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Fidelity Southern Corporation Earns $5.3 Million, a 189% Increase, in First Quarter


News provided by

Fidelity Southern Corporation

Apr 19, 2012, 03:38 ET

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ATLANTA, April 19, 2012 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), reported net income of $5.3 million for the first quarter of 2012 compared to $1.8 million for the first quarter of 2011 and $3.8 million for the fourth quarter of 2012.  After accounting for the TARP preferred dividend, basic and diluted earnings per share for the first quarter of 2012 were $.32 and $.29, respectively which compared to basic and diluted earnings per share of $.09 and $.08 in the first quarter of 2011 and $.23 and $.21 in the fourth quarter of 2011, respectively.

The FDIC-assisted acquisition of Decatur First Bank, which was initiated in the fourth quarter of 2011, was completed in the first quarter of 2012 with transition of all accounts to Fidelity Bank systems.  This transaction was accretive to the first quarter 2012 results acquisition contributing approximately $846,000 after taxes to net income, or $.06 to diluted earnings per share. 

Fidelity's Chairman, Jim Miller, said "The quarter saw several positive steps for Fidelity.  There were significant improvements in credit metrics which reflects improving conditions in real estate.  The integration of Decatur First has been successful and we are glad to have been able to broaden our market outreach in our home market of Decatur.  We continue to expand our physical presence with branches in Cumming, Johns Creek, Ponce de Leon in Atlanta, Baymeadows in Jacksonville, and a new Powers Ferry relocation in Cobb County.  We also opened mortgage offices in Loudoun County, Virginia, and Savannah and Kennesaw, Georgia.  Feedback from our customers tells us the economy is indeed improving which leads directly to our improvement in core earnings despite the difficult banking environment of artificially low interest rates and somewhat unrestrained competition." 


For the Quarter Ended



3/31/12


12/31/2011


9/30/2011


6/30/2011


3/31/2011














(In Thousands)












Net income


$5,316


$  3,832


$  2,110


$  3,614


$  1,842

Income tax expense


2,894


1,979


608


1,792


766

Provision for loan losses


3,750


5,300


4,400


4,850


5,775

Write-down of ORE


947


1,442


677


1,069


1,600

Other cost of ORE operations


789


887


639


724


858

Pre-tax, pre-credit related earnings


13,696


13,440


8,434


12,049


10,841

Less security gains


(347)


–


–


(1,078)


–

Less acquisition gain


(206)


(1,527)


–


–


–

Less accretion of FDIC

   indemnification asset


 

(171)


 

–


 

–


 

–


 

–

Core operating earnings (1)


$      12,972


$  11,913


$  8,434


$  10,971


$  10,841













(1)  The calculation of core operating earnings is a non-GAAP measure.  We show core operating earnings which remove the effect of income taxes, provision for loan losses, cost of operation of ORE, security gains, acquisition gain and indemnification asset accretion because we believe that helps show a view of more normalized net revenues.  The measure allows better comparability with prior periods, as well as with peers in the industry who also provide a similar presentation.













ASSET QUALITY

Fidelity continued to experience improvement in asset quality exclusive of covered loans, as nonperforming loans, classified loans and provision expense all decreased for the quarter when compared to prior quarter and the same quarter prior year.

Net charge-offs were $2.4 million in the first quarter of 2012 compared to $6.7 million in the fourth quarter of 2011 and $4.2 million in the first quarter of 2011.  The ratio of net charge-offs to average loans outstanding was .59% for the three months ended March 31, 2012, compared to 1.19% for the same period in 2011 and 1.56% for the fourth quarter of 2011.  Provision expense was $3.8 million for the first quarter of 2012, compared to $5.8 million during the same period in 2011 and $5.3 million during the fourth quarter 2011. 

Loans and other real estate acquired in the FDIC-assisted transaction of Decatur First Bank are covered under loss sharing agreements with the FDIC ("Loss Share Agreements") and are collectively referred to as covered assets.  Under the Loss Share Agreements, the FDIC has agreed to reimburse us for 80% of all losses incurred in connection with those assets for a period of 10 years for residential mortgage loans and a period of five years for commercial loans.

Excluding covered loans, the allowance for loan losses at March 31, 2012 was $29.3 million, or 1.84% of total loans, compared to an allowance of $28.0 million, or 1.81% of total loans, at December 31, 2011, and $29.7 million, or 2.07% of total loans, at March 31, 2011.

The following table presents certain credit quality metrics of Fidelity's loan portfolio, inclusive and exclusive of covered loans.  Nonperforming assets include nonaccrual loans, net repossessions and other real estate. Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.



March 31, 2012


December 31, 2011





Including

Covered

 Loans


Excluding

Covered

 Loans


Including

Covered

 Loans


Excluding

Covered

Loans


 

March 31,

2011














(Dollars in Millions)












Nonperforming loans


$  77.0


$  62.6


$  66.7


$  60.4


$  72.5

Classified assets


111.9


110.6


119.6


112.2


126.8












Allowance for loan losses as a percentage of total loans


 

1.76%


 

1.84%


 

1.72%


 

1.81%


 

2.07%












Classified items ratio


47.78%


47.22%


52.68%


49.45%


58.03%

 

Nonperforming assets ratio


 

6.16%


 

5.11%


 

5.85%


 

5.28%


 

6.36%

The following table provides a comparison of the activity affecting the allowance for loan loss.  Net charge-offs were $70,000 and provision expense was $94,000 for covered loans and during the first quarter of 2012.  There were no charge-offs or provision expense for covered loans during the fourth quarter of 2011.



 

Q1 2012


 

Q4 2011


 

Q1 2011


YTD

2011


YTD

2010














(Dollars in Millions)












Net charge-offs


$2.4


$6.7


$  4.2


$  20.5


$19.1

Net charge-off ratio


.59%


1.68%


1.19%


1.38%


1.44%

Provision for loan loss


$3.8


$5.3


$5.8


$20.3


$17.1

ORE decreased $4.8 million to $25.7 million at March 31, 2012, compared to $30.5 million at December 31, 2011.  During the first quarter of 2012, $7.5 million of ORE assets were sold while $2.5 million were added to ORE.  Excluding covered assets, ORE additions were $1.2 million and sales were $4.2 million for the quarter. 

REAL ESTATE

New residential construction loan advances made during the quarter totaled $8.8 million, while the payoffs of construction loans totaled $16.6 million.  Excluding covered loans, construction and A&D loans totaled $90.6 million at March 31, 2012, compared to $89.1 million at December 31, 2011.  Excluding covered loans there were 374 houses and 985 lots financed at March 31, 2012, compared to 313 houses and 1,106 lots at December 31, 2011.

CAPITAL

The Company's capital position remained well above industry requirements at March 31, 2012, with a leverage capital ratio of 10.0%, a tier one ratio of 11.9%, and a total capital ratio of 13.7%, compared to 9.8%, 11.9%, and 13.1% respectively, at December 31, 2011.

At March 31, 2012, the Bank had a leverage ratio of 9.3%, a tier one ratio of 11.0%, and a total capital ratio of 12.8% compared to a leverage ratio of 9.1%, a tier one ratio of 11.0%, and a total capital ratio 12.7% at December 31, 2011. 

DEPOSITS

Total deposits of $1.868 billion at March 31, 2012 reflect the success of the Bank's strategy to increase and maintain core deposits.  Total deposits have increased from $1.678 billion as of March 31, 2011, due to the acquisition of Decatur First Bank in the fourth quarter of 2011 of approximately $135 million in deposits and the Bank's continued efforts to aggressively pursue core deposits. 



March 31,

2012


December 31,

2011


September 30,

2011


June 30,

2011


March 31,

2011



$


%


$


%


$


%


$


%


$


%




























(Dollars in Millions)


























Core deposits(1)


$1,546.0


82.7


$1,523.1


81.4


$1,414.1


80.1


$1,363.5


79.8


$1,353.7


80.7






















Time Deposits > $100,000


313.2


16.8


329.3


17.6


322.3


18.3


302.5


17.7


271.8


16.2

Brokered deposits


9.2


0.5


19.2


1.0


29.1


1.6


42.4


2.5


52.5


3.1






















Total deposits


$1,868.4


100.0


$1,871.5


100.0


$1,765.5


100.0


$1,708.4


100.0


1,678.0


100.0






















Quarterly rate on deposits


0.66%


0.77%


0.88%


1.06%


1.13%






















(1)  Core deposits are transactional, savings, and time deposits under $100,000. 





NET INTEREST MARGIN

Net interest margin increased 4 basis points to 3.86% in the first quarter of 2012 compared to 3.82% in the first quarter of 2011, and increased 14 basis points from 3.72% for the fourth quarter of 2011.  Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.63% for the first quarter of 2012 compared to 3.69% for the fourth quarter of 2011.  Net interest income for the first quarter of 2012 increased $2.5 million or 14.6% when compared to the same period in 2011 and increased $575,000 or 3.0% when compared to the fourth quarter of 2011.  On a linked-quarter basis, the increase in net interest income is due to a greater reduction in the cost of funds than the decrease in the yield on earning assets.  On a year-to-date basis, the increase in net interest income is due to an increase in the average balance of interest-earning assets combined with a decrease in the cost of interest-bearing liabilities.

INTEREST INCOME

Total interest income for the first quarter of 2012 increased $817,000 or 3.5% compared to the same period in 2011.  Average interest-earning assets for the first quarter of 2012 increased nearly $230 million or 12.5%, but was somewhat offset by a 45 basis point decrease in the yield on average interest-earning assets due primarily to the Bank offering competitive rates in the marketplace.

In a linked-quarter comparison, interest income remained stable, increasing only $56,000 as average earning assets and the yield on earning assets each increased approximately 1%.

INTEREST EXPENSE

Interest expense for the first quarter of 2012 decreased $1.7 million or 26.6% compared to the same period in 2011.  The decrease in interest expense was attributable to a 52 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $137.8 million or 8.6%.  In addition to the general decrease in deposit rates, the Bank's shift in deposit mix toward noninterest-bearing accounts, which made up 13.2% of total deposits at March 31, 2012 compared to 10.5% at March 31, 2011, contributed to the reduction in the cost of funds.

On a linked-quarter basis, interest expense decreased $519,000 or 10.1%.  The decrease in interest expense was attributable to an 11 basis point decrease in the cost of interest-bearing liabilities. 

NONINTEREST INCOME

On a year over year basis, noninterest income increased $6.0 million or 51.5% to $17.7 million for the quarter ended March 31, 2012, compared to noninterest income of $11.7 million for the same period in 2011.  The increase in noninterest income was the result of a $6.1 million or 102.8% increase in mortgage banking activities.  Income from mortgage lending increased due to a 101% increase in the March 31, 2012 pipeline to over $330.5 million, total funded loan volume for the quarter of $400.7 million representing an 89% increase over the year ago quarter and a $1.1 million MSR impairment recovery recognized in the current quarter. 

On a linked-quarter basis, noninterest income increased $2.0 million or 12.9% from $15.7 million recognized during the fourth quarter of 2011.  A $4.1 million increase in mortgage banking income was partially offset by a $1.0 million decrease in SBA lending activities and a $1.0 million decrease in other operating income.  Mortgage banking increased due to a 57% increase in the period ended loan pipeline along with a $1.1 million MSR impairment recovery recorded in current quarter compared to a $0.6 million impairment provision recorded in the prior quarter.  The increase was partially offset due to a $1.0 million decline in SBA loan sales gains from the prior quarter and a $1.5 million purchase accounting gain related to the acquisition of Decatur First Bank recorded in the fourth quarter 2011.

NONINTEREST EXPENSE

Noninterest expense for the first quarter of 2012 increased $4.9 million or 24.0% to $25.4 million compared to $20.5 million for the same period in 2011.  The increase was driven by a $4.0 million increase in salaries and employee benefits expense due to higher commission expense related to the increased mortgage banking volume as well as increased number of employees due to the fourth quarter acquisition.  Also contributing to the increase was a $950,000 or 79.6% increase in professional service fees, of which $119,000 was related to the Decatur First acquisition. 

On a linked-quarter basis, noninterest expense increased $1.7 million or 7.4%.  The increase was primarily due to a $1.4 million increase in salaries and employee benefits. 

Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 26 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia.  SBA, indirect automobile, and mortgage loans are provided through employees located throughout the Southeast.  For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.

This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment.  These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements.  Any such statements are based on current expectations and involve a number of risks and uncertainties.  For a discussion of some factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" on page 3 of Fidelity Southern Corporation's 2011 Annual Report filed on Form 10-K with the Securities and Exchange Commission.

Contacts:

Martha Fleming, Steve Brolly


Fidelity Southern Corporation (404) 240-1504

FIDELITY SOUTHERN CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


































YEAR TO DATE

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)





MARCH 31,










2012


2011

INTEREST INCOME











   LOANS, INCLUDING FEES







$          22,738


$         21,891

   INVESTMENT SECURITIES 







1,506


1,513

   FEDERAL FUNDS SOLD AND BANK DEPOSITS





18


41

      TOTAL INTEREST INCOME







24,262


23,445

INTEREST EXPENSE











  DEPOSITS








3,007


4,532

  SHORT-TERM BORROWINGS







174


175

  SUBORDINATED DEBT








1,139


1,121

  OTHER LONG-TERM DEBT







287


445

      TOTAL INTEREST EXPENSE







4,607


6,273













NET INTEREST INCOME







19,655


17,172













PROVISION FOR LOAN LOSSES







3,750


5,775

NET INTEREST INCOME AFTER 









  PROVISION FOR LOAN LOSSES






15,905


11,397













NONINTEREST INCOME










  SERVICE CHARGES ON DEPOSIT ACCOUNTS





1,133


957

  OTHER FEES AND CHARGES 







784


581

  MORTGAGE BANKING ACTIVITIES






12,084


5,959

  INDIRECT LENDING ACTIVITIES







1,163


1,186

  SBA LENDING ACTIVITIES







853


2,232

  SECURITIES GAINS








347


-

  BANK OWNED LIFE INSURANCE






322


320

  GAIN ON SALE OF ORE








250


185

  OTHER OPERATING INCOME







763


266

    TOTAL NONINTEREST INCOME







17,699


11,686

NONINTEREST EXPENSE










  SALARIES AND EMPLOYEE BENEFITS





14,849


10,822

  FURNITURE AND EQUIPMENT







977


752

  NET OCCUPANCY








1,210


1,135

  COMMUNICATION EXPENSES







619


563

  PROFESSIONAL AND OTHER SERVICES





2,141


1,192

  OTHER REAL ESTATE EXPENSE







1,737


2,458

  FDIC INSURANCE EXPENSE







471


902

  OTHER OPERATING EXPENSES







3,390


2,651

    TOTAL NONINTEREST EXPENSE






25,394


20,475













INCOME BEFORE INCOME TAX EXPENSE





8,210


2,608

INCOME TAX EXPENSE








2,894


766













NET INCOME








5,316


1,842

PREFERRED STOCK DIVIDENDS







(823)


(823)

NET INCOME AVAILABLE TO COMMON EQUITY





$           4,493


$           1,019













EARNINGS PER SHARE:












    BASIC EARNINGS PER SHARE







$             0.32


$             0.09


    DILUTED EARNINGS PER SHARE





$             0.29


$             0.08













NET INCOME








5,316


1,842

OTHER COMPREHENSIVE LOSS, NET OF TAX





(1,280)


(263)

TOTAL COMPREHENSIVE INCOME






$           4,036


$           1,579













WEIGHTED AVERAGE COMMON











SHARES OUTSTANDING-BASIC







13,892,146


10,830,066

WEIGHTED AVERAGE COMMON











SHARES OUTSTANDING-FULLY DILUTED





15,302,904


12,407,925

      

FIDELITY SOUTHERN CORPORATION

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)






















(DOLLARS IN THOUSANDS)



MARCH 31,


DECEMBER 31,


MARCH 31,



ASSETS



2012


2011


2011













CASH AND CASH EQUIVALENTS


$            38,604


$            57,284


$          125,779



INVESTMENTS AVAILABLE-FOR-SALE


183,611


261,419


209,833



INVESTMENTS HELD-TO-MATURITY


8,185


8,876


12,712



INVESTMENT IN FHLB STOCK



7,623


7,582


6,542



LOANS HELD-FOR-SALE 



175,736


133,849


115,005



LOANS



1,657,972


1,623,871


1,431,493



ALLOWANCE FOR LOAN LOSSES


(29,282)


(27,956)


(29,694)



LOANS, NET



1,628,690


1,595,915


1,401,799



FDIC INDEMNIFICATION RECEIVABLE



13,266


12,279


-



PREMISES AND EQUIPMENT, NET


30,352


28,909


19,723



OTHER REAL ESTATE, NET



25,729


30,526


18,383



ACCRUED INTEREST RECEIVABLE


8,238


9,015


8,126



BANK OWNED LIFE INSURANCE



31,786


31,490


30,570



OTHER ASSETS



63,204


57,651


50,127













          TOTAL ASSETS



$       2,215,024


$       2,234,795


$       1,998,599













LIABILITIES




















DEPOSITS:










    NONINTEREST-BEARING DEMAND


$          290,620


$          269,590


$          200,902



    INTEREST-BEARING DEMAND/









       MONEY MARKET



557,652


526,962


430,403



    SAVINGS



377,692


389,246


418,788



    TIME DEPOSITS, $100,000 AND OVER


313,209


329,164


271,817



    OTHER TIME DEPOSITS  



329,199


356,554


356,123



         TOTAL DEPOSIT LIABILITIES


1,868,372


1,871,516


1,678,033



FEDERAL FUNDS PURCHASED



13,555


-


-



SHORT-TERM BORROWINGS



42,500


53,081


25,732



SUBORDINATED DEBT



67,527


67,527


67,527



OTHER LONG-TERM DEBT



27,500


52,500


70,000



ACCRUED INTEREST PAYABLE



1,667


2,535


2,284



OTHER LIABILITIES



22,182


20,356


13,468



          TOTAL LIABILITIES



2,043,303


2,067,515


1,857,044













SHAREHOLDERS' EQUITY




















PREFERRED STOCK



46,682


46,461


45,799



COMMON STOCK



73,890


74,219


57,611



ACCUMULATED OTHER COMPREHENSIVE









     INCOME



2,430


3,710


195



RETAINED EARNINGS



48,719


42,890


37,950



          TOTAL SHAREHOLDERS' EQUITY


171,721


167,280


141,555













          TOTAL LIABILITIES AND SHARE-









                   HOLDERS' EQUITY



$       2,215,024


$       2,234,795


$       1,998,599













BOOK VALUE PER COMMON SHARE


$                8.94


$                8.91


$                8.49



TANGIBLE BOOK VALUE PER COMMON SHARE


$                8.78


$                8.75


$                8.37



SHARES OF COMMON STOCK OUTSTANDING


13,984,390


13,552,641


11,285,327


      

FIDELITY SOUTHERN CORPORATION

LOANS, BY CATEGORY

(UNAUDITED)



















(DOLLARS IN THOUSANDS)











MARCH 31,






2012


2011


PERCENT CHANGE



















COMMERCIAL, FINANCIAL AND AGRICULTURAL


$            105,920


$              94,483


12.10

%

TAX-EXEMPT COMMERCIAL


4,874


5,099


(4.41)

%

REAL ESTATE MORTGAGE - COMMERCIAL


393,399


358,357


9.78

%

      TOTAL COMMERCIAL


504,193


457,939


10.10

%

REAL ESTATE-CONSTRUCTION


121,830


117,550


3.64

%

REAL ESTATE-MORTGAGE


135,039


121,460


11.18

%

CONSUMER INSTALLMENT


896,910


734,544


22.10

%


LOANS


1,657,972


1,431,493


15.82

%

LOANS HELD-FOR-SALE:









ORIGINATED RESIDENTIAL MORTGAGE LOANS


130,075


50,849


155.81

%


SBA LOANS


15,661


34,156


(54.15)

%


INDIRECT AUTO LOANS


30,000


30,000


0.00

%


     TOTAL LOANS HELD-FOR-SALE


175,736


115,005


52.81

%


          TOTAL LOANS


$         1,833,708


$         1,546,498


18.57

%

FIDELITY SOUTHERN CORPORATION

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES

(UNAUDITED)








(DOLLARS IN THOUSANDS)


YEAR TO DATE


YEAR ENDED



MARCH 31,


DECEMBER 31,



2012


2011


2011








BALANCE AT BEGINNING OF PERIOD


$      27,956


$         28,082


$             28,082

NET CHARGE-OFFS:







                COMMERCIAL, FINANCIAL AND AGRICULTURAL


18


86


675

                SBA


(3)


164


1,329

                REAL ESTATE-CONSTRUCTION


1,367


2,450


12,898

                REAL ESTATE-MORTGAGE


-


105


760

                CONSUMER INSTALLMENT


1,042


1,358


4,789

                TOTAL NET CHARGE-OFFS


2,424


4,163


20,451

PROVISION FOR LOAN LOSSES


3,750


5,775


20,325

BALANCE AT END OF PERIOD


$       29,282


$         29,694


$             27,956















RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE







 

                LOANS OUTSTANDING, NET


0.59%


1.19%


1.38%

ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS


1.77%


2.07%


1.72%

ALLOW FOR LOAN LOSSES AS A % OF LOANS EXCLUDING DECATUR FIRST BANK


1.84%


2.07%


1.81%








NONPERFORMING ASSETS

(UNAUDITED)








(DOLLARS IN THOUSANDS)


MARCH 31,


DECEMBER 31,



2012


2011


2011

LEGACY NONPERFORMING ASSETS







   NONACCRUAL LOANS


$      62,582


$        72,515


$           60,413

   REPOSSESSIONS


966


1,438


1,423

   OTHER REAL ESTATE


18,841


18,383


21,058

           TOTAL LEGACY NONPERFORMING ASSETS


$      82,389


$        92,336


$           82,894

*** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY


$        8,040


$          4,502


$             5,216

LEGACY LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING


$           290


$                  -


$                116








RATIO OF LEGACY LOANS PAST DUE 90 DAYS OR MORE AND 







   STILL ACCRUING TO TOTAL LEGACY LOANS


0.02%


-%


0.01%








RATIO OF LEGACY NONPERFORMING ASSETS TO TOTAL LEGACY







            LOANS, OREO AND REPOSSESSIONS


5.11%


6.36%


5.28%








COVERED NONPERFORMING ASSETS(1)







   NONACCRUAL LOANS


$      14,428


$                 -


$             6,272

   OTHER REAL ESTATE


6,888


-


9,468

            TOTAL COVERED NONPERFORMING ASSETS


$      21,316


$                  -


$           15,740








RATIO OF COVERED NONPERFORMING ASSETS TO TOTAL







           COVERED LOANS AND OREO


29.35%


-%


18.10%








RATIO OF TOTAL NONPERFORMING ASSETS TO TOTAL







           LOANS AND OREO


6.16%


6.36%


5.85%

(1)Gross covered nonperforming assets covered by an 80% loss share agreement with the FDIC

FIDELITY SOUTHERN CORPORATION

AVERAGE BALANCE, INTEREST AND YIELDS

(UNAUDITED)
















QUARTER ENDED





March 31, 2012


March 31, 2011





Average

Income/

Yield/


Average

Income/

Yield/

(DOLLARS IN THOUSANDS)


Balance

Expense

Rate


Balance

Expense

Rate

Assets











Interest-earning assets:









Loans, net of unearned income:









  Taxable




$      1,780,480

$        22,705

5.13%


$       1,571,471

$        21,840

5.63%

  Tax-exempt (1)



4,902

49

4.02%


5,119

77

6.14%

     Total loans



1,785,382

22,754

5.13%


1,576,590

21,917

5.63%












Investment securities:










  Taxable




220,553

1,305

2.37%


175,378

1,391

3.17%

  Tax-exempt (2)



19,103

305

6.39%


11,705

184

6.28%

     Total investment securities


239,656

1,610

2.69%


187,083

1,575

3.38%












Interest-bearing deposits


34,741

18

0.21%


66,561

41

0.25%

Federal funds sold



1,009

-

0.00%


904

-

0.07%

     Total interest-earning assets


2,060,788

24,382

4.76%


1,831,138

23,533

5.21%












Noninterest-earning:










Cash and due from banks


16,485




31,879



Allowance for loan losses


(28,037)




(28,346)



Premises and equipment, net


29,464




19,689



Other real estate



29,357




21,271



Other assets



107,887




84,413



     Total assets



$      2,215,944




$       1,960,044

























Liabilities and shareholders' equity









Interest-bearing liabilities:









Demand deposits



$         536,982

$              397

0.30%


$          415,771

$             688

0.67%

Savings deposits



377,187

292

0.31%


407,759

1,121

1.11%

Time deposits



663,513

2,318

1.41%


615,735

2,723

1.79%

     Total interest-bearing deposits


1,577,682

3,007

0.77%


1,439,265

4,532

1.28%












Federal funds purchased


473

1

0.85%


-

-

-

Securities sold under agreements to









  repurchase



16,057

9

0.23%


26,683

166

2.53%

Other short-term borrowings


37,577

164

1.76%


1,000

9

3.70%

Subordinated debt



67,527

1,139

6.78%


67,527

1,121

6.73%

Long-term debt



47,005

287

2.46%


74,000

445

2.44%

     Total interest-bearing liabilities


1,746,321

4,607

1.06%


1,608,475

6,273

1.58%












Noninterest-bearing :










Demand deposits



266,116




188,386



Other liabilities



34,756




22,524



Shareholders' equity



168,751




140,659



  Total liabilities and










     shareholders' equity



$      2,215,944




$        1,960,044














Net interest income / spread



$         19,775

3.70%



$         17,260

3.63%

Net interest margin





3.86%




3.82%

(1)  Interest income includes the effect of taxable-equivalent

      adjustment for 2012 and 2011 of $17 and $27, respectively.

(2)  Interest income includes the effect of taxable-equivalent

      adjustment for 2012 and 2011 of $104 and $62, respectively.

SOURCE Fidelity Southern Corporation

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