-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PZ+QgDroojTdclX2/Rr4RKVLpf4pAyhuC46cDXULhfNh8MZfOb4S+tfBIJcrzvL1 TYcGhDTM/4J2ixh/MGXnGw== /in/edgar/work/0001021408-00-003162/0001021408-00-003162.txt : 20001025 0001021408-00-003162.hdr.sgml : 20001025 ACCESSION NUMBER: 0001021408-00-003162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001023 ITEM INFORMATION: FILED AS OF DATE: 20001024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL COMMERCE BANCORPORATION CENTRAL INDEX KEY: 0000101844 STANDARD INDUSTRIAL CLASSIFICATION: [6021 ] IRS NUMBER: 620784645 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-06094 FILM NUMBER: 744491 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 BUSINESS PHONE: 9015233242 MAIL ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANCSHARES CORP DATE OF NAME CHANGE: 19780820 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANSHARES CORP DATE OF NAME CHANGE: 19780525 8-K 1 0001.txt FORM 8-K Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1 Date of Report (Date of earliest event reported) October 24, 2000 ------------------ NATIONAL COMMERCE BANCORPORATION -------------------------------- (Exact name of registrant as specified in its charter)
Tennessee 0-6094 62-0784645 - ------------------------------ --------------- ------------------ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.)
One Commerce Square, Memphis, Tennessee 38150 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (901) 523-3371 --------------- Not Applicable -------------- (Former name, former address and former fiscal year, if changed since last report) INFORMATION TO BE INCLUDED IN THE REPORT Item 9. Regulation FD Disclosure National Commerce Bancorporation ("NCBC") is furnishing this Current Report on Form 8-K with respect to a presentation being made by management of NCBC on October 24, 2000 at a conference sponsored by UBS Warburg. Attached hereto and incorporated herein as Exhibit 99.1 is the text of that presentation. (c) Exhibits. The following exhibit is filed pursuant to Item 601 of Regulation S-K: Exhibit Number Description - ------- ---------------------------------------------------------------------- 99.1 Analyst Presentation, dated October 24, 2000. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL COMMERCE BANCORPORATION Date: October 24, 2000 By: /s/ Charles A. Neale -------------------------- Charles A. Neale Senior Vice-President and General Counsel -3- EX-99.1 2 0002.txt ANALYST PRESENTATION DATED 10/24/2000 EXHIBIT 99.1 [LOGO] National Commerce Bancorporation "A Focused Financial Services Organization" ======================================= Ernest C. Roessler President & Chief Executive Officer [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION [LOGO] Forward - Looking Statement ========================================= This presentation constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. A variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. NCBC does not assume any obligation to update these forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to competition from both financial and non-financial institutions; changes in interest rates, deposit flows, loan demand and real estate values; changes in legislation or regulation; changes in accounting principles, policies or guidelines; the timing and occurrence (or non-occurrence) of transactions and events that may be subject to circumstances beyond the control of NCBC; and other economic, competitive, governmental, regulatory and technological factors affecting NCBC specifically or the banking industry or economy generally. [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 2 A Focused Financial [LOGO] Services Organization =================================================== [_] Focused on Key Drivers [_] Focused on Integration [_] Focused on Leverage [_] Focused on Shareholders [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 3 [LOGO] Focused on Key Drivers =================================================== [_] Top Line Revenue Growth [_] Net Interest Margin [_] Credit Quality [_] Efficiency [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 4 [LOGO] Industry Leading Revenue Growth =================================================== Balances NIM Challenge Net Revenues 1996 - 1999 CAGR Net Interest Margin 11% 11% [CHART APPEARS HERE] 3.00% - 4.50% 1Q99 4.42% NCBC Avg. FITB/FSR 2Q99 4.47% Pro Forma (1) 3Q99 4.39% 4Q99 4.43% 1Q00 4.18% 2Q00 4.07% (1) Excludes synergies. 3Q00 3.96% ------------------------------------------------ 10-year CAGR of Revenues Per Share through 1999 of 15.2% ------------------------------------------------ [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 5 [LOGO] Pristine Credit Quality =================================================== Reserves/Loans Reserves/NPAs 4.7x 1.32% 1.35% 2.8x NCBC 3Q00 Peer NCBC 3Q00 Peer Average /(1)/ Average/(1)/ Net Charge-Offs/Loans NPAs/Total Assets 0.38% 0.31% 0.18% 0.19% NCBC 3Q00 Peer NCBC 3Q00 Peer Average /(1)/ Average/(1)/ [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION /(1)/ UBS Warburg Regional Composite Average at June 30, 2000 6 [LOGO] Superior Efficiency Ratio =================================================== Efficiency Ratio/(1)/ 48% 42% 46% NCBC NCBC Pro Forma Avg. FITB/FSR Pro Forma/(2)/ with Synergies [LOGO] Note: Excludes non-recurring items where applicable. NATIONAL COMMERCE (1) Full year 1999. ----------------- BANCORPORATION (2) Excludes synergies. 7 [LOGO] Focused on Integration ========================================================================= [_] Conversion [_] Management Team [_] Cost Savings [_] Restructure Costs [_] Best Practices [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 8 Common Platforms Drive Rapid [LOGO] Conversion Timetable ======================================================================== Three Phases of Conversion [_] October - North Carolina - Complete [_] November - Richmond (First Market Bank) [_] December - Tennessee, West Virginia, Virginia, Georgia [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 9 [LOGO] Diverse & Deep Management ================================================================================ [_] Team Announced in July/In [_] Executive Management Committee Place in Memphis Today [_] Ernie Roessler, Pres & CEO [_] Bill Reed, COO [_] Deeper Talent /Complementary [_] Lewis Holland, President, Financial Enterprises Skills [_] Scott Edwards, CAO [_] Sheldon Fox, CFO [_] Diverse Backgrounds [_] Richard Furr, President, CCB [_] David Popwell, EVP [_] Cohesive Mindset
[LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 10 [LOGO] Cost Saves on Track ======================================================================== [_] Cost Savings Substantially Identified [_] 2000 Target of $6.4 Million Identified [_] 2001 Target of $45.3 Million Identified [_] 2002 Savings of $55.5 Million Committed [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 11 $110 Million Restructure [LOGO] Estimate Reasonable ======================================================================== [_] Includes $10 Million Pre-tax 3Q00 Securities Loss on Portfolio Restructuring [_] $86 Million Pre-tax Charge in 3Q00 [_] Majority of Balance to be Taken in 4Q00 [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 12 [LOGO] Adopting Best Practices ======================================================================== [_] Personnel [_] Products [_] Processes [_] Policies [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 13 [LOGO] Focused on Leverage ======================================================================== [_] High Growth Markets [_] Best Practices in Banking Segment [_] Financial Enterprises [_] Leverage Customer Relationships [_] Expansion Opportunities [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 14 [LOGO] Concentrated on MSAs ==================================================================== [MAP INDICATING LOCATIONS APPEARS HERE] [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 15 [LOGO] Markets: Superior Growth Demographics ====================================================================== [_] Combined company will operate in markets with a 7% average projected household growth rate (35% above national average) [_] Almost 90% of deposits concentrated in top 8 MSAs Projected Household Growth Rate(1) 4.9% 9.8% 7.1% 8.4% 5.7% 7.1% 6.3% 6.6% U.S. National Average: 5.2 Memphis Triangle Triad Charlotte Greenville Nashville Knoxville Richmond TN NC NC NC SC TN TN VA Deposits ($MM) $2,783 $2,159 $1,716 $1,309 $858 $618 $484 $319
[LOGO] NATIONAL COMMERCE (1) Projected 5 year household growth rate. ----------------- BANCORPORATION Source: SNL Securities, as of June 1999. 16 [LOGO] Best Practices in Banking ====================================================================== ------------------------- ------------------------- NCBC CCB Fuel Retail Engine ------------------------- ------------------------- . Hub and Spoke delivery . High growth markets + . De novo expansion . Sales Centers . 22% annual retail loan . Wealth Management growth since 12/31/95 . Retail Brokerage ------------------------- ------------------------- CCB Commercial NCBC Fuel Engine ------------------------- ------------------------- . Commercial lending + . MSAs w/commercial Cash opportunity Management + Employee Benefits + P&C . Roanoke Insurance . Richmond . Knoxville . 17% annual commercial . Nashville loan growth since . Charleston, WV 12/31/95 ------------------------- ------------------------- Franchise Growth Acceleration Core Businesses Growth Dramatically Accelerated . Enhanced Retail Growth . Enhanced Commercial Growth [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 17 [LOGO] Financial Enterprises -- High Growth, High Returns ====================================================================== Target 40% Earnings Growth & 40+% ROE [_] Transaction Processing [_] Asset Management [_] Consulting [_] Capital Markets [CHART] [LOGO] NATIONAL COMMERCE ----------------- BANCORPORATION 18 [LOGO] Leverage Customer Relationships ====================================================================== [_] Transaction Processing [_] NCBS 6,100 Acceptance Locations 300 Clients 2,000 Trucking Companies 100 Retail Affiliates 4,000 Active Fleets 80 Trustees [_] Capital Markets 15,000 Merchants 3,000 Active Institutional Customers 3,500 Active Retail Customers [_] First Mercantile 700 Brokers [_] Banking 2,000+ Plans [_] 375 Branches 150,000 Individuals [_] 735,000 Households [_] 50 Correspondent Banks [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 19 [LOGO] Leverage Customer Relationships ====================================================================== Example WHOLESALE RETAIL --------- ------ NCBS Commercial Banking [LOGO OF Capital Markets FIRST MERCANTILE Correspondent Banking TRUST] Correspondent Banking NCBS Capital Markets TransPlatinum FleetOne [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 20 [LOGO] Expansion Opportunities ====================================================================== ---------- [_] "Hub & Spoke" Targeted [_] North Carolina ------------ Direct Supermarket Mail --------- [_] South Carolina Branch ---------- Call ----------- Center --------- [_] De Novo Model ------------- Traditional [_] Georgia Branch ------------- [_] Florida Sales ----------- Centers Internet ------------ nbcbank.com ATM myccb.com Distribution ----------- [_] Bank M&A (In-market) Network ------------ [_] Financial Enterprises M&A Hub & Spoke Delivery Structure [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 21 [LOGO] Focused on Shareholders ====================================================================== [_] Consistent Earnings [_] Track Record of Annual Dividend Increases [_] Strong Insider Ownership [_] Management Compensation Aligned [_] Best in Class Profitability [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 22 [LOGO] Consistent Earnings ====================================================================== (Originally reported EPS, before non-recurring items.) $0.00-$1.60 1995................... $0.49 1996................... $0.57 1997................... $0.69 1998................... $0.83 1999................... $1.00 2000................... $1.27/(1)/ 2001................... $1.53/(2)/ [LOGO] NATIONAL COMMERCE (1) Actual $0.94 through 3Q00 plus 4Q IBES - ----------------- Consensus as of 10/18/00. BANCORPORATION (2) IBES Consensus as of 10/18/00. 23 [LOGO] Dividends, Insiders, Management, & Diversification ================================================== [_] 25 Consecutive Years of Annual Dividend Increases [_] Insiders Own Approximately 21% of Shares [_] Management Bonuses Have Two Hurdles [_] Greater than 20% ROE, And [_] 14% - 18% EPS Growth (Percentages Adjusted Annually by Compensation Committee) [_] Strategic balance, diversification [_] Fee Businesses [_] Commercial Banking [_] Retail Banking [LOGO] NATIONAL COMMERCE - ----------------- BANCORPORATION 24 Best In Class Profitability ================================================================================ Pro forma profitability statistics compare favorably to the nation's top-performing/most highly valued banks: Return on Average Equity(1) Net Income 1996 - 1999 CAGR [BAR CHART APPPEARS HERE] [BAR CHART APPPEARS HERE] NCBC NCBC Pro Forma Avg.FITB/FSR NCBC Avg.FITB/FSR Pro Forma(2) with Synergies Pro Forma(2) 20% 23% 19% 18% 18% EPS 1996 - 1999 CAGR NCBC Avg. FITB/FSR [BAR CHART APPPEARS HERE] Pro Forma 16% 17% Note: Excludes non-recurring items where applicable. NATIONAL COMMERCE (1) Full year 1999. BANCORPORATION (2) Excludes synergies. 25 TOTAL RETURNS Stock Appreciation & Dividends NCBC Historical Performance vs. S&P 500 (Periods ended 12/31/99) S&P 500 NCBC 20-Year 17.59% 30.33% 15-Year 18.71% 28.46% 10-Year 17.98% 27.70% 5-Year 28.24% 34.30% NATIONAL COMMERCE BANCORPORATION 26 -----END PRIVACY-ENHANCED MESSAGE-----