Florida Banking Industry Update

Second 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] Banks in Florida & 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 – 2Q13

TABLE OF CONTENTS Florida banks followed the national trends of improved

performance. In 2008-2009, most Florida banks reported losses, but in 2013 most will report positive earnings. In the second quarter, the median ROA of Florida banks increased from .36% to .41%, NPAs/assets declined from

Commentary Page 2 3.76% to 3.40%, but the median NIM remained at approximately 3.50%. Pre-tax income increased primarily

Florida Bank Operating Results Page 3 from the dramatic decline of loan loss provisions and reduced NPA administrative expenses and not from

Capital Markets Page 4 increased NIMs and/or greater revenues.

Florida Bank Regional Results Page 5 With the beginning of positive earnings, bank stock prices and M&A valuations are beginning to reflect the earnings of a bank rather than the past focus on balance sheet Florida Bank M&A Page 6 values such as capital adequacy, loss reserves, and tangible book value (“TBV”). In addition to the positive FDIC-Assisted Transactions Page 6 benefits of a return to positive earnings, the earnings of most banks will be sheltered from income taxation for Price / TBV Data Page 7 many years by the accumulation of NOLs over the past five years. 100 Largest Florida-Based Banks Page 8 The charts on page 7 reflect the increased market 50 Largest Out of State Banks in Florida Page 10 valuations of publicly traded bank stocks and the premiums awarded by the markets to banks with higher Florida’s Largest Publicly Traded Stocks Page 11 capital ratios and low NPAs/assets ratios. Florida Loan Loss Provisions Page 11 Beginning on page 15, the chart of Texas Ratios of Florida banks reflects the improvement of the State’s 191 banks Florida Bank Texas Ratios Page 15 as the number of banks with a Texas Ratio over 100% has declined from 50 in second quarter of 2011 to 27 at the end of the second quarter of 2013. Banks with Texas Ratios less than 25% have increased from 57 in the second quarter of 2011 to 74 in the second quarter of 2013. The FDIC has only closed 2 Florida banks in the first half of 2013 versus 8 in the year 2012, and 26 in the year 2010.

COMMENTARY The primary challenge to community banks since the SECOND QUARTER 2013 beginning of the recession in 2007-2008 has been maintaining regulatory capital adequacy. The challenge going forward will be the generation of quality assets and Quoting from the most recent FDIC quarterly report, earning an acceptable level of profits to attract capital and the nation’s banking industry continues to improve as pay dividends. Notwithstanding the current economy, more than 90% of the nation’s banks had positive net well-capitalized, publicly-traded banks with increasing income in the first quarter of 2013. Loan loss earnings and large trading markets for their shares will provisions fell to pre-2008 levels, and only 16 perform very well. Similarly, well-capitalized, private institutions were taken over by the FDIC in the first banks with adequate reserves, low NPAs, and increasing half of 2013 compared to 28 institutions in the first half earnings will command higher M&A values. As indicated of 2012. The positive improvements were generated in the table of page 8, the consolidation of banks in Florida by the industry, notwithstanding the fact that net continues as the State now has 24 banks with $1 billion in interest margins (“NIM”) remained at approximately assets and the larger publicly traded community banks are 3.27% which is the lowest level since 2006. This low now trading at premiums of TBV. The number of banks NIM is being created by the replacement of maturing, based in Florida is now below 200 and the number is likely higher-yielding assets by lower-yielding assets which to continue downward as a result of FDIC takeovers and reflect the Federal Reserve’s “easy money” policies. mergers of healthy banks. The future challenge to the banking industry if the current “easy money” policies continue will be the -Benjamin C. Bishop, Jr. generation of quality diversified loans. Chairman

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

FLORIDA & SOUTHEASTERN BANK OPERATING RESULTS

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

0.70 0.65 88.0 0.60 0.60 85.5 0.56 86.0 0.60 84.1 0.51 83.3 82.8 82.8 0.50 0.45 84.0 0.41 (%) 82.0 0.40 0.34 0.34 0.36

(%) 80.0

Ratio 0.30 77.7 78.0 76.0 ROAA 0.20 75.2 75.4 76.0 74.6 Efficiency 0.10 74.0

0.00 72.0

‐0.10 70.0 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13

Florida Southeast Florida Southeast

TANGIBLE EQUITY / TANGIBLE ASSETS NPAs / ASSETS Median Median (Government guaranteed NPAs not included)

11.00 6.00 10.23 10.10 10.16 9.96 9.85 9.85 9.91

(%) 5.00 9.71 10.00 9.59 9.61 4.35 4.41 4.33 3.76

(%) 4.00 Assets 3.47 3.49 3.30 3.21 9.00 3.02 2.75

Tang. 3.00 Assets

/ 8.00 2.00 NPAs Equity

7.00 1.00

Tang.

6.00 0.00 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13

Florida Southeast Florida Southeast

NET INTEREST MARGIN LOAN LOSS PROVISIONS Median of the 191 Florida Based Banks Totals and Average for 191 Florida Based Banks

5.0 250,000 1,400 4.27 4.24 4.16 4.07 4.07

(%) 1,200 4.0

200,000 ($000)

($000)

Yield

1,000 3.0 3.59 3.60 3.55 3.45 3.52 150,000 800

Provisions

2.0 Equivalent

600 Loss

Loss 100,000

Tax 1.0 Loan

400 Loan 0.75 0.0 0.68 0.65 0.58 0.55 50,000 200 2Q12 3Q12 4Q12 1Q13 2Q13 Total Average 0 0 Net Interest Margin (FTE) (%) Yield on Earning Assets (%) Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Cost of Funds (%) FL Statewide Loan Loss Provisions Average Loans Loss Provisions

NOTE: Florida results based on 191 banks. Southeast states include Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.

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

CAPITAL MARKETS

CAPITAL OFFERINGS OF SOUTHEASTERN BANKS INTEREST RATES Banks with Assets less than $5 Billion & Not Issued Under TARP June 30, 2013, December 31, 2012, and June 30, 2012

Senior Debt

Sub Debt 06/30/13 12/31/12 06/30/12 YTD 2013 TruPS Pref Stock Federal Funds 0.07 0.09 0.09 Common Stock Prime Rate 3.25 3.25 3.25 2012 6 Month T Bill (BEY) 0.10 0.11 0.16

1 Year Bill (BEY) 0.15 0.16 0.21

3 Year T Note 0.66 0.36 0.41 2011 5 Year T Note 1.41 0.72 0.72

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 10 Year T Note 2.52 1.78 1.67 ($ in millions) 30 Year T Bond 3.52 2.95 2.76

(In Thousands) 2011 2012 YTD 2013 1 Month LIBOR 0.19 0.21 0.25 Senior Debt $5,450 $10,000 $0 3 Month LIBOR 0.27 0.31 0.46 Sub Debt $13,729 $20,247 $0 TruPS $0 $0 $0 6 Month LIBOR 0.41 0.51 0.73 Pref Stock $537,710 $640,516 $153,697 1 Year LIBOR 0.69 0.84 1.07 Common Stock $1,052,675 $378,336 $237,300

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

PRICE / TANGIBLE BOOK RATIO YIELD CURVE January 1, 2013 – June 30, 2013 June 30, 2012 – June 30, 2013

150.0 3.0 143.9 145.0 2.5

140.0 2.0 (%)

Yield 135.0 1.5

Treasury 1.0 130.0

0.5 125.0 0.0 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr 120.0 Jan Feb Mar Apr May Jun FL Banks 06/30/13 12/31/12 06/30/12

NOTE: Florida Banks include: BKU, CCBG, CBF, CSFL, EVER, FUBC, SBCF, and SGBK.

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

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

Panhandle 2Q‐13 2Q‐12 Northeast 2Q‐13 2Q‐12 East Central 2Q‐13 2Q‐12 No. of Banks 17 18 No. of Banks 10 11 No. of Banks 28 29 Aggregate Assets $5,790 $5,884 Aggregate Assets $22,284 $19,323 Aggregate Assets $10,652 $10,772 Equity/Assets 9.79 9.77 Equity/Assets 8.45 7.62 Equity/Assets 10.28 10.29 ROAA ‐0.03 ‐0.06 ROAA 0.16 0.11 ROAA 0.44 0.33 NPAs/Assets 4.48 6.70 NPAs/Assets 5.88 7.49 NPAs/Assets 4.50 5.01 Texas Ratio 25.81 48.46 Texas Ratio 57.27 74.41 Texas Ratio 26.09 26.02 Net Interest Margin 3.57 3.52 Net Interest Margin 3.44 3.48 Net Interest Margin 3.66 3.66

North Central 2Q‐13 2Q‐12

No. of Banks 5 5 Aggregate Assets $1,640 $1,627 Equity/Assets 8.04 8.26 ROAA 0.45 0.31 NPAs/Assets 3.77 4.64 Texas Ratio 19.00 32.51 Net Interest Margin 3.16 3.60

Tampa Bay 2Q‐13 2Q‐12 No. of Banks 32 32 Aggregate Assets $35,846 $33,897 Equity/Assets 10.98 10.09 ROAA 0.47 0.60 NPAs/Assets 2.26 4.05 Texas Ratio 19.78 25.31 Net Interest Margin 3.59 3.74

Southwest 2Q‐13 2Q‐12 Southeast 2Q‐13 2Q‐12

No. of Banks 11 13 No. of Banks 69 72

Aggregate Assets $2,864 $3,087 Aggregate Assets $70,857 $68,257 Equity/Assets 10.35 9.98 Equity/Assets 9.30 9.52 ROAA 0.38 0.39 ROAA 0.41 0.18 NPAs/Assets 1.96 4.24 NPAs/Assets 2.79 4.13 Texas Ratio 16.02 13.17 Texas Ratio 18.87 30.84 Net Interest Margin 3.39 3.28 Net Interest Margin 3.47 3.54

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, Miami-Dade, Palm Beach, and St. Lucie Counties.

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

FLORIDA BANK MERGERS & ACQUISTIONS FLORIDA BANK M&A TRANSACTION ACTIVITY & TRANSACTION PRICE MULTIPLES1 Transactions announced from January 1, 1983 to June 30, 2013

40.0 3.50 37 35 35.0 3.00 31 31 30.0 NM 2.50 25 25 Price (%) 25.0 21 2.00 20 20 /

19 Book 20.0 18 Earnings 16 /

15 15 1.50 (%) 14 14 15.0 13

Price 12 12 11 11 10 10 9 1.00 10.0 7 77 5 5 5 4 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

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.

FLORIDA BANK MERGERS & ACQUISITIONS January 1, 2013 – June 30, 2013 Deal Value/ Buyer Target Book Announce Buyer Assets Target Assets Value Date Buyer State ($000) Target State ($000) (%) 1/29/2013 Ameris Bancorp GA 2,861,651 Prosperity Banking Company FL 741,713 89.3 5/24/2013 Banco de Credito e Inversiones SA ‐ 37,219,614 CM Florida Holdings, Inc. FL 4,609,470 101.4 4/26/2013 HCBF Holding Company, Inc. FL 419,058 BSA Financial Services, Inc. FL 167,712 84.1 2/12/2013 Investor group ‐ NA U.S. Century Bank FL 1,010,383 NA

SOUTHEAST FDIC-ASSISTED TRANSACTIONS January 1, 2013 – June 30, 2013

Assets Discount Premium Announce Target Sold Buyer on Assets Paid on Core Date Target State ($000) Buyer State ($) Deposits (%) 3/8/2013 Frontier Bank GA 181,247 Heritage Financial Group, Inc. GA 19.22% 0.0% 4/19/2013 Heritage Bank of North Florida FL 110,889 FirstAtlantic Financial Holdings, Inc. FL 22.50% 0.0% 4/19/2013 Chipola Community Bank FL 37,471 First Federal Bancorp, MHC FL 9.87% 0.0% 4/26/2013 Parkway Bank NC 99,200 CertusHoldings, Inc. GA 13.61% 0.0% 4/26/2013 Douglas County Bank GA 260,900 Hamilton State Bancshares, Inc. GA 8.16% 0.5% 5/10/2013 Pisgah Community Bank NC 19,800 Capital Bancorp, Inc. MD 18.26% 0.0% 5/10/2013 Sunrise Bank GA 13,200 Synovus Financial Corp. GA NA 0.0% 6/7/2013 Mountain National Bank TN 450,583 First Horizon National Corporation TN 7.32% 0.0% Average: 14.13% Median: 13.61%

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

AVERAGE AND MEDIAN PRICE / TBV PUBLICLY TRADED SOUTHEASTERN BANK STOCKS 2005 – 2013 Q2

200

180

160

140 (%)

TBV

120 /

100 Price

40 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2013 Q2

Average Median

MEDIAN PRICE TO TANGIBLE BOOK VALUE RATIOS BASED ON NPAS / ASSETS (%) BASED ON EQUITY / ASSETS (%) As of June 30, 2013 As of June, 30, 2013

130.0 145.0 120.0 135.0 110.0 (%)

(%) 125.0 100.0 TBV

TBV

90.0 115.0 Price

Price

80.0

70.0 105.0 Median Median 60.0 95.0 50.0 85.0 40.0 12%+ 10%‐12% 8%‐10% < 8% 0%‐2% 2%‐5% 5%‐10% Equity / Assets (%) NPAs / Assets (%)

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

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

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

THE 100 LARGEST FLORIDA-BASED BANKS BY ASSET SIZE As of June 30, 2013

Tangible Tier 1 6 mos. Equity/ Risk Equity Net Loans/ Tangible Based NPAs/ Reserves/ Assets Deposits Cap Income Deposits Assets Ratio Assets Loans # of Company Name Ticker City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices EverBank Financial Corp EVER Jacksonville 18,362,872 13,684,374 1,549,383 85,139 108.65 8.17 NA 2.36 0.49 17 BankUnited, Inc. BKU Miami Lakes 13,233,425 9,065,419 1,852,709 102,234 75.11 13.55 27.93 0.70 0.86 103 Mercantil Commercebank Holding Corporation ‐ Coral Gables 7,006,906 5,425,548 649,351 16,629 86.06 9.04 15.77 1.03 1.31 20 Capital Bank Financial Corp. CBF Coral Gables 6,801,912 5,473,240 1,104,933 16,688 83.25 14.05 18.51 2.89 1.22 165 CM Florida Holdings, Inc. ‐ Coral Gables 4,952,605 3,704,157 1,010,887 167,002 70.09 13.35 18.12 0.93 2.34 26 Sabadell United Bank, N.A. ‐ Miami 3,580,153 2,864,037 485,782 13,594 79.30 11.30 17.69 1.26 1.37 24 Bond Street Holdings, Inc. ‐ Weston 3,557,023 2,465,974 732,341 6,775 67.14 19.68 30.92 2.09 0.95 42 Ocean Bankshares, Inc. ‐ Miami 3,350,723 2,956,424 287,970 18,467 75.58 8.59 6.36 7.28 1.40 21 USAmeriBancorp, Inc. ‐ Clearwater 2,707,415 2,305,286 209,444 16,635 93.52 6.79 8.90 1.31 1.21 27 Capital City Bank Group, Inc. CCBG Tallahassee 2,547,495 2,077,708 249,289 1,682 69.57 6.67 15.36 5.68 1.89 73 TotalBank ‐ Miami 2,471,993 1,713,163 426,283 7,521 83.40 11.56 16.46 2.55 1.45 19 CenterState Banks, Inc. CSFL Davenport 2,355,353 1,976,692 271,416 7,334 72.71 9.54 16.97 2.85 1.66 55 Seacoast Banking Corporation of Florida SBCF Stuart 2,183,680 1,738,610 161,248 4,998 74.31 7.34 16.17 3.34 1.55 35 Villages Bancorporation, Inc. ‐ The Villages 1,564,745 1,359,434 117,787 9,512 21.88 7.53 18.13 3.17 4.24 10 Gibraltar Private Bank & Trust Co. ‐ Coral Gables 1,563,243 1,309,748 135,937 ‐541 94.04 8.56 12.87 7.01 2.54 8 1st United Bancorp, Inc. FUBC Boca Raton 1,545,299 1,292,118 232,589 3,388 72.35 11.53 18.89 3.70 1.08 26 BAC Florida Bank ‐ Coral Gables 1,349,373 1,031,092 117,951 3,595 101.62 8.74 16.51 6.80 1.67 1 CNLBancshares, Inc. ‐ Orlando 1,280,599 1,035,972 110,528 629 69.35 8.63 8.67 5.44 1.65 16 Tampa Bay Banking Company ‐ Tampa 1,235,531 1,131,491 91,528 4,420 57.13 7.41 11.68 2.15 1.96 10 Crews Banking Corporation ‐ Wauchula 1,197,271 1,043,946 126,987 5,791 70.53 10.53 16.92 7.45 3.12 17 Stonegate Bank SGBK Fort Lauderdale 1,094,735 896,953 127,149 4,558 83.42 11.52 15.75 2.00 2.21 11 Great Florida Bank GFLB Miami Lakes 1,088,059 954,949 45,146 ‐2,076 71.83 4.15 7.18 17.42 1.89 25 First Southern Bancorp, Inc. FSOF Boca Raton 1,068,365 863,101 192,807 ‐362 63.99 16.13 27.10 4.25 2.80 17 CBM Florida Holding Company ‐ Saint Petersburg 1,031,694 789,339 76,820 690 91.62 7.40 12.48 3.72 0.39 29 First Federal Bancorp, Inc. ‐ Lake City 975,796 815,481 121,899 5,984 68.40 12.28 NA 4.55 1.40 19 U.S. Century Bank ‐ Doral 949,219 878,005 48,599 ‐1,531 87.21 5.12 5.87 11.10 2.97 24 Three Shores Bancorporation, Inc. ‐ Orlando 873,719 749,429 90,976 1,115 84.81 10.41 11.54 1.50 1.23 13 First State Bank of the Florida Keys Hld Comp. ‐ Key West 827,354 587,729 60,344 1,337 73.37 7.29 14.48 4.53 2.78 12 Helm Bank USA ‐ Miami 816,137 729,784 81,148 10,382 57.72 9.94 25.12 4.16 2.65 1 Old Florida Bancshares, Inc. ‐ Orlando 799,717 707,511 82,103 2,828 75.01 10.22 13.26 1.59 1.59 11 HomeBancorp, Inc. ‐ Tampa 793,588 703,060 61,055 1,914 101.53 7.41 10.78 0.32 0.27 15 Banesco USA ‐ Coral Gables 772,492 680,348 67,790 847 73.49 8.73 12.80 2.23 1.31 7 Prosperity Banking Company ‐ Saint Augustine 753,942 494,613 14,557 ‐448 97.99 1.90 1.46 3.44 1.46 12 Atlantic Coast Financial Corporation ACFC Jacksonville 743,530 503,482 31,164 ‐3,592 91.20 4.16 NA 6.40 2.18 12 Espirito Santo Bank ‐ Miami 727,923 600,464 58,733 1,685 86.26 8.07 16.12 1.71 1.46 1 BANKshares, Inc. ‐ Winter Park 675,208 508,612 127,863 862 70.35 8.50 16.19 2.85 1.61 12 Gateway Financial Holdings of Florida, Inc. ‐ Daytona Beach 672,690 572,090 64,063 4,111 52.03 9.52 16.43 1.95 2.41 9 TGR Financial, Inc. ‐ Naples 668,449 502,987 74,680 11,154 85.82 10.47 13.49 1.02 1.40 5 FineMark National Bank & Trust ‐ Fort Myers 618,077 482,020 47,669 1,126 87.43 7.71 12.68 0.12 1.05 7 Florida Community Bankshares, Inc. ‐ Ocala 603,628 533,515 55,707 2,357 49.79 9.23 19.67 2.01 2.92 9 Coconut Grove Bankshares, Inc. ‐ Miami 600,914 483,886 72,441 979 42.44 12.06 28.82 1.63 3.58 5 Beach Community Bancshares, Inc. BCBF Fort Walton Beach 596,354 525,421 18,716 ‐616 79.03 3.07 4.98 29.62 2.04 11 Urban Trust Holdings, Inc. ‐ Lake Mary 572,663 450,967 86,874 5,142 105.42 15.17 NA 7.22 2.14 22 Gulfstream Bancshares, Inc. ‐ Stuart 572,324 486,010 59,243 1,899 75.82 10.35 17.18 3.61 3.65 4 Florida Bank Group, Inc. ‐ Tampa 558,801 452,161 36,134 ‐3,304 76.96 6.47 8.91 3.87 2.85 13 Florida Shores Bancorp, Inc. ‐ Pompano Beach 555,115 506,744 34,088 ‐94 65.98 6.09 13.41 1.76 1.62 8 Florida Capital Group, Inc. ‐ Jacksonville 546,196 485,823 29,242 ‐4,303 75.28 5.35 9.33 10.67 2.32 9 JGB Bank, National Association ‐ Miami 542,402 393,221 43,953 209 49.53 8.10 13.02 1.46 1.63 8 Jacksonville Bancorp, Inc. JAXB Jacksonville 523,106 449,259 32,033 228 85.02 5.94 10.96 5.99 4.53 9 First National Bank of South Miami ‐ Miami 507,313 411,391 33,866 387 46.52 6.68 13.96 1.13 0.98 5

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

THE 100 LARGEST FLORIDA BASED BANKS (cont...) BY ASSET SIZE As of June 30, 2013

Tangible Tier 1 6 mos. Equity/ Risk Reser Equity Net Loans/ Tangible Based NPAs/ ves/ Assets Deposits Cap Income Deposits Assets Ratio Assets Loans # of Company Name Ticker City ($000) ($000) ($000) ($000) (%) (%) (%) (%) (%) Offices Community Bank of South Florida, Inc. CBKS Homestead 502,677 438,660 41,529 993 74.56 8.26 9.89 6.38 1.85 11 Florida Business BancGroup, Inc. ‐ Tampa 501,782 428,188 63,871 1,879 82.15 12.73 15.57 4.34 1.27 5 New Traditions National Bank ‐ Orlando 478,209 431,302 45,837 1,589 63.43 9.59 15.06 0.46 1.61 3 Community Bank of Broward ‐ Dania Beach 469,294 402,748 40,931 936 93.54 8.72 9.97 10.39 1.67 9 Platinum Bank ‐ Brandon 440,151 354,886 48,537 1,807 90.80 11.03 15.26 3.77 1.52 6 Harbor Community Bank ‐ Indiantown 428,895 335,291 62,133 ‐161 69.77 13.82 26.13 3.60 1.71 14 Farmers & Merchants Bank ‐ Monticello 424,674 356,799 33,282 132 72.27 7.84 13.07 4.29 1.81 8 Citizens Bank and Trust ‐ Lake Wales 423,831 368,369 35,251 1,160 75.41 8.18 13.38 5.22 2.09 12 Brannen Bank ‐ Inverness 403,445 369,113 33,920 2,528 53.38 8.41 22.06 3.57 1.61 12 Regent Bancorp, Inc. ‐ Davie 402,851 348,380 28,138 469 83.21 6.98 10.19 7.58 2.20 5 FirstAtlantic Bank ‐ Jacksonville 402,070 339,934 46,985 2,689 80.19 10.88 15.70 5.12 0.78 8 Merchants & Southern Banks of Florida, Inc. ‐ Gainesville 400,877 317,870 31,186 1,565 68.33 7.78 14.71 4.68 2.26 13 CBC National Bank ‐ Fernandina Beach 399,496 331,448 43,280 2,200 83.31 10.57 21.87 5.77 1.51 5 United Southern Bank ‐ Umatilla 391,695 346,235 40,319 707 79.56 10.29 14.15 5.52 2.69 13 FNBT.Com Bank ‐ Fort Walton Beach 376,533 308,702 45,267 2,156 44.83 12.02 21.45 4.77 3.44 11 Eastern National Bank ‐ Miami 374,227 325,809 33,341 979 96.01 8.91 15.10 3.14 1.61 5 Drummond Community Bank ‐ Chiefland 364,054 313,913 42,608 2,375 59.65 11.07 20.71 2.75 1.64 12 International Finance Bank ‐ Miami 352,031 307,102 42,359 282 74.97 12.03 15.51 9.29 5.44 5 Pacific National Bank ‐ Miami 344,666 194,848 37,404 ‐1,980 81.01 10.85 18.86 3.10 1.93 1 Encore Bank, National Association ‐ Naples 327,809 283,046 34,185 424 57.26 8.92 16.65 1.21 0.95 6 Continental National Bank of Miami ‐ Miami 321,370 281,163 30,828 507 66.69 9.59 17.66 1.61 1.22 7 Biscayne Bank ‐ Coconut Grove 316,299 282,718 24,983 1,959 92.92 7.90 11.54 1.37 1.09 3 Intercredit Bank, NA ‐ Miami 311,762 229,937 22,557 ‐2,718 84.09 7.21 14.25 3.82 2.72 5 Bank of Central Florida ‐ Lakeland 307,195 264,417 31,810 1,106 79.75 10.35 13.84 0.62 1.16 4 Executive National Bank ‐ Miami 303,283 256,355 30,071 801 80.32 9.92 14.57 2.38 1.81 4 Heartland National Bank ‐ Sebring 303,150 273,998 26,155 638 55.92 8.63 15.60 3.62 2.43 4 Paradise Bank ‐ Boca Raton 301,468 270,318 26,881 2,713 79.01 8.92 13.26 2.46 2.22 3 1st National Bank of South Florida ‐ Homestead 301,150 240,236 28,008 280 66.34 9.28 15.63 5.90 1.34 7 Fidelity Bank of Florida, National Association ‐ Merritt Island 293,596 227,886 15,011 2,158 78.99 5.11 9.41 9.86 4.59 2 Florida Traditions Bank ‐ Dade City 287,030 247,011 35,966 1,437 88.95 12.53 13.37 1.19 2.01 8 Alarion Bank ‐ Ocala 286,293 245,900 23,012 285 79.50 8.04 10.18 3.23 2.33 6 Floridian Community Bank, Inc. ‐ Davie 277,323 234,555 24,941 281 68.06 8.99 13.17 2.30 1.32 4 Summit Bank, National Association ‐ Panama City 272,242 219,283 34,595 1,195 60.51 12.68 20.33 2.46 1.49 4 Terrabank, NA ‐ Miami 267,263 232,794 27,294 368 76.38 10.21 14.91 3.03 1.41 3 First America Bank ‐ Bradenton 256,328 213,133 29,795 31 74.68 11.12 12.99 3.44 1.59 5 Apollo Bank ‐ Miami 255,830 222,153 25,464 447 72.82 9.95 12.14 3.49 1.64 3 Legacy Bank of Florida ‐ Boca Raton 254,329 231,119 12,170 398 73.91 4.79 6.55 6.92 2.22 5 Landmark Bank, National Association ‐ Fort Lauderdale 251,801 188,108 39,613 1,398 114.70 15.73 18.98 12.60 3.38 2 Florida Citizens Bank ‐ Gainesville 250,928 231,041 17,211 ‐37 70.21 6.86 11.16 5.19 2.09 9 Highlands Independent Bank ‐ Sebring 250,061 234,595 13,058 ‐213 57.36 5.22 9.34 7.41 3.95 6 First City Bank of Florida ‐ Fort Walton Beach 248,692 231,758 6,243 ‐154 67.16 2.51 3.38 22.90 2.53 4 First Bank ‐ Clewiston 248,126 224,620 22,199 692 76.56 8.95 11.61 5.77 2.00 5 GulfShore Bank ‐ Tampa 239,592 207,962 20,902 412 75.16 8.72 14.02 2.33 1.43 2 Edison National Bank ‐ Fort Myers 236,841 203,893 20,080 641 56.45 8.48 18.56 1.18 2.33 4 Palm Beach Community Bank ‐ West Palm Beach 236,530 203,910 28,537 1,437 87.83 12.06 19.00 0.86 1.11 6 First Green Bank ‐ Mount Dora 234,876 206,634 27,171 433 90.20 11.57 13.23 0.12 1.32 4 Mainstreet Community Bank of Florida ‐ Deland 231,397 207,096 20,502 1,118 71.46 8.84 10.95 3.14 2.68 4 Cornerstone Community Bank ‐ Saint Petersburg 230,310 204,728 24,129 603 78.23 10.48 12.17 4.22 1.45 6 Citizens Bank of Florida ‐ Oviedo 229,130 201,608 20,434 ‐249 62.14 8.92 13.15 6.43 1.86 4 Florida Bank of Commerce ‐ Orlando 227,954 199,389 26,324 449 78.29 10.59 12.61 4.18 1.74 6 Median of Largest 100 Banks 75.22 8.92 14.20 3.47 1.67

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

50 OUT OF STATE BANKS WITH LARGEST DEPOSITS BY DEPOSITS IN FLORIDA As of June 30, 2013

Market Tangible Tier 1 Share of Equity / Risk Loss Deposits Florida’s Equity Net Loans/ Tangible Based NPAs / Reserves Texas Assets In Florida Deposits Cap Income Deposits Assets Ratio Assets / Loans Ratio Company Name City State ($000,000) ($000,000)1 (%)1 ($000) ($000) (%) (%) (%) (%) (%) (%)2 Bank of America Corporation Charlotte NC 2,125,686 77,764 18.34% 231,032,000 5,495,000 88.75 7.56 12.16 1.96 2.21 27.98 Wells Fargo & Company San Francisco CA 1,440,563 69,007 16.28% 162,421,000 10,690,000 81.96 9.25 12.12 2.50 1.93 28.91 SunTrust Banks, Inc. Atlanta GA 171,610 42,603 10.05% 20,891,769 728,833 98.47 8.76 11.24 2.49 1.69 25.96 Regions Financial Corporation Birmingham AL 118,783 18,643 4.40% 15,329,389 601,692 82.02 8.97 11.59 3.46 2.16 37.43 JPMorgan Chase & Co. New York NY 2,439,494 15,309 3.61% 209,239,000 13,025,000 62.25 6.66 11.63 1.43 2.59 20.74 BB&T Corporation Winston‐Salem NC 182,735 13,041 3.08% 21,939,573 799,994 90.24 8.27 11.14 1.54 1.61 17.38 Citigroup Inc. New York NY 1,883,988 12,809 3.02% 195,926,000 7,990,000 71.06 8.94 13.24 1.63 3.29 17.21 TD Bank US Holding Company Portland ME 228,946 8,516 2.01% 23,680,050 383,310 54.52 4.31 7.34 0.73 1.10 19.13 Fifth Third Bancorp Cincinnati OH 123,360 7,995 1.89% 14,238,814 1,012,201 95.17 9.75 11.07 2.57 1.95 24.51 Northern Trust Corporation Chicago IL 97,236 6,712 1.58% 7,724,624 355,103 37.64 7.35 13.07 0.38 1.01 5.27 PNC Financial Services Group, Inc. Pittsburgh PA 304,548 6,506 1.53% 40,285,654 2,135,466 91.20 10.37 12.01 1.93 1.95 20.95 HSBC North America Holdings Inc. New York NY 321,967 4,465 1.05% 31,454,305 793,153 90.46 9.14 17.70 6.42 4.77 60.95 New York Community Bancorp, Inc. Westbury NY 44,186 3,001 0.71% 5,688,461 241,191 125.85 7.74 13.38 0.69 0.63 9.54 Third Federal Savings & Loan of Clev. Cleveland OH 11,137 2,931 0.69% 1,144,880 21,844 114.67 10.19 NA 2.63 0.96 23.82 Synovus Financial Corp. Columbus GA 26,563 2,528 0.60% 3,568,204 75,109 95.28 13.33 13.49 4.76 1.70 32.74 BBVA Compass Bancshares, Inc. Houston TX 69,675 2,362 0.56% 11,286,146 238,370 91.06 9.57 12.00 1.37 1.52 13.87 IBERIABANK Corporation Lafayette LA 12,824 2,256 0.53% 1,504,761 16,307 85.18 8.70 12.20 4.08 1.80 15.93 First BanCorp. San Juan PR 12,803 1,875 0.44% 1,222,328 ‐195,215 96.91 9.14 15.32 9.10 2.97 82.11 Hancock Holding Company Gulfport MS 18,955 1,867 0.44% 2,345,340 95,438 77.17 8.51 11.99 1.15 1.18 12.63 BMO Financial Corp. Chicago IL 112,350 1,558 0.37% 13,398,145 215,231 78.78 8.93 10.64 1.78 1.65 19.71 Home BancShares, Inc. Conway AR 4,091 1,272 0.30% 533,510 35,207 80.27 10.95 14.04 2.79 1.55 23.81 Bank Leumi Le‐Israel Corporation New York NY 5,151 1,216 0.29% 681,218 3,408 87.79 13.15 14.85 2.32 1.42 16.38 KeyCorp Cleveland OH 90,859 1,191 0.28% 10,228,993 408,154 86.33 10.14 11.93 0.77 1.57 8.46 Popular, Inc. Hato Rey PR 36,685 1,136 0.27% 4,195,000 207,000 93.10 9.72 17.30 4.25 2.55 39.52 Intervest Bancshares Corporation New York NY 1,597 923 0.22% 211,775 7,430 79.83 13.26 21.71 4.28 2.50 30.90 Cadence Bancorp, LLC Houston TX 5,900 826 0.19% 893,459 12,908 87.06 9.56 12.56 1.99 1.07 18.09 First Citizens BancShares, Inc. Raleigh NC 21,309 716 0.17% 1,939,330 99,490 73.05 8.65 14.91 1.56 1.96 14.38 TrustCo Bank Corp NY Glenville NY 4,443 682 0.16% 348,623 18,931 70.96 7.83 NA 1.37 1.72 15.39 SNBNY Holdings Limited New York NY 6,258 589 0.14% 468,508 21,566 36.53 7.39 12.60 0.16 1.13 2.10 Trustmark Corporation Jackson MS 11,863 444 0.10% 1,326,819 55,987 68.69 7.96 12.55 1.69 1.12 27.94 Ameris Bancorp Moultrie GA 2,812 427 0.10% 287,777 11,963 84.40 10.13 18.04 8.54 1.17 38.44 Interaudi Bank New York NY 1,339 382 0.09% 106,167 2,555 45.14 7.93 17.17 0.20 0.74 2.86 First Banks, Inc. Clayton MO 6,207 342 0.08% 176,993 16,173 52.89 0.85 1.55 4.57 3.01 204.49 Discount Bancorp, Inc. New York NY 9,390 323 0.08% 831,201 18,325 57.49 8.85 14.28 0.87 1.73 9.01 Comerica Incorporated Dallas TX 63,013 313 0.07% 6,911,249 277,135 88.65 10.03 10.43 0.92 1.35 8.85 Doral Financial Corporation San Juan PR 8,523 250 0.06% 806,164 ‐22,615 135.00 9.41 11.20 15.37 1.74 129.85 First Busey Corporation Champaign IL 3,511 226 0.05% 410,030 13,873 75.21 10.87 17.28 1.02 2.25 8.37 Liberty Capital, Inc. Wilmington OH 578 206 0.05% 77,884 1,802 82.06 13.49 NA 13.78 2.44 68.94 CharterBank West Point GA 1,124 185 0.04% 203,097 3,257 68.44 17.68 33.36 2.68 2.43 11.06 Bank of the Ozarks, Inc. Little Rock AR 4,044 142 0.03% 531,125 40,387 99.01 12.90 17.12 4.59 1.33 10.68 ServisFirst Bancshares, Inc. Birmingham AL 3,141 141 0.03% 265,189 18,937 97.44 8.44 9.82 1.06 1.10 11.40 Stark Bank Group, Ltd. Fort Dodge IA 1,140 139 0.03% ‐300 ‐1,088 54.78 ‐0.22 0.89 4.31 5.75 184.26 Mutual of Omaha Bank Omaha NE 6,052 136 0.03% 692,166 22,836 94.42 8.51 10.61 1.19 1.20 11.59 Oak Valley Community Bank Oakdale CA 644 128 0.03% 63,177 2,799 67.57 9.81 13.68 0.74 1.94 6.75 Stearns Financial Services, Inc. Saint Cloud MN 1,605 112 0.03% 200,512 30,266 101.87 12.33 21.70 4.32 3.38 18.12 Heritage Financial Group, Inc. Albany GA 1,334 98 0.02% 118,540 6,588 76.32 8.58 NA 1.96 1.11 24.11 Delta National Bank and Trust Company New York NY 431 92 0.02% 51,093 434 25.61 11.85 29.01 0.00 0.06 0.00 Republic Bancorp, Inc. Louisville KY 3,317 86 0.02% 544,067 19,475 134.05 16.14 25.48 3.38 0.85 20.58 Southeastern Bank Darien GA 361 66 0.02% 34,310 401 55.17 9.51 16.17 10.07 4.34 86.38 Huntington Bancshares Incorporated Columbus OH 56,114 66 0.02% 5,783,408 302,431 90.93 9.34 12.24 1.88 1.74 19.28 Top 50 Largest Out of State 314,602 74.21% Other 242 Banks (including all FL banks) 109,306 25.79% Total In Florida 423,908 100.00% Median: 83.23 9.20 12.58 1.96 1.71 19.21

1. FDIC Data as of June 30, 2012 2. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR)

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

FLORIDA’S LARGEST PUBLICLY TRADED BANKS CORE EARNINGS, MARKET PRICES, AND PERTINENT RATIOS As of June 30, 2013

Tang. 6 mos. Net 6 mos. 3/31/13 6/30/13 Chg. in Book Net Income/ Core Market Market Market Value/ Price/ Price/ Equity/ NPAs/ Leverage Assets Income Share Earnings Price Price Price share TBV LTM Assets Assets Ratio Institution Name Ticker ($000) ($000) ($) ($000)1 ($) ($) (%) ($) (%) EPS (%) (%) (%) EverBank Financial Corp EVER 18,362,872 85,139 0.70 139,790 15.40 16.56 7.5% 11.00 150.6 15.6 8.44 1.37 NA BankUnited, Inc. BKU 13,233,425 102,234 1.02 182,904 25.62 26.01 1.5% 17.74 146.7 12.5 14.00 0.16 13.69 Capital Bank Financial Corporation CBF 6,796,976 16,688 0.31 41,664 17.13 19.02 11.0% 17.57 108.3 16.4 16.26 2.40 13.29 Capital City Bank Group, Inc. CCBG 2,561,858 1,682 0.10 5,195 12.35 11.53 ‐6.6% 9.48 121.6 41.2 9.73 5.83 10.07 CenterState Banks, Inc. CSFL 2,355,353 7,334 0.24 11,481 8.58 8.68 1.2% 7.30 118.9 21.7 11.52 1.67 10.26 Seacoast Banking Corporation of FL SBCF 2,183,680 4,998 0.05 6,516 2.09 2.20 5.3% 1.17 188.5 NM 7.38 3.34 9.71 1st United Bancorp, Inc. FUBC 1,545,299 3,388 0.10 7,899 6.46 6.72 4.0% 4.99 134.6 33.6 15.05 2.38 11.26 Stonegate Bank SGBK 1,094,624 4,558 0.55 8,131 17.75 17.80 0.3% 15.28 116.5 16.4 11.62 2.00 11.79 Atlantic Coast Financial Corp. ACFC 742,194 ‐3,593 ‐1.37 154 4.42 4.89 10.6% 11.85 41.3 NM 4.20 6.31 NA Coastal Banking Company, Inc. CBCO 400,710 3,075 1.18 2,299 6.50 7.01 7.8% 10.29 68.1 4.4 9.17 5.77 10.55 Average: 10.86 11.02 119.50 10.74 3.12 10.97

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

FLORIDA BANK LOAN LOSS PROVISIONS LAST EIGHT QUARTERS

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

FLORIDA BANK LOAN LOSS PROVISIONS LAST EIGHT QUARTERS

Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2'13 Provisions Provisions Provisions Provisions Provisions Provisions Provisions Provisions for Losses for Losses for Losses for Losses for Losses for Losses for Losses for Losses Company Name ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) CenterState Banks, Inc. 5,005 18,065 2,732 1,894 2,425 2,169 ‐360 1,374 Central Bank 264 367 44 32 ‐18 147 ‐106 17 Century Bank of Florida 70 0 0 0 0 444 0 0 Citizens Bank and Trust 979 731 202 1,097 543 1,374 218 11 Citizens Bank of Florida 725 535 498 375 461 800 255 495 Citizens State Bank 0 80 242 97 104 80 130 154 CM Florida Holdings, Inc. 0 0 0 0 ‐3,000 ‐9,000 ‐4,500 ‐6,000 CNLBancshares, Inc. 7,333 14,024 1,891 2,986 1,267 1,788 646 796 Coconut Grove Bankshares, Inc. 950 850 225 2 ‐8 3 0 0 Columbia Bank 857 4,210 1,700 1,600 2,535 1,700 1,500 500 Commerce National Bank & Trust 2,846 225 640 300 250 150 0 0 Community Bank of Broward 3,292 988 625 275 475 128 175 405 Community Bank of South Florida, Inc. 789 2,271 106 1,512 998 1,593 260 12 Community Bank of the South 0 0 0 0 35 122 20 0 Community Southern Bank 133 72 130 95 0 160 45 42 Community State Bank 0 0 3 0 60 55 0 0 Continental National Bank of Miami 341 90 90 90 70 ‐30 90 ‐30 Cornerstone Community Bank 225 719 126 0 0 ‐89 50 50 Crews Banking Corporation 3,167 4,955 2,517 2,523 2,963 3,312 1,836 3,550 Desjardins Bank, National Association 82 96 373 103 ‐345 79 0 0 Drummond Community Bank 268 316 303 296 318 288 310 200 Eastern National Bank 1,755 1,801 ‐180 544 ‐1,134 ‐250 0 0 Edison National Bank 403 1,089 0 100 138 142 0 0 Encore Bank, National Association 48 701 202 275 212 201 231 238 Espirito Santo Bank 580 256 300 0 0 0 0 0 EverBank Financial Corp NA NA 11,355 5,757 4,359 10,528 1,919 29 Executive National Bank 80 57 ‐20 80 0 0 63 0 Farmers & Merchants Bank 1,000 1,000 1,250 1,400 1,000 1,525 1,100 1,800 Fidelity Bank of Florida, National Association 900 1,737 1,400 750 0 0 0 0 FineMark National Bank & Trust 100 166 128 376 75 200 190 637 First America Bank 1,122 2,693 0 0 169 141 504 300 First Avenue National Bank 169 604 279 384 50 134 0 104 First Bank 990 200 200 100 0 0 0 75 First Bank of Miami 2,364 424 1,264 198 129 221 0 ‐654 First Bank of the Palm Beaches 55 25 1 334 17 58 21 0 First Citrus Bank 0 0 50 70 70 45 167 159 First City Bank of Florida 0 0 0 0 0 0 0 50 First Colony Bank of Florida 35 60 80 60 60 30 60 65 First Federal Bancorp, Inc. NA NA 2,450 1,200 2,105 2,500 300 ‐150 First Florida Bank 374 60 45 0 350 200 200 0 First Green Bank 214 169 135 138 53 122 325 173 First Home Bank 82 617 30 771 341 1 0 0 First National Bank Northwest Florida 30 1,033 45 10 0 0 0 0 First National Bank of Crestview 0 0 0 0 0 0 393 0 First National Bank of Mount Dora 301 99 1 650 0 0 0 375 First National Bank of Pasco 1,450 3,600 750 300 0 0 0 0 First National Bank of South Miami 215 782 225 75 ‐82 402 ‐870 0 First National Bank of Wauchula 165 113 163 100 586 677 17 28 First Navy Bank 0 0 0 0 0 0 0 0 First Southern Bancorp, Inc. 1,368 3,986 ‐24 5,637 ‐1,345 3,035 ‐364 ‐766 First State Bank of the Florida Keys Hldn Comp. 2,450 2,140 465 780 500 515 390 260 FirstAtlantic Bank 50 688 326 200 600 390 220 630 FirstCity Bank of Commerce 42 6 30 0 0 0 0 0 Flagler Bank 0 0 0 0 0 0 0 0 Flagship Community Bank 114 202 83 ‐79 ‐58 110 ‐166 ‐67 Florida Bank Group, Inc. 2,157 311 ‐133 2,143 986 1,469 1,541 244 Florida Bank of Commerce 30 1,020 208 330 30 30 280 30 Florida Business BancGroup, Inc. 3,555 9,030 959 1,034 184 724 507 117

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

FLORIDA BANK LOAN LOSS PROVISIONS LAST EIGHT QUARTERS

Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2'13 Provisions Provisions Provisions Provisions Provisions Provisions Provisions Provisions for Losses for Losses for Losses for Losses for Losses for Losses for Losses for Losses Company Name ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) Florida Business Bank 447 0 ‐25 0 41 ‐36 13 34 Florida Capital Group, Inc. 5,773 13,283 4,805 3,180 2,927 451 0 0 Florida Citizens Bank 240 570 180 30 160 505 150 0 Florida Community Bankshares, Inc. 1,500 1,250 1,350 900 250 150 300 300 Florida Shores Bancorp, Inc. NA NA NA NA NA NA 221 713 Florida Traditions Bank 359 370 300 400 300 200 0 150 Floridian Bank 125 135 384 111 ‐136 147 0 0 Floridian Community Bank, Inc. 95 ‐295 ‐100 ‐444 0 0 200 400 FNBT.Com Bank 46 942 3 ‐15 75 1,061 ‐7 70 Freedom Bank of America 187 31 0 134 0 876 0 0 Friends Bank 579 984 0 441 ‐239 232 0 0 Gateway Financial Holdings of Florida, Inc. 1,514 2,123 574 45 775 975 ‐133 ‐275 Gibraltar Private Bank & Trust Co. 1,480 2,832 ‐1,136 4,524 ‐1,033 29 0 0 Grand Bankshares, Inc. 3,887 424 144 12 10 4 1 1 Great Florida Bank 2,072 373 1,664 4,002 1,473 1,283 732 0 Gulf Coast Community Bank 630 730 0 0 0 0 0 80 GulfShore Bank 73 275 88 150 99 98 66 4 Gulfstream Bancshares, Inc. 1,423 970 1,229 1,015 799 ‐1,759 875 173 Harbor Community Bank 133 200 265 114 144 3,203 474 334 Heartland National Bank 176 233 0 0 294 469 0 0 Helm Bank USA 1,900 2,500 1,800 1,700 1,500 0 0 ‐1,500 Highlands Independent Bank 1,765 2,010 67 994 2,041 425 0 2 Hillsboro Bank 60 ‐136 20 ‐60 58 26 0 ‐80 Home Federal Bank of Hollywood 0 1,276 500 600 0 0 0 0 HomeBancorp, Inc. NA NA NA NA NA NA 150 10 Independent Bankers' Bank of Florida 22 0 ‐649 0 3,903 ‐825 1,929 187 Insignia Bank 0 0 22 6 207 0 0 0 Interamerican Bank, A FSB 248 370 7,694 289 204 890 512 225 Intercontinental Bank 10 60 0 20 ‐16 ‐4 0 0 Intercredit Bank, NA 443 88 0 655 0 2,682 0 2,523 International Finance Bank 3,738 5,432 1,742 2,002 2,001 737 0 100 Intracoastal Bank 23 155 53 0 16 101 88 13 Jacksonville Bancorp, Inc. 1,737 7,616 72 11,584 5,989 20,349 217 ‐484 Jefferson Bank of Florida ‐23 64 75 0 0 17 0 0 JGB Bank, National Association 0 0 100 200 0 460 30 39 Lafayette State Bank 60 96 60 60 60 166 182 210 Landmark Bank, National Association 116 147 ‐111 ‐130 0 0 0 0 Legacy Bank of Florida 1,721 639 501 1,444 1,399 192 100 0 Mackinac Savings Bank, FSB 45 160 45 86 34 2 97 19 Madison County Community Bank 60 120 156 1,390 60 86 60 131 Mainstreet Community Bank of Florida 255 470 610 150 0 0 115 0 Marine Bank & Trust Company 135 5 350 260 275 80 20 0 Marquis Bank 134 66 144 ‐777 172 405 32 ‐15 MEMBERS Trust Company 0 0 0 0 0 0 0 0 Mercantil Commercebank Holding Corp. 13,446 8,406 8,491 7,775 5,837 2,000 65 ‐56 Merchants & Southern Banks of Florida, Inc. 0 685 167 0 0 0 0 0 Natbank, National Association 39 20 0 638 ‐1 ‐40 ‐69 ‐7 Nature Coast Bank 12 0 0 0 138 539 19 0 New Traditions National Bank 276 375 320 24 0 0 0 0 NorthStar Bank 53 10 0 0 0 0 10 335 Ocean Bankshares, Inc. 6,326 ‐2,365 0 0 1,500 1,500 0 ‐100 Oculina Bank 45 45 75 15 15 140 115 115 Old Florida Bancshares, Inc. NA NA ‐10 540 466 180 547 ‐832 One South Bank 19 9 15 18 19 5 9 6 OptimumBank ‐242 ‐801 27 154 197 1,275 1,372 822 Orange Bank of Florida 425 0 746 175 240 90 0 0 Pacific National Bank ‐190 221 109 100 163 512 546 ‐108 Palm Beach Community Bank 80 100 100 185 130 156 0 40

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

FLORIDA BANK LOAN LOSS PROVISIONS LAST EIGHT QUARTERS

Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2'13 Provisions Provisions Provisions Provisions Provisions Provisions Provisions Provisions for Losses for Losses for Losses for Losses for Losses for Losses for Losses for Losses Company Name ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) Paradise Bank 100 280 ‐350 ‐400 ‐100 0 ‐510 0 Patriot Bank 475 120 185 453 147 185 302 326 Peoples Bank of Graceville 6 48 20 6 4 0 0 0 Peoples National Bank 190 350 230 60 10 10 10 0 Peoples State Bank 675 460 146 137 ‐1 134 45 75 Pilot Bank 348 971 375 496 0 175 8 0 Pinnacle Bank 160 2,250 175 350 200 500 50 375 Platinum Bank 43 0 0 0 0 562 57 157 Plus International Bank ‐40 ‐101 0 ‐77 ‐61 ‐56 10 0 Preferred Community Bank 0 52 289 103 0 0 23 18 Prime Meridian Bank 25 58 183 57 168 65 185 138 ProBank 1,470 676 0 247 184 590 0 206 Professional Bank 0 0 10 0 0 0 0 0 Prosperity Banking Company 2,142 728 275 104 1,429 1,775 1,257 427 Raymond James Financial, Inc. NA NA 2,028 10,464 5,033 2,964 5,365 ‐730 Regent Bancorp, Inc. 4,806 603 4,124 601 ‐705 744 11 8 Reunion Bank of Florida 141 114 134 66 220 139 254 97 Sabadell United Bank, N.A. 1,634 3,011 647 1,708 864 2,661 ‐2,250 2,152 Sabal Palm Bank 0 276 21 83 4 216 45 63 Sanibel Captiva Community Bank 835 430 690 794 66 0 0 0 Seacoast Banking Corporation of Florida 0 432 2,305 6,455 900 1,136 953 565 Shamrock Bank of Florida 50 30 10 1,800 255 775 0 1,400 SouthBank, A Federal Savings Bank 9 0 0 ‐120 0 ‐46 0 0 Stonegate Bank 622 4,250 957 941 648 1,832 273 723 Summit Bank, National Association 70 100 100 160 270 236 80 80 Sunrise Bank 0 ‐356 ‐1,063 0 0 ‐104 0 ‐486 Sunshine Savings Bank 306 716 225 955 270 90 ‐48 0 Sunshine State Federal Savings and Loan Assoc. 0 0 0 0 0 0 0 0 Sunstate Bank 241 1,360 155 227 78 0 0 ‐1,200 Surety Bank 0 12 135 1,460 209 445 0 0 Tampa Bay Banking Company 1,139 964 1,038 998 448 969 345 344 TCM Bank, National Association 0 430 775 995 670 475 970 700 Terrabank, NA 124 122 0 265 0 0 0 0 TGR Financial, Inc. NA NA NA NA NA 339 345 615 Three Shores Bancorporation, Inc. 440 582 758 310 605 753 189 120 TotalBank 2,310 556 ‐207 367 1,943 2,583 ‐578 0 TransCapital Bank 850 3,536 375 0 0 0 0 0 U.S. Century Bank 34,489 5,523 1,798 0 ‐1 78 ‐1,263 0 United Legacy Bank 38 37 115 124 280 223 45 74 United Southern Bank 750 550 650 725 650 650 529 538 Urban Trust Holdings, Inc. NA NA 1,290 1,651 950 1,060 531 828 USAmeriBancorp, Inc. 3,796 9,490 ‐365 1,469 547 1,575 600 ‐1,862 Villages Bancorporation, Inc. 2,717 376 3,032 1,516 0 ‐1,747 400 0 Warrington Bank 6 6 6 22 26 13 6 6

Average: 1,143 1,251 690 834 556 598 272 160 Total: 206,889 226,470 129,671 156,855 104,582 113,052 51,973 30,553

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

TEXAS RATIOS1 FLORIDA BASED BANKS

Q4'12 Q1'13 Q2'13 Percent Total Texas Texas Texas Change Assets Ratios Ratios Ratios from Q1'13 Company Name City ($000) (%) (%) (%) to Q2'13 Warrington Bank Pensacola 80,699 5.17 2.88 0.00 ‐100.00% MEMBERS Trust Company Tampa 26,096 0.00 0.00 0.00 0.00% Intracoastal Bank Palm Coast 194,195 0.00 0.00 0.00 0.00% One South Bank Chipley 34,740 0.00 0.10 0.10 0.00% First Navy Bank Pensacola 61,552 0.19 0.19 0.18 ‐5.26% Prime Meridian Bank Tallahassee 184,073 1.35 1.31 0.72 ‐45.04% Bank of the South Pensacola 70,913 0.00 0.00 0.73 NM First Green Bank Mount Dora 234,876 1.20 1.02 0.95 ‐6.86% FineMark National Bank & Trust Fort Myers 618,077 2.90 7.30 1.45 ‐80.14% Jefferson Bank of Florida Oldsmar 177,524 2.42 2.42 2.26 ‐6.61% First Florida Bank Destin 227,835 5.89 5.40 2.79 ‐48.33% TCM Bank, National Association Tampa 172,173 2.39 3.53 3.16 ‐10.48% BankUnited, Inc. Miami Lakes 13,233,425 4.63 4.59 3.56 ‐22.44% Summit Bank, National Association Panama City 272,242 6.67 5.09 3.78 ‐25.74% Raymond James Financial, Inc. Saint Petersburg 22,214,191 4.23 4.29 3.90 ‐9.09% New Traditions National Bank Orlando 478,209 4.33 4.25 4.33 1.88% HomeBancorp, Inc. Tampa 793,588 NA 6.52 4.74 ‐27.30% Banco Do Brasil Americas Miami 88,557 9.00 4.90 4.93 0.61% Bank of Central Florida Lakeland 307,195 2.58 3.84 5.54 44.27% Central Bank Tampa 69,575 14.20 5.64 5.59 ‐0.89% Broward Bank of Commerce Fort Lauderdale 150,496 0.00 5.80 5.79 ‐0.17% Plus International Bank Miami 81,578 9.23 9.32 5.82 ‐37.55% Hillsboro Bank Plant City 117,345 9.01 6.69 6.00 ‐10.31% Palm Beach Community Bank West Palm Beach 236,530 5.20 5.08 6.70 31.89% Bond Street Holdings, Inc. Weston 3,557,023 7.54 7.47 6.72 ‐10.04% CM Florida Holdings, Inc. Coral Gables 4,952,605 9.99 8.94 7.07 ‐20.92% Reunion Bank of Florida Tavares 207,216 7.80 6.54 7.47 14.22% Desjardins Bank, National Association Hallandale 214,091 9.72 8.97 7.69 ‐14.27% Florida Traditions Bank Dade City 287,030 9.09 9.03 8.43 ‐6.64% TGR Financial, Inc. Naples 668,449 19.38 12.00 9.00 ‐25.00% Professional Bank Coral Gables 187,501 13.39 11.99 9.68 ‐19.27% Three Shores Bancorporation, Inc. Orlando 873,719 9.29 9.52 9.84 3.36% First Colony Bank of Florida Maitland 150,787 10.29 10.02 9.93 ‐0.90% Bank of Belle Glade Belle Glade 95,346 4.84 10.44 10.20 ‐2.30% Mercantil Commercebank Holding Corporation Coral Gables 7,006,906 16.34 12.26 10.56 ‐13.87% Community Southern Bank Lakeland 213,578 4.82 5.62 10.99 95.55% Coconut Grove Bankshares, Inc. Miami 600,914 11.70 13.35 12.27 ‐8.09% Edison National Bank Fort Myers 236,841 11.91 12.47 12.33 ‐1.12% NorthStar Bank Tampa 187,209 12.04 12.08 12.75 5.55% Encore Bank, National Association Naples 327,809 15.01 12.61 13.04 3.41% Insignia Bank Sarasota 153,108 21.66 14.36 13.17 ‐8.29% Old Florida Bancshares, Inc. Orlando 799,717 14.13 14.92 13.69 ‐8.24% Peoples Bank of Graceville Graceville 77,632 11.53 14.10 13.89 ‐1.49% United Legacy Bank Longwood 200,056 18.18 20.22 14.86 ‐26.51% First National Bank of South Miami Miami 507,313 22.22 21.91 15.31 ‐30.12% Stonegate Bank Fort Lauderdale 1,094,735 17.33 16.34 15.37 ‐5.94% Biscayne Bank Coconut Grove 316,299 17.77 16.78 15.61 ‐6.97% Natbank, National Association Hollywood 146,267 15.50 14.14 15.70 11.03% Continental National Bank of Miami Miami 321,370 16.52 16.68 15.73 ‐5.70% Intercontinental Bank West Miami 163,496 13.65 13.95 15.88 13.84% First Federal Bancorp, Inc. Lake City 975,796 15.55 17.85 16.50 ‐7.56% Calusa National Bank Punta Gorda 147,497 17.25 15.86 16.63 4.85% JGB Bank, National Association Miami 542,402 28.53 24.51 16.83 ‐31.33% First National Bank of Pasco Dade City 145,381 19.46 15.46 17.52 13.32% Sabal Palm Bank Sarasota 87,724 25.38 17.33 17.73 2.31% Gateway Financial Holdings of Florida, Inc. Daytona Beach 672,690 23.85 6.59 18.44 179.82% Marquis Bank Coral Gables 194,700 15.43 9.60 18.46 92.29%

1. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR)

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

TEXAS RATIOS1 FLORIDA BASED BANKS

Q4'12 Q1'13 Q2'13 Percent Total Texas Texas Texas Change Assets Ratios Ratios Ratios from Q1'13 Company Name City ($000) (%) (%) (%) to Q2'13 Espirito Santo Bank Miami 727,923 21.67 19.70 18.84 ‐4.37% American National Bank Oakland Park 223,974 26.47 25.21 19.08 ‐24.32% USAmeriBancorp, Inc. Clearwater 2,707,415 22.04 21.59 19.08 ‐11.63% Florida Community Bankshares, Inc. Ocala 603,628 18.33 14.45 19.14 32.46% Sabadell United Bank, N.A. Miami 3,580,153 18.07 17.75 19.65 10.70% Community State Bank Starke 62,505 29.29 19.06 19.82 3.99% 1st Manatee Bank Parrish 97,817 9.82 21.32 20.16 ‐5.44% Harbor Community Bank Indiantown 428,895 20.78 26.53 20.67 ‐22.09% GulfShore Bank Tampa 239,592 31.30 20.30 20.69 1.92% TotalBank Miami 2,471,993 19.19 19.54 21.19 8.44% Executive National Bank Miami 303,283 22.84 22.37 21.32 ‐4.69% Paradise Bank Boca Raton 301,468 21.86 23.31 23.49 0.77% Floridian Community Bank, Inc. Davie 277,323 24.44 24.75 23.62 ‐4.57% CenterState Banks, Inc. Davenport 2,355,353 25.26 24.87 23.82 ‐4.22% Drummond Community Bank Chiefland 364,054 12.03 24.61 23.90 ‐2.89% Sunshine Savings Bank Tallahassee 151,660 27.22 26.28 24.88 ‐5.33% Florida Shores Bancorp, Inc. Pompano Beach 555,115 NA 19.53 24.95 27.75% First Southern Bancorp, Inc. Boca Raton 1,068,365 35.02 30.34 25.50 ‐15.95% Florida Business BancGroup, Inc. Tampa 501,782 33.87 29.73 25.74 ‐13.42% First Avenue National Bank Ocala 98,474 33.47 28.50 25.83 ‐9.37% Pacific National Bank Miami 344,666 34.60 24.72 26.38 6.72% 1st United Bancorp, Inc. Boca Raton 1,545,299 26.07 29.03 26.88 ‐7.41% Banesco USA Coral Gables 772,492 36.85 34.85 27.05 ‐22.38% Oculina Bank Fort Pierce 145,578 48.78 40.80 27.13 ‐33.50% Terrabank, NA Miami 267,263 39.04 37.71 27.17 ‐27.95% FirstCity Bank of Commerce North Palm Beach 60,183 26.27 26.38 27.43 3.98% Tampa Bay Banking Company Tampa 1,235,531 32.35 26.57 27.86 4.86% Gulfstream Bancshares, Inc. Stuart 572,324 24.38 25.94 28.40 9.48% First America Bank Bradenton 256,328 45.04 33.46 28.55 ‐14.67% Citizens State Bank Perry 188,183 31.81 42.04 28.75 ‐31.61% Preferred Community Bank Fort Myers 76,660 38.18 34.04 29.17 ‐14.31% Florida Business Bank Melbourne 114,350 19.27 32.75 29.94 ‐8.58% Eastern National Bank Miami 374,227 55.09 49.01 30.64 ‐37.48% SouthBank, A Federal Savings Bank Palm Beach Gardens 23,111 55.41 34.62 30.65 ‐11.47% Platinum Bank Brandon 440,151 33.09 31.76 31.06 ‐2.20% EverBank Financial Corp Jacksonville 18,362,872 37.05 33.69 31.10 ‐7.69% Mainstreet Community Bank of Florida Deland 231,397 42.28 42.54 31.30 ‐26.42% Apollo Bank Miami 255,830 33.70 32.74 31.72 ‐3.12% Mackinac Savings Bank, FSB Boynton Beach 113,782 28.42 27.15 31.77 17.02% Sunrise Bank Cocoa Beach 107,113 37.17 33.45 31.80 ‐4.93% Sunstate Bank Miami 164,495 38.98 37.26 32.09 ‐13.88% BANKshares, Inc. Winter Park 675,208 36.63 36.26 32.13 ‐11.39% First Bank of Miami Coral Gables 208,905 47.75 39.07 32.87 ‐15.87% Alarion Bank Ocala 286,293 37.10 32.42 33.53 3.42% First National Bank Northwest Florida Panama City 109,646 58.84 40.77 34.76 ‐14.74% Sunshine State Federal Savings and Loan Association Plant City 203,076 34.07 37.94 35.41 ‐6.67% Community Bank of the South Merritt Island 129,693 37.07 29.56 35.77 21.01% Florida Bank of Commerce Orlando 227,954 36.04 36.64 35.79 ‐2.32% FNBT.Com Bank Fort Walton Beach 376,533 80.80 36.56 35.88 ‐1.86% Heartland National Bank Sebring 303,150 40.40 37.26 36.71 ‐1.48% Cornerstone Community Bank Saint Petersburg 230,310 57.48 43.09 36.78 ‐14.64% Helm Bank USA Miami 816,137 40.56 36.81 36.89 0.22% Villages Bancorporation, Inc. The Villages 1,564,745 36.06 33.97 38.12 12.22% Seacoast Banking Corporation of Florida Stuart 2,183,680 51.07 46.78 40.52 ‐13.38% Brannen Bank Inverness 403,445 35.22 33.24 41.79 25.72% Urban Trust Holdings, Inc. Lake Mary 572,663 46.31 44.40 42.63 ‐3.99% Intercredit Bank, NA Miami 311,762 47.67 49.38 43.00 ‐12.92%

1. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR)

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

TEXAS RATIOS1 FLORIDA BASED BANKS

Q4'12 Q1'13 Q2'13 Percent Total Texas Texas Texas Change Assets Ratios Ratios Ratios from Q1'13 Company Name City ($000) (%) (%) (%) to Q2'13 Capital Bank Financial Corp. Coral Gables 6,801,912 44.30 43.80 43.14 ‐1.51% Orange Bank of Florida Orlando 213,858 44.76 44.05 45.22 2.66% United Southern Bank Umatilla 391,695 37.10 50.42 45.34 ‐10.08% Nature Coast Bank Hernando 58,575 56.10 56.43 45.66 ‐19.09% First National Bank of Mount Dora Mount Dora 195,304 52.59 51.87 45.71 ‐11.88% Peoples National Bank Niceville 112,635 47.62 39.56 46.74 18.15% Florida Bank Group, Inc. Tampa 558,801 60.19 51.63 46.98 ‐9.01% Patriot Bank Trinity 121,115 36.71 51.43 47.13 ‐8.36% Farmers & Merchants Bank Monticello 424,674 52.86 50.28 48.02 ‐4.49% CBM Florida Holding Company Saint Petersburg 1,031,694 57.59 53.00 48.47 ‐8.55% FirstAtlantic Bank Jacksonville 402,070 23.14 18.06 48.48 168.44% CBC National Bank Fernandina Beach 399,496 63.08 56.19 49.77 ‐11.43% Lafayette State Bank Mayo 94,101 36.29 48.25 49.83 3.27% First Citrus Bank Tampa 218,182 61.93 67.38 51.03 ‐24.27% First State Bank of the Florida Keys Holding Company Key West 827,354 50.73 50.62 51.79 2.31% Floridian Bank Daytona Beach 129,852 53.63 52.73 51.83 ‐1.71% Merchants & Southern Banks of Florida, Inc. Gainesville 400,877 64.84 52.04 52.02 ‐0.04% Sanibel Captiva Community Bank Sanibel 225,705 72.50 69.14 53.48 ‐22.65% Citizens Bank and Trust Lake Wales 423,831 61.05 58.92 54.70 ‐7.16% First Bank Clewiston 248,126 43.60 56.52 55.10 ‐2.51% First Bank of the Palm Beaches West Palm Beach 89,202 46.53 31.30 56.50 80.51% CNLBancshares, Inc. Orlando 1,280,599 69.56 69.43 56.91 ‐18.03% Shamrock Bank of Florida Naples 102,201 35.84 34.49 57.91 67.90% 1st National Bank of South Florida Homestead 301,150 68.69 71.18 59.10 ‐16.97% Pilot Bank Tampa 190,919 73.62 70.45 61.54 ‐12.65% Madison County Community Bank Madison 100,642 63.42 58.77 61.86 5.26% Crews Banking Corporation Wauchula 1,197,271 57.24 58.02 62.02 6.89% International Finance Bank Miami 352,031 72.10 67.79 62.36 ‐8.01% Florida Citizens Bank Gainesville 250,928 59.47 53.90 63.19 17.24% First National Bank of Wauchula Wauchula 77,186 60.23 58.92 64.24 9.03% Citizens Bank of Florida Oviedo 229,130 66.95 49.42 64.74 31.00% Jacksonville Bancorp, Inc. Jacksonville 523,106 74.18 68.05 64.89 ‐4.64% Flagship Community Bank Clearwater 92,913 64.81 57.84 65.56 13.35% Gibraltar Private Bank & Trust Co. Coral Gables 1,563,243 74.98 72.69 66.44 ‐8.60% Commerce National Bank & Trust Winter Park 78,486 89.34 77.28 66.85 ‐13.50% Community Bank of South Florida, Inc. Homestead 502,677 125.00 115.70 67.18 ‐41.94% American Enterprise Bank of Florida Jacksonville 194,272 60.13 73.94 67.56 ‐8.63% Landmark Bank, National Association Fort Lauderdale 251,801 83.71 63.45 67.61 6.56% BAC Florida Bank Coral Gables 1,349,373 70.30 67.30 67.72 0.62% Freedom Bank of America Saint Petersburg 87,341 54.35 52.93 67.73 27.96% First Home Bank Seminole 72,128 61.05 63.84 70.09 9.79% Surety Bank Deland 105,432 91.02 86.24 72.11 ‐16.38% Bank of Coral Gables Coral Gables 107,654 131.21 93.41 74.09 ‐20.68% Capital City Bank Group, Inc. Tallahassee 2,547,495 85.11 80.96 75.74 ‐6.45% Ocean Bankshares, Inc. Miami 3,350,723 78.63 71.29 78.11 9.57% Marine Bank & Trust Company Vero Beach 139,642 68.47 63.16 80.95 28.17% Bank of St. Augustine Saint Augustine 164,335 95.33 87.24 83.14 ‐4.70% Regent Bancorp, Inc. Davie 402,851 97.49 96.96 89.11 ‐8.10% Peoples State Bank Lake City 67,465 82.98 78.32 94.39 20.52% Flagler Bank West Palm Beach 149,004 95.45 88.86 96.55 8.65% Highlands Independent Bank Sebring 250,061 115.10 100.77 100.89 0.12% Community Bank of Broward Dania Beach 469,294 128.64 112.32 103.28 ‐8.05% Century Bank of Florida Tampa 70,525 120.22 106.56 103.99 ‐2.41% Columbia Bank Lake City 192,950 108.87 103.77 106.13 2.27% Legacy Bank of Florida Boca Raton 254,329 149.30 145.69 110.19 ‐24.37% Atlantic Coast Financial Corporation Jacksonville 743,530 103.33 99.93 116.21 16.29% Interamerican Bank, A FSB Miami 224,038 119.83 114.48 116.31 1.60%

1. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR)

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

TEXAS RATIOS1 FLORIDA BASED BANKS

Q4'12 Q1'13 Q2'13 Percent Total Texas Texas Texas Change Assets Ratios Ratios Ratios from Q1'13 Company Name City ($000) (%) (%) (%) to Q2'13 Prosperity Banking Company Saint Augustine 753,942 129.08 118.24 120.81 2.17% Fidelity Bank of Florida, National Association Merritt Island 293,596 194.86 123.33 124.34 0.82% TransCapital Bank Sunrise 204,031 242.79 232.56 136.63 ‐41.25% U.S. Century Bank Doral 949,219 192.94 197.71 149.09 ‐24.59% Florida Capital Group, Inc. Jacksonville 546,196 139.89 141.10 159.47 13.02% Home Federal Bank of Hollywood Hallandale Beach 56,083 221.95 217.64 160.94 ‐26.05% ProBank Tallahassee 66,256 142.75 114.76 178.64 55.66% Grand Bankshares, Inc. West Palm Beach 223,502 218.79 213.27 182.10 ‐14.62% Friends Bank New Smyrna Beach 107,184 217.78 206.26 210.75 2.18% OptimumBank Plantation 136,080 190.33 231.08 229.76 ‐0.57% Independent Bankers' Bank of Florida Lake Mary 218,805 198.77 203.95 279.69 37.14% Pinnacle Bank Orange City 167,178 242.56 248.91 281.74 13.19% Great Florida Bank Miami Lakes 1,088,059 305.32 311.89 326.19 4.58% First National Bank of Crestview Crestview 95,710 230.82 284.54 332.97 17.02% Anchor Commercial Bank Juno Beach 101,429 346.50 365.05 369.98 1.35% Bank of Jackson County Graceville 25,486 338.44 341.89 393.45 15.08% Bank of Commerce Sarasota 219,967 334.85 339.62 451.93 33.07% Gulf Coast Community Bank Pensacola 162,552 564.12 368.34 485.01 31.67% First City Bank of Florida Fort Walton Beach 248,692 628.81 611.96 563.01 ‐8.00% Beach Community Bancshares, Inc. Fort Walton Beach 596,354 710.49 736.54 733.62 ‐0.40%

Total: 155,480,803 Average: 65.78 61.81 62.03 0.35% Median: 36.85 34.04 31.77 ‐6.67%

Number 68 73 74 of 48 49 53 Banks 44 42 37 in each 29 27 27 category 189 191 191

35.98% 38.22% 38.74% Percent of 25.40% 25.65% 27.75% Banks 23.28% 21.99% 19.37% in each 15.34% 14.14% 14.14% category 100.00% 100.00% 100.00%

1. (NPAs + Loans 90 Days Past Due) / (Tangible Equity + LLR)

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

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

has agreed to acquire has agreed to acquire

has agreed to acquire

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

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

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

160,000 Square Foot 20,000 Square Foot 6,000 Square Foot Manufacturing Facility Warehouse Facility Restaurant Property

Ocala, FL Jacksonville, FL Jacksonville, FL

Owner/Seller: CenterState Owner/Seller: Atlantic Coast Owner/Seller: CenterState Banks, Inc. Financial Corporation Banks, Inc.

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

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 19