Fourth Quarter 2013

Florida Banking

For additional information or Industry Update inquiries, please contact:

Benjamin C. Bishop, Jr. Chairman (904) 354-5573 [email protected]

David W. Jackson, Jr. President (704) 332-2032 [email protected] Commentary

W. Allen Rogers II Vice President-Corporate Finance Operating Results (704) 332-2032 [email protected] Capital Markets

Errol Parsons Associate Mergers & Acquisitions (904)354-5573 [email protected] in & Asset Quality Ratios

Robert Dunlap President of Ewing Loan Advisors (904)354-5573 [email protected]

Ben C. Bishop, III President of Ewing Real Estate, Inc. (904)354-5573 bbisho [email protected] Allen C. Ewing & Co.

50 North Laura Street, Suite 3625  Jacksonville, FL 32202 200 South Tryon, Suite 700  Charlotte, NC 28202 www.AllenEwing.com Allen C. Ewing & Co. Industry Update – 4Q13

TABLE OF CONTENTS The worst is over for banks in terms of identifying and

reserving for loan losses and selling NPAs. While the worst may be over in terms of NPA levels, the significant increase in fixed overhead expenses seriously impact the Commentary Page 2 ability of smaller banks to earn acceptable profits to generate capital to support asset growth. Net interest Florida Operating Results Page 3 margins at their present level of 3.50% are likely to continue in view of recent Federal Reserve Capital Markets Page 4 announcements concerning continued monetary easing. Most bankers would agree that the community bank of the Florida Bank Regional Results Page 5 future must become larger to be able to absorb these projected costs. Market Price / TBV Data Page 6 Small community bank presidents and directors are Florida Bank M&A Page 7 dealing with low prices for their shares, a slow-growth future for their bank, and shareholder discontent. Banks FDIC-Assisted Transactions Page 7 with an established franchise, a low level of NPAs, and positive core earnings have several options to improve Decline in Florida Banks Page 8 their earnings and stock values. A merger of equals (MOEs) would allow two banks to participate in the Florida’s 197 Banks Page 8 management of the pro forma bank created by an MOE. An MOE could be the first step in a longer-term strategy to 50 Largest Out of State Banks in Florida Page 12 merge the combined banks with a publicly traded BHC at a later date at a higher price. Banks with an established franchise, a low level of NPAs, and positive core earnings Florida’s Largest Publicly Traded Stocks Page 13 also have the option to sell their bank for cash or stock to an interested larger BHC, of which there are many. Florida Bank Texas Ratios Page 13 There have been few recent sales of community banks because: (1) sellers have been reluctant to sell or merge with an improving economy; and (2) the perception of

under-reserved NPAs continues to be a deterrent particularly to buyers and MOE participants. Similarly, COMMENTARY there have been few mergers involving MOEs because of: (1) the absence of meaningful earnings on the part of both FOURTH QUARTER 2013 banks which makes it difficult to agree upon exchange

ratios; and (2) the FDIC’s continued restrictive policy While there were modest positive improvements in the whereby it will only encourage MOEs if the MOE’s pro operating performance of Florida’s banks during the forma balance sheet meets CAMELS 2 requirements. We fourth quarter, the important event for the year as a believe that this policy will be modified soon as it is whole reflected the return of profitability to the Florida entirely too restrictive, particularly in an improving banking banking industry. Over 160 of Florida’s 197 banks environment. generated pre-tax profits during the year. This reversal of losses during the four-year recessionary period is The Florida banking industry has been consolidating for attributable primarily to the sharp reduction of loan loss several decades, and the new demographics for banking provisions and the reduction of NPAs. The return to will require it to continue to do so (note new chart on page profitability for the industry was a very positive event, 8). Community banks which are so important to the but future improvement in earnings must come from overall economy must become larger to compete increases in core operating earnings generated from effectively with regional and national and community higher margins and increasing earning assets. Florida banks that have become larger. We look forward to the community banks in 2014 and beyond must deal with a opportunity to assist community banks in addressing the variety of new cost pressures including much higher requirements of the next decade, and we welcome the compliance costs, a lack of capital to support growth of return to profitability for the Florida banking industry. assets, a low level of quality loan demand, flat net interest margins, and increasing competition.

-Benjamin C. Bishop, Jr.

2 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA & SOUTHEASTERN BANK OPERATING RESULTS

RETURN ON AVERAGE ASSETS EFFICIENCY RATIO Annualized Median Median (Tax equivalent ratios)

0.80 0.74 0.73 86.0 0.68 0.66 83.3 83.2 83.6 0.70 0.61 84.0 81.9 0.60 82.0 81.3 0.46 0.47 (%)

0.50 0.41 0.42 80.0

(%) 0.40 0.35

Ratio 78.0 0.30 ROAA 76.0 75.2 0.20 74.6

Efficiency 73.5 0.10 74.0 72.4 72.6 0.00 72.0 ‐0.10 70.0 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13

Florida Southeast Florida Southeast

NPAs / ASSETS LOAN LOSS PROVISIONS Median (Government guaranteed NPAs not included) Totals and Averages for the 197 Florida Based Banks

6.00 180,000 900 5.00 160,000 800 4.34 ($000) ($000)

140,000 700 3.76

(%) 4.00 3.49 3.31 120,000 600 2.88 3.02 100,000 500 3.00 2.74 2.57 Provisions Provisions Assets 2.49

2.34

/ 80,000 400

Loss Loss

2.00 60,000 300

NPAs 40,000 200 Loan Loan

1.00 20,000 100

Total 0 0

0.00 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Average 4Q12 1Q13 2Q13 3Q13 4Q13 Aggregate Loan Loss Provisions in FL Florida Southeast Average Loan Loss Provisions per FL Bank

NET INTEREST MARGIN – FLORIDA BASED BANKS NET INTEREST MARGIN – SE BANKS Median of the 197 Florida Based Banks Median of the 789 Banks in the Southeast (excluding FL)

5.0 5.0 4.59 4.43 4.43 4.42 4.42 4.16 4.07 4.05 4.08 4.10 4.0 4.0

3.91 3.78 3.80 3.85 3.87 3.0 3.61 3.49 3.52 3.59 3.59 3.0

2.0 2.0 1.0 1.0 0.75 0.0 0.62 0.56 0.55 0.51 0.51 0.0 0.68 0.65 0.62 0.59 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 Net Interest Margin (FTE) (%) Yield on Earning Assets (%) Net Interest Margin (FTE) (%) Yield on Earning Assets (%)

Cost of Funds (%) Cost of Funds (%)

NOTE: Florida results based on 197 Florida-based banks. Southeast results based on 789 banks based in Alabama, Georgia, North Carolina, South Carolina, Tennessee, and Virginia followed by SNL Financial. 3 Allen C. Ewing & Co. Industry Update – 4Q13

CAPITAL MARKETS

CAPITAL OFFERINGS OF SOUTHEASTERN BANKS MEDIAN TANGIBLE EQUITY / TANGIBLE ASSETS 1 Banks with Assets less than $5 Billion & Not Issued Under TARP FLORIDA BANKS & SE BANKS

Senior Debt 11.00 Sub Debt 2013 TruPS 10.34 10.27 Pref Stock 10.09 10.16 10.12 9.96 9.91 Common Stock 10.00 9.81 9.79 9.70 2012 (%)

9.00

Assets

Tang. 2011 /

8.00 Equity

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 ($ in millions) Tang. 7.00 (In Thousands) 2011 2012 2013 Senior Debt $5,450 $10,000 $0 Sub Debt $13,729 $20,247 $49,050 6.00 TruPS $0 $0 $0 4Q12 1Q13 2Q13 3Q13 4Q13 Pref Stock $537,710 $640,516 $211,556 Florida Southeast Common Stock $1,052,675 $378,336 $408,928

NOTE: Southeast states include: Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia

INTEREST RATES YIELD CURVE December 31, 2013, September 30, 2013, and December 31, 2012 December 31, 2012 – December 31, 2013

12/31/13 6/30/13 12/31/12 3.0 Federal Funds 0.07 0.07 0.09 2.5 Prime Rate 3.25 3.25 3.25

6 Month T Bill 0.10 0.10 0.11 2.0

(%)

1 Year T Bill 0.13 0.15 0.16 Yield 1.5 3 Year T Note 0.78 0.66 0.36 5 Year T Note 1.75 1.41 0.72 Treasury 1.0 10 Year T Note 3.04 2.52 1.78 0.5 30 Year T Bond 3.96 3.52 2.95

1 Month LIBOR 0.17 0.19 0.21 0.0 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr 3 Month LIBOR 0.25 0.27 0.31 6 Month LIBOR 0.35 0.41 0.51 12/31/13 06/30/13 12/31/12 1 Year LIBOR 0.58 0.69 0.84

1. NOTE: Florida results based on 197 Florida-based banks. Southeast results based on 789 banks based in Alabama, Georgia, North Carolina, South Carolina, Tennessee, and Virginia followed by SNL Financial. 4 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA- BASED BANK REGIONAL RESULTS FOURTH QUARTER 2013 PERFORMANCE VS FOURTH QUARTER 2012 PERFORMANCE Financial Ratios are Medians (%) – Dollars in Millions ($MM)

Panhandle 4Q‐13 4Q‐12 Northeast 4Q‐13 4Q‐12 East Central 4Q‐13 4Q‐12 No. of Banks 17 17 No. of Banks 8 11 No. of Banks 27 29 Aggregate Assets $5,744 $5,772 Aggregate Assets $20,449 $22,452 Aggregate Assets $10,776 $10,887 Equity/Assets 10.64 9.73 Equity/Assets 8.94 7.95 Equity/Assets 10.15 10.65 ROAA ‐0.08 0.12 ROAA ‐0.41 ‐0.12 ROAA 0.50 0.41 NPAs/Assets 4.02 5.14 NPAs/Assets 4.66 6.15 NPAs/Assets 3.62 4.44 Texas Ratio 19.42 34.52 Texas Ratio 36.72 52.99 Texas Ratio 16.24 28.65 Net Interest Margin 3.29 3.56 Net Interest Margin 3.43 3.52 Net Interest Margin 3.67 3.60

North Central 4Q‐13 4Q‐12

No. of Banks 5 5 Aggregate Assets $1,623 $1,637 Equity/Assets 8.26 8.58 ROAA 0.31 0.10 NPAs/Assets 3.59 4.61 Texas Ratio 18.66 30.28 Net Interest Margin 3.35 3.30

Tampa Bay 4Q‐13 4Q‐12 No. of Banks 32 31 Aggregate Assets $36,189 $35,055 Equity/Assets 10.61 11.08 ROAA 0.55 0.38 NPAs/Assets 1.88 2.81 Texas Ratio 14.63 21.09 Net Interest Margin 3.65 3.72

Southwest 4Q‐13 4Q‐12 Southeast 4Q‐13 4Q‐12

No. of Banks 11 13 No. of Banks 66 71

Aggregate Assets $3,106 $3,369 Aggregate Assets $71,714 $69,448 Equity/Assets 9.63 9.83 Equity/Assets 9.44 9.77 ROAA 0.16 0.21 ROAA 0.52 0.36 NPAs/Assets 2.63 3.24 NPAs/Assets 2.51 3.60 Texas Ratio 18.84 21.66 Texas Ratio 14.64 27.71 Net Interest Margin 3.43 3.43 Net Interest Margin 3.58 3.62

Regions Include Florida 40 largest counties. Panhandle Region includes Bay, Escambia, Gadsden, Jefferson, Leon, Okaloosa, Santa Rosa, and Wakulla Counties. Northeast Region includes Baker, Clay, Duval, Flagler, Nassau, and St. Johns Counties. East Central Region includes Brevard, Lake, Orange, Osceola, Seminole, Sumter and Volusia Counties. North Central Region includes Alachua, Gilchrist, and Marion Counties. Tampa Bay Region includes Hernando, Hillsboro, Manatee, Pasco, Pinellas, and Polk Counties. Southwest Region includes Charlotte, Collier, Lee and Sarasota Counties. Southeast Region includes Broward, Indian River, Martin, -Dade, Palm Beach, and St. Lucie Counties.

5 Allen C. Ewing & Co. Industry Update – 4Q13

MARKET PRICE / TBV MARKET PRICE / TBV 1 2 ALL PUBLICLY TRADED SOUTHEASTERN BANK STOCKS FLORIDA BANKS 2005 – Q4’13 January 1, 2013 – December 31, 2013

200 150

180 145 139.9

140 160 135 (%)

140 (%)

TBV 130

/ TBV

/ 120 125 Price

Price

100 120 Market Market 80 115 110 60 105 40 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average Median FL Banks

MEDIAN MARKET PRICE / TBV RATIOS BASED ON NPAS / ASSETS RATIO BASED ON EQUITY / ASSETS RATIO Data as of December 31, 2013 Data as of December 31, 2013

140 150 130 140

120 (%)

130 (%)

TBV 120 TBV 110 /

/

100 110 Price Price

90 100 Market Market

80 90

Median 70 80 Median

60 70 60 50 0%‐2% 2%‐5% 5%+ 12%+ 10%‐12% 8%‐10% < 8% NPAs / Assets (%) Equity / Assets (%)

U.S. Banks SE Banks U.S. Banks SE Banks

*Banks with average daily trading volume > 1000 *Banks with average daily trading volume > 1000

1: Southeastern Bank stocks for this chart include those in SNL’s Southeast Region: AL, AR, FL, GA, MS, NC, SC, TN, VA, and WV 2: Florida Banks include: CCBG, CBF, CSFL, FUBC, SBCF, and SGBK. 6 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA M&A ACTIVITY AND PRICE MULTIPLES1 Transactions announced from January 1, 1983 to December 31, 2013

40.0 37 3.50 35 35.0 31 31 3.00 30.0 NM 2.50

25 25 Price (%) 25.0

21 20 20 2.00 /

19 Book 20.0 18 Earnings

16 / 15 15

1.50 14 14 (%) 15.0 13 12 12 11 12 Price 10 10 1.00 10.0 7 77 7 8 5 4 5 5.0 0.50

0.0 0.00 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 # of Transactions Price/Earnings Price/Book

FLORIDA BANK MERGERS & ACQUISITIONS Announced January 1, 2013 – December 31, 2013

Deal Buyer Target Value/ Announce Buyer Assets Target Assets TBV Date Buyer State ($000) Target State ($000) (%) 3/22/2013 1st United Bancorp, Inc. FL 1,566,779 Enterprise Bancorp, Inc. FL 233,401 117.4 4/26/2013 HCBF Holding Company, Inc. FL 419,058 BSA , Inc. FL 167,712 86.1 5/2/2013 Ameris Bancorp GA 2,861,651 Prosperity Banking Company FL 741,713 90.4 5/24/2013 Banco de Credito e Inversiones SA ‐ 37,219,614 CM Florida Holdings, Inc. FL 4,609,470 190.9 7/17/2013 Bond Street Holdings, Inc. FL 3,357,893 Great Florida Bank FL 1,143,369 85.0 7/30/2013 CenterState Banks, Inc. FL 2,355,353 Gulfstream Bancshares, Inc. FL 572,324 151.0 9/5/2013 Stonegate Bank FL 1,094,624 Florida Shores Bancorp, Inc. FL 555,115 146.8 10/8/2013 TGR Financial, Inc. FL 668,449 Shamrock Bank of Florida FL 102,201 NA 10/21/2013 Private investors ‐ NA Pacific National Bank FL 344,666 NA 11/27/2013 Private Investor‐Kenneth Lehman VA NA Marine Bank & Trust Company FL 138,418 NA 12/4/2013 Banco de Sabadell, SA ‐ 168,525,293 JGB Bank, National Association FL 529,539 124.8 12/10/2013 Apollo Bancshares, Inc. FL 256,719 First Bank of Miami Shares, Inc. FL 197,819 NA

SOUTHEAST FDIC-ASSISTED TRANSACTIONS Announced January 1, 2013 – December 31, 2013 Assets Discount Announce Target Sold Buyer on Assets Date Target State ($000) Buyer State ($) 3/8/2013 Frontier Bank GA 181,247 Heritage Financial Group, Inc. GA 19% 4/19/2013 Heritage Bank of North Florida FL 110,889 FirstAtlantic Financial Holdings, Inc. FL 23% 4/19/2013 Chipola Community Bank FL 37,471 First Federal Bancorp, MHC FL 10% 4/26/2013 Parkway Bank NC 99,200 CertusHoldings, Inc. GA 14% 4/26/2013 Douglas County Bank GA 260,900 Hamilton State Bancshares, Inc. GA 8% 5/10/2013 Pisgah Community Bank NC 19,800 Capital Bancorp, Inc. MD 18% 5/10/2013 Sunrise Bank GA 13,200 Synovus Financial Corp. GA NA 6/7/2013 Mountain National Bank TN 451,577 First Horizon National Corporation TN 7% 8/2/2013 First Community Bank of SW FL FL 247,315 CBM Florida Holding Company FL 10% 8/23/2013 Community South Bank TN 121,700 CBS Banc‐Corp. AL NA 10/30/2013 Bank of Jackson County FL 23,100 First Federal Bancorp. MHC FL 8% Average: 13%

1. M&A statistics from 1983 to 1990 are sourced from Ewing’s proprietary M&A database. M&A statistics from 1991 to 2013 are sourced from SNL Financial LC. NOTE: 2008 -2013 price / earnings multiples are not meaningful (NM) due to negative earnings. 7 Allen C. Ewing & Co. Industry Update – 4Q13

DECLINE IN NUMBER OF FLORIDA BANKS

Number of FL Based M&A FDIC Assisted Year‐end FDIC Institutions Transactions Transactions 2009 286 10 14 2010 247 7 26 2011 227 10 13 2012 209 8 8 2013 197 12 4

FLORIDA’S 197 BANKS BY ASSET SIZE As of December 31, 2013

Tangible 2013 Equity/ Equity Net 2013 Loans/ Tangible NPAs/ Reserves/ Assets Deposits Cap Income ROAA Deposits Assets Assets Loans # of Company Name Symbol City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices EverBank EVER Jacksonville 17,638,918 13,340,062 1,662,164 142,418 0.79 105.28 9.15 2.06 0.45 17 BankUnited, National Association BKU Miami Lakes 14,874,509 10,687,385 1,643,941 215,826 1.64 84.71 10.64 0.56 0.77 106 Raymond James Bank, National Association RJF Saint Petersburg 11,262,169 10,012,375 1,138,374 163,102 1.54 94.39 10.11 0.99 1.46 1 Mercantil Commercebank, National AssoC ‐ Coral Gables 6,821,340 5,561,188 721,698 34,156 0.50 86.50 10.37 0.71 1.26 20 Capital Bank, National Association CBF Coral Gables 6,619,863 5,296,291 1,100,473 51,274 0.75 85.95 14.62 2.83 1.25 165 City National Bank of Florida ‐ Miami 4,921,937 3,680,130 1,027,719 37,781 0.78 76.24 13.94 0.58 1.99 26 Florida Community Bank, National Assoc. ‐ Weston 3,881,837 2,931,789 479,841 18,131 0.53 77.04 11.46 1.80 0.65 67 Sabadell United Bank, N.A. ‐ Miami 3,871,592 3,050,981 514,383 44,913 1.23 87.23 11.23 1.42 1.30 24 Ocean Bank ‐ Miami 3,259,964 2,850,113 371,806 33,318 1.00 78.48 11.41 5.83 1.41 21 USAmeriBank USAB Clearwater 2,899,494 2,461,722 260,146 38,171 1.40 93.77 8.48 1.19 1.19 28 Capital City Bank CCBG Tallahassee 2,590,767 2,146,055 333,527 7,928 0.31 65.22 9.92 4.91 1.65 70 TotalBank ‐ Miami 2,542,055 1,746,175 427,805 12,774 0.52 88.29 11.29 2.43 1.32 21 CenterState Bank of Florida, National Assoc. CSFL Winter Haven 2,409,733 2,057,223 241,990 14,584 0.61 71.65 8.10 2.54 1.38 59 Seacoast National Bank SBCF Stuart 2,266,837 1,806,964 248,424 51,088 2.34 72.94 10.93 2.63 1.52 35 1st United Bank FUBC Boca Raton 1,839,183 1,563,768 212,883 7,361 0.45 72.38 8.19 2.79 0.85 22 Citizens First Bank ‐ The Villages 1,575,894 1,375,115 129,257 14,083 0.89 20.63 8.20 3.09 3.98 11 Gibraltar Private Bank & Trust Co. ‐ Coral Gables 1,556,669 1,261,934 126,511 ‐9,340 ‐0.58 105.14 8.06 6.09 1.83 8 BAC Florida Bank ‐ Coral Gables 1,424,018 1,092,763 121,890 7,821 0.59 102.02 8.56 5.74 1.49 1 C1 Bank ‐ Saint Petersburg 1,323,371 1,041,043 121,814 11,990 1.08 100.87 9.08 6.01 0.32 27 Bank of Tampa ‐ Tampa 1,259,572 1,155,765 99,074 8,486 0.67 62.54 7.87 1.81 1.60 10 CNLBank CNLB Orlando 1,233,579 954,063 108,711 145 0.01 76.57 8.81 3.62 1.51 16 Stonegate Bank SGBK Pompano Beach 1,119,984 935,652 131,462 9,317 0.87 86.79 11.65 1.86 2.13 19 First Southern Bank FSOF Boca Raton 1,044,130 887,000 153,660 3,042 0.30 71.65 12.69 5.10 2.03 17 Great Florida Bank ‐ Miami Lakes 1,012,885 889,378 35,961 ‐6,605 ‐0.61 67.93 3.55 16.72 1.27 25 First Federal Bank of Florida ‐ Lake City 987,121 847,505 121,207 10,757 1.11 67.95 12.03 3.51 1.19 20 Seaside National Bank & Trust ‐ Orlando 942,438 823,647 93,181 1,880 0.22 83.15 9.89 1.50 1.16 13 U.S. Century Bank ‐ Doral 931,120 833,176 47,469 ‐2,718 ‐0.28 87.28 5.10 10.62 2.79 22 First State Bank of the Florida Keys ‐ Key West 843,580 601,040 71,011 3,625 0.43 72.69 8.42 4.60 2.03 12 Old Florida National Bank ‐ Orlando 832,500 741,946 75,726 5,464 0.70 82.39 9.05 1.61 1.46 11 Banesco USA ‐ Coral Gables 820,234 715,255 77,411 2,608 0.33 75.50 9.40 1.40 1.28 7 Espirito Santo Bank ‐ Miami 793,279 653,669 58,696 1,945 0.27 83.02 7.40 1.43 1.38 1 Helm Bank USA ‐ Miami 793,220 705,799 80,613 10,530 1.27 60.75 10.16 4.08 2.18 1 First National Bank of the Gulf Coast ‐ Naples 742,289 542,370 72,840 11,646 1.76 91.73 9.17 2.36 1.32 7 Atlantic Coast Bank ACFC Jacksonville 735,405 462,971 64,757 ‐11,415 ‐1.54 86.63 8.78 4.29 1.73 12 FineMark National Bank & Trust ‐ Fort Myers 717,990 574,449 57,255 2,109 0.34 82.20 7.97 0.26 1.10 8 HomeBanc National Association ‐ Lake Mary 707,304 564,424 63,014 3,924 0.62 81.73 8.60 0.22 0.40 14 BankFIRST ‐ Winter Park 652,434 492,531 138,686 3,335 0.50 74.49 10.86 2.23 1.67 12 Harbor Community Bank ‐ Indiantown 627,371 510,383 77,299 3,104 0.62 70.43 11.52 2.94 0.92 18 Coconut Grove Bank ‐ Miami 591,502 480,304 96,642 25,940 4.24 40.49 16.34 1.35 3.66 5 Urban Trust Bank ‐ Lake Mary 584,449 456,820 87,470 6,704 1.10 109.15 14.97 5.54 2.27 22 Community Bank and Trust of Florida ‐ Ocala 581,758 519,391 60,385 4,776 0.81 51.34 10.38 1.80 2.79 10 Wauchula State Bank ‐ Wauchula 575,773 504,852 56,607 7,668 1.31 80.89 9.83 6.97 2.59 6 Beach Community Bank BCBF Fort Walton Beach 562,075 482,390 28,258 ‐2,744 ‐0.47 84.38 4.96 30.00 1.89 11 Gulfstream Business Bank ‐ Stuart 542,984 468,946 61,397 4,046 0.72 80.24 11.31 3.62 3.18 4 Florida Bank ‐ Tampa 536,400 414,708 51,390 ‐5,149 ‐0.91 81.28 9.58 1.94 2.52 13 Bay Cities Bank ‐ Tampa 529,723 441,432 63,471 3,736 0.70 81.50 11.96 3.77 1.12 5 First National Bank of South Miami ‐ Miami 521,586 422,729 36,089 879 0.17 49.73 6.92 0.65 1.10 5 JGB Bank, National Association ‐ Miami 515,931 380,472 45,447 109 0.02 46.79 8.81 1.70 1.57 8 New Traditions Bank ‐ Orlando 507,242 454,217 51,487 189 0.04 70.35 9.13 0.57 0.09 3 Jacksonville Bank JAXB Jacksonville 506,452 437,832 47,341 1,626 0.31 84.59 9.20 5.26 4.26 9

8 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA’S 197 BANKS (cont...) BY ASSET SIZE As of December 31, 2013

Tangible 2013 Equity/ Equity Net 2013 Loans/ Tangible NPAs/ Reserves/ Assets Deposits Cap Income ROAA Deposits Assets Assets Loans # of Company Name Symbol City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices Community Bank of Broward ‐ Dania Beach 481,475 409,667 42,153 2,205 0.46 99.59 8.75 8.16 1.51 9 Community Bank of Florida, Inc. ‐ Homestead 465,493 421,585 42,227 1,725 0.35 78.41 9.07 7.88 1.57 11 Platinum Bank ‐ Brandon 458,457 373,207 49,472 3,477 0.81 90.59 10.79 3.32 1.38 7 Merchants & Southern Bank ‐ Gainesville 429,877 322,688 37,863 3,504 0.85 70.90 8.81 3.59 1.86 13 Farmers & Merchants Bank ‐ Monticello 417,059 352,331 31,672 297 0.07 71.75 7.59 2.94 1.78 6 Florida Capital Bank, N.A. ‐ Jacksonville 410,617 361,342 20,503 ‐11,234 ‐2.06 79.51 4.99 9.14 2.58 5 Brannen Bank ‐ Inverness 410,186 380,562 29,488 4,326 1.05 52.23 7.19 3.02 1.34 12 Citizens Bank and Trust ‐ Lake Wales 404,297 349,625 36,322 2,712 0.65 80.43 8.85 4.75 1.96 12 United Southern Bank ‐ Umatilla 398,214 353,694 41,362 1,643 0.42 76.72 10.39 5.05 2.27 13 Florida Shores Bank ‐ Southwest ‐ Venice 397,861 364,393 32,847 1,469 0.38 63.90 8.26 0.88 1.72 5 FirstAtlantic Bank ‐ Jacksonville 387,167 321,818 47,713 4,310 1.14 85.14 11.53 3.99 0.75 8 Eastern National Bank ‐ Miami 377,739 325,313 39,404 6,750 1.81 100.52 10.43 2.24 1.39 5 CBC National Bank ‐ Fernandina Beach 375,205 292,262 41,662 1,825 0.46 94.72 10.76 5.13 1.54 4 Drummond Community Bank ‐ Chiefland 363,761 311,085 43,125 4,372 1.18 59.94 11.27 2.77 1.75 11 International Finance Bank ‐ Miami 360,844 316,839 42,233 263 0.08 77.22 11.70 9.63 3.93 4 FNBT.Com Bank ‐ Fort Walton Beach 357,429 295,990 44,609 3,990 1.07 45.94 12.48 4.74 3.53 11 Pacific National Bank ‐ Miami 351,633 197,619 36,928 ‐827 ‐0.24 81.03 10.50 2.94 1.67 1 Encore Bank, National Association ‐ Naples 349,862 305,546 33,707 ‐59 ‐0.02 56.91 8.24 0.95 1.02 6 Regent Bank ‐ Davie 344,339 306,197 25,752 ‐13,901 ‐3.52 93.61 7.48 14.24 3.39 5 Continental National Bank ‐ Miami 340,771 299,106 30,720 1,125 0.34 64.36 9.01 0.97 1.08 7 Biscayne Bank ‐ Coconut Grove 337,614 297,502 31,589 4,010 1.30 100.67 9.36 0.98 1.04 3 Bank of Central Florida ‐ Lakeland 332,037 288,991 33,374 2,257 0.72 83.21 10.05 0.58 0.89 4 Intercredit Bank, NA ‐ Miami 320,988 236,808 25,187 ‐1,520 ‐0.48 84.18 7.83 3.09 2.58 5 Paradise Bank ‐ Boca Raton 306,013 277,658 26,937 5,729 1.90 81.54 8.80 2.18 2.01 3 Floridian Community Bank, Inc. ‐ Davie 304,528 247,085 25,109 633 0.23 78.84 8.25 2.56 1.02 4 1st National Bank of South Florida ‐ Homestead 300,215 240,507 27,498 1,500 0.49 75.87 9.15 4.78 1.19 7 Executive National Bank ‐ Miami 296,157 249,253 30,199 1,551 0.52 89.25 10.20 2.40 1.70 4 Florida Traditions Bank ‐ Dade City 295,784 262,917 28,384 2,655 0.93 92.99 9.60 1.34 1.98 8 Heartland National Bank ‐ Sebring 292,543 262,292 27,148 1,468 0.49 60.50 9.28 3.20 2.34 4 Fidelity Bank of Florida, National Assoc. ‐ Merritt Island 283,532 205,152 27,850 15,058 5.16 77.19 9.82 7.98 3.55 2 Alarion Bank ‐ Ocala 279,048 230,319 23,478 712 0.25 91.21 8.41 2.85 1.93 6 Terrabank, NA ‐ Miami 269,082 233,782 28,305 1,683 0.62 76.75 10.52 1.97 1.41 3 Landmark Bank, National Association ‐ Fort Lauderdale 268,522 203,848 41,079 2,839 1.10 110.29 15.30 10.04 2.80 2 Apollo Bank ‐ Miami 264,174 222,958 30,023 4,895 1.95 77.25 11.36 2.16 1.20 3 Charlotte State Bank & Trust ‐ Port Charlotte 264,046 238,289 22,454 2,244 0.85 63.19 8.46 7.54 2.81 5 Summit Bank, National Association ‐ Panama City 257,946 198,204 35,658 2,450 0.95 72.93 13.81 1.73 1.53 3 Gateway Bank of Florida ‐ Daytona Beach 257,787 236,547 20,490 2,495 0.98 34.21 7.95 0.95 2.58 3 Sanibel Captiva Community Bank ‐ Sanibel 253,456 201,403 23,279 2,005 0.88 102.00 9.18 5.66 1.70 3 Legacy Bank of Florida ‐ Boca Raton 250,009 226,329 18,049 829 0.32 71.87 7.22 8.43 2.12 5 First America Bank ‐ Bradenton 249,927 206,661 29,870 242 0.10 81.95 11.46 3.83 1.39 5 First Green Bank ‐ Mount Dora 248,258 212,487 27,979 1,389 0.60 94.87 11.27 0.33 1.33 4 First Bank ‐ Clewiston 247,797 224,276 22,548 1,192 0.49 81.50 9.10 5.07 2.05 5 GulfShore Bank ‐ Tampa 247,166 208,728 22,350 914 0.38 82.92 9.04 2.07 1.35 2 Reunion Bank of Florida ‐ Tavares 244,604 222,569 21,738 1,414 0.66 75.38 8.89 0.43 0.99 4 Highlands Independent Bank ‐ Sebring 242,330 227,385 12,695 ‐947 ‐0.38 55.53 5.24 7.12 3.42 6 Edison National Bank ‐ Fort Myers 239,583 212,958 19,220 1,041 0.44 56.98 8.02 1.06 2.12 4 Florida Bank of Commerce ‐ Orlando 239,492 210,494 26,932 1,138 0.48 84.28 10.34 2.53 1.55 6 American National Bank ‐ Oakland Park 237,742 202,522 30,433 1,764 0.77 79.51 12.80 2.59 1.13 1 Mainstreet Community Bank of Florida ‐ Deland 237,330 209,878 21,567 2,327 1.01 80.04 9.07 3.00 2.15 4 Florida Citizens Bank ‐ Gainesville 237,301 217,734 17,308 123 0.05 76.59 7.29 5.28 1.93 8

9 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA’S 197 BANKS (cont...) BY ASSET SIZE As of December 31, 2013

Tangible 2013 Equity/ Equity Net 2013 Loans/ Tangible NPAs/ Reserves/ Assets Deposits Cap Income ROAA Deposits Assets Assets Loans # of Company Name Symbol City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices First Florida Bank ‐ Destin 236,144 209,277 26,744 3,351 1.47 59.72 11.33 0.47 2.00 4 First City Bank of Florida ‐ Fort Walton Beach 233,307 217,455 5,333 ‐599 ‐0.24 67.72 2.29 24.22 2.54 4 Cornerstone Community Bank ‐ Saint Petersburg 232,656 206,523 24,655 1,236 0.53 77.78 10.60 3.34 1.40 6 Community Southern Bank ‐ Lakeland 231,461 175,079 25,367 1,517 0.71 85.48 10.96 0.99 1.16 3 First Citrus Bank ‐ Tampa 231,007 187,306 23,377 371 0.17 94.60 10.12 5.44 1.15 5 Palm Beach Community Bank ‐ West Palm Beach 230,324 196,251 30,173 2,993 1.30 93.04 13.10 2.50 1.14 6 Marquis Bank ‐ Coral Gables 223,915 187,237 27,810 981 0.51 93.29 12.42 1.52 1.45 1 Gateway Bank of Southwest Florida ‐ Sarasota 223,513 196,427 18,172 1,834 0.80 57.81 8.12 1.83 1.48 3 Citizens Bank of Florida ‐ Oviedo 222,238 196,373 18,255 ‐611 ‐0.27 68.74 8.21 3.31 1.65 4 Interamerican Bank, A FSB ‐ Miami 219,100 194,149 24,067 743 0.33 88.77 10.98 14.70 3.68 5 United Legacy Bank ‐ Longwood 216,567 184,514 21,986 445 0.21 78.73 10.15 1.07 1.43 5 Professional Bank ‐ Coral Gables 216,567 188,041 17,524 1,474 0.78 77.32 8.09 0.81 1.06 3 Grand Bank & Trust of Florida ‐ West Palm Beach 215,831 192,543 19,747 1,174 0.51 69.42 9.15 11.35 3.20 3 Bank of Commerce ‐ Sarasota 215,722 177,103 2,975 ‐739 ‐0.33 84.07 1.38 14.60 1.91 3 Desjardins Bank, National Association ‐ Hallandale 214,079 185,524 26,368 750 0.34 77.55 12.32 1.02 1.50 3 NorthStar Bank ‐ Tampa 208,630 162,172 20,184 747 0.38 41.37 9.67 0.91 0.90 2 Prime Meridian Bank ‐ Tallahassee 206,421 184,014 16,296 1,171 0.63 66.90 7.89 0.12 1.41 2 Orange Bank of Florida ‐ Orlando 205,575 170,953 23,068 793 0.36 93.99 10.89 5.80 2.64 5 First Bank of Miami ‐ Coral Gables 204,436 186,051 17,699 ‐1,751 ‐0.85 54.03 8.66 3.05 1.44 5 Intracoastal Bank ‐ Palm Coast 199,964 182,962 16,087 2,866 1.50 58.21 8.04 0.07 1.37 1 Pilot Bank ‐ Tampa 198,831 167,428 20,143 ‐611 ‐0.31 80.26 10.13 6.38 1.54 5 First National Bank of Mount Dora FLBD Mount Dora 196,341 158,015 26,507 1,582 0.81 71.68 13.50 7.82 3.12 5 Sunshine State Federal Savings and Loan Assoc. ‐ Plant City 194,448 165,467 26,552 141 0.07 68.28 13.66 5.06 1.52 5 Jefferson Bank of Florida ‐ Oldsmar 193,893 148,534 20,048 749 0.41 80.23 10.34 0.26 1.71 4 American Enterprise Bank of Florida ‐ Jacksonville 191,670 173,215 17,189 122 0.06 80.38 8.97 7.59 2.43 2 Citizens State Bank ‐ Perry 191,437 175,201 15,099 2,192 1.22 86.75 7.89 2.11 0.99 4 Englewood Bank & Trust ‐ Englewood 191,168 173,164 17,318 1,758 0.91 66.82 8.68 6.81 3.29 4 Independent Bankers' Bank of Florida ‐ Lake Mary 187,776 136,870 6,270 ‐6,800 ‐3.08 74.87 3.34 16.86 3.88 1 Columbia Bank ‐ Lake City 185,807 156,394 18,020 ‐4,099 ‐2.13 69.69 9.70 10.77 3.93 4 TransCapital Bank ‐ Sunrise 185,470 161,557 22,870 2,341 1.18 79.44 12.33 19.66 3.14 3 TCM Bank, National Association ‐ Tampa 184,156 129,913 41,696 3,391 1.97 126.27 22.23 0.12 3.24 1 Gateway Bank of Central Florida ‐ Ocala 179,148 141,306 17,936 1,077 0.60 88.09 10.01 2.49 2.20 3 Intercontinental Bank ‐ West Miami 172,829 153,632 17,881 814 0.50 23.90 10.35 1.13 0.70 1 Florida Shores Bank ‐ Southeast ‐ Pompano Beach 166,937 152,674 13,788 ‐876 ‐0.49 81.87 8.11 1.89 1.67 3 Natbank, National Association ‐ Hollywood 166,160 145,942 14,721 497 0.33 67.13 8.86 1.17 1.06 2 Pinnacle Bank ‐ Orange City 165,253 140,849 4,044 ‐1,769 ‐1.05 69.11 2.45 14.93 4.06 2 Oculina Bank ‐ Fort Pierce 162,201 140,053 15,948 ‐458 ‐0.31 87.00 9.79 2.02 1.50 9 Sunstate Bank ‐ Miami 160,793 137,412 20,235 3,514 2.18 56.39 12.58 3.65 3.28 3 Gulf Coast Community Bank ‐ Pensacola 159,235 146,081 2,142 ‐201 ‐0.12 66.38 1.35 19.19 2.85 5 Broward Bank of Commerce ‐ Fort Lauderdale 158,930 136,149 18,666 1,060 0.71 77.14 11.74 0.72 1.79 2 Insignia Bank ‐ Sarasota 156,722 126,439 20,700 912 0.61 97.16 13.21 1.51 1.63 2 Calusa National Bank ‐ Punta Gorda 155,876 125,433 16,240 2,679 1.80 81.90 10.42 2.63 2.09 3 First Colony Bank of Florida ‐ Maitland 155,640 138,255 17,267 2,005 1.37 75.12 11.09 1.18 1.86 1 Flagler Bank ‐ West Palm Beach 154,371 137,525 14,188 1,722 1.15 60.53 9.19 8.36 2.34 2 Banco Do Brasil Americas ‐ Miami 153,666 112,006 40,352 ‐3,468 ‐3.28 47.19 20.84 0.79 1.64 4 Marine Bank & Trust Company ‐ Vero Beach 144,971 128,935 13,487 3,374 2.40 83.38 9.30 5.39 2.22 2 First National Bank of Pasco ‐ Dade City 144,932 130,131 13,956 606 0.41 58.75 9.63 1.71 4.55 3 Sunshine Savings Bank ‐ Tallahassee 144,575 123,694 20,534 437 0.30 76.72 14.11 2.98 1.36 4 Community Bank of the South ‐ Merritt Island 141,596 117,070 16,008 563 0.42 39.25 11.31 2.65 3.60 3 Floridian Bank ‐ Daytona Beach 140,265 122,729 14,334 735 0.54 89.97 10.22 3.67 1.35 4

10 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA’S 197 BANKS (cont...) BY ASSET SIZE As of December 31, 2013

Tangible 2013 Equity/ Equity Net 2013 Loans/ Tangible NPAs/ Reserves/ Assets Deposits Cap Income ROAA Deposits Assets Assets Loans # of Company Name Symbol City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices First State Bank of Arcadia ‐ Arcadia 137,774 117,010 15,398 1,527 1.08 69.09 11.18 9.33 5.28 2 OptimumBank ‐ Plantation 128,603 99,388 5,385 ‐6,699 ‐5.01 81.96 4.19 16.40 2.71 3 Patriot Bank ‐ Trinity 121,809 103,172 15,175 79 0.06 90.35 12.46 5.75 1.33 4 Hillsboro Bank ‐ Plant City 115,928 101,710 13,482 969 0.82 38.25 11.63 0.28 2.06 2 Republic Bank ‐ Port Richey 113,525 87,078 25,793 585 0.50 100.57 15.12 4.16 2.55 4 Mackinac Savings Bank, FSB ‐ Boynton Beach 112,822 102,207 8,923 221 0.19 45.84 7.91 2.59 1.01 3 Peoples National Bank ‐ Niceville 111,410 103,736 7,569 ‐16 ‐0.01 48.00 6.79 4.02 1.35 3 Florida Business Bank ‐ Melbourne 108,413 92,591 14,108 633 0.56 77.81 13.01 3.76 1.83 1 Madison County Community Bank ‐ Madison 107,479 99,191 8,224 499 0.49 56.45 7.65 3.54 1.36 1 Sunrise Bank ‐ Cocoa Beach 106,134 92,065 10,918 2,383 2.22 73.47 10.29 4.10 2.82 2 First National Bank Northwest Florida ‐ Panama City 105,344 90,446 14,771 227 0.21 71.38 14.02 6.13 3.24 2 Anchor Commercial Bank ‐ Juno Beach 103,085 94,328 8,461 123 0.12 73.68 8.21 15.69 2.72 2 1st Manatee Bank ‐ Parrish 102,788 91,174 11,000 1,387 1.39 84.69 10.38 0.80 1.57 2 Bank of Coral Gables ‐ Coral Gables 102,733 95,817 6,456 271 0.26 65.66 6.28 5.82 3.44 1 Friends Bank FRIE New Smyrna Beach 100,788 96,275 4,366 ‐676 ‐0.64 68.78 4.33 12.97 2.72 3 Surety Bank ‐ Deland 99,656 89,325 9,962 587 0.56 69.30 10.00 12.12 1.77 2 Freedom Bank of America ‐ Saint Petersburg 98,387 87,620 10,575 249 0.27 87.57 10.75 5.86 1.83 3 Lafayette State Bank ‐ Mayo 97,114 76,303 9,467 223 0.23 100.84 9.75 5.99 0.67 4 Sabal Palm Bank ‐ Sarasota 97,062 83,150 13,523 ‐1,615 ‐1.82 84.89 13.93 2.89 1.93 2 Bank of Belle Glade ‐ Belle Glade 96,562 89,238 7,199 300 0.33 28.98 7.46 0.60 1.94 1 First Avenue National Bank ‐ Ocala 94,055 79,236 12,973 397 0.41 88.93 13.79 3.89 2.22 2 Flagship Community Bank ‐ Clearwater 92,826 74,965 12,619 469 0.49 97.83 13.59 7.99 2.06 2 Shamrock Bank of Florida ‐ Naples 91,528 80,934 6,396 ‐1,463 ‐1.42 76.98 6.99 3.97 3.13 2 First National Bank of Crestview ‐ Crestview 90,311 87,845 2,248 ‐2,266 ‐2.38 36.08 2.49 17.02 5.47 3 Valley Bank ‐ Fort Lauderdale 88,780 69,318 4,526 ‐326 ‐0.34 75.65 5.07 10.44 5.68 4 Plus International Bank ‐ Miami 88,252 75,587 12,093 170 0.21 54.11 13.70 0.00 0.67 1 First Bank of the Palm Beaches ‐ West Palm Beach 87,545 70,392 7,990 ‐113 ‐0.13 92.95 9.13 7.15 1.50 1 Preferred Community Bank ‐ Fort Myers 85,244 70,883 10,305 362 0.47 86.88 12.09 3.74 1.45 2 Peoples Bank of Graceville ‐ Graceville 82,284 71,167 10,357 1,208 1.48 37.22 12.59 1.55 1.42 1 Southern Commerce Bank, National Assoc. ‐ Tampa 79,517 53,913 24,859 11,598 15.42 56.23 31.26 1.44 4.75 8 Warrington Bank ‐ Pensacola 77,827 63,411 14,394 47 0.06 42.16 18.49 0.00 0.89 2 Commerce National Bank & Trust ‐ Winter Park 77,710 66,747 7,714 357 0.46 90.05 9.93 7.58 4.62 1 First Home Bank ‐ Seminole 75,494 66,748 4,008 90 0.13 78.96 5.31 4.65 2.78 2 Central Bank ‐ Tampa 73,487 59,608 10,728 20 0.03 93.84 14.60 0.91 2.85 1 First National Bank of Wauchula ‐ Wauchula 72,285 63,699 6,882 29 0.04 67.60 9.52 6.92 3.70 1 Century Bank of Florida ‐ Tampa 70,386 52,282 5,553 14 0.02 83.04 7.89 10.05 3.10 1 Bank of the South ‐ Pensacola 69,542 55,281 14,256 ‐56 ‐0.08 27.17 20.50 0.00 1.24 2 Peoples State Bank ‐ Lake City 66,316 59,565 6,532 139 0.20 86.19 9.85 11.94 2.56 2 FirstCity Bank of Commerce ‐ Palm Beach Gardens 61,492 49,071 5,799 219 0.37 87.71 9.43 4.24 1.88 1 First Navy Bank ‐ Pensacola 59,624 47,463 12,069 ‐304 ‐0.52 27.44 20.24 0.00 0.94 2 Community State Bank ‐ Starke 57,734 50,104 7,557 ‐63 ‐0.11 51.87 13.09 3.72 2.66 2 Nature Coast Bank NCBF Hernando 57,211 49,881 7,290 210 0.36 80.70 12.74 7.38 2.42 2 ProBank ‐ Tallahassee 55,996 50,021 2,739 ‐1,468 ‐2.25 68.79 4.89 14.28 2.76 2 Home Federal Bank of Hollywood ‐ Hallandale Beach 49,549 39,659 3,142 ‐1,067 ‐1.90 95.00 6.34 8.58 3.29 1 One South Bank ‐ Chipley 34,308 28,781 5,470 24 0.07 84.85 15.94 0.11 1.18 1 MEMBERS Trust Company ‐ Tampa 26,920 500 23,489 853 3.26 0.00 87.25 0.00 NA 1 SouthBank, A Federal Savings Bank ‐ Palm Beach Gardens 22,550 21,109 1,387 ‐547 ‐2.32 18.57 6.15 1.99 1.30 1 Median of Florida's 197 Banks 0.46 77.55 9.79 3.05 1.71

11 Allen C. Ewing & Co. Industry Update – 4Q13

50 OUT OF STATE BANKS WITH LARGEST DEPOSITS BY DEPOSITS IN FLORIDA As of December 31, 2013

Market Tangible Share of 2013 Equity / Loss Deposits Deposits in Equity Net 2013 Loans/ Tangible NPAs/ Reserves Texas Assets In Florida Florida Cap Income ROAA Deposits Assets Assets / Loans Ratio Company Name City State ($000,000) ($000,000)1 (%)1 ($000) ($000) (%) (%) (%) (%) (%) (%)2 Bank of America Corporation Charlotte NC 2,104,995 81,494 18.47% 232,685,000 11,431,000 0.53 86.45 7.75 1.76 1.80 24.25 Wells Fargo & Company San Francisco CA 1,527,015 69,468 15.75% 170,142,000 21,878,000 1.52 77.81 9.28 2.26 1.73 26.23 SunTrust Banks, Inc. Atlanta GA 175,381 42,022 9.53% 21,303,309 1,344,189 0.78 99.85 8.82 2.23 1.58 23.36 Regions Financial Corporation Birmingham AL 117,662 18,609 4.22% 15,767,950 1,121,759 0.95 81.68 9.47 2.85 1.77 30.07 JPMorgan Chase & Co. New York NY 2,415,689 18,525 4.20% 211,178,000 17,923,000 0.76 59.41 6.83 1.37 2.13 18.98 BB&T Corporation Winston‐Salem NC 183,010 16,186 3.67% 22,758,791 1,679,097 0.93 91.89 8.75 1.38 1.48 15.27 Citigroup Inc. New York NY 1,880,617 13,932 3.16% 204,574,000 13,908,000 0.74 69.97 9.43 1.44 2.90 15.02 TD Bank US Holding Company Cherry Hill NJ 234,622 9,373 2.12% 24,473,222 792,852 0.35 55.47 4.61 0.74 1.20 17.29 Fifth Third Bancorp Cincinnati OH 130,443 9,219 2.09% 14,588,595 1,835,368 1.48 89.93 9.49 2.62 1.77 25.53 PNC Financial Services Group, Inc. Pittsburgh PA 320,596 6,774 1.54% 42,408,116 4,219,804 1.38 89.56 10.53 1.69 1.82 17.11 Northern Trust Corporation Chicago IL 102,947 6,144 1.39% 7,912,025 731,332 0.77 34.94 7.12 0.35 0.95 4.98 HSBC North America Holdings Inc. New York NY 290,014 5,794 1.31% 30,536,410 40,753 0.01 85.52 10.02 5.77 4.11 51.09 New York Community Bancorp, Inc. Westbury NY 46,688 2,904 0.66% 5,735,662 475,547 1.07 128.34 7.42 0.48 0.63 6.82 BBVA Compass Bancshares, Inc. Houston TX 71,965 2,864 0.65% 11,458,752 417,836 0.60 93.34 9.54 1.02 1.38 10.39 Third Federal Savings and Loan of Cleveland Cleveland OH 11,381 2,819 0.64% 1,167,778 45,774 0.41 120.57 10.17 2.41 0.83 22.06 IBERIABANK Corporation Lafayette LA 13,366 2,458 0.56% 1,530,979 65,103 0.50 89.60 8.55 2.70 1.49 12.29 Synovus Financial Corp. Columbus GA 26,202 2,291 0.52% 2,948,985 159,383 0.61 96.35 11.15 4.15 1.53 33.81 First BanCorp. San Juan PR 12,657 1,928 0.44% 1,215,858 ‐164,487 ‐1.28 98.14 9.21 9.02 2.78 82.43 Hancock Holding Company Gulfport MS 19,026 1,796 0.41% 2,425,069 163,356 0.86 80.32 8.99 0.99 1.08 10.19 Home BancShares, Inc. Conway AR 6,812 1,448 0.33% 840,955 66,520 1.43 83.01 7.97 1.59 0.98 18.81 KeyCorp Cleveland OH 92,992 1,446 0.33% 10,303,222 910,056 1.02 85.99 10.01 0.57 1.49 6.69 BMO Financial Corp. Chicago IL 111,074 1,308 0.30% 13,906,675 644,218 0.58 78.96 9.55 1.51 1.64 15.38 Bank Leumi Le‐Israel Corporation New York NY 5,187 1,205 0.27% 691,504 11,401 0.22 85.36 13.26 2.14 1.24 15.11 Popular, Inc. Hato Rey PR 35,749 1,189 0.27% 4,626,000 599,000 1.65 91.88 11.22 4.43 2.61 37.49 Cadence Bancorp, LLC Houston TX 6,453 826 0.19% 972,885 94,416 1.59 91.09 10.09 1.56 0.91 13.80 Intervest Bancshares Corporation New York NY 1,568 804 0.18% 196,991 14,494 0.90 86.12 12.56 3.83 2.47 28.51 SNBNY Holdings Limited New York NY 6,672 719 0.16% 484,794 37,751 0.59 36.61 7.18 0.19 1.04 2.49 TrustCo Bank Corp NY Glenville NY 4,523 672 0.15% 361,813 39,812 0.90 74.07 7.99 1.37 1.64 15.12 First Citizens BancShares, Inc. Raleigh NC 21,199 647 0.15% 2,076,675 167,699 0.79 73.74 9.35 1.15 1.77 11.03 Trustmark Corporation Jackson MS 11,790 569 0.13% 1,354,953 117,060 1.02 68.48 8.26 1.53 1.13 22.85 Doral Financial Corporation San Juan PR 8,493 492 0.11% 735,323 ‐88,287 ‐1.04 134.87 8.61 14.70 1.94 131.69 Interaudi Bank New York NY 1,453 450 0.10% 108,744 5,382 0.40 44.65 7.49 0.02 0.71 0.31 Ameris Bancorp Moultrie GA 3,672 373 0.08% 316,698 20,018 0.70 84.18 7.56 6.19 0.89 44.77 Comerica Incorporated Dallas TX 65,357 321 0.07% 7,152,302 540,819 0.85 85.18 10.05 0.67 1.32 6.47 Discount Bancorp, Inc. New York NY 9,604 321 0.07% 794,409 9,342 0.10 62.06 8.27 0.67 1.40 7.51 First American Trust, FSB Santa Ana CA 1,807 238 0.05% 134,965 15,224 0.78 0.00 7.47 0.00 NA 0.00 Liberty Capital, Inc. Wilmington OH 567 230 0.05% 75,546 550 0.10 90.49 13.32 11.00 2.08 53.88 First Busey Corporation Champaign IL 3,540 215 0.05% 415,364 28,726 0.82 80.00 10.97 0.93 2.07 7.60 ServisFirst Bancshares, Inc. Birmingham AL 3,520 203 0.05% 297,192 41,617 1.33 94.94 8.44 0.91 1.07 9.79 Beal Financial Corporation Plano TX 9,283 182 0.04% 2,507,135 612,153 6.99 108.23 27.01 7.38 2.94 29.68 First Banks, Inc. Clayton MO 5,895 164 0.04% 394,422 241,744 3.88 59.35 6.69 3.89 2.84 47.85 CharterBank West Point GA 1,075 154 0.03% 205,907 6,386 0.59 73.54 18.77 2.37 2.01 10.61 Mutual of Omaha Bank Omaha NE 6,393 143 0.03% 703,978 40,043 0.65 94.14 8.26 1.01 1.19 9.78 Stearns Financial Services, Inc. Saint Cloud MN 1,650 128 0.03% 196,199 68,215 4.27 105.18 11.74 3.34 2.91 11.51 PeoplesSouth Bancshares, Inc. Colquitt GA 476 126 0.03% 36,471 3,740 0.77 74.42 7.65 3.45 1.73 39.40 Bank of the Ozarks, Inc. Little Rock AR 4,787 126 0.03% 624,959 87,135 2.04 90.32 12.71 3.34 1.28 10.90 Central Bancshares, Inc. Golden Valley MN 1,153 110 0.02% 73,126 13,789 1.19 77.17 6.24 3.65 2.40 24.04 Delta National Bank and Trust Company New York NY 446 103 0.02% 51,400 739 0.18 23.16 11.52 0.00 0.06 0.00 Stark Bank Group, Ltd. Fort Dodge IA 1,148 95 0.02% 31,555 5,045 0.44 54.55 2.59 3.92 3.69 91.45 Heritage Financial Group, Inc. Albany GA 1,381 89 0.02% 125,063 11,315 0.87 84.49 8.79 1.70 0.98 16.60 Deposits ‐ Top 50 Largest ($000,000) 329,697 74.74% Deposits ‐ All other 231 Banks ($000,000) 111,412 25.26% Total In Florida ($000,000) 441,108 100.00% Median: 0.78 84.84 9.10 1.70 1.58 15.99

1. FDIC Deposit Data as of June 30, 2013 2. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR); 100%+, 50%-100%, 25%-50%, 0%-25%

12 Allen C. Ewing & Co. Industry Update – 4Q13

FLORIDA’S LARGEST PUBLICLY TRADED BANK STOCKS CORE EARNINGS, MARKET PRICES, AND PERTINENT RATIOS As of December 31, 2013

2013 2013 Net 2013 9/30/13 12/31/13 Chg. in Book Net Income/ Core Market Market Market Value/ Price/ Price/ Equity/ NPAs/ Assets Income Share Earnings Price Price Price share Book LTM Assets Assets Institution Name Ticker ($000) ($000) ($) ($000)1 ($) ($) (%) ($) (%) EPS (%) (%) EverBank Financial Corp EVER 17,640,984 136,740 1.12 261,259 14.98 18.34 22.4% 12.00 152.9 18.0 9.19 1.09 BankUnited, Inc. BKU 15,046,649 208,936 2.07 348,366 31.19 32.92 5.5% 19.09 172.4 16.4 12.82 0.16 Capital Bank Financial Corporation CBF 6,617,561 38,844 0.75 79,912 21.95 22.75 3.6% 21.36 106.5 31.2 16.82 NA Capital City Bank Group, Inc. CCBG 2,611,903 6,045 0.35 11,442 11.78 11.77 ‐0.1% 15.92 73.9 33.6 10.58 4.97 CenterState Banks, Inc. CSFL 2,415,567 12,243 0.41 18,368 9.68 10.15 4.9% 9.08 111.8 24.8 11.32 1.84 Seacoast Banking Corporation of FL SBCF 2,268,940 51,989 2.20 14,792 10.85 12.20 12.4% 8.40 145.2 5.0 8.75 2.63 1st United Bancorp, Inc. FUBC 1,845,113 6,871 0.20 17,011 7.33 7.61 3.8% 6.71 113.4 38.1 12.47 1.85 Stonegate Bank SGBK 1,119,733 9,317 1.13 17,951 21.00 22.95 9.3% 15.95 143.9 20.3 11.74 NA Corp. ACFC 733,633 ‐11,406 NM ‐1,484 3.94 4.33 9.9% 4.22 102.5 NM 8.93 4.14 Jacksonville Bancorp, Inc. JAXB 507,289 ‐960 ‐0.17 ‐145 9.90 12.60 27.3% 5.86 215.2 NM 6.69 5.25 Coastal Banking Company, Inc. CBCO 375,640 1,587 0.61 1,578 8.00 7.75 ‐3.1% 9.53 81.3 19.4 9.29 5.13 Average: 13.69 14.85 129.0 10.78 3.01

1- Net Income before Taxes and Loan Loss Provisions +/- Non-recurring expenses/revenues

FLORIDA TEXAS RATIOS1 SUMMARY SECOND, THIRD, AND FOURTH QUARTERS 2013

Q2'13 Q3'13 Q4'13 Percent Texas Texas Texas Change Ratios Ratios Ratios from Q3'13 (%) (%) (%) to Q4'13 Median Texas Ratio of Florida's 184 Banks 31.80 29.77 28.13 ‐5.17

# of Florida Banks with Texas Ratios < 25% 75 86 88 # of Florida Banks with Texas Ratios between 25% and 50% 60 52 56 # of Florida Banks with Texas Ratios between 50% and 100% 36 34 30 # of Florida Banks with Texas Ratios > 100% 26 25 23 Total of Florida Banks 197 197 197

% of Florida Banks with Texas Ratios < 25% 38.1% 43.6% 44.7% % of Florida Banks with Texas Ratios between 25% and 50% 30.5% 26.4% 28.4% % of Florida Banks with Texas Ratios between 50% and 100% 18.2% 17.3% 15.2% % of Florida Banks with Texas Ratios > 100% 13.2% 12.7% 11.7%

1. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR); 100%+, 50%-100%, 25%-50%, 0%-25%

13 Allen C. Ewing & Co. Industry Update – 4Q13

ALLEN C. EWING & CO.

ABOUT EWING….. Founded in 1939, Allen C. Ewing & Co. is a boutique investment bank covering the Southeast with offices in Jacksonville, FL and Charlotte, NC. We are experienced financial professionals who pride ourselves in our ability to serve clients with integrity and discretion. Our market knowledge enables us to execute and compute transactions in the most efficient and effective manner. Ewing provides corporate finance services involving M&A advisory services, real estate advisory and brokerage services, valuations, and fairness opinions for community banks.

EWING RECENT REPRESENTATIVE TRANSACTIONS

Ameris Bancorp HCBF Holding Company Moultrie, GA Fort Pierce, FL First Community Corporation Lexington, SC

has acquired

has agreed to acquire has agreed to acquire

BSA Financial Services, Inc. Prosperity Banking Company St. Augustine, FL St. Augustine, FL Savannah River Financial Corporation Augusta, GA

Allen C. Ewing served as Advisor and issued a

Allen C. Ewing issued a Fairness Opinion to the Fairness Opinion to the Board of BSA Financial Allen C. Ewing served as Advisor and issued a Board of Prosperity Banking Company Services, Inc. Fairness Opinion to the Board of Savannah River

EWING LOAN ADVISORS, INC. Ewing Loan Advisors (“ELA”) provides the management and directors of southeastern community banks with analysis and oversight of their loan portfolios. ELA’s professionals have years of experience in loan policy, lending procedures, loan review, credit risk management, problem loan resolution, and loan portfolio rebalancing. ELA provides services that enhance loan performance and it assists its banking clients in achieving sustained credit quality. EWING REAL ESTATE, INC. Ewing Real Estate, Inc. provides professional services to Florida community and regional banks involving note sales, REO management, valuation and disposition. We understand bank compliance as it pertains to the treatment of NPAs & REO and its importance and impact on capital. We can help guide banks through successful disposition and reduction of NPA ratios while managing capital exposure in meeting regulatory requirements.

EWING REAL ESTATE, INC. RECENT REPRESENTATIVE TRANSACTIONS

$14,000,000 Loan Portfolio Sale

36 Unit and 48 Unit Apartment REO Bulk Sale Orange Park, FL

Complexes Comprised of Southeast U.S.

Jacksonville, FL Seller: Atlantic Coast Financial Corp. Properties

Owner/Seller: CenterState Owner: Atlantic Coast Financial Corp.

Banks, Inc. Buyer: Rialto Capital Management

Ewing Real Estate, Inc. acted as both Ewing Real Estate, Inc. acted as Ewing Real Estate, Inc. acted as listing and selling agent placement agent consultant

IMPORTANT DISCLOSURE

This material is for general information only and should not be considered to represent specific advice or stock recommendations. It has not been prepared to take into account any investor’s particular objectives or needs. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and it is not an offer or a solicitation of an offer to buy or sell any securities. Allen C. Ewing & Co. is a registered member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. Data Source: SNL Financial LC, unless otherwise indicated.

Jacksonville Office: Charlotte Office: 50 North Laura St, Ste 3625  Jacksonville, FL 32202  (904) 354-5573 200 S. Tryon, Ste 700  Charlotte, NC 28202  (704) 332-2032 14