Fidelity Southern Corporation Earns $5.3 Million, a 189% Increase, in First Quarter
ATLANTA, April 19, 2012 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), reported net income of $5.3 million for the first quarter of 2012 compared to $1.8 million for the first quarter of 2011 and $3.8 million for the fourth quarter of 2012. After accounting for the TARP preferred dividend, basic and diluted earnings per share for the first quarter of 2012 were $.32 and $.29, respectively which compared to basic and diluted earnings per share of $.09 and $.08 in the first quarter of 2011 and $.23 and $.21 in the fourth quarter of 2011, respectively.
The FDIC-assisted acquisition of Decatur First Bank, which was initiated in the fourth quarter of 2011, was completed in the first quarter of 2012 with transition of all accounts to Fidelity Bank systems. This transaction was accretive to the first quarter 2012 results acquisition contributing approximately $846,000 after taxes to net income, or $.06 to diluted earnings per share.
Fidelity's Chairman, Jim Miller, said "The quarter saw several positive steps for Fidelity. There were significant improvements in credit metrics which reflects improving conditions in real estate. The integration of Decatur First has been successful and we are glad to have been able to broaden our market outreach in our home market of Decatur. We continue to expand our physical presence with branches in Cumming, Johns Creek, Ponce de Leon in Atlanta, Baymeadows in Jacksonville, and a new Powers Ferry relocation in Cobb County. We also opened mortgage offices in Loudoun County, Virginia, and Savannah and Kennesaw, Georgia. Feedback from our customers tells us the economy is indeed improving which leads directly to our improvement in core earnings despite the difficult banking environment of artificially low interest rates and somewhat unrestrained competition."
| For the Quarter Ended |
|||||||||||
| 3/31/12 |
12/31/2011 |
9/30/2011 |
6/30/2011 |
3/31/2011 |
|||||||
| (In Thousands) |
|||||||||||
| Net income |
$5,316 |
$ 3,832 |
$ 2,110 |
$ 3,614 |
$ 1,842 |
||||||
| Income tax expense |
2,894 |
1,979 |
608 |
1,792 |
766 |
||||||
| Provision for loan losses |
3,750 |
5,300 |
4,400 |
4,850 |
5,775 |
||||||
| Write-down of ORE |
947 |
1,442 |
677 |
1,069 |
1,600 |
||||||
| Other cost of ORE operations |
789 |
887 |
639 |
724 |
858 |
||||||
| Pre-tax, pre-credit related earnings |
13,696 |
13,440 |
8,434 |
12,049 |
10,841 |
||||||
| Less security gains |
(347) |
– |
– |
(1,078) |
– |
||||||
| Less acquisition gain |
(206) |
(1,527) |
– |
– |
– |
||||||
| Less accretion of FDIC indemnification asset |
(171) |
– |
– |
– |
– |
||||||
| Core operating earnings (1) |
$ 12,972 |
$ 11,913 |
$ 8,434 |
$ 10,971 |
$ 10,841 |
||||||
| (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, security gains, acquisition gain and indemnification asset accretion 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. |
|||||||||||
ASSET QUALITY
Fidelity continued to experience improvement in asset quality exclusive of covered loans, as nonperforming loans, classified loans and provision expense all decreased for the quarter when compared to prior quarter and the same quarter prior year.
Net charge-offs were $2.4 million in the first quarter of 2012 compared to $6.7 million in the fourth quarter of 2011 and $4.2 million in the first quarter of 2011. The ratio of net charge-offs to average loans outstanding was .59% for the three months ended March 31, 2012, compared to 1.19% for the same period in 2011 and 1.56% for the fourth quarter of 2011. Provision expense was $3.8 million for the first quarter of 2012, compared to $5.8 million during the same period in 2011 and $5.3 million during the fourth quarter 2011.
Loans and other real estate acquired in the FDIC-assisted transaction of Decatur First Bank are covered under loss sharing agreements with the FDIC ("Loss Share Agreements") and are collectively referred to as covered assets. Under the Loss Share Agreements, the FDIC has agreed to reimburse us for 80% of all losses incurred in connection with those assets for a period of 10 years for residential mortgage loans and a period of five years for commercial loans.
Excluding covered loans, the allowance for loan losses at March 31, 2012 was $29.3 million, or 1.84% of total loans, compared to an allowance of $28.0 million, or 1.81% of total loans, at December 31, 2011, and $29.7 million, or 2.07% of total loans, at March 31, 2011.
The following table presents certain credit quality metrics of Fidelity's loan portfolio, inclusive and exclusive of covered loans. Nonperforming assets include nonaccrual loans, net repossessions and other real estate. Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.
| March 31, 2012 |
December 31, 2011 |
|||||||||
| Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
March 31, 2011 |
||||||
| (Dollars in Millions) |
||||||||||
| Nonperforming loans |
$ 77.0 |
$ 62.6 |
$ 66.7 |
$ 60.4 |
$ 72.5 |
|||||
| Classified assets |
111.9 |
110.6 |
119.6 |
112.2 |
126.8 |
|||||
| Allowance for loan losses as a percentage of total loans |
1.76% |
1.84% |
1.72% |
1.81% |
2.07% |
|||||
| Classified items ratio |
47.78% |
47.22% |
52.68% |
49.45% |
58.03% |
|||||
|
Nonperforming assets ratio |
6.16% |
5.11% |
5.85% |
5.28% |
6.36% |
|||||
The following table provides a comparison of the activity affecting the allowance for loan loss. Net charge-offs were $70,000 and provision expense was $94,000 for covered loans and during the first quarter of 2012. There were no charge-offs or provision expense for covered loans during the fourth quarter of 2011.
|
Q1 2012 |
Q4 2011 |
Q1 2011 |
YTD 2011 |
YTD 2010 |
||||||
| (Dollars in Millions) |
||||||||||
| Net charge-offs |
$2.4 |
$6.7 |
$ 4.2 |
$ 20.5 |
$19.1 |
|||||
| Net charge-off ratio |
.59% |
1.68% |
1.19% |
1.38% |
1.44% |
|||||
| Provision for loan loss |
$3.8 |
$5.3 |
$5.8 |
$20.3 |
$17.1 |
|||||
ORE decreased $4.8 million to $25.7 million at March 31, 2012, compared to $30.5 million at December 31, 2011. During the first quarter of 2012, $7.5 million of ORE assets were sold while $2.5 million were added to ORE. Excluding covered assets, ORE additions were $1.2 million and sales were $4.2 million for the quarter.
REAL ESTATE
New residential construction loan advances made during the quarter totaled $8.8 million, while the payoffs of construction loans totaled $16.6 million. Excluding covered loans, construction and A&D loans totaled $90.6 million at March 31, 2012, compared to $89.1 million at December 31, 2011. Excluding covered loans there were 374 houses and 985 lots financed at March 31, 2012, compared to 313 houses and 1,106 lots at December 31, 2011.
CAPITAL
The Company's capital position remained well above industry requirements at March 31, 2012, with a leverage capital ratio of 10.0%, a tier one ratio of 11.9%, and a total capital ratio of 13.7%, compared to 9.8%, 11.9%, and 13.1% respectively, at December 31, 2011.
At March 31, 2012, the Bank had a leverage ratio of 9.3%, a tier one ratio of 11.0%, and a total capital ratio of 12.8% compared to a leverage ratio of 9.1%, a tier one ratio of 11.0%, and a total capital ratio 12.7% at December 31, 2011.
DEPOSITS
Total deposits of $1.868 billion at March 31, 2012 reflect the success of the Bank's strategy to increase and maintain core deposits. Total deposits have increased from $1.678 billion as of March 31, 2011, due to the acquisition of Decatur First Bank in the fourth quarter of 2011 of approximately $135 million in deposits and the Bank's continued efforts to aggressively pursue core deposits.
| March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
||||||||||||||||
| $ |
% |
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||||||
| (Dollars in Millions) |
||||||||||||||||||||
| Core deposits(1) |
$1,546.0 |
82.7 |
$1,523.1 |
81.4 |
$1,414.1 |
80.1 |
$1,363.5 |
79.8 |
$1,353.7 |
80.7 |
||||||||||
| Time Deposits > $100,000 |
313.2 |
16.8 |
329.3 |
17.6 |
322.3 |
18.3 |
302.5 |
17.7 |
271.8 |
16.2 |
||||||||||
| Brokered deposits |
9.2 |
0.5 |
19.2 |
1.0 |
29.1 |
1.6 |
42.4 |
2.5 |
52.5 |
3.1 |
||||||||||
| Total deposits |
$1,868.4 |
100.0 |
$1,871.5 |
100.0 |
$1,765.5 |
100.0 |
$1,708.4 |
100.0 |
1,678.0 |
100.0 |
||||||||||
| Quarterly rate on deposits |
0.66% |
0.77% |
0.88% |
1.06% |
1.13% |
|||||||||||||||
| (1) Core deposits are transactional, savings, and time deposits under $100,000. |
||||||||||||||||||||
NET INTEREST MARGIN
Net interest margin increased 4 basis points to 3.86% in the first quarter of 2012 compared to 3.82% in the first quarter of 2011, and increased 14 basis points from 3.72% for the fourth quarter of 2011. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.63% for the first quarter of 2012 compared to 3.69% for the fourth quarter of 2011. Net interest income for the first quarter of 2012 increased $2.5 million or 14.6% when compared to the same period in 2011 and increased $575,000 or 3.0% when compared to the fourth quarter of 2011. On a linked-quarter basis, the increase in net interest income is due to a greater reduction in the cost of funds than the decrease in the yield on earning assets. On a year-to-date basis, the increase in net interest income is due to an increase in the average balance of interest-earning assets combined with a decrease in the cost of interest-bearing liabilities.
INTEREST INCOME
Total interest income for the first quarter of 2012 increased $817,000 or 3.5% compared to the same period in 2011. Average interest-earning assets for the first quarter of 2012 increased nearly $230 million or 12.5%, but was somewhat offset by a 45 basis point decrease in the yield on average interest-earning assets due primarily to the Bank offering competitive rates in the marketplace.
In a linked-quarter comparison, interest income remained stable, increasing only $56,000 as average earning assets and the yield on earning assets each increased approximately 1%.
INTEREST EXPENSE
Interest expense for the first quarter of 2012 decreased $1.7 million or 26.6% compared to the same period in 2011. The decrease in interest expense was attributable to a 52 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $137.8 million or 8.6%. In addition to the general decrease in deposit rates, the Bank's shift in deposit mix toward noninterest-bearing accounts, which made up 13.2% of total deposits at March 31, 2012 compared to 10.5% at March 31, 2011, contributed to the reduction in the cost of funds.
On a linked-quarter basis, interest expense decreased $519,000 or 10.1%. The decrease in interest expense was attributable to an 11 basis point decrease in the cost of interest-bearing liabilities.
NONINTEREST INCOME
On a year over year basis, noninterest income increased $6.0 million or 51.5% to $17.7 million for the quarter ended March 31, 2012, compared to noninterest income of $11.7 million for the same period in 2011. The increase in noninterest income was the result of a $6.1 million or 102.8% increase in mortgage banking activities. Income from mortgage lending increased due to a 101% increase in the March 31, 2012 pipeline to over $330.5 million, total funded loan volume for the quarter of $400.7 million representing an 89% increase over the year ago quarter and a $1.1 million MSR impairment recovery recognized in the current quarter.
On a linked-quarter basis, noninterest income increased $2.0 million or 12.9% from $15.7 million recognized during the fourth quarter of 2011. A $4.1 million increase in mortgage banking income was partially offset by a $1.0 million decrease in SBA lending activities and a $1.0 million decrease in other operating income. Mortgage banking increased due to a 57% increase in the period ended loan pipeline along with a $1.1 million MSR impairment recovery recorded in current quarter compared to a $0.6 million impairment provision recorded in the prior quarter. The increase was partially offset due to a $1.0 million decline in SBA loan sales gains from the prior quarter and a $1.5 million purchase accounting gain related to the acquisition of Decatur First Bank recorded in the fourth quarter 2011.
NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2012 increased $4.9 million or 24.0% to $25.4 million compared to $20.5 million for the same period in 2011. The increase was driven by a $4.0 million increase in salaries and employee benefits expense due to higher commission expense related to the increased mortgage banking volume as well as increased number of employees due to the fourth quarter acquisition. Also contributing to the increase was a $950,000 or 79.6% increase in professional service fees, of which $119,000 was related to the Decatur First acquisition.
On a linked-quarter basis, noninterest expense increased $1.7 million or 7.4%. The increase was primarily due to a $1.4 million increase in salaries and employee benefits.
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 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 2011 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
| Contacts: |
Martha Fleming, Steve Brolly |
| Fidelity Southern Corporation (404) 240-1504 |
| FIDELITY SOUTHERN CORPORATION |
|||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||||||
| (UNAUDITED) |
|||||||||||
| YEAR TO DATE |
|||||||||||
| (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
MARCH 31, |
||||||||||
| 2012 |
2011 |
||||||||||
| INTEREST INCOME |
|||||||||||
| LOANS, INCLUDING FEES |
$ 22,738 |
$ 21,891 |
|||||||||
| INVESTMENT SECURITIES |
1,506 |
1,513 |
|||||||||
| FEDERAL FUNDS SOLD AND BANK DEPOSITS |
18 |
41 |
|||||||||
| TOTAL INTEREST INCOME |
24,262 |
23,445 |
|||||||||
| INTEREST EXPENSE |
|||||||||||
| DEPOSITS |
3,007 |
4,532 |
|||||||||
| SHORT-TERM BORROWINGS |
174 |
175 |
|||||||||
| SUBORDINATED DEBT |
1,139 |
1,121 |
|||||||||
| OTHER LONG-TERM DEBT |
287 |
445 |
|||||||||
| TOTAL INTEREST EXPENSE |
4,607 |
6,273 |
|||||||||
| NET INTEREST INCOME |
19,655 |
17,172 |
|||||||||
| PROVISION FOR LOAN LOSSES |
3,750 |
5,775 |
|||||||||
| NET INTEREST INCOME AFTER |
|||||||||||
| PROVISION FOR LOAN LOSSES |
15,905 |
11,397 |
|||||||||
| NONINTEREST INCOME |
|||||||||||
| SERVICE CHARGES ON DEPOSIT ACCOUNTS |
1,133 |
957 |
|||||||||
| OTHER FEES AND CHARGES |
784 |
581 |
|||||||||
| MORTGAGE BANKING ACTIVITIES |
12,084 |
5,959 |
|||||||||
| INDIRECT LENDING ACTIVITIES |
1,163 |
1,186 |
|||||||||
| SBA LENDING ACTIVITIES |
853 |
2,232 |
|||||||||
| SECURITIES GAINS |
347 |
- |
|||||||||
| BANK OWNED LIFE INSURANCE |
322 |
320 |
|||||||||
| GAIN ON SALE OF ORE |
250 |
185 |
|||||||||
| OTHER OPERATING INCOME |
763 |
266 |
|||||||||
| TOTAL NONINTEREST INCOME |
17,699 |
11,686 |
|||||||||
| NONINTEREST EXPENSE |
|||||||||||
| SALARIES AND EMPLOYEE BENEFITS |
14,849 |
10,822 |
|||||||||
| FURNITURE AND EQUIPMENT |
977 |
752 |
|||||||||
| NET OCCUPANCY |
1,210 |
1,135 |
|||||||||
| COMMUNICATION EXPENSES |
619 |
563 |
|||||||||
| PROFESSIONAL AND OTHER SERVICES |
2,141 |
1,192 |
|||||||||
| OTHER REAL ESTATE EXPENSE |
1,737 |
2,458 |
|||||||||
| FDIC INSURANCE EXPENSE |
471 |
902 |
|||||||||
| OTHER OPERATING EXPENSES |
3,390 |
2,651 |
|||||||||
| TOTAL NONINTEREST EXPENSE |
25,394 |
20,475 |
|||||||||
| INCOME BEFORE INCOME TAX EXPENSE |
8,210 |
2,608 |
|||||||||
| INCOME TAX EXPENSE |
2,894 |
766 |
|||||||||
| NET INCOME |
5,316 |
1,842 |
|||||||||
| PREFERRED STOCK DIVIDENDS |
(823) |
(823) |
|||||||||
| NET INCOME AVAILABLE TO COMMON EQUITY |
$ 4,493 |
$ 1,019 |
|||||||||
| EARNINGS PER SHARE: |
|||||||||||
| BASIC EARNINGS PER SHARE |
$ 0.32 |
$ 0.09 |
|||||||||
| DILUTED EARNINGS PER SHARE |
$ 0.29 |
$ 0.08 |
|||||||||
| NET INCOME |
5,316 |
1,842 |
|||||||||
| OTHER COMPREHENSIVE LOSS, NET OF TAX |
(1,280) |
(263) |
|||||||||
| TOTAL COMPREHENSIVE INCOME |
$ 4,036 |
$ 1,579 |
|||||||||
| WEIGHTED AVERAGE COMMON |
|||||||||||
| SHARES OUTSTANDING-BASIC |
13,892,146 |
10,830,066 |
|||||||||
| WEIGHTED AVERAGE COMMON |
|||||||||||
| SHARES OUTSTANDING-FULLY DILUTED |
15,302,904 |
12,407,925 |
|||||||||
| FIDELITY SOUTHERN CORPORATION |
|||||||||
| CONSOLIDATED BALANCE SHEETS |
|||||||||
| (UNAUDITED) |
|||||||||
| (DOLLARS IN THOUSANDS) |
MARCH 31, |
DECEMBER 31, |
MARCH 31, |
||||||
| ASSETS |
2012 |
2011 |
2011 |
||||||
| CASH AND CASH EQUIVALENTS |
$ 38,604 |
$ 57,284 |
$ 125,779 |
||||||
| INVESTMENTS AVAILABLE-FOR-SALE |
183,611 |
261,419 |
209,833 |
||||||
| INVESTMENTS HELD-TO-MATURITY |
8,185 |
8,876 |
12,712 |
||||||
| INVESTMENT IN FHLB STOCK |
7,623 |
7,582 |
6,542 |
||||||
| LOANS HELD-FOR-SALE |
175,736 |
133,849 |
115,005 |
||||||
| LOANS |
1,657,972 |
1,623,871 |
1,431,493 |
||||||
| ALLOWANCE FOR LOAN LOSSES |
(29,282) |
(27,956) |
(29,694) |
||||||
| LOANS, NET |
1,628,690 |
1,595,915 |
1,401,799 |
||||||
| FDIC INDEMNIFICATION RECEIVABLE |
13,266 |
12,279 |
- |
||||||
| PREMISES AND EQUIPMENT, NET |
30,352 |
28,909 |
19,723 |
||||||
| OTHER REAL ESTATE, NET |
25,729 |
30,526 |
18,383 |
||||||
| ACCRUED INTEREST RECEIVABLE |
8,238 |
9,015 |
8,126 |
||||||
| BANK OWNED LIFE INSURANCE |
31,786 |
31,490 |
30,570 |
||||||
| OTHER ASSETS |
63,204 |
57,651 |
50,127 |
||||||
| TOTAL ASSETS |
$ 2,215,024 |
$ 2,234,795 |
$ 1,998,599 |
||||||
| LIABILITIES |
|||||||||
| DEPOSITS: |
|||||||||
| NONINTEREST-BEARING DEMAND |
$ 290,620 |
$ 269,590 |
$ 200,902 |
||||||
| INTEREST-BEARING DEMAND/ |
|||||||||
| MONEY MARKET |
557,652 |
526,962 |
430,403 |
||||||
| SAVINGS |
377,692 |
389,246 |
418,788 |
||||||
| TIME DEPOSITS, $100,000 AND OVER |
313,209 |
329,164 |
271,817 |
||||||
| OTHER TIME DEPOSITS |
329,199 |
356,554 |
356,123 |
||||||
| TOTAL DEPOSIT LIABILITIES |
1,868,372 |
1,871,516 |
1,678,033 |
||||||
| FEDERAL FUNDS PURCHASED |
13,555 |
- |
- |
||||||
| SHORT-TERM BORROWINGS |
42,500 |
53,081 |
25,732 |
||||||
| SUBORDINATED DEBT |
67,527 |
67,527 |
67,527 |
||||||
| OTHER LONG-TERM DEBT |
27,500 |
52,500 |
70,000 |
||||||
| ACCRUED INTEREST PAYABLE |
1,667 |
2,535 |
2,284 |
||||||
| OTHER LIABILITIES |
22,182 |
20,356 |
13,468 |
||||||
| TOTAL LIABILITIES |
2,043,303 |
2,067,515 |
1,857,044 |
||||||
| SHAREHOLDERS' EQUITY |
|||||||||
| PREFERRED STOCK |
46,682 |
46,461 |
45,799 |
||||||
| COMMON STOCK |
73,890 |
74,219 |
57,611 |
||||||
| ACCUMULATED OTHER COMPREHENSIVE |
|||||||||
| INCOME |
2,430 |
3,710 |
195 |
||||||
| RETAINED EARNINGS |
48,719 |
42,890 |
37,950 |
||||||
| TOTAL SHAREHOLDERS' EQUITY |
171,721 |
167,280 |
141,555 |
||||||
| TOTAL LIABILITIES AND SHARE- |
|||||||||
| HOLDERS' EQUITY |
$ 2,215,024 |
$ 2,234,795 |
$ 1,998,599 |
||||||
| BOOK VALUE PER COMMON SHARE |
$ 8.94 |
$ 8.91 |
$ 8.49 |
||||||
| TANGIBLE BOOK VALUE PER COMMON SHARE |
$ 8.78 |
$ 8.75 |
$ 8.37 |
||||||
| SHARES OF COMMON STOCK OUTSTANDING |
13,984,390 |
13,552,641 |
11,285,327 |
||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||
| LOANS, BY CATEGORY |
||||||||
| (UNAUDITED) |
||||||||
| (DOLLARS IN THOUSANDS) |
||||||||
| MARCH 31, |
||||||||
| 2012 |
2011 |
PERCENT CHANGE |
||||||
| COMMERCIAL, FINANCIAL AND AGRICULTURAL |
$ 105,920 |
$ 94,483 |
12.10 |
% |
||||
| TAX-EXEMPT COMMERCIAL |
4,874 |
5,099 |
(4.41) |
% |
||||
| REAL ESTATE MORTGAGE - COMMERCIAL |
393,399 |
358,357 |
9.78 |
% |
||||
| TOTAL COMMERCIAL |
504,193 |
457,939 |
10.10 |
% |
||||
| REAL ESTATE-CONSTRUCTION |
121,830 |
117,550 |
3.64 |
% |
||||
| REAL ESTATE-MORTGAGE |
135,039 |
121,460 |
11.18 |
% |
||||
| CONSUMER INSTALLMENT |
896,910 |
734,544 |
22.10 |
% |
||||
| LOANS |
1,657,972 |
1,431,493 |
15.82 |
% |
||||
| LOANS HELD-FOR-SALE: |
||||||||
| ORIGINATED RESIDENTIAL MORTGAGE LOANS |
130,075 |
50,849 |
155.81 |
% |
||||
| SBA LOANS |
15,661 |
34,156 |
(54.15) |
% |
||||
| INDIRECT AUTO LOANS |
30,000 |
30,000 |
0.00 |
% |
||||
| TOTAL LOANS HELD-FOR-SALE |
175,736 |
115,005 |
52.81 |
% |
||||
| TOTAL LOANS |
$ 1,833,708 |
$ 1,546,498 |
18.57 |
% |
||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||
| ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES |
||||||||||||
| (UNAUDITED) |
||||||||||||
| (DOLLARS IN THOUSANDS) |
YEAR TO DATE |
YEAR ENDED |
||||||||||
| MARCH 31, |
DECEMBER 31, |
|||||||||||
| 2012 |
2011 |
2011 |
||||||||||
| BALANCE AT BEGINNING OF PERIOD |
$ 27,956 |
$ 28,082 |
$ 28,082 |
|||||||||
| NET CHARGE-OFFS: |
||||||||||||
| COMMERCIAL, FINANCIAL AND AGRICULTURAL |
18 |
86 |
675 |
|||||||||
| SBA |
(3) |
164 |
1,329 |
|||||||||
| REAL ESTATE-CONSTRUCTION |
1,367 |
2,450 |
12,898 |
|||||||||
| REAL ESTATE-MORTGAGE |
- |
105 |
760 |
|||||||||
| CONSUMER INSTALLMENT |
1,042 |
1,358 |
4,789 |
|||||||||
| TOTAL NET CHARGE-OFFS |
2,424 |
4,163 |
20,451 |
|||||||||
| PROVISION FOR LOAN LOSSES |
3,750 |
5,775 |
20,325 |
|||||||||
| BALANCE AT END OF PERIOD |
$ 29,282 |
$ 29,694 |
$ 27,956 |
|||||||||
| RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE |
||||||||||||
|
LOANS OUTSTANDING, NET |
0.59% |
1.19% |
1.38% |
|||||||||
| ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS |
1.77% |
2.07% |
1.72% |
|||||||||
| ALLOW FOR LOAN LOSSES AS A % OF LOANS EXCLUDING DECATUR FIRST BANK |
1.84% |
2.07% |
1.81% |
|||||||||
| NONPERFORMING ASSETS |
||||||||||||
| (UNAUDITED) |
||||||||||||
| (DOLLARS IN THOUSANDS) |
MARCH 31, |
DECEMBER 31, |
||||||||||
| 2012 |
2011 |
2011 |
||||||||||
| LEGACY NONPERFORMING ASSETS |
||||||||||||
| NONACCRUAL LOANS |
$ 62,582 |
$ 72,515 |
$ 60,413 |
|||||||||
| REPOSSESSIONS |
966 |
1,438 |
1,423 |
|||||||||
| OTHER REAL ESTATE |
18,841 |
18,383 |
21,058 |
|||||||||
| TOTAL LEGACY NONPERFORMING ASSETS |
$ 82,389 |
$ 92,336 |
$ 82,894 |
|||||||||
| *** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY |
$ 8,040 |
$ 4,502 |
$ 5,216 |
|||||||||
| LEGACY LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING |
$ 290 |
$ - |
$ 116 |
|||||||||
| RATIO OF LEGACY LOANS PAST DUE 90 DAYS OR MORE AND |
||||||||||||
| STILL ACCRUING TO TOTAL LEGACY LOANS |
0.02% |
-% |
0.01% |
|||||||||
| RATIO OF LEGACY NONPERFORMING ASSETS TO TOTAL LEGACY |
||||||||||||
| LOANS, OREO AND REPOSSESSIONS |
5.11% |
6.36% |
5.28% |
|||||||||
| COVERED NONPERFORMING ASSETS(1) |
||||||||||||
| NONACCRUAL LOANS |
$ 14,428 |
$ - |
$ 6,272 |
|||||||||
| OTHER REAL ESTATE |
6,888 |
- |
9,468 |
|||||||||
| TOTAL COVERED NONPERFORMING ASSETS |
$ 21,316 |
$ - |
$ 15,740 |
|||||||||
| RATIO OF COVERED NONPERFORMING ASSETS TO TOTAL |
||||||||||||
| COVERED LOANS AND OREO |
29.35% |
-% |
18.10% |
|||||||||
| RATIO OF TOTAL NONPERFORMING ASSETS TO TOTAL |
||||||||||||
| LOANS AND OREO |
6.16% |
6.36% |
5.85% |
|||||||||
| (1)Gross covered nonperforming assets covered by an 80% loss share agreement with the FDIC |
||||||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||
| AVERAGE BALANCE, INTEREST AND YIELDS |
||||||||||
| (UNAUDITED) |
||||||||||
| QUARTER ENDED |
||||||||||
| March 31, 2012 |
March 31, 2011 |
|||||||||
| 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 |
$ 1,780,480 |
$ 22,705 |
5.13% |
$ 1,571,471 |
$ 21,840 |
5.63% |
||||
| Tax-exempt (1) |
4,902 |
49 |
4.02% |
5,119 |
77 |
6.14% |
||||
| Total loans |
1,785,382 |
22,754 |
5.13% |
1,576,590 |
21,917 |
5.63% |
||||
| Investment securities: |
||||||||||
| Taxable |
220,553 |
1,305 |
2.37% |
175,378 |
1,391 |
3.17% |
||||
| Tax-exempt (2) |
19,103 |
305 |
6.39% |
11,705 |
184 |
6.28% |
||||
| Total investment securities |
239,656 |
1,610 |
2.69% |
187,083 |
1,575 |
3.38% |
||||
| Interest-bearing deposits |
34,741 |
18 |
0.21% |
66,561 |
41 |
0.25% |
||||
| Federal funds sold |
1,009 |
- |
0.00% |
904 |
- |
0.07% |
||||
| Total interest-earning assets |
2,060,788 |
24,382 |
4.76% |
1,831,138 |
23,533 |
5.21% |
||||
| Noninterest-earning: |
||||||||||
| Cash and due from banks |
16,485 |
31,879 |
||||||||
| Allowance for loan losses |
(28,037) |
(28,346) |
||||||||
| Premises and equipment, net |
29,464 |
19,689 |
||||||||
| Other real estate |
29,357 |
21,271 |
||||||||
| Other assets |
107,887 |
84,413 |
||||||||
| Total assets |
$ 2,215,944 |
$ 1,960,044 |
||||||||
| Liabilities and shareholders' equity |
||||||||||
| Interest-bearing liabilities: |
||||||||||
| Demand deposits |
$ 536,982 |
$ 397 |
0.30% |
$ 415,771 |
$ 688 |
0.67% |
||||
| Savings deposits |
377,187 |
292 |
0.31% |
407,759 |
1,121 |
1.11% |
||||
| Time deposits |
663,513 |
2,318 |
1.41% |
615,735 |
2,723 |
1.79% |
||||
| Total interest-bearing deposits |
1,577,682 |
3,007 |
0.77% |
1,439,265 |
4,532 |
1.28% |
||||
| Federal funds purchased |
473 |
1 |
0.85% |
- |
- |
- |
||||
| Securities sold under agreements to |
||||||||||
| repurchase |
16,057 |
9 |
0.23% |
26,683 |
166 |
2.53% |
||||
| Other short-term borrowings |
37,577 |
164 |
1.76% |
1,000 |
9 |
3.70% |
||||
| Subordinated debt |
67,527 |
1,139 |
6.78% |
67,527 |
1,121 |
6.73% |
||||
| Long-term debt |
47,005 |
287 |
2.46% |
74,000 |
445 |
2.44% |
||||
| Total interest-bearing liabilities |
1,746,321 |
4,607 |
1.06% |
1,608,475 |
6,273 |
1.58% |
||||
| Noninterest-bearing : |
||||||||||
| Demand deposits |
266,116 |
188,386 |
||||||||
| Other liabilities |
34,756 |
22,524 |
||||||||
| Shareholders' equity |
168,751 |
140,659 |
||||||||
| Total liabilities and |
||||||||||
| shareholders' equity |
$ 2,215,944 |
$ 1,960,044 |
||||||||
| Net interest income / spread |
$ 19,775 |
3.70% |
$ 17,260 |
3.63% |
||||||
| Net interest margin |
3.86% |
3.82% |
||||||||
| (1) Interest income includes the effect of taxable-equivalent |
||||||||||
| adjustment for 2012 and 2011 of $17 and $27, respectively. |
||||||||||
| (2) Interest income includes the effect of taxable-equivalent |
||||||||||
| adjustment for 2012 and 2011 of $104 and $62, respectively. |
||||||||||
SOURCE Fidelity Southern Corporation
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