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United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 9, 2005
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SCBT FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
South Carolina 001-12669 57-079935
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
520 Gervais Street
Columbia, South Carolina 29201-3046
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 277-2175
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
In a presentation to the Southeastern Super-Community Bank Conference held
on February 9 and 10, 2005 in Atlanta, Georgia, Robert R. Hill, Jr., President
and Chief Executive Officer and Richard C. Mathis, Executive Vice President and
Chief Financial Officer of SCBT Financial Corporation made the following
statements:
SCBT Financial Corporation
Southeastern Super-Community Bank Conference
February 2005
Forward Looking Statements:
Statements contained in this presentation, which are not historical facts,
are forward-looking statements. In addition, SCBT Financial Corporation (SCBT)
through its senior management or directors may from time to time make
forward-looking public statements concerning matters herein. Such
forward-looking statements are necessarily estimates reflecting the best
judgement of SCBT's senior management or directors based upon current
information and involve a number of risks and uncertainties. Certain factors
which could affect the accuracy of such forward looking statements are
identified in the public filings made by SCBT with the Securities and Exchange
Commission, and forward-looking statements contained in this presentation or in
other public statements of SCBT or its senior management or directors should be
considered in light of those factors. There can be no assurance that such
factors or other factors will not affect the accuracy of such forward-looking
statements.
SCBT Financial Corporation Profile
Founded in 1934
70th Anniversary in 2004
Bank subsidiaries
SCBT, N.A.
SCBT of the Piedmont, N.A.
34 financial centers
12 S.C. Counties
Family of 500+ employees
SCBT Financial Corporation Profile
Third largest independent commercial bank headquartered in South Carolina
Eighth largest depository in South Carolina
A 'Top 200' U.S. Bank
Currently operates in 4 of the Southeast's Top 30 markets
Dedicated to building a statewide community bank
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1 Source: FDIC Website
SCBT Financial Corporation Profile
SCBT - Stock Market Information:
Sales Price as of 2-03-2005 $29.40
Earnings 2004 $ 1.72
Last Cash Dividend (Annualized) $ .68
Book Value (12-31-2004) $14.77
Price / Earnings (TTM) 17.1x
Price to Book Value 199%
Dividend Yield 2.3 %
NASDAQ Stock Market -symbol 'SCBT'
SCBT Financial Corporation Profile
Financial Information as of 12-31-2004
(in thousands)
Assets $1,439,000
Loans $1,153,000
Deposits $1,174,000
Equity $ 119,000
2004 Net interest margin 4.37 %
2004 Return on assets 1.05 %
2004 Return on equity 12.20 %
Equity / Assets 8.25 %
Mission
To be
SOUTH CAROLINA'S
bank
'Repositioning' SCBT Financial
SC based management team assembled to build a statewide SC-based community bank
Management succession occurring
Re-branded as South Carolina Bank & Trust
Relocated headquarters to Columbia
Products and sales diversification
Emphasis upon organic growth
Acquisitions may boost strategic and in-market growth
What Makes Us Successful?
Customers
Employees
Management
Business Model
Focus on Customers
New Personal Checking Accounts in 2004
10,895
Core Demand Deposit Growth
$28.4 million
New Business Accounts
2,548
Cross-Sell Ratio 2.5
Focus on Employees
Honored by the American Psychological Association for:
"Best Practices for Employee Involvement"
Only 10 companies nationwide, and
Only 2 banks in the country
Reduced employee turnover; more productivity
Low employee turnover; 13.8%
Employee Turnover Percentage
2000 2001 2002 2003 2004
25.70% 15.80% 13.00% 11.50% 13.80%
Business Model
Community Banking
Local Decisions
Centralized Processes
Think Big / Act Small
Balancing Soundness, Profitability & Growth
Experienced Relationship Managers & Employees
Building "South Carolina's Bank" brand
2004 Accomplishments
Loan growth 23%
Deposit growth 24%
The Mortgage Banc created
Wealth Management division created
Three de novo banking offices opened
One 'In-market' branch acquisition
Signed Definitive Agreement to acquire New Commerce BanCorp
Moved listing to NASDAQ from Amex
2005 Goals
Continued expansion in Upstate, Midlands & Coast
Build "South Carolina's Bank" brand
'Process Improvement' with goal of $1 million
Continued double-digit growth in Loans & Deposits
Drive ROE & Earnings Growth to historical levels
Future Expansion
Expansion in existing and new markets
Eventually enter:
Charleston
Myrtle Beach
Spartanburg
Market Share
Deposit Market Share by Zip Codes Where SCBT Has Branch Offices
Business Model -
Balancing:
Soundness
Profitability
& Growth
SOUNDNESS
Net Charge-offs / Average Total Loans
2000 2001 2002 2003 3Q 2004
SCBTFC 0.12% 0.19% 0.25% 0.18% 0.13%
Peers 0.21% 0.30% 0.29% 0.25% 0.16%
SOUNDNESS
2002 2003 2004
Non-Performing Assets /
Total Loans & OREO* 0.67% 0.87% 0.43%
Allow. Loan Losses / Total Loans* 1.28% 1.25% 1.25%
Allow. Loan Losses /
Non-Performing Loans* 233% 173% 443%
Net Charge-offs / Average Loans 0.25% 0.19% 0.15%
PROFITABILITY
Earnings Per Share and Net Income
2000 2001 2002 2003 2004
Net Income $10,533 $12,257 $13,834 $14,786 $14,016
EPS $1.30 $1.51 $1.70 $1.82 $1.72
Cost of Growth
Loan Loss Provision / Income Before Loss Prov.
2000 2001 2002 2003 2004
LLP 11% 11% 14% 10% 18%
PROFITABILITY
Return on Average Assets
2000 2001 2002 2003 2004
ROAA 1.11% 1.21% 1.28% 1.23% 1.05%
PROFITABILITY
Return on Average Equity
2000 2001 2002 2003 2004
ROAE 13.14% 13.64% 14.09% 13.72% 12.20%
PERFORMANCE DRIVERS
Net Interest Margin - SCBT / Peer
2000 2001 2002 2003 3Q 2004
SCBTFC 4.61% 4.84% 4.86% 4.56% 4.42%
Peers 4.36% 4.14% 4.28% 4.05% 3.96%
PERFORMANCE DRIVERS
Total Non-Interest Income with Major Contributors
{Ongoing Diversification of Operating Income Stream}
2000 2001 2002 2003 2004
Deposit Service Fees $7,358 $7,750 $10,899 $11,537 $11,854
Secondary Mtg Orig Fees $1,048 $2,411 $3,404 $6,976 $3,892
Wealth Management $422 $681 $1,340 $1,503 $1,423
All Other $2,211 $2,838 $2,038 $2,899 $3,716
Assets Sold $1,766
GROWTH - Total Assets
2000 2001 2002 2003 2004
Total Assets $970 $1,026 $1,145 $1,198 $1,439
10.4 CAGR
DIVERSIFICATION - Loan Mix
Consumer Consumer RE Equity Line CRE & Comml Secd by RE Comml & Indl
9% 29% 11% 38% 13%
GROWTH - Total Deposits
2000 2001 2002 2003 2004
Total Deposits $758 $812 $898 $946 $1,174
11.6 CAGR
DIVERSIFICATION - Deposit Mix
Demand Deposits (NIBL) Now Accounts MMDA Savings Time Deposits
19% 19% 20% 6% 36%
Market Growth
Projected 2004
5 Key South Carolina Markets* Southeast United States
Population 0.0806 0.0604 0.0484
Income 0.1369 0.1323 0.1335
SCBT FINANCIAL CORPORATION
Book Value Per Share
2000 2001 2002 2003 2004
Book Value $10.45 $11.57 $12.85 $13.91 $14.77
SCBT FINANCIAL CORPORATION
Cash Dividends Per Share
2000 2001 2002 2003 2004
Div per Share $0.47 $0.50 $0.54 $0.63 $0.65
8.4 CAGR
TOTAL RETURN PERFORMANCE
SCBT Financial Corporation
1999 2000 2001 2002 2003 2004
SCBT Financial Corporation 100.00 60.55 92.04 129.03 165.38 198.57
NASDAQ Composite 100.00 60.82 48.16 33.11 49.93 54.49
SNL Southeast Bank Index 100.00 100.41 125.09 138.18 173.52 205.78
Source: SNL Financial LC - 2005
Price Performance
Total Return Analysis
SCBT Financial Corporation Peer Average Nasdaq Bank Index
Five Year Total Return (%) 102 81.2 90.3
SCBT Financial Corporation
Robert R. Hill, Jr.
President and Chief Executive Officer
Richard C. Mathis
Executive Vice President and Chief Financial Officer
SCBT Financial Corporation
520 Gervais Street
Columbia, South Carolina 29201
803-771-2265
www.SCBandT.com
Q & A
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned hereunto
duly authorized.
February 9, 2005 SCBT Financial Corporation
By: /s/ Richard C. Mathis
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Richard C. Mathis
Executive Vice President and
Chief Financial Officer