in total loans. The decrease in
total loans was primarily due to pay downs and charge-offs of
non-performing loans. Total core deposits decreased $3.9 million,
or less than 1%, compared to the third quarter of 2009 due to $56.7
million runoff in retail CDARs as well as a $64.3 million decrease
in money market and NOW deposits. These decreases were offset by a
$115.5 million increase in CDs with balances less than
$100,000.
Shareholders’ equity in the fourth quarter totaled $82.6
million, a decrease of $21.3 million, or 20%, compared to the third
quarter. Tangible common equity as a percentage of tangible assets
stood at 5.30%, compared to 6.53% in the third quarter of 2009.
Consolidated tier 1 leverage, tier 1 risk-based capital, and total
risk-based capital ratios were approximately 2.88%, 3.61%, 6.25%,
respectively, as of December 31, 2009.
The following tables summarize the Company’s results for the
fourth quarter and full year 2009.
Bank of Florida Corporation Financial Highlights
(unaudited) For the Three Months Ended
Dec 31, Sept 30, Jun 30, Mar 31, Dec
31, (dollars in thousands, except per share data)
2009
2009 2009 2009 2008
Income Statement Highlights
Net interest income before provision $ 8,069 $ 9,554 $ 9,435 $
9,595 $ 9,789 Provision for loan losses 31,494 25,719 9,764 6,693
16,026 Non interest income 3,442 1,595 2,676 1,155 1,195
Noninterest expense 11,802 73,014 12,704 11,031 10,951 Net (loss)
income (19,770 ) (78,080 ) (6,500 ) (4,373 ) (10,014 ) Top-line
revenue 9,128 10,637 10,760 10,750 10,984 Basic (loss) income per
common share (1.55 ) (6.10 ) (0.51 ) (0.34 ) (0.78 ) Diluted (loss)
income per common share (1.55 ) (6.10 ) (0.51 ) (0.34 ) (0.78 )
Key Ratios
Return on average assets (5.18 ) % (20.63 ) (1.71 ) % (1.15 ) %
(2.65 ) % Return on average common equity (79.71 ) (180.22 ) (14.19
) (9.23 ) (20.89 ) Net interest margin 2.48 3.02 2.97 2.93 2.89
Efficiency ratio 1 129.29 686.42 118.07 102.61 99.70 Tangible
common equity ratio 2 5.30 6.53 7.69 8.08 8.43 Average equity to
average assets 6.78 11.73 12.06 12.46 12.70 Average loans to
average deposits 84.78 95.67 99.21 104.04 103.84 Net charge-offs to
average loans 10.10 4.52 3.29 3.92 0.26 Loan loss allowance to
total loans 3.47 3.03 1.96 1.90 2.32 Loan loss allowance to
nonperforming loans 25.57 25.32 17.58 21.28 41.10 Nonperforming
loans to total loans 13.56 11.98 11.12 8.93 5.63 Nonperforming
assets to total assets 12.41 10.79 9.74 7.67 4.95
Average Balances
Average loans $ 1,075,798 $ 1,124,263 $ 1,153,183 $ 1,202,566 $
1,213,371 Average assets 1,526,134 1,513,915 1,520,346 1,521,222
1,509,950 Average earning assets 1,292,715 1,254,596 1,274,355
1,327,659 1,347,990 Average deposits 1,268,890 1,175,084 1,162,340
1,155,918 1,168,491 Average common equity 99,212 173,298 183,259
189,578 191,719
As of Period End Dec
31, Sept 30, Jun 30, Mar 31, Dec
31, 2009 2009 2009 2009 2008
Total assets $ 1,440,850 $ 1,488,008 $ 1,528,879 $ 1,570,255
$ 1,549,013 Total loans (including unearned income and loan fees)
1,213,033 1,253,257 1,267,349 1,288,177 1,275,311 Total deposits
1,187,318 1,223,369 1,167,052 1,165,267 1,166,282 Stockholders'
equity 82,611 103,883 180,803 186,334 189,979 Nonperforming assets
178,839 160,604 148,945 120,515 76,670 Assets under administration
- Bank of Florida Trust Company 740,545 734,469 630,657 522,541
494,633 Assets under management - Bank of Florida Trust Company
628,137 617,877 515,380 412,661 386,472
GAAP reconciliation of tangible book
value
Tangible book value per common share $ 5.87 $ 7.48 $ 8.70 $ 9.39 $
9.79 Effect of goodwill and other intangibles 0.19
0.20 4.99 4.99
5.08 Book value per common share $ 6.06 $ 7.68
$ 13.69 $ 14.38 $ 14.87 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 Corporation
Consolidated Statements of Income (unaudited)
Twelve Months Ended
Three Months Ended December 31, December 31,
December 31, September 30, June 30, March
31, December 31, (dollars in thousands, except per share
data)
2009 2008 2009 2009 2009
2009 2008 Interest income Interest and fees on
loans $ 66,098 $ 78,441 $ 15,389 $ 16,693 $ 16,717 $ 17,299 $
18,960 Interest on securities and dividends 5,349 4,731 1,273 1,232
1,351 1,492 1,376 Interest on federal funds sold 16
155 5 8
1 2
92 Total interest income $ 71,463 $
83,327 16,667 17,933
18,069 18,793
20,428 Interest expense Interest on deposits
28,789 33,572 7,089 6,886 7,127 7,686 9,081 Interest on
subordinated debt 486 898 97 109 132 147 234 Interest on FHLB &
other borrowings 5,536 6,065
1,412 1,384
1,375 1,365 1,324
Total interest expense 34,811
40,535 8,598 8,379
8,634 9,198 10,639
Net interest income 36,652 42,792
8,069 9,554 9,435 9,595 9,789
Provision for loan losses 73,670
24,488 31,494 25,719
9,764 6,693
16,026 Net interest income after provision for loan
losses (37,018 ) 18,304
(23,425 ) (16,165 ) (329 )
2,902 (6,237 ) Non interest
income Service charges & fees 2,631 1,923 686 911 560 472 474
Gain on sale of assets, net (587 ) 32 (327 ) (479 ) 191 29 100
Trust Fees, net 2,579 2,719 700 651 574 654 621 Gains on sale of
investment securities 4,246 28
2,383 512
1,351 0 0
Total
noninterest income 8,869
4,702 3,442
1,595 2,676
1,155 1,195
Noninterest expense Salaries and employee benefits 20,032 21,411
4,644 4,717 5,460 5,211 5,056 Occupancy expenses 7,171 6,973 1,695
1,819 1,888 1,769 1,766 Equipment rental, depreciation and
maintenance 3,180 3,279 759 771 812 837 799 General operating
78,168 12,398
4,704 65,707 4,544
3,214 3,330
Total
noninterest expense 108,551
44,061 11,802
73,014 12,704
11,031 10,951
(Loss) income before taxes (benefit) (136,700
) (21,055 ) (31,785 )
(87,584 ) (10,357 ) (6,974
) (15,993 ) Income taxes (benefit)
(27,977 ) (7,833 ) (12,015 )
(9,504 ) (3,857 ) (2,601 )
(5,979 )
Net (loss) income $
(108,723 ) $ (13,222 )
$ (19,770 ) $ (78,080
) $ (6,500 ) $
(4,373 ) $ (10,014 )
(Loss) income per common share - diluted $ (8.51 ) $
(1.03 ) $ (1.55 ) $ (6.10 ) $ (0.51 ) $ (0.34
) $ (0.78 ) Weighted average common shares
outstanding - diluted 12,788,450
12,779,020 12,800,398 12,795,054
12,779,020 12,779,020
12,779,020 Total common shares
outstanding 12,968,898 12,779,020
12,968,898 12,968,898
12,947,520 12,955,520
12,779,020
Bank of Florida Corporation Consolidated Balance Sheet
(unaudited) (dollars in thousands)
A S S E T S
12/31/2009 9/30/2009
6/30/2009 3/31/2009
12/31/2008 Cash and due from
banks $ 10,161 $ 15,204 $ 11,805 $ 11,975 $ 35,054 Interest bearing
due from other banks 58,506 59,913 27,368 44,106 12,571 Federal
funds sold 0 0
0 241 313
Total cash and cash equivalents 68,667
75,117 39,173
56,322 47,938 Securities held to
maturity 554 2,187 2,363 3,317 3,316 Securities available for sale
98,120 102,763 102,459 109,741 114,660 Loans held for sale 0
172 0 156 - Portfolio loans 1,214,362 1,254,472 1,268,786
1,289,582 1,276,985 Less: Allowance for loan losses 42,063 38,002
24,778 24,479 29,533 Unearned income and deferred loan fees
1,329 1,387 1,437
1,561 1,674
Net
loans 1,170,970
1,215,083 1,242,571
1,263,542
1,245,778 Restricted securities,
Federal Home Loan Bank and other bank stock 8,643 8,643 8,467 8,647
9,246 Premises and equipment 27,282 27,776 28,248 29,029 29,501
Accrued interest receivable 4,805 5,245 4,656 5,121 4,990
Intangible assets 2,471 2,569 64,631 64,738 64,850 Other assets
59,338 48,453
36,311 29,642
28,734
Total assets $ 1,440,850
$ 1,488,008 $
1,528,879 $ 1,570,255
$ 1,549,013
LIABILITIES AND STOCKHOLDERS'
EQUITY
Non interest bearing deposits $ 103,967 $ 101,881 $ 97,378 $
101,631 $ 114,905 MM/NOW 346,401 410,706 387,104 383,815 366,349
Savings 5,825 6,248 6,427 6,318 5,752 CD's < $100k 310,012
194,544 118,802 114,083 107,889 Retail CDAR's 20,147
76,881 122,114
124,457 117,308
Total
core deposits 1 786,352
790,260 731,825
730,304
712,203 Brokered CD's 133,539 164,098 175,236
211,955 239,507 CD's (all others) 267,427 269,011 259,991 223,008
214,572
Total deposits
1,187,318 1,223,369
1,167,052
1,165,267 1,166,282
Fed funds purchased - - - - - Subordinated debt 16,000
16,000 16,000 16,000 16,000 Other borrowings 32,681 21,908 40,696
80,000 20,000 Federal home loan bank advances 118,457 118,461
118,466 118,470 152,474 Accrued interest payable 2,045 1,973 2,009
2,140 2,286 Accrued expenses and other liabilities
1,738 2,414 3,853
2,044 1,992
Total
liabilities 1,358,239
1,384,125 1,348,076
1,383,921
1,359,034 Stockholders' Equity: Preferred
stock 3,971 4,300 3,525 - - Common stock 130 130 130 130 128
Additional paid-in capital 201,173 200,746 200,615 200,592 199,862
Restricted stock (436 ) (498 ) (559 ) (651 ) - Accumulated deficit
(15,030 ) (15,030 ) (15,030 ) (15,030 ) (1,808 ) Current year net
income (loss) (108,723 ) (88,953 ) (10,873 ) (4,373 ) (13,222 )
Dividends Paid (106 ) - - - - Other comprehensive income
1,632 3,188 2,995
5,666 5,019
Total stockholders' equity 82,611
103,883
180,803 186,334
189,979 Total liabilities and stockholders'
equity $ 1,440,850 $ 1,488,008 $
1,528,879 $ 1,570,255 $ 1,549,013
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.
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq: BOFL) is a $1.4
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.
Bank of Florida Corporation has filed a registration statement
(including a prospectus) (SEC File Number 333-161252) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the issuer will arrange to send
you the prospectus if you request it by calling (239) 254-2100.
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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