Fidelity Southern Corporation Reports Third Quarter Net Income; Decreased Nonperforming Assets, Increased Capital Ratios and Liquidity Levels
- Press Release
- Source: Fidelity Southern Corporation
- On 3:31 pm EDT, Thursday October 15, 2009
ATLANTA, Oct. 15 /PRNewswire-FirstCall/ -- Fidelity Southern Corporation ("Fidelity" or "the Company") (Nasdaq: LION - News), holding company for Fidelity Bank (the "Bank"), reported net income of $398,000 for the third quarter of 2009 compared to a net loss of $4.9 million for the third quarter of 2008 and a net loss of $2.8 million for the second quarter of 2009. After recording the TARP preferred stock dividends in 2009, the net loss allocable to common shareholders was $425,000 for the third quarter of 2009 compared to $4.9 million for the third quarter of 2008. Basic and diluted loss per share for the third quarter of 2009 were $.04 compared to a loss per share of $.50 for the third quarter of 2008 and a loss per share of $.36 for the second quarter in 2009. Net loss allocable to common shareholders for the first nine months of 2009 was $8.3 million compared to $4.7 million for the same period in 2008. Basic and diluted loss per share for the first nine months of 2009 were $.83 compared to a loss per share of $.48 for the same period in 2008.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| LION | 2.55 | +0.06 |
Chairman James B. Miller, Jr. said, "During the third quarter, we continued to see favorable trends for our residential loan portfolio which reflects steps we took early on in this cycle. We are guardedly optimistic that the favorable charge-off trends will continue as the Atlanta and Jacksonville real estate markets show signs of stabilization. An improvement in the economy would mean further benefit. We have minimal exposure to nonresidential, nonowner-occupied commercial real estate. Also, earning assets continue to grow and fuel pretax, preprovision earnings."
CAPITAL
Fidelity reported a total risk based capital ratio for the Bank of 13.19% at September 30, 2009, compared to 10.45% at September 30, 2008, reflecting the $48.2 million TARP investment from the U.S. Treasury in December 2008. The Leverage Capital ratio at the Bank was 9.05% at September 30, 2009, compared to 7.81% at September 30, 2008. Both ratios exceeded required regulatory minimums for well capitalized institutions. At September 30, 2009, the total risk based capital ratio increased 71 basis points from June 30, 2009, and the leverage ratio increased 28 basis points from June 30, 2009.
LIQUIDITY
The Company's net liquid asset ratio, defined as federal funds sold, investments maturing within 30 days, unpledged securities, available unsecured federal funds lines of credit, FHLB borrowing capacity and available brokered certificates of deposit divided by total assets increased from 11.4% at September 30, 2008 and 13.1% at December 31, 2008 to 21.9% at September 30, 2009.
DEPOSITS
Total deposits were $1.607 billion at September 30, 2009, compared to $1.466 billion at September 30, 2008, $1.444 billion at December 31, 2008 and $1.566 billion at June 30, 2009. While the total deposits continued to increase, the designed change to the deposit mix and interest rate paid on deposit accounts during the period demonstrates the Company's commitment to improved net interest margin and liquidity.
September 30, June 30,
($in thousands) 2009 2009
----------- -----------
$ % $ %
--- --- --- ---
Pure deposits $821.6 51.1% $702.8 44.9%
Core deposits $1,312.2 81.7% $1,246.5 79.6%
Brokered deposits $109.0 6.8% $128.9 8.2%
Total deposits $1,606.9 100.0% $1,565.9 100.0%
Quarterly rate
on deposits 2.37% 2.75%
December 31, September 30,
($in thousands) 2008 2008
----------- -----------
$ % $ %
--- --- --- ---
Pure deposits $546.8 37.9% $574.5 39.2%
Core deposits $1,126.1 78.0% $1,150.0 78.5%
Brokered deposits $189.8 13.1% $179.9 12.3%
Total deposits $1,443.7 100.0% $1,465.8 100.0%
Quarterly rate
on deposits 3.15% 3.21%
Pure deposits are all transactional deposits (excludes all time deposits) and Core deposits are transactional deposits and time deposits under $100,000. The Bank has aggressively marketed its non-certificate of deposit products in 2009. As a result, demand, money market and savings accounts increased $274.8 million or 50% compared to December 31, 2008, and $247.1 million or 43% compared to September 30, 2008.
ALLOWANCE AND PROVISION
The provision for loan losses for the third quarter of 2009 was $4.5 million compared to $11.4 million for the same period in 2008, due to decreased charge-offs in the construction and consumer loan portfolios during the third quarter of 2009 as compared to the third quarter of 2008. Net charge-offs have begun to show a favorable trend in 2009 with charge-offs of $7.8 million during the first quarter, $6.0 million during the second quarter, and $5.6 million during the third quarter. The provision for loan losses for the first nine months of 2009 was $21.3 million compared to $21.9 million for the same period in 2008. Year to date, net charge-offs increased $7.1 million for the first nine months of 2009 to $19.4 million compared to $12.4 million for the same period in 2008. The ratio of net charge-offs to average loans outstanding was 1.95% for the first nine months of 2009 compared to 1.16% for the same period in 2008. Fidelity reported an increase in the allowance for loan losses to $35.5 million or 2.71% of total loans at September 30, 2009, from $26.0 million or 1.83% of total loans at September 30, 2008, and $33.7 million or 2.43% of total loans at year-end 2008.
NONPERFORMING ASSETS
Nonperforming loans, repossessions and other real estate ("ORE") totaled $106.3 million at the end of the third quarter of 2009, a decrease of $11.8 million from June 30, 2009, and a decrease of $17.3 million from March 31, 2009. Compared to September 30, 2008, nonperforming assets increased $14.9 million at September 30, 2009.
Nonperforming residential construction and development loans at September 30, 2009, included 176 houses and 613 lots and land totaling approximately $73.7 million. During the quarter approximately $7.7 million of nonperforming construction loans were paid down by our customers while approximately $6.7 million in construction loans were moved to nonperforming.
During the third quarter, $7.3 million of ORE assets were sold while $3.5 million were added to ORE. ORE consists of 52 houses, representing 43% of the total ORE balance, 210 lots and three commercial properties. ORE decreased to $21.2 million at September 30, 2009, compared to $25.0 million at June 30, 2009 and $15.1 million at December 31, 2008.
REAL ESTATE
New residential construction loan advances made during the quarter totaled $6.6 million, while the payoffs of construction loans totaled $25.6 million. Residential construction and A&D loans totaled $179.2 million at September 30, 2009, which was down 7.4% from $193.7 million at June 30, 2009. There were 410 houses and 1,734 lots financed at September 30, 2009, compared to 559 houses and 1,936 lots at September 30, 2008.
Total residential and commercial construction and land loans decreased to $187.2 million or 14.2 % of loans from $245.2 million or 17.7% of loans at December 31, 2008, and $255.4 million or 17.9% of loans at September 30, 2008, and as a percentage of capital decreased from 104% at June 30, 2009, to 94% at September 30, 2009. The regulatory guideline is a maximum of 100%.
All real estate loans, excluding owner-occupied properties, as a percentage of capital decreased to 147% at September 30, 2009 from 160% at June 30, 2009. The regulatory guideline is a maximum of 300%.
NET INTEREST INCOME
Net interest income for the third quarter increased $1.9 million or 15.6% when compared to the same period in 2008, and increased $1.8 million or 14.5% compared to second quarter of 2009. Net interest margin increased 15 basis points to 3.10% in the third quarter of 2009 compared to 2.95% in the third quarter of 2008 and 2.72% in the second quarter of 2009. In addition, average total interest earning assets increased $104.6 million or 6.2%. Net interest income for the first nine months of 2009 increased $1.1 million or 3.2% over the same period in 2008. The net interest margin decreased 10 basis points to 2.82% in the first nine months of 2009 compared to 2.92% for the same period in 2008. 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 and the increase in earning assets. The lower margin for 2009 year to date compared to 2008 is a result of reductions in the prime rate, and foregone interest of approximately $5.2 million and $2.4 million for year to date 2009 and 2008, respectively, due to nonperforming assets.
INTEREST INCOME
Total interest income for the third quarter of 2009 decreased $1.0 million or 3.9% compared to the same period in 2008. The decrease in interest income in the third quarter was the result of a decrease of 60 basis points in the yield on average interest-earning assets offset in part by growth in average interest-earning assets for the third quarter 2009, which increased $104.6 million or 6.2%. Total interest income year to date through September 30, 2009 decreased $6.6 million or 8.3% compared to the same period in 2008. The decrease in interest income in 2009 was the result of a decrease of 89 basis points in the yield on average interest-earning assets offset in part by the growth in average interest-earning assets in 2009, which increased $102.3 million or 6.2%.
INTEREST EXPENSE
Interest expense for the third quarter 2009 decreased $2.9 million or 20.3% compared to the same period in 2008. The decrease in interest expense was attributable to a 98 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $81.9 million or 5.4%. Year to date in 2009, interest expense decreased $7.7 million or 17.6% compared to the same period in 2008. The decrease in interest expense was attributable to a 84 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $69.1 million or 4.6%
NONINTEREST INCOME
Noninterest income increased $3.4 million and $7.9 million or 87.4% and 56.8% to $7.2 million and $21.8 million for the third quarter and year to date ended September 30, 2009, respectively, compared to the same periods in 2008. This increase in noninterest income was a result of higher mortgage banking activities as a result of the expansion of the mortgage division in 2009. Revenue from mortgage banking activities increased to $3.1 million and $11.3 million for the third quarter and first nine months of 2009, respectively, compared to $50,000 and $245,000 for the same periods in 2008. The increase for the quarter included a $477,000 increase in securities gains and was partially offset by lower SBA lending income, which decreased $240,000 or 62.0% to $147,000. The increase for the nine months ended September 2009 compared to the same period in 2008 was partially offset by lower indirect lending activities, which decreased $950,000 or 22.7% to $3.2 million, lower securities gains, and lower other income. Both the SBA lending activity and indirect lending revenues were hindered by the lack of liquidity in the financial markets resulting in fewer sales which resulted in lower gains on sales, although both the SBA and indirect lending secondary markets are beginning to show increased buyer interest.
NONINTEREST EXPENSE
Noninterest expense for the third quarter increased $3.9 million or 30.9% to $16.5 million compared to the same period in 2008. The increase is a result of higher salaries and employee benefits of $1.7 million or 25.9% to $8.1 million as the Bank increased the number of employees as a result of the expansion of the mortgage division and an increase in lenders in the SBA, Commercial, Private Banking and Indirect divisions. Additionally, the increase was due to higher other operating expense, which increased $1.1 million or 46.9% to $3.4 million due primarily to higher ORE related and foreclosure expense, and higher FDIC insurance premiums as deposit balances have grown. Noninterest expense for the first nine months of 2009 increased $11.6 million or 31.7% to $48.0 million compared to the same period in 2008. The increase is a result of higher salaries and employee benefits which increased $5.2 million or 26.2% to $25.0 million, and higher operating expense, which increased $3.3 million or 61.7% to $8.6 million due primarily to higher ORE expense and FDIC insurance premiums. Also, in the first nine months of 2008 the Company reversed a Visa litigation expense accrual of $207,000 which did not reoccur in 2009.
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 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 2008 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(DOLLARS IN THOUSANDS, QUARTER-TO-DATE YEAR-TO-DATE
EXCEPT PER SHARE DATA) SEPTEMBER 30, SEPTEMBER 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
INTEREST INCOME
LOANS, INCLUDING FEES $22,208 $24,082 $65,112 $73,930
INVESTMENT SECURITIES 2,824 1,912 7,896 5,606
FEDERAL FUNDS SOLD AND
BANK DEPOSITS 44 94 106 189
------ ------ ------ ------
TOTAL INTEREST INCOME 25,076 26,088 73,114 79,725
INTEREST EXPENSE
DEPOSITS 9,478 11,990 30,648 37,204
SHORT-TERM BORROWINGS 44 450 422 1,680
SUBORDINATED DEBT 1,143 1,291 3,527 3,977
OTHER LONG-TERM DEBT 610 421 1,672 1,146
--- --- ----- -----
TOTAL INTEREST EXPENSE 11,275 14,152 36,269 44,007
------ ------ ------ ------
NET INTEREST INCOME 13,801 11,936 36,845 35,718
PROVISION FOR LOAN LOSSES 4,500 11,400 21,300 21,850
----- ------ ------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 9,301 536 15,545 13,868
NONINTEREST INCOME
SERVICE CHARGES ON DEPOSIT
ACCOUNTS 1,138 1,226 3,264 3,589
OTHER FEES AND CHARGES 509 499 1,486 1,474
MORTGAGE BANKING ACTIVITIES 3,081 50 11,338 245
INDIRECT LENDING ACTIVITIES 1,042 1,091 3,237 4,187
SBA LENDING ACTIVITIES 147 387 584 1,164
SECURITIES GAINS, NET 519 42 519 1,306
BANK OWNED LIFE INSURANCE 321 303 948 904
OTHER OPERATING INCOME 461 253 412 1,024
--- --- --- -----
TOTAL NONINTEREST INCOME 7,218 3,851 21,788 13,893
NONINTEREST EXPENSE
SALARIES AND EMPLOYEE
BENEFITS 8,127 6,457 24,969 19,787
FURNITURE AND EQUIPMENT 709 757 2,055 2,277
NET OCCUPANCY 1,114 1,044 3,296 3,066
COMMUNICATION EXPENSES 430 435 1,195 1,253
PROFESSIONAL AND OTHER
SERVICES 1,292 928 3,628 2,792
ADVERTISING AND PROMOTION 155 135 588 409
STATIONERY, PRINTING AND
SUPPLIES 158 165 455 510
INSURANCE EXPENSES 249 73 412 265
FDIC INSURANCE EXPENSE 877 300 2,756 725
OTHER OPERATING EXPENSES 3,356 2,285 8,637 5,342
----- ----- ----- -----
TOTAL NONINTEREST EXPENSE 16,467 12,579 47,991 36,426
------ ------ ------ ------
INCOME (LOSS) BEFORE INCOME
TAX BENEFIT 52 (8,192) (10,658) (8,665)
INCOME TAX BENEFIT (346) (3,317) (4,875) (3,998)
---- ------ ------ ------
NET INCOME (LOSS) 398 (4,875) (5,783) (4,667)
PREFERRED STOCK DIVIDENDS (823) - (2,469) -
---- ----- ------ -----
NET LOSS AVAILABLE TO COMMON
EQUITY $(425) $(4,875) $(8,252) $(4,667)
===== ======= ======= =======
LOSS PER SHARE:
BASIC LOSS PER SHARE $(0.04) $(0.50) $(0.83) $(0.48)
====== ====== ====== ======
DILUTED LOSS PER SHARE $(0.04) $(0.50) $(0.83) $(0.48)
====== ====== ====== ======
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-BASIC 9,993,958 9,680,295 9,933,391 9,641,463
========= ========= ========= =========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-FULLY
DILUTED 9,993,958 9,680,295 9,933,391 9,641,463
========= ========= ========= =========
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(DOLLARS IN THOUSANDS) SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
ASSETS 2009 2008 2008
---- ---- ----
CASH AND DUE FROM BANKS $141,525 $68,841 $22,706
FEDERAL FUNDS SOLD 5,558 23,184 29,956
----- ------ ------
CASH AND CASH EQUIVALENTS 147,083 92,025 52,662
INVESTMENTS AVAILABLE-FOR-SALE 223,907 128,749 127,437
INVESTMENTS HELD-TO-MATURITY 20,452 24,793 25,562
INVESTMENT IN FHLB STOCK 6,767 5,282 5,282
LOANS HELD-FOR-SALE 125,045 55,840 52,098
LOANS 1,313,887 1,388,022 1,423,752
ALLOWANCE FOR LOAN LOSSES (35,548) (33,691) (26,023)
------- ------- -------
LOANS, NET 1,278,339 1,354,331 1,397,729
PREMISES AND EQUIPMENT, NET 18,363 19,311 19,874
OTHER REAL ESTATE 21,239 15,063 16,668
ACCRUED INTEREST RECEIVABLE 8,053 8,092 8,646
BANK OWNED LIFE INSURANCE 28,745 27,868 27,518
OTHER ASSETS 34,401 31,759 26,622
------ ------ ------
TOTAL ASSETS $1,912,394 $1,763,113 $1,760,098
========== ========== ==========
LIABILITIES
DEPOSITS:
NONINTEREST-BEARING DEMAND $154,091 $138,634 $123,372
INTEREST-BEARING
DEMAND/MONEY MARKET 251,430 208,723 248,500
SAVINGS 416,126 199,465 202,632
TIME DEPOSITS, $100,000
AND OVER 294,714 317,540 315,855
OTHER TIME DEPOSITS 490,537 579,320 575,460
------- ------- -------
TOTAL DEPOSIT
LIABILITIES 1,606,898 1,443,682 1,465,819
FEDERAL FUNDS PURCHASED - - 15,000
OTHER SHORT-TERM BORROWINGS 18,261 55,017 58,449
SUBORDINATED DEBT 67,527 67,527 67,527
OTHER LONG-TERM DEBT 75,000 47,500 47,500
ACCRUED INTEREST PAYABLE 4,281 7,038 7,000
OTHER LIABILITIES 8,404 5,745 5,537
----- ----- -----
TOTAL LIABILITIES 1,780,371 1,626,509 1,666,832
SHAREHOLDERS' EQUITY
PREFERRED STOCK 44,475 43,813 -
COMMON STOCK 52,810 51,886 46,808
ACCUMULATED OTHER
COMPREHENSIVE INCOME (LOSS) 3,685 1,333 (1,101)
RETAINED EARNINGS 31,053 39,572 47,559
------ ------ ------
TOTAL SHAREHOLDERS'
EQUITY 132,023 136,604 93,266
------- ------- ------
TOTAL LIABILITIES
AND SHARE-HOLDERS'
EQUITY $1,912,394 $1,763,113 $1,760,098
========== ========== ==========
BOOK VALUE PER SHARE $8.80 $9.51 $9.65
===== ===== =====
SHARES OF COMMON STOCK
OUTSTANDING 9,952,766 9,756,039 9,662,838
========= ========= =========
FIDELITY SOUTHERN CORPORATION
LOANS, BY CATEGORY
(UNAUDITED)
(DOLLARS IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
2009 2008 2008
------------ ------------ -------------
COMMERCIAL, FINANCIAL AND
AGRICULTURAL $126,782 $137,988 $131,001
TAX-EXEMPT COMMERCIAL 6,453 7,508 8,144
REAL ESTATE MORTGAGE -
COMMERCIAL 237,617 202,516 196,213
------- ------- -------
TOTAL COMMERCIAL 370,852 348,012 335,358
REAL ESTATE-CONSTRUCTION 187,215 245,153 255,393
REAL ESTATE-MORTGAGE 126,540 115,527 106,906
CONSUMER INSTALLMENT 629,280 679,330 726,095
------- ------- -------
LOANS 1,313,887 1,388,022 1,423,752
LOANS HELD-FOR-SALE:
ORIGINATED RESIDENTIAL
MORTGAGE LOANS 82,795 967 1,860
SBA LOANS 27,250 39,873 35,238
INDIRECT AUTO LOANS 15,000 15,000 15,000
------ ------ ------
TOTAL LOANS HELD-FOR-
SALE 125,045 55,840 52,098
------- ------ ------
TOTAL LOANS $1,438,932 $1,443,862 $1,475,850
========== ========== ==========
(DOLLARS IN THOUSANDS) PERCENT CHANGE
----------------------------
Sep 30, 2009/ Sep 30, 2009/
Dec. 31, 2008 Sep 30, 2008
------------- ------------
COMMERCIAL, FINANCIAL AND
AGRICULTURAL (8.12)% (3.22)%
TAX-EXEMPT COMMERCIAL (14.05)% (20.76)%
REAL ESTATE MORTGAGE -
COMMERCIAL 17.33% 21.10%
TOTAL COMMERCIAL 6.56% 10.58%
REAL ESTATE-CONSTRUCTION (23.63)% (26.70)%
REAL ESTATE-MORTGAGE 9.53% 18.37%
CONSUMER INSTALLMENT (7.37)% (13.33)%
LOANS (5.34)% (7.72)%
LOANS HELD-FOR-SALE:
ORIGINATED RESIDENTIAL
MORTGAGE LOANS 8,462.05% 4,351.34%
SBA LOANS (31.66)% (22.67)%
INDIRECT AUTO LOANS 0.00% 0.00%
TOTAL LOANS HELD-FOR-
SALE 123.93% 140.02%
TOTAL LOANS
FIDELITY SOUTHERN CORPORATION
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
(DOLLARS IN THOUSANDS) YEAR-TO-DATE YEAR ENDED
SEPTEMBER 30, DECEMBER 31,
------------- ------------
2009 2008 2008
---- ---- ----
BALANCE AT BEGINNING OF PERIOD $33,691 $16,557 $16,557
CHARGE-OFFS:
COMMERCIAL, FINANCIAL AND
AGRICULTURAL 301 99 99
SBA 660 244 220
REAL ESTATE-CONSTRUCTION 9,867 5,363 9,083
REAL ESTATE-MORTGAGE 293 261 332
CONSUMER INSTALLMENT 9,013 7,349 10,841
----- ----- ------
TOTAL CHARGE-OFFS 20,134 13,316 20,575
RECOVERIES:
COMMERCIAL, FINANCIAL AND
AGRICULTURAL 8 5 5
SBA 29 215 214
REAL ESTATE-CONSTRUCTION 35 30 43
REAL ESTATE-MORTGAGE 15 13 14
CONSUMER INSTALLMENT 604 669 883
--- --- ---
TOTAL RECOVERIES 691 932 1,159
--- --- -----
NET CHARGE-OFFS 19,443 12,384 19,416
PROVISION FOR LOAN LOSSES 21,300 21,850 36,550
------ ------ ------
BALANCE AT END OF PERIOD $35,548 $26,023 $33,691
======= ======= =======
RATIO OF NET CHARGE-OFFS DURING
PERIOD TO AVERAGE LOANS
OUTSTANDING, NET 1.95% 1.16% 1.36%
ALLOWANCE FOR LOAN LOSSES AS A
PERCENTAGE OF LOANS 2.71% 1.83% 2.43%
NONPERFORMING ASSETS
(UNAUDITED)
(DOLLARS IN THOUSANDS)
SEPTEMBER 30, JUNE 30,
-------------
2009 2008 2009
---- ---- ----
NONACCRUAL LOANS $83,494 $73,043 $91,605
REPOSSESSIONS 1,562 1,666 1,509
OTHER REAL ESTATE 21,239 16,668 25,025
------ ------ ------
TOTAL NONPERFORMING ASSETS $106,295 $91,377 $118,139
======== ======= ========
LOANS PAST DUE 90 DAYS OR MORE AND
STILL ACCRUING $- $3 $-
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 7.27% 6.12% 7.82%
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
YEAR-TO-DATE
-------------------------------
September 30, 2009
-------------------------------
Average Income/ Yield/
(dollars in thousands) Balance Expense Rate
------- ------- ----
Assets
Interest-earning assets :
Loans, net of unearned income
Taxable $1,450,514 $64,907 5.96%
Tax-exempt (1) 7,127 304 5.82%
----- ---
Total loans 1,457,641 65,211 5.96%
Investment securities
Taxable 224,569 7,410 4.40%
Tax-exempt (2) 15,711 714 6.06%
------ ---
Total investment securities 240,280 8,124 4.53%
Interest-bearing deposits 43,610 86 0.26%
Federal funds sold 12,748 20 0.21%
------ ---
Total interest-earning assets 1,754,279 73,441 5.58%
Cash and due from banks 26,281
Allowance for loan losses (34,235)
Premises and equipment, net 18,874
Other real estate owned 21,623
Other assets 65,886
------
Total assets $1,852,708
==========
Liabilities and shareholders'
equity
Interest-bearing liabilities:
Demand deposits $231,456 $2,189 1.26%
Savings deposits 302,774 5,181 2.28%
Time deposits 861,353 23,278 3.60%
------- ------
Total interest-bearing
deposits 1,395,583 30,648 2.93%
Federal funds purchased - - -
Securities sold under
agreements to repurchase 33,972 373 1.46%
Other short-term borrowings 2,504 49 2.62%
Subordinated debt 67,527 3,527 6.96%
Long-term debt 68,315 1,672 3.26%
------ -----
Total interest-bearing
liabilities 1,567,901 36,269 3.08%
Noninterest-bearing :
Demand deposits 137,289
Other liabilities 14,557
Shareholders' equity 132,961
-------
Total liabilities and
shareholders' equity $1,852,708
==========
Net interest income / spread $37,172 2.50%
=======
Net interest margin 2.82%
YEAR-TO-DATE
-----------------------------
September 30, 2008
-----------------------------
Average Income/ Yield/
(dollars in thousands) Balance Expense Rate
------- ------- ----
Assets
Interest-earning assets :
Loans, net of unearned income
Taxable $1,479,355 $73,626 6.65%
Tax-exempt (1) 8,782 453 7.04%
----- ---
Total loans 1,488,137 74,079 6.65%
Investment securities
Taxable 138,208 5,188 5.01%
Tax-exempt (2) 13,560 606 5.96%
------ ---
Total investment
securities 151,768 5,794 5.12%
Interest-bearing deposits 1,833 31 2.27%
Federal funds sold 10,283 158 2.05%
------ ---
Total interest-earning
assets 1,652,021 80,062 6.47%
Cash and due from banks 22,239
Allowance for loan losses (21,101)
Premises and equipment, net 19,465
Other real estate owned 11,178
Other assets 57,585
------
Total assets $1,741,387
==========
Liabilities and shareholders'
equity
Interest-bearing liabilities :
Demand deposits $288,937 $5,281 2.44%
Savings deposits 212,436 4,704 2.96%
Time deposits 812,728 27,219 4.47%
------- ------
Total interest-bearing
deposits 1,314,101 37,204 3.78%
Federal funds purchased 11,940 263 2.95%
Securities sold under
agreements to
repurchase 31,972 625 2.61%
Other short-term borrowings 30,529 792 3.46%
Subordinated debt 67,527 3,977 7.87%
Long-term debt 42,755 1,146 3.58%
------ -----
Total interest-bearing
liabilities 1,498,824 44,007 3.92%
Noninterest-bearing :
Demand deposits 129,205
Other liabilities 14,863
Shareholders' equity 98,495
------
Total liabilities and
shareholders' equity $1,741,387
==========
Net interest income / spread $36,055 2.55%
=======
Net interest margin 2.92%
(1) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $99,000 and $149,000 respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $228,000 and $188,000, respectively.
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
QUARTER-TO-DATE
------------------------------
September 30, 2009
------------------------------
Average Income/ Yield/
(dollars in thousands) Balance Expense Rate
------- ------- ----
Assets
Interest-earning assets:
Loans, net of unearned
income
Taxable $1,453,468 $22,137 6.05%
Tax-exempt (1) 6,776 103 6.29%
----- ---
Total loans 1,460,244 22,240 6.05%
Investment securities
Taxable 240,855 2,658 4.41%
Tax-exempt (2) 16,019 244 6.11%
------ ---
Total investment
securities 256,874 2,902 4.53%
Interest-bearing
deposits 59,113 41 0.27%
Federal funds sold 6,448 3 0.21%
----- ---
Total interest-
earning assets 1,782,679 25,186 5.61%
Cash and due from
banks 36,035
Allowance for loan
losses (35,275)
Premises and
equipment, net 18,590
Other real estate
owned 23,480
Other assets 68,391
------
Total assets $1,893,900
==========
Liabilities and shareholders' equity
Interest-bearing liabilities:
Demand deposits $248,080 $745 1.19%
Savings deposits 389,690 1,942 1.98%
Time deposits 809,624 6,791 3.33%
------- -----
Total interest-
bearing
deposits 1,447,394 9,478 2.60%
Federal funds
purchased - - -
Securities sold under agreements to
repurchase 17,772 27 0.59%
Other short-term
borrowings 2,430 17 2.72%
Subordinated debt 67,527 143 6.71%
Long-term debt 75,000 610 3.23%
------ ---
Total interest-
bearing
liabilities 1,610,123 10,275 2.78%
Noninterest-bearing :
Demand deposits 138,078
Other liabilities 15,702
Shareholders' equity 129,997
-------
Total liabilities and
shareholders'
equity $1,893,900
==========
Net interest income / spread $14,911 2.83%
=======
Net interest margin 3.10%
QUARTER-TO-DATE
----------------------------
September 30, 2008
----------------------------
Average Income/ Yield/
(dollars in thousands) Balance Expense Rate
------- ------- ----
Assets
Interest-earning assets :
Loans, net of unearned
income
Taxable $1,493,782 $23,987 6.39%
Tax-exempt (1) 8,354 138 6.84%
----- ---
Total loans 1,502,136 24,125 6.39%
Investment securities
Taxable 140,393 1,756 5.00%
Tax-exempt (2) 15,223 227 5.96%
------ ---
Total investment
securities 155,616 1,983 5.13%
Interest-bearing
deposits 2,187 10 1.88%
Federal funds sold 18,091 84 1.84%
------ ---
Total interest-
earning assets 1,678,030 26,202 6.21%
Cash and due from
banks 21,734
Allowance for loan
losses (24,853)
Premises and
equipment, net 19,930
Other real estate
owned 12,758
Other assets 60,790
------
Total assets $1,768,389
==========
Liabilities and shareholders' equity
Interest-bearing liabilities:
Demand deposits $270,010 $1,497 2.20%
Savings deposits 205,272 1,428 2.61%
Time deposits 874,070 9,065 4.42%
------- -----
Total interest-
bearing
deposits 1,349,352 11,990 3.64%
Federal funds
purchased 6,217 36 2.45%
Securities sold under agreements to
repurchase 36,044 239 2.43%
Other short-term
borrowings 21,609 175 3.08%
Subordinated debt 67,527 1,291 7.61%
Long-term debt 47,500 421 3.45%
------ ---
Total interest-
bearing
liabilities 1,528,249 14,152 3.76%
Noninterest-bearing :
Demand deposits 129,311
Other liabilities 14,491
Shareholders' equity 96,338
------
Total liabilities and
shareholders'
equity $1,768,389
==========
Net interest income / spread $12,050 2.45%
=======
Net interest margin 2.95%
(1) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $32,000 and $43,000 respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $78,000 and $71,000.
Related Headlines
- FIDELITY SOUTHERN CORP Financials - EDGAR Online Financials
- FIDELITY SOUTHERN CORP Files SEC form 10-Q, Quarterly Report - EDGAR Online
- FIDELITY SOUTHERN CORP Files SEC form 8-K, Other Events - EDGAR Online
- New Star Analyst Rankings for Fidelity Southern Corporation - StarMine
- Fidelity Southern Corporation Declares Fourth Quarter Stock Dividend - PR Newswire
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