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North Carolina Community Banking Forum 2014 Thursday, November 20, 2014 Grandover Resort - One Thousand Club Road, Greensboro, NC North Carolina Community Banking Forum 2014 Thursday, November 20, 2014 Grandover Resort - One Thousand Club Road, Greensboro, NC 8:30 am - 9:00 am Registration & Continental Breakfast 9:00 am - 9:05 am Welcome Jason Caskey, Financial Services Practice Leader, Elliott Davis 9:05 am - 10:00 am Investment Banking Update Bill Sammon, Managing Director, Raymond James & Associates Bill Wagner, Managing Director, Raymond James & Associates 10:00 am - 10:50 am Issues Facing Community Bank CFOs Jason Caskey—Moderator Terry Early, Chief Financial Officer, Yadkin Bank Tony VunCannon, Chief Financial Officer, HomeTrust Bank Kirk Whorf, Chief Financial Officer, North State Bank 10:50 am - 11:00 am Break 11:00 am - 12:05 pm Economic Update John Silvia, Chief Economist, Wells Fargo Securities, LLC 12:05 pm - 1:00 pm Lunch - Grandville A&B 1:00 pm - 1:50 pm A&A Update Garry Rank, Shareholder, Elliott Davis 1:50 pm - 2:50 pm Attorney Panel Discussion Jason Caskey—Moderator Tony Gaeta, Attorney, Wyrick Robbins Yates & Ponton, LLP Bill Lathan, Partner, Ward & Smith, PA Bob Singer, Partner, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP 2:50 pm - 3:00 pm Break 3:00 pm - 4:00 pm Empowering Your ALCO with the Tools & Critical Information for Successful Strategy Development Mark Haberland, Managing Director, Darling Consulting Group 4:00 pm - 5:00 pm Regulatory Panel Discussion Jason Caskey—Moderator Jeff Burgess, Territory Supervisor, Federal Deposit Insurance Corporation Jim Euge, National Bank Examiner, Office of the Comptroller of the Currency Paul Frey, Supervisory Examiner, Federal Reserve Bank of Richmond Ray Grace, State of NC Commissioners of Banks 5:00 pm Adjourn Meeting FINANCIAL SERVICES Financial Services - 360° Industry Perspective The banking industry is complex and rapidly evolving. You deserve the right team with the right leadership to serve you. More than 100 banks in the Southeast, large and small, depend on Elliott Davis’ Financial Services Practice for personal attention, industry experience and services including external and internal audit, SEC reporting, taxation and compliance. With a 60-year reputation and a team of 90 professionals serving financial institutions, we help banks operate stronger, wiser, better. ARE YOU... Concerned about risk? Considering a merger or acquisition? Interested in preserving your capital? Looking for strategies to manage effective tax rates? Struggling to stay abreast of complex SEC reporting and regulations? Searching for a resource to assist with ever-changing accounting standards? SOLUTIONS Assurance SEC Related Services • Audit services • Preparation of 10-Qs and 10-Ks • Financial statement preparation • SEC registration and compliance • SOX 404 documentation and testing Non-Audit Services • Bank Secrecy Act compliance reviews Consulting • Information system audits • ALCO model testing • Independent loan reviews • Business valuation services • Outsourced internal audit • Cost segregation studies • SSAE No. 16 reports • Director training • ALLL validation • Loan and deposit compliance • Management and regulatory services Tax • Mergers and acquisitions • Income tax preparation and planning • Strategic planning • State and local tax services • Stock compensation calculations • Tax estimates • Compliance with enforcement actions • Evaluation of deferred tax asset Elliott Davis is a member of The Leading Edge Alliance, a worldwide association of independently owned accounting firms. elliottdavis.com © Elliott Davis LLC © Elliott Davis PLLC TM ValuCast Acquired Loan Valuation Solution Recent industry convergence in the banking industry is unprecedented, creating opportunities for banks to acquire new customers, new talent and diversify asset portfolios. When it comes to the acquired loan portfolios, evaluating fair market value as well as accounting and reporting on those assets in the new economy is essential. Effective decision-making requires swift analysis and assimilation of vast amounts of data which can be a major challenge. Elliott Davis’ Financial Services consultants help banks address and automate this process by providing a tested, transparent, efficient solution. OUR EXPERIENCE You need to know the value of the assets you are acquiring and the liabilities you are assuming, as well as consider them in accordance with ASC 805-Business Combinations and ASC 820-Fair Value Measurements. To do so, we bring the following credentials and experience to our client engagements: • Prepared valuations for more than a dozen FDIC-assisted and open bank transactions with more than $5 billion in total assets acquired • Assisted in detailed credit reviews of loan portfolio and other real estate owned (OREO) properties • Formulated general ledger accounts to book Day 1 entries • Advised on transitioning the acquisition to banks’ core processing systems for seamless Day 2 accounting PRE-ACQUISITION DUE DILIGENCE Before a transaction is finalized, our seasoned team performs due diligence services, delivering the financial information you need to make key pre-acquisition decisions. SERVICE PROVIDED CLIENT BENEFIT Perform a pro forma valuation of acquired assets and Provides understanding of fair value marks related to loans, OREO, liabilities deposits, advances and other borrowings, and indemnification asset Preparation of transparent and flexible valuation model Ability to change assumptions in real time to measure impact of various scenarios and to perform sensitivity and stress testing type analyses Review of loan portfolio and OREO Obtain more accurate reflection of the credit marks and liquidity marks on acquired assets DAY 1 VALUATION Our team of professionals can assist you with the preparation of the valuation of assets acquired and liabilities assumed as well as consideration given in accordance with ASC 805 – Business Combinations as well as ASC 820 – Fair Value Measurements. SERVICE PROVIDED CLIENT BENEFIT Provide timely deliverables through efficient model and Updates accounting books and records for fair value accounting in processes an expedient manner Deliver a full report that includes discussion and analysis as Provides management insight into the methodology used as well as well as supporting exhibits a robust deliverable for management, auditors and regulators alike Assist management in establishing general ledger accounts Help with setting up accounts required for Day 1 and ongoing Day 2 and Day 1 entries accounting POST-ACQUISITION DAY 2 ACCOUNTING Bank acquisitions involve highly complex financial and tax reporting, making Day 2 accounting critical to long-term success. Our professionals serve more than 100 banks in the Southeast and have developed a proprietary solution, ValuCastTM, to account for loans and related indemnification asset (if applicable) acquired in an acquisition. SERVICE PROVIDED CLIENT BENEFIT Assist with accounting policies and procedures A partnership to help in some of the most complex and technical documentation, playbooks, and other documentation in accounting decisions the company will face establishing an effective control environment Transparent and flexible model to perform ongoing Allows management to clearly identify changes in expected cash processing and recasting for future expected cash flows flows; in addition, allows management to more effectively manage significant model assumptions Advice to management based on developing trends and Establishes information source for management related to an best practices evolving accounting methodology that is not similar to traditional banking ValuCastTM has the following capabilities relating to ASC 310-30 Accounting: • Project future cash flows on both loan and indemnification asset • Assess loan level carrying values and accretion • Perform recast analyses • Deliver accounting packages for monthly closings • Perform sensitivity and stress testing with real time insights into cash flow projections • Provide static carrying value and accretable yield percentage projections • Customize cash flow modeling, output exhibits, and input methodology with no writing of code WHAT WE DELIVER TO YOU Unlike other solutions, our team has developed tools that provide you with – ✔ Transparency of formulas and test models ✔ Flexibility to customize analyses ✔ Timeliness of results ✔ Stress and Sensitivity Testing to see impact of assumptions and related impacts ✔ Improved Decision-Making through accurate budgeting, planning and projections ✔ Resource Utilization due to speed and ease of analysis ✔ Ongoing Advisory on best practices, policies and procedures moving forward Financial Services Shareholder Contact Information Bob Beckwith, CPA Bill Bossong, CPA, CBA Jason Caskey, CPA Shareholder Shareholder Financial Services Practice Leader Direct: 864.552.4763 Direct: 803.255.1497 Direct: 803.255.1203 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Lee Haynes, CPA Andy Mitchell, CPA George Noonan, CPA Shareholder Shareholder Shareholder Direct: 704.808.5208 Direct: 864.242.2691 Direct: 704.808.5293 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Paul Pickett, CPA Christopher Purvis, CPA Garry A. Rank, CPA Shareholder Shareholder Shareholder Direct: 804.887.2256 Direct: 704-808-5216 Direct: 864.242.2638 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Barbara Rushing, CPA Beverly A. Seier, CPA, CPCU Stacy Stokes, CPA Shareholder Shareholder Shareholder Direct: 864.242.2625
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