Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIDELITY SOUTHERN CORP | d287315d8k.htm |
| EX-99.1 - EX-99.1 - FIDELITY SOUTHERN CORP | d287315dex991.htm |
Exhibit 99.2
Released on January 20, 2012 at 2:32 p.m. by PR Newswire
FOR IMMEDIATE RELEASE
| Contact: | Martha Fleming, Steve Brolly |
Fidelity Southern Corporation
(404) 240-1504
FIDELITY SOUTHERN CORPORATION
DECLARES FIRST QUARTER STOCK DIVIDEND
Atlanta, GA (January 20, 2012) – Fidelity Southern Corporation (NASDAQ: LION) announced that the Board of Directors has approved the distribution on February 14, 2012, of the regular quarterly dividend to be paid in shares of common stock. The Corporation will distribute one new share for every 60 shares held on the record date of February 1, 2012.
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 26 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 South. For additional information about Fidelity’s products and services, please visit the website at www.FidelitySouthern.com.
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| QUARTER ENDED DECEMBER 31, |
YEAR ENDED DECEMBER 31, |
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| (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
2011 | 2010 | 2011 | 2010 | ||||||||||||
| INTEREST INCOME |
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| LOANS, INCLUDING FEES |
$ | 22,396 | $ | 22,430 | $ | 86,698 | $ | 87,316 | ||||||||
| INVESTMENT SECURITIES |
1,783 | 1,440 | 6,777 | 7,790 | ||||||||||||
| FEDERAL FUNDS SOLD AND BANK DEPOSITS |
26 | 29 | 225 | 178 | ||||||||||||
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| TOTAL INTEREST INCOME |
24,205 | 23,899 | 93,700 | 95,284 | ||||||||||||
| INTEREST EXPENSE |
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| DEPOSITS |
3,519 | 4,713 | 16,309 | 23,445 | ||||||||||||
| SHORT-TERM BORROWINGS |
173 | 123 | 685 | 1,021 | ||||||||||||
| SUBORDINATED DEBT |
1,129 | 1,124 | 4,494 | 4,502 | ||||||||||||
| OTHER LONG-TERM DEBT |
305 | 460 | 1,361 | 1,595 | ||||||||||||
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| TOTAL INTEREST EXPENSE |
5,126 | 6,420 | 22,849 | 30,563 | ||||||||||||
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| NET INTEREST INCOME |
19,079 | 17,479 | 70,851 | 64,721 | ||||||||||||
| PROVISION FOR LOAN LOSSES |
5,300 | 6,975 | 20,325 | 17,125 | ||||||||||||
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| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
13,779 | 10,504 | 50,526 | 47,596 | ||||||||||||
| NONINTEREST INCOME |
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| SERVICE CHARGES ON DEPOSIT ACCOUNTS |
1,148 | 993 | 4,143 | 4,284 | ||||||||||||
| OTHER FEES AND CHARGES |
684 | 559 | 2,613 | 2,155 | ||||||||||||
| MORTGAGE BANKING ACTIVITIES |
8,034 | 9,636 | 24,663 | 24,478 | ||||||||||||
| INDIRECT LENDING ACTIVITIES |
1,581 | 1,088 | 5,891 | 4,485 | ||||||||||||
| SBA LENDING ACTIVITIES |
1,871 | 638 | 8,463 | 2,435 | ||||||||||||
| SECURITIES GAINS |
— | — | 1,078 | 2,291 | ||||||||||||
| BANK OWNED LIFE INSURANCE |
336 | 336 | 1,315 | 1,316 | ||||||||||||
| OTHER OPERATING INCOME |
2,027 | 343 | 3,273 | 1,465 | ||||||||||||
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| TOTAL NONINTEREST INCOME |
15,681 | 13,593 | 51,439 | 42,909 | ||||||||||||
| NONINTEREST EXPENSE |
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| SALARIES AND EMPLOYEE BENEFITS |
13,410 | 11,939 | 47,525 | 42,573 | ||||||||||||
| FURNITURE AND EQUIPMENT |
795 | 719 | 3,075 | 2,721 | ||||||||||||
| NET OCCUPANCY |
1,115 | 1,106 | 4,504 | 4,480 | ||||||||||||
| COMMUNICATION EXPENSES |
522 | 488 | 2,158 | 1,878 | ||||||||||||
| PROFESSIONAL AND OTHER SERVICES |
1,571 | 1,399 | 5,690 | 4,790 | ||||||||||||
| OTHER REAL ESTATE EXPENSE |
2,329 | 1,056 | 7,896 | 6,995 | ||||||||||||
| FDIC INSURANCE EXPENSE |
445 | 877 | 2,581 | 3,534 | ||||||||||||
| OTHER OPERATING EXPENSES |
3,462 | 2,593 | 11,993 | 9,002 | ||||||||||||
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| TOTAL NONINTEREST EXPENSE |
23,649 | 20,177 | 85,422 | 75,973 | ||||||||||||
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| INCOME BEFORE INCOME TAX EXPENSE |
5,811 | 3,920 | 16,543 | 14,532 | ||||||||||||
| INCOME TAX EXPENSE |
1,979 | 932 | 5,145 | 4,399 | ||||||||||||
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| NET INCOME |
3,832 | 2,988 | 11,398 | 10,133 | ||||||||||||
| PREFERRED STOCK DIVIDENDS |
(824 | ) | (823 | ) | (3,293 | ) | (3,293 | ) | ||||||||
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| NET INCOME AVAILABLE TO COMMON EQUITY |
$ | 3,008 | $ | 2,165 | $ | 8,105 | $ | 6,840 | ||||||||
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| EARNINGS PER SHARE: |
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| BASIC EARNINGS PER SHARE |
$ | 0.23 | $ | 0.20 | $ | 0.67 | $ | 0.64 | ||||||||
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| DILUTED EARNINGS PER SHARE |
$ | 0.21 | $ | 0.18 | $ | 0.60 | $ | 0.57 | ||||||||
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| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC |
13,070,589 | 10,823,725 | 12,166,901 | 10,720,338 | ||||||||||||
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| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-FULLY DILUTED |
14,363,913 | 12,223,313 | 13,608,066 | 12,065,215 | ||||||||||||
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FIDELITY SOUTHERN CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| DECEMBER 31, | DECEMBER 31, | |||||||
| (DOLLARS IN THOUSANDS) |
2011 | 2010 | ||||||
| ASSETS |
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| CASH AND DUE FROM BANKS |
$ | 54,873 | $ | 47,242 | ||||
| FEDERAL FUNDS SOLD |
2,411 | 517 | ||||||
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| CASH AND CASH EQUIVALENTS |
57,284 | 47,759 | ||||||
| INVESTMENTS AVAILABLE-FOR-SALE |
261,419 | 161,478 | ||||||
| INVESTMENTS HELD-TO-MATURITY |
8,876 | 14,110 | ||||||
| INVESTMENT IN FHLB STOCK |
7,582 | 6,542 | ||||||
| LOANS HELD-FOR-SALE |
133,849 | 209,898 | ||||||
| LOANS |
1,623,871 | 1,403,372 | ||||||
| ALLOWANCE FOR LOAN LOSSES |
(27,956 | ) | (28,082 | ) | ||||
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| LOANS, NET |
1,595,915 | 1,375,290 | ||||||
| FDIC INDEMNIFICATION RECEIVABLE |
12,279 | — | ||||||
| PREMISES AND EQUIPMENT, NET |
28,909 | 19,510 | ||||||
| OTHER REAL ESTATE, NET |
30,526 | 20,525 | ||||||
| ACCRUED INTEREST RECEIVABLE |
9,015 | 7,990 | ||||||
| BANK OWNED LIFE INSURANCE |
31,490 | 30,275 | ||||||
| OTHER ASSETS |
57,651 | 51,923 | ||||||
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| TOTAL ASSETS |
$ | 2,234,795 | $ | 1,945,300 | ||||
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| LIABILITIES |
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| DEPOSITS: |
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| NONINTEREST-BEARING DEMAND |
$ | 269,590 | $ | 185,614 | ||||
| INTEREST-BEARING DEMAND/ MONEY MARKET |
526,962 | 427,590 | ||||||
| SAVINGS |
389,246 | 398,012 | ||||||
| TIME DEPOSITS, $100,000 AND OVER |
329,164 | 246,317 | ||||||
| OTHER TIME DEPOSITS |
356,554 | 355,715 | ||||||
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| TOTAL DEPOSIT LIABILITIES |
1,871,516 | 1,613,248 | ||||||
| SHORT-TERM BORROWINGS |
53,081 | 32,977 | ||||||
| SUBORDINATED DEBT |
67,527 | 67,527 | ||||||
| OTHER LONG-TERM DEBT |
52,500 | 75,000 | ||||||
| ACCRUED INTEREST PAYABLE |
2,535 | 2,973 | ||||||
| OTHER LIABILITIES |
20,356 | 13,064 | ||||||
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| TOTAL LIABILITIES |
2,067,515 | 1,804,789 | ||||||
| SHAREHOLDERS’ EQUITY |
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| PREFERRED STOCK |
46,461 | 45,578 | ||||||
| COMMON STOCK |
72,753 | 57,542 | ||||||
| ACCUMULATED OTHER COMPREHENSIVE INCOME |
3,710 | 458 | ||||||
| RETAINED EARNINGS |
44,356 | 36,933 | ||||||
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| TOTAL SHAREHOLDERS’ EQUITY |
167,280 | 140,511 | ||||||
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| TOTAL LIABILITIES AND SHARE- HOLDERS’ EQUITY |
$ | 2,234,795 | $ | 1,945,300 | ||||
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| BOOK VALUE PER SHARE |
$ | 9.22 | $ | 8.77 | ||||
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| SHARES OF COMMON STOCK OUTSTANDING |
13,098,202 | 10,829,492 | ||||||
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FIDELITY SOUTHERN CORPORATION
LOANS, BY CATEGORY
(UNAUDITED)
| DECEMBER 31, | ||||||||||||
| (DOLLARS IN THOUSANDS) |
2011 | 2010 | PERCENT CHANGE | |||||||||
| COMMERCIAL, FINANCIAL AND AGRICULTURAL |
$ | 106,552 | $ | 97,331 | 9.47 | % | ||||||
| TAX-EXEMPT COMMERCIAL |
4,944 | 5,151 | (4.02 | )% | ||||||||
| REAL ESTATE MORTGAGE—COMMERCIAL |
409,932 | 351,548 | 16.61 | % | ||||||||
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| TOTAL COMMERCIAL |
521,428 | 454,030 | 14.84 | % | ||||||||
| REAL ESTATE-CONSTRUCTION |
122,795 | 116,755 | 5.17 | % | ||||||||
| REAL ESTATE-MORTGAGE |
143,717 | 139,254 | 3.20 | % | ||||||||
| CONSUMER INSTALLMENT |
835,931 | 693,333 | 20.57 | % | ||||||||
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| LOANS |
1,623,871 | 1,403,372 | 15.71 | % | ||||||||
| LOANS HELD-FOR-SALE: |
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| ORIGINATED RESIDENTIAL MORTGAGE LOANS |
90,907 | 155,029 | (41.36 | )% | ||||||||
| SBA LOANS |
12,942 | 24,869 | (47.96 | )% | ||||||||
| INDIRECT AUTO LOANS |
30,000 | 30,000 | 0.00 | % | ||||||||
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| TOTAL LOANS HELD-FOR-SALE |
133,849 | 209,898 | (36.23 | )% | ||||||||
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| TOTAL LOANS |
$ | 1,757,720 | $ | 1,613,270 | ||||||||
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FIDELITY SOUTHERN CORPORATION
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
| YEAR ENDED DECEMBER 31, |
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| (DOLLARS IN THOUSANDS) |
2011 | 2010 | ||||||
| BALANCE AT BEGINNING OF PERIOD |
$ | 28,082 | $ | 30,072 | ||||
| CHARGE-OFFS: |
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| COMMERCIAL, FINANCIAL AND AGRICULTURAL |
682 | 883 | ||||||
| SBA |
1,408 | 381 | ||||||
| REAL ESTATE-CONSTRUCTION |
13,494 | 11,274 | ||||||
| REAL ESTATE-MORTGAGE |
804 | 656 | ||||||
| CONSUMER INSTALLMENT |
5,638 | 7,086 | ||||||
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| TOTAL CHARGE-OFFS |
22,026 | 20,280 | ||||||
| RECOVERIES: |
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| COMMERCIAL, FINANCIAL AND AGRICULTURAL |
7 | 23 | ||||||
| SBA |
79 | 5 | ||||||
| REAL ESTATE-CONSTRUCTION |
596 | 361 | ||||||
| REAL ESTATE-MORTGAGE |
44 | 8 | ||||||
| CONSUMER INSTALLMENT |
849 | 768 | ||||||
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| TOTAL RECOVERIES |
1,575 | 1,165 | ||||||
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| NET CHARGE-OFFS |
20,451 | 19,115 | ||||||
| PROVISION FOR LOAN LOSSES |
20,325 | 17,125 | ||||||
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| BALANCE AT END OF PERIOD |
$ | 27,956 | $ | 28,082 | ||||
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| RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE LOANS OUTSTANDING, NET |
1.38 | % | 1.44 | % | ||||
| ALLOWANCE FOR LOAN LOSSES AS A % OF LOANS |
1.72 | % | 2.00 | % | ||||
| ALLOW FOR LOAN LOSSES AS A % OF LOANS EXCLUDING DECATUR FIRST BANK |
1.81 | % | 2.00 | % | ||||
NONPERFORMING ASSETS
(UNAUDITED)
| DECEMBER 31, | ||||||||
| (DOLLARS IN THOUSANDS) |
2011 | 2010 | ||||||
| NONACCRUAL LOANS 1 |
$ | 71,271 | $ | 76,545 | ||||
| REPOSSESSIONS |
1,423 | 1,119 | ||||||
| OTHER REAL ESTATE 2 |
30,526 | 20,525 | ||||||
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| TOTAL NONPERFORMING ASSETS |
$ | 103,220 | $ | 98,189 | ||||
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| *** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY |
$ | 11,105 | $ | 7,818 | ||||
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| LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING |
$ | 116 | $ | — | ||||
| RATIO OF LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING TO TOTAL LOANS |
0.01 | % | — | % | ||||
| RATIO OF NONPERFORMING ASSETS TO TOTAL LOANS, OREO AND REPOSSESSIONS |
5.77 | % | 6.01 | % | ||||
| 1 | Nonaccrual loans includes $10,949 and zero in loans covered by an 80% FDIC loss share agreement at December 31, 2011 and 2010, respectively. |
| 2 | ORE includes $9,389 and zero covered by an 80% FDIC loss share agreement at December 31, 2011 and 2010, respectively. |
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
| YEAR ENDED | ||||||||||||||||||||||||
| December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
| (DOLLARS IN THOUSANDS) |
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
| Assets |
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| Interest-earning assets: |
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| Loans, net of unearned income: |
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| Taxable |
$ | 1,606,783 | $ | 86,497 | 5.38 | % | $ | 1,475,351 | $ | 87,104 | 5.90 | % | ||||||||||||
| Tax-exempt (1) |
5,042 | 308 | 6.14 | % | 5,267 | 324 | 6.17 | % | ||||||||||||||||
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| Total loans |
1,611,825 | 86,805 | 5.38 | % | 1,480,618 | 87,428 | 5.90 | % | ||||||||||||||||
| Investment securities: |
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| Taxable |
215,719 | 6,227 | 2.89 | % | 208,834 | 7,302 | 3.50 | % | ||||||||||||||||
| Tax-exempt (2) |
13,103 | 829 | 6.33 | % | 11,706 | 730 | 6.23 | % | ||||||||||||||||
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| Total investment securities |
228,822 | 7,056 | 3.09 | % | 220,540 | 8,032 | 3.65 | % | ||||||||||||||||
| Interest-bearing deposits |
92,174 | 225 | 0.24 | % | 74,792 | 177 | 0.24 | % | ||||||||||||||||
| Federal funds sold |
950 | — | 0.06 | % | 613 | 1 | 0.07 | % | ||||||||||||||||
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| Total interest-earning assets |
1,933,771 | 94,086 | 4.87 | % | 1,776,563 | 95,638 | 5.38 | % | ||||||||||||||||
| Noninterest-earning: |
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| Cash and due from banks |
23,769 | 12,213 | ||||||||||||||||||||||
| Allowance for loan losses |
(28,724 | ) | (28,085 | ) | ||||||||||||||||||||
| Premises and equipment, net |
22,253 | 18,877 | ||||||||||||||||||||||
| Other real estate |
24,754 | 23,225 | ||||||||||||||||||||||
| Other assets |
87,346 | 76,864 | ||||||||||||||||||||||
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| Total assets |
$ | 2,063,169 | $ | 1,879,657 | ||||||||||||||||||||
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| Liabilities and shareholders’ equity |
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| Interest-bearing liabilities: |
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| Demand deposits |
$ | 439,243 | $ | 2,334 | 0.53 | % | $ | 344,607 | $ | 3,014 | 0.87 | % | ||||||||||||
| Savings deposits |
407,865 | 3,183 | 0.78 | % | 415,516 | 5,767 | 1.39 | % | ||||||||||||||||
| Time deposits |
652,343 | 10,792 | 1.65 | % | 633,374 | 14,664 | 2.32 | % | ||||||||||||||||
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| Total interest-bearing deposits |
1,499,451 | 16,309 | 1.09 | % | 1,393,497 | 23,445 | 1.68 | % | ||||||||||||||||
| Federal funds purchased |
36 | — | 1.06 | % | 740 | 7 | 0.94 | % | ||||||||||||||||
| Securities sold under agreements to repurchase |
19,335 | 210 | 1.09 | % | 22,436 | 442 | 1.97 | % | ||||||||||||||||
| Other short-term borrowings |
18,680 | 475 | 2.54 | % | 14,493 | 572 | 3.94 | % | ||||||||||||||||
| Subordinated debt |
67,527 | 4,494 | 6.66 | % | 67,527 | 4,502 | 6.67 | % | ||||||||||||||||
| Long-term debt |
58,301 | 1,361 | 2.33 | % | 61,575 | 1,595 | 2.59 | % | ||||||||||||||||
| Total interest-bearing liabilities |
1,663,330 | 22,849 | 1.37 | % | 1,560,268 | 30,563 | 1.96 | % | ||||||||||||||||
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| Noninterest-bearing: |
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| Demand deposits |
219,377 | 169,120 | ||||||||||||||||||||||
| Other liabilities |
27,150 | 15,137 | ||||||||||||||||||||||
| Shareholders’ equity |
153,312 | 135,132 | ||||||||||||||||||||||
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| Total liabilities and shareholders’ equity |
$ | 2,063,169 | $ | 1,879,657 | ||||||||||||||||||||
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| Net interest income / spread |
$ | 71,237 | 3.50 | % | $ | 65,075 | 3.42 | % | ||||||||||||||||
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| Net interest margin |
3.68 | % | 3.66 | % | ||||||||||||||||||||
| (1) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $107,000 and $112,000, respectively. |
| (2) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $279,000 and $242,000, respectively. |
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
| QUARTER ENDED | ||||||||||||||||||||||||
| December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
| (DOLLARS IN THOUSANDS) |
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||
| Assets |
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| Interest-earning assets : |
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| Loans, net of unearned income |
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| Taxable |
$ | 1,724,546 | $ | 22,346 | 5.14 | % | $ | 1,568,247 | $ | 22,377 | 5.67 | % | ||||||||||||
| Tax-exempt (1) |
4,965 | 76 | 6.14 | % | 5,227 | 82 | 6.21 | % | ||||||||||||||||
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| Total loans |
1,729,511 | 22,422 | 5.15 | % | 1,573,474 | 22,459 | 5.67 | % | ||||||||||||||||
| Investment securities |
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| Taxable |
256,658 | 1,600 | 2.49 | % | 167,523 | 1,318 | 3.15 | % | ||||||||||||||||
| Tax-exempt (2) |
17,255 | 278 | 6.43 | % | 11,705 | 183 | 6.26 | % | ||||||||||||||||
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| Total investment securities |
273,913 | 1,878 | 2.75 | % | 179,228 | 1,501 | 3.36 | % | ||||||||||||||||
| Interest-bearing deposits |
45,162 | 26 | 0.23 | % | 44,798 | 29 | 0.26 | % | ||||||||||||||||
| Federal funds sold |
1,177 | — | 0.07 | % | 601 | — | 0.07 | % | ||||||||||||||||
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|
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|
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| Total interest-earning assets |
2,049,763 | 24,326 | 4.71 | % | 1,798,101 | 23,989 | 5.29 | % | ||||||||||||||||
| Cash and due from banks |
20,330 | 22,349 | ||||||||||||||||||||||
| Allowance for loan losses |
(28,582 | ) | (27,663 | ) | ||||||||||||||||||||
| Premises and equipment, net |
27,261 | 19,411 | ||||||||||||||||||||||
| Other real estate |
34,417 | 21,560 | ||||||||||||||||||||||
| Other assets |
91,672 | 75,012 | ||||||||||||||||||||||
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|
|
|
|
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| Total assets |
$ | 2,194,861 | $ | 1,908,770 | ||||||||||||||||||||
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|
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| Liabilities and shareholders’ equity |
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| Interest-bearing liabilities : |
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| Demand deposits |
$ | 492,980 | $ | 482 | 0.39 | % | $ | 433,452 | $ | 798 | 0.73 | % | ||||||||||||
| Savings deposits |
395,654 | 401 | 0.40 | % | 379,991 | 1,084 | 1.13 | % | ||||||||||||||||
| Time deposits |
688,126 | 2,636 | 1.35 | % | 588,528 | 2,831 | 1.91 | % | ||||||||||||||||
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|
|
|
|
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|
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| Total interest-bearing deposits |
1,576,760 | 3,519 | 0.89 | % | 1,401,971 | 4,713 | 1.33 | % | ||||||||||||||||
| Federal funds purchased |
109 | — | 1.11 | % | — | — | — | |||||||||||||||||
| Securities sold under agreements to repurchase |
18,649 | 11 | 0.23 | % | 22,077 | 123 | 2.21 | % | ||||||||||||||||
| Other short-term borrowings |
30,360 | 162 | 2.12 | % | — | — | 0.00 | % | ||||||||||||||||
| Subordinated debt |
67,527 | 1,129 | 6.64 | % | 67,527 | 1,124 | 6.60 | % | ||||||||||||||||
| Long-term debt |
52,500 | 305 | 2.30 | % | 75,000 | 460 | 2.44 | % | ||||||||||||||||
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|
|
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|
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| Total interest-bearing liabilities |
1,745,905 | 5,126 | 1.17 | % | 1,566,575 | 6,420 | 1.63 | % | ||||||||||||||||
| Noninterest-bearing : |
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| Demand deposits |
257,393 | 185,866 | ||||||||||||||||||||||
| Other liabilities |
28,835 | 16,290 | ||||||||||||||||||||||
| Shareholders’ equity |
162,728 | 140,039 | ||||||||||||||||||||||
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|
|
|
|
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| Total liabilities and shareholders’ equity |
$ | 2,194,861 | $ | 1,908,770 | ||||||||||||||||||||
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|
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|
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| Net interest income / spread |
$ | 19,200 | 3.54 | % | $ | 17,569 | 3.66 | % | ||||||||||||||||
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|
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| Net interest margin |
3.72 | % | 3.88 | % | ||||||||||||||||||||
| (1) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $26,000 and $29,000, respectively. |
| (2) | Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $95,000 and $61,000, respectively. |