Fidelity Southern Corp. New (LION, Financial) filed Quarterly Report for the period ended 2012-06-30.
Fidelity Southern Corporation has a market cap of $125.4 million; its shares were traded at around $9.03 with a P/E ratio of 9.8 and P/S ratio of 0.9. The dividend yield of Fidelity Southern Corporation stocks is 0.1%.
For the six months ended June 30, 2012, the Company recorded net income of $11.7 million compared to net income of $5.5 million for the same period of 2011. Net income available to common equity was $10.1 million and $3.8 million for the six months ended June 30, 2012 and 2011, respectively. Basic and diluted earnings per share for the first half of 2012 were $0.71 and $0.64, respectively, compared to $0.32 and $0.28 for the six months ended June 30, 2011. The increase in net income for the six months ended June 30, 2012, compared to the same period in 2011, was primarily due to a $5.3 million increase in net interest income and a $5.9 million decrease in provision for loan losses.
Net interest income for the three months ended June 30, 2012, increased $2.9 million, or 16.8%, to $19.9 million compared to the same period in 2011. Net interest margin increased 21 basis points to 3.86% in the second quarter of 2012, compared to 3.65% in the same period in 2011 from the combination of a decrease in the cost of interest-bearing liabilities and an increase in the average balance of interest-earning assets. Excluding the accretion of the loan discount of $644,000, the net interest margin would have decreased to 3.73%.
For the six months ended June 30, 2012, net interest income increased $5.3 million, or 15.6%, to $39.6 million compared to the same period in 2011. Net interest margin increased 12 basis points to 3.86% in the first six months of 2012, compared to 3.74% in the same period in 2011 from the combination of a decrease in the cost of interest-bearing liabilities and an increase in the average balance of interest-earning assets. Excluding the accretion of the loan discount of $1.4 million, the net interest margin would have decreased to 3.73%.
The average balance of interest-earning assets increased by $217.6 million, or 11.7%, to $2.074 billion for the first six months of 2012, when compared to the same period in 2011. The increase contributed $1.9 million of interest income, which was mostly offset by a decrease in the yield on interest-earning assets. The yield on interest-earning assets for the three and six month period ended June 30, 2012 was 4.66% and 4.71%, respectively, a decrease of 28 basis points and 36 basis points, respectively, when compared to the yield on interest-earning assets for the same periods in 2011. For the three and six month periods this decrease equated to a $1.2 million and $1.5 million, respectively, decrease in interest income. For the first six months of 2012, the average balance of loans outstanding increased $267.3 million, or 17.1%, to $1.833 billion, when compared to the same period in 2011. The increase in the loan portfolio was led by the FDIC-assisted acquisitions of Decatur First and Security Exchange which contributed approximately $73.3 million in average loan balances to the first six months of 2012. Also contributing to the increase was the growth in the indirect lending portfolio due to competitive pricing in the marketplace and a general recovery of automobile sales. The yield on average loans outstanding for the six months ended June 30, 2012 decreased 54 basis points to 5.00% when compared to the same period in 2011 as strong competition for high-quality loans continue to pervade our market. Average Investment securities increased $6.0 million, or 2.8%, and yielded 2.66%.
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Fidelity Southern Corporation has a market cap of $125.4 million; its shares were traded at around $9.03 with a P/E ratio of 9.8 and P/S ratio of 0.9. The dividend yield of Fidelity Southern Corporation stocks is 0.1%.
Highlight of Business Operations:
For the three months ended June 30, 2012, the Company recorded net income of $6.4 million compared to net income of $3.6 million for the same period of 2011. Net income available to common equity was $5.6 million and $2.8 million for the three months ended June 30, 2012 and 2011, respectively. Basic and diluted earnings per share for the second quarter of 2012 were $0.39 and $0.35, respectively, compared to $0.23 and $0.20, respectively, for the three months ended June 30, 2011. The increase in net income for the three months ended June 30, 2012, compared to the same period in 2011, was primarily due to a $2.9 million increase in net interest income and a $3.9 million decrease in provision for loan.For the six months ended June 30, 2012, the Company recorded net income of $11.7 million compared to net income of $5.5 million for the same period of 2011. Net income available to common equity was $10.1 million and $3.8 million for the six months ended June 30, 2012 and 2011, respectively. Basic and diluted earnings per share for the first half of 2012 were $0.71 and $0.64, respectively, compared to $0.32 and $0.28 for the six months ended June 30, 2011. The increase in net income for the six months ended June 30, 2012, compared to the same period in 2011, was primarily due to a $5.3 million increase in net interest income and a $5.9 million decrease in provision for loan losses.
Net interest income for the three months ended June 30, 2012, increased $2.9 million, or 16.8%, to $19.9 million compared to the same period in 2011. Net interest margin increased 21 basis points to 3.86% in the second quarter of 2012, compared to 3.65% in the same period in 2011 from the combination of a decrease in the cost of interest-bearing liabilities and an increase in the average balance of interest-earning assets. Excluding the accretion of the loan discount of $644,000, the net interest margin would have decreased to 3.73%.
For the six months ended June 30, 2012, net interest income increased $5.3 million, or 15.6%, to $39.6 million compared to the same period in 2011. Net interest margin increased 12 basis points to 3.86% in the first six months of 2012, compared to 3.74% in the same period in 2011 from the combination of a decrease in the cost of interest-bearing liabilities and an increase in the average balance of interest-earning assets. Excluding the accretion of the loan discount of $1.4 million, the net interest margin would have decreased to 3.73%.
The average balance of interest-earning assets increased by $217.6 million, or 11.7%, to $2.074 billion for the first six months of 2012, when compared to the same period in 2011. The increase contributed $1.9 million of interest income, which was mostly offset by a decrease in the yield on interest-earning assets. The yield on interest-earning assets for the three and six month period ended June 30, 2012 was 4.66% and 4.71%, respectively, a decrease of 28 basis points and 36 basis points, respectively, when compared to the yield on interest-earning assets for the same periods in 2011. For the three and six month periods this decrease equated to a $1.2 million and $1.5 million, respectively, decrease in interest income. For the first six months of 2012, the average balance of loans outstanding increased $267.3 million, or 17.1%, to $1.833 billion, when compared to the same period in 2011. The increase in the loan portfolio was led by the FDIC-assisted acquisitions of Decatur First and Security Exchange which contributed approximately $73.3 million in average loan balances to the first six months of 2012. Also contributing to the increase was the growth in the indirect lending portfolio due to competitive pricing in the marketplace and a general recovery of automobile sales. The yield on average loans outstanding for the six months ended June 30, 2012 decreased 54 basis points to 5.00% when compared to the same period in 2011 as strong competition for high-quality loans continue to pervade our market. Average Investment securities increased $6.0 million, or 2.8%, and yielded 2.66%.
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