Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIDELITY SOUTHERN CORP | c15876e8vk.htm |
| EX-99.2 - EXHIBIT 99.2 - FIDELITY SOUTHERN CORP | c15876exv99w2.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
| Contacts: | Martha Fleming, Steve Brolly Fidelity Southern Corporation (404) 240-1504 |
FIDELITY SOUTHERN CORPORATION
EARNS NET INCOME OF $1.8 MILLION FOR FIRST QUARTER
EARNS NET INCOME OF $1.8 MILLION FOR FIRST QUARTER
ATLANTA, GA (April 21, 2011) — Fidelity Southern Corporation (“Fidelity” or the “Company”)
(NASDAQ:LION), holding company for Fidelity Bank (the “Bank”), reported net income of $1.8 million
for the first quarter of 2011 compared to net income of $195,000 for the first quarter of 2010.
After accounting for the TARP preferred dividend, basic and diluted earnings per share for the
first quarter of 2011 were $.09 and $.08, respectively, compared to a basic and diluted loss per
share of $.06 in the first quarter of 2010.
| For the quarter ended | ||||||||||||||||||||
| 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | 3/31/2010 | ||||||||||||||||
| (In Thousands) | ||||||||||||||||||||
Net Income |
$ | 1,842 | $ | 2,988 | $ | 2,081 | $ | 4,869 | $ | 195 | ||||||||||
Income Tax Expense (Benefit) |
766 | 932 | 913 | 2,647 | (93 | ) | ||||||||||||||
Provision For Loan Losses |
5,775 | 6,975 | 5,025 | 1,150 | 3,975 | |||||||||||||||
Write-down of ORE |
1,600 | 573 | 698 | 1,615 | 1,367 | |||||||||||||||
Other cost of ORE Operations |
858 | 483 | 713 | 743 | 802 | |||||||||||||||
Pre-Tax, Pre-Credit Related Earnings |
10,841 | 11,951 | 9,430 | 11,024 | 6,246 | |||||||||||||||
Less Security Gains |
— | — | — | (2,291 | ) | — | ||||||||||||||
Core Operating Earnings (1) |
$ | 10,841 | $ | 11,951 | $ | 9,430 | $ | 8,733 | $ | 6,246 | ||||||||||
| (1) | The calculation of core operating earnings is a non-GAAP measure. We show core operating earnings which remove the effect of income taxes, provision for loan losses, cost of operation of ORE, and security gains because we believe that helps show a view of more normalized net revenues. The measure allows better comparability with prior periods, as well as with peers in the industry who also provide a similar presentation. |
For the first quarter of 2011, net income increased 845% from prior year while core
operating earnings for the first quarter of 2011 increased 74%.
James B. Miller, Jr. Chairman said, “We posted another solid quarter of earnings with robust
revenue growth, increasing over 18% from first quarter last year. We believe the economy will
continue to improve in our market areas of Atlanta and Jacksonville. We are optimistic about the
remainder of the year for our community banking strategy.”
Fidelity Southern Corporation
First Quarter Earnings Release
April 21, 2011
First Quarter Earnings Release
April 21, 2011
ASSET QUALITY
Net charge-offs were $4.2 million in the first quarter of 2011 compared to $4.6 million in the
first quarter of 2010. The ratio of net charge-offs to average loans outstanding was 1.19% for the
three months ended March 31, 2011, compared to 1.45% for the same period in 2010. The allowance
for loan losses remained stable at $29.7 million or 2.07% of total loans at March 31, 2011,
compared to $29.5 million or 2.30% at March 31, 2010.
Nonperforming residential construction and development loans at March 31, 2011, included
financing for 72 houses and 721 lots and land totaling $47.8 million. During the first quarter of
2011, $1.5 million of nonperforming construction loans were paid down by our customers.
During the first quarter of 2011, $3.7 million of ORE assets were sold while $3.2 million were
added to ORE. ORE consists of 61 houses, representing 36.5% of the total ORE balance, 387 lots and
seven commercial properties. ORE decreased $6.6 million to $18.4 million at March 31, 2011,
compared to $25.0 million at March 31, 2010.
The provision for loan losses for the first quarter of 2011 was $5.8 million compared to $4.0
million for the same period in 2010 as a result of an increase in general reserves related to
growth in the loan portfolio and an increase in specific reserves. These increases were somewhat
offset by a $410,000 decrease in charge-offs for the quarter ended March 31, 2011, compared to the
same quarter last year.
DEPOSITS
Total deposits of $1.678 billion at March 31, 2011, reflect the improvement in the deposit mix
brought about by the Bank’s strategy to increase core deposits. The Bank aggressively marketed its
non-certificate of deposit products throughout 2010 and the first quarter of 2011. As a result,
demand, money market and savings accounts increased $166.2 million or 18.8% at March 31, 2011,
compared to March 31, 2010. In addition, as part of an ongoing strategy to position the Bank for
future higher interest rates, we have increased the average maturity of certificates of deposit.
The reduction in the interest rate paid on deposit accounts over the last twelve months
demonstrates the Company’s commitment to improved net interest margin.
| March 31, | December 31, | March 31, | ||||||||||||||||||||||
| 2011 | 2010 | 2010 | ||||||||||||||||||||||
| $ | % | $ | % | $ | % | |||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||||||||
Core deposits(1) |
$ | 1,353.8 | 80.7 | % | $ | 1,304.5 | 80.9 | % | $ | 1,217.6 | 77.7 | % | ||||||||||||
Time Deposits > $100,000 |
271.8 | 16.2 | 246.3 | 15.2 | 239.3 | 15.3 | ||||||||||||||||||
Brokered deposits |
52.5 | 3.1 | 62.5 | 3.9 | 108.9 | 7.0 | ||||||||||||||||||
Total deposits |
$ | 1,678.1 | 100.0 | % | $ | 1,613.3 | 100.0 | % | $ | 1,565.8 | 100.0 | % | ||||||||||||
Quarterly rate on deposits |
1.11% | 1.19% | 1.78% | |||||||||||||||||||||
| (1) | Core deposits are transactional, savings, and time deposits under $100,000. |
2
Fidelity Southern Corporation
First Quarter Earnings Release
April 21, 2011
First Quarter Earnings Release
April 21, 2011
REAL ESTATE
New residential construction loan advances made during the quarter totaled $3.1 million, while
the payoffs of construction loans totaled $10.1 million. Residential construction and A&D loans
totaled $107.9 million at March 31, 2011, which decreased 22% from $137.7 million at March 31,
2010. There were 295 houses and 1,332 lots financed at March 31, 2011, compared to 321 houses and
1,495 lots at March 31, 2010.
Total residential and commercial construction and land loans decreased to $117.6 million or
8.2% of loans at March 31, 2011, from $133.6 million or 10.4% of loans at March 31, 2010, and as a
percentage of capital was 58% at March 31, 2011. The regulatory guideline is a maximum of 100%.
All real estate loans, excluding owner-occupied properties, as a percentage of capital, were
140% at March 31, 2011. The regulatory guideline is a maximum of 300%.
NET INTEREST MARGIN
Net interest margin increased 42 basis points to 3.82% in the first quarter of 2011 compared
to 3.40% in the first quarter of 2010, and decreased six basis points from 3.88% for the fourth
quarter of 2010. Net interest income for the first quarter of 2011 increased $2.6 million or 17.9%
when compared to the same period in 2010. The increase in net interest income for the quarter is a
result of a greater reduction in the cost of funds than the decrease in the yield on earning
assets.
INTEREST INCOME
Total interest income for the first quarter of 2011 increased $213,000 or 0.9% compared to the
same period in 2010. Average interest-earning assets for the first quarter 2011 increased $82.6
million or 4.7%, but was somewhat offset by the yield on average interest-earning assets which
decreased 20 basis points. The decrease in yield was primarily the result of a decrease in the
yield on loans of 50 basis points as the Bank offered competitive rates in the marketplace. In
addition, investment security yields decreased 70 basis points to 3.38% due to market rate
decreases. Somewhat offsetting this decrease in yield was a $76 million decrease in the average
amount of our investment in interest bearing deposits.
INTEREST EXPENSE
Interest expense for the first quarter of 2011 decreased $2.4 million or 27.6% compared to the
same period in 2010. The decrease in interest expense was attributable to a 68 basis point
decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average
interest-bearing liabilities of $50.7 million or 3.3%. In addition to the general decrease in
deposit rates, the Bank’s shift in deposit mix toward core demand and savings accounts contributed
to the reduction in the cost of funds. Brokered deposits decreased $56.5 million compared to March
31, 2010. At March 31, 2011, brokered deposits represented only 3.1% of total deposits.
3
Fidelity Southern Corporation
First Quarter Earnings Release
April 21, 2011
First Quarter Earnings Release
April 21, 2011
NONINTEREST INCOME
Noninterest income increased $5.2 million or 79.6% to $11.7 million for the quarter ended
March 31, 2011, compared to the same period in 2010. The increase in noninterest income was the
result of a $2.7 million or 82.0% increase in income from mortgage banking activities and a $2.1
million increase in income from SBA lending activities. Mortgage banking income improved as a
result of higher origination volume, which increased 20.0% compared to the first quarter of 2010 to
$211 million due to low interest rates and an expansion in the number of loan officers. SBA income
increased because no gains on sales were recognized in the first quarter of 2010 because of new
accounting guidance on asset transfers which became effective January 1, 2010, and the gains on all
SBA sales were deferred for 90 days.
NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2011 increased $3.5 million or 20.5% to $20.5
million compared to the same period in 2010. The increase was due primarily to higher salaries and
employee benefits which increased $1.9 million or 21.8% to $10.8 million due to higher commission
expense related to the increased origination volume in the mortgage division as well as an
increased number of lenders in the Mortgage, SBA, Commercial, and Indirect Auto Lending divisions.
Other operating expense increased $812,000 or 44.2% to $2.7 million due to higher mortgage related
losses, insurance, underwriting and advertising expenses. Other real estate expense increased
$289,000 or 13.3% to $2.5 million due to higher write-downs of ORE and higher foreclosure expenses.
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark
Insurance Company, provides banking services and credit-related insurance products through 23
branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in
Atlanta, Georgia. SBA, Indirect automobile, and mortgage loans are provided through employees
located throughout the Southeast. For additional information about Fidelity’s products and
services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws,
including statements about financial outlook and business environment. These statements are
provided to assist in the understanding of future financial performance and such performance
involves risks and uncertainties that may cause actual results to differ materially from those in
such statements. Any such statements are based on current expectations and involve a number of
risks and uncertainties. For a discussion of some factors that may cause such forward-looking
statements to differ materially from actual results, please refer to the section entitled “Forward
Looking Statements” on page 3 of Fidelity Southern Corporation’s 2010 Annual Report filed on Form
10-K with the Securities and Exchange Commission.
-end-
4
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| YEAR TO DATE | ||||||||
| MARCH 31, | ||||||||
| (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) | 2011 | 2010 | ||||||
INTEREST INCOME |
||||||||
LOANS, INCLUDING FEES |
$ | 21,891 | $ | 21,064 | ||||
INVESTMENT SECURITIES |
1,513 | 2,075 | ||||||
FEDERAL FUNDS SOLD AND BANK DEPOSITS |
41 | 93 | ||||||
TOTAL INTEREST INCOME |
23,445 | 23,232 | ||||||
INTEREST EXPENSE |
||||||||
DEPOSITS |
4,532 | 6,876 | ||||||
SHORT-TERM BORROWINGS |
175 | 332 | ||||||
SUBORDINATED DEBT |
1,121 | 1,117 | ||||||
OTHER LONG-TERM DEBT |
445 | 343 | ||||||
TOTAL INTEREST EXPENSE |
6,273 | 8,668 | ||||||
NET INTEREST INCOME |
17,172 | 14,564 | ||||||
PROVISION FOR LOAN LOSSES |
5,775 | 3,975 | ||||||
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
11,397 | 10,589 | ||||||
NONINTEREST INCOME |
||||||||
SERVICE CHARGES ON DEPOSIT ACCOUNTS |
957 | 1,048 | ||||||
OTHER FEES AND CHARGES |
581 | 484 | ||||||
MORTGAGE BANKING ACTIVITIES |
5,959 | 3,275 | ||||||
INDIRECT LENDING ACTIVITIES |
1,186 | 1,036 | ||||||
SBA LENDING ACTIVITIES |
2,232 | 112 | ||||||
SECURITIES GAINS |
— | — | ||||||
BANK OWNED LIFE INSURANCE |
320 | 326 | ||||||
OTHER OPERATING INCOME |
451 | 226 | ||||||
TOTAL NONINTEREST INCOME |
11,686 | 6,507 | ||||||
NONINTEREST EXPENSE |
||||||||
SALARIES AND EMPLOYEE BENEFITS |
10,822 | 8,884 | ||||||
FURNITURE AND EQUIPMENT |
752 | 644 | ||||||
NET OCCUPANCY |
1,135 | 1,090 | ||||||
COMMUNICATION EXPENSES |
563 | 444 | ||||||
PROFESSIONAL AND OTHER SERVICES |
1,192 | 1,038 | ||||||
OTHER REAL ESTATE EXPENSE |
2,458 | 2,169 | ||||||
FDIC INSURANCE EXPENSE |
902 | 886 | ||||||
OTHER OPERATING EXPENSES |
2,651 | 1,839 | ||||||
TOTAL NONINTEREST EXPENSE |
20,475 | 16,994 | ||||||
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE |
2,608 | 102 | ||||||
INCOME TAX EXPENSE (BENEFIT) |
766 | (93 | ) | |||||
NET INCOME |
1,842 | 195 | ||||||
PREFERRED STOCK DIVIDENDS |
(823 | ) | (823 | ) | ||||
NET INCOME (LOSS) AVAILABLE TO COMMON EQUITY |
$ | 1,019 | $ | (628 | ) | |||
EARNINGS (LOSS) PER SHARE: |
||||||||
BASIC EARNINGS (LOSS) PER SHARE |
$ | 0.09 | $ | (0.06 | ) | |||
DILUTED EARNINGS (LOSS) PER SHARE |
$ | 0.08 | $ | (0.06 | ) | |||
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-BASIC |
10,830,066 | 10,459,752 | ||||||
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-FULLY DILUTED |
12,407,925 | 10,459,752 | ||||||
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| MARCH 31, | DECEMBER 31, | MARCH 31, | ||||||||||
| (DOLLARS IN THOUSANDS) | 2011 | 2010 | 2010 | |||||||||
ASSETS |
||||||||||||
CASH AND DUE FROM BANKS |
$ | 123,995 | $ | 47,242 | $ | 111,916 | ||||||
FEDERAL FUNDS SOLD |
1,784 | 517 | 626 | |||||||||
CASH AND CASH EQUIVALENTS |
125,779 | 47,759 | 112,542 | |||||||||
INVESTMENTS AVAILABLE-FOR-SALE |
209,833 | 161,478 | 251,698 | |||||||||
INVESTMENTS HELD-TO-MATURITY |
12,712 | 14,110 | 18,208 | |||||||||
INVESTMENT IN FHLB STOCK |
6,542 | 6,542 | 6,767 | |||||||||
LOANS HELD-FOR-SALE |
115,005 | 209,898 | 118,271 | |||||||||
LOANS |
1,431,493 | 1,403,372 | 1,281,319 | |||||||||
ALLOWANCE FOR LOAN LOSSES |
(29,694 | ) | (28,082 | ) | (29,474 | ) | ||||||
LOANS, NET |
1,401,799 | 1,375,290 | 1,251,845 | |||||||||
PREMISES AND EQUIPMENT, NET |
19,723 | 19,510 | 18,761 | |||||||||
OTHER REAL ESTATE, NET |
18,383 | 20,525 | 25,014 | |||||||||
ACCRUED INTEREST RECEIVABLE |
8,126 | 7,990 | 8,151 | |||||||||
BANK OWNED LIFE INSURANCE |
30,570 | 30,275 | 29,358 | |||||||||
OTHER ASSETS |
50,127 | 51,923 | 43,878 | |||||||||
TOTAL ASSETS |
$ | 1,998,599 | $ | 1,945,300 | $ | 1,884,493 | ||||||
LIABILITIES |
||||||||||||
DEPOSITS: |
||||||||||||
NONINTEREST-BEARING DEMAND |
$ | 200,902 | $ | 185,614 | $ | 163,120 | ||||||
INTEREST-BEARING DEMAND/
MONEY MARKET |
430,403 | 427,590 | 270,908 | |||||||||
SAVINGS |
418,788 | 398,012 | 449,847 | |||||||||
TIME DEPOSITS, $100,000 AND OVER |
271,817 | 246,317 | 239,285 | |||||||||
OTHER TIME DEPOSITS |
356,123 | 355,715 | 442,751 | |||||||||
TOTAL DEPOSIT LIABILITIES |
1,678,033 | 1,613,248 | 1,565,911 | |||||||||
SHORT-TERM BORROWINGS |
25,732 | 32,977 | 58,999 | |||||||||
SUBORDINATED DEBT |
67,527 | 67,527 | 67,527 | |||||||||
OTHER LONG-TERM DEBT |
70,000 | 75,000 | 50,000 | |||||||||
ACCRUED INTEREST PAYABLE |
2,284 | 2,973 | 3,200 | |||||||||
OTHER LIABILITIES |
13,468 | 13,064 | 8,082 | |||||||||
TOTAL LIABILITIES |
1,857,044 | 1,804,789 | 1,753,719 | |||||||||
SHAREHOLDERS’ EQUITY |
||||||||||||
PREFERRED STOCK |
45,799 | 45,578 | 44,916 | |||||||||
COMMON STOCK |
57,611 | 57,542 | 54,457 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE
INCOME |
195 | 458 | 318 | |||||||||
RETAINED EARNINGS |
37,950 | 36,933 | 31,083 | |||||||||
TOTAL SHAREHOLDERS’ EQUITY |
141,555 | 140,511 | 130,774 | |||||||||
TOTAL LIABILITIES AND SHARE-
HOLDERS’ EQUITY |
$ | 1,998,599 | $ | 1,945,300 | $ | 1,884,493 | ||||||
BOOK VALUE PER SHARE |
$ | 8.88 | $ | 8.81 | $ | 8.09 | ||||||
SHARES OF COMMON STOCK OUTSTANDING |
10,777,306 | 10,775,947 | 10,614,307 | |||||||||
FIDELITY SOUTHERN CORPORATION
LOANS, BY CATEGORY
(UNAUDITED)
LOANS, BY CATEGORY
(UNAUDITED)
| MARCH 31, | ||||||||||||
| (DOLLARS IN THOUSANDS) | 2011 | 2010 | PERCENT CHANGE | |||||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
$ | 94,483 | $ | 103,778 | (8.96 | )% | ||||||
TAX-EXEMPT COMMERCIAL |
5,099 | 5,300 | (3.79 | )% | ||||||||
REAL ESTATE MORTGAGE — COMMERCIAL |
358,357 | 312,654 | 14.62 | % | ||||||||
TOTAL COMMERCIAL |
457,939 | 421,732 | 8.59 | % | ||||||||
REAL ESTATE-CONSTRUCTION |
117,550 | 133,584 | (12.00 | )% | ||||||||
REAL ESTATE-MORTGAGE |
121,460 | 130,133 | (6.66 | )% | ||||||||
CONSUMER INSTALLMENT |
734,544 | 595,870 | 23.27 | % | ||||||||
LOANS |
1,431,493 | 1,281,319 | 11.72 | % | ||||||||
LOANS HELD-FOR-SALE: |
||||||||||||
ORIGINATED RESIDENTIAL
MORTGAGE LOANS |
50,849 | 72,603 | (29.96 | )% | ||||||||
SBA LOANS |
34,156 | 15,668 | 118.00 | % | ||||||||
INDIRECT AUTO LOANS |
30,000 | 30,000 | 0.00 | % | ||||||||
TOTAL LOANS HELD-FOR-SALE |
115,005 | 118,271 | (2.76 | )% | ||||||||
TOTAL LOANS |
$ | 1,546,498 | $ | 1,399,590 | ||||||||
FIDELITY SOUTHERN CORPORATION
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
| YEAR TO DATE | YEAR ENDED | |||||||||||
| MARCH 31, | DECEMBER 31, | |||||||||||
| (DOLLARS IN THOUSANDS) | 2011 | 2010 | 2010 | |||||||||
BALANCE AT BEGINNING OF PERIOD |
$ | 28,082 | $ | 30,072 | $ | 30,072 | ||||||
CHARGE-OFFS: |
||||||||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
93 | 14 | 883 | |||||||||
SBA |
178 | 79 | 381 | |||||||||
REAL ESTATE-CONSTRUCTION |
2,501 | 2,338 | 11,274 | |||||||||
REAL ESTATE-MORTGAGE |
105 | 54 | 656 | |||||||||
CONSUMER INSTALLMENT |
1,550 | 2,344 | 7,086 | |||||||||
TOTAL CHARGE-OFFS |
4,427 | 4,829 | 20,280 | |||||||||
RECOVERIES: |
||||||||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
7 | 1 | 23 | |||||||||
SBA |
14 | — | 5 | |||||||||
REAL ESTATE-CONSTRUCTION |
51 | 61 | 361 | |||||||||
REAL ESTATE-MORTGAGE |
— | 1 | 8 | |||||||||
CONSUMER INSTALLMENT |
192 | 193 | 768 | |||||||||
TOTAL RECOVERIES |
264 | 256 | 1,165 | |||||||||
NET CHARGE-OFFS |
4,163 | 4,573 | 19,115 | |||||||||
PROVISION FOR LOAN LOSSES |
5,775 | 3,975 | 17,125 | |||||||||
BALANCE AT END OF PERIOD |
$ | 29,694 | $ | 29,474 | $ | 28,082 | ||||||
RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE
LOANS OUTSTANDING, NET |
1.19 | % | 1.45 | % | 1.44 | % | ||||||
ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS |
2.07 | % | 2.30 | % | 2.00 | % | ||||||
NONPERFORMING ASSETS
(UNAUDITED)
(UNAUDITED)
| MARCH 31, | DECEMBER 31, | |||||||||||
| (DOLLARS IN THOUSANDS) | 2011 | 2010 | 2010 | |||||||||
NONACCRUAL LOANS |
$ | 72,515 | $ | 62,403 | $ | 76,545 | ||||||
REPOSSESSIONS |
1,438 | 939 | 1,119 | |||||||||
OTHER REAL ESTATE |
18,383 | 25,014 | 20,525 | |||||||||
TOTAL NONPERFORMING ASSETS |
$ | 92,336 | $ | 88,356 | $ | 98,189 | ||||||
*** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY |
$ | 4,502 | $ | 7,004 | $ | 7,818 | ||||||
LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING |
$ | — | $ | 563 | $ | — | ||||||
RATIO OF LOANS PAST DUE 90 DAYS OR MORE AND
STILL ACCRUING TO TOTAL LOANS |
— | % | — | % | — | % | ||||||
RATIO OF NONPERFORMING ASSETS TO TOTAL LOANS,
OREO AND REPOSSESSIONS |
5.90 | % | 6.20 | % | 6.01 | % | ||||||
DELINQUENCIES
(UNAUDITED)
(UNAUDITED)
| (IN THOUSANDS) | Mar-11 | Dec-10 | Sep-10 | Jun-10 | Mar-10 | |||||||||||||||
PAST DUE (30-59) |
$ | 6,345 | $ | 9,227 | $ | 4,664 | $ | 7,618 | $ | 19,171 | ||||||||||
PAST DUE (60-89) |
2,122 | 1,356 | 9,631 | 1,289 | 658 | |||||||||||||||
PAST DUE (90+) |
— | — | — | — | 563 | |||||||||||||||
TOTAL PAST DUE |
$ | 8,467 | $ | 10,583 | $ | 14,295 | $ | 8,907 | $ | 20,392 | ||||||||||
INDIRECT |
$ | 2,354 | $ | 4,936 | $ | 3,635 | $ | 3,958 | $ | 4,551 | ||||||||||
CONSTRUCTION |
83 | 1,064 | 8,411 | — | 12,282 | |||||||||||||||
COMMERCIAL |
3,958 | 2,075 | 314 | — | 946 | |||||||||||||||
SBA |
764 | 698 | — | 2,911 | 740 | |||||||||||||||
OTHER |
1,308 | 1,810 | 1,935 | 2,038 | 1,873 | |||||||||||||||
TOTAL PAST DUE |
$ | 8,467 | $ | 10,583 | $ | 14,295 | $ | 8,907 | $ | 20,392 | ||||||||||
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
| YEAR TO DATE | ||||||||||||||||||||||||
| March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
| (DOLLARS IN THOUSANDS) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
Assets |
||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||
Loans, net of unearned income: |
||||||||||||||||||||||||
Taxable |
$ | 1,571,471 | $ | 21,840 | 5.63 | % | $ | 1,390,060 | $ | 21,012 | 6.13 | % | ||||||||||||
Tax-exempt (1) |
5,119 | 77 | 6.14 | % | 5,319 | 80 | 6.14 | % | ||||||||||||||||
Total loans |
1,576,590 | 21,917 | 5.63 | % | 1,395,379 | 21,092 | 6.13 | % | ||||||||||||||||
Investment securities: |
||||||||||||||||||||||||
Taxable |
175,378 | 1,391 | 3.17 | % | 198,407 | 1,953 | 3.94 | % | ||||||||||||||||
Tax-exempt (2) |
11,705 | 184 | 6.28 | % | 11,706 | 181 | 6.21 | % | ||||||||||||||||
Total investment securities |
187,083 | 1,575 | 3.38 | % | 210,113 | 2,134 | 4.08 | % | ||||||||||||||||
Interest-bearing deposits |
66,561 | 41 | 0.25 | % | 142,443 | 93 | 0.26 | % | ||||||||||||||||
Federal funds sold |
904 | — | 0.07 | % | 603 | — | 0.06 | % | ||||||||||||||||
Total interest-earning assets |
1,831,138 | 23,533 | 5.21 | % | 1,748,538 | 23,319 | 5.41 | % | ||||||||||||||||
Noninterest-earning: |
||||||||||||||||||||||||
Cash and due from banks |
31,879 | 11,515 | ||||||||||||||||||||||
Allowance for loan losses |
(28,346 | ) | (29,347 | ) | ||||||||||||||||||||
Premises and equipment, net |
19,689 | 18,197 | ||||||||||||||||||||||
Other real estate |
21,271 | 24,522 | ||||||||||||||||||||||
Other assets |
84,413 | 79,744 | ||||||||||||||||||||||
Total assets |
$ | 1,960,044 | $ | 1,853,169 | ||||||||||||||||||||
Liabilities and shareholders’ equity |
||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Demand deposits |
$ | 415,771 | $ | 688 | 0.67 | % | $ | 259,554 | $ | 559 | 0.87 | % | ||||||||||||
Savings deposits |
407,759 | 1,121 | 1.11 | % | 441,900 | 1,792 | 1.65 | % | ||||||||||||||||
Time deposits |
615,735 | 2,723 | 1.79 | % | 690,926 | 4,525 | 2.66 | % | ||||||||||||||||
Total interest-bearing deposits |
1,439,265 | 4,532 | 1.28 | % | 1,392,380 | 6,876 | 2.00 | % | ||||||||||||||||
Federal funds purchased |
— | — | — | — | — | — | ||||||||||||||||||
Securities sold under agreements to
repurchase |
26,683 | 166 | 2.53 | % | 20,382 | 62 | 1.24 | % | ||||||||||||||||
Other short-term borrowings |
1,000 | 9 | 3.70 | % | 27,500 | 270 | 3.98 | % | ||||||||||||||||
Subordinated debt |
67,527 | 1,121 | 6.73 | % | 67,527 | 1,117 | 6.71 | % | ||||||||||||||||
Long-term debt |
74,000 | 445 | 2.44 | % | 50,000 | 343 | 2.78 | % | ||||||||||||||||
Total interest-bearing liabilities |
1,608,475 | 6,273 | 1.58 | % | 1,557,789 | 8,668 | 2.26 | % | ||||||||||||||||
Noninterest-bearing : |
||||||||||||||||||||||||
Demand deposits |
188,386 | 153,430 | ||||||||||||||||||||||
Other liabilities |
22,524 | 11,999 | ||||||||||||||||||||||
Shareholders’ equity |
140,659 | 129,951 | ||||||||||||||||||||||
Total liabilities and
shareholders’ equity |
$ | 1,960,044 | $ | 1,853,169 | ||||||||||||||||||||
Net interest income / spread |
$ | 17,260 | 3.63 | % | $ | 14,651 | 3.15 | % | ||||||||||||||||
Net interest margin |
3.82 | % | 3.40 | % | ||||||||||||||||||||
| (1) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $26,000 and $28,000, respectively. | |
| (2) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $62,000 and $59,000, respectively. |