Fidelity Southern Corporation Record Earnings Of $25.3 Million For 2012; Revenue Increases 27.8% For 2012; 2012 Return On Assets Reaches 1.08%
ATLANTA, Jan. 17, 2013 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ:LION), holding company for Fidelity Bank (the "Bank"), reported net income of $25.3 million for the year ended 2012 compared to $11.4 million for the year ended 2011. For the quarter ended December 31, 2012, net income was $5.4 million compared to $8.2 million for the third quarter of 2012 and $3.8 million for the fourth quarter of 2011. After accounting for the preferred dividend, basic and diluted earnings per share for the year ended 2012 were $1.51 and $1.34, respectively, which compared to basic and diluted earnings per share of $0.62 and $0.56, respectively, for the year ended 2011. Basic and diluted earnings per share for the fourth quarter of 2012 were $0.31 and $0.28, respectively, compared to $0.50 and $0.44, respectively, for the third quarter of 2012 and $0.21 and $0.20, respectively, for the fourth quarter of 2011.
Fidelity's Chairman, Jim Miller, said, "2012 was a record year with improvement in many areas. We experienced significant organic and M&A growth, and strong fee income in all lines of business. We also controlled expenses as a result of consolidations and the integration of our acquired banks. The year 2013 offers continued opportunities to grow, operate more efficiently, and improve our credit costs as the economy improves."
| For the Quarter Ended |
||||||||||||||||||||
| (in thousands) |
12/31/12 |
9/30/12 |
6/30/12 |
3/31/12 |
12/31/11 |
|||||||||||||||
| Net income |
$ |
5,440 |
$ |
8,167 |
$ |
6,404 |
$ |
5,316 |
$ |
3,832 |
||||||||||
| Income tax expense |
3,088 |
4,816 |
3,511 |
2,894 |
1,979 |
|||||||||||||||
| Provision for loan losses |
5,243 |
3,477 |
950 |
3,750 |
5,300 |
|||||||||||||||
| Write-down of ORE |
1,152 |
1,452 |
1,138 |
947 |
1,442 |
|||||||||||||||
| Other cost of ORE operations |
1,358 |
1,376 |
564 |
789 |
887 |
|||||||||||||||
| Pre-tax, pre-credit related earnings |
16,281 |
19,288 |
12,567 |
13,696 |
13,440 |
|||||||||||||||
| Less security gains |
— |
(4) |
— |
(303) |
(237) |
|||||||||||||||
| Less acquisition gain |
— |
(4,012) |
— |
(206) |
(1,527) |
|||||||||||||||
| Less accretion of FDIC indemnification asset |
(150) |
(285) |
(96) |
(171) |
— |
|||||||||||||||
| Core operating earnings (1) |
$ |
16,131 |
$ |
14,987 |
$ |
12,471 |
$ |
13,016 |
$ |
11,676 |
||||||||||
| (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
The majority of loans and other real estate acquired in the FDIC-assisted transactions are covered under 80% loss sharing agreements with the FDIC, which are classified as covered loans. Covered loans have the protection against losses reimbursable by the FDIC whereas non-covered loans do not have that same protection.
The following table provides a comparison of the activity affecting the allowance for loan loss:
| ($ in millions) |
Q4 2012 |
Q3 2012 |
Q4 2011 |
YTD 2012 |
YTD 2011 |
||||||||||
| Net charge-offs |
$ |
3.7 |
$ |
1.2 |
$ |
6.7 |
$ |
10.3 |
$ |
20.5 |
|||||
| Net charge-off ratio |
0.81% |
0.27% |
1.54% |
0.60% |
1.38% |
||||||||||
| Provision for loan losses - Non-Covered Loans |
$ |
4.6 |
$ |
2.5 |
$ |
5.3 |
$ |
11.9 |
$ |
20.3 |
|||||
| Net impairment provision - Covered Loans |
0.6 |
1.0 |
— |
1.5 |
— |
||||||||||
| Total provision expense |
$ |
5.2 |
$ |
3.5 |
$ |
5.3 |
$ |
13.4 |
$ |
20.3 |
|||||
The following table provides a summary of the net provision expense for the quarter ended December 31, 2012:
| ($ in millions) |
Covered |
Non-Covered |
Total |
|||||||||
| Provision |
$ |
1.6 |
$ |
4.6 |
$ |
6.2 |
||||||
| Benefit attributable to FDIC |
(1.0) |
— |
(1.0) |
|||||||||
| Net provision expense |
$ |
0.6 |
$ |
4.6 |
$ |
5.2 |
||||||
The increase in provision expense for the fourth quarter of 2012 compared to the third quarter of 2012 resulted primarily from provision needed to cover reduced appraisal values on certain collateral dependent loans during the period. During the fourth quarter of 2012, the Bank recorded a net impairment provision of $577,000 to reflect the continued decrease in expected cash flows of covered loans.
Net charge-offs decreased $10.2 million for the year ended 2012 to $10.3 million compared to $20.5 million for the same period of 2011. For the year ended 2012, the ratio of net-charge offs to average loans outstanding was 0.60% compared to 1.38% for the same period of 2011. Non-covered provision expense decreased $8.4 million for the year ended 2012 to $11.9 million compared to $20.3 million for the same period of 2011 primarily as a result of decreased charge-offs.
The allowance for loan losses at December 31, 2012 was $34.0 million, or 2.01% of total loans, compared to an allowance of $31.5 million, or 1.91% of total loans, at September 30, 2012, and $28.0 million, or 1.81% of total loans, at December 31, 2011. The increase is primarily the result of the acquired covered loans.
The following table presents certain credit quality metrics of the Bank's loan portfolio, inclusive and exclusive of covered loans. Nonperforming assets include nonaccrual loans, net repossessions and other real estate ("ORE"). Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.
| December 31, 2012 |
September 30, 2012 |
December 31, 2011 |
||||||||||||||||||||||
| ($ in millions) |
Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
||||||||||||||||||
| Nonperforming loans |
$ |
83.7 |
$ |
57.7 |
$ |
90.1 |
$ |
61.9 |
$ |
66.8 |
$ |
60.4 |
||||||||||||
| Classified loans |
114.9 |
108.9 |
121.6 |
113.5 |
119.6 |
112.2 |
||||||||||||||||||
| Allowance for loan losses as a percentage of total loans |
1.92 |
% |
2.01 |
% |
1.78 |
% |
1.91 |
% |
1.81 |
% |
1.72 |
% |
||||||||||||
| Classified items ratio |
44.17 |
% |
41.87 |
% |
48.31 |
% |
45.09 |
% |
52.43 |
% |
49.45 |
% |
||||||||||||
| Nonperforming assets ratio |
6.88 |
% |
4.74 |
% |
7.62 |
% |
5.12 |
% |
5.28 |
% |
5.96 |
% |
||||||||||||
ORE, net of reserves, decreased $5.4 million to $39.8 million at December 31, 2012, compared to $45.2 million at September 30, 2012. During the fourth quarter of 2012, $11.1 million of ORE assets were sold while $6.1 million were added to ORE. Excluding covered assets, ORE sales were $4.6 million and additions were $4.2 million for the quarter.
CAPITAL
The following table details the Company's and Bank's capital position at December 31, 2012, September 30, 2012 and December 31, 2011:
| Fidelity Southern Corporation |
Fidelity Bank |
||||||||||
| December 31, |
September 30, |
December 31, |
December 31, |
September 30, |
December 31, |
||||||
| Total risk-based capital ratio |
13.23% |
13.41% |
13.70% |
12.46% |
12.62% |
12.73% |
|||||
| Tier 1 risk-based capital ratio |
11.86% |
11.94% |
11.85% |
10.73% |
10.87% |
10.93% |
|||||
| Leverage capital ratio |
10.18% |
9.89% |
9.83% |
9.22% |
9.02% |
9.08% |
|||||
DEPOSITS
Total deposits of $2.1 billion at December 31, 2012 have increased from $1.9 billion as of December 31, 2011, due to the acquisition of Security Exchange Bank in the second quarter of 2012.
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||||||||||||||||||||||
| ($ in millions) |
$ |
% |
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||||||||||||||
| Core deposits(1) |
$ |
1,664.3 |
80.5 |
$ |
1,595.4 |
79.6 |
$ |
1,634.5 |
82.2 |
$ |
1,546.0 |
82.7 |
$ |
1,523.1 |
81.4 |
||||||||||||||
| Time Deposits > $100,000 |
346.7 |
16.8 |
348.9 |
17.4 |
343.6 |
17.3 |
313.2 |
16.8 |
329.2 |
17.6 |
|||||||||||||||||||
| Brokered deposits |
56.9 |
2.7 |
59.3 |
3.0 |
9.2 |
0.5 |
9.2 |
0.5 |
19.2 |
1.0 |
|||||||||||||||||||
| Total deposits |
$ |
2,068.0 |
100.0 |
$ |
2,003.6 |
100.0 |
$ |
1,987.3 |
100.0 |
$ |
1,868.4 |
100.0 |
$ |
1,871.5 |
100.0 |
||||||||||||||
| Quarterly rate on deposits |
0.54% |
0.55% |
0.49% |
0.66% |
0.76% |
||||||||||||||||||||||||
| (1) Core deposits are transactional, savings, and time deposits under $100,000. |
|||||||||||||||||||||||||||||
NET INTEREST MARGIN
Net interest margin decreased 9 basis points to 3.63% in the fourth quarter of 2012 compared to 3.72% in the fourth quarter of 2011 and decreased 11 basis points from 3.74% in the third quarter of 2012. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.56% for the fourth quarter of 2012 compared to 3.62% for the third quarter of 2012. The decrease in net interest margin from the third quarter 2012 was the result of higher yielding assets running off as replacement assets were originated in a lower interest rate environment. Offsetting the lower yields on assets was the high volume of loan originations which resulted in an increase in net interest income for the fourth quarter of 2012 of $1.2 million, or 6.1%, when compared to the fourth quarter of 2011. Net interest income decreased $452,000, or 2.2%, when compared to the third quarter of 2012.
Net interest margin increased 9 basis points to 3.77% for the year ended December 31, 2012 compared to 3.68% for the same period in 2011. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.60% for the year ended December 31, 2012 and 3.68% for the same period in 2011. Net interest income for the year ended December 31, 2012 increased $9.6 million, or 13.5%, to $80.5 million compared to $70.9 million for the same period in 2011.
INTEREST INCOME
Total interest income for the fourth quarter of 2012 increased $62,000, or 0.3%, to $24.3 million compared to $24.2 million for the fourth quarter of 2011. Average interest-earning assets for the fourth quarter of 2012 increased $181.2 million, or 8.8%, somewhat offset by a 36 basis point decrease in the yield on average interest-earning assets due primarily to the Bank offering competitive rates on loans. In a linked-quarter comparison, interest income decreased $670,000 as the yield on average interest-earning assets decreased 16 basis points.
For the year ended December 31, 2012 total interest income increased $3.9 million, or 4.1%, to $97.6 million compared to $93.7 million for the same period in 2011. Average interest-earning assets for the year ended December 31, 2012 increased $214.7 million, or 11.1%, and was somewhat offset by a 31 basis point decrease in the yield on average interest-earning assets as mentioned above. The FDIC-assisted acquisitions of Decatur First Bank and Security Exchange Bank, as previously announced, were accretive to the fourth quarter of 2012 interest income on an after-tax basis of $53,000, or a de minimis impact to diluted earnings per share. On a year-to-date basis, the acquisitions were accretive to interest income on an after-tax basis of $1.3 million, or $0.08 to diluted earnings per share.
INTEREST EXPENSE
Interest expense for the fourth quarter of 2012 decreased $1.1 million, or 22.3%, compared to the same period in 2011 due to a 30 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $118.5 million, or 6.8%. The Bank's shift in deposit mix toward noninterest-bearing accounts, which made up 18.5% of total deposits at December 31, 2012 compared to 14.4% at December 31, 2011, contributed to the reduction in the cost of funds. On a linked-quarter basis, interest expense decreased $219,000, or 5.1%.
For the year ended December 31, 2012 interest expense decreased $5.7 million, or 24.9%, to $17.1 million compared to $22.8 million for the same period in 2011. The decrease in interest expense was attributable to a 43 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $148.0 million, or 8.9%.
NONINTEREST INCOME
On a year over year basis, noninterest income increased $10.5 million, or 67.0%, to $26.2 million for the quarter ended December 31, 2012, compared to $15.7 million in the fourth quarter of 2011. The increase in noninterest income was the result of a $10.6 million, or 132.2%, increase in mortgage banking activities over the respective periods. Income from mortgage banking activities increased due to a 143.6% increase in the December 31, 2012 pipeline to over $514 million compared to the same period a year ago. Total funded loan volume for the quarter of $768.4 million represented a 71.5% increase over the year ago quarter. Mortgage banking revenues for the fourth quarter 2012 were positively impacted due to recoveries of impaired servicing rights of $700,000, a net increase of $2.8 million compared to the third quarter of 2012.
For the year ended December 31, 2012 noninterest income increased $36.5 million, or 71.0%, to $88.0 million compared to $51.4 million for same period in 2011. The increase is largely attributable to the increase in mortgage banking activities as discussed above. SBA loans decreased $3.5 million from 2011 to 2012 as result of a decrease in the gains on sale of SBA loans and servicing rights. Offsetting the decrease in SBA is the $4 million gain on acquisition for Security Exchange Bank, which was recorded in the third quarter of 2012.
The FDIC indemnification asset is originally recorded based on a discounted amount expected to be received from the FDIC for their share of losses on covered loans. The original difference between the full amount and the discounted amount is expected to be recorded in noninterest income over the life of the contract with the FDIC. For the year ended 2012, indemnification income was $702,000. There was no indemnification income for the same period in 2011.
NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2012 increased $9.0 million, or 38.1%, to $32.7 million compared to $23.6 million for the same period in 2011. The increase was driven by a $7.5 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 organic growth and acquisitions. On a linked-quarter basis, noninterest expense increased $1.3 million, or 4.2%. The increase was primarily due to a $2.3 million increase in salaries and employee benefits.
For the year ended December 31, 2012 noninterest expense increased $30.0 million, or 35.1%, to $115.4 million compared to $85.4 million for the same period in 2011. The increase is largely attributable to an increase of $22.1 million in salaries and employee benefits, professional services related to acquisition and internet services of $2.6 million and other expenses of $2.7 million.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 30 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided through employees located in eleven Southern states. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2011 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION
FINANCIAL HIGHLIGHTS
(UNAUDITED)
| Three Months Ended |
|||||||||||||||||||||||||||
| ($ in thousands, except per share and stock |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
Year Ended December 31, |
|||||||||||||||||||||
| 2012 |
2012 |
2012 |
2012 |
2011 |
2012 |
2011 |
|||||||||||||||||||||
| RESULTS OF OPERATIONS |
|||||||||||||||||||||||||||
| Net Interest Income |
$ |
20,239 |
$ |
20,690 |
$ |
19,900 |
$ |
19,655 |
$ |
19,079 |
$ |
80,484 |
$ |
70,851 |
|||||||||||||
| Provision for Loan Losses |
5,243 |
3,477 |
950 |
3,750 |
5,300 |
13,420 |
20,325 |
||||||||||||||||||||
| Non-Interest Income |
26,186 |
27,094 |
17,034 |
17,655 |
15,681 |
87,969 |
51,439 |
||||||||||||||||||||
| Non-Interest Expense |
32,654 |
31,324 |
26,069 |
25,350 |
23,649 |
115,397 |
85,422 |
||||||||||||||||||||
| Income Tax Expense |
3,088 |
4,816 |
3,511 |
2,894 |
1,979 |
14,309 |
5,145 |
||||||||||||||||||||
| Net Income |
5,440 |
8,167 |
6,404 |
5,316 |
3,832 |
25,327 |
11,398 |
||||||||||||||||||||
| Preferred Stock Dividends |
(823) |
(823) |
(823) |
(823) |
(824) |
(3,292) |
(3,293) |
||||||||||||||||||||
| Net Income Available to Common Shareholders |
4,617 |
7,344 |
5,581 |
4,493 |
3,008 |
22,035 |
8,105 |
||||||||||||||||||||
| PERFORMANCE |
|||||||||||||||||||||||||||
| Earnings Per Share - Basic (1) |
$ |
0.31 |
$ |
0.50 |
$ |
0.38 |
$ |
0.31 |
$ |
0.21 |
$ |
1.51 |
$ |
0.62 |
|||||||||||||
| Earnings Per Share - Diluted (1) |
$ |
0.28 |
$ |
0.44 |
$ |
0.34 |
$ |
0.28 |
$ |
0.20 |
$ |
1.34 |
$ |
0.56 |
|||||||||||||
| Return on Average Assets |
0.88 |
% |
1.33 |
% |
1.14 |
% |
0.96 |
% |
0.69 |
% |
1.08 |
% |
0.55 |
% |
|||||||||||||
| Return on Average Equity |
11.36 |
% |
17.93 |
% |
14.84 |
% |
12.67 |
% |
9.34 |
% |
14.19 |
% |
7.43 |
% |
|||||||||||||
| NET INTEREST MARGIN |
|||||||||||||||||||||||||||
| Interest Earning Assets |
4.35 |
% |
4.51 |
% |
4.66 |
% |
4.76 |
% |
4.71 |
% |
4.56 |
% |
4.87 |
% |
|||||||||||||
| Cost of Funds |
0.86 |
% |
0.90 |
% |
0.96 |
% |
1.06 |
% |
1.17 |
% |
0.94 |
% |
1.37 |
% |
|||||||||||||
| Net Interest Spread |
3.49 |
% |
3.61 |
% |
3.70 |
% |
3.70 |
% |
3.54 |
% |
3.62 |
% |
3.50 |
% |
|||||||||||||
| Net Interest Margin |
3.63 |
% |
3.74 |
% |
3.86 |
% |
3.86 |
% |
3.72 |
% |
3.77 |
% |
3.68 |
% |
|||||||||||||
| CAPITAL |
|||||||||||||||||||||||||||
| Cash Dividends Per Share |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
0.01 |
$ |
— |
$ |
0.02 |
|||||||||||||
| Dividend Payout Ratio |
— |
% |
— |
% |
— |
% |
— |
% |
4.61 |
% |
— |
% |
3.22 |
% |
|||||||||||||
| Tier 1 Risk-Based Capital |
11.86 |
% |
11.94 |
% |
11.68 |
% |
11.91 |
% |
11.85 |
% |
11.86 |
% |
11.85 |
% |
|||||||||||||
| Total Risk-Based Capital |
13.23 |
% |
13.41 |
% |
13.29 |
% |
13.66 |
% |
13.70 |
% |
13.23 |
% |
13.70 |
% |
|||||||||||||
| Leverage Ratio |
10.18 |
% |
9.89 |
% |
10.19 |
% |
10.04 |
% |
9.83 |
% |
10.18 |
% |
9.83 |
% |
|||||||||||||
| AVERAGE BALANCE SHEET |
|||||||||||||||||||||||||||
| Loans, Net of Unearned |
$ |
2,044,975 |
$ |
2,013,423 |
$ |
1,880,933 |
$ |
1,785,382 |
$ |
1,729,512 |
$ |
1,931,714 |
$ |
1,611,825 |
|||||||||||||
| Investment Securities |
174,810 |
188,028 |
198,754 |
239,656 |
273,913 |
200,208 |
228,822 |
||||||||||||||||||||
| Earning Assets |
2,230,918 |
2,211,353 |
2,088,221 |
2,060,788 |
2,049,763 |
2,148,428 |
1,933,771 |
||||||||||||||||||||
| Total Assets |
2,454,244 |
2,442,366 |
2,265,875 |
2,215,944 |
2,194,861 |
2,345,176 |
2,063,169 |
||||||||||||||||||||
| Deposits |
1,653,026 |
1,626,290 |
1,559,516 |
1,577,682 |
1,576,760 |
1,604,323 |
1,499,451 |
||||||||||||||||||||
| Borrowings |
211,385 |
256,616 |
168,000 |
168,639 |
169,145 |
207,035 |
163,879 |
||||||||||||||||||||
| Shareholders' Equity |
190,426 |
181,211 |
173,520 |
168,751 |
162,727 |
178,517 |
153,312 |
||||||||||||||||||||
| STOCK PERFORMANCE |
|||||||||||||||||||||||||||
| Market Price: |
|||||||||||||||||||||||||||
| Closing (1) |
$ |
9.55 |
$ |
9.37 |
$ |
8.41 |
$ |
6.46 |
$ |
5.73 |
$ |
9.55 |
$ |
5.73 |
|||||||||||||
| High Close (1) |
$ |
10.33 |
$ |
9.84 |
$ |
8.85 |
$ |
6.70 |
$ |
6.55 |
$ |
10.33 |
$ |
8.85 |
|||||||||||||
| Low Close (1) |
$ |
8.56 |
$ |
8.12 |
$ |
6.38 |
$ |
5.56 |
$ |
5.42 |
$ |
5.56 |
$ |
5.75 |
|||||||||||||
| Daily Average Trading Volume |
16,418 |
20,882 |
42,547 |
8,098 |
4,812 |
21,683 |
6,796 |
||||||||||||||||||||
| Book Value Per Common Share (1) |
$ |
9.85 |
$ |
9.60 |
$ |
9.07 |
$ |
8.63 |
$ |
8.59 |
$ |
9.85 |
$ |
8.59 |
|||||||||||||
| Price to Book Value |
0.97 |
0.98 |
0.93 |
0.75 |
0.67 |
0.97 |
0.67 |
||||||||||||||||||||
| Tangible Book Value Per Common Share (1) |
9.68 |
9.42 |
8.90 |
8.62 |
8.43 |
9.68 |
8.43 |
||||||||||||||||||||
| Price to Tangible Book Value |
0.99 |
0.99 |
0.94 |
0.75 |
0.68 |
0.99 |
0.68 |
||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding.
FIDELITY SOUTHERN CORPORATION
FINANCIAL HIGHLIGHTS continued
(UNAUDITED)
| Three Months Ended |
|||||||||||||||||||||||||||
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
Year Ended December 31, |
||||||||||||||||||||||
| ($ in thousands) |
2012 |
2012 |
2012 |
2012 |
2011 |
2012 |
2011 |
||||||||||||||||||||
| ASSET QUALITY |
|||||||||||||||||||||||||||
| Total Non-Performing Loans |
$ |
83,681 |
$ |
90,145 |
$ |
90,908 |
$ |
74,816 |
$ |
66,801 |
$ |
83,681 |
$ |
66,801 |
|||||||||||||
| Total Non-Performing Assets |
125,062 |
136,439 |
134,627 |
101,221 |
98,634 |
125,062 |
98,634 |
||||||||||||||||||||
| Loans 90 Days Past Due and Still Accruing |
— |
— |
111 |
290 |
116 |
— |
116 |
||||||||||||||||||||
| Including Covered Loans: |
|||||||||||||||||||||||||||
| Non-Performing Loans as a % of Loans |
4.71 |
% |
5.17 |
% |
5.20 |
% |
4.50 |
% |
4.11 |
% |
4.71 |
% |
4.11 |
% |
|||||||||||||
| Non-Performing assets as a % of Loans Plus ORE |
6.88 |
% |
7.62 |
% |
7.52 |
% |
6.01 |
% |
5.96 |
% |
6.88 |
% |
5.96 |
% |
|||||||||||||
| ALL to Non-Performing Loans |
40.61 |
% |
34.49 |
% |
29.96 |
% |
39.29 |
% |
41.85 |
% |
40.61 |
% |
41.85 |
% |
|||||||||||||
| Net Charge-Offs During the Period to Average Loans |
0.81 |
% |
0.27 |
% |
0.70 |
% |
0.58 |
% |
1.54 |
% |
0.60 |
% |
1.38 |
% |
|||||||||||||
| ALL as a % of Loans, at End of Period |
1.92 |
% |
1.78 |
% |
1.55 |
% |
1.76 |
% |
1.72 |
% |
1.92 |
% |
1.72 |
% |
|||||||||||||
| Excluding Covered Loans: |
|||||||||||||||||||||||||||
| Non-Performing Loans as a % of Loans |
3.75 |
% |
3.75 |
% |
3.81 |
% |
3.97 |
% |
3.91 |
% |
3.75 |
% |
3.91 |
% |
|||||||||||||
| Non-Performing assets as a % of Loans Plus ORE |
4.74 |
% |
5.12 |
% |
5.29 |
% |
5.12 |
% |
5.28 |
% |
4.74 |
% |
5.28 |
% |
|||||||||||||
| ALL to Non-Performing Loans |
50.89 |
% |
50.89 |
% |
43.70 |
% |
46.57 |
% |
46.19 |
% |
50.89 |
% |
46.19 |
% |
|||||||||||||
| Net Charge-Offs During the Period to Average Loans |
0.44 |
% |
0.22 |
% |
0.74 |
% |
0.59 |
% |
1.76 |
% |
0.51 |
% |
1.45 |
% |
|||||||||||||
| ALL as a % of Loans, at End of Period |
2.01 |
% |
1.91 |
% |
1.65 |
% |
1.84 |
% |
1.81 |
% |
2.01 |
% |
1.81 |
% |
|||||||||||||
| OTHER INFORMATION |
|||||||||||||||||||||||||||
| Non-Interest Income to Revenues |
56.40 |
% |
56.70 |
% |
46.12 |
% |
47.32 |
% |
45.11 |
% |
52.22 |
% |
42.06 |
% |
|||||||||||||
| End of Period Shares Outstanding (1) |
14,780,175 |
14,626.323 |
14,557.157 |
14,505.212 |
14,068,747 |
14,780,175 |
14,068,747 |
||||||||||||||||||||
| Weighted Average Shares Outstanding - Basic (1) |
14,711,899 |
14,579,100 |
14,530,415 |
14,407,568 |
14,011,146 |
14,557,728 |
13,042,429 |
||||||||||||||||||||
| Weighted Average Shares Outstanding - Diluted (1) |
16,686,123 |
16,510,647 |
16,309.298 |
15,870.668 |
15,397,538 |
16,412,877 |
14,587,300 |
||||||||||||||||||||
| Full-Time Equivalent Employees |
774.2 |
752.6 |
701.9 |
656.5 |
626.4 |
774.2 |
626.4 |
||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding.
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended |
||||||||||||||||||||||||||||
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
Year Ended December 31, |
|||||||||||||||||||||||
| ($ in thousands, except per share data) |
2012 |
2012 |
2012 |
2012 |
2011 |
2012 |
2011 |
|||||||||||||||||||||
| INTEREST INCOME |
||||||||||||||||||||||||||||
| Loans, including fees |
$ |
23,121 |
$ |
23,724 |
$ |
22,902 |
$ |
22,738 |
$ |
22,396 |
$ |
92,485 |
$ |
86,698 |
||||||||||||||
| Investment securities |
1,141 |
1,208 |
1,189 |
1,506 |
1,783 |
5,044 |
6,777 |
|||||||||||||||||||||
| Federal funds sold and bank deposits |
5 |
6 |
4 |
18 |
26 |
33 |
225 |
|||||||||||||||||||||
| Total interest income |
24,267 |
24,938 |
24,095 |
24,262 |
24,205 |
97,562 |
93,700 |
|||||||||||||||||||||
| INTEREST EXPENSE |
||||||||||||||||||||||||||||
| Deposits |
2,722 |
2,686 |
2,658 |
3,007 |
3,519 |
11,073 |
16,309 |
|||||||||||||||||||||
| Short-term borrowings |
425 |
454 |
253 |
174 |
173 |
1,306 |
685 |
|||||||||||||||||||||
| Subordinated debt |
881 |
1,090 |
1,132 |
1,139 |
1,129 |
4,242 |
4,494 |
|||||||||||||||||||||
| Other long-term debt |
— |
18 |
152 |
287 |
305 |
457 |
1,361 |
|||||||||||||||||||||
| Total interest expense |
4,028 |
4,248 |
4,195 |
4,607 |
5,126 |
17,078 |
22,849 |
|||||||||||||||||||||
| Net interest income |
20,239 |
20,690 |
19,900 |
19,655 |
19,079 |
80,484 |
70,851 |
|||||||||||||||||||||
| Provision for loan losses |
5,243 |
3,477 |
950 |
3,750 |
5,300 |
13,420 |
20,325 |
|||||||||||||||||||||
| Net interest income after provision for loan losses |
14,996 |
17,213 |
18,950 |
15,905 |
13,779 |
67,064 |
50,526 |
|||||||||||||||||||||
| NONINTEREST INCOME |
||||||||||||||||||||||||||||
| Service charges on deposit accounts |
1,122 |
1,259 |
1,180 |
1,133 |
1,148 |
4,694 |
4,143 |
|||||||||||||||||||||
| Other fees and charges |
883 |
841 |
852 |
784 |
684 |
3,360 |
2,613 |
|||||||||||||||||||||
| Mortgage banking activities |
18,653 |
14,755 |
10,840 |
12,084 |
8,034 |
56,332 |
24,663 |
|||||||||||||||||||||
| Indirect lending activities |
1,477 |
2,164 |
1,610 |
1,163 |
1,581 |
6,414 |
5,891 |
|||||||||||||||||||||
| SBA lending activities |
715 |
2,107 |
1,269 |
853 |
1,871 |
4,944 |
8,463 |
|||||||||||||||||||||
| Bank owned life insurance |
323 |
330 |
332 |
322 |
99 |
1,307 |
1,315 |
|||||||||||||||||||||
| Securities gains |
— |
4 |
— |
303 |
237 |
307 |
1,078 |
|||||||||||||||||||||
| Other |
3,013 |
5,634 |
951 |
1,013 |
2,027 |
10,611 |
3,273 |
|||||||||||||||||||||
| Total noninterest income |
26,186 |
27,094 |
17,034 |
17,655 |
15,681 |
87,969 |
51,439 |
|||||||||||||||||||||
| NONINTEREST EXPENSE |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
20,886 |
18,589 |
15,325 |
14,849 |
13,410 |
69,649 |
47,525 |
|||||||||||||||||||||
| Furniture and equipment |
1,046 |
1,032 |
994 |
977 |
795 |
4,049 |
3,075 |
|||||||||||||||||||||
| Net occupancy |
1,354 |
1,360 |
1,280 |
1,210 |
1,115 |
5,204 |
4,504 |
|||||||||||||||||||||
| Communication |
647 |
739 |
641 |
619 |
522 |
2,646 |
2,158 |
|||||||||||||||||||||
| Professional and other services |
2,043 |
1,992 |
2,081 |
2,141 |
1,571 |
8,257 |
5,690 |
|||||||||||||||||||||
| Cost of operation of other real estate |
2,510 |
2,828 |
1,702 |
1,737 |
2,329 |
8,777 |
7,896 |
|||||||||||||||||||||
| FDIC insurance premiums |
493 |
479 |
474 |
471 |
445 |
1,917 |
2,581 |
|||||||||||||||||||||
| Other |
3,675 |
4,305 |
3,572 |
3,346 |
3,462 |
14,898 |
11,993 |
|||||||||||||||||||||
| Total noninterest expense |
32,654 |
31,324 |
26,069 |
25,350 |
23,649 |
115,397 |
85,422 |
|||||||||||||||||||||
| Income before income tax expense |
8,528 |
12,983 |
9,915 |
8,210 |
5,811 |
39,636 |
16,543 |
|||||||||||||||||||||
| Income tax expense |
3,088 |
4,816 |
3,511 |
2,894 |
1,979 |
14,309 |
5,145 |
|||||||||||||||||||||
| NET INCOME |
5,440 |
8,167 |
6,404 |
5,316 |
3,832 |
25,327 |
11,398 |
|||||||||||||||||||||
| Preferred stock dividends and discount accretion |
(823) |
(823) |
(823) |
(823) |
(824) |
(3,292) |
(3,293) |
|||||||||||||||||||||
| Net income available to common equity |
$ |
4,617 |
$ |
7,344 |
$ |
5,581 |
$ |
4,493 |
$ |
3,008 |
$ |
22,035 |
$ |
8,105 |
||||||||||||||
| EARNINGS PER SHARE: (1) |
||||||||||||||||||||||||||||
| Basic earnings per share |
$ |
0.31 |
$ |
0.50 |
$ |
0.38 |
$ |
0.31 |
$ |
0.21 |
$ |
1.51 |
$ |
0.62 |
||||||||||||||
| Diluted earnings per share |
$ |
0.28 |
$ |
0.44 |
$ |
0.34 |
$ |
0.28 |
$ |
0.20 |
$ |
1.34 |
$ |
0.56 |
||||||||||||||
| Weighted average common shares outstanding-basic |
14,711,899 |
14,579,100 |
14,530,415 |
14,407,568 |
14,011,146 |
14,557,728 |
13,042,429 |
|||||||||||||||||||||
| Weighted average common shares outstanding-diluted |
16,686,123 |
16,510,647 |
16,309,298 |
15,870,668 |
15,397,538 |
16,412,877 |
14,587,300 |
|||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| ($ in thousands, except share data) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||||||||||||
| ASSETS |
||||||||||||||||||||
| Cash and cash equivalents |
$ |
49,020 |
$ |
47,366 |
$ |
38,333 |
$ |
38,604 |
$ |
57,284 |
||||||||||
| Investment securities available-for-sale |
154,367 |
165,598 |
193,251 |
183,611 |
261,419 |
|||||||||||||||
| Investment securities held-to-maturity |
6,162 |
6,842 |
7,471 |
8,185 |
8,876 |
|||||||||||||||
| Investment in FHLB stock |
7,330 |
9,760 |
8,185 |
7,623 |
7,582 |
|||||||||||||||
| Loans held-for-sale |
304,094 |
259,659 |
214,335 |
175,736 |
133,849 |
|||||||||||||||
| Loans |
1,777,031 |
1,745,185 |
1,746,204 |
1,657,972 |
1,623,871 |
|||||||||||||||
| Allowance for loan losses |
(33,982) |
(31,476) |
(27,205) |
(29,282) |
(27,956) |
|||||||||||||||
| Loans, net of allowance for loan losses |
1,743,049 |
1,713,709 |
1,718,999 |
1,628,690 |
1,595,915 |
|||||||||||||||
| FDIC indemnification asset |
20,074 |
38,225 |
44,667 |
13,266 |
12,279 |
|||||||||||||||
| Premises and equipment, net |
37,669 |
36,519 |
35,949 |
30,352 |
28,909 |
|||||||||||||||
| Other real estate, net |
39,756 |
45,175 |
42,727 |
25,729 |
30,526 |
|||||||||||||||
| Accrued interest receivable |
7,995 |
8,384 |
8,432 |
8,238 |
9,015 |
|||||||||||||||
| Bank owned life insurance |
32,693 |
32,397 |
32,091 |
31,786 |
31,490 |
|||||||||||||||
| Deferred tax asset, net |
19,442 |
16,520 |
18,299 |
16,398 |
16,224 |
|||||||||||||||
| Other assets |
55,640 |
62,640 |
53,016 |
47,008 |
41,427 |
|||||||||||||||
| Total Assets |
$ |
2,477,291 |
$ |
2,442,794 |
$ |
2,415,755 |
$ |
2,215,226 |
$ |
2,234,795 |
||||||||||
| LIABILITIES |
||||||||||||||||||||
| Deposits: |
||||||||||||||||||||
| Noninterest-bearing demand deposits |
$ |
381,846 |
$ |
354,029 |
$ |
345,063 |
$ |
290,625 |
$ |
269,590 |
||||||||||
| Interest-bearing deposits: |
||||||||||||||||||||
| Demand and money market |
638,582 |
604,124 |
618,269 |
557,652 |
526,962 |
|||||||||||||||
| Savings |
329,223 |
310,835 |
338,983 |
377,692 |
389,246 |
|||||||||||||||
| Time deposits, $100,000 and over |
346,743 |
348,871 |
343,570 |
313,209 |
329,164 |
|||||||||||||||
| Other time deposits |
314,675 |
326,471 |
332,185 |
319,995 |
337,350 |
|||||||||||||||
| Brokered deposits |
56,942 |
59,303 |
9,204 |
9,204 |
19,204 |
|||||||||||||||
| Total deposits |
2,068,011 |
2,003,633 |
1,987,274 |
1,868,377 |
1,871,516 |
|||||||||||||||
| Short-term borrowings |
88,500 |
99,500 |
82,500 |
42,500 |
34,500 |
|||||||||||||||
| Federal funds purchased |
37,160 |
50,889 |
48,718 |
13,555 |
18,581 |
|||||||||||||||
| Subordinated debt |
67,527 |
67,527 |
67,527 |
67,527 |
67,527 |
|||||||||||||||
| Other long-term debt |
— |
— |
25,000 |
27,500 |
52,500 |
|||||||||||||||
| Accrued interest payable |
2,093 |
1,467 |
2,231 |
1,667 |
2,535 |
|||||||||||||||
| Other liabilities |
21,112 |
32,277 |
23,596 |
22,178 |
20,356 |
|||||||||||||||
| Total Liabilities |
2,284,403 |
2,255,293 |
2,236,846 |
2,043,304 |
2,067,515 |
|||||||||||||||
| SHAREHOLDERS' EQUITY |
||||||||||||||||||||
| Preferred stock |
47,344 |
47,123 |
46,902 |
46,682 |
46,461 |
|||||||||||||||
| Common stock |
82,499 |
79,855 |
77,055 |
74,560 |
74,219 |
|||||||||||||||
| Accumulated other comprehensive gain, net of tax |
3,545 |
4,242 |
3,882 |
3,301 |
3,710 |
|||||||||||||||
| Retained earnings |
59,500 |
56,281 |
51,070 |
47,379 |
42,890 |
|||||||||||||||
| Total shareholders' equity |
192,888 |
187,501 |
178,909 |
171,922 |
167,280 |
|||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
2,477,291 |
$ |
2,442,794 |
$ |
2,415,755 |
$ |
2,215,226 |
$ |
2,234,795 |
||||||||||
| Book Value Per Common Share (1) |
$ |
9.85 |
$ |
9.60 |
$ |
9.07 |
$ |
8.63 |
$ |
8.59 |
||||||||||
| Shares of Common Stock Outstanding (1) |
14,780,175 |
14,626,323 |
14,557,157 |
14,505,212 |
14,068,747 |
|||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding
FIDELITY SOUTHERN CORPORATION
LOANS, BY CATEGORY
(UNAUDITED)
| ($ in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||||||||||||
| 2012 |
2012 |
2012 |
2012 |
2011 |
||||||||||||||||
| Commercial, Financial and Agricultural |
$ |
119,993 |
$ |
102,494 |
$ |
101,182 |
$ |
105,920 |
$ |
106,552 |
||||||||||
| Tax-Exempt Commercial |
4,698 |
4,787 |
4,816 |
4,874 |
4,944 |
|||||||||||||||
| Real Estate Mortgage - Commercial |
468,477 |
507,408 |
491,894 |
393,399 |
409,932 |
|||||||||||||||
| Total Commercial and SBA Loans |
593,168 |
614,689 |
597,892 |
504,193 |
521,428 |
|||||||||||||||
| Real Estate - Construction |
106,170 |
102,758 |
109,501 |
121,830 |
122,795 |
|||||||||||||||
| Real-Estate - Mortgage |
146,818 |
114,842 |
112,832 |
135,039 |
143,717 |
|||||||||||||||
| Consumer Installment |
930,875 |
912,896 |
925,978 |
896,910 |
835,931 |
|||||||||||||||
| Loans |
1,777,031 |
1,745,185 |
1,746,203 |
1,657,972 |
1,623,871 |
|||||||||||||||
| Loans Held-For-Sale: |
||||||||||||||||||||
| Originated Residential Mortgage |
253,108 |
212,714 |
164,144 |
130,075 |
90,907 |
|||||||||||||||
| SBA |
20,986 |
16,945 |
20,191 |
15,661 |
12,942 |
|||||||||||||||
| Indirect Auto |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
|||||||||||||||
| Total Loans Held-For-Sale |
304,094 |
259,659 |
214,335 |
175,736 |
133,849 |
|||||||||||||||
| Total Loans |
$ |
2,081,125 |
$ |
2,004,844 |
$ |
1,960,538 |
$ |
1,833,708 |
$ |
1,757,720 |
||||||||||
| Non-Covered Loans |
$ |
1,699,892 |
$ |
1,648,678 |
$ |
1,632,014 |
$ |
1,584,822 |
$ |
1,546,391 |
||||||||||
| Covered Loans |
77,139 |
96,507 |
114,189 |
73,150 |
77,480 |
|||||||||||||||
| Loans Held-For-Sale |
304,094 |
259,659 |
214,335 |
175,736 |
133,849 |
|||||||||||||||
| Total Loans |
$ |
2,081,125 |
$ |
2,004,844 |
$ |
1,960,538 |
$ |
1,833,708 |
$ |
1,757,720 |
||||||||||
DEPOSITS, BY CATEGORY
(UNAUDITED)
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
||||||||||||||||
| ($ in thousands) |
2012 |
2012 |
2012 |
2012 |
2011 |
|||||||||||||||
| Noninterest-Bearing Demand |
$ |
381,846 |
$ |
354,029 |
$ |
345,062 |
$ |
290,625 |
$ |
269,590 |
||||||||||
| Interest-Bearing Deposits: |
||||||||||||||||||||
| Interest-Bearing Demand / Money Market |
638,582 |
604,124 |
618,269 |
557,652 |
526,962 |
|||||||||||||||
| Savings |
329,223 |
310,835 |
338,984 |
377,692 |
389,246 |
|||||||||||||||
| Time Deposits $100,000 and Over |
346,743 |
348,871 |
343,570 |
313,209 |
329,164 |
|||||||||||||||
| Other Time Deposits |
314,675 |
326,471 |
332,185 |
319,995 |
337,350 |
|||||||||||||||
| Brokered Deposits |
56,942 |
59,303 |
9,204 |
9,204 |
19,204 |
|||||||||||||||
| Total Deposits |
$ |
2,068,011 |
$ |
2,003,633 |
$ |
1,987,274 |
$ |
1,868,377 |
$ |
1,871,516 |
||||||||||
FIDELITY SOUTHERN CORPORATION
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
| Three Months Ended |
|||||||||||||||||||||||||||
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
Year Ended December 31, |
||||||||||||||||||||||
| ($ in thousands) |
2012 |
2012 |
2012 |
2012 |
2011 |
2012 |
2011 |
||||||||||||||||||||
| Balance at Beginning of Period |
$ |
31,476 |
$ |
27,205 |
$ |
29,282 |
$ |
27,956 |
$ |
29,381 |
$ |
27,956 |
$ |
28,082 |
|||||||||||||
| Net Charge-Offs (Recoveries): |
|||||||||||||||||||||||||||
| Commercial, Financial, and Agricultural |
421 |
41 |
613 |
15 |
417 |
1,090 |
675 |
||||||||||||||||||||
| SBA |
271 |
103 |
84 |
(3) |
694 |
455 |
1,329 |
||||||||||||||||||||
| Real Estate Construction |
(78) |
(31) |
1,607 |
1,300 |
3,413 |
2,798 |
12,898 |
||||||||||||||||||||
| Real Estate Mortgage |
30 |
23 |
228 |
— |
72 |
281 |
487 |
||||||||||||||||||||
| Consumer Installment |
3,026 |
1,085 |
495 |
1,112 |
2,129 |
5,718 |
5,062 |
||||||||||||||||||||
| Total Net Charge-Offs |
3,670 |
1,221 |
3,027 |
2,424 |
6,725 |
10,342 |
20,451 |
||||||||||||||||||||
| Provision for Loan Losses - Non-Covered Loans |
4,666 |
2,500 |
950 |
3,750 |
5,300 |
11,866 |
20,325 |
||||||||||||||||||||
| Net Impairment Provision - Covered Loans |
577 |
977 |
— |
— |
— |
1,554 |
— |
||||||||||||||||||||
| FDIC Indemnification Asset - Covered Loans |
933 |
2,015 |
— |
— |
— |
2,948 |
— |
||||||||||||||||||||
| Balance at End of Period |
$ |
33,982 |
$ |
31,476 |
$ |
27,205 |
$ |
29,282 |
$ |
27,956 |
$ |
33,982 |
$ |
27,956 |
|||||||||||||
| Ratio of Net Charge-Offs during the Period to Average Loans Outstanding, Net |
0.81 |
% |
0.27 |
% |
0.70 |
% |
0.58 |
% |
1.54 |
% |
0.60 |
% |
1.38 |
% |
|||||||||||||
| Allowance for Loan Losses as a Percentage of Loans |
1.92 |
% |
1.78 |
% |
1.55 |
% |
1.76 |
% |
1.72 |
% |
1.92 |
% |
1.72 |
% |
|||||||||||||
| Allowance for Loan Losses as a Percentage of Loans Excluding Covered Loans |
2.01 |
% |
1.91 |
% |
1.65 |
% |
1.84 |
% |
1.81 |
% |
2.01 |
% |
1.81 |
% |
|||||||||||||
NONPERFORMING ASSETS
(UNAUDITED)
| December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||||||||||||
| ($ in thousands) |
2012 |
2012 |
2012 |
2012 |
2011 |
||||||||||||||
| Non-Covered Nonperforming Assets |
|||||||||||||||||||
| Nonaccrual Loans |
$ |
57,713 |
$ |
61,854 |
$ |
62,142 |
$ |
62,582 |
$ |
60,413 |
|||||||||
| Repossessions |
1,625 |
1,119 |
1,103 |
966 |
1,423 |
||||||||||||||
| Other Real Estate |
22,429 |
22,573 |
24,929 |
18,841 |
21,058 |
||||||||||||||
| Total Non-Covered Nonperforming Assets |
$ |
81,767 |
$ |
85,546 |
$ |
88,174 |
$ |
82,389 |
$ |
82,894 |
|||||||||
| *** Includes SBA Guaranteed Amounts of Approximately |
$ |
12,085 |
$ |
8,742 |
$ |
8,882 |
$ |
8,040 |
$ |
5,216 |
|||||||||
| Non-Covered Loans Past Due 90 Days or More and Still Accruing |
$ |
— |
$ |
— |
$ |
111 |
$ |
290 |
$ |
116 |
|||||||||
| Non-Covered Loans 30-89 Days Past Due |
$ |
5,028 |
$ |
7,077 |
$ |
5,214 |
$ |
20,024 |
$ |
18,879 |
|||||||||
| Ratio of Non-Covered Loans Past Due 90 Days or More and Still Accruing to Total Non-Covered Loans |
— |
% |
— |
% |
0.01 |
% |
0.02 |
% |
0.01 |
% |
|||||||||
| Ratio of Non-Covered Loans 30-89 Days Past Due to Total Non-Covered Loans |
0.30 |
% |
0.43 |
% |
0.32 |
% |
1.26 |
% |
1.22 |
% |
|||||||||
| Ratio of Non-Covered Nonperforming Assets to Total Non-Covered Loans, ORE, and Repossessions |
4.74 |
% |
5.12 |
% |
5.29 |
% |
5.12 |
% |
5.28 |
% |
|||||||||
| Covered Nonperforming Assets |
|||||||||||||||||||
| Nonaccrual Loans |
$ |
25,968 |
$ |
28,291 |
$ |
28,655 |
$ |
11,944 |
$ |
6,272 |
|||||||||
| Other Real Estate |
17,327 |
22,602 |
17,798 |
6,888 |
9,468 |
||||||||||||||
| Covered Nonperforming Assets |
$ |
43,295 |
$ |
50,893 |
$ |
46,453 |
$ |
18,832 |
15,740 |
||||||||||
| Classified Assets |
|||||||||||||||||||
| Classified Loans |
$ |
114,857 |
$ |
121,556 |
$ |
122,280 |
$ |
111,894 |
$ |
119,569 |
|||||||||
| ORE and Other Nonperforming Assets |
41,381 |
46,294 |
43,830 |
26,695 |
31,949 |
||||||||||||||
| Total Classified Assets |
$ |
156,238 |
$ |
167,850 |
$ |
166,110 |
$ |
138,589 |
$ |
151,518 |
|||||||||
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
| YEAR TO DATE |
|||||||||||||||||||
| December 31, 2012 |
December 31, 2011 |
||||||||||||||||||
| Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||
| ($ in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
|||||||||||||
| Assets |
|||||||||||||||||||
| Interest-earning assets: |
|||||||||||||||||||
| Loans, net of unearned income: |
|||||||||||||||||||
| Taxable |
$ |
1,926,904 |
$ |
92,347 |
4.79 |
% |
$ |
1,606,783 |
$ |
86,497 |
5.38 |
% |
|||||||
| Tax-exempt (1) |
4,810 |
207 |
4.36 |
% |
5,042 |
308 |
6.14 |
% |
|||||||||||
| Total loans |
1,931,714 |
92,554 |
4.79 |
% |
1,611,825 |
86,805 |
5.38 |
% |
|||||||||||
| Investment securities: |
|||||||||||||||||||
| Taxable |
181,489 |
4,255 |
2.34 |
% |
215,719 |
6,227 |
2.89 |
% |
|||||||||||
| Tax-exempt (2) |
18,719 |
1,200 |
6.41 |
% |
13,103 |
829 |
6.33 |
% |
|||||||||||
| Total investment securities |
200,208 |
5,455 |
0.27 |
% |
228,822 |
7,056 |
3.09 |
% |
|||||||||||
| Interest-bearing deposits |
15,583 |
33 |
0.21 |
% |
92,174 |
225 |
0.24 |
% |
|||||||||||
| Federal funds sold |
923 |
— |
0.06 |
% |
950 |
— |
0.06 |
% |
|||||||||||
| Total interest-earning assets |
2,148,428 |
98,042 |
4.56 |
% |
1,933,771 |
94,086 |
4.87 |
% |
|||||||||||
| Noninterest-earning: |
|||||||||||||||||||
| Cash and due from banks |
24,862 |
23,769 |
|||||||||||||||||
| Allowance for loan losses |
(28,699) |
(28,724) |
|||||||||||||||||
| Premises and equipment, net |
33,982 |
22,253 |
|||||||||||||||||
| Other real estate |
37,172 |
24,754 |
|||||||||||||||||
| Other assets |
129,431 |
87,346 |
|||||||||||||||||
| Total assets |
$ |
2,345,176 |
$ |
2,063,169 |
|||||||||||||||
| Liabilities and shareholders' equity |
|||||||||||||||||||
| Interest-bearing liabilities: |
|||||||||||||||||||
| Demand deposits |
$ |
581,577 |
$ |
1,610 |
0.28 |
% |
$ |
439,243 |
$ |
2,334 |
0.53 |
% |
|||||||
| Savings deposits |
342,806 |
1,169 |
0.34 |
% |
407,865 |
3,183 |
0.78 |
% |
|||||||||||
| Time deposits |
679,940 |
8,294 |
1.22 |
% |
652,343 |
10,792 |
1.65 |
% |
|||||||||||
| Total interest-bearing deposits |
1,604,323 |
11,073 |
0.69 |
% |
1,499,451 |
16,309 |
1.09 |
% |
|||||||||||
| Federal funds purchased |
29,003 |
228 |
0.79 |
% |
36 |
— |
1.06 |
% |
|||||||||||
| Securities sold under agreements to repurchase |
13,007 |
28 |
0.22 |
% |
19,335 |
210 |
1.09 |
% |
|||||||||||
| Other short-term borrowings |
78,769 |
1,050 |
1.33 |
% |
18,680 |
475 |
2.54 |
% |
|||||||||||
| Subordinated debt |
67,527 |
4,242 |
6.28 |
% |
67,527 |
4,494 |
6.66 |
% |
|||||||||||
| Long-term debt |
18,729 |
457 |
2.44 |
% |
58,301 |
1,361 |
2.33 |
% |
|||||||||||
| Total interest-bearing liabilities |
1,811,358 |
17,078 |
0.94 |
% |
1,663,330 |
22,849 |
1.37 |
% |
|||||||||||
| Noninterest-bearing: |
|||||||||||||||||||
| Demand deposits |
329,150 |
219,377 |
|||||||||||||||||
| Other liabilities |
26,151 |
27,150 |
|||||||||||||||||
| Shareholders' equity |
178,517 |
153,312 |
|||||||||||||||||
| Total liabilities and shareholders' equity |
$ |
2,345,176 |
$ |
2,063,169 |
|||||||||||||||
| Net interest income/spread |
$ |
80,964 |
3.62 |
% |
$ |
71,237 |
3.50 |
% |
|||||||||||
| Net interest margin |
3.77 |
% |
3.68 |
% |
|||||||||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $69,500 and $106,500, respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $410,300 and $280,000, respectively.
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
| QUARTER ENDED |
|||||||||||||||||||
| December 31, 2012 |
December 31, 2011 |
||||||||||||||||||
| Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||
| ($ in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
|||||||||||||
| Assets |
|||||||||||||||||||
| Interest-earning assets: |
|||||||||||||||||||
| Loans, net of unearned income: |
|||||||||||||||||||
| Taxable |
$ |
2,040,253 |
$ |
23,086 |
4.50 |
% |
$ |
1,724,546 |
$ |
22,346 |
5.14 |
% |
|||||||
| Tax-exempt (1) |
4,722 |
52 |
4.45 |
% |
4,966 |
77 |
6.14 |
% |
|||||||||||
| Total loans |
2,044,975 |
23,138 |
4.50 |
% |
1,729,512 |
22,423 |
5.15 |
% |
|||||||||||
| Investment securities: |
|||||||||||||||||||
| Taxable |
156,489 |
946 |
2.42 |
% |
256,658 |
1,600 |
2.49 |
% |
|||||||||||
| Tax-exempt (2) |
18,321 |
297 |
6.70 |
% |
17,255 |
277 |
6.43 |
% |
|||||||||||
| Total investment securities |
174,810 |
1,243 |
2.85 |
% |
273,913 |
1,877 |
2.75 |
% |
|||||||||||
| Interest-bearing deposits |
10,058 |
5 |
0.22 |
% |
45,162 |
26 |
0.23 |
% |
|||||||||||
| Federal funds sold |
1,075 |
— |
0.05 |
% |
1,176 |
— |
0.07 |
% |
|||||||||||
| Total interest-earning assets |
2,230,918 |
24,386 |
4.35 |
% |
2,049,763 |
24,326 |
4.71 |
% |
|||||||||||
| Noninterest-earning: |
|||||||||||||||||||
| Cash and due from banks |
29,818 |
20,330 |
|||||||||||||||||
| Allowance for loan losses |
(31,519) |
(28,582) |
|||||||||||||||||
| Premises and equipment, net |
37,030 |
27,261 |
|||||||||||||||||
| Other real estate |
44,363 |
34,417 |
|||||||||||||||||
| Other assets |
143,634 |
91,672 |
|||||||||||||||||
| Total assets |
$ |
2,454,244 |
$ |
2,194,861 |
|||||||||||||||
| Liabilities and shareholders' equity |
|||||||||||||||||||
| Interest-bearing liabilities: |
|||||||||||||||||||
| Demand deposits |
$ |
605,309 |
$ |
425 |
0.28 |
% |
$ |
492,980 |
$ |
481 |
0.39 |
% |
|||||||
| Savings deposits |
317,336 |
353 |
0.44 |
% |
395,654 |
401 |
0.40 |
% |
|||||||||||
| Time deposits |
730,381 |
1,944 |
1.06 |
% |
688,126 |
2,637 |
1.52 |
% |
|||||||||||
| Total interest-bearing deposits |
1,653,026 |
2,722 |
0.66 |
% |
1,576,760 |
3,519 |
0.89 |
% |
|||||||||||
| Federal funds purchased |
40,864 |
77 |
0.75 |
% |
109 |
— |
1.11 |
% |
|||||||||||
| Securities sold under agreements to repurchase |
13,809 |
7 |
0.22 |
% |
18,649 |
11 |
0.23 |
% |
|||||||||||
| Other short-term borrowings |
89,185 |
341 |
1.52 |
% |
30,360 |
162 |
2.12 |
% |
|||||||||||
| Subordinated debt |
67,527 |
881 |
5.19 |
% |
67,527 |
1,129 |
6.64 |
% |
|||||||||||
| Long-term debt |
— |
— |
— |
% |
52,500 |
305 |
2.30 |
% |
|||||||||||
| Total interest-bearing liabilities |
1,864,411 |
4,028 |
0.86 |
% |
1,745,905 |
5,126 |
1.16 |
% |
|||||||||||
| Noninterest-bearing: |
|||||||||||||||||||
| Demand deposits |
369,419 |
257,393 |
|||||||||||||||||
| Other liabilities |
29,988 |
28,836 |
|||||||||||||||||
| Shareholders' equity |
190,426 |
162,727 |
|||||||||||||||||
| Total liabilities and shareholders' equity |
$ |
2,454,244 |
$ |
2,194,861 |
|||||||||||||||
| Net interest income/spread |
$ |
20,358 |
3.49 |
% |
$ |
19,200 |
3.55 |
% |
|||||||||||
| Net interest margin |
3.63 |
% |
3.72 |
% |
|||||||||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $17,500 and $26,400, respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment for 2012 and 2011 of $101,700 and $9,200, respectively.
| Contacts: |
Martha Fleming, Steve Brolly |
| Fidelity Southern Corporation (404) 240-1504 |
SOURCE Fidelity Southern Corporation
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