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Chairman James B. Miller, Jr. said, "Credit quality, past dues, and charge-offs in our consumer lending portfolio have improved over the six-month period since December 31, 2008. Based on the improving credit quality of our consumer lending portfolio, we believe the worst of the recession is behind us. The continued sale of distressed property in the Atlanta market has caused appraised values to continue to decline, although at a slower rate than previously. In this environment, we have had to continue to increase reserves against construction loans. The Jacksonville market, contrasted to Atlanta, appears to have stabilized. Based on the recent sales we have experienced, it also appears that the Atlanta market is very near stabilization. The commercial real estate market does appear to be weakening more rapidly. However, we have limited non-owner occupied commercial real estate."
CAPITAL
Fidelity reported a total risk based capital ratio for the Bank of 12.49% at June 30, 2009, compared to 10.35% at June 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 8.77% at June 30, 2009, compared to 7.96% at June 30, 2008. Both ratios exceeded required regulatory minimums for well capitalized institutions.
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 6.2% at June 30, 2008 and 13.1% at December 31, 2008 to 15.3% at June 30, 2009.
ALLOWANCE AND PROVISION
Fidelity reported an increase in the allowance for loan losses to $36.7 million or 2.79% of total loans at June 30, 2009, from $22.5 million at June 30, 2008, and $33.7 million at year-end 2008.
The provision for loan losses for the second quarter of 2009 was $7.2 million compared to $5.9 million for the same period in 2008, due to increased charge-offs in the construction and consumer loan portfolios during the second quarter of 2009 as compared to the second quarter of 2008. The provision for loan losses for the first six months of 2009 was $16.8 million compared to $10.5 million for the same period in 2008. Total net charge-offs decreased to $6.0 million in the second quarter of 2009 from $7.8 million in the first quarter of 2009, but were higher than the $2.4 million for the second quarter of 2008. Year to date, net charge-offs increased $9.3 million for the first six months of 2009 to $13.8 million compared to $4.5 million for the same period in 2008. The ratio of net charge-offs to average loans outstanding was 2.08% for the first six months of 2009 compared to .63% for the same period in 2008. However, the allowance for loan losses as a percentage of loans also increased from 1.56% at June 30, 2008, and 2.43% at December 31, 2008, to 2.79% at June 30, 2009.
NONPERFORMING ASSETS
Nonperforming loans, repossessions and other real estate ("ORE") totaled $118.1 million at the end of the second quarter of 2009, a decrease of $5.4 million from March 31, 2009.
Nonperforming residential construction and development loans at June 30, 2009, included 179 houses and 613 lots and land totaling approximately $79.7 million. During the quarter approximately $6.6 million of nonperforming construction loans were paid down by our customers while approximately $6.4 million in construction loans were moved to nonperforming.
During the second quarter, $2.9 million of ORE assets were sold while $11.5 million were added to ORE. ORE consists of 65 houses, representing 51% of the total ORE balance, 208 lots and three commercial properties. ORE increased to $25.0 million at June 30, 2009, from $16.5 million at March 31, 2009 and $15.1 million at December 31, 2008.
REAL ESTATE
New residential construction loan advances made during the quarter totaled $4.2 million, while the payoffs of construction loans totaled $17.2 million. Residential construction and A&D loans totaled $193.7 million at June 30, 2009, which was down 9.6% from $214.2 million at March 31, 2009. There were 466 houses and 1,765 lots financed at June 30, 2009, compared to 651 houses and 2,024 lots at June 30, 2008.
Total residential and commercial construction and land loans decreased to $200.5 million or 15.3% of loans from $245.2 million or 17.7% of loans at December 31, 2008, and $289.9 million or 20.1% of loans at June 30, 2008, and as a percentage of capital decreased from 121% at March 31, 2009, to 104% at June 30, 2009. The regulatory guideline is a maximum of 100%.
All real estate loans, except for owner-occupied properties, as a percentage of capital decreased to 160% at June 30, 2009 from 172% at March 31, 2009. The regulatory guideline is a maximum of 300%.
NET INTEREST INCOME
Net interest income for the second quarter remained relatively stable when compared to the same period in 2008. While the net interest margin decreased 23 basis points to 2.72% in the second quarter of 2009 compared to 2.95% in the second quarter of 2008, the decrease was nearly offset by an increase in the average total interest earning assets of $132.4 million or 8.0%. Net interest income for the first six months of 2009 decreased $738 thousand or 3.10% over the same period in 2008. The net interest margin decreased 25 basis points to 2.70% in the first half of 2009 compared to 2.95% for the same period in 2008. The decreases are a result of lower margins from reductions in the prime rate, foregone interest due to an increase in nonperforming assets and the continued pressures on the cost of deposits in the Atlanta market. However, the net interest margin of 2.72% for the second quarter of 2009 improved slightly from 2.71% compared to the first quarter of 2009.
INTEREST INCOME
Total interest income for the second quarter of 2009 decreased $1.5 million or 5.6% compared to the same period in 2008. The decrease in interest income in the second quarter was the result of a decrease of 81 basis points in the yield on average interest-earning assets offset in part by the growth in average interest-earning assets for the second quarter 2009, which increased $132.4 million or 8.0%. Total interest income year to date through June 30, 2009 decreased $5.6 million or 10.4% compared to the same period in 2008. The decrease in interest income in 2009 was the result of a decrease of 102 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 $101.1 million or 6.2%.
INTEREST EXPENSE
Interest expense for the second quarter 2009 decreased $1.4 million or 10.2% compared to the same period in 2008. The decrease in interest expense was attributable to an increase in average interest-bearing liabilities of $99.4 million more than offset by a 60 basis point decrease in the cost of interest-bearing liabilities. Year to date in 2009, interest expense decreased $4.9 million or 16.3% compared to the same period in 2008. The decrease in interest expense was attributable to an increase in average interest-bearing liabilities of $62.5 million more than offset by a 79 basis point decrease in the cost of interest-bearing liabilities.
The high deposit rates in the Atlanta market, driven by banks' necessity for liquidity, have eased. While Fidelity Bank's deposit rates are lower than most of the smaller banks, they are somewhat higher than the larger banks. If deposit rates stay consistent, Fidelity Bank's margin will improve over time as certificate of deposit interest rates reset in a lower rate environment.
NONINTEREST INCOME
Noninterest income increased $3.4 million and $4.5 million or 77.7% and 45.1% to $7.8 million and $14.6 million for the second quarter and year to date ended June 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 $4.6 million and $8.3 million for the second quarter and first six months of 2009, respectively, compared to $125 thousand and $195 thousand for the same periods in 2008. The increase for the quarter was partially offset by lower indirect lending income, which decreased $459 thousand or 30.4% to $1.1 million, lower other operating income, and lower SBA lending activities. The increase for the six months ended June 2009 compared to the same period in 2008 was partially offset by lower securities gains, lower indirect lending activities, which decreased $901 thousand or 29.1% to $2.2 million, 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 again functioning.
NONINTEREST EXPENSE
Noninterest expense for the second quarter increased $5.0 million or 40.5% to $17.5 million compared to the same period in 2008. The increase is a result of higher salaries and employee benefits of $2.6 million or 40.6% to $9.0 million as the Bank increased the number of employees as a result of the expansion of the mortgage division, and higher other operating expense, which increased $2.0 million or 77.7% to $4.6 million due primarily to higher ORE expense and FDIC insurance premiums as a result of the second quarter of 2009 special assessment of $865 thousand. Noninterest expense for the first six months of 2009 increased $7.7 million or 32.2% to $31.5 million compared to the same period in 2008. The increase is a result of higher salaries and employee benefits which increased $3.6 million or 27.4% to $16.8 million as a result of the expansion of the mortgage division, and higher operating expense, which increased $3.6 million or 99.6% to $7.2 million due primarily to higher ORE expense and FDIC insurance premiums. Also, in the first half of 2008 the Company reversed a Visa litigation expense accrual of $567 thousand 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 INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT QUARTER-TO-DATE YEAR-TO-DATE
PER SHARE DATA) JUNE 30, JUNE 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
INTEREST INCOME
LOANS, INCLUDING FEES $21,693 $24,133 $42,904 $49,848
INVESTMENT SECURITIES 2,981 1,978 5,072 3,694
FEDERAL FUNDS SOLD AND
BANK DEPOSITS 32 53 62 95
------ ------ ------ ------
TOTAL INTEREST INCOME 24,706 26,164 48,038 53,637
INTEREST EXPENSE
DEPOSITS 10,685 11,895 21,170 25,214
SHORT-TERM BORROWINGS 188 483 378 1,230
SUBORDINATED DEBT 1,181 1,278 2,384 2,686
OTHER LONG-TERM DEBT 603 440 1,062 725
------ ------ ------ ------
TOTAL INTEREST EXPENSE 12,657 14,096 24,994 29,855
------ ------ ------ ------
NET INTEREST INCOME 12,049 12,068 23,044 23,782
PROVISION FOR LOAN LOSSES 7,200 5,850 16,800 10,450
------ ------ ------ ------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 4,849 6,218 6,244 13,332
NONINTEREST INCOME
SERVICE CHARGES ON DEPOSIT
ACCOUNTS 1,103 1,200 2,126 2,363
OTHER FEES AND CHARGES 506 511 977 975
MORTGAGE BANKING ACTIVITIES 4,649 125 8,257 195
INDIRECT LENDING ACTIVITIES 1,051 1,510 2,195 3,096
SBA LENDING ACTIVITIES 259 363 437 777
SECURITIES GAINS, NET - - - 1,264
BANK OWNED LIFE INSURANCE 329 298 627 601
OTHER OPERATING INCOME (142) 358 (49) 771
------ ------ ------ ------
TOTAL NONINTEREST INCOME 7,755 4,365 14,570 10,042
NONINTEREST EXPENSE
SALARIES AND EMPLOYEE
BENEFITS 8,950 6,421 16,842 13,330
FURNITURE AND EQUIPMENT 691 743 1,346 1,520
NET OCCUPANCY 1,103 983 2,182 2,022
COMMUNICATION EXPENSES 415 430 765 818
PROFESSIONAL AND OTHER
SERVICES 1,263 957 2,336 1,864
ADVERTISING AND PROMOTION 201 119 433 274
STATIONERY, PRINTING AND
SUPPLIES 171 166 297 345
INSURANCE EXPENSES 81 90 163 192
OTHER OPERATING EXPENSES 4,629 2,552 7,160 3,482
------ ------ ------ ------
TOTAL NONINTEREST EXPENSE 17,504 12,461 31,524 23,847
------ ------ ------ ------
INCOME BEFORE INCOME TAX
EXPENSE (4,900) (1,878) (10,710) (473)
INCOME TAX EXPENSE (2,095) (976) (4,529) (681)
------ ------ ------ ------
NET (LOSS) INCOME (2,805) (902) (6,181) 208
PREFERRED STOCK DIVIDENDS (823) - (1,646) -
------ ------ ------ ------
NET (LOSS) INCOME AVAILABLE
TO COMMON EQUITY $(3,628) $(902) $(7,827) $208
======= ===== ======= ====
EARNINGS PER SHARE:
BASIC EARNINGS PER SHARE $(0.37) $(0.09) $(0.80) $0.02
====== ====== ====== =====
DILUTED EARNINGS PER
SHARE $(0.37) $(0.09) $(0.80) $0.02
====== ====== ====== =====
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-BASIC 9,857,296 9,535,432 9,803,527 9,526,345
========= ========= ========= =========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING-FULLY
DILUTED 9,857,296 9,535,432 9,803,527 9,526,345
========= ========= ========= =========
FIDELITY SOUTHERN CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(DOLLARS IN THOUSANDS) JUNE 30, DECEMBER 31, JUNE 30,
ASSETS 2009 2008 2008
---- ---- ----
CASH AND DUE FROM BANKS $54,531 $68,841 $29,225
FEDERAL FUNDS SOLD 11,351 23,184 11,804
------- ------- ------
CASH AND CASH EQUIVALENTS 65,882 92,025 41,029
INVESTMENTS AVAILABLE-FOR-SALE 236,648 128,749 123,100
INVESTMENTS HELD-TO-MATURITY 21,989 24,793 26,767
INVESTMENT IN FHLB STOCK 6,767 5,282 6,181
LOANS HELD-FOR-SALE 169,126 55,840 67,548
LOANS 1,314,678 1,388,022 1,444,577
ALLOWANCE FOR LOAN LOSSES (36,663) (33,691) (22,521)
------- ------- ------
LOANS, NET 1,278,015 1,354,331 1,422,056
PREMISES AND EQUIPMENT, NET 18,688 19,311 19,595
OTHER REAL ESTATE 25,025 15,063 10,901
ACCRUED INTEREST RECEIVABLE 8,379 8,092 8,667
BANK OWNED LIFE INSURANCE 28,448 27,868 27,233
OTHER ASSETS 35,941 31,759 25,184
------- ------- ------
TOTAL ASSETS $1,894,908 $1,763,113 $1,778,261
========== ========== ==========
LIABILITIES
DEPOSITS:
NONINTEREST-BEARING DEMAND $129,621 $138,634 $134,823
INTEREST-BEARING DEMAND/
MONEY MARKET 253,381 208,723 281,666
SAVINGS 319,785 199,465 215,530
TIME DEPOSITS, $100,000 AND OVER 319,481 317,540 316,466
OTHER TIME DEPOSITS 543,674 579,320 503,088
------- ------- ------
TOTAL DEPOSIT LIABILITIES 1,565,942 1,443,682 1,451,573
FEDERAL FUNDS PURCHASED - - 21,000
OTHER SHORT-TERM BORROWINGS 42,763 55,017 80,988
SUBORDINATED DEBT 67,527 67,527 67,527
OTHER LONG-TERM DEBT 75,000 47,500 47,500
ACCRUED INTEREST PAYABLE 5,892 7,038 5,947
OTHER LIABILITIES 8,084 5,745 6,456
------- ------- ------
TOTAL LIABILITIES 1,765,208 1,626,509 1,680,991
SHAREHOLDERS' EQUITY
PREFERRED STOCK 44,255 43,813 -
COMMON STOCK 52,560 51,886 46,512
ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS) 1,264 1,333 (1,770)
RETAINED EARNINGS 31,621 39,572 52,528
------- ------- ------
TOTAL SHAREHOLDERS' EQUITY 129,700 136,604 97,270
------- ------- ------
TOTAL LIABILITIES AND SHARE-
HOLDERS' EQUITY $1,894,908 $1,763,113 $1,778,261
========== ========== ==========
BOOK VALUE PER SHARE $8.64 $9.61 $10.18
========== ========== ==========
SHARES OF COMMON STOCK OUTSTANDING 9,885,603 9,658,089 9,554,160
========== ========== ==========
FIDELITY SOUTHERN CORPORATION
LOANS, BY CATEGORY
(UNAUDITED)
(DOLLARS IN THOUSANDS) PERCENT CHANGE
--------------
June 30, June 30,
JUNE 30, DEC. 31, JUNE 30, 2009/ 2009/
Dec. 31, June 30,
2009 2008 2008 2008 2008
---- ---- ---- ----- -----
COMMERCIAL, FINANCIAL
AND AGRICULTURAL $125,903 $137,988 $126,711 (8.76)% (0.64)%
TAX-EXEMPT COMMERCIAL 7,115 7,508 8,829 (5.23)% (19.41)%
REAL ESTATE MORTGAGE
- COMMERCIAL 233,360 202,516 192,605 15.23% 21.16%
------- ------- -------
TOTAL COMMERCIAL 366,378 348,012 328,145 5.28% 11.65%
REAL ESTATE-
CONSTRUCTION 200,543 245,153 289,844 (18.20)% (30.81)%
REAL ESTATE-MORTGAGE 121,516 115,527 102,710 5.18% 18.31%
CONSUMER INSTALLMENT 626,241 679,330 723,878 (7.81)% (13.49)%
------- ------- -------
LOANS 1,314,678 1,388,022 1,444,577 (5.28)% (8.99)%
LOANS HELD-FOR-SALE:
ORIGINATED
RESIDENTIAL
MORTGAGE LOANS 125,811 967 1,442 12,910.44% 8,624.76%
SBA LOANS 28,315 39,873 35,106 (28.99)% (19.34)%
INDIRECT
AUTO LOANS 15,000 15,000 31,000 0.00% (51.61)%
------ ------ ------
TOTAL LOANS
HELD-FOR-SALE 169,126 55,840 67,548 202.88% 150.38%
------- ------ ------
TOTAL
LOANS $1,483,804 $1,443,862 $1,512,125
========== ========== ==========
FIDELITY SOUTHERN CORPORATION
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
(DOLLARS IN THOUSANDS) YEAR-TO-DATE YEAR ENDED
JUNE 30, DECEMBER 31,
-------- ------------
2009 2008 2008
---- ---- ----
BALANCE AT BEGINNING OF PERIOD $33,691 $16,557 $16,557
CHARGE-OFFS:
COMMERCIAL, FINANCIAL AND AGRICULTURAL 301 14 99
SBA 519 - 220
REAL ESTATE-CONSTRUCTION 6,651 850 9,083
REAL ESTATE-MORTGAGE 190 124 332
CONSUMER INSTALLMENT 6,600 4,013 10,841
------ ------ ------
TOTAL CHARGE-OFFS 14,261 5,001 20,575
RECOVERIES:
COMMERCIAL, FINANCIAL AND AGRICULTURAL 8 1 5
SBA 5 56 214
REAL ESTATE-CONSTRUCTION 22 5 43
REAL ESTATE-MORTGAGE - 13 14
CONSUMER INSTALLMENT 398 440 883
------ ------ ------
TOTAL RECOVERIES 433 515 1,159
------ ------ ------
NET CHARGE-OFFS 13,828 4,486 19,416
PROVISION FOR LOAN LOSSES 16,800 10,450 36,550
------ ------ ------
BALANCE AT END OF PERIOD $36,663 $22,521 $33,691
======= ======= =======
RATIO OF NET CHARGE-OFFS DURING PERIOD
TO AVERAGE LOANS OUTSTANDING, NET 2.08% 0.63% 1.36%
ALLOWANCE FOR LOAN LOSSES AS A
PERCENTAGE OF LOANS 2.79% 1.56% 2.43%
NONPERFORMING ASSETS
(UNAUDITED)
(DOLLARS IN THOUSANDS)
JUNE 30,
--------
2009 2008
---- ----
NONACCRUAL LOANS $91,605 $45,045
REPOSSESSIONS 1,509 1,363
OTHER REAL ESTATE 25,025 10,901
------ ------
TOTAL NONPERFORMING ASSETS $118,139 $57,309
======== =======
LOANS PAST DUE 90 DAYS OR MORE AND STILL ACCRUING $- $-
RATIO OF LOANS PAST DUE 90 DAYS OR MORE AND
STILL ACCRUING TO TOTAL LOANS -% -%
RATIO OF NONPERFORMING ASSETS TO TOTAL LOANS,
OREO AND REPOSSESSIONS 7.82% 3.76%
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
YEAR-TO-DATE
------------
June 30, 2009 June 30, 2008
------------- -------------
(dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
------- ------- ---- ------- ------- ----
Assets
Interest-earning
assets :
Loans, net of
unearned income
Taxable $1,449,013 $42,770 5.95% $1,472,063 $49,639 6.78%
Tax-exempt (1) 7,304 202 5.63% 8,999 315 7.13%
------- ------- ------- -------
Total loans 1,456,317 42,972 5.95% 1,481,062 49,954 6.78%
Investment
securities
Taxable 216,292 4,752 4.40% 137,103 3,433 5.01%
Tax-exempt (2) 15,554 469 6.03% 12,720 379 5.96%
------- ------- ------- -------
Total
investment
securities 231,846 5,221 4.52% 149,823 3,812 5.12%
Interest-bearing
deposits 35,866 45 0.25% 1,655 21 2.53%
Federal funds sold 15,951 17 0.21% 6,336 74 2.35%
------- ------- ------- -------
Total
interest-
earning
assets 1,739,980 48,255 5.59% 1,638,876 53,861 6.61%
Cash and due from
banks 21,187 22,495
Allowance for loan
losses (33,706) (19,204)
Premises and
equipment, net 19,018 19,230
Other real estate
owned 20,678 10,378
Other assets 64,614 55,963
------- -------
Total assets $1,831,771 $1,727,738
========== ==========
Liabilities and
shareholders'
equity
Interest-bearing
liabilities :
Demand deposits $223,007 $1,444 1.31% $298,504 $3,783 2.55%
Savings deposits 258,595 3,238 2.53% 216,057 3,276 3.05%
Time deposits 887,646 16,488 3.75% 781,720 18,155 4.67%
------- ------- ------- -------
Total
interest-
bearing
deposits 1,369,248 21,170 3.12% 1,296,281 25,214 3.91%
Federal funds
purchased - - - 14,832 227 3.08%
Securities sold
under agreements
to repurchase 42,207 346 1.65% 29,913 386 2.60%
Other short-term
borrowings 2,541 32 2.58% 35,038 617 3.54%
Subordinated debt 67,527 2,384 7.12% 67,527 2,686 8.00%
Long-term debt 64,917 1,062 3.30% 40,357 725 3.61%
------- ------- ------- -------
Total
interest-
bearing
liabilities 1,546,440 24,994 3.26% 1,483,948 29,855 4.05%
Noninterest-
bearing :
Demand deposits 136,888 129,151
Other liabilities 13,976 15,053
Shareholders' equity 134,467 99,586
------- ------
Total liabilities
and shareholders'
equity $1,831,771 $1,727,738
========== ==========
Net interest
income / spread $23,261 2.33% $24,006 2.56%
======= =======
Net interest margin 2.70% 2.95%
(1) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $68,000 and $106,000 respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $149,000 and $118,000, respectively.
FIDELITY SOUTHERN CORPORATION
AVERAGE BALANCE, INTEREST AND YIELDS
(UNAUDITED)
QUARTER-TO-DATE
---------------
June 30, 2009 June 30, 2008
------------- -------------
(dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
------- ------- ---- ------- ------- ----
Assets
Interest-earning
assets :
Loans, net of
unearned income
Taxable $1,456,086 $21,627 5.96% $1,481,296 $24,036 6.53%
Tax-exempt (1) 7,175 100 5.65% 8,903 146 6.72%
------- ----- ------- -----
Total
loans 1,463,261 21,727 5.95% 1,490,199 24,182 6.53%
Investment
securities
Taxable 262,656 2,817 4.29% 145,540 1,828 5.03%
Tax-exempt (2) 15,889 240 6.06% 14,678 219 5.95%
------- ----- ------- -----
Total
investment
securities 278,545 3,057 4.41% 160,218 2,047 5.14%
Interest-bearing
deposits 40,749 26 0.26% 1,810 9 1.96%
Federal funds sold 11,163 6 0.20% 9,063 44 1.93%
------- ----- ------- -----
Total
interest-
earning
assets 1,793,718 24,816 5.55% 1,661,290 26,282 6.36%
Cash and due
from banks 22,115 23,542
Allowance for
loan losses (34,743) (20,294)
Premises and
equipment, net 18,896 19,475
Other real estate
owned 23,029 12,884
Other assets 64,586 56,294
------ ------
Total
assets $1,887,601 $1,753,191
========== ==========
Liabilities and
shareholders'
equity
Interest-bearing
liabilities :
Demand deposits $240,716 $837 1.39% $292,797 $1,605 2.20%
Savings deposits 292,252 1,830 2.51% 214,033 1,390 2.61%
Time deposits 886,791 8,018 3.63% 809,259 8,900 4.42%
------- ----- ------- -----
Total
interest-
bearing
deposits 1,419,759 10,685 3.02% 1,316,089 11,895 3.64%
Federal funds
purchased - - - 11,962 73 2.45%
Securities sold
under agreements
to repurchase 41,823 170 1.63% 32,938 199 2.43%
Other short-term
borrowings 2,582 18 2.69% 27,527 211 3.08%
Subordinated debt 67,527 1,181 7.01% 67,527 1,278 7.61%
Long-term debt 75,055 603 3.22% 51,319 440 3.45%
------- ----- ------- -----
Total
interest-
bearing
liabilities 1,606,746 12,657 3.16% 1,507,362 14,096 3.76%
Noninterest-
bearing :
Demand deposits 132,574 130,760
Other liabilities 14,499 15,042
Shareholders'
equity 133,782 100,027
------- -------
Total liabilities
and
shareholders'
equity $1,887,601 $1,753,191
========== ==========
Net interest
income / spread $12,159 2.39% $12,186 2.60%
======= =======
Net interest
margin 2.72% 2.95%
(1) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $34,000 and $49,000 respectively.
(2) Interest income includes the effect of taxable-equivalent adjustment
for 2009 and 2008 of $76,000 and $69,000.
Contacts: Martha Fleming, Steve Brolly
Fidelity Southern Corporation (404) 240-1504
SOURCE Fidelity Southern Corporation
http://www.FidelitySouthern.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
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Jersey City, NJ 07302
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