Fidelity Southern Corporation Reports Modest Profit and Increased Reserves

2008-07-17 14:50:00

    ATLANTA, July 17 /EMWNews/ -- Fidelity Southern

Corporation ("Fidelity" or "the Company") (Nasdaq: LION), holding Company

for Fidelity Bank, reported net income of $5,000 for the second quarter of

2008 compared to $2,070,000 for the same quarter of 2007. Basic and diluted

income per share for the second quarter of 2008 were less than $.01

compared to earnings of $.22 for the same period in 2007. Net income for

the first six months of 2008 was $1,115,000 compared to $4,634,000 for the

same period in 2007. Basic and diluted earnings per share for the first six

months of 2008 were $.12 compared to $.50 for the same period in 2007.



    Chairman James B. Miller, Jr. said, "We have the capacity to manage

through the cycle. Though we continue to focus on core earnings and

building the franchise, these are obviously uncertain and troubled times.

Even with extraordinary effort, charge-offs and reserves will increase well

into next year."




Significant developments in the quarter and the first half included: -- Net interest income grew 3.02% over the first quarter of 2007 and 3.6% over the first half of 2007. -- Margin was up slightly in the second quarter to 2.95% from 2.94% in the first quarter of 2008. Cost of funds was down as a result of conservative deposit pricing as loan pricing firmed. -- Personnel expenses were down 7% in the second quarter when compared to the first quarter of 2008. -- Total assets grew only 2.5% in the quarter to $1.779 billion. -- Demand deposit accounts increased 14% this year through June. -- An updated website was introduced during the second quarter to meet growing demand. -- Remote deposit volume grew to 33.2% of all deposits. -- Brokerage activities were moved to Reliance Trust into a managed account program which will provide both a fixed and variable revenue stream. -- Reserves substantially increased to 1.48% of loans from 1.05% at June 30, 2007, and 1.34% at March 31, 2008. The increase was $2.4 million over the second quarter of 2008 and $7.2 million greater than reserves at June 30, 2007. Provision for loan losses was $4.8 million and $9.4 million for the second quarter and first six months of 2008, respectively, compared to $1.7 million and $2.2 million for the same periods in 2007. -- Net charge-offs increased to $2.4 million in the second quarter from $2.1 million in the first quarter of 2008. Indirect automobile lending accounted for 81.6% of net charge-offs during the second quarter compared to 75.7% in the first quarter. -- The ratio of net charge-offs to average loans outstanding was .63% for the first six months of 2008 compared to .33% for the same period in 2007. -- Nonperforming loans, repossessions and other real estate owned totaled $57.7 million at the end of the second quarter, an increase of $20.7 million in the quarter. -- During the quarter $2.5 million of OREO assets were sold but $5.6 million was added to OREO net of $501,000 in charge-downs. OREO consists of 50 houses, representing 73.4% of total balances, and 79 lots and includes no commercial property. -- New residential construction loan advances made during the quarter totaled $15.0 million, while the payoffs of construction loans totaled $29.6 million. There are 832 houses and 2,024 lots financed at June 30, 2008, compared to 1,172 houses and 2,372 lots at June 30, 2007. -- Nonperforming residential construction loans at June 30, 2008, included 140 houses totaling $25.7 million and 166 lots totaling $13.8 million. During the quarter $2.0 million of nonperforming loans were paid off by our customers while $25.7 million of loans were moved to nonperforming. -- Dividend was cut to $.01 for the third quarter from $.09 in the previous quarter. The decrease in net income for both the second quarter and six month periods compared to the prior year was primarily the result of a higher provision for loan losses due to higher charge-offs and adverse credit trends in the real estate construction and to some extent consumer loan portfolios requiring an increase in the allowance for loan losses. Net interest income for the second quarter increased 3.0% over the first quarter of 2008 and increased $369,000 or 3.2% over the same period in 2007. Net interest income for the first six months of 2008 increased $825,000 or 3.6% when compared to the same period in 2007. The increases were primarily a result of higher average interest-earning assets. The net interest margin stabilized in the second quarter. It increased slightly to 2.95% in the second quarter compared to 2.94% in the first quarter of 2008. The net interest margin decreased 13 basis points in the second quarter of 2008 when compared to the same period in 2007. The net interest margin decreased 10 basis points to 2.95% for the fist half of 2008 compared to the same period in 2007. The decline in net interest margin in the second quarter and first six months of 2008 was due primarily to reductions in the prime rate and an increase in nonperforming loans. Total interest income for the second quarter and first six months of 2008 decreased $2.2 million and $2.1 million, or 7.6% and 3.7%, respectively, compared to the same periods in 2007. The decreases in interest income for the second quarter and first six months of 2008 were the result of a decrease of 104 basis points and 74 basis points in the yield on average interest-earning assets, respectively, offset in part by the growth in average interest-earning assets, which increased $120.1 million and $104.3 or 7.8% and 6.8%, respectively. Interest expense for the second quarter and first six months of 2008 decreased $2.5 million and $2.9 million, or 15.2% and 8.9%, respectively, compared to the same periods in 2007. The decreases in interest expense for the second quarter and first six months of 2008 were attributable to an increase in average interest-bearing liabilities of $124.1 million and $113.0 million, respectively, more than offset by a 106 basis point and 77 basis point decrease in the cost of interest-bearing liabilities. The provision for loan losses for the second quarter and first six months of 2008 was $4.8 million and $9.4 million, respectively, compared to $1.7 million and $2.2 million for the same periods in 2007, due to increased charge-offs and adverse credit trends in the construction loan portfolio and to some extent in the consumer loan portfolio. Net charge-offs increased $1.1 million and $2.3 million to $2.4 million and $4.5 million for the second quarter and first six months of 2008 when compared to the same periods in 2007. The allowance for loan losses as a percentage of loans increased from 1.19% at December 31, 2007, to 1.48% at June 30, 2008, compared to 1.05% at June 30, 2007. Nonperforming assets increased to $57.7 million at the end of the second quarter of 2008 compared to $12.4 million at the end of the second quarter of 2007 and $24.2 million at the end of 2007. Management believes it has identified and placed on nonaccrual, charged down, and charged off these nonperforming assets timely and appropriately. Noninterest income increased $19,000 and $1.2 million or .4% and 14.0% to $4.4 million and $10.0 million, respectively, in the second quarter and first six months of 2008, compared to the same periods in 2007. The increase in noninterest income for the second quarter of 2008 compared to 2007 was a result of higher indirect lending revenues which increased $204,000 or 15.6% to $1.5 million because of an increase in the gain on sales and increases in net servicing and ancillary fees generated by the serviced portfolio. The increase in noninterest income of $1.2 million for the first six months of 2008 was due to the $1.3 million securities gain in the first quarter of 2008 from the mandatory redemption of 29,267 shares of Visa, Inc. common stock as a result of its initial public offering in March 2008. Indirect lending revenues also increased $417,000, or 15.6%, to $3.1 million during the first six months of 2008 when compared to the same period last year due to an increase in the gain on sales of indirect loans and increases in net servicing and ancillary fees from indirect loans serviced. Noninterest expense for the second quarter and first six months of 2008 increased $720,000 and $569,000, or 6.3% and 2.5%, to $12.1 million and $23.5 million, respectively compared to the same periods in 2007. The increases for the second quarter and first six months of 2008 are a result of higher salaries and benefits expense, which increased $96,000 and $533,000 or 1.5% and 4.2% to $6.4 million and $13.2 million, respectively, compared to the same periods in 2007, primarily due to the addition of seasoned loan production and branch operations staff, including SBA, indirect automobile, and commercial lenders, and staff for the three branches opened in 2007. In addition, OREO write-downs increased to $501,000 in the second quarter of 2008 compared to none for the same period in 2007. The increase in noninterest expense for the first six months of 2008 was partially offset by the reversal of the fourth quarter 2007 Visa litigation expense accrual of $567,000 as the result of the Visa funding of a litigation escrow account through its initial public offering in March 2008. Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and a credit related insurance product through 23 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA loans are provided through employees located throughout the Southeast. For additional information about Fidelity's products and services, please visit the website at http://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 2007 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
Contacts: Martha Fleming, Rod Marlow Fidelity Southern Corporation (404) 240-1504 FIDELITY SOUTHERN CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) QUARTER-TO-DATE YEAR-TO-DATE (DOLLARS IN THOUSANDS, JUNE 30, JUNE 30, EXCEPT PER SHARE DATA) 2008 2007 2008 2007 INTEREST INCOME LOANS, INCLUDING FEES $24,133 $26,413 $49,848 $51,866 INVESTMENT SECURITIES 1,978 1,836 3,694 3,683 FEDERAL FUNDS SOLD AND BANK DEPOSITS 53 68 95 169 TOTAL INTEREST INCOME 26,164 28,317 53,637 55,718 INTEREST EXPENSE DEPOSITS 11,895 14,606 25,214 28,745 SHORT-TERM BORROWINGS 483 509 1,230 1,020 SUBORDINATED DEBT 1,278 1,110 2,686 2,215 OTHER LONG-TERM DEBT 440 393 725 781 TOTAL INTEREST EXPENSE 14,096 16,618 29,855 32,761 NET INTEREST INCOME 12,068 11,699 23,782 22,957 PROVISION FOR LOAN LOSSES 4,750 1,650 9,350 2,150 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 7,318 10,049 14,432 20,807 NONINTEREST INCOME SERVICE CHARGES ON DEPOSIT ACCOUNTS 1,200 1,206 2,363 2,324 OTHER FEES AND CHARGES 511 474 975 930 MORTGAGE BANKING ACTIVITIES 125 79 195 200 BROKERAGE ACTIVITIES 111 167 272 404 INDIRECT LENDING ACTIVITIES 1,510 1,306 3,096 2,679 SBA LENDING ACTIVITIES 363 570 777 1,214 SECURITIES GAINS, NET - - 1,264 - BANK OWNED LIFE INSURANCE 298 284 601 571 OTHER OPERATING INCOME 247 260 499 489 TOTAL NONINTEREST INCOME 4,365 4,346 10,042 8,811 NONINTEREST EXPENSE SALARIES AND EMPLOYEE BENEFITS 6,368 6,272 13,224 12,691 FURNITURE AND EQUIPMENT 743 721 1,520 1,405 NET OCCUPANCY 1,100 956 2,139 1,927 COMMUNICATION EXPENSES 430 467 818 866 PROFESSIONAL AND OTHER SERVICES 957 915 1,864 1,831 ADVERTISING AND PROMOTION 119 185 274 429 STATIONERY, PRINTING AND SUPPLIES 166 206 345 380 INSURANCE EXPENSES 90 80 192 150 OTHER OPERATING EXPENSES 2,126 1,577 3,109 3,237 TOTAL NONINTEREST EXPENSE 12,099 11,379 23,485 22,916 INCOME BEFORE INCOME TAX EXPENSE (416) 3,016 989 6,702 INCOME TAX EXPENSE (421) 946 (126) 2,068 NET INCOME 5 $2,070 $1,115 $4,634 EARNINGS PER SHARE: BASIC EARNINGS PER SHARE $0.00 $0.22 $0.12 $0.50 DILUTED EARNINGS PER SHARE $0.00 $0.22 $0.12 $0.50 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC 9,393,797 9,322,956 9,384,856 9,310,016 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-FULLY DILUTED 9,393,797 9,325,821 9,384,856 9,316,053 FIDELITY SOUTHERN CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED) (DOLLARS IN THOUSANDS) JUNE 30, DECEMBER 31, JUNE 30, ASSETS 2008 2007 2007 CASH AND DUE FROM BANKS $29,225 $23,442 $21,955 FEDERAL FUNDS SOLD 11,804 6,605 1,501 CASH AND CASH EQUIVALENTS 41,029 30,047 23,456 INVESTMENTS AVAILABLE-FOR-SALE 123,100 103,149 106,183 INVESTMENTS HELD-TO-MATURITY 26,767 29,064 30,955 INVESTMENT IN FHLB STOCK 6,181 5,665 5,215 LOANS HELD-FOR-SALE 67,548 63,655 59,932 LOANS 1,444,577 1,388,358 1,346,136 ALLOWANCE FOR LOAN LOSSES (21,421) (16,557) (14,187) LOANS, NET 1,423,156 1,371,801 1,331,949 PREMISES AND EQUIPMENT, NET 19,595 18,821 18,792 OTHER REAL ESTATE 11,263 7,307 2,884 ACCRUED INTEREST RECEIVABLE 8,667 9,367 9,466 BANK OWNED LIFE INSURANCE 27,233 26,699 26,186 OTHER ASSETS 24,629 20,909 18,728 TOTAL ASSETS $1,779,168 $1,686,484 $1,633,746 LIABILITIES DEPOSITS: NONINTEREST-BEARING DEMAND $134,823 $131,597 $129,059 INTEREST-BEARING DEMAND/ MONEY MARKET 281,666 314,067 297,424 SAVINGS 215,530 216,442 202,446 TIME DEPOSITS, $100,000 AND OVER 316,466 285,497 302,110 OTHER TIME DEPOSITS 503,088 458,022 460,262 TOTAL DEPOSIT LIABILITIES 1,451,573 1,405,625 1,391,301 FEDERAL FUNDS PURCHASED 21,000 5,000 - OTHER SHORT-TERM BORROWINGS 80,988 70,954 49,818 SUBORDINATED DEBT 67,527 67,527 46,908 OTHER LONG-TERM DEBT 47,500 25,000 37,000 ACCRUED INTEREST PAYABLE 5,947 6,760 7,119 OTHER LIABILITIES 6,456 5,655 4,770 TOTAL LIABILITIES 1,680,991 1,586,521 1,536,916 SHAREHOLDERS' EQUITY COMMON STOCK 46,512 46,164 45,594 ACCUMULATED OTHER COMPREHENSIVE LOSS (1,770) (804) (3,049) RETAINED EARNINGS 53,435 54,603 54,285 TOTAL SHAREHOLDERS' EQUITY 98,177 99,963 96,830 TOTAL LIABILITIES AND SHARE- HOLDERS' EQUITY $1,779,168 $1,686,484 $1,633,746 BOOK VALUE PER SHARE $10.44 $10.67 $10.38 SHARES OF COMMON STOCK OUTSTANDING 9,408,138 9,368,904 9,332,187 FIDELITY SOUTHERN CORPORATION ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (UNAUDITED) (DOLLARS IN THOUSANDS) YEAR-TO-DATE YEAR ENDED JUNE 30, DECEMBER 31, 2008 2007 2007 BALANCE AT BEGINNING OF PERIOD $16,557 $14,213 $14,213 CHARGE-OFFS: COMMERCIAL, FINANCIAL AND AGRICULTURAL 14 - 200 SBA - - - REAL ESTATE-CONSTRUCTION 850 811 1,934 REAL ESTATE-MORTGAGE 124 49 82 CONSUMER INSTALLMENT 4,013 2,021 5,301 TOTAL CHARGE-OFFS 5,001 2,881 7,517 RECOVERIES: COMMERCIAL, FINANCIAL AND AGRICULTURAL 1 161 257 SBA 56 - - REAL ESTATE-CONSTRUCTION 5 40 190 REAL ESTATE-MORTGAGE 13 71 78 CONSUMER INSTALLMENT 440 433 836 TOTAL RECOVERIES 515 705 1,361 NET CHARGE-OFFS 4,486 2,176 6,156 PROVISION FOR LOAN LOSSES 9,350 2,150 8,500 BALANCE AT END OF PERIOD $21,421 $14,187 $16,557 RATIO OF NET CHARGE-OFFS DURING PERIOD TO AVERAGE LOANS OUTSTANDING, NET 0.63% 0.33% 0.45% ALLOWANCE FOR LOAN LOSSES AS A PERCENTAGE OF LOANS 1.48% 1.05% 1.19% NONPERFORMING ASSETS (UNAUDITED) (DOLLARS IN THOUSANDS) JUNE 30, 2008 2007 NONACCRUAL LOANS $45,045 $8,270 REPOSSESSIONS 1,363 1,240 OTHER REAL ESTATE 11,263 2,884 TOTAL NONPERFORMING ASSETS $57,671 $12,394 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 3.78% 0.88% FIDELITY SOUTHERN CORPORATION LOANS, BY CATEGORY (UNAUDITED) (DOLLARS IN THOUSANDS) PERCENT CHANGE June 30, June 30, 2008/ 2008/ JUNE 30, DECEMBER 31, JUNE 30, Dec. 31, Dec. 31, 2008 2007 2007 2007 2007 COMMERCIAL, FINANCIAL AND AGRICULTURAL $126,711 $107,325 $100,010 18.06 % 26.70 % TAX-EXEMPT COMMERCIAL 8,829 9,235 12,744 (4.40)% (30.72)% REAL ESTATE MORTGAGE - COMMERCIAL 192,605 189,881 176,216 1.43 % 9.30 % TOTAL COMMERCIAL 328,145 306,441 288,970 7.08 % 13.56 % REAL ESTATE- CONSTRUCTION 289,844 282,056 291,221 2.76 % (0.47)% REAL ESTATE- MORTGAGE 102,710 93,673 93,156 9.65 % 10.26 % CONSUMER INSTALLMENT 723,878 706,188 672,789 2.50 % 7.59 % LOANS 1,444,577 1,388,358 1,346,136 4.05 % 7.31 % LOANS HELD-FOR-SALE: ORIGINATED RESIDENTIAL MORTGAGE LOANS 1,442 1,412 699 2.12 % 106.29 % SBA LOANS 35,106 24,243 15,233 44.81 % 130.46 % INDIRECT AUTO LOANS 31,000 38,000 44,000 (18.42)% (29.55)% TOTAL LOANS HELD-FOR-SALE 67,548 63,655 59,932 6.12 % 12.71 % TOTAL LOANS $1,512,125 $1,452,013 $1,406,068 FIDELITY SOUTHERN CORPORATION AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) YEAR-TO-DATE June 30, 2008 June 30, 2007 (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 $1,472,063 $49,639 6.78% $1,365,707 $51,435 7.59% Tax-exempt (1) 8,998 315 7.13% 15,396 642 8.59% Total loans 1,481,061 49,954 6.78% 1,381,103 52,077 7.60% Investment securities Taxable 137,103 3,433 5.01% 142,441 3,595 5.14% Tax-exempt (2) 12,720 379 5.96% 4,473 126 5.64% Total investment securities 149,823 3,812 5.12% 146,914 3,721 5.11% Interest-bearing deposits 1,655 21 2.53% 1,174 31 5.34% Federal funds sold 6,336 74 2.35% 5,335 138 5.22% Total interest- earning assets 1,638,875 53,861 6.61% 1,534,526 55,967 7.35% Cash and due from banks 22,495 23,519 Allowance for loan losses (19,204) (13,893) Premises and equipment, net 19,230 18,829 Other real estate owned 10,378 758 Other assets 55,964 49,230 Total assets $1,727,738 $1,612,969 Liabilities and shareholders' equity Interest-bearing liabilities : Demand deposits $298,504 $3,783 2.55% $280,157 $4,845 3.49% Savings deposits 216,057 3,276 3.05% 191,898 4,215 4.43% Time deposits 781,720 18,155 4.67% 764,672 19,685 5.19% Total interest- bearing deposits 1,296,281 25,214 3.91% 1,236,727 28,745 4.69% Federal funds purchased 14,832 227 3.08% 9,569 265 5.59% Securities sold under agreements to repurchase 29,913 386 2.60% 18,802 261 2.80% Other short-term borrowings 35,039 617 3.54% 21,923 494 4.54% Subordinated debt 67,527 2,686 8.00% 46,908 2,215 9.52% Long-term debt 40,357 725 3.61% 37,000 781 4.26% Total interest- bearing liabilities 1,483,949 29,855 4.05% 1,370,929 32,761 4.82% Noninterest- bearing : Demand deposits 129,151 131,722 Other liabilities 15,052 14,505 Shareholders' equity 99,586 95,813 Total liabilities and shareholders' equity $1,727,738 $1,612,969 Net interest income / spread $24,006 2.56% $23,206 2.53% Net interest margin 2.95% 3.05% (1) Interest income includes the effect of taxable-equivalent adjustment for 2008 and 2007 of $106,000 and $211,000 respectively. (2) Interest income includes the effect of taxable-equivalent adjustment for 2008 and 2007 of $117,000 and $88,000, respectively. FIDELITY SOUTHERN CORPORATION AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) QUARTER-TO-DATE June 30, 2008 June 30, 2007 (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 $1,481,296 $24,036 6.53% $1,374,172 $26,203 7.65% Tax-exempt (1) 8,903 146 6.72% 14,942 312 8.56% Total loans 1,490,199 24,182 6.53% 1,389,114 26,515 7.66% Investment securities Taxable 145,540 1,828 5.03% 140,455 1,772 5.14% Tax-exempt (2) 14,678 219 5.95% 6,449 91 5.67% Total investment securities 160,218 2,047 5.14% 146,904 1,863 5.09% Interest- bearing deposits 1,810 9 1.96% 1,080 14 5.26% Federal funds sold 9,063 43 1.93% 4,134 54 5.20% Total interest- earning assets 1,661,290 26,281 6.36% 1,541,232 28,446 7.40% Cash and due from banks 23,542 23,488 Allowance for loan losses (20,294) (13,929) Premises and equipment, net 19,475 18,758 Other real estate owned 12,884 1,501 Other assets 56,294 50,085 Total assets $1,753,191 $1,621,135 Liabilities and shareholders' equity Interest-bearing liabilities : Demand deposits $292,797 $1,605 2.20% $287,758 $2,509 3.50% Savings deposits 214,033 1,390 2.61% 195,321 2,134 4.38% Time deposits 809,259 8,900 4.42% 765,767 9,963 5.22% Total interest- bearing deposits 1,316,089 11,895 3.64% 1,248,846 14,606 4.69% Federal funds purchased 11,962 73 2.45% 9,560 133 5.60% Securities sold under agreements to repurchase 32,938 199 2.43% 18,948 127 2.68% Other short-term borrowings 27,527 212 3.08% 21,989 249 4.54% Subordinated debt 67,527 1,278 7.61% 46,908 1,110 9.49% Long-term debt 51,319 440 3.45% 37,000 393 4.26% Total interest- bearing liabilities 1,507,362 14,097 3.76% 1,383,251 16,618 4.82% Noninterest- bearing : Demand deposits 130,760 126,717 Other liabilities 15,042 14,383 Shareholders' equity 100,027 96,784 Total liabilities and shareholders' equity $1,753,191 $1,621,135 Net interest income / spread $12,184 2.60% $11,828 2.58% Net interest margin 2.95% 3.08% (1) Interest income includes the effect of taxable-equivalent adjustment for 2008 and 2007 of $49,000 and $102,000 respectively. (2) Interest income includes the effect of taxable-equivalent adjustment for 2008 and 2007 of $68,000 and $27,000.

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