ATLANTA, Jan. 21, 2016 /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 year ended December 31, 2015.
KEY RESULTS
- Net income of $6.8 million and
$39.1 million, or $0.28 and $1.64 per
diluted share, for the quarter and year ended December 31, 2015
- Net interest margin increased 7 basis points during the quarter
to 3.23%
- Total assets at December 31, 2015
of $3.8 billion increased 10.0% in
the fourth quarter and 24.8% in 2015
- Loan portfolio increased by $313.3
million, or 10.5%, during the quarter and $672.5 million, or 25.6%, year over year, to
$3.3 billion
- Loans serviced for others grew by $255.6
million, or 3.3%, during the quarter and $1.5 billion, or 22.4%, year over year, to
$8.0 billion
- Total deposits increased by $267.5
million or 9.2%, during the quarter and $721.5 million, or 29.4%, year over year, to
$3.2 billion
- Total revenues of $61.7 million
and $244.7 million for the quarter
and year ended December 31, 2015
- Return on Average Assets of 0.72% and 1.16% for the quarter and
year ended December 31, 2015
- On October 2, 2015, the Bank
acquired approximately $281 million
in assets, including $145 million in
loans, and assumed approximately $266
million in customer deposits of The Bank of Georgia under an FDIC-assisted
transaction
- On October 26, 2015, the Company
announced a Purchase and Assumption agreement with American
Enterprise Bankshares, Inc. ("AEB") in which the Company will
acquire all of the common stock of AEB. The transaction is expected
to close in the first quarter of 2016. As of September 30, 2015, AEB reported approximately
$205 million in assets, $156 million in loans, and $177 million in deposits
Fidelity's Chairman, Jim Miller,
said, "We are optimistic about 2016. We are taking market
share so earnings have remained strong, even in an economy which
seems mostly fueled by real estate, and also with help from the
consumer. Diversity of product has certainly helped as has
expansion of our service teams with more branches and locations
around the Southeast, which lets us offer our relationship banking
to more companies and individuals. Build-out of Trust
Services continues and will contribute this year. As we focus
on profitability, more branching is planned, as well as growth of
our recent acquisitions."
BALANCE SHEET
Total assets at December 31, 2015, grew to $3.8
billion, an increase of $349.6 million,
or 10.0%, compared to September 30, 2015, and
$763.9 million, or 24.8%, compared to
December 31, 2014. These increases are primarily attributable
to acquisitions made during the quarter and year, as well as
organic growth in the indirect and mortgage loan portfolios held
for investment.
On October 2, 2015, the Bank
acquired substantially all the assets and liabilities of The Bank
of Georgia in a Purchase and
Assumption agreement with the FDIC. The Bank received $266 million in deposits, $144.7 million in loans at fair value,
$2.2 million in core deposit
intangible, $9.0 million in premises
and equipment, and $6.4 million in
other real estate. The transaction was accounted for under the
acquisition method of accounting. Assets acquired and liabilities
assumed were recorded at their estimated fair values on the
acquisition date. Fair values are subject to refinement for up to
one year after the closing date of the acquisition.
Loans
Total loans held for investment at December 31, 2015, grew
to $2.9 billion, an increase of
$255.1 million, or 9.7%, compared to
September 30, 2015, and $643.6
million, or 28.6%, compared to December 31, 2014. The
quarter and year over year increase includes the $144.7 million in loans acquired from The Bank of
Georgia in the fourth quarter.
Indirect loans grew by $49.5
million and $230.2 million, or
3.5% and 18.9%, respectively, as the Bank continued to expand in
the auto loan market. Mortgage loans increased by $59.2 million and $179.1
million, or 16.5% and 75.3%, respectively, compared to
September 30, 2015 and December 31, 2014. $31.3 million of this increase related to organic
growth, with the remaining $27.9
million added as part of The Bank of Georgia FDIC-assisted
transaction. Commercial loans increased by $124.0 million and $179.1
million, or 21.4% and 34.2%, respectively, compared to
September 30, 2015 and December 31, 2014. $31.8 million of the increase in commercial loans
for the quarter was related to organic growth, with the remaining
$92.2 million added as part of The
Bank of Georgia FDIC-assisted transaction.
Total loans held for sale at December 31, 2015, grew to
$397.8 million, an increase of
$58.2 million, or 17.1%, compared to
September 30, 2015, and $28.9
million, or 7.8%, compared to December 31, 2014. The
quarter and year over year increases are due to increased
production in indirect and mortgage loans held for sale.
Servicing rights showed steady growth as well, growing to
$84.9 million at December 31,
2015, a net increase of $2.3 million,
or 2.8%, compared to September 30, 2015, and $20.0 million, or 30.9%, compared to
December 31, 2014, as residential mortgage, SBA, and indirect
loan sales continue to grow.
Asset Quality
Nonaccrual loans increased $5.0
million for the quarter, to $34.3
million. This increase was primarily due to nonaccrual loans
acquired as part of The Bank of Georgia FDIC-assisted transaction
of $6.4 million, offset by a decrease
in the existing nonaccrual loan portfolio of $1.4 million.
Other real estate increased $4.0
million for the quarter, to $18.7
million. This increase was primarily due to other real
estate acquired as part of The Bank of Georgia FDIC-assisted
transaction of $6.4 million, offset
by a decrease in the existing other real estate portfolio of
$2.4 million.
Classified loans increased $36.2
million for the quarter, to $84.1
million. This increase was primarily due to classified loans
acquired as part of The Bank of Georgia FDIC-assisted transaction
of $47.5 million, offset by a
decrease in the existing classified loan portfolio of $11.3 million.
Deposits
Total deposits at December 31, 2015, of $3.2 billion increased $267.5 million, or 9.2%, compared to
September 30, 2015, and $721.5
million, or 29.4%, compared to December 31, 2014.
The year over year net increase occurred primarily due to
organic growth of $253.8 million, as
well as the acquisition of deposits from The Bank of Georgia
FDIC-assisted transaction during October
2015 of $278.2 million, eight
branches in Florida during
September 2015 of $151.3 million, and one branch in Florida during January
2015 of $38.2 million.
Average core deposits, including noninterest-bearing demand
deposits, grew by $284.3 million, or
15.2%, during the quarter and $476.4
million, or 28.4%, year over year, increasing to
$2.2 billion, particularly in
commercial accounts and through the acquisition of branch deposits
discussed above.
Borrowings
Other borrowings increased by $72.5
million, or 52.9%, during the quarter and decreased
$81.4 million, or 27.9%, year over
year. The quarterly and year over year fluctuations occurred due to
changes in short-term borrowings. The Bank manages short-term
liquidity needs through short-term FHLB advances and Fed funds
purchased.
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 acquisitions.
INCOME STATEMENT
Interest Income
Interest income was $33.0 million
and $116.6 million for the quarter
and year ended December 31, 2015, respectively, an increase of
$6.4 million and $15.0 million, or 24.1% and 14.7%, respectively,
as compared to the same periods in 2014. The increase was primarily
due to a year over year increase in average loans of $611.6 million, or 26.8%, mainly in the indirect
and mortgage portfolios, while the yield on loans decreased by 9
basis points, from 4.02% to 3.93%, as new loans, on average, were
originated at lower yields over the previous twelve months.
On a linked-quarter basis, interest income increased by
$3.4 million, or 10 basis points,
primarily due to a $230.0 million
increase in average loans. This increase was primarily due to an
organic growth of $52.8 million, as
well as the acquisition of $144.7
million in loans from The Bank of Georgia in the fourth quarter of 2015, and
$30.2 million in loans from First
Bank late in the third quarter of 2015.
Interest Expense
Interest expense was $4.9 million
and $15.8 million for the quarter and
year ended December 31, 2015, an increase of $1.9 million and $4.6
million, or 62.3% and 40.8%, respectively, as compared to
the same periods in 2014. These increases occurred primarily due to
an increase in average subordinated debt of $74.0 million and $44.0
million for the quarter and year ended December 31,
2015, compared to the same periods in 2014, due to the addition of
$75 million in subordinated debt in
May 2015, as well as an increase in
average interest bearing deposits of $535.9
million and $364.9 million for
the quarter and year ended December 31, 2015, compared to the
same periods in 2014. Part of this increase in average interest
bearing deposits was due to acquisitions, with $208.2 million in interest bearing deposits added
in the fourth quarter from The Bank of Georgia, and $365.8
million added through the year from all acquisitions.
On a linked-quarter basis, interest expense increased by
$437,000, or 9.8%, primarily due to
the increase in the average balance of interest bearing deposits of
$330.2 million for the quarter. This
increase includes $208.2 million in
interest-bearing deposits acquired from The Bank of Georgia
FDIC-assisted transaction during the fourth quarter of 2015, and
$124.5 million in interest-bearing
deposits acquired from First Bank late in the third quarter of
2015.
Provision for Loan Losses
The provision for loan losses was $3.1
million and $4.4 million for
the quarter and year ended December 31, 2015, an increase of
$2.5 million and $3.8 million, respectively, as compared to the
same periods in 2014. These increases are due to the net growth in
the total loan portfolio, excluding acquired loans, which increased
$487.2 million compared to
December 31, 2014, to $2.7
billion.
Net Interest Margin
The net interest margin was 3.23% and 3.24% for the quarter and
year ended December 31, 2015, compared to 3.47% and 3.62% 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 (tax
equivalent) rose to $28.3 million and
$101.2 million for the quarter and
year ended December 31, 2015, compared to $23.7 million and $90.8
million for the same periods in 2014. These increases were
due primarily to an increase of 27.8% and 24.3% in interest earning
assets for the quarter and year ended December 31, 2015
compared to the same periods in 2014, due to a combination of
organic growth and acquisitions previously described.
On a linked-quarter basis, the net interest margin increased 7
basis points. This increase is primarily due to loans acquired in
The Bank of Georgia FDIC-assisted transaction in the fourth quarter
of 2015 having higher yields than the existing portfolio.
Noninterest Income
Noninterest income was $28.7
million and $128.0 million for
the quarter and year ended December 31, 2015, an increase of
$4.0 million and $32.7 million, or 16.0% and 34.3%, respectively,
as compared to the same periods in 2014. The increases were
primarily related to increases in mortgage banking income as
compared to the prior year.
Noninterest income from mortgage banking activities increased by
$3.3 million and $29.8 million for the quarter and year,
respectively, as compared to the same periods in 2014. Gains on
mortgage loan sales increased $3.3
million and $26.7 million for
the quarter and year, respectively, as compared to the same periods
in 2014. Quarterly mortgage loan production increased by
$52.4 million, or 10.2%, to
$567.9 million while quarterly
mortgage loan sales increased by $44.8
million, or 9.4%, to $520.7
million, as compared to the same periods in 2014. Year over
year mortgage loan production increased by $739.2 million, or 38.2%, to $2.7 billion while year over year mortgage loan
sales increased by $696.4 million, or
39.0%, to $2.5 billion.
On a linked-quarter basis, noninterest income decreased by
$1.9 million, or 6.3%, primarily
attributable to a decrease in income from mortgage banking
activities of $2.0 million, due to
lower gain on sale of mortgage servicing in the fourth quarter of
2015. See "Analysis of Mortgage Lending" tables below. This
decrease was partially offset by an increase in service charges and
other fees of $479,000, or 18.7%, as
a result of growth in loan and deposit accounts.
Noninterest Expense
Noninterest expense was $43.2
million and $163.1 million for
the quarter and year ended December 31, 2015, an increase of
$6.6 million and $24.3 million, or 18.0% and 17.5%, 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. The Bank of Georgia FDIC-assisted
transaction in October 2015 was the
primary reason for increased noninterest expense in many areas.
Salaries, benefits and commissions for the quarter and year
increased $3.2 million and
$17.2 million, or 13.8% and 19.8%,
compared to the same periods in 2014. Occupancy expense for the
quarter and year increased $1.3
million and $3.0 million, or
37.1% and 23.4%, compared to the same periods in 2014. Other
noninterest expense for the quarter and year ended
December 31, 2015 increased by $1.9
million and $3.6 million, or
22.4% and 10.4%, compared to the same periods in 2014, which is
primarily due to increases associated with acquisitions and new
locations.
On a linked-quarter basis, noninterest expense increased by
$3.2 million, or 8.0%, primarily due
to a $1.6 million increase in
salaries, benefits and commissions, primarily due to The Bank of
Georgia FDIC-assisted transaction in the fourth quarter of 2015 and
First Bank branch acquisition late in the third quarter of 2015
increasing the Bank's headcount, along with an increase of
$541,000 in occupancy costs due to
the increased number of locations due to acquisition and
expansion.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating
subsidiaries Fidelity Bank and LionMark Insurance Company, provides
banking services and trust and wealth management services and
credit-related insurance products through branches in Georgia and Florida, and an insurance office in
Atlanta, Georgia. SBA, indirect
automobile, and mortgage loans are provided throughout the South.
For additional information about Fidelity's products and services,
please visit the web site at www.FidelitySouthern.com.
This news release contains forward-looking statements, as
defined by Federal Securities Laws, including statements about
financial outlook and business environment. These statements are
provided to assist in the understanding of future financial
performance and such performance involves risks and uncertainties
that may cause actual results to differ materially from those in
such statements. Any such statements are based on current
expectations and involve a number of risks and uncertainties. For a
discussion of factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to the section entitled "Forward Looking Statements" from Fidelity
Southern Corporation's 2014 Annual Report filed on Form 10-K with
the Securities and Exchange Commission. Additional information and
other factors that could affect future financial results are
included in Fidelity's filings with the Securities and Exchange
Commission.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
(UNAUDITED)
|
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|
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|
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|
|
|
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As of or for the
Quarter Ended
|
|
|
($ in thousands,
except per share data)
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
33,043
|
|
|
$
|
29,597
|
|
|
$
|
27,516
|
|
|
$
|
26,486
|
|
|
$
|
26,633
|
|
|
|
Interest
expense
|
4,897
|
|
|
4,460
|
|
|
3,502
|
|
|
2,945
|
|
|
3,018
|
|
|
|
Net interest
income
|
28,146
|
|
|
25,137
|
|
|
24,014
|
|
|
23,541
|
|
|
23,615
|
|
|
|
Provision for loan
losses
|
3,097
|
|
|
1,328
|
|
|
(182)
|
|
|
108
|
|
|
556
|
|
|
|
Noninterest
income
|
28,676
|
|
|
30,619
|
|
|
36,695
|
|
|
32,038
|
|
|
24,711
|
|
|
|
Noninterest
expense
|
43,237
|
|
|
40,049
|
|
|
41,165
|
|
|
38,635
|
|
|
36,645
|
|
|
|
Net income
|
6,777
|
|
|
9,217
|
|
|
12,451
|
|
|
10,690
|
|
|
7,213
|
|
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PERFORMANCE:
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Earnings per common
share - basic
|
$
|
0.29
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|
|
$
|
0.41
|
|
|
$
|
0.58
|
|
|
$
|
0.50
|
|
|
$
|
0.34
|
|
|
|
Earnings per common
share - diluted
|
0.28
|
|
|
0.39
|
|
|
0.52
|
|
|
0.45
|
|
|
0.31
|
|
|
|
Total
revenues
|
$
|
61,719
|
|
|
$
|
60,216
|
|
|
$
|
64,211
|
|
|
$
|
58,524
|
|
|
$
|
51,344
|
|
|
|
Book value per common
share
|
$
|
13.03
|
|
|
$
|
12.83
|
|
|
$
|
12.90
|
|
|
$
|
12.85
|
|
|
$
|
12.40
|
|
|
|
Tangible book value
per common share
|
12.66
|
|
|
12.55
|
|
|
12.70
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|
|
12.64
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|
|
12.22
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Cash dividends paid
per common share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
|
Return on average
assets
|
0.72
|
%
|
|
1.07
|
%
|
|
1.55
|
%
|
|
1.40
|
%
|
|
0.99
|
%
|
|
|
Return on average
shareholders' equity
|
9.08
|
%
|
|
12.69
|
%
|
|
17.97
|
%
|
|
16.20
|
%
|
|
10.99
|
%
|
|
|
Net interest
margin
|
3.23
|
%
|
|
3.16
|
%
|
|
3.24
|
%
|
|
3.35
|
%
|
|
3.47
|
%
|
|
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
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|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,849,063
|
|
|
$
|
3,499,465
|
|
|
$
|
3,374,938
|
|
|
$
|
3,205,293
|
|
|
$
|
3,085,135
|
|
|
|
Earning
assets
|
3,491,642
|
|
|
3,157,693
|
|
|
3,050,960
|
|
|
2,883,778
|
|
|
2,790,259
|
|
|
|
Loans, excluding
Loans Held-for-Sale
|
2,896,948
|
|
|
2,641,814
|
|
|
2,411,143
|
|
|
2,317,581
|
|
|
2,253,306
|
|
|
|
Total
loans
|
3,294,782
|
|
|
2,981,465
|
|
|
2,885,410
|
|
|
2,723,098
|
|
|
2,622,241
|
|
|
|
Total
deposits
|
3,179,511
|
|
|
2,912,038
|
|
|
2,639,248
|
|
|
2,652,896
|
|
|
2,458,022
|
|
|
|
Shareholders'
equity
|
301,459
|
|
|
295,286
|
|
|
285,946
|
|
|
274,898
|
|
|
264,951
|
|
|
|
Assets serviced for
others
|
8,033,479
|
|
|
7,777,854
|
|
|
7,292,561
|
|
|
6,900,870
|
|
|
6,562,505
|
|
|
|
DAILY AVERAGE
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,751,012
|
|
|
$
|
3,423,373
|
|
|
$
|
3,228,867
|
|
|
$
|
3,098,079
|
|
|
$
|
2,921,650
|
|
|
|
Earning
assets
|
3,465,703
|
|
|
3,164,897
|
|
|
2,980,741
|
|
|
2,858,827
|
|
|
2,711,139
|
|
|
|
Loans, excluding
Loans Held-for-Sale
|
2,873,658
|
|
|
2,516,582
|
|
|
2,361,146
|
|
|
2,298,789
|
|
|
2,192,383
|
|
|
|
Total
loans
|
3,186,124
|
|
|
2,956,109
|
|
|
2,778,117
|
|
|
2,656,556
|
|
|
2,509,552
|
|
|
|
Total
deposits
|
3,146,089
|
|
|
2,731,407
|
|
|
2,624,412
|
|
|
2,530,988
|
|
|
2,416,139
|
|
|
|
Shareholders'
equity
|
296,195
|
|
|
288,220
|
|
|
277,961
|
|
|
267,561
|
|
|
260,309
|
|
|
|
Assets serviced for
others
|
7,902,116
|
|
|
7,521,391
|
|
|
7,104,630
|
|
|
6,742,214
|
|
|
6,413,357
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.18
|
%
|
|
0.05
|
%
|
|
(0.03)%
|
|
|
0.29
|
%
|
|
0.50
|
%
|
|
|
Allowance to
period-end loans
|
0.91
|
%
|
|
0.94
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.13
|
%
|
|
|
Nonperforming assets
to total loans, ORE and repossessions
|
1.93
|
%
|
|
1.86
|
%
|
|
2.01
|
%
|
|
2.33
|
%
|
|
2.61
|
%
|
|
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.47x
|
|
|
0.50x
|
|
|
0.48x
|
|
|
0.44x
|
|
|
0.43x
|
|
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
Loans to total
deposits
|
91.11
|
%
|
|
90.72
|
%
|
|
91.36
|
%
|
|
87.36
|
%
|
|
91.67
|
%
|
|
|
Average total loans
to average earning assets
|
91.93
|
%
|
|
93.40
|
%
|
|
93.20
|
%
|
|
92.92
|
%
|
|
92.56
|
%
|
|
|
Noninterest income to
total revenue
|
46.46
|
%
|
|
50.85
|
%
|
|
57.15
|
%
|
|
54.74
|
%
|
|
48.13
|
%
|
|
|
Leverage
ratio
|
8.84
|
%
|
|
9.41
|
%
|
|
9.77
|
%
|
|
9.89
|
%
|
|
10.40
|
%
|
|
|
Common equity tier 1
capital
|
8.21
|
%
|
|
8.82
|
%
|
|
8.96
|
%
|
|
9.12
|
%
|
|
N/A
|
|
|
|
Tier 1 risk-based
capital
|
9.50
|
%
|
|
10.25
|
%
|
|
10.46
|
%
|
|
10.69
|
%
|
|
11.07
|
%
|
|
|
Total risk-based
capital
|
12.40
|
%
|
|
13.40
|
%
|
|
13.71
|
%
|
|
11.50
|
%
|
|
12.01
|
%
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
December 31,
2015
|
|
|
September 30,
2015
|
|
|
December 31,
2014
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
86,133
|
|
|
$
|
87,373
|
|
|
$
|
71,605
|
|
|
Investment securities
available-for-sale
|
|
172,397
|
|
|
155,749
|
|
|
149,590
|
|
|
Investment securities
held-to-maturity
|
|
14,398
|
|
|
12,816
|
|
|
7,349
|
|
|
Loans
held-for-sale
|
|
397,834
|
|
|
339,651
|
|
|
368,935
|
|
|
Loans
|
|
2,896,948
|
|
|
2,641,814
|
|
|
2,253,306
|
|
|
Allowance for loan
losses
|
|
(26,464)
|
|
|
(24,750)
|
|
|
(25,450)
|
|
|
Loans, net of
allowance for loan losses
|
|
2,870,484
|
|
|
2,617,064
|
|
|
2,227,856
|
|
|
Premises and
equipment, net
|
|
79,629
|
|
|
69,356
|
|
|
60,857
|
|
|
Other real estate,
net
|
|
18,677
|
|
|
14,707
|
|
|
22,564
|
|
|
Bank owned life
insurance
|
|
66,109
|
|
|
66,008
|
|
|
59,553
|
|
|
Servicing rights,
net
|
|
84,944
|
|
|
82,659
|
|
|
64,897
|
|
|
Other
assets
|
|
58,458
|
|
|
54,082
|
|
|
51,929
|
|
|
Total
assets
|
|
$
|
3,849,063
|
|
|
$
|
3,499,465
|
|
|
$
|
3,085,135
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
786,779
|
|
|
$
|
722,771
|
|
|
$
|
558,018
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
Demand
and money market
|
|
1,040,281
|
|
|
956,149
|
|
|
788,373
|
|
|
Savings
|
|
362,793
|
|
|
317,766
|
|
|
321,621
|
|
|
Time
deposits
|
|
989,658
|
|
|
915,352
|
|
|
790,010
|
|
|
Total deposits
|
|
3,179,511
|
|
|
2,912,038
|
|
|
2,458,022
|
|
|
Short-term
borrowings
|
|
209,730
|
|
|
137,186
|
|
|
291,087
|
|
|
Subordinated debt,
net
|
|
120,322
|
|
|
120,289
|
|
|
46,303
|
|
|
Other
liabilities
|
|
38,041
|
|
|
34,666
|
|
|
24,772
|
|
|
Total
liabilities
|
|
3,547,604
|
|
|
3,204,179
|
|
|
2,820,184
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Common
stock
|
|
169,782
|
|
|
166,989
|
|
|
162,575
|
|
|
Accumulated other
comprehensive income, net
|
|
1,610
|
|
|
2,702
|
|
|
2,814
|
|
|
Retained
earnings
|
|
130,067
|
|
|
125,595
|
|
|
99,562
|
|
|
Total shareholders'
equity
|
|
301,459
|
|
|
295,286
|
|
|
264,951
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,849,063
|
|
|
$
|
3,499,465
|
|
|
$
|
3,085,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
|
|
For the Year
Ended
|
|
($ in thousands,
except per share data)
|
|
December 31,
2015
|
|
|
September 30,
2015
|
|
|
December 31,
2014
|
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
31,493
|
|
|
$
|
28,462
|
|
|
$
|
25,382
|
|
|
$
|
111,626
|
|
|
$
|
96,664
|
|
|
Investment
securities
|
|
1,523
|
|
|
1,108
|
|
|
1,242
|
|
|
4,936
|
|
|
4,918
|
|
|
Federal funds sold
and bank deposits
|
|
27
|
|
|
27
|
|
|
9
|
|
|
80
|
|
|
85
|
|
|
Total interest
income
|
|
33,043
|
|
|
29,597
|
|
|
26,633
|
|
|
116,642
|
|
|
101,667
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
3,308
|
|
|
2,866
|
|
|
2,609
|
|
|
11,349
|
|
|
9,707
|
|
|
Other
borrowings
|
|
133
|
|
|
179
|
|
|
130
|
|
|
650
|
|
|
406
|
|
|
Subordinated
debt
|
|
1,456
|
|
|
1,415
|
|
|
279
|
|
|
3,805
|
|
|
1,113
|
|
|
Total interest
expense
|
|
4,897
|
|
|
4,460
|
|
|
3,018
|
|
|
15,804
|
|
|
11,226
|
|
|
Net interest
income
|
|
28,146
|
|
|
25,137
|
|
|
23,615
|
|
|
100,838
|
|
|
90,441
|
|
|
Provision for loan
losses
|
|
3,097
|
|
|
1,328
|
|
|
556
|
|
|
4,351
|
|
|
531
|
|
|
Net interest
income after provision for loan losses
|
|
25,049
|
|
|
23,809
|
|
|
23,059
|
|
|
96,487
|
|
|
89,910
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,447
|
|
|
1,230
|
|
|
1,229
|
|
|
4,955
|
|
|
4,438
|
|
|
Other fees and
charges
|
|
1,589
|
|
|
1,327
|
|
|
1,189
|
|
|
5,356
|
|
|
4,349
|
|
|
Mortgage banking
activities
|
|
18,806
|
|
|
20,799
|
|
|
15,489
|
|
|
85,540
|
|
|
55,781
|
|
|
Indirect lending
activities
|
|
3,774
|
|
|
4,037
|
|
|
3,847
|
|
|
18,821
|
|
|
18,457
|
|
|
SBA lending
activities
|
|
1,477
|
|
|
1,494
|
|
|
1,305
|
|
|
5,265
|
|
|
4,987
|
|
|
Bank owned life
insurance
|
|
952
|
|
|
496
|
|
|
304
|
|
|
2,440
|
|
|
1,673
|
|
|
Securities
losses
|
|
(329)
|
|
|
—
|
|
|
—
|
|
|
(329)
|
|
|
—
|
|
|
Other
|
|
960
|
|
|
1,236
|
|
|
1,348
|
|
|
5,980
|
|
|
5,635
|
|
|
Total noninterest
income
|
|
28,676
|
|
|
30,619
|
|
|
24,711
|
|
|
128,028
|
|
|
95,320
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
20,581
|
|
|
17,800
|
|
|
17,926
|
|
|
76,871
|
|
|
67,006
|
|
|
Commissions
|
|
6,118
|
|
|
7,270
|
|
|
5,545
|
|
|
27,342
|
|
|
19,988
|
|
|
Occupancy,
net
|
|
4,811
|
|
|
4,270
|
|
|
3,508
|
|
|
16,017
|
|
|
12,985
|
|
|
Communication
|
|
1,203
|
|
|
1,083
|
|
|
1,068
|
|
|
4,336
|
|
|
3,897
|
|
|
Other
|
|
10,524
|
|
|
9,626
|
|
|
8,598
|
|
|
38,520
|
|
|
34,878
|
|
|
Total noninterest
expense
|
|
43,237
|
|
|
40,049
|
|
|
36,645
|
|
|
163,086
|
|
|
138,754
|
|
|
Income before
income tax expense
|
|
10,488
|
|
|
14,379
|
|
|
11,125
|
|
|
61,429
|
|
|
46,476
|
|
|
Income tax
expense
|
|
3,711
|
|
|
5,162
|
|
|
3,912
|
|
|
22,294
|
|
|
16,440
|
|
|
NET
INCOME
|
|
$
|
6,777
|
|
|
$
|
9,217
|
|
|
$
|
7,213
|
|
|
$
|
39,135
|
|
|
$
|
30,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.29
|
|
|
$
|
0.41
|
|
|
$
|
0.34
|
|
|
$
|
1.77
|
|
|
$
|
1.41
|
|
|
Diluted earnings per
share
|
|
$
|
0.28
|
|
|
$
|
0.39
|
|
|
$
|
0.31
|
|
|
$
|
1.64
|
|
|
$
|
1.28
|
|
|
Weighted average
common shares outstanding-basic
|
|
23,083
|
|
|
22,604
|
|
|
21,343
|
|
|
22,137
|
|
|
21,313
|
|
|
Weighted average
common shares outstanding-diluted
|
|
24,071
|
|
|
23,903
|
|
|
23,544
|
|
|
23,863
|
|
|
23,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
LOANS BY
CATEGORY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
December 31,
2015
|
|
|
September 30,
2015
|
|
|
June 30,
2015
|
|
|
March 31,
2015
|
|
|
December 31,
2014
|
|
|
Commercial
|
|
$
|
703,292
|
|
|
$
|
579,319
|
|
|
$
|
533,853
|
|
|
$
|
519,062
|
|
|
$
|
524,145
|
|
|
SBA
|
|
135,993
|
|
|
138,078
|
|
|
138,819
|
|
|
138,198
|
|
|
134,766
|
|
|
Total commercial
and SBA loans
|
|
839,285
|
|
|
717,397
|
|
|
672,672
|
|
|
657,260
|
|
|
658,911
|
|
|
Construction
loans
|
|
177,033
|
|
|
154,335
|
|
|
146,778
|
|
|
134,456
|
|
|
123,994
|
|
|
Indirect
automobile
|
|
1,449,480
|
|
|
1,399,932
|
|
|
1,281,978
|
|
|
1,251,044
|
|
|
1,219,232
|
|
|
Installment
|
|
14,055
|
|
|
12,236
|
|
|
11,698
|
|
|
12,209
|
|
|
13,222
|
|
|
Total consumer
loans
|
|
1,463,535
|
|
|
1,412,168
|
|
|
1,293,676
|
|
|
1,263,253
|
|
|
1,232,454
|
|
|
Residential
mortgage
|
|
302,378
|
|
|
248,697
|
|
|
210,740
|
|
|
180,424
|
|
|
158,498
|
|
|
Home equity lines of
credit
|
|
114,717
|
|
|
109,217
|
|
|
87,277
|
|
|
82,188
|
|
|
79,449
|
|
|
Total mortgage
loans
|
|
417,095
|
|
|
357,914
|
|
|
298,017
|
|
|
262,612
|
|
|
237,947
|
|
|
Loans
|
|
2,896,948
|
|
|
2,641,814
|
|
|
2,411,143
|
|
|
2,317,581
|
|
|
2,253,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
233,525
|
|
|
218,308
|
|
|
310,793
|
|
|
241,974
|
|
|
181,424
|
|
|
SBA
|
|
14,309
|
|
|
11,343
|
|
|
13,474
|
|
|
13,543
|
|
|
12,511
|
|
|
Indirect
automobile
|
|
150,000
|
|
|
110,000
|
|
|
150,000
|
|
|
150,000
|
|
|
175,000
|
|
|
Total loans
held-for-sale
|
|
397,834
|
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
|
368,935
|
|
|
Total
loans
|
|
$
|
3,294,782
|
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
|
$
|
2,622,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
loans
|
|
$
|
2,874,308
|
|
|
$
|
2,617,991
|
|
|
$
|
2,385,489
|
|
|
$
|
2,287,422
|
|
|
$
|
2,218,493
|
|
|
Covered
loans
|
|
22,640
|
|
|
23,823
|
|
|
25,654
|
|
|
30,159
|
|
|
34,813
|
|
|
Loans
held-for-sale
|
|
397,834
|
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
|
368,935
|
|
|
Total
loans
|
|
$
|
3,294,782
|
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
|
$
|
2,622,241
|
|
|
DEPOSITS BY
CATEGORY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
($ in
millions)
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Noninterest-bearing
demand deposits
|
$
|
761,507
|
|
|
—
|
%
|
|
676,976
|
|
|
—
|
%
|
|
$
|
650,467
|
|
|
—
|
%
|
|
$
|
605,762
|
|
|
—
|
%
|
|
$
|
567,423
|
|
|
—%
|
|
|
Interest-bearing
demand deposits
|
1,020,241
|
|
|
0.26
|
%
|
|
881,456
|
|
|
0.25
|
%
|
|
843,226
|
|
|
0.24
|
%
|
|
812,833
|
|
|
0.23
|
%
|
|
783,896
|
|
|
0.25
|
%
|
|
Savings
deposits
|
369,536
|
|
|
0.35
|
%
|
|
308,503
|
|
|
0.34
|
%
|
|
301,599
|
|
|
0.33
|
%
|
|
309,393
|
|
|
0.33
|
%
|
|
323,605
|
|
|
0.35
|
%
|
|
Time
deposits
|
994,805
|
|
|
0.92
|
%
|
|
864,472
|
|
|
0.94
|
%
|
|
829,120
|
|
|
0.94
|
%
|
|
803,000
|
|
|
0.90
|
%
|
|
741,215
|
|
|
0.98
|
%
|
|
Total average
deposits
|
$
|
3,146,089
|
|
|
0.42
|
%
|
|
$
|
2,731,407
|
|
|
0.42
|
%
|
|
$
|
2,624,412
|
|
|
0.41
|
%
|
|
$
|
2,530,988
|
|
|
0.40
|
%
|
|
$
|
2,416,139
|
|
|
0.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
NONPERFORMING AND
CLASSIFIED ASSETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
34,325
|
|
|
$
|
29,374
|
|
|
$
|
30,756
|
|
|
$
|
32,432
|
|
|
$
|
34,856
|
|
|
|
Loans past due 90
days or more and still accruing
|
1,284
|
|
|
3,968
|
|
|
836
|
|
|
1,006
|
|
|
827
|
|
|
|
Repossessions
|
1,561
|
|
|
1,435
|
|
|
1,041
|
|
|
1,002
|
|
|
1,183
|
|
|
|
Other real estate
(ORE)
|
18,677
|
|
|
14,707
|
|
|
16,070
|
|
|
19,988
|
|
|
22,564
|
|
|
|
Nonperforming
assets
|
$
|
55,847
|
|
|
$
|
49,484
|
|
|
$
|
48,703
|
|
|
$
|
54,428
|
|
|
$
|
59,430
|
|
|
|
NONPERFORMING
ASSET RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
9,353
|
|
|
$
|
7,018
|
|
|
$
|
3,653
|
|
|
$
|
3,934
|
|
|
$
|
4,551
|
|
|
|
Loans 30-89 days past
due to loans
|
0.32
|
%
|
|
0.27
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
0.20
|
%
|
|
|
Loans past due 90
days or more and still accruing to loans
|
0.04
|
%
|
|
0.15
|
%
|
|
0.03
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
|
|
Nonperforming assets
to loans, ORE, and repossessions
|
1.93
|
%
|
|
1.86
|
%
|
|
2.01
|
%
|
|
2.33
|
%
|
|
2.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
Classified Asset
Ratio (3)
|
28.38
|
%
|
|
17.56
|
%
|
|
18.59
|
%
|
|
20.45
|
%
|
|
21.49
|
%
|
|
|
Nonperforming loans
as a % of loans
|
1.24
|
%
|
|
1.26
|
%
|
|
1.31
|
%
|
|
1.44
|
%
|
|
1.58
|
%
|
|
|
ALL to nonperforming
loans
|
74.32
|
%
|
|
74.23
|
%
|
|
74.15
|
%
|
|
71.05
|
%
|
|
71.32
|
%
|
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.18
|
%
|
|
0.05
|
%
|
|
(0.03)
|
%
|
|
0.29
|
%
|
|
0.50
|
%
|
|
|
ALL as a % of
loans
|
0.91
|
%
|
|
0.94
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.13
|
%
|
|
|
ALL as a % of loans
excluding acquired loans(4)
|
0.96
|
%
|
|
0.94
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Classified
loans (1)
|
$
|
84,093
|
|
|
$
|
47,906
|
|
|
$
|
49,561
|
|
|
$
|
52,684
|
|
|
$
|
53,415
|
|
|
|
ORE and
repossessions
|
17,125
|
|
|
12,750
|
|
|
13,209
|
|
|
14,508
|
|
|
17,218
|
|
|
|
Total classified
assets (2)
|
$
|
101,218
|
|
|
$
|
60,656
|
|
|
$
|
62,770
|
|
|
$
|
67,192
|
|
|
$
|
70,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount
of SBA guarantee included
|
$
|
4,680
|
|
|
$
|
3,970
|
|
|
$
|
5,256
|
|
|
$
|
5,802
|
|
|
$
|
5,271
|
|
|
|
(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.
|
|
|
(4) Allowance calculation excludes
acquired loans, due to valuation calculated at
acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
|
|
ANALYSIS OF
INDIRECT LENDING
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
|
|
($ in
thousands)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
|
Average loans
outstanding (1)
|
|
$
|
1,563,498
|
|
|
$
|
1,486,077
|
|
|
$
|
1,407,848
|
|
|
$
|
1,389,570
|
|
|
$
|
1,329,306
|
|
|
|
Loans serviced for
others
|
|
$
|
1,117,210
|
|
|
$
|
1,117,721
|
|
|
$
|
1,091,644
|
|
|
$
|
1,025,569
|
|
|
$
|
902,823
|
|
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
$
|
1,829
|
|
|
$
|
1,381
|
|
|
$
|
1,098
|
|
|
$
|
1,222
|
|
|
$
|
1,547
|
|
|
|
Number 30+ days past
due
|
|
235
|
|
|
170
|
|
|
128
|
|
|
132
|
|
|
143
|
|
|
|
30+ day performing
delinquency rate (2)
|
|
0.11
|
%
|
|
0.10
|
%
|
|
0.08
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
|
|
Nonperforming
loans
|
|
$
|
1,117
|
|
|
$
|
810
|
|
|
$
|
527
|
|
|
$
|
778
|
|
|
$
|
715
|
|
|
|
Nonperforming loans
as a percentage of period end loans
(2)
|
|
0.07
|
%
|
|
0.06
|
%
|
|
0.04
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
|
Net
charge-offs
|
|
$
|
1,014
|
|
|
$
|
605
|
|
|
$
|
495
|
|
|
$
|
866
|
|
|
$
|
901
|
|
|
|
Net charge-off rate
(3)
|
|
0.28
|
%
|
|
0.17
|
%
|
|
0.16
|
%
|
|
0.36
|
%
|
|
0.30
|
%
|
|
|
Number of vehicles
repossessed during the period
|
|
131
|
|
|
120
|
|
|
106
|
|
|
134
|
|
|
128
|
|
|
|
Average beacon
score
|
|
757
|
|
|
755
|
|
|
755
|
|
|
755
|
|
|
753
|
|
|
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
17,758
|
|
|
$
|
20,886
|
|
|
$
|
18,831
|
|
|
$
|
22,056
|
|
|
$
|
26,780
|
|
|
|
Arkansas
|
|
39,436
|
|
|
46,704
|
|
|
39,174
|
|
|
35,786
|
|
|
41,912
|
|
|
|
North
Carolina
|
|
20,378
|
|
|
21,484
|
|
|
20,536
|
|
|
21,809
|
|
|
25,059
|
|
|
|
South
Carolina
|
|
13,661
|
|
|
13,339
|
|
|
16,021
|
|
|
16,273
|
|
|
16,132
|
|
|
|
Florida
|
|
95,054
|
|
|
98,087
|
|
|
91,725
|
|
|
96,688
|
|
|
102,465
|
|
|
|
Georgia
|
|
48,241
|
|
|
54,497
|
|
|
52,735
|
|
|
60,402
|
|
|
69,288
|
|
|
|
Mississippi
|
|
27,032
|
|
|
23,424
|
|
|
21,281
|
|
|
19,537
|
|
|
23,736
|
|
|
|
Tennessee
|
|
18,156
|
|
|
16,946
|
|
|
19,295
|
|
|
19,479
|
|
|
22,880
|
|
|
|
Virginia
|
|
12,640
|
|
|
14,829
|
|
|
16,349
|
|
|
16,919
|
|
|
18,590
|
|
|
|
Texas
|
|
36,127
|
|
|
37,673
|
|
|
35,739
|
|
|
41,527
|
|
|
50,987
|
|
|
|
Louisiana
|
|
27,147
|
|
|
24,490
|
|
|
24,095
|
|
|
21,042
|
|
|
13,531
|
|
|
|
Oklahoma
(4)
|
|
82
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total production by
state
|
|
$
|
355,712
|
|
|
$
|
372,359
|
|
|
$
|
355,781
|
|
|
$
|
371,518
|
|
|
$
|
411,360
|
|
|
|
Loan sales
|
|
$
|
111,683
|
|
|
$
|
142,132
|
|
|
$
|
177,820
|
|
|
$
|
219,784
|
|
|
$
|
121,973
|
|
|
|
Portfolio yield
(1)
|
|
2.79
|
%
|
|
2.75
|
%
|
|
2.79
|
%
|
|
2.88
|
%
|
|
3.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
(4)
|
Expanded into
Oklahoma in November 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
|
ANALYSIS OF
MORTGAGE LENDING
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
|
($ in
thousands)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Average loans
outstanding (1)
|
|
$
|
450,263
|
|
|
$
|
511,317
|
|
|
$
|
449,097
|
|
|
$
|
337,122
|
|
|
$
|
300,652
|
|
|
Loans serviced for
others
|
|
$
|
6,652,700
|
|
|
$
|
6,393,874
|
|
|
$
|
5,942,063
|
|
|
$
|
5,622,102
|
|
|
$
|
5,413,781
|
|
|
% of loan production
for purchases
|
|
77.5
|
%
|
|
81.4
|
%
|
|
74.0
|
%
|
|
58.8
|
%
|
|
74.9
|
%
|
|
% of loan production
for refinance loans
|
|
22.5
|
%
|
|
18.6
|
%
|
|
26.0
|
%
|
|
41.2
|
%
|
|
25.1
|
%
|
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
341,115
|
|
|
$
|
424,554
|
|
|
$
|
468,795
|
|
|
$
|
342,121
|
|
|
$
|
311,846
|
|
|
Florida/Alabama
|
|
44,873
|
|
|
53,815
|
|
|
58,607
|
|
|
51,590
|
|
|
42,485
|
|
|
Virginia/Maryland
|
|
109,685
|
|
|
147,387
|
|
|
182,850
|
|
|
158,289
|
|
|
126,151
|
|
|
North and South
Carolina (2)
|
|
20,973
|
|
|
11,398
|
|
|
8,002
|
|
|
3,858
|
|
|
—
|
|
|
Total
retail
|
|
516,646
|
|
|
637,154
|
|
|
718,254
|
|
|
555,858
|
|
|
480,482
|
|
|
Wholesale
|
|
51,224
|
|
|
66,490
|
|
|
70,169
|
|
|
57,125
|
|
|
34,961
|
|
|
|
Total production by
region
|
|
$
|
567,870
|
|
|
$
|
703,644
|
|
|
$
|
788,423
|
|
|
$
|
612,983
|
|
|
$
|
515,443
|
|
|
Loan sales
|
|
$
|
520,742
|
|
|
$
|
744,621
|
|
|
$
|
665,738
|
|
|
$
|
552,085
|
|
|
$
|
475,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
|
(in
thousands)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Marketing gain,
net
|
|
$
|
15,407
|
|
|
$
|
17,573
|
|
|
$
|
17,099
|
|
|
$
|
19,746
|
|
|
$
|
12,076
|
|
|
Origination points
and fees
|
|
2,914
|
|
|
3,871
|
|
|
3,726
|
|
|
2,757
|
|
|
2,744
|
|
|
Loan servicing
revenue
|
|
4,377
|
|
|
4,059
|
|
|
3,762
|
|
|
3,646
|
|
|
3,473
|
|
|
MSR amortization and
impairment adjustments
|
|
(3,892)
|
|
|
(4,704)
|
|
|
30
|
|
|
(4,830)
|
|
|
(2,804)
|
|
|
Total mortgage
banking activities
|
|
$
|
18,806
|
|
|
$
|
20,799
|
|
|
$
|
24,617
|
|
|
$
|
21,319
|
|
|
$
|
15,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash items
included in income from mortgage banking activities:
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized MSR,
net
|
|
$
|
2,399
|
|
|
$
|
6,461
|
|
|
$
|
5,829
|
|
|
$
|
4,429
|
|
|
$
|
3,333
|
|
|
Valuation on
MSR
|
|
(999)
|
|
|
(2,215)
|
|
|
2,611
|
|
|
(2,469)
|
|
|
(709)
|
|
|
Mark to market
adjustments
|
|
648
|
|
|
(1,028)
|
|
|
(1,098)
|
|
|
3,967
|
|
|
588
|
|
|
Total noncash items
|
|
$
|
2,048
|
|
|
$
|
3,219
|
|
|
$
|
7,342
|
|
|
$
|
5,926
|
|
|
$
|
3,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December 31,
2015
|
|
December 31,
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)
|
$
|
3,186,124
|
|
|
$
|
31,558
|
|
|
3.93
|
%
|
|
$
|
2,509,552
|
|
|
$
|
25,427
|
|
|
4.02
|
%
|
|
Investment securities
(1)
|
217,375
|
|
|
1,566
|
|
|
2.86
|
%
|
|
169,254
|
|
|
1,301
|
|
|
3.05
|
%
|
|
Federal funds sold
and bank deposits
|
62,204
|
|
|
27
|
|
|
0.17
|
%
|
|
32,333
|
|
|
9
|
|
|
0.11
|
%
|
|
Total
interest-earning assets
|
3,465,703
|
|
|
33,151
|
|
|
3.79
|
%
|
|
2,711,139
|
|
|
26,737
|
|
|
3.91
|
%
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
19,346
|
|
|
|
|
|
|
12,461
|
|
|
|
|
|
|
Allowance for loan
losses
|
(24,919)
|
|
|
|
|
|
|
(28,328)
|
|
|
|
|
|
|
Premises and
equipment, net
|
79,066
|
|
|
|
|
|
|
60,496
|
|
|
|
|
|
|
Other real
estate
|
17,157
|
|
|
|
|
|
|
25,045
|
|
|
|
|
|
|
Other
assets
|
194,659
|
|
|
|
|
|
|
140,837
|
|
|
|
|
|
|
Total
assets
|
$
|
3,751,012
|
|
|
|
|
|
|
$
|
2,921,650
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
1,020,241
|
|
|
$
|
669
|
|
|
0.26
|
%
|
|
$
|
783,896
|
|
|
$
|
485
|
|
|
0.25
|
%
|
|
Savings
deposits
|
369,536
|
|
|
328
|
|
|
0.35
|
%
|
|
323,605
|
|
|
285
|
|
|
0.35
|
%
|
|
Time
deposits
|
994,805
|
|
|
2,311
|
|
|
0.92
|
%
|
|
741,215
|
|
|
1,839
|
|
|
0.98
|
%
|
|
Total
interest-bearing deposits
|
2,384,582
|
|
|
3,308
|
|
|
0.55
|
%
|
|
1,848,716
|
|
|
2,609
|
|
|
0.56
|
%
|
|
Other
borrowings
|
154,772
|
|
|
133
|
|
|
0.34
|
%
|
|
173,991
|
|
|
130
|
|
|
0.30
|
%
|
|
Subordinated
debt
|
120,305
|
|
|
1,456
|
|
|
4.80
|
%
|
|
46,301
|
|
|
279
|
|
|
2.39
|
%
|
|
Total
interest-bearing liabilities
|
2,659,659
|
|
|
4,897
|
|
|
0.73
|
%
|
|
2,069,008
|
|
|
3,018
|
|
|
0.58
|
%
|
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
761,507
|
|
|
|
|
|
|
567,423
|
|
|
|
|
|
|
Other
liabilities
|
33,651
|
|
|
|
|
|
|
24,910
|
|
|
|
|
|
|
Shareholders'
equity
|
296,195
|
|
|
|
|
|
|
260,309
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
3,751,012
|
|
|
|
|
|
|
$
|
2,921,650
|
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
28,254
|
|
|
3.06
|
%
|
|
|
|
$
|
23,719
|
|
|
3.33
|
%
|
|
Net interest
margin
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Year
Ended
|
|
December 31,
2015
|
|
December 31,
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)
|
$
|
2,895,847
|
|
|
$
|
111,828
|
|
|
3.86
|
%
|
|
$
|
2,284,245
|
|
|
$
|
96,830
|
|
|
4.24
|
%
|
|
Investment
securities(1)
|
176,382
|
|
|
5,117
|
|
|
2.90
|
%
|
|
175,174
|
|
|
5,141
|
|
|
2.93
|
%
|
|
Fed funds sold and
interest-bearing deposits
|
47,106
|
|
|
80
|
|
|
0.17
|
%
|
|
50,828
|
|
|
85
|
|
|
0.17
|
%
|
|
Total
interest-earning assets
|
3,119,335
|
|
|
117,025
|
|
|
3.75
|
%
|
|
2,510,247
|
|
|
102,056
|
|
|
4.07
|
%
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
16,092
|
|
|
|
|
|
|
13,605
|
|
|
|
|
|
|
Allowance for loan
losses
|
(24,443)
|
|
|
|
|
|
|
(30,363)
|
|
|
|
|
|
|
Premises and
equipment, net
|
67,192
|
|
|
|
|
|
|
52,666
|
|
|
|
|
|
|
Other real
estate
|
18,375
|
|
|
|
|
|
|
26,327
|
|
|
|
|
|
|
Other
assets
|
180,578
|
|
|
|
|
|
|
143,175
|
|
|
|
|
|
|
Total
assets
|
$
|
3,377,129
|
|
|
|
|
|
|
$
|
2,715,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
889,985
|
|
|
$
|
2,164
|
|
|
0.24
|
%
|
|
$
|
722,448
|
|
|
$
|
1,889
|
|
|
0.26
|
%
|
|
Savings
deposits
|
322,385
|
|
|
1,096
|
|
|
0.34
|
%
|
|
316,439
|
|
|
1,147
|
|
|
0.36
|
%
|
|
Time
deposits
|
873,352
|
|
|
8,089
|
|
|
0.93
|
%
|
|
681,915
|
|
|
6,671
|
|
|
0.98
|
%
|
|
Total
interest-bearing deposits
|
2,085,722
|
|
|
11,349
|
|
|
0.54
|
%
|
|
1,720,802
|
|
|
9,707
|
|
|
0.56
|
%
|
|
Other
borrowings
|
215,685
|
|
|
650
|
|
|
0.30
|
%
|
|
134,513
|
|
|
406
|
|
|
0.30
|
%
|
|
Subordinated
debt
|
90,303
|
|
|
3,805
|
|
|
4.21
|
%
|
|
46,291
|
|
|
1,113
|
|
|
2.40
|
%
|
|
Total
interest-bearing liabilities
|
2,391,710
|
|
|
15,804
|
|
|
0.66
|
%
|
|
1,901,606
|
|
|
11,226
|
|
|
0.59
|
%
|
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
674,114
|
|
|
|
|
|
|
539,023
|
|
|
|
|
|
|
Other
liabilities
|
28,724
|
|
|
|
|
|
|
26,245
|
|
|
|
|
|
|
Shareholders'
equity
|
282,581
|
|
|
|
|
|
|
248,783
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
3,377,129
|
|
|
|
|
|
|
$
|
2,715,657
|
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
101,221
|
|
|
3.09
|
%
|
|
|
|
$
|
90,830
|
|
|
3.48
|
%
|
|
Net interest
margin
|
|
|
|
|
3.24
|
%
|
|
|
|
|
|
3.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-68-million-in-fourth-quarter-record-391-million-in-2015-300208019.html
SOURCE Fidelity Southern Corporation