annual meeting of shareholders - first florida · pdf fileannual meeting of shareholders . ......

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ANNUAL MEETING OF SHAREHOLDERS TGR FINANCIAL, INC. THE HILTON - NAPLES

MONDAY, MAY 18, 2015

HEATHER: GOOD EVENING LADIES AND

GENTLEMEN, AND WELCOME TO THE TGR FINANCIAL

INC., 2015 ANNUAL MEETING OF SHAREHOLDERS.

THIS PRESENTATION CONTAINS “FORWARD-LOOKING

STATEMENTS” RELATING TO FUTURE PROJECTIONS

AND TRENDS. UNDER FEDERAL LAW, WHENEVER WE

PROVIDE INFORMATION OF THIS NATURE, YOU

SHOULD BE AWARE THAT IT DOES NOT CONSTITUTE

A GUARANTEE OF FUTURE PERFORMANCE.

first florida integrity bank


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THE MEETING WILL BE PRESIDED BY CHAIRMAN AND

CEO GARY TICE. HE WILL BE JOINED BY PRESIDENT,

GARRETT RICHTER; CHIEF ADMINISTRATIVE OFFICER,

BOB REICHERT; AND WEST AND CENTRAL FLORIDA

REGIONAL PRESIDENT, BRIAN KEENAN.

PLEASE WELCOME GARY TICE, CHAIRMAN AND CEO.

TICE: THANK YOU HEATHER, AND WELCOME

EVERYONE. I WOULD LIKE TO THANK EACH OF YOU

FOR ATTENDING THE TGR FINANCIAL 2015 ANNUAL

MEETING. WE GREATLY APPRECIATE ALL OF YOUR

SUPPORT.

IN ADDITION TO CONDUCTING THE FORMAL

BUSINESS MATTERS OF THE MEETING, WE WILL BE



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PROVIDING FURTHER INFORMATION AND INSIGHT

REGARDING YOUR COMPANY.

(LIGHTS UP)

GARRETT, BOB AND BRIAN SERVE INTEGRAL ROLES

WITHIN THE COMPANY, INDIVIDUALS COMPRISING

THE REST OF SENIOR EXECUTIVE LEADERSHIP

INCLUDE:

• C.C. COGHILL - SENIOR CREDIT ADVISOR;

• RON RUCKER - CHIEF LENDING OFFICER;

• PETER SETARO - CHIEF INFORMATION OFFICER;

• JODY HUDGINS - CHIEF CREDIT OFFICER;



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• TRACY COGHILL-COKENOUR - CHIEF LEGAL

COUNSEL;

• TERRY WALSTON - CHIEF ACCOUNTING OFFICER;

• JEFF TURNER - DIRECTOR OF THE PEOPLE

DEPARTMENT;

• NANCY HIRE - DIRECTOR OF LOAN OPERATIONS;

• COLLEEN KVETKO - PRESIDENT OF PRIVATE

BANKING;

AND

• RON ORR - CHIEF RISK OFFICER.

A SPECIAL NOTE ON RON ORR, RON HAS SERVED AS

OUR CHIEF RISK OFFICER SINCE LATE 2012, AFTER A

LONG AND DISTINGUISHED CAREER WITH THE

OFFICE OF THE COMPTROLLER OF THE CURRENCY.



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HE HAS GUIDED THE COMPANY THROUGH THE EVER

EVOLVING REGULATORY ENVIRONMENT AND LED

THE COMPANY IN ENHANCING ITS ENTERPRISE RISK

MANAGEMENT PROCESS. RON HAS DECIDED TO

RETIRE AS OF THE END OF JUNE, IN ORDER TO SPEND

MORE TIME WITH HIS FAMILY. RON, PLEASE ACCEPT

THE COMPANY’S APPRECIATION FOR YOUR SERVICE,

AND ENJOY RETIREMENT.

IT IS AN HONOR TO COLLABORATE WITH EACH OF

THESE DEDICATED EXECUTIVES. FORTUNATELY, WE

HAVE ATTRACTED SOME OF THE BEST COMMUNITY

BANKING TALENT IN THE COUNTRY. THEIR

LEADERSHIP IS A SIGNIFICANT FACTOR IN

CULTIVATING OUR CORPORATE CULTURE, WHICH IS

COMMITTED TO ALWAYS ENHANCING THE



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CUSTOMER EXPERIENCE. IT IS THIS CULTURE, WHICH

HAS DRIVEN THE COMPANY TO OVER $1.0 BILLION IN

ASSETS.

IF YOU HAVE SERVED OR ARE SERVING IN THE

MILITARY, IN LAW ENFORCEMENT, AS A FIRE

FIGHTER, OR OTHER FIRST RESPONDER OR HAVE

LOVED ONES SERVING IN THE MILITARY, WOULD

YOU PLEASE STAND?

I WOULD LIKE TO BREAK FROM TRADITION, AND ASK

ANY CURRENT OR FORMER TEACHERS TO PLEASE

STAND. TAKING A QUOTE FROM NELSON MANDELA,

“EDUCATION IS THE MOST POWERFUL WEAPON

WHICH YOU CAN USE TO CHANGE THE WORLD.”



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THANK YOU FOR YOUR OUTSTANDING SERVICE; WE

OWE EACH OF YOU A TREMENDOUS AMOUNT OF

GRATITUDE.

(LIGHTS DOWN)

IT IS NOW PAST SIX O’CLOCK, AND I WOULD LIKE TO

CALL THIS MEETING TO ORDER.

THE OFFICIAL MATTERS OF BUSINESS, WHICH WE

WILL ADDRESS TONIGHT ARE:

1). TO ELECT THIRTEEN DIRECTORS TO HOLD OFFICE

FOR A ONE-YEAR TERM EXPIRING AT THE 2016

ANNUAL MEETING AND;



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2). TO RATIFY THE APPOINTMENT OF MCGLADREY

L.L.P. AS THE COMPANY’S INDEPENDENT PUBLIC

ACCOUNTING FIRM FOR THE YEAR 2015.

LATER IN THE MEETING, WE WILL MAKE A SPECIAL

PRESENTATION. FOLLOWING COMPLETION OF THE

MEETING, WE WILL SERVE REFRESHMENTS OUTSIDE

IN THE LOBBY.

BOB REICHERT HAS BEEN APPOINTED MEETING

SECRETARY. BOB, WILL YOU PLEASE REPORT ON THE

MAILING OF THE NOTICE OF THIS MEETING, AND THE

PRESENCE OF A QUORUM.

REICHERT: THANK YOU, GARY. THIS MEETING IS

PURSUANT TO A PRINTED NOTICE MAILED ON OR



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ABOUT APRIL 17, 2015, TO EACH SHAREHOLDER OF

RECORD ON APRIL 1, 2015 WHO WAS ENTITLED TO

VOTE.

A LIST OF SHAREHOLDERS ENTITLED TO VOTE AT

THIS MEETING IS AVAILABLE FOR EXAMINATION BY

ANY SHAREHOLDER DESIRING TO DO SO DURING THE

SHAREHOLDERS’ MEETING OR ANY ADJOURNMENT

THERETO. IF YOU ARE INTERESTED, YOU MAY FIND

THIS LIST AT THE SHAREHOLDER TABLE IN THE

FOYER.

BASED UPON THE PROXIES PRESENTED PRIOR TO

COMMENCEMENT OF THIS MEETING, I DECLARE THAT

A QUORUM IS PRESENT.



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TICE: THANKS BOB. THE FIRST PROPOSAL TO BE

PRESENTED IS THE ELECTION OF THIRTEEN

DIRECTORS.

EACH OF THE NOMINEES IS CURRENTLY A DIRECTOR

OF THE COMPANY, AND WILL SERVE UNTIL THE 2016

ANNUAL MEETING.

WILL THE NOMINEES WHO ARE IN ATTENDANCE

TONIGHT PLEASE STAND WHEN I ANNOUNCE YOUR

NAME AND PLEASE REMAIN STANDING?

(LIGHTS UP)

- ADAM COMPTON – IS THE HEAD OF THE FINANCIAL

SERVICES SECTOR FOR GMT CAPITAL

CORPORATION. PREVIOUSLY MR. COMPTON WAS A



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DIRECTOR AND HEAD OF U.S. FINANCIAL SERVICES

RESEARCH WITH RCM GLOBAL INVESTORS. MR.

COMPTON ALSO SITS ON THE BOARD OF FIRST

FLORIDA INTEGRITY BANK.

- BOB FEERICK – SERVES AS CHAIRMAN OF HORIZON

PARTNERS, LTD., A PRIVATE INVESTMENT HOLDING

COMPANY. HORIZON’S PRIMARY OPERATING

BUSINESS IS XYMOX TECHNOLOGIES, A

MANUFACTURER OF MEMBRANE SWITCHES. OVER

THE YEARS, BOB HAS SERVED AS A MEMBER OF

THE BOARD OF DIRECTORS OF NUMEROUS

PRIVATELY-HELD COMPANIES. BOB HAS

EXTENSIVE EXPERIENCE DEVELOPING AND

MANAGING BUSINESSES.



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- MICHAEL GIBBONS – VICE PRESIDENT OF THE

ENDICOTT GROUP, A MONEY MANAGEMENT AND

FINANCIAL ADVISORY FIRM DEDICATED TO THE

FINANCIAL SERVICES INDUSTRY. PRIOR TO

JOINING ENDICOTT, MICHAEL WAS A SENIOR

ANALYST WITH GOLDMAN SACHS.

- JOHN GUINEE – IS A MANAGING PARTNER AT

CONSTITUTION CAPITAL PARTNERS, LLC. PRIOR TO

JOINING CONSTITUTION CAPITAL, MR. GUINEE WAS

AN INVESTMENT DIRECTOR FOR STANDARD LIFE

INVESTMENTS PRIVATE EQUITY USA AND A VICE

PRESIDENT OF BUSINESS DEVELOPMENT AT STATE

STREET BANK AND TRUST COMPANY. MR. GUINEE

IS CURRENTLY A DIRECTOR OR BOARD OBSERVER

FOR SEVERAL COMPANIES:



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- MIKE KERSCHNER – A FORMER SENIOR BANKING

EXECUTIVE WHO HAS SERVED IN THE INDUSTRY

SINCE 1974. MR. KERSCHNER WAS THE FORMER

CHAIRMAN OF THE BOARD OF PANTHER

COMMUNITY BANK AND CURRENTLY SITS ON THE

BOARD OF DIRECTORS OF FIRST FLORIDA

INTEGRITY BANK. HE ALSO SERVES AS THE

CHAIRMAN OF THE NOMINATING COMMITTEE.

- BRAD KOPP – IS A FORMER FINANCIAL SERVICES

EXECUTIVE WHO HAS SPENT MOST OF HIS CAREER

WORKING WITH BANKS AND RELATED FINANCIAL

SERVICES COMPANIES. HE CURRENTLY ADVISES A

NUMBER OF COMPANIES IN THE FINANCIAL

SECTOR ON STRATEGIC ALTERNATIVES AND



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PROFITABILITY IMPROVEMENT INITIATIVES. MOST

RECENTLY, BRAD SERVED AS PRESIDENT AND CEO

OF BANK OF N.T. BUTTERFIELD & SON, ONE OF TWO

PRINCIPAL BANKS IN BERMUDA. BRAD

CURRENTLY SITS ON THE BOARD OF DIRECTORS OF

FIRST FLORIDA INTEGRITY BANK AND CERTUS

BANK.

- DIANNE KRUMSEE – CHAIRMAN OF GILLMOR

FINANCIAL SERVICES, A BANK HOLDING COMPANY,

AND CHAIRMAN OF ITS SUBSIDIARY, OLD FORT

BANKING COMPANY. DIANE IS ALSO ACTIVE IN

VARIOUS NON PROFIT ORGANIZATIONS AND

FOUNDATIONS.



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- JIM LINDSAY – A SELF EMPLOYED REALTOR BASED

IN NAPLES FLORIDA AND A MEMBER OF THE

NAPLES AREA BOARD OF REALTORS, THE

NATIONAL ASSOCIATION OF REALTORS AND THE

FLORIDA ASSOCIATION OF REALTORS. MR.

LINDSAY HAS SERVED ON VARIOUS LOCAL BANK

BOARDS OF DIRECTORS SINCE 1989. HE ALSO

SERVES AS THE CHAIRMAN OF THE COMPENSATION

COMMITTEE.

- ED MACE – IS THE OWNER OF EDWARD J. MACE,

CERTIFIED PUBLIC ACCOUNTANT. HE IS ALSO THE

CHIEF OPERATING OFFICER OF RIBEK

CORPORATION, AN INVESTMENT MANAGEMENT

ENTITY. MR. MACE HAS SERVED ON VARIOUS

LOCAL BANK BOARDS OF DIRECTORS SINCE 1989,



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AND CURRENTLY SITS ON THE BOARD OF FIRST

FLORIDA INTEGRITY BANK. HE ALSO SERVES AS

THE CHAIRMAN OF THE AUDIT COMMITTEE.

- DON MAJOR – PRESIDENT OF SUMMIT MEDICAL

SUPPLIES HEADQUARTERED IN NAPLES FLORIDA.

DON WAS PREVIOUSLY A DIRECTOR OF FIRST

FLORIDA INTEGRITY BANK, HOLDING THAT

POSITION SINCE 2009.

- GARRETT RICHTER – PRESIDENT AND DIRECTOR OF

TGR FINANCIAL, INC. AND FIRST FLORIDA

INTEGRITY BANK. ADDITIONALLY MR. RICHTER

SERVES IN THE FLORIDA STATE SENATE AS THE

SENATE PRESIDENT PRO TEM.



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- TIM ZELLERS – PRESIDENT OF TAIMIAMI FORD,

HYUNDAI. TIM ALSO SERVES ON THE BOARD OF

DIRECTORS OF THE SOUTH FLORIDA FORD

DEALERS ASSOCIATION. TIM IS ACTIVE IN MANY

LOCAL CHARITIES INCLUDING SAINT MATTHEWS

HOUSE, IMMOKALEE MISSION, AND THE COLLIER

COUNTY SALVATION ARMY.

- GARY TICE – CHAIRMAN, DIRECTOR, AND CEO OF

TGR FINANCIAL, INC. AND FIRST FLORIDA

INTEGRITY BANK.

WE ARE VERY PLEASED TO NOMINATE THESE

INDIVIDUALS TO THE BOARD. AS A GROUP, THEY ADD



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A TREMENDOUS AMOUNT OF BOTH LOCAL BUSINESS

KNOWLEDGE AND FINANCIAL SERVICES EXPERTISE.

I WOULD ALSO LIKE TO RECOGNIZE ANY FORMER

DIRECTORS OF TGR FINANCIAL AND THE CURRENT

DIRECTORS AND HONORARY DIRECTORS OF FIRST

FLORIDA INTEGRITY BANK, IF YOU ARE HERE

ATTENDING TONIGHT. WILL YOU ALL PLEASE

STAND?

FINALLY, I WOULD INVITE EACH OF OUR

OUTSTANDING AND DEDICATED EMPLOYEES TO

STAND.

PLEASE ACCEPT MY SINCERE APPRECIATION, FOR

YOUR EFFORTS IN ADVANCING OUR CORPORATE



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CULTURE; WE WOULD NOT HAVE BEEN ABLE TO

REACH 1 BILLION IN ASSETS WITH OUT YOUR

OUTSTANDING CONTRIBUTIONS.

THANK YOU LADIES AND GENTLEMEN; PLEASE BE

SEATED.

IN ADDITION, I WOULD ALSO LIKE TO RECOGNIZE

BOBBY SCHWARTZ, WHO IS A PARTNER IN THE

CORPORATE LAW PRACTICE OF SMITH, GAMBRELL &

RUSSELL, LLP. MR. SCHWARTZ REPRESENTS OUR

COMPANY IN THE AREAS OF CORPORATE

GOVERNANCE, SECURITIES AND BANK REGULATORY

MATTERS. BOBBY, WOULD YOU PLEASE STAND.



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THE SECOND PROPOSAL IS TO RATIFY THE

APPOINTMENT OF MCGLADREY L.L.P. AS OUR

INDEPENDENT PUBLIC ACCOUNTING FIRM FOR 2015.

THEY HAVE SERVED IN THIS CAPACITY SINCE 2009.

JOHN SPROULL, WHO IS ATTENDING TONIGHT, IS OUR

ENGAGEMENT PARTNER, JOHN WOULD YOU PLEASE

STAND TO BE RECOGNIZED.

AT THIS TIME, THERE ARE NO OTHER BUSINESS ITEMS

TO BE PRESENTED, THEREFORE, THE FOLLOWING

JUDGES OF ELECTION ARE HEREBY APPOINTED,

WOULD YOU PLEASE STAND AND BE RECOGNIZED?

• DR. DOLCE DUDLEY;

• MARK MONTGOMERY; AND

• JERRY NICHOLS;



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KARA KENNEDY THE EXECUTIVE DIRECTOR OF

CLEARTRUST LLC, OUR STOCK TRANSFER AGENT,

WILL SERVE AS INSPECTOR OF ELECTION.

TERRY WALSTON THE BANK’S CHIEF ACCOUNTING

OFFICER, WILL ASSIST IN THE COUNTING OF THE

BALLOTS.

TICE: WE WILL NOW PROCEED TO THE ELECTION OF

DIRECTORS AND THE RATIFICATION OF THE

APPOINTMENT OF OUR INDEPENDENT PUBLIC

ACCOUNTING FIRM.



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BALLOTS ARE AVAILABLE FROM THE JUDGES FOR

ANY SHAREHOLDER ENTITLED TO VOTE, FOR THOSE

WHO HAVE NOT VOTED BY PROXY OR WHO HAVE

VOTED BY PROXY AND WISH TO CHANGE HIS OR HER

VOTE.

IF YOU WISH TO RECEIVE A BALLOT, PLEASE RAISE

YOUR HAND, AND ONE OF OUR ASSISTANTS TO THE

JUDGES WILL BRING ONE TO YOU. HOWEVER, LET ME

POINT OUT THAT THE BALLOT-COUNTING PROCESS

WILL CERTAINLY BE SIMPLIFIED, IF YOU ALLOW

YOUR PROXY TO STAND.

(PAUSE)



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THE VOTING IS NOW COMPLETE. JUDGES, YOU MAY

PROCEED WITH THE COUNTING OF THE VOTES.

(LIGHTS DOWN)

WE WILL NOW SHARE WITH YOU A SUMMARY OF THE

COMPANY’S FINANCIAL PROGRESS, INDUSTRY

OUTLOOK AND ECONOMIC CLIMATE. I WOULD LIKE

TO ASK BOB REICHERT TO PROVIDE COMMENTS ON

THE COMPANY’S FINANCIAL PROGRESS.

REICHERT: THANKS GARY, ONCE AGAIN, IT IS AN

HONOR TO ADDRESS THE SHAREHOLDERS OF TGR

FINANCIAL.



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TGR FINANCIAL REPORTED PRE-TAX OPERATING

INCOME OF $3.2 MILLION IN 2014 COMPARED TO $2.3

MILLION IN 2013, AN INCREASE OF 38%. VARIOUS

NON-CORE ITEMS AFFECTED THE LEVEL OF

EARNINGS FOR BOTH YEARS.

IN 2013, THE COMPANY FULLY RECOGNIZED ITS

DEFERRED TAX ASSET, FAVORABLY AFFECTING

EARNINGS BY $8.8 MILLION. THE COMPANY WAS NOT

ABLE TO RECOGNIZE ITS DEFERRED TAX ASSET

UNTIL THE COMPANY COULD DEMONSTRATE AN

ABILITY TO GENERATE FUTURE LEVELS OF TAXABLE

INCOME.

IN 2014, THE ACQUISITION OF SHAMROCK BANK OF

FLORIDA IN MARCH, RESULTED IN THE RECOGNITION

OF A $491,000 BARGAIN PURCHASE GAIN WHICH WAS



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OFFSET BY $2.1 MILLION OF MERGER RELATED

COSTS.

GIVEN THE LEVEL OF NON-CORE ITEMS, IT IS BEST TO

EVALUATE THE COMPANY’S PERFORMANCE BASED

UPON PRE-TAX OPERATING EARNINGS, WHICH

EXCLUDES THESE NON-CORE ITEMS.

IN 2014 TGR FINANCIAL REPORTED NET INCOME $1.6

MILLION COMPARED TO $11.1 MILLION IN 2013.

THE COMPANY CONTINUES TO ACHIEVE CONSISTENT

CORE EARNINGS THROUGH GROWTH IN OUR

INTEREST EARNING ASSETS. SPECIFICALLY, LOANS

GREW BY $155 MILLION TO $653 MILLION. A PORTION

OF THIS GROWTH CAME THROUGH OUR ACQUISITION



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OF SHAMROCK; HOWEVER, THE MAJORITY OF THE

GROWTH CAME FROM ORGANIC ORIGINATIONS.

COMPETITION FOR QUALITY CREDIT RELATIONSHIPS

REMAINS STRONG WITH MANY OF THE LARGE SUPER

REGIONAL BANKS RESORTING TO AGGRESSIVE

PRICING AND EXTENDED TERMS. WE ARE

FORTUNATE TO HAVE A STRONG LENDING TEAM

WITH DEEP ROOTS IN THE COMMUNITIES WE SERVE.

THEIR COMMITMENT TO CUSTOMER SERVICE ALONG

WITH THEIR MARKET PRESENCE HAS OVERCOME THE

TACTICS EMPLOYED BY OUR COMPETITORS.

DURING 2014, OUR NET INTEREST MARGIN

COMPRESSED SLIGHTLY FROM 3.38% IN 2013 TO 3.28%.

THE DECLINE IN THE NET INTEREST MARGIN CAN BE

ATTRIBUTABLE TO THREE ITEMS. FIRST, THE



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COMPANY LIQUIDATED ITS ENTIRE PORTFOLIO OF

LONG-TERM MUNICIPAL SECURITIES AND REPLACED

THESE SECURITIES WITH SHORT-TERM INVESTMENTS

AND FLOATING RATE INVESTMENTS. ALTHOUGH

THIS RESULTED IN A LOWER YIELDING INVESTMENT

PORTFOLIO IT ENHANCED THE PORTFOLIO POSITION

SHOULD INTEREST RATES BEGIN TO RISE. AT YEAR

END, THE DURATION OF THE INVESTMENT

PORTFOLIO WAS BELOW 2, WITH MORE THAN 60% OF

THE PORTFOLIO BEING OF A FLOATING RATE

NATURE. SECONDLY, MATURING LOANS,

ORIGINATED WHEN INTEREST RATES WERE HIGHER,

RENEWED AT CURRENT LOWER INTEREST RATES.

FINALLY, THE COMPANY TOOK ADVANTAGE OF

CERTAIN DEPOSIT OPPORTUNITIES DURING THE

SECOND HALF OF 2014, AND FOCUSED EFFORTS ON



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ENHANCING CURRENT DEPOSIT RELATIONSHIPS.

THESE EFFORTS WERE VERY SUCCESSFUL AS THE

GROWTH IN DEPOSIT RELATIONSHIPS OUTPACED THE

GROWTH IN LOANS. WE BELIEVE THAT OUR

CURRENT EFFORTS TO GENERATE ADDITIONAL

DEPOSIT MARKET SHARE WILL BENEFIT THE

COMPANY IN THE FUTURE, ONCE INTEREST RATES

RISE AND THE COMPETITION FOR DEPOSITS BECOMES

MORE INTENSE.

THE FEDERAL RESERVES LOW RATE MONITORY

POLICY WILL CONTINUE TO AFFECT THE COMPANY’S

NET INTEREST MARGIN IN 2015. WITHOUT AN

INCREASE IN INTEREST RATES, THE COMPANY’S NET

INTEREST MARGIN WILL CONTINUE TO COMPRESS. A

GENERAL RISE IN INTEREST RATES WILL RESULT IN



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MARGIN EXPANSION, SHOULD THE FEDERAL

RESERVE ELECT TO TIGHTEN. WE WILL REMAIN

PRUDENT IN THIS INTEREST RATE ENVIRONMENT

AND NOT TAKE ON UNACCEPTABLE LEVELS OF

FUTURE INTEREST RATE RISK BY REACHING FOR

HIGHER YIELDS OR BY EXTENDING LOAN TERMS.

WE ARE ENCOURAGED THAT WE WILL CONTINUE TO

EXPERIENCE POSITIVE ORGANIC LOAN GROWTH, AS

LOAN DEMAND REMAINS FAVORABLE AND REAL

ESTATE VALUES ARE IMPROVING. HOWEVER AS REAL

ESTATE VALUES CONTINUE TO RECOVER THE

PORTFOLIO IS SUSCEPTIBLE TO HIGHER LEVELS OF

LOAN PAYOFFS AS BORROWERS TAKE ADVANTAGE

OF THE RECOVERY.



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SUCCESSFUL FINANCIAL INSTITUTIONS HAVE

SEVERAL UNIQUE STRATEGIES AND

CHARACTERISTICS, BUT THE ONE SHARED BY ALL IS

STRONG ASSET QUALITY. AT MARCH 31, 2015 OUR

NON PERFORMING ASSETS REPRESENTED .52% OF

OUR TOTAL ASSETS, AS COMPARED TO 1.59% FOR ALL

OF THE COMMUNITY BANKS LOCATED IN

SOUTHWEST FLORIDA AND 1.05% FOR THE STATE OF

FLORIDA. WE ALSO COMPARE FAVORABLE TO OUR

NATIONAL PEERS, AS THE LEVEL OF OUR

NONCURRENT LOANS AND OTHER REAL ESTATE

OWNED TO TOTAL LOANS AND OTHER REAL ESTATE

OWNED WAS 0.81% AT MARCH 31, 2015, COMPARED TO

1.65% AT MARCH 31, 2014 AND OUR NATIONAL PEERS

AT 1.34%.



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WE ARE CONFIDENT THAT WITH THE ECONOMIC

TURNAROUND WITHIN THE STATE AND

SPECIFICALLY HERE IN SOUTHWEST FLORIDA, THE

COMPANY SHOULD CONTINUE TO MAINTAIN ITS

STRONG CREDIT QUALITY METRICS.

AS I PREVIOUSLY MENTIONED, DEPOSIT GROWTH

HAS BEEN A SIGNIFICANT HIGHLIGHT, AS TOTAL

DEPOSIT RELATIONSHIPS INCREASED BY $203

MILLION TO $822 MILLION FROM $619 MILLION AT

DECEMBER 31, 2013. NON-INTEREST BEARING

DEPOSIT RELATIONSHIPS REPRESENTED 15.1% OF ALL

DEPOSIT RELATIONSHIPS AT DECEMBER 31, 2014 UP

FROM 12.5% A YEAR AGO. THE INCREASE IN NON-

INTEREST BEARING DEPOSITS CONTRIBUTED TO A

DECLINE IN THE COMPANY’S RATIO OF INTEREST



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EXPENSE TO AVERAGE ASSETS FROM 0.48% IN 2013 TO

0.40% IN 2014, WHICH WAS 3 BASIS POINTS BETTER

THAN OUR NATIONAL PEER GROUP.

AT MARCH 31, 2015, THE COMPANY HAD OVER $1.0

BILLION OF ASSETS. THIS SCALE ALLOWS US TO

OFFER OUR CUSTOMERS PRODUCTS WHICH RIVAL

THOSE OFFERED BY THE REGIONAL AND

SUPERREGIONAL BANKS. FIRST FLORIDA INTEGRITY

BANK CONTINUES TO BE THE LARGEST COMMUNITY

BANK HEADQUARTERED IN SOUTHWEST FLORIDA,

AND WE HAVE ACCOMPLISHED THIS WITH ONLY SIX

OFFICES IN COLLIER COUNTY AND ONE IN TAMPA.

OUR OFFICE STRUCTURE IS A COMPETITIVE

ADVANTAGE AS OUR AVERAGE DEPOSITS PER



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BRANCH OF $126 MILLION AT MARCH 31, 2015

SIGNIFICANTLY EXCEEDING OUR COMPETITORS.

NOW I WOULD LIKE TO ADDRESS THE RESULTS FOR

THE FIRST QUARTER OF 2015. THE COMPANY

RECORDED NET INCOME OF $868,000 AS COMPARED

TO A NET LOSS OF $150,000 DURING THE FIRST

QUARTER OF 2014. THE COMPANY’S FIRST QUARTER

2015 PRE-TAX OPERATING EARNINGS WAS $1.5

MILLION, COMPARED TO $621,000 IN 2014.

REPRESENTING AN INCREASE OF 134%.

AT DECEMBER 31, 2013 THE COMPANY’S TANGIBLE

BOOK VALUE PER SHARE WAS $4.71, WHICH

INCREASED TO $5.01 AT DECEMBER 31, 2014. THE



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TANGIBLE BOOK VALUE IMPROVED FURTHER TO

$5.09 AT MARCH 31, 2015.

AS PART THE OF PURCHASE OF SHAMROCK, THE

FORMER SHAREHOLDERS WERE GRANTED

CONTINGENT PAYMENT RIGHTS FOR ADDITIONAL

SHARES, SHOULD CERTAIN EVENTS OCCUR WITHIN

THE FIRST 15 DAYS PRIOR TO CLOSING, OR DURING

THE 1 YEAR PERIOD FOLLOWING CLOSING. BASED

UPON THE FINAL STATUS OF THESE EVENTS, WE

ISSUED APPROXIMATELY 439,000 ADDITIONAL

SHARES TO THE FORMER SHAMROCK

SHAREHOLDERS ON MARCH 30, 2015.

IN LOOKING AT THE OUTLOOK FOR THE REST OF 2015,

WE WILL CONTINUE TO CONTEND WITH A LOW



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INTEREST RATE ENVIRONMENT. IN THIS

ENVIRONMENT, WE WILL CONTINUE TO FOCUS OUR

EFFORTS ON ORGANIC LOAN GROWTH AND

CONTINUING TO ENHANCE OUR DEPOSIT MARKET

SHARE. WE MUST NAVIGATE THIS PATH CAREFULLY

AND PREPARE FOR AN EVENTUAL INCREASE IN

INTEREST RATES.

THE COMPANY REMAINS SOLIDLY POSITIONED FOR

FUTURE GROWTH, WITH THE COMPANY DEEMED

“WELL CAPITALIZED” UNDER ALL REGULATORY

REQUIREMENTS, WITH A LEVERAGE CAPITAL RATIO

OF 8.74% AT MARCH 31, 2015. SHOULD CAPITAL BE

REQUIRED, WE ARE CONFIDENT THAT THE COMPANY

CAN ATTRACT CAPITAL AT A PREMIUM TO TANGIBLE

BOOK VALUE.



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I WILL NOW ASK OUR PRESIDENT, GARRETT RICHTER,

TO PROVIDE AN OVERVIEW OF THE BANKING

INDUSTRY, AND OUR RESPONSE TO THESE

OPPORTUNITIES.

RICHTER: THANKS BOB, AND GOOD EVENING.

TARGET, NEIMAN MARCUS, MICHAELS, PF CHANGS,

ALBERTSONS, UPS, HOME DEPOT, STAPLES, SONY

AND JP MORGAN CHASE, SOUNDS LIKE TENANTS OF A

NEW RETAIL SHOPPING CENTER, BUT ACTUALLY

EACH OF THESE COMPANY’S WERE SUBJECT TO DATA

SECURITY BREACHES. THE MAJORITY OF THESE



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DATA BREACHES INCLUDED CREDIT AND DEBIT

CARD DATA.

FRAUD IS A SERIOUS THREAT TO PAYMENT SYSTEM

EFFICIENCY, CONSUMER CONFIDENCE, AND A

BANK’S BOTTOM LINE. SAFEGUARDING ASSETS

FROM FRAUD ATTACKS IS AN ONGOING CHALLENGE

AS THE BANKING INDUSTRY AND OUR CUSTOMERS

ARE REGULAR TARGETS OF FRAUD SCHEMES WHICH

HAVE EVOLVED AS CHANGES HAVE OCCURRED IN

PAYMENT INSTRUMENTS, TECHNOLOGY, AND

SECURITY.

HERE ARE SOME STATISTICS FROM THE FEDERAL

RESERVES 2013 UNITED STATES PAYMENTS STUDY:



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IN 2012, DEBIT, CREDIT AND PREPAID CARD

TRANSACTIONS REPRESENTED 66% OF ALL NON-

CASH PAYMENTS, UP FROM 42% IN 2003. THE USE OF

CHECKS AS A MEANS OF PAYMENT IS BECOMING A

DINOSAUR. CHECKS REPRESENTED NEARLY HALF OF

ALL NON-CASH PAYMENTS IN 2003, BUT ONLY 15

PERCENT IN 2012.

UNAUTHORIZED CARD BASED TRANSACTIONS

REPRESENTED 92% OF ALL UNAUTHORIZED

TRANSACTIONS IN 2012 AND 65% OF ALL LOSSES.

THE NILSON REPORT, A LEADING PAYMENT

INDUSTRY NEWSLETTER, REPORTED THAT

WORLDWIDE GROSS FRAUD LOSSES WERE $11.3

BILLION IN 2012 UP 14.6% FROM 2011, AND WELL



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ABOVE THE $3.6 BILLION EXPERIENCED IN 2003. THIS

EQUATED TO $5.22 FOR EVERY $100 IN PURCHASES UP

FROM $5.07 IN 2011.

SPECIFICALLY, THE UNITED STATES ACCOUNTED FOR

47% OR $5.3 BILLION OF THE GLOBAL CREDIT CARD

FRAUD, BUT THE UNITED STATES ONLY GENERATED

23.5% OF THE PURCHASE VOLUME. THE UNITED

STATES IS THE ONLY DEVELOPED COUNTRY IN

WHICH COUNTERFEIT-CARD FRAUD IS

CONSISTENTLY GROWING. A 2012 SURVEY BY THE

AITE GROUP AND ACI WORLDWIDE FOUND THAT 42%

OF AMERICANS HAD EXPERIENCED SOME FORM OF

PAYMENT-CARD FRAUD DURING THE FIVE YEARS

PRECEDING THE SURVEY. IT WOULD BE A SAFE BET,



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THAT WITH THE INCREASE IN SECURITY BREACHES,

THIS PERCENTAGE HAS ONLY GROWN HIGHER.

SO WHY IS THE UNITED STATES BEEN THE PRIMARY

TARGET?

FIRST, THE UNITED STATES AT THE END OF 2013 HAD

1.2 BILLION DEBIT, CREDIT AND PREPAID CARDS IN

CIRCULATION. THAT IS NEARLY FIVE CARDS PER

ADULT.

SECONDLY, THE UNITED STATES RELIES

EXCLUSIVELY ON CARDS WITH MAGNETIC STRIPS,

WHICH IS FAR LESS SECURE THAN THE CHIP-AND-PIN

EMV TECHNOLOGY USED IN ALL OTHER DEVELOPED

COUNTRIES.



41

THE USE OF CHIP-AND-PIN TECHNOLOGY WILL

REQUIRE CARD ISSUERS TO REISSUE NEW CHIPPED

CARDS AND RETAILERS AND MERCHANTS TO

INSTALL NEW PAYMENT DEVICES. THE ESTIMATED

COST TO CONVERT IS AS MUCH AS $8 BILLION;

HOWEVER, THIS COST WOULD BE RECOVERED OVER

TIME, THROUGH REDUCTIONS IN FRAUD LOSSES.

IN 2011, USING CHIP-AND-PIN TECHNOLOGY, GREAT

BRITAIN BROUGHT CARD FRAUD LOSSES DOWN TO

THEIR LOWEST LEVELS IN TWO DECADES.

ADDITIONALLY, THIS TECHNOLOGY REDUCED

LOSSES FROM SKIMMING IN CANADA BY 73% IN 2012.



42

ACCORDING TO A REPORT BY UNISYS, A GLOBAL

INFORMATION TECHNOLOGY FIRM, DEBIT AND

CREDIT CARD FRAUD IS THE NUMBER 1 FEAR OF

AMERICANS. CONCERN ABOUT CARD FRAUD

SUPERSEDES THAT OF TERRORISM, COMPUTER AND

HEALTH VIRUSES AND PERSONAL SAFETY.

SO WHAT HAS FIRST FLORIDA INTEGRITY BANK

DONE TO COMBAT THIS INCREASING FRAUDULENT

ACTIVITY?

WE ARE VERY PROACTIVE IN COMMUNICATING WITH

OUR CUSTOMERS. WE USE EMAIL, OUR WEBSITE,

SOCIAL MEDIA, AND MAIL LETTERS TO ALERT OUR

CUSTOMER OF NEW AND EMERGING THREATS.



43

AFTER A DOCUMENTED BREACH HAS OCCURRED, AT

A THIRD PARTY RETAIL ESTABLISHMENT, WE

IDENTIFY THE CUSTOMERS WHO HAVE BEEN

IMPACTED AND PROACTIVELY CALL THE CUSTOMER

AND ARRANGE FOR CARD REISSUANCE.

WE HAVE IMPLEMENTED A VOLUNTARY TEXT ALERT

SERVICE IN WHICH THE CUSTOMER CAN SIGN UP TO

RECEIVE AN IMMEDIATE TEXT UPON CARD

UTILIZATION.

WE ALSO EMPLOY TRANSACTION AUTHORIZATION

BLOCKING TECHNIQUES, WHICH DENIES POINT OF

SALE TRANSACTIONS, WHEN THE TRANSACTION

MEETS CERTAIN HIGH RISK PRE-ESTABLISHED

CHARACTERISTICS.



44

WE HAVE ENHANCED OUR MOBILE INTERNET

BANKING SYSTEM TO GIVE CUSTOMERS THE ABILITY

TO TURN-ON AND TURN-OFF THEIR DEBIT CARDS, TO

CONTROL TRANSACTIONS, WHICH CAN POST TO

THEIR ACCOUNTS.

WE ALSO WILL BE CONVERTING OUR MAGNET STRIP

CARDS TO THE NEW CHIP-AND-PIN TECHNOLOGY

DURING THE THIRD QUARTER.

BEING PROACTIVE TO CUSTOMER CONCERNS IS

EXTREMELY IMPORTANT, AND IS ONE OF THE

REASONS WHY THE READERS OF THE NAPLES DAILY

NEWS, RECOGNIZE US AS THE “BEST BANK” IN THEIR



45

ANNUAL SURVEY. MARKING THE FOURTH

CONSECUTIVE YEAR.

NOW I WOULD LIKE TO ASK BRIAN KEENAN,

PRESIDENT OF OUR WEST AND CENTRAL FLORIDA

REGION TO PROVIDE AN UPDATE ON THE FLORIDA

ECONOMY.

KEENAN: THANKS GARRETT, AND GOOD EVENING

EVERYONE.

FLORIDA’S ECONOMY CONTINUED TO GAIN

MOMENTUM IN 2014, WHICH WE BELIEVE WILL

CARRYOVER INTO 2015.



46

THIS PAST DECEMBER, THE US CENSUS BUREAU

ANNOUNCED THAT FLORIDA WAS NOW THE THIRD

MOST POPULOUS STATE WITH 19.9 MILLION

RESIDENTS, VAULTING AHEAD OF NEW YORK. THE

REPORT INDICATED FLORIDA ADDED 803 NEW

RESIDENTS PER DAY DURING THE TWELVE MONTHS

ENDED JULY 1, 2014. TEXAS RANKED 1ST IN

POPULATION INCREASE WITH 451,300 NEW

RESIDENTS, FOLLOWED BY CALIFORNIA WITH 371,100

NEW RESIDENTS AND FLORIDA WITH 293,000 NEW

RESIDENTS. NEW YORK DID NOT EVEN MAKE THE

TOP TEN.

THE STATE ADDED ALMOST 253,000 JOBS IN 2014,

WITH THE UNEMPLOYMENT RATE FALLING TO 5.7%

IN DECEMBER DOWN FROM 6.5% A YEAR EARLIER. AS



47

OF MARCH 31, 2015, THE STATE’S UNEMPLOYMENT

RATE CONTINUED TO HOLD AT 5.7%, WHICH WAS

SLIGHTLY HIGHER THAN THE NATIONAL RATE,

WHICH WAS 5.5%. DURING THE PAST 12 MONTHS

FLORIDA INCREASED EMPLOYMENT BY 2.9%

COMPARED TO THE NATIONAL RATE OF 1.7%.

FLORIDA’S HOUSING MARKET CONTINUES TO

REBOUND. ACCORDING TO THE FLORIDA

ASSOCIATION OF REALTORS, THE NUMBER OF

CLOSED SALES OF SINGLE FAMILY HOMES IN 2014

WAS UP 8.1% OVER THE PRIOR YEAR INCREASING

FROM 226,000 UNITS TO 245,000 UNITS. HOME PRICES

HAVE ALSO IMPROVED, RISING 6.4% FROM A YEAR

AGO, TO AN AVERAGE SALES PRICE OF $264,000. THE

SUPPLY OF INVENTORY DECLINED FROM 5.5 MONTHS



48

IN 2013 TO 5.2 MONTHS IN 2014. THE LEVEL OF CASH

SALES DECREASED TO 41% IN 2014, COMPARED TO

45% IN 2013. FINAL SALES PRICE TO ORIGINAL ASKING

VALUE WAS 93.0%, A SIGNIFICANT IMPROVEMENT

FROM 2009, WHEN THIS RATIO WAS 87.7%.

HOMEBUILDING REMAINED RELATIVELY STABLE AS

PERMITS FOR SINGLE AND FAMILY HOMES WERE

55,000 IN 2013 AND 56,000 IN 2014, MORE THAN DOUBLE

THE RECENT LOW OF 27,000 IN 2009. WE ARE

CONFIDENT THAT HOUSING WILL CONTINUE TO

SHOW IMPROVEMENT GIVEN THE LOW LEVEL OF

INVENTORIES, REASONABLE LEVEL OF NEW HOME

CONSTRUCTION, AND THE CONTINUED POSITIVE

POPULATION MIGRATION TO FLORIDA.



49

IN SUMMARY FLORIDA’S ECONOMY CONTINUED TO

GAIN MOMENTUM IN 2014. POPULATION MIGRATION

WILL CONTINUE TO PROPEL OUR ECONOMY.

ADDITIONALLY FAVORABLE PERSONAL AND

CORPORATE INCOME TAX RATES, COUPLED WITH A

HIGHLY SKILLED AND DIVERSIFIED EMPLOYMENT

BASE PROVIDE FOR AN ATTRACTIVE CLIMATE FOR

BUSINESS RELOCATIONS AND EXPANSION.

LOOKING AT THE MARKETS WE CURRENTLY SERVE:

THE NAPLES-MARCO ISLAND MSA WILL CONTINUE TO

EXPERIENCE STRONG GROWTH IN ALL ECONOMIC

INDICATORS. THE METRO AREA HAS THE HIGHEST

PERSONAL INCOME GROWTH AMONG ALL OF THE

FLORIDA MARKETS AT 6.7%. THE LEVEL OF REAL PER



50

CAPITA INCOME IS $64,600, THE HIGHEST OF ALL THE

FLORIDA MARKETS AND IN THE TOP TEN WITHIN THE

UNITED STATES. POPULATION GROWTH WILL

AVERAGE 2.6%, ALSO THE HIGHEST OF THE MARKETS.

EMPLOYMENT GROWTH WILL AVERAGE 3.5% PER

YEAR, THE HIGHEST OF THE MARKETS. THE

UNEMPLOYMENT RATE IN MARCH WAS DOWN TO

4.8% FROM 5.7% A YEAR EARLIER.

THE TAMPA-ST PETERSBURG-CLEARWATER MSA

WILL CONTINUE TO EXPERIENCE MODERATE

GROWTH IN THE ECONOMIC INDICATORS. PERSONAL

INCOME FORECASTED TO INCREASE BY 5.4 %, AND

THE LEVEL OF REAL PER CAPITA INCOME WILL

AVERAGE $40,000. AVERAGE ANNUAL WAGE

GROWTH EXPECTED TO BE 3.4%. POPULATION



51

GROWTH WILL AVERAGE 1.6%. TAMPA HAS THE

SECOND HIGHEST GROSS PRODUCT OF ALL THE

FLORIDA MARKETS, EXPECTED TO AVERAGE $125

BILLION. EMPLOYMENT GROWTH EXPECTED TO BE

2.1% ANNUALLY AND THE UNEMPLOYMENT RATE

DROPPED IN MARCH TO 5.3%, AN IMPROVEMENT

FROM THE 6.4% EXPERIENCED A YEAR AGO.

ALL OF THESE FAVORABLE ECONOMIC GROWTH

TRENDS WILL HELP TO CONTINUE TO SUPPORT OUR

ORGANIC GROWTH STRATEGY, WHICH FOCUSES OUR

PRIMARY EFFORTS ON THESE DYNAMIC MARKETS.

GARY, I BELIEVE YOU HAVE SOME FINAL COMMENTS,

AND SOME REMAINING BUSINESS ITEMS.



52

TICE: THANKS BRIAN. THE LOCAL NAPLES

ECONOMY REALLY BENEFITED FROM A STRONG

WINTER SEASON. TRAFFIC IS ONLY NOW BEGINNING

TO RETURN TO SUMMER LEVELS. WE ARE

FORTUNATE TO BE LOCATED IN ONE OF THE BEST

MARKETS IN THE COUNTRY.

WE WOULD LIKE TO SEE INTEREST RATES RISE, AS

WE HAVE POSITIONED OUR $1 BILLION BALANCE

SHEET APPROPRIATELY. HOWEVER AN INCREASE IN

INTEREST RATES IS DEPENDENT UPON MANY

FACTORS INCLUDING WAGE GROWTH, CONSUMER

SPENDING, INFLATION, AND GEO-POLITICAL

CONDITIONS. IN LIGHT OF THE ECONOMIC

UNCERTAINTY AND LOW INTEREST RATE



53

ENVIRONMENT WE HAVE FOCUSED OUR EFFORTS ON

CORE DEPOSIT GROWTH, CREDIT QUALITY,

OPERATING COST CONTROL AND AVOIDING THE

TEMPTATION TO ORIGINATE LONG TERM FIXED RATE

LOANS.

LAST SUMMER IN THE FDIC’S ANNUAL SUMMARY OF

DEPOSITS, FIRST FLORIDA INTEGRITY BANK HELD

THE 6TH LARGEST DEPOSIT BASE IN COLLIER COUNTY.

I AM CONFIDENT THAT WITH THE CORE DEPOSIT

GROWTH THAT WE HAVE GENERATED DURING THE

LAST NINE MONTHS, THE BANK WILL HOLD THE 5TH

LARGEST DEPOSIT BASE, IN ONE OF THE COUNTRY’S

MOST DESIRABLE MARKETS. WE ARE THE ONLY

COMMUNITY BANK WITHIN THE TOP TEN FINANCIAL

INSTITUTIONS WITHIN COLLIER COUNTY.



54

FIRST FLORIDA INTEGRITY BANK, WITH OVER $1

BILLION IN TOTAL ASSETS, NOW RANKS AS THE 25TH

LARGEST BANK, OUT OF 173 COMMUNITY BANKS

CURRENTLY HEADQUARTERED IN THE STATE OF

FLORIDA, AND THE LARGEST BANK

HEADQUARTERED IN SOUTHWEST FLORIDA.

SUCCESSFULLY GROWING OUR BASE IS CRITICAL TO

ENHANCING THE VALUE OF YOUR INVESTMENT. OUR

STRATEGIC PLAN APPROVED BY TGR’S BOARD OF

DIRECTORS, CALLS FOR A COMBINATION OF BOTH

ORGANIC GROWTH AND OPEN BANK ACQUISITIONS.

AFTER SUCCESSFULLY COMPLETING OUR MERGER

WITH SHAMROCK BANK OF FLORIDA IN MARCH OF



55

2014, WE FOCUSED OUR EFFORTS ON ORGANIC

GROWTH SPECIFICALLY GROWING DEPOSIT

RELATIONSHIPS BY $147 MILLION OR 20%.

LAST YEAR WE INDICATED THAT THE COMPANY

WOULD EVALUATE LISTING ON A NATIONAL

EXCHANGE. UNFORTUNATELY, THE ADDITIONAL

OPERATING AND REGULATORY COSTS ASSOCIATED

WITH LISTING ON A NATIONAL EXCHANGE, WOULD

HAVE SIGNIFICANTLY AFFECTED OUR EARNINGS.

SINCE TRADING VOLUME IS LIMITED, THE BOARD OF

DIRECTORS COULD NOT JUSTIFY TAKING ON THIS

ADDITIONAL EXPENSE.

THE BOARD IS CURRENTLY EVALUATING ANOTHER

LIQUIDITY OPTION. RECENTLY THE OTC MARKETS



56

GROUP BEGAN OFFERING A SPECIALIZED

MARKETPLACE, OTCQX FOR BANKS. THIS MARKET

WHICH INITIALLY FOCUSED ON SMALL, PUBLICLY

TRADED BANKS, HAS BEGUN TO ATTRACT

PRIVATELY HELD INSTITUTIONS PROVIDING

LIQUIDITY WITH OUT GOING PUBLIC AND INCURRING

THE COSTS OF A NATIONAL EXCHANGE. OTCQX

PROVIDES REAL TIME DETAILED QUOTES AND

MARKET MAKER DATA FOR ALL INVESTORS, AS

WELL AS COMPANY DISCLOSURES AND NEWS

DISTRIBUTION.

PAUSE

I WILL NOW ASK THE JUDGES OF ELECTION IF THEY

HAVE COMPLETED THEIR TABULATION OF THE



57

VOTES. IF SO PLEASE COME FORWARD AND PRESENT

THE RESULTS TO OUR MEETING SECRETARY.

OUR SECRETARY WILL REPORT ON THE RESULTS OF

THE ELECTION OF DIRECTORS AND THE

RATIFICATION OF OUR INDEPENDENT PUBLIC

ACCOUNTING FIRM.

REICHERT: THE JUDGES OF ELECTION REPORT A

SUFFICIENT NUMBER OF VOTES HAVE BEEN CAST

FOR EACH OF THE PROPOSALS. THEREFORE, THE

JUDGES DECLARE THAT EACH OF THE PROPOSALS IS

APPROVED.

TICE: THANKS BOB.



58

WE ARE FORTUNATE TO HAVE A DEDICATED

EMPLOYEE BASE, WHICH HAVE A PASSION TO DRIVE

SIMPLICITY AND CONVENIENCE INTO ALL FACETS OF

THE CUSTOMERS EXPERIENCE. THEY ARE STEWARDS

OF OUR “GOLDEN RULE” CULTURE, WHICH I BELIEVE

IS OUR HIGHEST YIELDING ASSET.

OUR CULTURE INCORPORATES AN UNWAVERING

COMMITMENT TO OUR EMPLOYEES, CUSTOMERS,

SHAREHOLDERS AND COMMUNITIES. IN 2014, OUR

SIXTH ANNUAL CHARITY GOLF TOURNAMENT SET

ANOTHER RECORD IN DONATIONS SURPASSING

$100,000 FOR THE SECOND CONSECUTIVE YEAR. ALL

OF WHICH WAS DONATED TO PACE CENTER FOR

GIRLS AND GRACE PLACE. SINCE 2009, THIS

TOURNAMENT HAS RAISED WELL OVER $370,000 FOR



59

LOCAL CHILDREN’S CHARITIES. IN OCTOBER, WE

WILL ONCE AGAIN RAISE MONEY IN OUR

COMMUNITY FOR WORTHY CAUSES ASSOCIATED

WITH CHILDREN.

PLEASE MARK OCTOBER 17TH ON YOUR CALENDARS

AS WE WOULD LOVE TO HAVE YOU PARTICIPATE IN

THIS YEARS EVENT AND HELP US SET ANOTHER

RECORD.

ALTHOUGH THE CHARITY GOLF TOURNAMENT IS

OUR LARGEST EVENT, OUR EMPLOYEES SUPPORT

AND PARTICIPATE IN VARIOUS COMMUNITY EVENTS

THROUGHOUT THE YEAR, SUCH AS THE SALVATION

ARMY’S ANNUAL CHRISTMAS TOY DRIVE, AND

THROUGH THE EMPLOYEE INITIATED “PROJECT



60

DONATION.” IN 2014, “PROJECT DONATION” PROVIDED

OVER $19,000 TO LOCAL FAMILIES IN NEED.

EMPLOYEES FUNDED THESE DONATIONS THROUGH

THEIR OWN CONTRIBUTIONS.

I WOULD NOW LIKE TO ASK GARRETT TO MAKE A

SPECIAL PRESENTATION.

RICHTER: DURING 2014, JUDY MILLER AND ROB

USDAN RESIGNED FROM THEIR POSITIONS AS BOARD

MEMBERS OF TGR FINANCIAL. BOTH JUDY AND

ROB’S WORK SCHEDULES WOULD NOT PERMIT THEM

TO PARTICIPATE, AT A LEVEL THEY FELT SUFFICIENT

TO REPRESENT THE SHAREHOLDERS OF TGR

FINANCIAL. SINCE BEING MEMBERS OF THE BOARD



61

OF DIRECTORS, BOTH JUDY AND ROB PROVIDED

VALUABLE INSIGHT AND GUIDANCE, FOR WHICH WE

ARE VERY GRATEFUL.

IN RECOGNITION OF THEIR SERVICE, WE ARE

PROVIDING BOTH OF THESE OUTSTANDING LEADERS

WITH A PROCLAMATION DOCUMENTING THEIR

COMMITMENT AND SERVICE TO TGR FINANCIAL.

TICE: THANKS GARRETT, BOTH JUDY AND ROB HAVE

REPRESENTED THE SHAREHOLDERS WELL OVER THE

PAST YEARS. WITH THEIR RESIGNATIONS BRINGS

TWO NEW MEMBERS TO OUR BOARD OF DIRECTORS,

DON MAJOR AND MICHAEL GIBBONS, WELCOME

GENTLEMEN. I AM CONFIDENT THAT YOUR BOARD



62

OF DIRECTORS WILL CONTINUE TO ASSIST

MANAGEMENT IN PRUDENTLY GUIDING THE

COMPANY’S COURSE.

IN CLOSING, I BELIEVE THAT YOUR COMPANY’S

FUTURE IS BRIGHT. WE OPERATE IN A MUCH

IMPROVED ECONOMIC CLIMATE. WE HAVE

ASSEMBLED A PROVEN TEAM OF TALENTED AND

DEDICATED BANKERS, ALL OF WHOM EMBRACE OUR

CORPORATE CULTURE. WE HAVE OUR SIGHTS SET ON

CONTINUED STRONG LEVELS OF ORGANIC GROWTH,

AUGMENTED WITH ACQUISITIONS, WHICH MAKE

BOTH STRATEGIC AND FINANCIAL SENSE. WE

BELIEVE OUR STRATEGY IS SOUND, AND WILL FUEL

ENHANCED FUTURE PROFITABILITY.



63

(LIGHTS UP)

TICE: THIS CONCLUDES THE 2015 ANNUAL MEETING

OF TGR FINANCIAL, INC.

I WILL NOW OPEN THE FLOOR FOR QUESTIONS.

(QUESTIONS AND ANSWERS)

TICE: SINCE THERE ARE NO FURTHER QUESTIONS …

THANK YOU FOR YOUR ATTENDANCE. I INVITE YOU

TO ENJOY REFRESHMENTS IN THE LOBBY.



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