ATLANTA, Oct. 15, 2015
/PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or
the "Company") (NASDAQ: LION), holding company for Fidelity Bank
(the "Bank"), today reported financial results for the quarter and
nine months ended September 30, 2015.
KEY RESULTS
- Net income of $9.2 million and
$32.4 million, or $0.39 and $1.42 per
diluted share, for the quarter and nine months ended September 30, 2015
- Return on Average Assets of 1.07% and 1.33% for the quarter and
nine months ended September 30,
2015
- Loan portfolio increased by $96.1
million, or 3.3%, during the quarter and $583.2 million, or 24.3%, year over year, to
$3.0 billion
- Loans serviced for others grew by $485.3
million, or 6.7%, during the quarter and $1.5 billion, or 23.9%, year over year, to
$7.8 billion
- Total deposits increased by $272.8
million or 10.3%, during the quarter and $452.7 million, or 18.4%, year over year, to
$2.9 billion
- In September 2015, the Bank
acquired eight branches from First Bank, a Missouri bank, in the Sarasota-Bradenton,
Florida area with total deposits of $151.3 million and loans of $30.2 million
- Subsequent to quarter end, the Bank acquired approximately
$255 million in assets, including
$162 million in loans, and assumed
approximately $280 million in
customer deposits of The Bank of Georgia under an FDIC assisted transaction in
October 2015
Fidelity's Chairman, Jim Miller,
said, "We continue to earn our way in a zero interest rate
environment focused on a good rate of return for our shareholders
and on making credit more widely available. We opened
branches in Berkeley Lake and
Snellville and eight offices in
Sarasota-Bradenton, then in October purchased from the
FDIC The Bank of Georgia and its
seven offices. The run up in mortgage and indirect gave us
spectacular income last quarter but slowed in the third
quarter. However, our mortgage platform appears uniquely
attractive in the industry. Significant producers joined us
in Virginia, the Carolinas, and
Florida and production will
continue to expand year over year. Fidelity's strategy of
steady sustainable growth and superior income continues."
BALANCE SHEET
Total assets at September 30, 2015, grew to $3.5
billion, an increase of $124.5 million,
or 3.7%, compared to June 30, 2015, and $637.9 million, or 22.3%, compared to
September 30, 2014. These increases are primarily
attributable to an increase in loan production, mainly in indirect
and mortgage loans held for investment.
The acquisition of eight branches in Florida in September
2015 from First Bank, a Missouri bank, increased the deposit base by
$151.3 million and added loans of
$30.2 million. The cash from the
acquired deposits was used to decrease other borrowings, which
decreased $166.3 million during the
quarter.
Loans
Total loans held for investment at September 30, 2015, grew
to $2.6 billion, an increase of
$230.7 million, or 9.6%, compared to
June 30, 2015, and $568.0
million, or 27.4%, compared to September 30, 2014.
Continued strong auto sales and overall mortgage volume were the
main drivers of the growth in indirect and mortgage loans.
Indirect loans grew by $118.0 million
and $312.2 million, or 9.2% and
28.7%, respectively, and mortgage loans increased by $59.9 million and $164.0
million, or 20.1% and 84.6%, respectively, compared to
June 30, 2015 and September 30, 2014.
Servicing rights showed steady growth as well, growing to
$82.7 million at September 30,
2015, an increase of $5.0 million, or
6.5%, compared to June 30, 2015, and $20.5 million, or 32.9%, compared to
September 30, 2014.
The following table summarizes average loans by category,
excluding loans acquired in FDIC-assisted transactions, for the
periods presented.
|
For the Quarter
Ended
|
|
($ in
thousands)
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
|
Commercial
|
$
|
554,242
|
|
|
$
|
532,431
|
|
|
$
|
532,466
|
|
|
SBA
|
148,961
|
|
|
150,117
|
|
|
150,078
|
|
|
Construction
|
151,280
|
|
|
141,914
|
|
|
111,477
|
|
|
Indirect
automobile
|
1,483,378
|
|
|
1,405,266
|
|
|
1,200,523
|
|
|
Installment
|
13,758
|
|
|
13,162
|
|
|
15,739
|
|
|
Residential
mortgage
|
510,814
|
|
|
450,173
|
|
|
285,743
|
|
|
Home equity lines of
credit
|
93,675
|
|
|
85,053
|
|
|
74,872
|
|
|
Total average loans
(including HFS)
|
$
|
2,956,108
|
|
|
$
|
2,778,116
|
|
|
$
|
2,370,898
|
|
|
Deposits
Total deposits at September 30, 2015, of $2.9 billion increased $272.8 million, or 10.3%, compared to
June 30, 2015, and $452.7
million, or 18.4%, compared to September 30,
2014.
The year over year net increase occurred primarily due to
organic growth of $263.2 million, as
well as the acquisition of deposits from eight branches in
Florida during September 2015 of $151.3
million, and one branch in Florida during January
2015 of $38.2 million.
Time deposits increased by $72.7
million, or 8.6%, during the quarter and $186.4 million, or 25.6%, year over year. The
change occurred primarily due to $43.2
million in time deposits acquired during the third quarter
of 2015. Brokered deposits increased $20.0
million for the quarter and $78.2
million year over year, which were generally used to fund
loan growth. The remaining increase is due to organic growth in
time deposits.
Average core deposits, including noninterest-bearing demand
deposits, grew by $71.6 million, or
4.0%, during the quarter and $261.8
million, or 16.3%, year over year, particularly in
commercial accounts and through the acquisition of branch deposits
discussed above.
The following table summarizes average deposit composition and
average rate paid for the periods presented.
|
For the Quarter
Ended
|
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
($ in
millions)
|
Average
Amount
|
|
Rate
|
|
Percent
of Total
Deposits
|
|
Average
Amount
|
|
Rate
|
|
Percent
of Total
Deposits
|
|
Average
Amount
|
|
Rate
|
|
Percent
of Total
Deposits
|
Noninterest-bearing
demand
deposits
|
$
|
677.0
|
|
|
—
|
%
|
|
24.8
|
%
|
|
$
|
650.5
|
|
|
—
|
%
|
|
24.8
|
%
|
|
$
|
574.8
|
|
|
—
|
%
|
|
25.4
|
%
|
Interest-bearing
deposits
|
881.5
|
|
|
0.25
|
%
|
|
32.3
|
%
|
|
843.2
|
|
|
0.24
|
%
|
|
32.1
|
%
|
|
712.1
|
|
|
0.24
|
%
|
|
31.5
|
%
|
Savings
deposits
|
308.5
|
|
|
0.34
|
%
|
|
11.3
|
%
|
|
301.6
|
|
|
0.33
|
%
|
|
11.5
|
%
|
|
318.3
|
|
|
0.34
|
%
|
|
14.1
|
%
|
Time
deposits
|
864.5
|
|
|
0.94
|
%
|
|
31.6
|
%
|
|
829.1
|
|
|
0.94
|
%
|
|
31.6
|
%
|
|
657.5
|
|
|
0.95
|
%
|
|
29.0
|
%
|
Total average deposits
|
$
|
2,731.5
|
|
|
0.42
|
%
|
|
100.0
|
%
|
|
$
|
2,624.4
|
|
|
0.41
|
%
|
|
100.0
|
%
|
|
$
|
2,262.7
|
|
|
0.40
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
Other borrowings decreased by $166.3
million, or 54.8%, during the quarter and increased
$60.8 million, or 79.6%, year over
year. The quarterly decrease occurred due to the cash
received in the acquisition of First Bank deposits used to pay off
other borrowings, and the year over year increase occurred
primarily to fund growth in loans noted above.
Subordinated debt increased by $74.0
million year over year due to the issuance of $75 million in subordinated notes, net of
issuance costs, during May 2015. The additional subordinated
debt was issued to support general corporate purposes and potential
future acquisitions.
INCOME STATEMENT
Interest Income
Interest income was $29.6 million
and $83.6 million for the quarter and
nine months ended September 30, 2015, respectively, an
increase of $3.7 million and
$8.6 million, or 14.3% and 11.4%,
respectively, as compared to the same periods in 2014. The
increase was primarily due to a year over year increase in average
loans of $589.7 million, or 26.7%,
mainly in the indirect and mortgage portfolios, partially offset by
a decrease in the yield on loans of 31 basis points, as new loans,
on average, were originated at lower yields over the previous
twelve months.
On a linked-quarter basis, interest income increased by
$2.1 million, primarily due to a
$178.0 million increase in average
loans.
Interest Expense
Interest expense was $4.5 million
and $10.9 million for the quarter and
nine months ended September 30, 2015, an increase of
$1.7 million and $2.7 million, or 63.5% and 32.9%, respectively,
as compared to the same periods in 2014. These increases
occurred primarily due to an increase in average other borrowings
of $49.2 million and $115.0 million for the quarter and nine months
ended September 30, 2015, compared to the same periods in
2014, used to fund growth in average loans, as well as an increase
in average subordinated debt due to the addition of $75 million in subordinated debt in May 2015.
On a linked-quarter basis, interest expense increased by
$958,000, or 27.4%, primarily due to
the increase in the average balance of subordinated debt of
$47.1 million for the quarter.
Net Interest Margin
The net interest margin was 3.16% and 3.25% for the quarter and
nine months ended September 30, 2015, compared to 3.56% and
3.67% for the same periods in 2014. The decrease was
primarily attributable to a decrease in the yield on total loans as
new loans were originated at lower yields in 2015. Although the net
interest margin decreased year over year, net interest income rose
to $25.2 million and $73.0 million for the quarter and nine months
ended September 30, 2015, compared to $23.3 million and $67.0 million for the same periods in 2014.
These increases were due primarily to an increase of 22.0% and
22.9% in interest earning assets for the quarter and nine months
ended September 30, 2015 compared to the same periods in
2014.
On a linked-quarter basis, the net interest margin remained
relatively consistent, with a change of 8 basis points for the
quarter.
Noninterest Income
Noninterest income was $30.6
million and $99.4 million for
the quarter and nine months ended September 30, 2015, an
increase of $2.7 million and
$28.7 million, or 9.7% and 40.7%,
respectively, as compared to the same periods in 2014. The
increases were primarily related to increases in gains on the sale
of mortgage loans as compared to the prior year.
Noninterest income from mortgage banking activities increased by
$4.7 million and $26.4 million for the quarter and nine months,
respectively, as gains on mortgage loan sales were $5.5 million and $23.4
million higher, for the quarter and nine months,
respectively as compared to the same periods in 2014. Mortgage loan
production for the quarter increased by $167.5 million, or 31.2%, to $703.6 million while mortgage loan sales for the
quarter increased by $208.1 million,
or 38.8%, to $744.6 million, as
compared to the same period in 2014. Mortgage loan servicing
revenue increased by $848,000 and
$2.3 million to $4.1 million and $11.5
million for the quarter and nine months, respectively, as
compared to the same periods in 2014, as the mortgage servicing
portfolio grew to $6.4 billion at
September 30, 2015.
Noninterest income from indirect lending activities was
$4.0 million and $15.0 million for the quarter and nine months, a
decrease of $2.3 million and increase
of $0.4 million, respectively,
as compared to the same periods in 2014. Gains on sales of
indirect loans decreased by $2.6
million and $806,000 for the
quarter and nine months, respectively, compared to the same periods
in 2014 as demand for loan sales decreased as compared to the prior
year. Indirect servicing fee income increased by $522,000 and $1.7
million for the quarter and nine months, as compared to the
same periods in 2014, as the indirect servicing portfolio grew to
$1.1 billion at September 30,
2015.
On a linked-quarter basis, noninterest income decreased by
$6.1 million, or 16.6%, primarily
attributable to a decrease in income from mortgage banking
activities of $3.8 million, a
decrease in income from indirect lending activities of $1.0 million, and a decrease of $1.5 million in other income, primarily due to a
change in the gain on sale of real estate owned of $1.0 million. This decrease in noninterest
income occurred primarily due to mortgage servicing rights
impairment of $2.2 million at
September 30, 2015 compared to a recovery of $2.6 million at June 30, 2015. See "Analysis
of Mortgage Lending" tables below.
Noninterest Expense
Noninterest expense was $40.0
million and $119.8 million for
the quarter and nine months ended September 30, 2015, an
increase of $4.3 million and
$17.7 million, or 12.2% and 17.4%,
respectively, as compared to the same periods in 2014.
During the quarter, Fidelity Bank continued its strategy of
increasing its footprint across a larger geographic area, and
increasing production as well. This was the primary reason for
increased noninterest expense in many areas. Salaries, benefits and
commissions for the quarter and nine months increased $2.7 million and $14.0
million, or 11.99% and 22.03%, compared to the same
periods in 2014. Occupancy expense for the quarter and nine months
increased $816,000 and $1.7 million, or 23.2% and 18.2%, compared to the
same periods in 2014. Other noninterest expense for the quarter and
nine months ended September 30, 2015 increased by $731,000 and $1.7
million, or 8.2% and 6.5%, compared to the same periods in
2014.
On a linked-quarter basis, noninterest expense decreased by
$1.1 million, or 2.7%, primarily due
to a $2.4 million decrease in
salaries, benefits and commissions, primarily due to decreased
mortgage loan production, partially offset by an increase of
$816,000 in occupancy costs and an
increase of $479,000 in other
expenses.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating
subsidiaries Fidelity Bank and LionMark Insurance Company, provides
banking services and trust and wealth management services and
credit-related insurance products through branches in Georgia and Florida, and an insurance office in
Atlanta, Georgia. SBA,
indirect automobile, and mortgage loans are provided throughout the
South. For additional information about Fidelity's products
and services, please visit the web site at
www.FidelitySouthern.com.
This news release contains forward-looking statements, as
defined by Federal Securities Laws, including statements about
financial outlook and business environment. These statements are
provided to assist in the understanding of future financial
performance and such performance involves risks and uncertainties
that may cause actual results to differ materially from those in
such statements. Any such statements are based on current
expectations and involve a number of risks and uncertainties. For a
discussion of factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to the section entitled "Forward Looking Statements" from Fidelity
Southern Corporation's 2014 Annual Report filed on Form 10-K with
the Securities and Exchange Commission. Additional information and
other factors that could affect future financial results are
included in Fidelity's filings with the Securities and Exchange
Commission.
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
FINANCIAL
HIGHLIGHTS
|
(UNAUDITED)
|
|
|
As of or for the
Quarter Ended
|
|
As of or for the
Nine Months Ended
|
($ in thousands,
except per share data)
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
29,597
|
|
|
$
|
27,516
|
|
|
$
|
25,891
|
|
|
$
|
83,599
|
|
|
$
|
75,034
|
|
Interest
expense
|
4,460
|
|
|
3,502
|
|
|
2,727
|
|
|
10,907
|
|
|
8,208
|
|
Net interest
income
|
25,137
|
|
|
24,014
|
|
|
23,164
|
|
|
72,692
|
|
|
66,826
|
|
Provision for loan
losses
|
1,328
|
|
|
(182)
|
|
|
1,859
|
|
|
1,254
|
|
|
(25)
|
|
Noninterest
income
|
30,619
|
|
|
36,695
|
|
|
27,908
|
|
|
99,352
|
|
|
70,609
|
|
Noninterest
expense
|
40,049
|
|
|
41,165
|
|
|
35,710
|
|
|
119,849
|
|
|
102,109
|
|
Net income
|
9,217
|
|
|
12,451
|
|
|
8,802
|
|
|
32,358
|
|
|
22,823
|
|
PERFORMANCE:
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.41
|
|
|
$
|
0.58
|
|
|
$
|
0.41
|
|
|
$
|
1.48
|
|
|
$
|
1.07
|
|
Earnings per common
share - diluted
|
0.39
|
|
|
0.54
|
|
|
0.38
|
|
|
1.42
|
|
|
0.97
|
|
Book value per common
share
|
$
|
12.83
|
|
|
$
|
12.90
|
|
|
$
|
12.10
|
|
|
$
|
12.83
|
|
|
$
|
12.10
|
|
Tangible book value
per common share
|
12.55
|
|
|
12.70
|
|
|
11.92
|
|
|
12.55
|
|
|
11.92
|
|
Cash dividends paid
per common share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
Return on average
assets
|
1.07
|
%
|
|
1.55
|
%
|
|
1.26
|
%
|
|
1.33
|
%
|
|
1.15
|
%
|
Return on average
shareholders' equity
|
12.69
|
%
|
|
17.97
|
%
|
|
13.79
|
%
|
|
15.56
|
%
|
|
12.46
|
%
|
Net interest
margin
|
3.16
|
%
|
|
3.24
|
%
|
|
3.56
|
%
|
|
3.25
|
%
|
|
3.67
|
%
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,499,465
|
|
|
$
|
3,374,938
|
|
|
$
|
2,861,569
|
|
|
$
|
3,499,465
|
|
|
$
|
2,861,569
|
|
Earning
assets
|
3,237,110
|
|
|
3,118,065
|
|
|
2,652,462
|
|
|
3,237,110
|
|
|
2,652,462
|
|
Loans, excluding
Loans Held-for-Sale
|
2,641,814
|
|
|
2,411,143
|
|
|
2,073,803
|
|
|
2,641,814
|
|
|
2,073,803
|
|
Total
loans
|
2,981,465
|
|
|
2,885,410
|
|
|
2,398,245
|
|
|
2,981,465
|
|
|
2,398,245
|
|
Total
deposits
|
2,912,038
|
|
|
2,639,248
|
|
|
2,459,291
|
|
|
2,912,038
|
|
|
2,459,291
|
|
Shareholders'
equity
|
295,286
|
|
|
285,946
|
|
|
258,163
|
|
|
295,286
|
|
|
258,163
|
|
Assets serviced for
others
|
7,777,854
|
|
|
7,292,561
|
|
|
6,275,893
|
|
|
7,777,854
|
|
|
6,275,893
|
|
DAILY AVERAGE
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,423,373
|
|
|
$
|
3,228,867
|
|
|
$
|
2,797,766
|
|
|
$
|
3,251,132
|
|
|
$
|
2,646,238
|
|
Earning
assets
|
3,176,957
|
|
|
2,980,741
|
|
|
2,593,380
|
|
|
3,013,603
|
|
|
2,449,236
|
|
Loans, excluding
Loans Held-for-Sale
|
2,516,582
|
|
|
2,361,146
|
|
|
2,045,464
|
|
|
2,392,970
|
|
|
1,955,314
|
|
Total
loans
|
2,956,109
|
|
|
2,778,117
|
|
|
2,370,899
|
|
|
2,798,024
|
|
|
1,924,265
|
|
Total
deposits
|
2,731,407
|
|
|
2,624,412
|
|
|
2,262,679
|
|
|
2,629,670
|
|
|
2,207,149
|
|
Shareholders'
equity
|
288,220
|
|
|
277,961
|
|
|
253,211
|
|
|
277,993
|
|
|
244,899
|
|
Assets serviced for
others
|
7,521,391
|
|
|
7,104,630
|
|
|
6,013,788
|
|
|
7,125,599
|
|
|
5,622,007
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.05
|
%
|
|
(0.03)
|
%
|
|
0.40
|
%
|
|
0.10
|
%
|
|
0.24
|
%
|
Allowance to
period-end loans
|
0.94
|
%
|
|
0.97
|
%
|
|
1.36
|
%
|
|
0.94
|
%
|
|
1.36
|
%
|
Nonperforming assets
to total loans, ORE and repossessions
|
1.86
|
%
|
|
2.01
|
%
|
|
3.08
|
%
|
|
1.86
|
%
|
|
3.08
|
%
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.50x
|
|
|
0.48x
|
|
|
0.44x
|
|
|
0.50x
|
|
|
0.44x
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
Loans to total
deposits
|
90.72
|
%
|
|
91.36
|
%
|
|
84.33
|
%
|
|
90.72
|
%
|
|
84.33
|
%
|
Average total loans
to average earning assets
|
93.05
|
%
|
|
93.20
|
%
|
|
91.08
|
%
|
|
92.85
|
%
|
|
78.57
|
%
|
Noninterest income to
total revenue
|
50.85
|
%
|
|
57.15
|
%
|
|
51.87
|
%
|
|
54.31
|
%
|
|
48.48
|
%
|
Leverage
ratio
|
9.41
|
%
|
|
9.77
|
%
|
|
10.64
|
%
|
|
9.41
|
%
|
|
10.64
|
%
|
Common equity tier 1
capital
|
8.78
|
%
|
|
8.96
|
%
|
|
N/A
|
|
|
8.78
|
%
|
|
N/A
|
|
Tier 1 risk-based
capital
|
10.21
|
%
|
|
10.46
|
%
|
|
11.84
|
%
|
|
10.21
|
%
|
|
11.84
|
%
|
Total risk-based
capital
|
13.37
|
%
|
|
13.71
|
%
|
|
12.99
|
%
|
|
13.37
|
%
|
|
12.99
|
%
|
Average equity to
average assets
|
8.42
|
%
|
|
8.61
|
%
|
|
9.05
|
%
|
|
8.55
|
%
|
|
9.25
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
87,373
|
|
|
$
|
80,716
|
|
|
$
|
91,565
|
|
Investment securities
available-for-sale
|
|
155,749
|
|
|
140,878
|
|
|
156,331
|
|
Investment securities
held-to-maturity
|
|
12,816
|
|
|
11,484
|
|
|
7,588
|
|
Loans
held-for-sale
|
|
339,651
|
|
|
474,267
|
|
|
324,442
|
|
Loans
|
|
2,641,814
|
|
|
2,411,143
|
|
|
2,073,803
|
|
Allowance for loan
losses
|
|
(24,750)
|
|
|
(23,425)
|
|
|
(28,297)
|
|
Loans, net of
allowance for loan losses
|
|
2,617,064
|
|
|
2,387,718
|
|
|
2,045,506
|
|
Premises and
equipment, net
|
|
69,356
|
|
|
65,485
|
|
|
59,650
|
|
Other real estate,
net
|
|
14,707
|
|
|
16,070
|
|
|
26,999
|
|
Bank owned life
insurance
|
|
66,008
|
|
|
65,511
|
|
|
34,279
|
|
Servicing
rights
|
|
82,659
|
|
|
77,614
|
|
|
62,196
|
|
Other
assets
|
|
54,082
|
|
|
55,195
|
|
|
53,013
|
|
Total
assets
|
|
$
|
3,499,465
|
|
|
$
|
3,374,938
|
|
|
$
|
2,861,569
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
722,771
|
|
|
$
|
646,340
|
|
|
$
|
639,471
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
Demand and
money market
|
|
956,149
|
|
|
850,314
|
|
|
778,645
|
|
Savings
|
|
317,766
|
|
|
299,905
|
|
|
312,183
|
|
Time
deposits
|
|
915,352
|
|
|
842,689
|
|
|
728,992
|
|
Total deposits
|
|
2,912,038
|
|
|
2,639,248
|
|
|
2,459,291
|
|
Other
borrowings
|
|
137,186
|
|
|
303,521
|
|
|
76,402
|
|
Subordinated
debt
|
|
120,289
|
|
|
120,277
|
|
|
46,297
|
|
Other
liabilities
|
|
34,666
|
|
|
25,946
|
|
|
21,416
|
|
Total
liabilities
|
|
3,204,179
|
|
|
3,088,992
|
|
|
2,603,406
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
166,989
|
|
|
164,835
|
|
|
161,527
|
|
Accumulated other
comprehensive income, net
|
|
2,702
|
|
|
2,472
|
|
|
2,367
|
|
Retained
earnings
|
|
125,595
|
|
|
118,639
|
|
|
94,269
|
|
Total shareholders'
equity
|
|
295,286
|
|
|
285,946
|
|
|
258,163
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,499,465
|
|
|
$
|
3,374,938
|
|
|
$
|
2,861,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
For the Quarter
Ended
|
|
For the Nine
Months Ended
|
($ in thousands,
except per share data)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2014
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
28,462
|
|
|
$
|
26,382
|
|
|
$
|
24,690
|
|
|
$
|
80,133
|
|
|
$
|
71,282
|
|
Investment
securities
|
|
1,108
|
|
|
1,120
|
|
|
1,183
|
|
|
3,413
|
|
|
3,676
|
|
Federal funds sold
and bank deposits
|
|
27
|
|
|
14
|
|
|
18
|
|
|
53
|
|
|
76
|
|
Total interest
income
|
|
29,597
|
|
|
27,516
|
|
|
25,891
|
|
|
83,599
|
|
|
75,034
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
2,866
|
|
|
2,683
|
|
|
2,282
|
|
|
8,041
|
|
|
7,098
|
|
Other
borrowings
|
|
179
|
|
|
161
|
|
|
163
|
|
|
517
|
|
|
276
|
|
Subordinated
debt
|
|
1,415
|
|
|
658
|
|
|
282
|
|
|
2,349
|
|
|
834
|
|
Total interest
expense
|
|
4,460
|
|
|
3,502
|
|
|
2,727
|
|
|
10,907
|
|
|
8,208
|
|
Net interest
income
|
|
25,137
|
|
|
24,014
|
|
|
23,164
|
|
|
72,692
|
|
|
66,826
|
|
Provision for loan
losses
|
|
1,328
|
|
|
(182)
|
|
|
1,859
|
|
|
1,254
|
|
|
(25)
|
|
Net interest
income after provision for loan losses
|
|
23,809
|
|
|
24,196
|
|
|
21,305
|
|
|
71,438
|
|
|
66,851
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,230
|
|
|
1,195
|
|
|
1,141
|
|
|
3,508
|
|
|
3,209
|
|
Other fees and
charges
|
|
1,327
|
|
|
1,274
|
|
|
1,140
|
|
|
3,767
|
|
|
3,160
|
|
Mortgage banking
activities
|
|
20,799
|
|
|
24,617
|
|
|
16,135
|
|
|
66,734
|
|
|
40,292
|
|
Indirect lending
activities
|
|
4,037
|
|
|
5,031
|
|
|
6,303
|
|
|
15,047
|
|
|
14,610
|
|
SBA lending
activities
|
|
1,494
|
|
|
1,364
|
|
|
1,479
|
|
|
3,788
|
|
|
3,682
|
|
Bank owned life
insurance
|
|
496
|
|
|
500
|
|
|
313
|
|
|
1,488
|
|
|
1,369
|
|
Securities
gains
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
|
1,236
|
|
|
2,714
|
|
|
1,397
|
|
|
5,020
|
|
|
4,287
|
|
Total noninterest
income
|
|
30,619
|
|
|
36,695
|
|
|
27,908
|
|
|
99,352
|
|
|
70,609
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
17,800
|
|
|
19,668
|
|
|
17,022
|
|
|
56,290
|
|
|
49,080
|
|
Commissions
|
|
7,270
|
|
|
7,794
|
|
|
5,363
|
|
|
21,224
|
|
|
14,443
|
|
Occupancy
|
|
4,270
|
|
|
3,454
|
|
|
3,467
|
|
|
11,206
|
|
|
9,477
|
|
Communication
|
|
1,083
|
|
|
1,102
|
|
|
963
|
|
|
3,133
|
|
|
2,829
|
|
Other
|
|
9,626
|
|
|
9,147
|
|
|
8,895
|
|
|
27,996
|
|
|
26,280
|
|
Total noninterest
expense
|
|
40,049
|
|
|
41,165
|
|
|
35,710
|
|
|
119,849
|
|
|
102,109
|
|
Income before income
tax expense
|
|
14,379
|
|
|
19,726
|
|
|
13,503
|
|
|
50,941
|
|
|
35,351
|
|
Income tax
expense
|
|
5,162
|
|
|
7,275
|
|
|
4,701
|
|
|
18,583
|
|
|
12,528
|
|
NET
INCOME
|
|
$
|
9,217
|
|
|
$
|
12,451
|
|
|
$
|
8,802
|
|
|
$
|
32,358
|
|
|
$
|
22,823
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.41
|
|
|
$
|
0.58
|
|
|
$
|
0.41
|
|
|
$
|
1.48
|
|
|
$
|
1.07
|
|
Diluted earnings per
share
|
|
$
|
0.39
|
|
|
$
|
0.54
|
|
|
$
|
0.38
|
|
|
$
|
1.42
|
|
|
$
|
0.97
|
|
Weighted average
common shares outstanding-basic
|
|
22,604
|
|
|
21,456
|
|
|
21,318
|
|
|
21,818
|
|
|
21,302
|
|
Weighted average
common shares outstanding-diluted
|
|
23,562
|
|
|
23,082
|
|
|
23,463
|
|
|
22,733
|
|
|
23,446
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
LOANS BY
CATEGORY
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
Commercial
|
|
$
|
579,319
|
|
|
$
|
533,853
|
|
|
$
|
519,062
|
|
|
$
|
524,145
|
|
|
$
|
524,419
|
|
SBA
|
|
138,078
|
|
|
138,819
|
|
|
138,198
|
|
|
134,766
|
|
|
143,302
|
|
Total commercial and
SBA loans
|
|
717,397
|
|
|
672,672
|
|
|
657,260
|
|
|
658,911
|
|
|
667,721
|
|
Construction
loans
|
|
154,335
|
|
|
146,778
|
|
|
134,456
|
|
|
123,994
|
|
|
108,823
|
|
Indirect
automobile
|
|
1,399,932
|
|
|
1,281,978
|
|
|
1,251,044
|
|
|
1,219,232
|
|
|
1,087,710
|
|
Installment
|
|
12,236
|
|
|
11,661
|
|
|
12,209
|
|
|
13,372
|
|
|
15,647
|
|
Total consumer
loans
|
|
1,412,168
|
|
|
1,293,639
|
|
|
1,263,253
|
|
|
1,232,604
|
|
|
1,103,357
|
|
Residential
mortgage
|
|
248,697
|
|
|
210,777
|
|
|
180,424
|
|
|
158,348
|
|
|
119,292
|
|
Home equity lines of
credit
|
|
109,217
|
|
|
87,277
|
|
|
82,188
|
|
|
79,449
|
|
|
74,610
|
|
Total mortgage
loans
|
|
357,914
|
|
|
298,054
|
|
|
262,612
|
|
|
237,797
|
|
|
193,902
|
|
Loans
|
|
2,641,814
|
|
|
2,411,143
|
|
|
2,317,581
|
|
|
2,253,306
|
|
|
2,073,803
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
218,308
|
|
|
310,792
|
|
|
241,974
|
|
|
181,424
|
|
|
161,775
|
|
SBA
|
|
11,343
|
|
|
13,475
|
|
|
13,543
|
|
|
12,511
|
|
|
17,667
|
|
Indirect
automobile
|
|
110,000
|
|
|
150,000
|
|
|
150,000
|
|
|
175,000
|
|
|
145,000
|
|
Total loans
held-for-sale
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
|
368,935
|
|
|
324,442
|
|
Total loans
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
|
$
|
2,622,241
|
|
|
$
|
2,398,245
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
loans
|
|
$
|
2,617,990
|
|
|
$
|
2,385,489
|
|
|
$
|
2,287,284
|
|
|
$
|
2,218,493
|
|
|
$
|
2,036,097
|
|
Covered
loans
|
|
23,824
|
|
|
25,654
|
|
|
30,297
|
|
|
34,813
|
|
|
37,706
|
|
Loans
held-for-sale
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
|
368,935
|
|
|
324,442
|
|
Total loans
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
|
$
|
2,622,241
|
|
|
$
|
2,398,245
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF THE
ALLOWANCE FOR LOAN LOSSES
|
(UNAUDITED)
|
|
|
As of
or for the Quarter Ended
|
|
($ in
thousands)
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
|
Balance at beginning
of period
|
$
|
23,425
|
|
|
$
|
23,758
|
|
|
$
|
28,912
|
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
Commercial and
SBA
|
(111)
|
|
|
(10)
|
|
|
1,337
|
|
|
Construction
|
(291)
|
|
|
(291)
|
|
|
(41)
|
|
|
Indirect automobile
and installment loans
|
604
|
|
|
494
|
|
|
614
|
|
|
Mortgage
|
98
|
|
|
(3)
|
|
|
4
|
|
|
Covered
|
14
|
|
|
(298)
|
|
|
77
|
|
|
Acquired,
noncovered
|
(1)
|
|
|
(52)
|
|
|
52
|
|
|
Total net
charge-offs/(recoveries)
|
313
|
|
|
(160)
|
|
|
2,043
|
|
|
Provision for loan
losses (1)
|
1,328
|
|
|
(183)
|
|
|
1,859
|
|
|
Increase/(decrease)
in FDIC loss share receivable
|
310
|
|
|
(310)
|
|
|
(431)
|
|
|
Balance at end of
period
|
$
|
24,750
|
|
|
$
|
23,425
|
|
|
$
|
28,297
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.05
|
%
|
|
(0.03)
|
%
|
|
0.40
|
%
|
|
Average
loans
|
$
|
2,516,582
|
|
|
$
|
2,361,146
|
|
|
$
|
2,045,464
|
|
|
Allowance for loan
losses as a percentage of loans
|
0.94
|
%
|
|
0.97
|
%
|
|
1.36
|
%
|
|
|
|
|
|
|
|
|
(1)
Net of portion attributable to FDIC loss share
receivable
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
NONPERFORMING AND
CLASSIFIED ASSETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
29,374
|
|
|
$
|
30,756
|
|
|
$
|
32,432
|
|
|
$
|
34,856
|
|
|
$
|
36,489
|
|
|
Loans past due 90
days or more and still accruing
|
3,968
|
|
|
836
|
|
|
1,006
|
|
|
827
|
|
|
—
|
|
|
Repossessions
|
1,435
|
|
|
1,041
|
|
|
1,002
|
|
|
1,183
|
|
|
1,210
|
|
|
Other real estate
(ORE)
|
14,707
|
|
|
16,070
|
|
|
19,988
|
|
|
22,564
|
|
|
26,999
|
|
|
Nonperforming
assets
|
$
|
49,484
|
|
|
$
|
48,703
|
|
|
$
|
54,428
|
|
|
$
|
59,430
|
|
|
$
|
64,698
|
|
|
NONPERFORMING
ASSET RATIOS
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
7,018
|
|
|
$
|
3,653
|
|
|
$
|
3,934
|
|
|
$
|
4,565
|
|
|
$
|
2,885
|
|
|
Loans 30-89 days past
due to loans
|
0.24
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
0.20
|
%
|
|
0.14
|
%
|
|
Loans past due 90
days or more and still accruing to loans
|
0.13
|
%
|
|
0.03
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
|
—
|
%
|
|
Nonperforming assets
to loans, ORE, and repossessions
|
1.86
|
%
|
|
2.01
|
%
|
|
2.33
|
%
|
|
2.61
|
%
|
|
3.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Classified Asset
Ratio (3)
|
17.56
|
%
|
|
18.59
|
%
|
|
20.45
|
%
|
|
21.49
|
%
|
|
25.36
|
%
|
|
Nonperforming loans
as a % of loans
|
1.26
|
%
|
|
1.31
|
%
|
|
1.44
|
%
|
|
1.58
|
%
|
|
1.76
|
%
|
|
ALL to nonperforming
loans
|
74.23
|
%
|
|
74.15
|
%
|
|
71.05
|
%
|
|
71.32
|
%
|
|
77.55
|
%
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.05
|
%
|
|
(0.03)
|
%
|
|
0.29
|
%
|
|
0.50
|
%
|
|
0.40
|
%
|
|
ALL as a % of
loans
|
0.94
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.13
|
%
|
|
1.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Classified loans
(1)
|
$
|
47,906
|
|
|
$
|
49,561
|
|
|
$
|
52,684
|
|
|
$
|
53,415
|
|
|
$
|
61,161
|
|
|
ORE and
repossessions
|
12,750
|
|
|
13,209
|
|
|
14,508
|
|
|
17,218
|
|
|
21,287
|
|
|
Total classified
assets (2)
|
$
|
60,656
|
|
|
$
|
62,770
|
|
|
$
|
67,192
|
|
|
$
|
70,633
|
|
|
$
|
82,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount of SBA guarantee included
|
$
|
3,970
|
|
|
$
|
5,256
|
|
|
$
|
5,802
|
|
|
$
|
5,271
|
|
|
$
|
7,590
|
|
|
(2) Classified assets include loans having a risk
rating of substandard or worse, both accrual and nonaccrual,
repossessions and ORE, net of loss share.
|
|
(3) Classified asset ratio is defined as classified
assets as a percentage of the sum of Tier 1 capital plus allowance
for loan losses.
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
|
ANALYSIS OF
INDIRECT LENDING
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
|
($ in
thousands)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
Average loans
outstanding (1)
|
|
$
|
1,486,077
|
|
|
$
|
1,407,848
|
|
|
$
|
1,389,570
|
|
|
$
|
1,329,306
|
|
|
$
|
1,204,314
|
|
|
Loans serviced for
others
|
|
$
|
1,117,721
|
|
|
$
|
1,091,644
|
|
|
$
|
1,025,569
|
|
|
$
|
902,823
|
|
|
$
|
863,931
|
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
$
|
1,381
|
|
|
$
|
1,098
|
|
|
$
|
1,222
|
|
|
$
|
1,547
|
|
|
$
|
1,573
|
|
|
|
Number 30+ days past
due
|
|
170
|
|
|
128
|
|
|
132
|
|
|
143
|
|
|
136
|
|
|
30+ day performing
delinquency rate (2)
|
|
0.10
|
%
|
|
0.08
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
|
0.13
|
%
|
|
Nonperforming
loans
|
|
$
|
810
|
|
|
$
|
527
|
|
|
$
|
778
|
|
|
$
|
715
|
|
|
$
|
795
|
|
|
Nonperforming loans
as a percentage of period end loans
(2)
|
|
0.06
|
%
|
|
0.04
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
0.06
|
%
|
|
Net
charge-offs
|
|
$
|
605
|
|
|
$
|
495
|
|
|
$
|
866
|
|
|
$
|
901
|
|
|
$
|
612
|
|
|
Net charge-off rate
(3)
|
|
0.17
|
%
|
|
0.16
|
%
|
|
0.36
|
%
|
|
0.30
|
%
|
|
0.23
|
%
|
|
Number of vehicles
repossessed during the period
|
|
120
|
|
|
106
|
|
|
134
|
|
|
128
|
|
|
136
|
|
|
Average beacon score
of portfolio
|
|
755
|
|
|
755
|
|
|
755
|
|
|
753
|
|
|
751
|
|
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
20,886
|
|
|
$
|
18,831
|
|
|
$
|
22,056
|
|
|
$
|
26,780
|
|
|
$
|
27,845
|
|
|
|
Arkansas
|
|
46,704
|
|
|
39,174
|
|
|
35,786
|
|
|
41,912
|
|
|
47,894
|
|
|
|
North
Carolina
|
|
21,484
|
|
|
20,536
|
|
|
21,809
|
|
|
25,059
|
|
|
29,781
|
|
|
|
South
Carolina
|
|
13,339
|
|
|
16,021
|
|
|
16,273
|
|
|
16,132
|
|
|
22,189
|
|
|
|
Florida
|
|
98,087
|
|
|
91,725
|
|
|
96,688
|
|
|
102,465
|
|
|
128,729
|
|
|
|
Georgia
|
|
54,497
|
|
|
52,735
|
|
|
60,402
|
|
|
69,288
|
|
|
72,423
|
|
|
|
Mississippi
|
|
23,424
|
|
|
21,281
|
|
|
19,537
|
|
|
23,736
|
|
|
30,525
|
|
|
|
Tennessee
|
|
16,946
|
|
|
19,295
|
|
|
19,479
|
|
|
22,880
|
|
|
28,684
|
|
|
|
Virginia
|
|
14,829
|
|
|
16,349
|
|
|
16,919
|
|
|
18,590
|
|
|
20,903
|
|
|
|
Texas
|
|
37,673
|
|
|
35,739
|
|
|
41,527
|
|
|
50,987
|
|
|
49,868
|
|
|
|
Louisiana
|
|
24,490
|
|
|
24,095
|
|
|
21,042
|
|
|
13,531
|
|
|
12,597
|
|
|
|
|
Total production by
state
|
|
$
|
372,359
|
|
|
$
|
355,781
|
|
|
$
|
371,518
|
|
|
$
|
411,360
|
|
|
$
|
471,438
|
|
|
Loan sales
|
|
$
|
142,132
|
|
|
$
|
177,820
|
|
|
$
|
219,784
|
|
|
$
|
121,973
|
|
|
$
|
244,556
|
|
|
Portfolio yield
(1)
|
|
2.75
|
%
|
|
2.79
|
%
|
|
2.88
|
%
|
|
3.07
|
%
|
|
3.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
held-for-sale
|
|
(2)
|
Calculated by
dividing loan category as of the end of the period by period-end
loans including held for sale for the specified loan
portfolio
|
|
(3)
|
Calculated by
dividing annualized net charge-offs for the period by average loans
held for investment during the period for the specified loan
category
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
MORTGAGE LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
($ in
thousands)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
Average loans
outstanding (1)
|
|
$
|
511,317
|
|
|
$
|
449,097
|
|
|
$
|
337,122
|
|
|
$
|
300,652
|
|
|
$
|
286,407
|
|
Loans serviced for
others
|
|
$
|
6,393,874
|
|
|
$
|
5,942,063
|
|
|
$
|
5,622,102
|
|
|
$
|
5,413,781
|
|
|
$
|
5,173,282
|
|
% of loan production
for purchases
|
|
81.40
|
%
|
|
73.95
|
%
|
|
58.82
|
%
|
|
74.93
|
%
|
|
82.25
|
%
|
% of loan production
for refinance loans
|
|
18.60
|
%
|
|
26.05
|
%
|
|
41.18
|
%
|
|
25.07
|
%
|
|
17.75
|
%
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
424,554
|
|
|
$
|
468,795
|
|
|
$
|
342,121
|
|
|
$
|
311,846
|
|
|
$
|
316,359
|
|
|
Florida/Alabama
|
|
53,815
|
|
|
58,607
|
|
|
51,590
|
|
|
42,485
|
|
|
31,642
|
|
|
Virginia/Maryland
|
|
147,387
|
|
|
182,850
|
|
|
158,289
|
|
|
126,151
|
|
|
127,721
|
|
|
North and South
Carolina (2)
|
|
11,398
|
|
|
8,002
|
|
|
3,858
|
|
|
—
|
|
|
—
|
|
|
Total
retail
|
|
637,154
|
|
|
718,254
|
|
|
555,858
|
|
|
480,482
|
|
|
475,722
|
|
|
Wholesale
|
|
66,490
|
|
|
70,169
|
|
|
57,125
|
|
|
34,961
|
|
|
60,393
|
|
|
|
Total production by
region
|
|
$
|
703,644
|
|
|
$
|
788,423
|
|
|
$
|
612,983
|
|
|
$
|
515,443
|
|
|
$
|
536,115
|
|
Loan sales
|
|
$
|
744,621
|
|
|
$
|
665,738
|
|
|
$
|
552,085
|
|
|
$
|
475,930
|
|
|
$
|
536,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
(in
thousands)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
Marketing gain,
net
|
|
$
|
17,573
|
|
|
$
|
17,099
|
|
|
$
|
19,746
|
|
|
$
|
12,076
|
|
|
$
|
12,108
|
|
Origination points
and fees
|
|
3,871
|
|
|
3,726
|
|
|
2,757
|
|
|
2,744
|
|
|
2,943
|
|
Loan servicing
revenue
|
|
4,059
|
|
|
3,762
|
|
|
3,646
|
|
|
3,473
|
|
|
3,211
|
|
MSR amortization and
impairment adjustments
|
|
(4,704)
|
|
|
30
|
|
|
(4,830)
|
|
|
(2,804)
|
|
|
(2,127)
|
|
Total mortgage
banking activities
|
|
$
|
20,799
|
|
|
$
|
24,617
|
|
|
$
|
21,319
|
|
|
$
|
15,489
|
|
|
$
|
16,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash items
included in
income from mortgage banking
activities:
|
|
|
|
|
|
|
|
|
|
|
Capitalized MSR,
net
|
|
$
|
6,461
|
|
|
$
|
5,829
|
|
|
$
|
4,429
|
|
|
$
|
3,333
|
|
|
$
|
4,062
|
|
Valuation on
MSR
|
|
(2,215)
|
|
|
2,611
|
|
|
(2,469)
|
|
|
(709)
|
|
|
(156)
|
|
Mark to market
adjustments
|
|
(1,028)
|
|
|
(1,098)
|
|
|
3,967
|
|
|
588
|
|
|
(1,747)
|
|
Total
noncash items
|
|
$
|
3,218
|
|
|
$
|
7,342
|
|
|
$
|
5,927
|
|
|
$
|
3,212
|
|
|
$
|
2,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes held-for-sale
|
|
|
(2)
Expanded into North and South Carolina in January
2015
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
AVERAGE BALANCE,
INTEREST AND YIELDS
|
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
September 30,
2015
|
|
September 30,
2014
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
($ in
thousands)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income (1)
|
$
|
2,956,109
|
|
|
$
|
28,509
|
|
|
3.83
|
%
|
|
$
|
2,370,899
|
|
|
$
|
24,732
|
|
|
4.14
|
%
|
Investment securities
(1)
|
163,523
|
|
|
1,150
|
|
|
2.79
|
%
|
|
177,811
|
|
|
1,237
|
|
|
2.76
|
%
|
Federal funds sold
and bank deposits
|
45,265
|
|
|
27
|
|
|
0.24
|
%
|
|
44,670
|
|
|
18
|
|
|
0.16
|
%
|
Total
interest-earning assets
|
3,164,897
|
|
|
29,686
|
|
|
3.72
|
%
|
|
2,593,380
|
|
|
25,987
|
|
|
3.98
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
15,101
|
|
|
|
|
|
|
10,881
|
|
|
|
|
|
Allowance for loan
losses
|
(23,830)
|
|
|
|
|
|
|
(28,570)
|
|
|
|
|
|
Premises and
equipment, net
|
66,709
|
|
|
|
|
|
|
52,790
|
|
|
|
|
|
Other real
estate
|
15,866
|
|
|
|
|
|
|
25,384
|
|
|
|
|
|
Other
assets
|
184,630
|
|
|
|
|
|
|
143,901
|
|
|
|
|
|
Total
assets
|
$
|
3,423,373
|
|
|
|
|
|
|
$
|
2,797,766
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
881,456
|
|
|
$
|
548
|
|
|
0.25
|
%
|
|
$
|
712,121
|
|
|
$
|
432
|
|
|
0.24
|
%
|
Savings
deposits
|
308,503
|
|
|
266
|
|
|
0.34
|
%
|
|
318,261
|
|
|
272
|
|
|
0.34
|
%
|
Time
deposits
|
864,472
|
|
|
2,052
|
|
|
0.94
|
%
|
|
657,527
|
|
|
1,578
|
|
|
0.95
|
%
|
Total
interest-bearing deposits
|
2,054,431
|
|
|
2,866
|
|
|
0.55
|
%
|
|
1,687,909
|
|
|
2,282
|
|
|
0.54
|
%
|
Other
borrowings
|
254,558
|
|
|
179
|
|
|
0.28
|
%
|
|
205,377
|
|
|
163
|
|
|
0.31
|
%
|
Subordinated
debt
|
120,279
|
|
|
1,415
|
|
|
4.67
|
%
|
|
46,297
|
|
|
282
|
|
|
2.42
|
%
|
Total
interest-bearing liabilities
|
2,429,268
|
|
|
4,460
|
|
|
0.73
|
%
|
|
1,939,583
|
|
|
2,727
|
|
|
0.56
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
676,976
|
|
|
|
|
|
|
574,763
|
|
|
|
|
|
Other
liabilities
|
28,909
|
|
|
|
|
|
|
30,209
|
|
|
|
|
|
Shareholders'
equity
|
288,220
|
|
|
|
|
|
|
253,211
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
3,423,373
|
|
|
|
|
|
|
$
|
2,797,766
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
25,226
|
|
|
2.99
|
%
|
|
|
|
$
|
23,260
|
|
|
3.42
|
%
|
Net interest
margin
|
|
|
|
|
3.16
|
%
|
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest income
includes the effect of taxable-equivalent adjustment using a 35%
tax rate.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
AVERAGE BALANCE,
INTEREST AND YIELDS
|
(UNAUDITED)
|
|
|
For the Nine
Months Ended
|
|
September 30,
2015
|
|
September 30,
2014
|
($ in
thousands)
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income(1)
|
$
|
2,798,024
|
|
|
$
|
80,270
|
|
|
3.84
|
%
|
|
$
|
2,208,317
|
|
|
$
|
71,404
|
|
|
4.32
|
%
|
Investment
securities(1)
|
162,568
|
|
|
3,551
|
|
|
2.92
|
%
|
|
177,169
|
|
|
3,741
|
|
|
2.82
|
%
|
Fed funds sold and
interest-bearing deposits
|
42,017
|
|
|
53
|
|
|
0.17
|
%
|
|
57,061
|
|
|
76
|
|
|
0.18
|
%
|
Total
interest-earning assets
|
3,002,609
|
|
|
83,874
|
|
|
3.73
|
%
|
|
2,442,547
|
|
|
75,221
|
|
|
4.12
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
14,996
|
|
|
|
|
|
|
13,991
|
|
|
|
|
|
Allowance for loan
losses
|
(24,282)
|
|
|
|
|
|
|
(31,049)
|
|
|
|
|
|
Premises and
equipment, net
|
63,191
|
|
|
|
|
|
|
50,028
|
|
|
|
|
|
Other real
estate
|
18,786
|
|
|
|
|
|
|
26,759
|
|
|
|
|
|
Other
assets
|
175,833
|
|
|
|
|
|
|
143,973
|
|
|
|
|
|
Total
assets
|
$
|
3,251,133
|
|
|
|
|
|
|
$
|
2,646,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
846,090
|
|
|
$
|
1,495
|
|
|
0.24
|
%
|
|
$
|
701,740
|
|
|
$
|
1,405
|
|
|
0.27
|
%
|
Savings
deposits
|
306,495
|
|
|
768
|
|
|
0.34
|
%
|
|
314,025
|
|
|
862
|
|
|
0.37
|
%
|
Time
deposits
|
832,423
|
|
|
5,778
|
|
|
0.93
|
%
|
|
661,931
|
|
|
4,831
|
|
|
0.98
|
%
|
Total
interest-bearing deposits
|
1,985,008
|
|
|
8,041
|
|
|
0.54
|
%
|
|
1,677,696
|
|
|
7,098
|
|
|
0.57
|
%
|
Other
borrowings
|
236,213
|
|
|
517
|
|
|
0.29
|
%
|
|
121,208
|
|
|
276
|
|
|
0.30
|
%
|
Subordinated
debt
|
80,193
|
|
|
2,349
|
|
|
3.92
|
%
|
|
46,297
|
|
|
834
|
|
|
2.40
|
%
|
Total
interest-bearing liabilities
|
2,301,414
|
|
|
10,907
|
|
|
0.63
|
%
|
|
1,845,201
|
|
|
8,208
|
|
|
0.59
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
644,662
|
|
|
|
|
|
|
529,450
|
|
|
|
|
|
Other
liabilities
|
27,064
|
|
|
|
|
|
|
26,697
|
|
|
|
|
|
Shareholders'
equity
|
277,993
|
|
|
|
|
|
|
244,901
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
3,251,133
|
|
|
|
|
|
|
$
|
2,646,249
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
72,967
|
|
|
3.10
|
%
|
|
|
|
$
|
67,013
|
|
|
3.53
|
%
|
Net interest
margin
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
3.67
|
%
|
|
(1)
Interest income includes the effect of
taxable-equivalent adjustment using a 35% tax rate.
|
Contacts:
|
Martha Fleming, Steve
Brolly
|
|
Fidelity Southern
Corporation (404) 240-1504
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fidelity-southern-corporation-earns-92-million-in-third-quarter-300160547.html
SOURCE Fidelity Southern Corporation