This excerpt taken from the SBCF 8-K filed Jan 27, 2006.
Our next question comes from Cory Shipman from the Stanford Group. Please go ahead.
Good morning gentlemen. I have two unrelated questions. The first is very simple, just give us an update on the duration of the securities portfolio.
Down below two years, providing about $15 million to $20 million per month in run-off.
Secondly, now that it has been in the fold for about two quarters, a little more than two quarters, can you give us a status report on how Century National is doing. Specifically, the opportunities you are seeing in Orlando, particularly on the commercial lending front; how are deposit retentions going with that acquisition; and what you have been able to do thus far with the under-utilized balance sheet that you acquired?
Well, generally, it is doing extremely well. With all of the factors you just questioned, each one of them I would say is going as well or better than our expectations at the beginning. Again, I attribute that back to the management team and the commitment they have for moving forward and building things together. I think the loan growth has been better since the acquisition than it was prior to. It has been incrementally better which is what our goal was, and what their goal was. I would point out if you look very carefully at Century, historically, you would see that their loan growth was accelerating in the last year or so prior to the announcement, and that acceleration continued out beyond the announcement and certainly all the way through this year. We are very pleased with the progress and we think the longer term opportunities in the market have clearly yet to be realized. We expect those trends to continue, and the key to that will be the right people, and recruiting additional help over time, and we are in the process of working on that right now.
All right, thank you, and have a good quarter.