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PRESENTATION OF DATA 38 Annualized Population Growth by County—South Florida—2002 - 2012 Compound Compound Population 2002 2012 Forecast Forecast Annual Annual (0000's) 2013 2017 Growth Growth Rate 02-12 Rate 13-17 United States 287,625.2 313,914.0 316,896.7 329,170.11 .09% 1.0% South Florida 5,197.2 5,762.7 5,822.3 6,259.1 1.0% 1.8% Miami-Dade 2,135.7 2,591.0 2,607.4 2,753.9 1.1% 1.4% Count Broward 1,690.1 1,815.1 1,839.4 1,982.8 0.7% 1.9% Coun Palm Beach 1,191.3 1,356.5 1,375.5 1,522.4 1.3% 2.6% Coun Source: Moody's Analytics, Cushman Wakefield Valuation&Advisory Between 2002 and 2012, household formation grew at an average of 0.8% per year, slightly slower than the national average. Through 2017, household formation is projected to increase 2.0% per year, ahead of the projected 1.3% annual growth rate of the national average. The recovery of sustained household formation is a concern for the region. South Florida Banking Lending and profits were strong at local banks in the third quarter of 2014. The 59 institutions — of which 57 are currently active — earned a combined net income of $152 million in the third quarter up from $138.4 million in the first quarter. Their combined net interest margin fell 3 basis points to 3.74 percent. Loans grew by $1.5 billion which is slower than the $2.1 billion reported in the second quarter. The combined noncurrent loan ratio declined to 1.80 percent on September 30 from 2.08 percent in the second quarter. Other South Florida banking/lending trends are noted as follows: • Commercial real estate lending is expanding. In the fourth quarter alone, there was $587 million in loan growth with only 2.03% of non-recurrent loans. • Commercial and industrial loan volume decreased by $31 million with only 1.2% of non- recurrent loans. • Construction and land development loan growth totaled $36.5 million in the third quarter, 2014 with 6.12% being non-recurrent down from 7.99%. • Multi-family lending totaled $145 million down from $205 million in the first quarter with only 0.83% of non-recurrent loans. • Miami has been approved for a "cash-for-visa" program that may help lure cash into the Miami economy. The designation essentially allows the city to assist foreign nationals who want to participate in the EB-5 visa program. Clobus, McLemore & Duke, Inc.