Fidelity Southern Corporation Earns Net Income of $3.0 Million for Fourth Quarter, $10.1 Million for the Year
ATLANTA, Jan. 20, 2011 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (Nasdaq: LION), holding company for Fidelity Bank (the "Bank"), reported net income of $3.0 million for the fourth quarter of 2010 compared to net income of $1.9 million for the fourth quarter of 2009. After accounting for the TARP preferred dividend, basic and diluted income per share for the fourth quarter of 2010 were $.20 and $.18, respectively, compared to a basic and diluted income per share of $.11 in the fourth quarter of 2009. Net income for the year ended December 31, 2010 was $10.1 million compared to net loss of $3.9 million for 2009. Basic and diluted income per share for the year ended December 31, 2010 were $.64 and $.57, respectively, compared to basic and diluted loss per share of $.70 for 2009.
For the quarter ended |
||||||||||||
12/31/2010 |
9/30/2010 |
6/30/2010 |
3/31/2010 |
12/31/2009 |
||||||||
(In Thousands) |
||||||||||||
Net Income |
$ 2,988 |
$ 2,081 |
$ 4,869 |
$ 195 |
$ 1,928 |
|||||||
Income Tax Expense (Benefit) |
932 |
913 |
2,647 |
(93) |
920 |
|||||||
Provision For Loan Losses |
6,975 |
5,025 |
1,150 |
3,975 |
7,500 |
|||||||
Write-down of ORE |
573 |
698 |
1,615 |
1,367 |
731 |
|||||||
Other cost of ORE Operations |
483 |
713 |
743 |
802 |
1,299 |
|||||||
Pre-Tax, Pre-Credit Related Earnings |
11,951 |
9,430 |
11,024 |
6,246 |
12,378 |
|||||||
Less Security Gains |
– |
– |
(2,291) |
– |
(4,789) |
|||||||
Core Operating Earnings (1) |
$ 11,951 |
$ 9,430 |
$ 8,733 |
$ 6,246 |
$ 7,589 |
|||||||
(1) The calculation of core operating earnings is a non-GAAP measure. We show core operating earnings which remove income taxes, provision for loan losses, cost of operation of ORE, and security gains because we believe that helps show a view of more normalized net revenues. The measure allows better comparability with prior periods, as well as with peers in the industry who also provide a similar presentation. |
||||||||||||
For the fourth quarter of 2010, net income increased 44% from prior quarter and 55% from prior year while core operating earnings for the fourth quarter of 2010 increased 27% and 57%, respectively.
James B. Miller, Jr. Chairman said, "We continue, in this post-recession new credit world, focused on our strategic plan for growth. Because we see opportunity and steady improvement in earnings, substantial investment in our electronic banking and data processing operations and in personnel for compliance and lending continues."
PERSONNEL
Fidelity continues to retain and attract talented bankers in the Atlanta area. At the end of 2009, Fidelity had 488 full time equivalent employees. At the end of 2010, the number of full time equivalent employees increased by 71 to 559. The mortgage department grew by 44 employees, indirect lending grew by 10 employees, commercial lending grew by four employees and SBA lending grew by four employees with the balance primarily in support areas.
ASSET QUALITY
Net charge-offs were $7.2 million in the fourth quarter of 2010 compared to $13.0 million in the fourth quarter of 2009. Year to date, net charge-offs decreased $13.3 million for the year ended December 31, 2010 to $19.1 million compared to $32.4 million in 2009. For the three year period from January 1, 2008 to December 31, 2010, cumulative net charge-offs were $71.0 million compared to an aggregate provision for loan losses of $82.5 million. During this period, for every dollar of net charge-offs realized, the Company recorded $1.16 in provision. The ratio of net charge-offs to average loans outstanding was 1.44% for the year ended December 31, 2010, compared to 2.44% for 2009. Fidelity reported an allowance for loan losses of $28.1 million or 2.00% of total loans at December 31, 2010, compared to $30.1 million or 2.33% at December 31, 2009. The decrease was a result of improving nonaccrual loans and nonperforming assets trends and overall credit trends.
Nonperforming residential construction and development loans at December 31, 2010, included financing for 86 houses and 815 lots and land totaling $54.1 million. During the fourth quarter, $3.1 million of nonperforming construction loans were paid down by our customers.
During the fourth quarter of 2010, $3.9 million of ORE assets were sold while $3.6 million were added to ORE. ORE consists of 55 houses, representing 29.2% of the total ORE balance, 366 lots and eight commercial properties. ORE decreased $1.3 million to $20.5 million at December 31, 2010, compared to $21.8 million at December 31, 2009.
The provision for loan losses for the fourth quarter of 2010 was $7.0 million compared to $7.5 million for the same period in 2009. The provision for loan losses for the year ended December 31, 2010 was $17.1 million compared to $28.8 million in 2009 as a result of improving asset quality and lower charge-offs during the period.
DEPOSITS
Total deposits at December 31, 2010, of $1.613 billion reflect the improvement in the deposit mix brought about by the Bank's strategy to increase core deposits. The Bank aggressively marketed its non-certificate of deposit products in 2010. As a result, demand, money market and savings accounts increased $160.6 million or 18.9% at December 31, 2010, compared to December 31, 2009. The reduction in the interest rate paid on deposit accounts during the year demonstrates the Company's commitment to improved net interest margin.
December 31, 2010 |
December 31, 2009 |
September 30, 2010 |
|||||||||||
$ |
% |
$ |
% |
$ |
% |
||||||||
(Dollars in Millions) |
|||||||||||||
Core deposits(1) |
$1,304.5 |
80.9% |
$1,194.3 |
77.0% |
$1,270.0 |
81.3% |
|||||||
Time Deposits > $100,000 |
246.3 |
15.2 |
257.4 |
16.6 |
208.9 |
13.4 |
|||||||
Brokered deposits |
62.5 |
3.9 |
99.0 |
6.4 |
82.4 |
5.3 |
|||||||
Total deposits |
$1,613.3 |
100.0% |
$1,550.7 |
100.0% |
$1,561.3 |
100.0% |
|||||||
Quarterly rate on deposits |
1.19% |
2.03% |
1.42% |
||||||||||
(1) Core deposits are transactional, savings, and time deposits under $100,000. |
|||||||||||||
REAL ESTATE
New residential construction loan advances made during the quarter totaled $3.6 million, while the payoffs of construction loans totaled $13.2 million. Residential construction and A&D loans totaled $115.5 million at December 31, 2010, which decreased 26% from $156.7 million at December 31, 2009. There were 304 houses and 1,415 lots financed at December 31, 2010, compared to 375 houses and 1,617 lots at December 31, 2009.
Total residential and commercial construction and land loans decreased to $116.8 million or 8.3% of loans at December 31, 2010, from $154.8 million or 12.0% of loans at December 31, 2009, and as a percentage of capital was 59% at December 31, 2010. The regulatory guideline is a maximum of 100%.
All real estate loans, excluding owner-occupied properties, as a percentage of capital was 138% at December 31, 2010. The regulatory guideline is a maximum of 300%.
NET INTEREST MARGIN
Net interest margin increased 57 basis points to 3.88% in the fourth quarter of 2010 compared to 3.31% in the fourth quarter of 2009, and increased 18 basis points from 3.70% for the third quarter of 2010. Net interest income for the fourth quarter of 2010 increased $2.8 million or 18.7% when compared to the same period in 2009. The increase in net interest income for the quarter is a result of a greater reduction in the cost of funds than the decrease in the yield on earning assets.
The net interest margin increased 71 basis points to 3.66% in the year ended December 31, 2010 compared to 2.95% in 2009 due to our increased lending and a reduction in our cost of funds. Average total interest earning assets increased $16.7 million or 0.9% while average loans increased $29.4 million or 2.0% for the year ended December 31, 2010, compared to 2009, respectively. We reduced our deposit cost of funds by 108 basis points during the year ended December 31, 2010 compared to December 31, 2009, while the average deposit balance remained relatively flat. Net interest income for the year ended December 31, 2010 increased $13.1 million or 25.5% over the same period in 2009.
INTEREST INCOME
Total interest income for the fourth quarter of 2010 decreased $570,000 or 2.3% compared to the same period in 2009. The yield on average interest-earning assets decreased 19 basis points and average interest-earning assets for the fourth quarter 2010 increased $21.2 million or 1.2%. The decrease in yield was primarily the result of a decrease in the yield on loans of 38 basis points as the Bank offered competitive rates in the marketplace. In addition, investment security yields decreased 95 basis points to 3.36% due to market rate decreases.
Total interest income for the year ended December 31, 2010 decreased $2.3 million or 2.4% compared to 2009. The decrease in interest income in 2010 was the result of a decrease of 19 basis points in the yield on average interest-earning assets offset in part by the growth in average interest-earning assets in 2010, which increased $16.7 million or 0.9%. The decrease in yield was a result of an 82 basis point decrease in yield on investment securities and a $22.0 million decrease in the average balance of investment securities.
INTEREST EXPENSE
Interest expense for the fourth quarter of 2010 decreased $3.3 million or 34.1% compared to the same period in 2009. The decrease in interest expense was attributable to an 83 basis point decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $6.4 million or 0.4%. In addition to the general decrease in deposit rates, the Bank's shift in deposit mix toward core demand and savings accounts contributed to the reduction in the cost of funds. Brokered deposits decreased $35.9 million compared to December 31, 2009. At December 31, 2010, brokered deposits represented only 3.9% of total deposits.
For the year ended December 31, 2010, interest expense decreased $15.4 million or 33.6% compared to the same period in 2009. The decrease in interest expense was attributable to a 97 basis point decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $8.9 million.
NONINTEREST INCOME
Noninterest income increased $1.4 million or 11.5% to $13.6 million for the quarter ended December 31, 2010, compared to the same period in 2009. The increase in noninterest income was primarily the result of a $6.0 million or 166.0% increase in income from mortgage banking activities. Mortgage banking income improved as a result of higher origination volume, which increased 106.9% compared to the fourth quarter of 2009 to $411 million due to the historically low interest rate environment and an expansion in the number of loan officers. This increase was somewhat offset by a $4.8 million decrease in securities gains as no investment securities were sold during the fourth quarter of 2010.
Noninterest income increased $8.9 million or 26.3% to $42.9 million for the year ended December 31, 2010 compared to 2009. The increase was a result of a $9.5 million or 63.6% increase in income from mortgage banking activities, a $1.3 million or 121.6% increase in income from SBA lending activities and a $782,000 or 114.5% increase in other operating income somewhat offset by a $3.0 million decrease in securities gains. Mortgage banking income improved as a result of higher origination volume, which increased 42.7% to $1.245 billion. SBA income improved as a result of higher sales volume which increased 46% over the same period in 2009 as liquidity continued to improve in the secondary market. Other operating income increased due primarily to higher net gains on the sales of other real estate. Securities gains decreased due to fewer sales compared to 2009.
NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2010 increased $3.6 million or 21.8% to $20.2 million compared to the same period in 2009. The increase was due primarily to higher salaries and employee benefits which increased $3.6 million or 44.0% to $11.9 million due to higher commission expense related to the increased origination volume in the mortgage division as well as an increased number of lenders in the mortgage, SBA, Commercial, and Indirect Auto Lending divisions. Other operating expense increased $755,000 or 41.1% to $2.6 million due to higher mortgage related losses, underwriting, and advertising expenses. The cost of operation of other real estate decreased $974,000 or 48.0% to $1.1 million due to lower foreclosure expenses and write-downs related to ORE.
Noninterest expense for the year ended December 31, 2010 increased $11.4 million or 17.7% to $76.0 million compared to 2009. The increase was a result of higher salaries, commissions and employee benefits which increased $9.3 million or 28.0% to $42.6 million, and higher operating expense, which increased $1.9 or 26.8% to $9.0 million due primarily to higher underwriting, insurance and advertising expense.
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 23 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA, Indirect automobile, and mortgage loans are provided through employees located throughout the Southeast. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of some factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" on page 3 of Fidelity Southern Corporation's 2009 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION |
||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(UNAUDITED) |
||||||
QUARTER ENDED |
YEAR ENDED |
|||||
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
DECEMBER 31, |
DECEMBER 31, |
||||
2010 |
2009 |
2010 |
2009 |
|||
INTEREST INCOME |
||||||
LOANS, INCLUDING FEES |
$ 22,430 |
$ 21,797 |
$ 87,316 |
$ 86,909 |
||
INVESTMENT SECURITIES |
1,440 |
2,615 |
7,790 |
10,511 |
||
FEDERAL FUNDS SOLD AND BANK DEPOSITS |
29 |
57 |
178 |
163 |
||
TOTAL INTEREST INCOME |
23,899 |
24,469 |
95,284 |
97,583 |
||
INTEREST EXPENSE |
||||||
DEPOSITS |
4,713 |
7,973 |
23,445 |
38,621 |
||
SHORT-TERM BORROWINGS |
123 |
195 |
1,021 |
617 |
||
SUBORDINATED DEBT |
1,124 |
1,123 |
4,502 |
4,650 |
||
OTHER LONG-TERM DEBT |
460 |
449 |
1,595 |
2,121 |
||
TOTAL INTEREST EXPENSE |
6,420 |
9,740 |
30,563 |
46,009 |
||
NET INTEREST INCOME |
17,479 |
14,729 |
64,721 |
51,574 |
||
PROVISION FOR LOAN LOSSES |
6,975 |
7,500 |
17,125 |
28,800 |
||
NET INTEREST INCOME AFTER |
||||||
PROVISION FOR LOAN LOSSES |
10,504 |
7,229 |
47,596 |
22,774 |
||
NONINTEREST INCOME |
||||||
SERVICE CHARGES ON DEPOSIT ACCOUNTS |
993 |
1,149 |
4,284 |
4,413 |
||
OTHER FEES AND CHARGES |
559 |
519 |
2,155 |
2,005 |
||
MORTGAGE BANKING ACTIVITIES |
9,636 |
3,623 |
24,478 |
14,961 |
||
INDIRECT LENDING ACTIVITIES |
1,088 |
992 |
4,485 |
4,229 |
||
SBA LENDING ACTIVITIES |
638 |
515 |
2,435 |
1,099 |
||
SECURITIES GAINS |
- |
4,789 |
2,291 |
5,308 |
||
BANK OWNED LIFE INSURANCE |
336 |
332 |
1,316 |
1,280 |
||
OTHER OPERATING INCOME |
343 |
271 |
1,465 |
683 |
||
TOTAL NONINTEREST INCOME |
13,593 |
12,190 |
42,909 |
33,978 |
||
NONINTEREST EXPENSE |
||||||
SALARIES AND EMPLOYEE BENEFITS |
11,939 |
8,292 |
42,573 |
33,261 |
||
FURNITURE AND EQUIPMENT |
719 |
666 |
2,721 |
2,721 |
||
NET OCCUPANCY |
1,106 |
1,125 |
4,480 |
4,421 |
||
COMMUNICATION EXPENSES |
488 |
422 |
1,878 |
1,617 |
||
PROFESSIONAL AND OTHER SERVICES |
1,399 |
1,288 |
4,790 |
4,916 |
||
COST OF OPERATION OF OTHER REAL ESTATE |
1,056 |
2,030 |
6,995 |
6,859 |
||
FDIC INSURANCE EXPENSE |
877 |
910 |
3,534 |
3,666 |
||
OTHER OPERATING EXPENSES |
2,593 |
1,838 |
9,002 |
7,101 |
||
TOTAL NONINTEREST EXPENSE |
20,177 |
16,571 |
75,973 |
64,562 |
||
INCOME (LOSS) BEFORE INCOME TAX (BENEFIT) EXPENSE |
3,920 |
2,848 |
14,532 |
(7,810) |
||
INCOME TAX EXPENSE (BENEFIT) |
932 |
920 |
4,399 |
(3,955) |
||
NET INCOME (LOSS) |
2,988 |
1,928 |
10,133 |
(3,855) |
||
PREFERRED STOCK DIVIDENDS |
(823) |
(824) |
(3,293) |
(3,293) |
||
NET INCOME (LOSS) AVAILABLE TO COMMON EQUITY |
$ 2,165 |
$ 1,104 |
$ 6,840 |
$ (7,148) |
||
INCOME (LOSS) PER SHARE: |
||||||
BASIC INCOME (LOSS) PER SHARE |
$ 0.20 |
$ 0.11 |
$ 0.64 |
$ (0.70) |
||
DILUTED INCOME (LOSS) PER SHARE |
$ 0.18 |
$ 0.11 |
$ 0.57 |
$ (0.70) |
||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC |
10,769,876 |
10,260,736 |
10,667,003 |
10,204,168 |
||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-FULLY DILUTED |
12,162,501 |
10,418,241 |
12,005,189 |
10,204,168 |
||
FIDELITY SOUTHERN CORPORATION |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(UNAUDITED) |
||||
(DOLLARS IN THOUSANDS) |
DECEMBER 31, |
|||
ASSETS |
2010 |
2009 |
||
CASH AND DUE FROM BANKS |
$ 47,242 |
$ 170,692 |
||
FEDERAL FUNDS SOLD |
517 |
428 |
||
CASH AND CASH EQUIVALENTS |
47,759 |
171,120 |
||
INVESTMENTS AVAILABLE-FOR-SALE |
161,478 |
136,917 |
||
INVESTMENTS HELD-TO-MATURITY |
14,110 |
19,326 |
||
INVESTMENT IN FHLB STOCK |
6,542 |
6,767 |
||
LOANS HELD-FOR-SALE |
209,898 |
131,231 |
||
LOANS |
1,403,372 |
1,289,859 |
||
ALLOWANCE FOR LOAN LOSSES |
(28,082) |
(30,072) |
||
LOANS, NET |
1,375,290 |
1,259,787 |
||
PREMISES AND EQUIPMENT, NET |
19,510 |
18,092 |
||
OTHER REAL ESTATE, NET |
20,525 |
21,780 |
||
ACCRUED INTEREST RECEIVABLE |
7,990 |
7,832 |
||
BANK OWNED LIFE INSURANCE |
30,275 |
29,058 |
||
OTHER ASSETS |
51,923 |
49,610 |
||
TOTAL ASSETS |
$ 1,945,300 |
$ 1,851,520 |
||
LIABILITIES |
||||
DEPOSITS: |
||||
NONINTEREST-BEARING DEMAND |
$ 185,614 |
$ 157,511 |
||
INTEREST-BEARING DEMAND/ |
||||
MONEY MARKET |
427,590 |
252,493 |
||
SAVINGS |
398,012 |
440,596 |
||
TIME DEPOSITS, $100,000 AND OVER |
246,317 |
257,450 |
||
OTHER TIME DEPOSITS |
355,715 |
442,675 |
||
TOTAL DEPOSIT LIABILITIES |
1,613,248 |
1,550,725 |
||
SHORT-TERM BORROWINGS |
32,977 |
41,870 |
||
SUBORDINATED DEBT |
67,527 |
67,527 |
||
OTHER LONG-TERM DEBT |
75,000 |
50,000 |
||
ACCRUED INTEREST PAYABLE |
2,973 |
4,504 |
||
OTHER LIABILITIES |
13,064 |
7,209 |
||
TOTAL LIABILITIES |
1,804,789 |
1,721,835 |
||
SHAREHOLDERS' EQUITY |
||||
PREFERRED STOCK |
45,578 |
44,696 |
||
COMMON STOCK |
57,521 |
53,342 |
||
ACCUMULATED OTHER COMPREHENSIVE |
||||
INCOME (LOSS) |
458 |
(64) |
||
RETAINED EARNINGS |
36,954 |
31,711 |
||
TOTAL SHAREHOLDERS' EQUITY |
140,511 |
129,685 |
||
TOTAL LIABILITIES AND SHARE- |
||||
HOLDERS' EQUITY |
$ 1,945,300 |
$ 1,851,520 |
||
BOOK VALUE PER SHARE |
$ 8.81 |
$ 8.27 |
||
SHARES OF COMMON STOCK OUTSTANDING |
10,776,296 |
10,275,941 |
||
FIDELITY SOUTHERN CORPORATION |
|||||
LOANS, BY CATEGORY |
|||||
(UNAUDITED) |
|||||
(DOLLARS IN THOUSANDS) |
|||||
DECEMBER 31, |
|||||
2010 |
2009 |
PERCENT CHANGE |
|||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
$ 97,331 |
$ 113,604 |
(14.32)% |
||
TAX-EXEMPT COMMERCIAL |
5,151 |
5,350 |
(3.72)% |
||
REAL ESTATE MORTGAGE - COMMERCIAL |
351,548 |
287,354 |
22.34% |
||
TOTAL COMMERCIAL |
454,030 |
406,308 |
11.75% |
||
REAL ESTATE-CONSTRUCTION |
116,755 |
154,785 |
(24.57)% |
||
REAL ESTATE-MORTGAGE |
139,254 |
130,984 |
6.31% |
||
CONSUMER INSTALLMENT |
693,333 |
597,782 |
15.98% |
||
LOANS |
1,403,372 |
1,289,859 |
8.80% |
||
LOANS HELD-FOR-SALE: |
|||||
ORIGINATED RESIDENTIAL MORTGAGE LOANS |
155,029 |
80,869 |
91.70% |
||
SBA LOANS |
24,869 |
20,362 |
22.13% |
||
INDIRECT AUTO LOANS |
30,000 |
30,000 |
0.00% |
||
TOTAL LOANS HELD-FOR-SALE |
209,898 |
131,231 |
59.95% |
||
TOTAL LOANS |
$ 1,613,270 |
$ 1,421,090 |
|||
FIDELITY SOUTHERN CORPORATION |
|||
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES |
|||
(UNAUDITED) |
|||
(DOLLARS IN THOUSANDS) |
YEAR ENDED |
||
DECEMBER 31, |
|||
2010 |
2009 |
||
BALANCE AT BEGINNING OF PERIOD |
$ 30,072 |
$ 33,691 |
|
CHARGE-OFFS: |
|||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
883 |
315 |
|
SBA |
381 |
730 |
|
REAL ESTATE-CONSTRUCTION |
11,274 |
20,217 |
|
REAL ESTATE-MORTGAGE |
656 |
416 |
|
CONSUMER INSTALLMENT |
7,086 |
11,622 |
|
TOTAL CHARGE-OFFS |
20,280 |
33,300 |
|
RECOVERIES: |
|||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
23 |
9 |
|
SBA |
5 |
31 |
|
REAL ESTATE-CONSTRUCTION |
361 |
76 |
|
REAL ESTATE-MORTGAGE |
8 |
20 |
|
CONSUMER INSTALLMENT |
768 |
745 |
|
TOTAL RECOVERIES |
1,165 |
881 |
|
NET CHARGE-OFFS |
19,115 |
32,419 |
|
PROVISION FOR LOAN LOSSES |
17,125 |
28,800 |
|
BALANCE AT END OF PERIOD |
$ 28,082 |
$ 30,072 |
|
RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE |
|||
LOANS OUTSTANDING, NET |
1.44% |
2.44% |
|
ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS |
2.00% |
2.33% |
|
NONPERFORMING ASSETS |
|||
(UNAUDITED) |
|||
(DOLLARS IN THOUSANDS) |
DECEMBER 31, |
||
2010 |
2009 |
||
NONACCRUAL LOANS |
$ 76,545 |
$ 69,743 |
|
REPOSSESSIONS |
1,119 |
1,393 |
|
OTHER REAL ESTATE |
20,525 |
21,780 |
|
TOTAL NONPERFORMING ASSETS |
$ 98,189 |
$ 92,916 |
|
*** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY |
$ 7,818 |
$ 4,500 |
|
LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING |
$ - |
$ - |
|
RATIO OF LOANS PAST DUE 90 DAYS OR MORE AND |
|||
STILL ACCRUING TO TOTAL LOANS |
-% |
-% |
|
RATIO OF NONPERFORMING ASSETS TO TOTAL LOANS, |
|||
OREO AND REPOSSESSIONS |
6.01% |
6.43% |
|
DELINQUENCIES |
||||||
(UNAUDITED) |
||||||
(IN THOUSANDS) |
||||||
Dec-10 |
Sep-10 |
Jun-10 |
Mar-10 |
Dec-09 |
||
PAST DUE (30-59) |
$ 9,227 |
$ 4,664 |
$ 7,618 |
$ 19,171 |
$ 11,905 |
|
PAST DUE (60-89) |
1,356 |
9,631 |
1,289 |
658 |
6,505 |
|
PAST DUE (90+) |
- |
- |
- |
563 |
- |
|
TOTAL PAST DUE |
$ 10,583 |
$ 14,295 |
$ 8,907 |
$ 20,392 |
$ 18,410 |
|
INDIRECT |
$ 4,936 |
$ 3,635 |
$ 3,958 |
$ 4,551 |
$ 7,912 |
|
CONSTRUCTION |
1,064 |
8,411 |
- |
12,282 |
292 |
|
COMMERCIAL |
2,075 |
314 |
- |
946 |
5,295 |
|
SBA |
698 |
- |
2,911 |
740 |
3,238 |
|
OTHER |
1,810 |
1,935 |
2,038 |
1,873 |
1,673 |
|
TOTAL PAST DUE |
$ 10,583 |
$ 14,295 |
$ 8,907 |
$ 20,392 |
$ 18,410 |
|
FIDELITY SOUTHERN CORPORATION |
||||||||
AVERAGE BALANCE, INTEREST AND YIELDS |
||||||||
(UNAUDITED) |
||||||||
YEAR ENDED |
||||||||
December 31, 2010 |
December 31, 2009 |
|||||||
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 |
$ 1,475,351 |
$ 87,104 |
5.90% |
$ 1,444,423 |
$ 86,643 |
6.00% |
||
Tax-exempt (1) |
5,267 |
324 |
6.17% |
6,817 |
395 |
5.93% |
||
Total loans |
1,480,618 |
87,428 |
5.90% |
1,451,240 |
87,038 |
6.00% |
||
Investment securities |
||||||||
Taxable |
208,834 |
7,302 |
3.50% |
227,731 |
9,901 |
4.35% |
||
Tax-exempt (2) |
11,706 |
730 |
6.23% |
14,760 |
898 |
6.09% |
||
Total investment securities |
220,540 |
8,032 |
3.65% |
242,491 |
10,799 |
4.47% |
||
Interest-bearing deposits |
74,792 |
177 |
0.24% |
55,149 |
139 |
0.25% |
||
Federal funds sold |
613 |
1 |
0.07% |
11,013 |
24 |
0.22% |
||
Total interest-earning assets |
1,776,563 |
95,638 |
5.38% |
1,759,893 |
98,000 |
5.57% |
||
Cash and due from banks |
12,213 |
25,900 |
||||||
Allowance for loan losses |
(28,085) |
(33,632) |
||||||
Premises and equipment, net |
18,877 |
18,725 |
||||||
Other real estate |
23,225 |
21,527 |
||||||
Other assets |
76,864 |
66,461 |
||||||
Total assets |
$ 1,879,657 |
$ 1,858,874 |
||||||
Liabilities and shareholders' equity |
||||||||
Interest-bearing liabilities : |
||||||||
Demand deposits |
$ 344,607 |
$ 3,014 |
0.87% |
$ 236,819 |
$ 2,794 |
1.18% |
||
Savings deposits |
415,516 |
5,767 |
1.39% |
333,865 |
6,963 |
2.09% |
||
Time deposits |
633,374 |
14,664 |
2.32% |
829,229 |
28,864 |
3.48% |
||
Total interest-bearing deposits |
1,393,497 |
23,445 |
1.68% |
1,399,913 |
38,621 |
2.76% |
||
Federal funds purchased |
740 |
7 |
0.94% |
- |
- |
- |
||
Securities sold under agreements to |
||||||||
repurchase |
22,436 |
442 |
1.97% |
29,237 |
390 |
1.33% |
||
Other short-term borrowings |
14,493 |
572 |
3.94% |
6,407 |
227 |
3.54% |
||
Subordinated debt |
67,527 |
4,502 |
6.67% |
67,527 |
4,650 |
6.89% |
||
Long-term debt |
61,575 |
1,595 |
2.59% |
66,096 |
2,121 |
3.21% |
||
Total interest-bearing liabilities |
1,560,268 |
30,563 |
1.96% |
1,569,180 |
46,009 |
2.93% |
||
Noninterest-bearing : |
||||||||
Demand deposits |
169,120 |
142,656 |
||||||
Other liabilities |
15,137 |
14,425 |
||||||
Shareholders' equity |
135,132 |
132,613 |
||||||
Total liabilities and |
||||||||
shareholders' equity |
$ 1,879,657 |
$ 1,858,874 |
||||||
Net interest income / spread |
$ 65,075 |
3.42% |
$ 51,991 |
2.64% |
||||
Net interest margin |
3.66% |
2.95% |
||||||
(1) Interest income includes the effect of taxable-equivalent |
||||||||
adjustment for 2010 and 2009 of $112,000 and $129,000, respectively. |
||||||||
(2) Interest income includes the effect of taxable-equivalent |
||||||||
adjustment for 2010 and 2009 of $242,000 and $288,000, respectively. |
||||||||
FIDELITY SOUTHERN CORPORATION |
||||||||
AVERAGE BALANCE, INTEREST AND YIELDS |
||||||||
(UNAUDITED) |
||||||||
QUARTER ENDED |
||||||||
December 31, 2010 |
December 31, 2009 |
|||||||
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 |
$ 1,568,247 |
$ 22,377 |
5.67% |
$ 1,426,348 |
$ 21,736 |
6.05% |
||
Tax-exempt (1) |
5,227 |
82 |
6.21% |
5,897 |
90 |
6.26% |
||
Total loans |
1,573,474 |
22,459 |
5.67% |
1,432,245 |
21,826 |
6.05% |
||
Investment securities |
||||||||
Taxable |
167,523 |
1,318 |
3.15% |
237,112 |
2,491 |
4.20% |
||
Tax-exempt (2) |
11,705 |
183 |
6.26% |
11,941 |
185 |
6.18% |
||
Total investment securities |
179,228 |
1,501 |
3.36% |
249,053 |
2,676 |
4.31% |
||
Interest-bearing deposits |
44,798 |
29 |
0.26% |
89,777 |
54 |
0.24% |
||
Federal funds sold |
601 |
- |
0.07% |
5,863 |
3 |
0.22% |
||
Total interest-earning assets |
1,798,101 |
23,989 |
5.29% |
1,776,938 |
24,559 |
5.48% |
||
Cash and due from banks |
22,349 |
24,384 |
||||||
Allowance for loan losses |
(27,663) |
(31,844) |
||||||
Premises and equipment, net |
19,411 |
18,285 |
||||||
Other real estate |
21,560 |
21,245 |
||||||
Other assets |
75,012 |
68,162 |
||||||
Total assets |
$ 1,908,770 |
$ 1,877,170 |
||||||
Liabilities and shareholders' equity |
||||||||
Interest-bearing liabilities : |
||||||||
Demand deposits |
$ 433,452 |
$ 798 |
0.73% |
$ 252,732 |
$ 606 |
0.95% |
||
Savings deposits |
379,991 |
1,084 |
1.13% |
426,124 |
1,783 |
1.66% |
||
Time deposits |
588,528 |
2,831 |
1.91% |
733,904 |
5,584 |
3.02% |
||
Total interest-bearing deposits |
1,401,971 |
4,713 |
1.33% |
1,412,760 |
7,973 |
2.24% |
||
Federal funds purchased |
- |
- |
- |
- |
- |
- |
||
Securities sold under agreements to |
||||||||
repurchase |
22,077 |
123 |
2.21% |
15,188 |
18 |
0.46% |
||
Other short-term borrowings |
- |
- |
0.00% |
17,989 |
177 |
3.91% |
||
Subordinated debt |
67,527 |
1,124 |
6.60% |
67,527 |
1,123 |
6.60% |
||
Long-term debt |
75,000 |
460 |
2.44% |
59,511 |
449 |
2.99% |
||
Total interest-bearing liabilities |
1,566,575 |
6,420 |
1.63% |
1,572,975 |
9,740 |
2.46% |
||
Noninterest-bearing : |
||||||||
Demand deposits |
185,866 |
158,581 |
||||||
Other liabilities |
16,290 |
14,032 |
||||||
Shareholders' equity |
140,039 |
131,582 |
||||||
Total liabilities and |
||||||||
shareholders' equity |
$ 1,908,770 |
$ 1,877,170 |
||||||
Net interest income / spread |
$ 17,569 |
3.66% |
$ 14,819 |
3.02% |
||||
Net interest margin |
3.88% |
3.31% |
||||||
(1) Interest income includes the effect of taxable-equivalent |
||||||||
adjustment for 2010 and 2009 of $29,000 and $29,000, respectively. |
||||||||
(2) Interest income includes the effect of taxable-equivalent |
||||||||
adjustment for 2010 and 2009 of $61,000 and $61,000, respectively. |
||||||||
Contacts: |
Martha Fleming, Steve Brolly |
|
Fidelity Southern Corporation (404) 240-1504 |
||
SOURCE Fidelity Southern Corporation
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