Fidelity Southern Corporation Earns Net Income of $1.8 Million for First Quarter
ATLANTA, April 21, 2011 /PRNewswire/ -- Fidelity Southern Corporation (“Fidelity” or the “Company”) (NASDAQ: LION), holding company for Fidelity Bank (the “Bank”), reported net income of $1.8 million for the first quarter of 2011 compared to net income of $195,000 for the first quarter of 2010. After accounting for the TARP preferred dividend, basic and diluted earnings per share for the first quarter of 2011 were $.09 and $.08, respectively, compared to a basic and diluted loss per share of $.06 in the first quarter of 2010.
For the quarter ended |
||||||||||||
3/31/2011 |
12/31/2010 |
9/30/2010 |
6/30/2010 |
3/31/2010 |
||||||||
(In Thousands) |
||||||||||||
Net Income |
$ 1,842 |
$ 2,988 |
$ 2,081 |
$ 4,869 |
$ 195 |
|||||||
Income Tax Expense (Benefit) |
766 |
932 |
913 |
2,647 |
(93) |
|||||||
Provision For Loan Losses |
5,775 |
6,975 |
5,025 |
1,150 |
3,975 |
|||||||
Write-down of ORE |
1,600 |
573 |
698 |
1,615 |
1,367 |
|||||||
Other cost of ORE Operations |
858 |
483 |
713 |
743 |
802 |
|||||||
Pre-Tax, Pre-Credit Related Earnings |
10,841 |
11,951 |
9,430 |
11,024 |
6,246 |
|||||||
Less Security Gains |
– |
– |
– |
(2,291) |
– |
|||||||
Core Operating Earnings (1) |
$ 10,841 |
$ 11,951 |
$ 9,430 |
$ 8,733 |
$ 6,246 |
|||||||
(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, 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 first quarter of 2011, net income increased 845% from prior year while core operating earnings for the first quarter of 2011 increased 74%.
James B. Miller, Jr. Chairman said, “We posted another solid quarter of earnings with robust revenue growth, increasing over 18% from first quarter last year. We believe the economy will continue to improve in our market areas of Atlanta and Jacksonville. We are optimistic about the remainder of the year for our community banking strategy.”
ASSET QUALITY
Net charge-offs were $4.2 million in the first quarter of 2011 compared to $4.6 million in the first quarter of 2010. The ratio of net charge-offs to average loans outstanding was 1.19% for the three months ended March 31, 2011, compared to 1.45% for the same period in 2010. The allowance for loan losses remained stable at $29.7 million or 2.07% of total loans at March 31, 2011, compared to $29.5 million or 2.30% at March 31, 2010.
Nonperforming residential construction and development loans at March 31, 2011, included financing for 72 houses and 721 lots and land totaling $47.8 million. During the first quarter of 2011, $1.5 million of nonperforming construction loans were paid down by our customers.
During the first quarter of 2011, $3.7 million of ORE assets were sold while $3.2 million were added to ORE. ORE consists of 61 houses, representing 36.5% of the total ORE balance, 387 lots and seven commercial properties. ORE decreased $6.6 million to $18.4 million at March 31, 2011, compared to $25.0 million at March 31, 2010.
The provision for loan losses for the first quarter of 2011 was $5.8 million compared to $4.0 million for the same period in 2010 as a result of an increase in general reserves related to growth in the loan portfolio and an increase in specific reserves. These increases were somewhat offset by a $410,000 decrease in charge-offs for the quarter ended March 31, 2011, compared to the same quarter last year.
DEPOSITS
Total deposits of $1.678 billion at March 31, 2011, 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 throughout 2010 and the first quarter of 2011. As a result, demand, money market and savings accounts increased $166.2 million or 18.8% at March 31, 2011, compared to March 31, 2010. In addition, as part of an ongoing strategy to position the Bank for future higher interest rates, we have increased the average maturity of certificates of deposit. The reduction in the interest rate paid on deposit accounts over the last twelve months demonstrates the Company’s commitment to improved net interest margin.
March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
|||||||||||
$ |
% |
$ |
% |
$ |
% |
||||||||
(Dollars in Millions) |
|||||||||||||
Core deposits(1) |
$1,353.8 |
80.7% |
$1,304.5 |
80.9% |
$1,217.6 |
77.7% |
|||||||
Time Deposits > $100,000 |
271.8 |
16.2 |
246.3 |
15.2 |
239.3 |
15.3 |
|||||||
Brokered deposits |
52.5 |
3.1 |
62.5 |
3.9 |
108.9 |
7.0 |
|||||||
Total deposits |
$1,678.1 |
100.0% |
$1,613.3 |
100.0% |
$1,565.8 |
100.0% |
|||||||
Quarterly rate on deposits |
1.11% |
1.19% |
1.78% |
||||||||||
(1) Core deposits are transactional, savings, and time deposits under $100,000. |
|||||||||||||
REAL ESTATE
New residential construction loan advances made during the quarter totaled $3.1 million, while the payoffs of construction loans totaled $10.1 million. Residential construction and A&D loans totaled $107.9 million at March 31, 2011, which decreased 22% from $137.7 million at March 31, 2010. There were 295 houses and 1,332 lots financed at March 31, 2011, compared to 321 houses and 1,495 lots at March 31, 2010.
Total residential and commercial construction and land loans decreased to $117.6 million or 8.2% of loans at March 31, 2011, from $133.6 million or 10.4% of loans at March 31, 2010, and as a percentage of capital was 58% at March 31, 2011. The regulatory guideline is a maximum of 100%.
All real estate loans, excluding owner-occupied properties, as a percentage of capital, were 140% at March 31, 2011. The regulatory guideline is a maximum of 300%.
NET INTEREST MARGIN
Net interest margin increased 42 basis points to 3.82% in the first quarter of 2011 compared to 3.40% in the first quarter of 2010, and decreased six basis points from 3.88% for the fourth quarter of 2010. Net interest income for the first quarter of 2011 increased $2.6 million or 17.9% when compared to the same period in 2010. 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.
INTEREST INCOME
Total interest income for the first quarter of 2011 increased $213,000 or 0.9% compared to the same period in 2010. Average interest-earning assets for the first quarter 2011 increased $82.6 million or 4.7%, but was somewhat offset by the yield on average interest-earning assets which decreased 20 basis points. The decrease in yield was primarily the result of a decrease in the yield on loans of 50 basis points as the Bank offered competitive rates in the marketplace. In addition, investment security yields decreased 70 basis points to 3.38% due to market rate decreases. Somewhat offsetting this decrease in yield was a $76 million decrease in the average amount of our investment in interest bearing deposits.
INTEREST EXPENSE
Interest expense for the first quarter of 2011 decreased $2.4 million or 27.6% compared to the same period in 2010. The decrease in interest expense was attributable to a 68 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $50.7 million or 3.3%. 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 $56.5 million compared to March 31, 2010. At March 31, 2011, brokered deposits represented only 3.1% of total deposits.
NONINTEREST INCOME
Noninterest income increased $5.2 million or 79.6% to $11.7 million for the quarter ended March 31, 2011, compared to the same period in 2010. The increase in noninterest income was the result of a $2.7 million or 82.0% increase in income from mortgage banking activities and a $2.1 million increase in income from SBA lending activities. Mortgage banking income improved as a result of higher origination volume, which increased 20.0% compared to the first quarter of 2010 to $211 million due to low interest rates and an expansion in the number of loan officers. SBA income increased because no gains on sales were recognized in the first quarter of 2010 because of new accounting guidance on asset transfers which became effective January 1, 2010, and the gains on all SBA sales were deferred for 90 days.
NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2011 increased $3.5 million or 20.5% to $20.5 million compared to the same period in 2010. The increase was due primarily to higher salaries and employee benefits which increased $1.9 million or 21.8% to $10.8 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 $812,000 or 44.2% to $2.7 million due to higher mortgage related losses, insurance, underwriting and advertising expenses. Other real estate expense increased $289,000 or 13.3% to $2.5 million due to higher write-downs of ORE and higher foreclosure expenses.
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 2010 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION |
||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||
(UNAUDITED) |
||||||
YEAR TO DATE |
||||||
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
MARCH 31, |
|||||
2011 |
2010 |
|||||
INTEREST INCOME |
||||||
LOANS, INCLUDING FEES |
$ 21,891 |
$ 21,064 |
||||
INVESTMENT SECURITIES |
1,513 |
2,075 |
||||
FEDERAL FUNDS SOLD AND BANK DEPOSITS |
41 |
93 |
||||
TOTAL INTEREST INCOME |
23,445 |
23,232 |
||||
INTEREST EXPENSE |
||||||
DEPOSITS |
4,532 |
6,876 |
||||
SHORT-TERM BORROWINGS |
175 |
332 |
||||
SUBORDINATED DEBT |
1,121 |
1,117 |
||||
OTHER LONG-TERM DEBT |
445 |
343 |
||||
TOTAL INTEREST EXPENSE |
6,273 |
8,668 |
||||
NET INTEREST INCOME |
17,172 |
14,564 |
||||
PROVISION FOR LOAN LOSSES |
5,775 |
3,975 |
||||
NET INTEREST INCOME AFTER |
||||||
PROVISION FOR LOAN LOSSES |
11,397 |
10,589 |
||||
NONINTEREST INCOME |
||||||
SERVICE CHARGES ON DEPOSIT ACCOUNTS |
957 |
1,048 |
||||
OTHER FEES AND CHARGES |
581 |
484 |
||||
MORTGAGE BANKING ACTIVITIES |
5,959 |
3,275 |
||||
INDIRECT LENDING ACTIVITIES |
1,186 |
1,036 |
||||
SBA LENDING ACTIVITIES |
2,232 |
112 |
||||
SECURITIES GAINS |
- |
- |
||||
BANK OWNED LIFE INSURANCE |
320 |
326 |
||||
OTHER OPERATING INCOME |
451 |
226 |
||||
TOTAL NONINTEREST INCOME |
11,686 |
6,507 |
||||
NONINTEREST EXPENSE |
||||||
SALARIES AND EMPLOYEE BENEFITS |
10,822 |
8,884 |
||||
FURNITURE AND EQUIPMENT |
752 |
644 |
||||
NET OCCUPANCY |
1,135 |
1,090 |
||||
COMMUNICATION EXPENSES |
563 |
444 |
||||
PROFESSIONAL AND OTHER SERVICES |
1,192 |
1,038 |
||||
OTHER REAL ESTATE EXPENSE |
2,458 |
2,169 |
||||
FDIC INSURANCE EXPENSE |
902 |
886 |
||||
OTHER OPERATING EXPENSES |
2,651 |
1,839 |
||||
TOTAL NONINTEREST EXPENSE |
20,475 |
16,994 |
||||
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE |
2,608 |
102 |
||||
INCOME TAX EXPENSE (BENEFIT) |
766 |
(93) |
||||
NET INCOME |
1,842 |
195 |
||||
PREFERRED STOCK DIVIDENDS |
(823) |
(823) |
||||
NET INCOME (LOSS) AVAILABLE TO COMMON EQUITY |
$ 1,019 |
$ (628) |
||||
EARNINGS (LOSS) PER SHARE: |
||||||
BASIC EARNINGS (LOSS) PER SHARE |
$ 0.09 |
$ (0.06) |
||||
DILUTED EARNINGS (LOSS) PER SHARE |
$ 0.08 |
$ (0.06) |
||||
WEIGHTED AVERAGE COMMON |
||||||
SHARES OUTSTANDING-BASIC |
10,830,066 |
10,459,752 |
||||
WEIGHTED AVERAGE COMMON |
||||||
SHARES OUTSTANDING-FULLY DILUTED |
12,407,925 |
10,459,752 |
||||
FIDELITY SOUTHERN CORPORATION |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(UNAUDITED) |
|||||||
(DOLLARS IN THOUSANDS) |
MARCH 31, |
DECEMBER 31, |
MARCH 31, |
||||
ASSETS |
2011 |
2010 |
2010 |
||||
CASH AND DUE FROM BANKS |
$ 123,995 |
$ 47,242 |
$ 111,916 |
||||
FEDERAL FUNDS SOLD |
1,784 |
517 |
626 |
||||
CASH AND CASH EQUIVALENTS |
125,779 |
47,759 |
112,542 |
||||
INVESTMENTS AVAILABLE-FOR-SALE |
209,833 |
161,478 |
251,698 |
||||
INVESTMENTS HELD-TO-MATURITY |
12,712 |
14,110 |
18,208 |
||||
INVESTMENT IN FHLB STOCK |
6,542 |
6,542 |
6,767 |
||||
LOANS HELD-FOR-SALE |
115,005 |
209,898 |
118,271 |
||||
LOANS |
1,431,493 |
1,403,372 |
1,281,319 |
||||
ALLOWANCE FOR LOAN LOSSES |
(29,694) |
(28,082) |
(29,474) |
||||
LOANS, NET |
1,401,799 |
1,375,290 |
1,251,845 |
||||
PREMISES AND EQUIPMENT, NET |
19,723 |
19,510 |
18,761 |
||||
OTHER REAL ESTATE, NET |
18,383 |
20,525 |
25,014 |
||||
ACCRUED INTEREST RECEIVABLE |
8,126 |
7,990 |
8,151 |
||||
BANK OWNED LIFE INSURANCE |
30,570 |
30,275 |
29,358 |
||||
OTHER ASSETS |
50,127 |
51,923 |
43,878 |
||||
TOTAL ASSETS |
$ 1,998,599 |
$ 1,945,300 |
$ 1,884,493 |
||||
LIABILITIES |
|||||||
DEPOSITS: |
|||||||
NONINTEREST-BEARING DEMAND |
$ 200,902 |
$ 185,614 |
$ 163,120 |
||||
INTEREST-BEARING DEMAND/ |
|||||||
MONEY MARKET |
430,403 |
427,590 |
270,908 |
||||
SAVINGS |
418,788 |
398,012 |
449,847 |
||||
TIME DEPOSITS, $100,000 AND OVER |
271,817 |
246,317 |
239,285 |
||||
OTHER TIME DEPOSITS |
356,123 |
355,715 |
442,751 |
||||
TOTAL DEPOSIT LIABILITIES |
1,678,033 |
1,613,248 |
1,565,911 |
||||
SHORT-TERM BORROWINGS |
25,732 |
32,977 |
58,999 |
||||
SUBORDINATED DEBT |
67,527 |
67,527 |
67,527 |
||||
OTHER LONG-TERM DEBT |
70,000 |
75,000 |
50,000 |
||||
ACCRUED INTEREST PAYABLE |
2,284 |
2,973 |
3,200 |
||||
OTHER LIABILITIES |
13,468 |
13,064 |
8,082 |
||||
TOTAL LIABILITIES |
1,857,044 |
1,804,789 |
1,753,719 |
||||
SHAREHOLDERS' EQUITY |
|||||||
PREFERRED STOCK |
45,799 |
45,578 |
44,916 |
||||
COMMON STOCK |
57,611 |
57,542 |
54,457 |
||||
ACCUMULATED OTHER COMPREHENSIVE |
|||||||
INCOME |
195 |
458 |
318 |
||||
RETAINED EARNINGS |
37,950 |
36,933 |
31,083 |
||||
TOTAL SHAREHOLDERS' EQUITY |
141,555 |
140,511 |
130,774 |
||||
TOTAL LIABILITIES AND SHARE-HOLDERS' EQUITY |
$ 1,998,599 |
$ 1,945,300 |
$ 1,884,493 |
||||
BOOK VALUE PER SHARE |
$ 8.88 |
$ 8.81 |
$ 8.09 |
||||
SHARES OF COMMON STOCK OUTSTANDING |
10,777,306 |
10,775,947 |
10,614,307 |
||||
FIDELITY SOUTHERN CORPORATION |
|||||||||
LOANS, BY CATEGORY |
|||||||||
(UNAUDITED) |
|||||||||
(DOLLARS IN THOUSANDS) |
|||||||||
MARCH 31, |
|||||||||
2011 |
2010 |
PERCENT CHANGE |
|||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
$ 94,483 |
$ 103,778 |
(8.96) |
% |
|||||
TAX-EXEMPT COMMERCIAL |
5,099 |
5,300 |
(3.79) |
% |
|||||
REAL ESTATE MORTGAGE - COMMERCIAL |
358,357 |
312,654 |
14.62 |
% |
|||||
TOTAL COMMERCIAL |
457,939 |
421,732 |
8.59 |
% |
|||||
REAL ESTATE-CONSTRUCTION |
117,550 |
133,584 |
(12.00) |
% |
|||||
REAL ESTATE-MORTGAGE |
121,460 |
130,133 |
(6.66) |
% |
|||||
CONSUMER INSTALLMENT |
734,544 |
595,870 |
23.27 |
% |
|||||
LOANS |
1,431,493 |
1,281,319 |
11.72 |
% |
|||||
LOANS HELD-FOR-SALE: |
|||||||||
ORIGINATED RESIDENTIAL MORTGAGE LOANS |
50,849 |
72,603 |
(29.96) |
% |
|||||
SBA LOANS |
34,156 |
15,668 |
118.00 |
% |
|||||
INDIRECT AUTO LOANS |
30,000 |
30,000 |
0.00 |
% |
|||||
TOTAL LOANS HELD-FOR-SALE |
115,005 |
118,271 |
(2.76) |
% |
|||||
TOTAL LOANS |
$ 1,546,498 |
$ 1,399,590 |
|||||||
FIDELITY SOUTHERN CORPORATION |
|||||||||||
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES |
|||||||||||
(UNAUDITED) |
|||||||||||
(DOLLARS IN THOUSANDS) |
YEAR TO DATE |
YEAR ENDED |
|||||||||
MARCH 31, |
DECEMBER 31, |
||||||||||
2011 |
2010 |
2010 |
|||||||||
BALANCE AT BEGINNING OF PERIOD |
$ 28,082 |
$ 30,072 |
$ 30,072 |
||||||||
CHARGE-OFFS: |
|||||||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
93 |
14 |
883 |
||||||||
SBA |
178 |
79 |
381 |
||||||||
REAL ESTATE-CONSTRUCTION |
2,501 |
2,338 |
11,274 |
||||||||
REAL ESTATE-MORTGAGE |
105 |
54 |
656 |
||||||||
CONSUMER INSTALLMENT |
1,550 |
2,344 |
7,086 |
||||||||
TOTAL CHARGE-OFFS |
4,427 |
4,829 |
20,280 |
||||||||
RECOVERIES: |
|||||||||||
COMMERCIAL, FINANCIAL AND AGRICULTURAL |
7 |
1 |
23 |
||||||||
SBA |
14 |
- |
5 |
||||||||
REAL ESTATE-CONSTRUCTION |
51 |
61 |
361 |
||||||||
REAL ESTATE-MORTGAGE |
- |
1 |
8 |
||||||||
CONSUMER INSTALLMENT |
192 |
193 |
768 |
||||||||
TOTAL RECOVERIES |
264 |
256 |
1,165 |
||||||||
NET CHARGE-OFFS |
4,163 |
4,573 |
19,115 |
||||||||
PROVISION FOR LOAN LOSSES |
5,775 |
3,975 |
17,125 |
||||||||
BALANCE AT END OF PERIOD |
$ 29,694 |
$ 29,474 |
$ 28,082 |
||||||||
RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE |
|||||||||||
LOANS OUTSTANDING, NET |
1.19% |
1.45% |
1.44% |
||||||||
ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS |
2.07% |
2.30% |
2.00% |
||||||||
NONPERFORMING ASSETS |
|||||||||||
(UNAUDITED) |
|||||||||||
(DOLLARS IN THOUSANDS) |
MARCH 31, |
DECEMBER 31, |
|||||||||
2011 |
2010 |
2010 |
|||||||||
NONACCRUAL LOANS |
$ 72,515 |
$ 62,403 |
$ 76,545 |
||||||||
REPOSSESSIONS |
1,438 |
939 |
1,119 |
||||||||
OTHER REAL ESTATE |
18,383 |
25,014 |
20,525 |
||||||||
TOTAL NONPERFORMING ASSETS |
$ 92,336 |
$ 88,356 |
$ 98,189 |
||||||||
*** INCLUDES SBA GUARANTEED AMOUNTS OF APPROXIMATELY |
$ 4,502 |
$ 7,004 |
$ 7,818 |
||||||||
LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING |
$ - |
$ 563 |
$ - |
||||||||
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 |
5.90% |
6.20% |
6.01% |
||||||||
DELINQUENCIES |
||||||
(UNAUDITED) |
||||||
(IN THOUSANDS) |
||||||
Mar-11 |
Dec-10 |
Sep-10 |
Jun-10 |
Mar-10 |
||
PAST DUE (30-59) |
$ 6,345 |
$ 9,227 |
$ 4,664 |
$ 7,618 |
$ 19,171 |
|
PAST DUE (60-89) |
2,122 |
1,356 |
9,631 |
1,289 |
658 |
|
PAST DUE (90+) |
- |
- |
- |
- |
563 |
|
TOTAL PAST DUE |
$ 8,467 |
$ 10,583 |
$ 14,295 |
$ 8,907 |
$ 20,392 |
|
INDIRECT |
$ 2,354 |
$ 4,936 |
$ 3,635 |
$ 3,958 |
$ 4,551 |
|
CONSTRUCTION |
83 |
1,064 |
8,411 |
- |
12,282 |
|
COMMERCIAL |
3,958 |
2,075 |
314 |
- |
946 |
|
SBA |
764 |
698 |
- |
2,911 |
740 |
|
OTHER |
1,308 |
1,810 |
1,935 |
2,038 |
1,873 |
|
TOTAL PAST DUE |
$ 8,467 |
$ 10,583 |
$ 14,295 |
$ 8,907 |
$ 20,392 |
|
FIDELITY SOUTHERN CORPORATION |
|||||||||
AVERAGE BALANCE, INTEREST AND YIELDS |
|||||||||
(UNAUDITED) |
|||||||||
YEAR TO DATE |
|||||||||
March 31, 2011 |
March 31, 2010 |
||||||||
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 |
$ 1,571,471 |
$ 21,840 |
5.63% |
$ 1,390,060 |
$ 21,012 |
6.13% |
|||
Tax-exempt (1) |
5,119 |
77 |
6.14% |
5,319 |
80 |
6.14% |
|||
Total loans |
1,576,590 |
21,917 |
5.63% |
1,395,379 |
21,092 |
6.13% |
|||
Investment securities: |
|||||||||
Taxable |
175,378 |
1,391 |
3.17% |
198,407 |
1,953 |
3.94% |
|||
Tax-exempt (2) |
11,705 |
184 |
6.28% |
11,706 |
181 |
6.21% |
|||
Total investment securities |
187,083 |
1,575 |
3.38% |
210,113 |
2,134 |
4.08% |
|||
Interest-bearing deposits |
66,561 |
41 |
0.25% |
142,443 |
93 |
0.26% |
|||
Federal funds sold |
904 |
- |
0.07% |
603 |
- |
0.06% |
|||
Total interest-earning assets |
1,831,138 |
23,533 |
5.21% |
1,748,538 |
23,319 |
5.41% |
|||
Noninterest-earning: |
|||||||||
Cash and due from banks |
31,879 |
11,515 |
|||||||
Allowance for loan losses |
(28,346) |
(29,347) |
|||||||
Premises and equipment, net |
19,689 |
18,197 |
|||||||
Other real estate |
21,271 |
24,522 |
|||||||
Other assets |
84,413 |
79,744 |
|||||||
Total assets |
$ 1,960,044 |
$ 1,853,169 |
|||||||
Liabilities and shareholders' equity |
|||||||||
Interest-bearing liabilities: |
|||||||||
Demand deposits |
$ 415,771 |
$ 688 |
0.67% |
$ 259,554 |
$ 559 |
0.87% |
|||
Savings deposits |
407,759 |
1,121 |
1.11% |
441,900 |
1,792 |
1.65% |
|||
Time deposits |
615,735 |
2,723 |
1.79% |
690,926 |
4,525 |
2.66% |
|||
Total interest-bearing deposits |
1,439,265 |
4,532 |
1.28% |
1,392,380 |
6,876 |
2.00% |
|||
Federal funds purchased |
- |
- |
- |
- |
- |
- |
|||
Securities sold under agreements to |
|||||||||
repurchase |
26,683 |
166 |
2.53% |
20,382 |
62 |
1.24% |
|||
Other short-term borrowings |
1,000 |
9 |
3.70% |
27,500 |
270 |
3.98% |
|||
Subordinated debt |
67,527 |
1,121 |
6.73% |
67,527 |
1,117 |
6.71% |
|||
Long-term debt |
74,000 |
445 |
2.44% |
50,000 |
343 |
2.78% |
|||
Total interest-bearing liabilities |
1,608,475 |
6,273 |
1.58% |
1,557,789 |
8,668 |
2.26% |
|||
Noninterest-bearing: |
|||||||||
Demand deposits |
188,386 |
153,430 |
|||||||
Other liabilities |
22,524 |
11,999 |
|||||||
Shareholders' equity |
140,659 |
129,951 |
|||||||
Total liabilities and |
|||||||||
shareholders' equity |
$ 1,960,044 |
$ 1,853,169 |
|||||||
Net interest income / spread |
$ 17,260 |
3.63% |
$ 14,651 |
3.15% |
|||||
Net interest margin |
3.82% |
3.40% |
|||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $26,000 and $28,000, respectively. |
|||||||||
(2) Interest income includes the effect of taxable-equivalent adjustment for 2011 and 2010 of $62,000 and $59,000, respectively. |
|||||||||
Contacts: |
Martha Fleming, Steve Brolly |
|
Fidelity Southern Corporation (404) 240-1504 |
||
SOURCE Fidelity Southern Corporation
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