Fidelity Southern Corporation Earns $6.4 Million in Second Quarter; Acquires Security Exchange Bank; Exits Treasury's TARP Program
ATLANTA, July 19, 2012 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ:LION), holding company for Fidelity Bank (the "Bank"), reported net income of $6.4 million for the second quarter of 2012 following $5.3 million for the first quarter of 2012 and compared to $3.6 million for the second quarter of 2011. After accounting for the Troubled Asset Relief Program ("TARP") preferred dividend, basic and diluted earnings per share for the second quarter of 2012 were $0.39 and $0.35, respectively which compared to basic and diluted earnings per share of $0.32 and $0.29 in the first quarter of 2012 and $0.23 and $0.20 in the second quarter of 2011, respectively. Net income for the first six months of 2012 was $11.7 million compared to $5.5 million for the same period in 2011. Basic and diluted earnings per share for the first six months of 2012 were $0.71 and $0.64, respectively, compared to $0.32 and $0.28, respectively, for 2011. These numbers do not include the positive acquisition gain anticipated on the Security Exchange Bank transaction. We expect the acquisition accounting to be final prior to the filing of our second quarter 10-Q.
Fidelity's Chairman, Jim Miller, said, "We have stepped up our advertising and our hiring of seasoned, professional bankers to take advantage of the market. Two branches in Marietta were added from Security Exchange Bank, a de novo branch was opened in Cumming, and mortgage offices were opened in Savannah, Falls Church, Woodbridge and Fredericksburg. Further expansion in our footprint is planned.
"We are pleased with the progress of the integration of Security Exchange Bank.
"Following the sale of TARP preferred stock by the Treasury the board has decided to purchase the outstanding warrants held by Treasury if a price can be agreed.
"The economic environment remains challenging but we are most attentive to regulatory proposals concerning capital and the risk weighting of assets."
The FDIC-assisted acquisition of Decatur First Bank was accretive to the second quarter 2012 results on an after-tax basis of $703,000, or $0.04 to diluted earnings per share. On a year-to-date basis, the acquisition was accretive to the results on an after-tax basis of $1.5 million, or $0.10 to diluted earnings per share.
For the Quarter Ended |
|||||||||||
6/30/12 |
3/31/12 |
12/31/2011 |
9/30/2011 |
6/30/2011 |
|||||||
(In Thousands) |
|||||||||||
Net income |
$ 6,404 |
$ 5,316 |
$ 3,832 |
$ 2,110 |
$ 3,614 |
||||||
Income tax expense |
3,511 |
2,894 |
1,979 |
608 |
1,792 |
||||||
Provision for loan losses |
950 |
3,750 |
5,300 |
4,400 |
4,850 |
||||||
Write-down of ORE |
1,138 |
947 |
1,442 |
677 |
1,069 |
||||||
Other cost of ORE operations |
564 |
789 |
887 |
639 |
724 |
||||||
Pre-tax, pre-credit related earnings |
12,567 |
13,696 |
13,440 |
8,434 |
12,049 |
||||||
Less security gains |
– |
(303) |
(237) |
– |
(1,078) |
||||||
Less acquisition gain |
– |
(206) |
(1,527) |
– |
– |
||||||
Less accretion of FDIC indemnification asset |
(96) |
(171) |
– |
– |
– |
||||||
Core operating earnings (1) |
$12,471 |
$13,016 |
$11,676 |
$ 8,434 |
$10,971 |
||||||
(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
Loans and other real estate acquired in the FDIC-assisted transactions of Decatur First Bank and Security Exchange 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 five years for commercial loans and with the Loss Share Agreements for Decatur First, 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. There were no residential mortgage loans included in the Loss Share Agreement for Security Exchange.
The following table provides a comparison of the activity affecting the allowance for loan loss:
Q2 2012 |
Q1 2012 |
Q2 2011 |
YTD 2012 |
YTD 2011 |
||||||
(Dollars in Millions) |
||||||||||
Net charge-offs |
$3.0 |
$2.4 |
$4.7 |
$5.5 |
$8.9 |
|||||
Net charge-off ratio |
0.65% |
0.59% |
1.22% |
0.60% |
1.15% |
|||||
Provision for loan loss |
$1.0 |
$3.8 |
$4.9 |
$4.7 |
$10.6 |
Net charge-offs were $3.0 million in the second quarter of 2012 compared to $2.4 million in the first quarter of 2012 and $4.7 million in the second quarter of 2011. The ratio of net charge-offs to average loans outstanding was 0.65% for the quarter ended June 30, 2012, compared to 0.59% for the first quarter of 2012 and 1.22% for the second quarter of 2011. Provision expense was $950,000 for the second quarter of 2012, compared to $3.8 million during the first quarter of 2012 and $4.9 million during the second quarter of 2011. The decrease in provision expense resulted from the decrease in the required allowance for loan loss which declined primarily as a result of charge-offs for classified construction borrowers which were processed during the quarter and properties transferred to ORE following foreclosure.
Net charge-offs decreased $3.4 million for the first six months of 2012 to $5.5 million compared to $8.9 million for the same period of 2011. For the first six months of 2012, the ratio of net-charge offs to average loans outstanding was 0.60% compared to 1.15% for the same period of 2011. Provision expense decreased $5.9 million for the first six months of 2012 to $4.7 million compared to $10.6 million for the same period of 2011.
Excluding covered loans, the allowance for loan losses at June 30, 2012 was $27.2 million, or 1.66% of total loans, compared to an allowance of $29.3 million, or 1.84% of total loans, at March 31, 2012, and $29.8 million, or 2.04% of total loans, at June 30, 2011. The decline in the allowance as a percentage of total loans reflects improvement in the overall quality of the loan portfolio.
The following table presents certain credit quality metrics of the Bank's loan portfolio, inclusive and exclusive of covered loans. Nonperforming assets include nonaccrual loans, net repossessions and other real estate ("ORE"). Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.
June 30, 2012 |
March 31, 2012 |
|||||||||
Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
June 30, 2011 |
||||||
(Dollars in Millions) |
||||||||||
Nonperforming loans |
$90.9 |
$62.3 |
$74.8 |
$62.9 |
$69.7 |
|||||
Classified loans |
122.3 |
115.7 |
117.9 |
110.6 |
122.5 |
|||||
Allowance for loan losses as |
1.56% |
1.66% |
1.76% |
1.84% |
2.04% |
|||||
Classified items ratio |
51.20% |
48.45% |
50.34% |
47.22% |
51.06% |
|||||
Nonperforming assets ratio |
5.89% |
4.40% |
6.01% |
5.11% |
4.34% |
ORE, net of reserves, increased $17.0 million to $42.7 million at June 30, 2012, compared to $25.7 million at March 31, 2012. The increase was primarily due to the acquisition of Security Exchange Bank, which included $12.9 million in ORE. During the second quarter of 2012, $6.4 million of ORE assets were sold while $22.7 million were added to ORE. Excluding covered assets, ORE additions were $9.7 million and sales were $3.5 million for the quarter.
REAL ESTATE
New residential construction loan advances made during the quarter totaled $10.7 million, while the payoffs of construction loans totaled $26.3 million. Excluding covered loans, construction and A&D loans totaled $82.8 million at June 30, 2012, compared to $90.6 million at March 31, 2012.
CAPITAL
The Company's capital position remained above regulatory requirements at June 30, 2012, with a leverage capital ratio of 10.2%, a tier one ratio of 11.7%, and a total capital ratio of 13.3%, compared to 10.0%, 11.9%, and 13.7% respectively, at March 31, 2012.
At June 30, 2012, the Bank had a leverage ratio of 9.4%, a tier one ratio of 10.7%, and a total capital ratio of 12.5% compared to a leverage ratio of 9.3%, a tier one ratio of 11.0%, and a total capital ratio 12.8% at March 31, 2012.
In June, the U.S. Treasury sold all of its shares of the Company's preferred stock, acquired in December 2008 under TARP, in a public offering as part of a modified Dutch auction process. The Company did not receive any proceeds from this auction, however the Company's operations are no longer limited by the TARP restrictions or regulations.
DEPOSITS
Total deposits of $1,987.3 million at June 30, 2012 have increased from $1,708.4 million as of June 30, 2011, due to the acquisitions of Decatur First Bank in the fourth quarter of 2011 and Security Exchange Bank in the second quarter of 2012 and the Bank's continued efforts to aggressively pursue core deposits.
June 30, 2012 |
March 31, 2012 |
December 31, |
September 30, 2011 |
June 30, 2011 |
||||||||||||||||
$ |
% |
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||||||
(Dollars in Millions) |
||||||||||||||||||||
Core deposits(1) |
$1,634.5 |
82.2 |
$1,546.0 |
82.7 |
$1,523.1 |
81.4 |
$1,414.0 |
80.1 |
$1,363.4 |
79.8 |
||||||||||
Time Deposits > $100,000 |
343.6 |
17.3 |
313.2 |
16.8 |
329.2 |
17.6 |
322.3 |
18.3 |
302.5 |
17.7 |
||||||||||
Brokered deposits |
9.2 |
0.5 |
9.2 |
0.5 |
19.2 |
1.0 |
29.2 |
1.6 |
42.5 |
2.5 |
||||||||||
Total deposits |
$1,987.3 |
100.0 |
$1,868.4 |
100.0 |
$1,871.5 |
100.0 |
$1,765.5 |
100.0 |
$1,708.4 |
100.0 |
||||||||||
Quarterly rate on deposits |
0.69% |
0.66% |
0.77% |
0.88% |
1.06% |
|||||||||||||||
(1) Core deposits are transactional, savings, and time deposits under $100,000. |
NET INTEREST MARGIN
Net interest margin increased 21 basis points to 3.86% in the second quarter of 2012 compared to 3.65% in the second quarter of 2011 and remained unchanged compared to the first quarter of 2012. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.68% for the second quarter of 2012 compared to 3.63% for the first quarter of 2012. Net interest income for the second quarter of 2012 increased $2.9 million, or 16.8%, when compared to the second quarter of 2011 and increased $245,000, or 1.2%, when compared to the first quarter of 2012.
Net interest margin increased 10 basis points to 3.86% for the six months ended June 30, 2012 compared to 3.74% for the same period in 2011. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.66% for the six months ended June 30, 2012 and 3.74% for the same period in 2011. Net interest income for the six months ended June 30, 2012 increased $5.4 million, or 15.7%, to $39.8 million compared to $34.4 million for the same period in 2011.
INTEREST INCOME
Total interest income for the second quarter of 2012 increased $1.0 million, or 4.3%, to $24.1 million compared to $23.1 million for the second quarter of 2011. Average interest-earning assets for the second quarter of 2012 increased $206.4 million, or 11.0%, somewhat offset by a 28 basis point decrease in the yield on average interest-earning assets due primarily to the Bank offering competitive rates. The impact of the acquisitions increased loan interest income by $1.7 million and was somewhat offset by a $701,000 reduction in investment securities interest income for the comparative period. In a linked-quarter comparison, interest income decreased $167,000 as the yield on average interest-earning assets decreased 10 basis points.
For the six months ended June 30, 2012 total interest income increased $1.8 million, or 3.9%, to $48.3 million compared to $46.5 million for the same period in 2011. Average interest-earning assets for the six months ended June 30, 2012 increased $217.6 million, or 11.7%, and was somewhat offset by a 36 basis point decrease in the yield on average interest-earning assets as mentioned above. The impact of the acquisitions increased interest income by $4.0 million which is slightly offset by decreases of $707,000 and $660,000 in both investment securities interest income and interest income from indirect loans, respectively, when compared to the same period in 2011.
INTEREST EXPENSE
Interest expense for the second quarter of 2012 decreased $1.8 million, or 30.6%, compared to the same period in 2011. The decrease in interest expense was attributable to a 53 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $125.3 million, or 7.7%. The Bank's shift in deposit mix toward noninterest-bearing accounts, which made up 17.4% of total deposits at June 30, 2012 compared to 12.6% at June 30, 2011, contributed to the reduction in the cost of funds. The impact of the acquisitions increased interest expense by $136,000 for the respective periods. On a linked-quarter basis, interest expense decreased $412,000, or 8.9%. The decrease in interest expense was attributable to a 10 basis point decrease in the cost of interest-bearing liabilities.
For the six months ended June 30, 2012 interest expense decreased $3.5 million, or 28.5%, to $8.8 million compared to $12.3 million for the same period in 2011. The decrease in interest expense was attributable to a 53 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $131.5 million, or 8.1%. The impact of the acquisitions increased interest expense by $563,000 for the respective periods.
NONINTEREST INCOME
On a year over year basis, noninterest income increased $2.9 million, or 20.6%, to $17.0 million for the quarter ended June 30, 2012, compared to $14.1 million in the second quarter of 2011. The increase in noninterest income was the result of a $5.3 million, or 96.3%, increase in mortgage banking activities partially offset by a decrease in SBA lending of $2.3 million over the respective periods. Income from mortgage lending increased due to a 226% increase in the June 30, 2012 pipeline to $454.7 million, total funded loan volume for the quarter of $471.8 million representing a 72% increase over the year ago quarter slightly offset by a $2.0 million MSR impairment recognized in the current quarter. The continued change in interest rates and the continued uncertainty surrounding the global economy contributed to the decline in MSR. The impact of the acquisitions increased noninterest income $124,000 for the respective periods.
For the six months ended June 30, 2012 noninterest income increased $8.9 million, or 34.6%, to $34.7 million compared to $25.7 million for same period in 2011. The impact of the acquisitions increased noninterest income by $531,000 for the respective periods. The increase is largely attributable to the increase in mortgage banking activities as discussed above.
Indemnification asset income is recorded to reflect additional amounts expected to be received from the FDIC due to covered loan and foreclosed property losses arising during the period. For the first six months of 2012, indemnification asset income was approximately $267,000. There was no indemnification asset income for the same period in 2011.
NONINTEREST EXPENSE
Noninterest expense for the second quarter of 2012 increased $5.2 million, or 24.6%, to $26.1 million compared to $20.9 million for the same period in 2011. The increase was driven by a $3.7 million increase in salaries and employee benefits expense due to higher commission expense related to the increased mortgage banking volume, expansion of our mortgage banking footprint, as well as increased number of employees due to the acquisitions. The impact of the acquisitions increased noninterest expense by $536,000 for the respective periods. On a linked-quarter basis, noninterest expense increased $722,000, or 2.8%. The increase was primarily due to a $476,000 increase in salaries and employee benefits.
For the six months ended June 30, 2012 noninterest expense increased $10.0 million, or 24.3%, to $51.4 million compared to $41.4 million for the same period in 2011. The increase is largely attributable to an increase of $7.7 million in salaries and employee benefits. The impact of the acquisitions increased noninterest expense by $1.1 million for the respective periods.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 30 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 factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2011 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION |
||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||
(UNAUDITED) |
||||||||||||||
(Dollars in Thousands Except Per Share Data) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Six Months Ended June 30, |
||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
||||||||
RESULTS OF OPERATIONS |
||||||||||||||
Net Interest Income |
$ 19,900 |
$ 19,655 |
$ 19,079 |
$ 17,555 |
$ 17,045 |
$ 39,555 |
$ 34,217 |
|||||||
Provision for Loan Losses |
950 |
3,750 |
5,300 |
4,400 |
4,850 |
4,700 |
10,625 |
|||||||
Non-Interest Income |
17,035 |
17,654 |
15,681 |
9,978 |
14,094 |
34,689 |
25,780 |
|||||||
Non-Interest Expense |
26,070 |
25,348 |
23,649 |
20,415 |
20,883 |
51,419 |
41,358 |
|||||||
Income Tax Expense |
3,511 |
2,894 |
1,979 |
608 |
1,792 |
6,405 |
2,558 |
|||||||
Net Income |
6,404 |
5,316 |
3,832 |
2,110 |
3,614 |
11,720 |
5,456 |
|||||||
Preferred Stock Dividends |
(823) |
(823) |
(824) |
(823) |
(823) |
(1,646) |
(1,646) |
|||||||
Net Income Available to Common Shareholders |
5,581 |
4,493 |
3,008 |
1,287 |
2,791 |
10,074 |
3,810 |
|||||||
PERFORMANCE |
||||||||||||||
Earnings Per Share - Basic 1 |
$ 0.39 |
$ 0.32 |
$ 0.22 |
$ 0.09 |
$ 0.23 |
$ 0.71 |
$ 0.32 |
|||||||
Earnings Per Share - Diluted 1 |
$ 0.35 |
$ 0.29 |
$ 0.20 |
$ 0.08 |
$ 0.20 |
$ 0.64 |
$ 0.28 |
|||||||
Return on Average Assets |
1.14% |
0.96% |
0.69% |
0.40% |
0.73% |
1.05% |
0.55% |
|||||||
Return on Average Equity |
14.84% |
12.67% |
9.34% |
5.20% |
9.88% |
13.73% |
7.61% |
|||||||
NET INTEREST MARGIN |
||||||||||||||
Interest Earning Assets |
4.66% |
4.76% |
4.71% |
4.64% |
4.94% |
4.71% |
5.07% |
|||||||
Cost of Funds |
0.96% |
1.06% |
1.17% |
1.28% |
1.49% |
1.01% |
1.54% |
|||||||
Net Interest Spread |
3.70% |
3.70% |
3.54% |
3.36% |
3.45% |
3.70% |
3.54% |
|||||||
Net Interest Margin |
3.86% |
3.86% |
3.72% |
3.55% |
3.65% |
3.86% |
3.74% |
|||||||
CAPITAL |
||||||||||||||
Cash Dividends Per Share |
$ - |
$ - |
$ 0.01 |
$ 0.01 |
$ - |
$ - |
$ - |
|||||||
Dividend Payout Ratio |
0.00% |
0.00% |
4.49% |
10.64% |
0.00% |
0.00% |
0.00% |
|||||||
Tier 1 Risk-Based Capital |
11.68% |
11.91% |
11.85% |
12.35% |
12.78% |
11.68% |
12.78% |
|||||||
Total Risk-Based Capital |
13.29% |
13.66% |
13.70% |
14.31% |
14.80% |
13.29% |
14.80% |
|||||||
Leverage Ratio |
10.19% |
10.04% |
9.83% |
10.16% |
10.47% |
10.19% |
10.47% |
|||||||
AVERAGE BALANCE SHEET |
||||||||||||||
Loans, Net of Unearned |
1,880,933 |
1,785,382 |
1,729,511 |
1,584,647 |
1,555,170 |
1,833,158 |
1,565,821 |
|||||||
Investment Securities |
198,754 |
239,656 |
273,913 |
214,382 |
239,116 |
219,205 |
213,243 |
|||||||
Earning Assets |
2,088,221 |
2,060,788 |
2,049,763 |
1,969,878 |
1,881,860 |
2,074,197 |
1,856,587 |
|||||||
Total Assets |
2,265,875 |
2,215,944 |
2,194,861 |
2,088,138 |
2,006,777 |
2,240,909 |
1,983,539 |
|||||||
Deposits |
1,559,516 |
1,577,682 |
1,576,760 |
1,512,321 |
1,467,806 |
1,568,599 |
1,453,615 |
|||||||
Borrowings |
168,000 |
168,639 |
169,145 |
159,890 |
157,315 |
168,083 |
163,229 |
|||||||
Shareholders' Equity |
173,520 |
168,751 |
162,728 |
161,128 |
148,405 |
171,136 |
144,553 |
|||||||
STOCK PERFORMANCE |
||||||||||||||
Market Price: |
||||||||||||||
Closing 1 |
$ 8.64 |
$ 6.63 |
$ 5.88 |
$ 6.25 |
$ 6.65 |
$ 8.64 |
$ 6.65 |
|||||||
High Close 1 |
$ 8.95 |
$ 6.74 |
$ 6.53 |
$ 6.96 |
$ 8.10 |
$ 8.95 |
$ 8.42 |
|||||||
Low Close 1 |
$ 6.63 |
$ 5.72 |
$ 5.66 |
$ 6.01 |
$ 6.03 |
$ 5.72 |
$ 6.03 |
|||||||
Daily Average Trading Volume |
40,592 |
8,348 |
4,579 |
5,397 |
6,708 |
24,599 |
8,267 |
|||||||
Book Value Per Common Share 1 |
$ 9.25 |
$ 9.09 |
$ 8.91 |
$ 8.52 |
$ 8.31 |
$ 9.25 |
$ 8.31 |
|||||||
Price to Book Value |
0.93 |
0.73 |
0.66 |
0.73 |
0.80 |
0.93 |
0.80 |
|||||||
ASSET QUALITY |
||||||||||||||
Total Non-Performing Loans |
$ 90,908 |
$ 74,816 |
$ 66,801 |
$ 61,406 |
$ 69,654 |
$ 90,908 |
$ 69,654 |
|||||||
Total Non-Performing Assets |
$ 134,738 |
$ 101,511 |
$ 98,750 |
$ 86,977 |
$ 91,612 |
$ 134,738 |
$ 91,612 |
|||||||
Loans 90 Days Past Due and Still Accruing |
$ 111 |
$ 290 |
$ 116 |
$ 422 |
$ - |
$ 111 |
$ - |
|||||||
Including Covered Loans: |
||||||||||||||
Non-Performing Loans as a % of Loans |
5.21% |
4.51% |
4.11% |
4.09% |
4.78% |
5.21% |
4.78% |
|||||||
Non-Performing assets as a % of Loans Plus ORE |
7.52% |
6.01% |
5.96% |
5.24% |
4.34% |
7.52% |
4.34% |
|||||||
ALL to Non-Performing Loans |
29.93% |
39.14% |
41.85% |
47.85% |
42.78% |
29.93% |
42.78% |
|||||||
Net Charge-Offs During the Period to Average Loans |
0.65% |
0.59% |
1.54% |
1.21% |
1.22% |
0.60% |
1.15% |
|||||||
ALL as a % of Loans, at End of Period |
1.56% |
1.77% |
1.72% |
1.96% |
2.04% |
1.56% |
2.04% |
|||||||
Excluding Covered Loans: |
||||||||||||||
Non-Performing Loans as a % of Loans |
3.81% |
3.97% |
3.91% |
4.09% |
4.78% |
3.81% |
4.78% |
|||||||
Non-Performing assets as a % of Loans Plus ORE |
5.33% |
5.16% |
5.30% |
5.24% |
4.34% |
5.33% |
4.34% |
|||||||
ALL to Non-Performing Loans |
43.70% |
46.57% |
46.19% |
47.85% |
42.78% |
43.70% |
42.78% |
|||||||
Net Charge-Offs During the Period to Average Loans |
0.65% |
0.59% |
1.54% |
1.21% |
1.22% |
0.60% |
1.15% |
|||||||
ALL as a % of Loans, at End of Period |
1.65% |
1.84% |
1.81% |
1.96% |
2.04% |
1.65% |
2.04% |
|||||||
OTHER INFORMATION |
||||||||||||||
Non-Interest Income to Revenues |
46.12% |
47.32% |
45.11% |
36.24% |
45.26% |
46.72% |
42.97% |
|||||||
End of Period Shares Outstanding |
14,269,694 |
13,778,071 |
13,552,641 |
13,713,211 |
13,692,544 |
14,269,694 |
13,692,544 |
|||||||
Weighted Average Shares Outstanding - Basic |
14,244,109 |
13,892,146 |
13,509,906 |
13,694,389 |
12,295,807 |
14,183,895 |
11,840,754 |
|||||||
Weighted Average Shares Outstanding - Diluted |
15,987,940 |
15,302,904 |
14,846,700 |
15,142,965 |
13,861,380 |
15,809,352 |
13,448,640 |
|||||||
Full-Time Equivalent Employees |
701.9 |
656.5 |
626.4 |
586.3 |
589.0 |
701.9 |
589.0 |
|||||||
1Adjusted for stock dividends and retroactive application on shares outstanding |
||||||||||||||
FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||
(UNAUDITED) |
|||||||||||||||||
(Dollars in Thousands, Except Per Share Data) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Six Months Ended June 30, |
|||||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||||
INTEREST INCOME |
|||||||||||||||||
Loans, Including Fees |
$ 22,902.7 |
$ 22,737.5 |
$ 22,395.6 |
$ 21,258.0 |
$ 21,153.0 |
$ 45,640.2 |
$ 43,044.4 |
||||||||||
Investment Securities |
1,188.2 |
1,506.4 |
1,783.0 |
1,592.0 |
1,889.0 |
2,694.6 |
3,402.0 |
||||||||||
Federal Funds Sold and Bank Deposits |
4.1 |
18.1 |
26.0 |
109.0 |
49.0 |
22.2 |
90.0 |
||||||||||
Total Interest Income |
24,095.0 |
24,262.0 |
24,204.6 |
22,959.0 |
23,091.0 |
48,357.0 |
46,536.4 |
||||||||||
INTEREST EXPENSE |
|||||||||||||||||
Deposits |
2,657.8 |
3,007.1 |
3,518.6 |
3,810.0 |
4,448.0 |
5,664.9 |
8,980.4 |
||||||||||
Short-term Borrowings |
253.2 |
173.8 |
173.3 |
168.0 |
169.0 |
427.0 |
343.7 |
||||||||||
Subordinated Debt |
1,132.1 |
1,139.3 |
1,128.9 |
1,122.0 |
1,122.0 |
2,271.4 |
2,243.1 |
||||||||||
Other Long-Term Debt |
151.9 |
287.2 |
304.8 |
304.0 |
307.0 |
439.1 |
752.2 |
||||||||||
Total Interest Expense |
4,195.0 |
4,607.4 |
5,125.6 |
5,404.0 |
6,046.0 |
8,802.4 |
12,319.4 |
||||||||||
Net Interest Income |
19,900.0 |
19,654.6 |
19,079.0 |
17,555.0 |
17,045.0 |
39,554.6 |
34,217.0 |
||||||||||
Provision for Loan Losses |
950.0 |
3,750.0 |
5,300.0 |
4,400.0 |
4,850.0 |
4,700.0 |
10,625.0 |
||||||||||
Net Interest Income After Provision |
|||||||||||||||||
For Loan Losses |
18,950.0 |
15,904.6 |
13,779.0 |
13,155.0 |
12,195.0 |
34,854.6 |
23,592.0 |
||||||||||
NONINTEREST INCOME |
|||||||||||||||||
Service Charges on Deposit Accounts |
1,180.5 |
1,132.6 |
1,148.1 |
1,023.0 |
1,015.0 |
2,313.1 |
1,971.9 |
||||||||||
Other Fees and Charges |
852.2 |
783.7 |
683.8 |
676.0 |
672.0 |
1,635.9 |
1,253.2 |
||||||||||
Mortgage Banking Activities |
10,839.8 |
12,084.1 |
8,033.8 |
5,186.0 |
5,484.0 |
22,923.9 |
11,443.2 |
||||||||||
Indirect Lending Activities |
1,610.7 |
1,162.8 |
1,580.8 |
1,600.0 |
1,524.0 |
2,773.5 |
2,710.2 |
||||||||||
SBA Lending Activities |
1,269.9 |
852.5 |
1,871.4 |
756.0 |
3,604.0 |
2,122.4 |
5,835.6 |
||||||||||
Securities Gains |
- |
302.7 |
236.6 |
- |
1,078.0 |
302.7 |
1,078.4 |
||||||||||
Bank Owned Life Insurance |
331.8 |
321.9 |
98.7 |
326.0 |
333.0 |
653.7 |
653.3 |
||||||||||
Accretion on FDIC Indemnification Asset |
96.2 |
171.2 |
- |
- |
- |
267.4 |
- |
||||||||||
Other Operating Income |
854.2 |
842.3 |
2,027.4 |
411.0 |
384.0 |
1,696.5 |
834.6 |
||||||||||
Total Noninterest Income |
17,035.3 |
17,653.8 |
15,680.6 |
9,978.0 |
14,094.0 |
34,689.1 |
25,780.4 |
||||||||||
NONINTEREST EXPENSE |
|||||||||||||||||
Salaries and Employee Benefits |
15,324.8 |
14,849.0 |
13,410.2 |
11,652.0 |
11,641.0 |
30,173.8 |
22,462.8 |
||||||||||
Furniture and Equipment |
994.0 |
976.7 |
795.2 |
737.0 |
791.0 |
1,970.7 |
1,542.8 |
||||||||||
Net Occupancy |
1,279.8 |
1,210.3 |
1,114.9 |
1,094.0 |
1,160.0 |
2,490.1 |
2,295.1 |
||||||||||
Communication Expense |
640.6 |
619.3 |
522.1 |
541.0 |
532.0 |
1,259.9 |
1,094.9 |
||||||||||
Professional and Other Services |
2,081.4 |
2,140.5 |
1,570.9 |
1,474.0 |
1,453.0 |
4,221.9 |
2,645.1 |
||||||||||
Other Real Estate Expense |
1,702.0 |
1,736.5 |
2,328.8 |
1,316.0 |
1,793.0 |
3,438.5 |
4,251.2 |
||||||||||
FDIC Insurance Expanse |
474.6 |
470.5 |
444.6 |
428.0 |
806.0 |
945.1 |
1,708.4 |
||||||||||
Other Operating Expense |
3,573.2 |
3,345.6 |
3,462.4 |
3,173.0 |
2,707.0 |
6,918.8 |
5,357.6 |
||||||||||
Total Noninterest Expense |
26,070.4 |
25,348.4 |
23,649.1 |
20,415.0 |
20,883.0 |
51,418.8 |
41,357.9 |
||||||||||
Income Before Income Tax Expense |
9,914.9 |
8,210.0 |
5,810.5 |
2,718.0 |
5,406.0 |
18,124.9 |
8,014.5 |
||||||||||
Income Tax Expense |
3,510.7 |
2,894.3 |
1,978.7 |
608.0 |
1,792.0 |
6,405.0 |
2,558.3 |
||||||||||
NET INCOME |
6,404.2 |
5,315.7 |
3,831.8 |
2,110.0 |
3,614.0 |
11,719.9 |
5,456.2 |
||||||||||
Preferred Stock Dividends |
823.2 |
823.1 |
823.7 |
823.0 |
823.0 |
1,646.3 |
1,646.3 |
||||||||||
Net Income Available to Common Equity |
$ 5,581.0 |
$ 4,492.6 |
$ 3,008.1 |
$ 1,287.0 |
$ 2,791.0 |
$ 10,073.6 |
$ 3,809.9 |
||||||||||
EARNINGS PER SHARE: 1 |
|||||||||||||||||
Basic Earnings per Share |
$ 0.39 |
$ 0.32 |
$ 0.22 |
$ 0.09 |
$ 0.23 |
$ 0.71 |
$ 0.32 |
||||||||||
Diluted Earnings per Share |
$ 0.35 |
$ 0.29 |
$ 0.20 |
$ 0.08 |
$ 0.20 |
$ 0.64 |
$ 0.28 |
||||||||||
Weighted Average Common Shares |
|||||||||||||||||
Outstanding - Basic |
14,244,109 |
13,892,146 |
13,509,906 |
13,694,389 |
12,295,807 |
14,183,895 |
11,840,754 |
||||||||||
Weighted Average Common Shares |
|||||||||||||||||
Outstanding - Diluted |
15,987,940 |
15,302,904 |
14,846,700 |
15,142,965 |
13,861,380 |
15,809,352 |
13,448,640 |
||||||||||
1Adjusted for stock dividends and retroactive application on shares outstanding |
FIDELITY SOUTHERN CORPORATION |
|||||||||||
CONSOLIDATED BALANCE SHEETS |
|||||||||||
(UNAUDITED) |
|||||||||||
(in Thousands, Except For Share Data) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||
ASSETS |
2012 |
2012 |
2011 |
2011 |
2011 |
||||||
Cash and cash Equivalents |
$ 38,333 |
$ 38,604 |
$ 57,284 |
$ 118,234 |
$ 194,999 |
||||||
Investments Available-For-Sale |
193,251 |
183,611 |
261,419 |
238,488 |
171,683 |
||||||
Investments held-to-Maturity |
7,472 |
8,185 |
8,876 |
9,680 |
10,570 |
||||||
Investment in FHLB Stock |
8,185 |
7,623 |
7,582 |
6,413 |
6,456 |
||||||
Loans Held-For-Sale |
214,335 |
175,736 |
133,849 |
125,268 |
98,333 |
||||||
Loans |
1,746,203 |
1,657,972 |
1,623,871 |
1,500,094 |
1,458,658 |
||||||
Allowance for Loan Losses |
(27,205) |
(29,282) |
(27,956) |
(29,381) |
(29,801) |
||||||
Loans, Net |
1,718,998 |
1,628,690 |
1,595,915 |
1,470,713 |
1,428,857 |
||||||
FDIC Indemnification Receivable |
44,667 |
13,266 |
12,279 |
- |
- |
||||||
Premises and Equipment, Net |
35,949 |
30,352 |
28,909 |
22,057 |
21,154 |
||||||
Other Real Estate, Net |
42,727 |
25,729 |
30,526 |
24,494 |
21,026 |
||||||
Accrued Interest Receivable |
8,432 |
8,238 |
9,015 |
7,825 |
7,704 |
||||||
Bank Owned Life Insurance |
32,091 |
31,786 |
31,490 |
31,183 |
30,878 |
||||||
Deferred Tax Asset, Net |
18,299 |
16,398 |
16,224 |
15,357 |
17,085 |
||||||
Other Assets |
53,017 |
47,008 |
41,427 |
39,963 |
35,591 |
||||||
Total Assets |
$ 2,397,457 |
$ 2,198,828 |
$ 2,218,571 |
$ 2,094,318 |
$ 2,027,251 |
||||||
LIABILITIES |
|||||||||||
Deposits: |
|||||||||||
Noninterest-Bearing Demand |
$ 345,062 |
$ 290,625 |
$ 269,590 |
$ 247,660 |
$ 214,980 |
||||||
Interest-Bearing Demand / Money Market |
618,269 |
557,652 |
526,962 |
447,154 |
421,458 |
||||||
Savings |
338,984 |
377,692 |
389,246 |
401,759 |
420,082 |
||||||
Time Deposits $100,000 and Over |
343,570 |
313,209 |
329,164 |
322,251 |
302,463 |
||||||
Other Time Deposits |
332,185 |
319,995 |
337,350 |
317,489 |
306,971 |
||||||
Brokered Deposits |
9,204 |
9,204 |
19,204 |
29,204 |
42,450 |
||||||
Total Deposit Liabilities |
1,987,274 |
1,868,377 |
1,871,516 |
1,765,517 |
1,708,404 |
||||||
Federal Funds Purchased |
48,718 |
13,555 |
- |
- |
- |
||||||
Short-Term Borrowings |
82,500 |
42,500 |
53,081 |
40,011 |
35,951 |
||||||
Subordinated Debt |
67,527 |
67,527 |
67,527 |
67,527 |
67,527 |
||||||
Other Long-Term Debt |
25,000 |
27,500 |
52,500 |
52,500 |
52,500 |
||||||
Accrued Interest Receivable |
2,231 |
1,667 |
2,535 |
2,078 |
2,686 |
||||||
Other Liabilities |
23,596 |
22,178 |
20,356 |
19,030 |
17,430 |
||||||
Total Liabilities |
2,236,846 |
2,043,304 |
2,067,515 |
1,946,663 |
1,884,498 |
||||||
SHAREHOLDERS' EQUITY |
|||||||||||
Preferred Stock |
46,902 |
46,682 |
46,461 |
46,240 |
46,020 |
||||||
Common Stock |
77,055 |
74,560 |
74,219 |
72,320 |
72,217 |
||||||
Accumulated Other Comprehensive Income |
3,882 |
3,301 |
3,710 |
2,974 |
1,280 |
||||||
Retained Earnings |
51,070 |
47,379 |
42,890 |
41,478 |
40,321 |
||||||
Total Shareholders' Equity |
178,909 |
171,922 |
167,280 |
163,012 |
159,838 |
||||||
Total Liabilities and Shareholders' Equity |
$ 2,415,755 |
$ 2,215,226 |
$ 2,234,795 |
$ 2,109,675 |
$ 2,044,336 |
||||||
Book Value Per Common Share |
$ 9.25 |
$ 9.09 |
$ 8.91 |
$ 8.52 |
$ 8.31 |
||||||
Shares of Common Stock Outstanding 1 |
14,269,694 |
13,778,071 |
13,552,641 |
13,713,211 |
13,692,544 |
||||||
1Adjusted for stock dividends and retroactive application on shares outstanding |
|||||||||||
FIDELITY SOUTHERN CORPORATION |
|||||||||||
LOANS, BY CATEGORY |
|||||||||||
(UNAUDITED) |
|||||||||||
(in Thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||
2012 |
2012 |
2011 |
2011 |
2011 |
|||||||
Commercial, Financial and Agricultural |
$ 101,182 |
$ 105,920 |
$ 106,552 |
$ 93,745 |
$ 92,738 |
||||||
Tax-Exempt Commercial |
4,816 |
4,874 |
4,944 |
4,997 |
5,049 |
||||||
Real Estate Mortgage - Commercial |
491,894 |
393,399 |
409,932 |
364,434 |
350,945 |
||||||
Total Commercial and SBA Loans |
597,892 |
504,193 |
521,428 |
463,176 |
448,732 |
||||||
Real Estate - Construction |
109,501 |
121,830 |
122,795 |
103,164 |
114,307 |
||||||
Real-Estate - Mortgage |
112,832 |
135,039 |
143,717 |
120,971 |
123,589 |
||||||
Consumer Installment |
925,978 |
896,910 |
835,931 |
812,783 |
772,030 |
||||||
Loans |
1,746,203 |
1,657,972 |
1,623,871 |
1,500,094 |
1,458,658 |
||||||
Loans Held-For-Sale |
|||||||||||
Originated Residential Mortgage |
164,144 |
130,075 |
90,907 |
71,063 |
47,503 |
||||||
SBA |
20,191 |
15,661 |
12,942 |
24,205 |
20,830 |
||||||
Indirect Auto |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
||||||
Total Loans Held-For-Sale |
214,335 |
175,736 |
133,849 |
125,268 |
98,333 |
||||||
Total Loans |
$ 1,960,538 |
$ 1,833,708 |
$ 1,757,720 |
$ 1,625,362 |
$ 1,556,991 |
||||||
Legacy Loans |
$ 1,632,014 |
$ 1,584,822 |
$ 1,546,391 |
$ 1,500,094 |
$ 1,458,658 |
||||||
Covered Loans |
114,189 |
73,150 |
77,480 |
- |
- |
||||||
Loans Held-For-Sale |
214,335 |
175,736 |
133,849 |
125,268 |
98,333 |
||||||
Total Loans |
$ 1,960,538 |
$ 1,833,708 |
$ 1,757,720 |
$ 1,625,362 |
$ 1,556,991 |
||||||
DEPOSITS, BY CATEGORY |
|||||||||||
(UNAUDITED) |
|||||||||||
(in Thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||
2012 |
2012 |
2011 |
2011 |
2011 |
|||||||
Noninterest-Bearing Demand |
$ 345,062 |
$ 290,625 |
$ 269,590 |
$ 247,660 |
$ 214,980 |
||||||
Interest Bearing Deposits: |
|||||||||||
Interest-Bearing Demand / Money Market |
618,269 |
557,652 |
526,962 |
447,154 |
421,458 |
||||||
Savings |
338,984 |
377,692 |
389,246 |
401,759 |
420,082 |
||||||
Time Deposits $100,000 and Over |
343,570 |
313,209 |
329,164 |
322,251 |
302,463 |
||||||
Other Time Deposits |
332,185 |
319,995 |
337,350 |
317,489 |
306,971 |
||||||
Brokered Deposits |
9,204 |
9,204 |
19,204 |
29,204 |
42,450 |
||||||
Total Deposits |
$ 1,987,274 |
$ 1,868,377 |
$ 1,871,516 |
$ 1,765,517 |
$ 1,708,404 |
||||||
FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES |
||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||
(Dollars in Thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Six Months Ended June 30, |
||||||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
||||||||||||
Balance at Beginning of Period |
$ 29,282 |
$ 27,956 |
$ 29,381 |
$ 29,801 |
$ 29,694 |
$ 27,956 |
$ 28,082 |
|||||||||||
Net Charge-Offs: |
||||||||||||||||||
Commercial, Financial, and Agricultural |
625 |
18 |
417 |
169 |
3 |
643 |
89 |
|||||||||||
SBA |
84 |
(3) |
694 |
160 |
311 |
81 |
475 |
|||||||||||
Real Estate Construction |
1,607 |
1,367 |
3,413 |
3,427 |
3,608 |
2,974 |
6,058 |
|||||||||||
Real Estate Mortgage |
228 |
- |
72 |
391 |
192 |
228 |
297 |
|||||||||||
Consumer Installment |
483 |
1,042 |
2,129 |
673 |
629 |
1,525 |
1,987 |
|||||||||||
Total Net Charge-Offs |
3,027 |
2,424 |
6,725 |
4,820 |
4,743 |
5,451 |
8,906 |
|||||||||||
Provision for Loan Losses |
950 |
3,750 |
5,300 |
4,400 |
4,850 |
4,700 |
10,625 |
|||||||||||
Balance at End of Period |
$ 27,205 |
$ 29,282 |
$ 27,956 |
$ 29,381 |
$ 29,801 |
$ 27,205 |
$ 29,801 |
|||||||||||
Ratio of Net Charge-Offs during the Period to |
||||||||||||||||||
0.65% |
0.59% |
1.54% |
1.21% |
1.22% |
0.60% |
1.15% |
||||||||||||
Allowance for Loan Losses as a Percentage of Loans |
1.56% |
1.77% |
1.72% |
1.96% |
2.04% |
1.56% |
2.04% |
|||||||||||
Allowance for Loan Losses as a Percentage of Loans |
1.65% |
1.84% |
1.81% |
1.96% |
2.04% |
1.65% |
2.04% |
|||||||||||
NONPERFORMING ASSETS |
||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||
(Dollars in Thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Six Months Ended June 30, |
||||||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
||||||||||||
Legacy Nonperforming Assets |
||||||||||||||||||
Nonaccrual Loans |
$ 62,142 |
$ 62,582 |
$ 60,413 |
$ 60,984 |
$ 69,654 |
$ 62,142 |
$ 69,654 |
|||||||||||
Repossessions |
1,103 |
966 |
1,423 |
1,077 |
932 |
1,103 |
932 |
|||||||||||
Other Real Estate |
24,929 |
18,841 |
21,058 |
24,494 |
21,026 |
24,929 |
21,026 |
|||||||||||
Total Legacy Nonperforming Assets |
$ 88,174 |
$ 82,389 |
$ 82,894 |
$ 86,555 |
$ 91,612 |
$ 88,174 |
$ 91,612 |
|||||||||||
*** Includes SBA Guaranteed Amounts of |
$ 8,882 |
$ 8,040 |
$ 5,216 |
$ 8,641 |
$ 6,669 |
$ 8,882 |
$ 6,669 |
|||||||||||
Legacy Loans Past Due 90 Days or More and Still |
$ 111 |
$ 290 |
$ 116 |
$ 422 |
$ - |
$ 111 |
$ - |
|||||||||||
Legacy Loans 30-89 Days Past Due |
$ 5,214 |
$ 20,024 |
$ 18,879 |
$ 7,110 |
$ 5,704 |
$ 5,214 |
$ 5,704 |
|||||||||||
Ratio of Legacy Loans Past Due 90 Days or More |
0.01% |
0.02% |
0.01% |
0.03% |
0.00% |
0.01% |
0.00% |
|||||||||||
Ratio of Legacy Loans 30-89 Days Past Due to |
0.32% |
0.02% |
0.01% |
0.03% |
0.00% |
0.32% |
100.00% |
|||||||||||
Ratio of Legacy Nonperforming Assets to Total |
4.40% |
5.11% |
5.58% |
5.24% |
4.34% |
4.40% |
4.34% |
|||||||||||
Covered Nonperforming Assets |
||||||||||||||||||
Nonaccrual Loans |
$ 28,655 |
$ 11,944 |
$ 6,272 |
$ - |
$ - |
$ 28,655 |
$ - |
|||||||||||
Other Real Estate |
17,798 |
6,888 |
9,468 |
- |
- |
17,798 |
- |
|||||||||||
Total Covered Nonperforming Assets |
$ 46,453 |
$ 18,832 |
$ 15,740 |
N/A |
N/A |
$ 46,453 |
N/A |
|||||||||||
Classified Assets |
||||||||||||||||||
Classified Loans |
$ 122,280 |
$ 111,894 |
$ 119,569 |
$ 117,990 |
$ 122,946 |
$ 122,280 |
$ 122,946 |
|||||||||||
ORE and Other Nonperforming Assets |
43,830 |
26,695 |
31,949 |
25,571 |
21,958 |
43,830 |
21,958 |
|||||||||||
Total Classified Assets |
$ 166,110 |
$ 138,589 |
$ 151,518 |
$ 143,561 |
$ 144,904 |
$ 166,110 |
$ 144,904 |
|||||||||||
FIDELITY SOUTHERN CORPORATION |
||||||||||
AVERAGE BALANCE, INTEREST AND YIELDS |
||||||||||
(UNAUDITED) |
||||||||||
YEAR TO DATE |
||||||||||
June 30, 2012 |
June 30, 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 |
$ 1,828,287 |
$ 45,572 |
5.00% |
$ 1,560,728 |
$ 42,943 |
5.54% |
||||
Tax-exempt (1) |
4,870 |
102 |
4.28% |
5,093 |
155 |
6.14% |
||||
Total loans |
1,833,158 |
45,675 |
5.00% |
1,565,821 |
43,098 |
5.54% |
||||
Investment securities: |
||||||||||
Taxable |
200,152 |
2,294 |
2.29% |
201,539 |
3,158 |
3.13% |
||||
Tax-exempt (2) |
19,053 |
609 |
6.39% |
11,704 |
367 |
6.28% |
||||
Total investment securities |
219,205 |
2,902 |
2.66% |
213,243 |
3,525 |
3.31% |
||||
Interest-bearing deposits |
20,941 |
22 |
0.21% |
76,705 |
90 |
0.24% |
||||
Federal funds sold |
894 |
- |
0.06% |
818 |
- |
0.06% |
||||
Total interest-earning assets |
2,074,197 |
48,599 |
4.71% |
1,856,587 |
46,713 |
5.07% |
||||
Noninterest-earning: |
||||||||||
Cash and due from banks |
22,234 |
29,947 |
||||||||
Allowance for loan losses |
(28,160) |
(28,684) |
||||||||
Premises and equipment, net |
31,359 |
20,094 |
||||||||
Other real estate |
31,707 |
20,686 |
||||||||
Other assets |
109,572 |
84,909 |
||||||||
Total assets |
$ 2,240,909 |
$ 1,983,539 |
||||||||
Liabilities and shareholders' equity |
||||||||||
Interest-bearing liabilities: |
||||||||||
Demand deposits |
$ 551,785 |
$ 749 |
0.27% |
$ 415,994 |
$ 1,371 |
0.66% |
||||
Savings deposits |
366,822 |
544 |
0.30% |
412,697 |
2,234 |
1.09% |
||||
Time deposits |
649,992 |
4,372 |
1.35% |
624,924 |
5,375 |
1.73% |
||||
Total interest-bearing deposits |
1,568,599 |
5,665 |
0.73% |
1,453,615 |
8,980 |
1.25% |
||||
Federal funds purchased |
11,691 |
49 |
0.84% |
- |
- |
- |
||||
Securities sold under agreements to |
||||||||||
repurchase |
13,512 |
15 |
0.22% |
20,702 |
190 |
1.85% |
||||
Other short-term borrowings |
51,028 |
362 |
1.43% |
10,801 |
154 |
2.87% |
||||
Subordinated debt |
67,527 |
2,273 |
6.77% |
67,527 |
2,243 |
6.70% |
||||
Long-term debt |
36,017 |
439 |
2.45% |
64,199 |
752 |
2.36% |
||||
Total interest-bearing liabilities |
1,748,373 |
8,802 |
1.01% |
1,616,844 |
12,319 |
1.54% |
||||
Noninterest-bearing: |
||||||||||
Demand deposits |
282,909 |
198,023 |
||||||||
Other liabilities |
38,491 |
24,119 |
||||||||
Shareholders' equity |
171,136 |
144,553 |
||||||||
Total liabilities and |
||||||||||
shareholders' equity |
$ 2,240,909 |
$ 1,983,539 |
||||||||
Net interest income / spread |
$ 39,797 |
3.70% |
$ 34,394 |
3.54% |
||||||
Net interest margin |
3.86% |
3.74% |
||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $34,300 and $53,300, respectively. |
||||||||||
(2) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $207,700 and $123,400, respectively. |
||||||||||
FIDELITY SOUTHERN CORPORATION |
||||||||||
AVERAGE BALANCE, INTEREST AND YIELDS |
||||||||||
(UNAUDITED) |
||||||||||
QUARTER ENDED |
||||||||||
June 30, 2012 |
June 30, 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 |
$ 1,876,094 |
$ 22,868 |
4.90% |
$ 1,550,103 |
$ 21,103 |
5.46% |
||||
Tax-exempt (1) |
4,839 |
53 |
4.45% |
5,067 |
77 |
6.14% |
||||
Total loans |
1,880,933 |
22,921 |
4.90% |
1,555,170 |
21,180 |
5.46% |
||||
Investment securities |
||||||||||
Taxable |
179,751 |
989 |
2.20% |
227,412 |
1,767 |
3.11% |
||||
Tax-exempt (2) |
19,003 |
303 |
6.39% |
11,704 |
184 |
6.27% |
||||
Total investment securities |
198,754 |
1,292 |
2.61% |
239,116 |
1,951 |
3.27% |
||||
Interest-bearing deposits |
7,756 |
4 |
0.21% |
86,841 |
49 |
0.22% |
||||
Federal funds sold |
778 |
0 |
0.06% |
733 |
- |
0.05% |
||||
Total interest-earning assets |
2,088,221 |
24,217 |
4.66% |
1,881,860 |
23,180 |
4.94% |
||||
Noninterest-earning: |
||||||||||
Cash and due from banks |
27,367 |
27,933 |
||||||||
Allowance for loan losses |
(28,282) |
(29,019) |
||||||||
Premises and equipment, net |
33,254 |
20,495 |
||||||||
Other real estate |
34,058 |
20,107 |
||||||||
Other assets |
111,256 |
85,401 |
||||||||
Total assets |
$ 2,265,875 |
$ 2,006,777 |
||||||||
Liabilities and shareholders' equity |
||||||||||
Interest-bearing liabilities : |
||||||||||
Demand deposits |
$ 566,587 |
$ 352 |
0.25% |
$ 416,214 |
$ 682 |
0.66% |
||||
Savings deposits |
356,457 |
252 |
0.28% |
417,580 |
1,114 |
1.07% |
||||
Time deposits |
636,472 |
2,054 |
1.30% |
634,012 |
2,652 |
1.68% |
||||
Total interest-bearing deposits |
1,559,516 |
2,658 |
0.69% |
1,467,806 |
4,448 |
1.22% |
||||
Federal funds purchased |
22,910 |
48 |
0.83% |
- |
- |
- |
||||
Securities sold under agreements to |
||||||||||
repurchase |
10,967 |
6 |
0.21% |
14,788 |
24 |
0.64% |
||||
Other short-term borrowings |
64,478 |
198 |
1.24% |
20,495 |
145 |
2.83% |
||||
Subordinated debt |
67,527 |
1,134 |
6.75% |
67,527 |
1,122 |
6.67% |
||||
Long-term debt |
25,028 |
152 |
2.44% |
54,505 |
307 |
2.26% |
||||
Total interest-bearing liabilities |
1,750,426 |
4,195 |
0.96% |
1,625,121 |
6,046 |
1.49% |
||||
Noninterest-bearing : |
||||||||||
Demand deposits |
299,702 |
207,554 |
||||||||
Other liabilities |
42,227 |
25,697 |
||||||||
Shareholders' equity |
173,520 |
148,405 |
||||||||
Total liabilities and |
||||||||||
shareholders' equity |
$ 2,265,875 |
$ 2,006,777 |
||||||||
Net interest income / spread |
$ 20,021 |
3.70% |
$ 17,134 |
3.45% |
||||||
Net interest margin |
3.86% |
3.65% |
||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $17,700 and $26,600, respectively. |
||||||||||
(2) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $103,700 and $61,600, respectively. |
||||||||||
Contacts: |
Martha Fleming, Steve Brolly |
Fidelity Southern Corporation (404) 240-1504 |
SOURCE Fidelity Southern Corporation
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