ATLANTA, April 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
ended March 31, 2016.
KEY RESULTS
- Net income of $4.5 million,
or $0.18 per diluted share; net
income per diluted share of $0.33
excluding merger-related costs of approximately $1.1 million and non-cash mortgage servicing
rights impairment of $4.7
million
- Net interest margin increased by 2 basis points to
3.25%
- Total assets increased by $252.4
million, or 6.6%, to $4.1
billion
- Loan portfolio increased by $194.7
million, or 5.9%, to $3.5
billion
- Loans serviced for others grew by $303.1 million, or 3.8%, to $8.3 billion
- Total deposits increased by $241.9
million or 7.6%, to $3.4
billion
- On March 1, 2016, the
Company completed its merger with American Enterprise Bank of
Florida, adding approximately
$208.8 million in assets,
$146.9 million in loans, $181.8 million in deposits, and two branches in
the Jacksonville, Florida
market
Fidelity's Chairman, Jim Miller,
said, "We are pleased with our core results but not pleased with
reported earnings which have been negatively impacted from
valuation adjustments related to fluctuations in longer-term
interest rates and merger related conversion costs. The systems
conversion of The Bank of Georgia
was completed this quarter and we have begun the integration of the
American Enterprise Bank. The expected cost saves from these
transactions will be aggressively phased in."
BALANCE SHEET
Total assets grew to $4.1
billion at March 31, 2016, an
increase of $252.4 million, or 6.6%, and
$896.2 million, or 28.0%, during the
quarter and year over year, respectively. These increases are
primarily attributable to acquisitions, as well as organic loan
growth.
On March 1, 2016, the Company completed its stock purchase
of American Enterprise Bankshares, Inc. ("AEB"), the holding
company for American Enterprise Bank of Florida, headquartered in Jacksonville, Florida. The Company acquired
all of the common stock of AEB for approximately $22 million. AEB shareholders received 0.299
shares of Fidelity common stock for each share of AEB common stock,
resulting in the issuance of 1,470,068 shares of Fidelity common
stock. With this acquisition, the Company added approximately
$208.8 million in assets,
$146.9 million in loans, $1.3 million in core deposit intangible,
$7.7 million in premises and
equipment, $4.8 million in goodwill,
$181.8 million in deposits, and two
retail branches.
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. With this acquisition, the Bank
expanded its retail branch footprint by seven retail branches
located in Coweta and Fayette counties, both of which are suburbs of
Atlanta. The Bank received
$266.4 million in deposits,
$144.8 million in loans, $2.2 million in core deposit intangible,
$9.0 million in premises and
equipment, and $6.4 million in other
real estate.
On September 11, 2015, the Bank
acquired eight branches from First Bank, a Missouri bank, in the Sarasota-Bradenton,
Florida area with total deposits of $151.1
million and loans of $29.7
million.
The Company accounts for its acquisitions as business
combinations. As such, the purchase price for each acquisition has
been allocated to the fair value of the assets acquired and
liabilities assumed as of the acquisition date. Fair values are
subject to refinement for up to one year after the closing date of
each acquisition.
Loans
Total loans held for investment grew to
$3.1 billion at March 31, 2016,
an increase of $195.7 million and
$775.1 million, or 6.8% and 33.4%,
during the quarter and year over year, respectively. These
increases were primarily the result of acquisitions and organic
growth. Organic loan growth was $48.3
million during the quarter and $453.8
million year over year as the Bank continued to generate new
business and leverage its expansion through acquisitions. The loan
portfolio also increased due to the Bank's acquisition of
$146.9 million and $321.3 million in loans during the quarter and
year over year, respectively.
Commercial loans increased by $93.8
million and $278.0 million, or
13.3% and 53.6%, during the quarter and year over year,
respectively. For the quarter, $13.2
million of the increase was related to organic growth, with
the remaining $80.6 million added as
part of the AEB acquisition. Year over year, $78.0 million of the increase in the commercial
portfolio was related to organic growth, with $200.1 million added as the result of
acquisitions.
Consumer loans, including indirect automobile and installment
loans, grew by $38.0 million and
$238.3 million, or 2.6% and 18.9%,
during the quarter and year over year, respectively. For the
quarter, $32.2 million of the
increase was related to organic growth with the remaining
$5.9 million added as part of the AEB
acquisition. Year over year, $230.5
million of the increase was related to organic growth, with
$7.8 million added as the result of
acquisitions. The majority of the organic growth occurred in the
indirect automobile portfolio as a result of continued expansion in
the auto loan market.
Mortgage loans, including first mortgages and home equity lines
of credit, increased by $39.6 million
and $194.1 million, or 9.5% and
73.9%, for the quarter and year over year, respectively. The
majority of the increase for the quarter occurred as a result of
the AEB acquisition, while year over year, $118.3 million of the increase occurred due to
organic growth. The primary driver of organic loan growth in the
mortgage portfolio was the Bank's increased focus on portfolio
lending as staff have been added and sales efforts were increased
on products to grow the mortgage portfolio.
Servicing rights decreased slightly during the quarter to
$82.9 million and increased by
$14.7 million, or 21.6%, year over
year. For the quarter, a much larger than usual mortgage servicing
rights impairment charge of $4.7
million was recorded to reflect lower average market
interest rates and subsequently higher prepayment speeds due to the
volatile interest rate environment and uncertain global economic
conditions. Year over year, gross servicing rights continued to
increase as residential mortgage, SBA, and indirect loan sales
remained strong.
Deposits
Total deposits at March 31, 2016, of $3.4 billion increased $241.9 million and $768.6
million, or 7.6% and 29.0%, during the quarter and year over
year, respectively. These increases were primarily the result of
acquisitions of $181.8 million and
$599.3 million in deposits during the
quarter and year over year, respectively.
The majority of the increase occurred in noninterest bearing
demand deposits which increased by $98.5
million and $178.6 million, or
12.5% and 25.3%, during the quarter and year over year,
respectively. For the quarter, $34.2
million of the increase was related to organic growth, with
the remaining $64.3 million added as
part of the AEB acquisition. Year over year, $29.5 million of the increase was related to
organic growth, with $149.2 million
added as the result of acquisitions. During 2016, the Bank
continued its marketing program, increasing the number of demand
deposit accounts.
Money market deposits grew by $96.7
million and $194.4 million, or
14.9% and 35.4%, during the quarter and year over year,
respectively. For the quarter, $42.6
million of the increase was related to organic growth with
the remaining $54.1 million added as
part of the AEB acquisition. Year over year, $56.9 million of the increase was related to
organic growth, with $137.5 million
added as the result of acquisitions.
Average core deposits, including noninterest-bearing demand
deposits, grew by $329.8 million and
$468.7 million, or 17.7% and 27.1%,
during the quarter and year over year, respectively, particularly
in commercial accounts and through the acquisition of branch
deposits discussed above.
Borrowings
Other borrowings decreased by $20.5
million, and $11.7 million or
9.8% and 5.8%, during the quarter and year over year, respectively,
as a result of fluctuations in short-term liquidity needs which the
Bank manages through short-term FHLB advances and Fed funds
purchased. In addition, the $116.0
million in cash from the deposits acquired from First Bank
in September 2015 was used to
decrease other borrowings.
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 $34.3 million for
the quarter, an increase of $7.8
million or 29.5%, as compared to the same period in 2015.
The majority of the increase occurred due to the year over year
increase of $775.1 million, or 33.4%,
in loans held for investment. Of this amount, $453.8 million resulted from year over year
organic growth and $321.3 million was
added as the result of acquisitions, including $146.9 million added during the quarter from the
AEB acquisition. These increases resulted in a year over year
increase in average loans of $714.1
million, or 26.9%, while the yield on loans (including the
accretable discount earned on acquired loans) increased by 6 basis
points. Excluding the accretable discount recorded during the
quarter, the yield on loans decreased by 10 basis points as
compared to the same period last year as new loans, on average,
were originated at lower yields over the previous twelve
months.
On a linked-quarter basis, interest income increased by
$1.2 million due to the increase in
average loans during the quarter of $184.5
million, or 5.8%. Excluding the accretable discount recorded
during the quarter, the yield on loans decreased by 17 basis
points, mainly in the indirect automobile and mortgage
portfolios.
Interest Expense
Interest expense was $5.0 million for
the quarter, an increase of $2.1
million, or 69.7%, as compared to the same period in 2015,
primarily due to the issuance of $75.0
million in subordinated debt in May of 2015. The
subordinated debt bears interest at a fixed rate of 5.875%, which
resulted in an additional $1.1
million in expense for the quarter as compared to the same
period in the prior year.
The majority of the remaining $1
million increase in interest expense for the quarter
occurred due to the year over year increase of $589.9 million, or 30.3%, in interest-bearing
deposits. Of this amount, $450.1
million was added as the result of acquisitions, including
$117.5 million added during the
quarter from the AEB acquisition. The remaining $139.8 million in growth in interest-bearing
deposits resulted from year over year organic growth.
On a linked-quarter basis, interest expense was flat, increasing
by only $101,000, or 2.1%, as the
increase in expense due to the growth in average interest bearing
deposits of $41.1 million during the
quarter was almost completely offset by a reduction in expense
caused by a slight decrease of 1 basis point in the average
rate.
Provision for Loan Losses
The provision for loan losses was $0.5
million for the quarter, an increase of $392,000, as compared to the same period in 2015.
Asset quality remained strong and the trend in historical net
charge-offs continued to be low. Net loan recoveries were recorded
during the quarter while the loan portfolio held for investment
experienced organic growth of $48.3
million.
On a linked-quarter basis, the provision for loan losses
decreased by $2.6 million, mainly as
a result of net charge-offs of specific reserves in the commercial
portfolio in the fourth quarter.
Net Interest Margin
The net interest margin was 3.25%
for the quarter, a decrease of 10 basis points as compared to 3.35%
for the same period in 2015. The decrease was primarily
attributable to an increase of 18 basis points in the cost of funds
on the $2.8 billion in
interest-bearing liabilities due to the $75
million subordinated debt issuance in May 2015. The increased funding cost was
partially offset by an increase of 3 basis points in the yield on
the $3.6 billion of earning assets.
Excluding accretable discount recorded during the quarter, the net
interest margin was 3.06%, or a decrease of 26 basis points
compared to the same period in the prior year, due to the increased
funding cost described above and a decrease in the yield on earning
assets as new loans, on average, were originated at lower yields
over the previous twelve months.
Although the net interest margin decreased year over year, net
interest income (tax equivalent) rose to $29.4 million for the quarter, or 24.3%, as
compared to $23.6 million for the
same period in 2015. The increase in net interest income was
primarily due to an increase of 27.3% in interest earning assets
for the quarter compared to the same period in 2015, due to a
combination of organic growth and acquisitions previously
described.
On a linked-quarter basis, the net interest margin decreased by
2 basis points. Excluding the accretable discount recorded during
the quarter, the net interest margin decreased by 15 basis points
due to the decreasing trend in loan yields described above.
Noninterest Income
Noninterest income was $24.9 million for the quarter, a decrease of
$7.2 million, or 22.3%, as compared
to the same period in 2015, primarily due to a decrease in income
from mortgage banking activities of $6.6
million. The decrease in mortgage banking income for the
quarter was mostly attributable to a decrease in gains on loan
sales and a higher impairment charge on mortgage servicing rights,
partially offset by increased loan servicing revenue.
Gains on mortgage loan sales decreased by $4.6 million for the quarter compared to the same
period in 2015, primarily due to decreased refi production volume
year over year. In addition, production margins in 2016 were lower
in comparison to the same period in 2015, primarily due to
competition and changing product mix. Refinance volume made up
approximately 28.5% of total production of $570.7 million for the quarter, as compared to
41.2% of total production of $613.0
million for the same period in 2015. Higher prior year
refinance volume was primarily driven by changes to the FHA
insurance program which caused a large population of borrowers to
be eligible for savings from refinancing. Lower refinance volume in
2016 resulted in slightly lower mortgage loan sales of $547.6 million for the quarter, as compared to
$552.1 million for the same period in
the prior year. Gross purchase mortgage volume for the quarter was
strong, increasing to approximately $407.0
million from $332.5 million,
as compared to the same period in 2015.
Impairment on mortgage servicing rights for the quarter
increased by $2.2 million to
$4.7 million, as compared to the
charge of $2.5 million recorded
during the same period in 2015. As previously described, higher
impairment of mortgage servicing rights for the quarter occurred
due to higher projected prepayment speeds caused by lower average
market interest rates.
Mortgage loan servicing revenue increased by $846,000 for the quarter to $4.5 million as compared to the same period in
2015 due to the increase in the portfolio of loans serviced for
others to $6.9 billion.
On a linked-quarter basis, noninterest income decreased by
$3.8 million, or 13.2%, primarily due
to a decrease in income from mortgage banking activities of
$4.1 million, which was driven by
higher servicing rights impairment as compared to the fourth
quarter of 2015. Impairment of mortgage servicing rights was
$4.7 million for the quarter, an
increase of $3.7 million as compared
to the $1.0 million in impairment
booked in the fourth quarter of 2015. Mortgage loan production
income was fairly consistent with the fourth quarter result as
mortgage loan production and sales remained steady in comparison to
the linked quarter, posting increases of $2.9 million and $26.9
million, respectively.
Noninterest Expense
Noninterest expense was $46.6 million
for the quarter, an increase of $7.9
million, or 20.5%, as compared to the same period in 2015.
The increase in noninterest expense for the quarter was mostly
attributable to an increase in expenses associated with
acquisitions as well as organic growth. Noncontinuing acquisition
costs of approximately $1.1 million
were included in the quarter, with nominal acquisition costs for
the same period in 2015.
Increases of $4.7 million, or
19.9%, in salaries, benefits and commissions; $902,000, or 25.9%, in occupancy expense and
$2.2 million, or 23.5%; in other
noninterest expense were recorded as compared to the same period in
2015.
Salaries and benefits for the quarter included approximately
$525,000 in staffing costs related to
the conversions of The Bank of Georgia and AEB acquisitions. In late
March 2016, the system conversion of
the October 2015 FDIC-assisted
acquisition of The Bank of Georgia
was completed. Also included in the increase in salaries and
benefits is $1.1 million related to
employer taxes and employee benefits, the majority of which
resulted from an increase in medical premiums, representing an
increase in both number of employees and the increased cost of
employer-paid benefits. Additional increases in salaries and
benefits include compensation expense related to employee bonus and
incentive of $353,000 and expense
relating to employee stock plans of $672,000, representing a larger number of
officers receiving options during the quarter and greater
compensation expense due to a higher market price compared to prior
year grants.
On a linked-quarter basis, noninterest expense increased by
$3.3 million, or 7.7%, primarily due
to a $3.0 million increase in
salaries, benefits and commissions, along with an increase of
$541,000 in occupancy costs. The
increase in salaries and benefits were primarily due to the
increased employee benefits costs of $2.1
million described above, and $672,000 for the full cost of the annual tax wage
base for each employee including the year over year increase of 129
employees. Also included in noninterest expense for the quarter was
one month of acquisition costs from the AEB transaction closed on
March 1, 2016. Noninterest expense
for the quarter continued to be elevated as the final stage of The
Bank of Georgia system conversion
was completed in late March 2016 and
planning began for the AEB conversion.
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 2015 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.
Contacts: Martha Fleming, Steve Brolly
Fidelity Southern Corporation (404) 240-1504
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in thousands,
except per share data)
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
Interest
income
|
$
|
34,292
|
|
|
$
|
33,043
|
|
|
$
|
26,486
|
|
Interest
expense
|
$
|
4,998
|
|
|
$
|
4,897
|
|
|
$
|
2,945
|
|
Net interest
income
|
$
|
29,294
|
|
|
$
|
28,146
|
|
|
$
|
23,541
|
|
Provision for loan
losses
|
500
|
|
|
3,097
|
|
|
108
|
|
Noninterest
income
|
24,886
|
|
|
28,676
|
|
|
32,038
|
|
Noninterest
expense
|
46,558
|
|
|
43,237
|
|
|
38,635
|
|
Net income
|
4,541
|
|
|
6,777
|
|
|
10,690
|
|
PERFORMANCE:
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.19
|
|
|
$
|
0.29
|
|
|
$
|
0.50
|
|
Earnings per common
share - diluted
|
$
|
0.18
|
|
|
$
|
0.28
|
|
|
$
|
0.45
|
|
Total
revenues
|
$
|
59,178
|
|
|
$
|
61,719
|
|
|
$
|
58,524
|
|
Book value per common
share
|
$
|
12.96
|
|
|
$
|
13.03
|
|
|
$
|
12.85
|
|
Tangible book value
per common share
|
$
|
12.40
|
|
|
$
|
12.66
|
|
|
$
|
12.64
|
|
Cash dividends paid
per common share
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
Return on average
assets
|
0.46
|
%
|
|
0.72
|
%
|
|
1.40
|
%
|
Return on average
shareholders' equity
|
5.90
|
%
|
|
9.08
|
%
|
|
16.20
|
%
|
Net interest
margin
|
3.25
|
%
|
|
3.23
|
%
|
|
3.35
|
%
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
Total
assets
|
4,101,499
|
|
|
3,849,063
|
|
|
3,205,293
|
|
Earning
assets
|
3,683,411
|
|
|
3,491,642
|
|
|
2,883,778
|
|
Loans, excluding
Loans Held-for-Sale
|
3,092,632
|
|
|
2,896,948
|
|
|
2,317,581
|
|
Total
loans
|
3,489,511
|
|
|
3,294,782
|
|
|
2,723,098
|
|
Total
deposits
|
3,421,448
|
|
|
3,179,511
|
|
|
2,652,896
|
|
Shareholders'
equity
|
329,778
|
|
|
301,459
|
|
|
274,898
|
|
Assets serviced for
others
|
8,336,541
|
|
|
8,033,479
|
|
|
6,900,870
|
|
DAILY AVERAGE
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
Total
assets
|
3,942,683
|
|
|
3,751,012
|
|
|
3,098,079
|
|
Earning
assets
|
3,639,236
|
|
|
3,465,703
|
|
|
2,858,827
|
|
Loans, excluding
Loans Held-for-Sale
|
3,023,312
|
|
|
2,873,658
|
|
|
2,298,789
|
|
Total
loans
|
3,370,645
|
|
|
3,186,124
|
|
|
2,656,556
|
|
Total
deposits
|
3,212,691
|
|
|
3,146,089
|
|
|
2,530,988
|
|
Shareholders'
equity
|
308,952
|
|
|
296,195
|
|
|
267,561
|
|
Assets serviced for
others
|
8,162,343
|
|
|
7,902,116
|
|
|
6,742,214
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
Net
(recoveries)/charge-offs, annualized to average loans
|
(0.20)
|
%
|
|
0.18
|
%
|
|
0.29
|
%
|
Allowance to
period-end loans
|
0.86
|
%
|
|
0.91
|
%
|
|
1.03
|
%
|
Nonperforming assets
to total loans, ORE and repossessions
|
2.03
|
%
|
|
1.93
|
%
|
|
2.33
|
%
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.42x
|
|
|
0.47x
|
|
|
0.44x
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
Loans to total
deposits
|
90.39
|
%
|
|
91.11
|
%
|
|
87.36
|
%
|
Average total loans
to average earning assets
|
92.62
|
%
|
|
91.93
|
%
|
|
92.92
|
%
|
Noninterest income to
total revenue
|
42.05
|
%
|
|
46.46
|
%
|
|
54.74
|
%
|
Leverage
ratio
|
8.88
|
%
|
|
8.84
|
%
|
|
9.89
|
%
|
Common equity tier 1
capital
|
8.25
|
%
|
|
8.21
|
%
|
|
9.12
|
%
|
Tier 1 risk-based
capital
|
9.47
|
%
|
|
9.50
|
%
|
|
10.69
|
%
|
Total risk-based
capital
|
12.21
|
%
|
|
12.40
|
%
|
|
11.50
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
125,289
|
|
|
$
|
86,133
|
|
|
$
|
85,615
|
|
Investment securities
available-for-sale
|
|
167,574
|
|
|
172,397
|
|
|
139,727
|
|
Investment securities
held-to-maturity
|
|
15,248
|
|
|
14,398
|
|
|
10,316
|
|
Loans
held-for-sale
|
|
396,879
|
|
|
397,834
|
|
|
405,517
|
|
Loans
|
|
3,092,632
|
|
|
2,896,948
|
|
|
2,317,581
|
|
Allowance for loan
losses
|
|
(26,726)
|
|
|
(26,464)
|
|
|
(23,758)
|
|
Loans, net of
allowance for loan losses
|
|
3,065,906
|
|
|
2,870,484
|
|
|
2,293,823
|
|
Premises and
equipment, net
|
|
87,993
|
|
|
79,629
|
|
|
60,710
|
|
Other real estate,
net
|
|
19,482
|
|
|
18,677
|
|
|
19,988
|
|
Bank owned life
insurance
|
|
66,536
|
|
|
66,109
|
|
|
65,013
|
|
Servicing rights,
net
|
|
82,879
|
|
|
84,944
|
|
|
68,146
|
|
Other
assets
|
|
73,713
|
|
|
58,458
|
|
|
56,438
|
|
Total
assets
|
|
$
|
4,101,499
|
|
|
$
|
3,849,063
|
|
|
$
|
3,205,293
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
885,319
|
|
|
$
|
786,779
|
|
|
$
|
706,679
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
Demand and money
market
|
|
1,130,050
|
|
|
1,040,281
|
|
|
825,244
|
|
Savings
|
|
355,858
|
|
|
362,793
|
|
|
304,135
|
|
Time
deposits
|
|
1,050,221
|
|
|
989,658
|
|
|
816,838
|
|
Total
deposits
|
|
3,421,448
|
|
|
3,179,511
|
|
|
2,652,896
|
|
Short-term
borrowings
|
|
189,278
|
|
|
209,730
|
|
|
201,018
|
|
Subordinated debt,
net
|
|
120,355
|
|
|
120,322
|
|
|
46,310
|
|
Other
liabilities
|
|
40,640
|
|
|
38,041
|
|
|
30,171
|
|
Total
liabilities
|
|
3,771,721
|
|
|
3,547,604
|
|
|
2,930,395
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
195,200
|
|
|
169,848
|
|
|
163,340
|
|
Accumulated other
comprehensive income, net
|
|
2,841
|
|
|
1,544
|
|
|
3,229
|
|
Retained
earnings
|
|
131,737
|
|
|
130,067
|
|
|
108,329
|
|
Total shareholders'
equity
|
|
329,778
|
|
|
301,459
|
|
|
274,898
|
|
Total liabilities and
shareholders' equity
|
|
$
|
4,101,499
|
|
|
$
|
3,849,063
|
|
|
$
|
3,205,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
($ in thousands,
except per share data)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
INTEREST
INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
32,945
|
|
|
$
|
31,493
|
|
|
$
|
25,289
|
|
Investment
securities
|
|
1,280
|
|
|
1,523
|
|
|
1,185
|
|
Federal funds sold
and bank deposits
|
|
67
|
|
|
27
|
|
|
12
|
|
Total interest
income
|
|
34,292
|
|
|
33,043
|
|
|
26,486
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
3,265
|
|
|
3,308
|
|
|
2,492
|
|
Other
borrowings
|
|
294
|
|
|
133
|
|
|
177
|
|
Subordinated
debt
|
|
1,439
|
|
|
1,456
|
|
|
276
|
|
Total interest
expense
|
|
4,998
|
|
|
4,897
|
|
|
2,945
|
|
Net interest
income
|
|
29,294
|
|
|
28,146
|
|
|
23,541
|
|
Provision for loan
losses
|
|
500
|
|
|
3,097
|
|
|
108
|
|
Net interest
income after provision for loan losses
|
|
28,794
|
|
|
25,049
|
|
|
23,433
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,370
|
|
|
1,447
|
|
|
1,083
|
|
Other fees and
charges
|
|
1,666
|
|
|
1,589
|
|
|
1,166
|
|
Mortgage banking
activities
|
|
14,735
|
|
|
18,806
|
|
|
21,318
|
|
Indirect lending
activities
|
|
4,264
|
|
|
3,774
|
|
|
5,979
|
|
SBA lending
activities
|
|
1,234
|
|
|
1,477
|
|
|
930
|
|
Bank owned life
insurance
|
|
454
|
|
|
952
|
|
|
492
|
|
Securities
gains/(losses)
|
|
82
|
|
|
(329)
|
|
|
—
|
|
Other
|
|
1,081
|
|
|
960
|
|
|
1,070
|
|
Total noninterest
income
|
|
24,886
|
|
|
28,676
|
|
|
32,038
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
23,423
|
|
|
20,581
|
|
|
18,822
|
|
Commissions
|
|
6,230
|
|
|
6,118
|
|
|
6,160
|
|
Occupancy,
net
|
|
4,384
|
|
|
4,811
|
|
|
3,482
|
|
Communication
|
|
1,128
|
|
|
1,203
|
|
|
948
|
|
Other
|
|
11,393
|
|
|
10,524
|
|
|
9,223
|
|
Total noninterest
expense
|
|
46,558
|
|
|
43,237
|
|
|
38,635
|
|
Income before
income tax expense
|
|
7,122
|
|
|
10,488
|
|
|
16,836
|
|
Income tax
expense
|
|
2,581
|
|
|
3,711
|
|
|
6,146
|
|
NET
INCOME
|
|
$
|
4,541
|
|
|
$
|
6,777
|
|
|
$
|
10,690
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.19
|
|
|
$
|
0.29
|
|
|
$
|
0.50
|
|
Diluted earnings per
share
|
|
$
|
0.18
|
|
|
$
|
0.28
|
|
|
$
|
0.45
|
|
Weighted average
common shares outstanding-basic
|
|
24,273
|
|
|
23,083
|
|
|
21,380
|
|
Weighted average
common shares outstanding-diluted
|
|
24,841
|
|
|
24,071
|
|
|
23,629
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
LOANS BY CATEGORY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Commercial
|
|
$
|
797,101
|
|
|
$
|
703,292
|
|
|
$
|
579,319
|
|
|
$
|
533,853
|
|
|
$
|
519,062
|
|
SBA
|
|
137,220
|
|
|
135,993
|
|
|
138,078
|
|
|
138,819
|
|
|
138,198
|
|
Total commercial
and SBA loans
|
|
934,321
|
|
|
839,285
|
|
|
717,397
|
|
|
672,672
|
|
|
657,260
|
|
Construction
loans
|
|
200,082
|
|
|
177,033
|
|
|
154,335
|
|
|
146,778
|
|
|
134,456
|
|
Indirect
automobile
|
|
1,463,005
|
|
|
1,449,480
|
|
|
1,399,932
|
|
|
1,281,978
|
|
|
1,251,044
|
|
Installment
|
|
38,543
|
|
|
14,055
|
|
|
12,236
|
|
|
11,698
|
|
|
12,209
|
|
Total consumer
loans
|
|
1,501,548
|
|
|
1,463,535
|
|
|
1,412,168
|
|
|
1,293,676
|
|
|
1,263,253
|
|
Residential
mortgage
|
|
321,835
|
|
|
302,378
|
|
|
248,697
|
|
|
210,740
|
|
|
180,424
|
|
Home equity lines of
credit
|
|
134,846
|
|
|
114,717
|
|
|
109,217
|
|
|
87,277
|
|
|
82,188
|
|
Total mortgage
loans
|
|
456,681
|
|
|
417,095
|
|
|
357,914
|
|
|
298,017
|
|
|
262,612
|
|
Loans
|
|
3,092,632
|
|
|
2,896,948
|
|
|
2,641,814
|
|
|
2,411,143
|
|
|
2,317,581
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
232,794
|
|
|
233,525
|
|
|
218,308
|
|
|
310,793
|
|
|
241,974
|
|
SBA
|
|
14,085
|
|
|
14,309
|
|
|
11,343
|
|
|
13,474
|
|
|
13,543
|
|
Indirect
automobile
|
|
150,000
|
|
|
150,000
|
|
|
110,000
|
|
|
150,000
|
|
|
150,000
|
|
Total loans
held-for-sale
|
|
396,879
|
|
|
397,834
|
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
Total
loans
|
|
$
|
3,489,509
|
|
|
$
|
3,294,782
|
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
loans
|
|
$
|
3,071,451
|
|
|
$
|
2,874,308
|
|
|
$
|
2,617,991
|
|
|
$
|
2,385,489
|
|
|
$
|
2,287,422
|
|
Covered
loans
|
|
21,179
|
|
|
22,640
|
|
|
23,823
|
|
|
25,654
|
|
|
30,159
|
|
Loans
held-for-sale
|
|
396,879
|
|
|
397,834
|
|
|
339,651
|
|
|
474,267
|
|
|
405,517
|
|
Total
loans
|
|
$
|
3,489,509
|
|
|
$
|
3,294,782
|
|
|
$
|
2,981,465
|
|
|
$
|
2,885,410
|
|
|
$
|
2,723,098
|
|
DEPOSITS BY
CATEGORY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
($ in
millions)
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
Noninterest-bearing
demand deposits
|
$
|
786,993
|
|
|
—
|
%
|
|
761,507
|
|
|
—
|
%
|
|
$
|
676,976
|
|
|
—
|
%
|
|
$
|
650,467
|
|
|
—
|
%
|
|
$
|
605,762
|
|
|
—
|
%
|
Interest-bearing
demand deposits
|
1,051,221
|
|
|
0.27
|
%
|
|
1,020,241
|
|
|
0.26
|
%
|
|
881,456
|
|
|
0.25
|
%
|
|
843,226
|
|
|
0.24
|
%
|
|
812,833
|
|
|
0.23
|
%
|
Savings
deposits
|
358,481
|
|
|
0.34
|
%
|
|
369,536
|
|
|
0.35
|
%
|
|
308,503
|
|
|
0.34
|
%
|
|
301,599
|
|
|
0.33
|
%
|
|
309,393
|
|
|
0.33
|
%
|
Time
deposits
|
1,015,996
|
|
|
0.90
|
%
|
|
994,805
|
|
|
0.92
|
%
|
|
864,472
|
|
|
0.94
|
%
|
|
829,120
|
|
|
0.94
|
%
|
|
803,000
|
|
|
0.90
|
%
|
Total average
deposits
|
$
|
3,212,691
|
|
|
0.41
|
%
|
|
$
|
3,146,089
|
|
|
0.42
|
%
|
|
$
|
2,731,407
|
|
|
0.42
|
%
|
|
$
|
2,624,412
|
|
|
0.41
|
%
|
|
$
|
2,530,988
|
|
|
0.40
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
NONPERFORMING AND CLASSIFIED ASSETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
40,202
|
|
|
$
|
34,325
|
|
|
$
|
29,374
|
|
|
$
|
30,756
|
|
|
$
|
32,432
|
|
|
Loans past due 90
days or more and still accruing
|
1,671
|
|
|
1,284
|
|
|
3,968
|
|
|
836
|
|
|
1,006
|
|
|
Repossessions
|
1,751
|
|
|
1,561
|
|
|
1,435
|
|
|
1,041
|
|
|
1,002
|
|
|
Other real estate
(ORE)
|
19,482
|
|
|
18,677
|
|
|
14,707
|
|
|
16,070
|
|
|
19,988
|
|
|
Nonperforming
assets
|
$
|
63,106
|
|
|
$
|
55,847
|
|
|
$
|
49,484
|
|
|
$
|
48,703
|
|
|
$
|
54,428
|
|
|
NONPERFORMING
ASSET RATIOS
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
8,180
|
|
|
$
|
9,353
|
|
|
$
|
7,018
|
|
|
$
|
3,653
|
|
|
$
|
3,934
|
|
|
Loans 30-89 days past
due to loans
|
0.26
|
%
|
|
0.32
|
%
|
|
0.27
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
Loans past due 90
days or more and still accruing to loans
|
0.05
|
%
|
|
0.04
|
%
|
|
0.15
|
%
|
|
0.03
|
%
|
|
0.04
|
%
|
|
Nonperforming assets
to loans, ORE, and repossessions
|
2.03
|
%
|
|
1.93
|
%
|
|
1.86
|
%
|
|
2.01
|
%
|
|
2.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Classified Asset
Ratio (3)
|
26.27
|
%
|
|
28.38
|
%
|
|
17.56
|
%
|
|
18.59
|
%
|
|
20.45
|
%
|
|
Nonperforming loans
as a % of loans
|
1.36
|
%
|
|
1.24
|
%
|
|
1.26
|
%
|
|
1.31
|
%
|
|
1.44
|
%
|
|
ALL to nonperforming
loans
|
63.83
|
%
|
|
74.32
|
%
|
|
74.23
|
%
|
|
74.15
|
%
|
|
71.05
|
%
|
|
Net
charge-offs/(recoveries), annualized to average loans
|
(0.02)
|
%
|
|
0.18
|
%
|
|
0.05
|
%
|
|
(0.03)
|
%
|
|
0.28
|
%
|
|
ALL as a % of
loans
|
0.86
|
%
|
|
0.91
|
%
|
|
0.94
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|
ALL as a % of loans
excluding acquired loans(4)
|
0.96
|
%
|
|
0.96
|
%
|
|
0.95
|
%
|
|
0.98
|
%
|
|
1.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Classified
loans (1)
|
$
|
81,444
|
|
|
$
|
84,093
|
|
|
$
|
47,906
|
|
|
$
|
49,561
|
|
|
$
|
52,684
|
|
|
ORE and
repossessions
|
$
|
17,009
|
|
|
$
|
17,125
|
|
|
$
|
12,750
|
|
|
$
|
13,209
|
|
|
$
|
14,508
|
|
|
Total classified
assets (2)
|
$
|
98,453
|
|
|
$
|
101,218
|
|
|
$
|
60,656
|
|
|
$
|
62,770
|
|
|
$
|
67,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount of SBA guarantee
included
|
$
|
5,226
|
|
|
$
|
4,680
|
|
|
$
|
3,970
|
|
|
$
|
5,256
|
|
|
$
|
5,802
|
|
|
(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)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
Average loans
outstanding (1)
|
|
$
|
1,419,389
|
|
|
$
|
1,563,498
|
|
|
$
|
1,486,077
|
|
|
$
|
1,407,848
|
|
|
$
|
1,389,570
|
|
|
Loans serviced for
others
|
|
$
|
1,171,453
|
|
|
$
|
1,117,210
|
|
|
$
|
1,117,721
|
|
|
$
|
1,091,644
|
|
|
$
|
1,025,569
|
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
$
|
1,087
|
|
|
$
|
1,829
|
|
|
$
|
1,381
|
|
|
$
|
1,098
|
|
|
$
|
1,222
|
|
|
|
Number 30+ days past
due
|
|
159
|
|
|
235
|
|
|
170
|
|
|
128
|
|
|
132
|
|
|
30+ day performing
delinquency rate (2)
|
|
0.07
|
%
|
|
0.11
|
%
|
|
0.10
|
%
|
|
0.08
|
%
|
|
0.09
|
%
|
|
Nonperforming
loans
|
|
$
|
797
|
|
|
$
|
1,117
|
|
|
$
|
810
|
|
|
$
|
527
|
|
|
$
|
778
|
|
|
Nonperforming loans
as a percentage of period end loans (2)
|
|
0.05
|
%
|
|
0.07
|
%
|
|
0.06
|
%
|
|
0.04
|
%
|
|
0.06
|
%
|
|
Net
charge-offs
|
|
$
|
797
|
|
|
$
|
1,014
|
|
|
$
|
605
|
|
|
$
|
495
|
|
|
$
|
866.2
|
|
|
Net charge-off rate
(3)
|
|
0.22
|
%
|
|
0.28
|
%
|
|
0.17
|
%
|
|
0.16
|
%
|
|
0.36
|
%
|
|
Number of vehicles
repossessed during the period
|
|
127
|
|
|
131
|
|
|
120
|
|
|
106
|
|
|
134
|
|
|
Average beacon
score
|
|
756
|
|
|
757
|
|
|
755
|
|
|
755
|
|
|
755
|
|
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
19,971
|
|
|
$
|
17,758
|
|
|
$
|
20,886
|
|
|
$
|
18,831
|
|
|
$
|
22,056
|
|
|
|
Arkansas
|
|
34,340
|
|
|
39,436
|
|
|
46,704
|
|
|
39,174
|
|
|
35,786
|
|
|
|
North
Carolina
|
|
19,660
|
|
|
20,378
|
|
|
21,484
|
|
|
20,536
|
|
|
21,809
|
|
|
|
South
Carolina
|
|
16,471
|
|
|
13,661
|
|
|
13,339
|
|
|
16,021
|
|
|
16,273
|
|
|
|
Florida
|
|
81,638
|
|
|
95,054
|
|
|
98,087
|
|
|
91,725
|
|
|
96,688
|
|
|
|
Georgia
|
|
47,141
|
|
|
48,241
|
|
|
54,497
|
|
|
52,735
|
|
|
60,402
|
|
|
|
Mississippi
|
|
27,233
|
|
|
27,032
|
|
|
23,424
|
|
|
21,281
|
|
|
19,537
|
|
|
|
Tennessee
|
|
17,529
|
|
|
18,156
|
|
|
16,946
|
|
|
19,295
|
|
|
19,479
|
|
|
|
Virginia
|
|
11,580
|
|
|
12,640
|
|
|
14,829
|
|
|
16,349
|
|
|
16,919
|
|
|
|
Texas
|
|
35,445
|
|
|
36,127
|
|
|
37,673
|
|
|
35,739
|
|
|
41,527
|
|
|
|
Louisiana
|
|
38,430
|
|
|
27,147
|
|
|
24,490
|
|
|
24,095
|
|
|
21,042
|
|
|
|
Oklahoma
(4)
|
|
1,796
|
|
|
82
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total production by
state
|
|
$
|
351,234
|
|
|
$
|
355,712
|
|
|
$
|
372,359
|
|
|
$
|
355,781
|
|
|
$
|
371,518
|
|
|
Loan sales
|
|
$
|
171,834
|
|
|
$
|
111,683
|
|
|
$
|
142,132
|
|
|
$
|
177,820
|
|
|
$
|
219,784
|
|
|
Portfolio yield
(1)
|
|
2.72
|
%
|
|
2.79
|
%
|
|
2.75
|
%
|
|
2.79
|
%
|
|
2.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Average loans
outstanding (1)
|
|
$
|
495,209
|
|
|
$
|
450,263
|
|
|
$
|
511,317
|
|
|
$
|
449,097
|
|
|
$
|
337,122
|
|
Loans serviced for
others
|
|
$
|
6,894,083
|
|
|
$
|
6,652,700
|
|
|
$
|
6,393,874
|
|
|
$
|
5,942,063
|
|
|
$
|
5,622,102
|
|
% of loan production
for purchases
|
|
71.5
|
%
|
|
77.5
|
%
|
|
81.4
|
%
|
|
74.0
|
%
|
|
58.8
|
%
|
% of loan production
for refinance loans
|
|
28.5
|
%
|
|
22.5
|
%
|
|
18.6
|
%
|
|
26.0
|
%
|
|
41.2
|
%
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
341,074
|
|
|
$
|
341,115
|
|
|
$
|
424,554
|
|
|
$
|
468,795
|
|
|
$
|
342,121
|
|
|
Florida/Alabama
|
|
42,412
|
|
|
44,873
|
|
|
53,815
|
|
|
58,607
|
|
|
51,590
|
|
|
Virginia/Maryland
|
|
112,769
|
|
|
109,685
|
|
|
147,387
|
|
|
182,850
|
|
|
158,289
|
|
|
North and South
Carolina (2)
|
|
27,567
|
|
|
20,973
|
|
|
11,398
|
|
|
8,002
|
|
|
3,858
|
|
|
Total
retail
|
|
523,822
|
|
|
516,646
|
|
|
637,154
|
|
|
718,254
|
|
|
555,858
|
|
|
Wholesale
|
|
46,905
|
|
|
51,224
|
|
|
66,490
|
|
|
70,169
|
|
|
57,125
|
|
|
Total production by
region
|
|
$
|
570,727
|
|
|
$
|
567,870
|
|
|
$
|
703,644
|
|
|
$
|
788,423
|
|
|
$
|
612,983
|
|
Loan sales
|
|
$
|
547,614
|
|
|
$
|
520,742
|
|
|
$
|
744,621
|
|
|
$
|
665,738
|
|
|
$
|
552,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
(in
thousands)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Marketing gain,
net
|
|
$
|
15,162
|
|
|
$
|
15,407
|
|
|
$
|
17,573
|
|
|
$
|
17,099
|
|
|
$
|
19,746
|
|
Origination points
and fees
|
|
3,014
|
|
|
2,914
|
|
|
3,871
|
|
|
3,726
|
|
|
2,757
|
|
Loan servicing
revenue
|
|
4,492
|
|
|
4,377
|
|
|
4,059
|
|
|
3,762
|
|
|
3,646
|
|
Core mortgage revenue
|
|
$
|
22,668
|
|
|
$
|
22,698
|
|
|
$
|
25,503
|
|
|
$
|
24,587
|
|
|
$
|
26,149
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Amortization of
mortgage servicing rights
|
|
(3,272)
|
|
|
(2,893)
|
|
|
(2,489)
|
|
|
(2,581)
|
|
|
(2,361)
|
|
Impairment of
mortgage servicing rights, net
|
|
(4,661)
|
|
|
(999)
|
|
|
(2,215)
|
|
|
2,611
|
|
|
(2,469)
|
|
Total income from
mortgage banking activities
|
|
$
|
14,735
|
|
|
$
|
18,806
|
|
|
$
|
20,799
|
|
|
$
|
24,617
|
|
|
$
|
21,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
March 31,
2016
|
|
March 31,
2015
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
($ in
thousands)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income (1)
|
$
|
3,370,645
|
|
|
$
|
32,976
|
|
|
3.93
|
%
|
|
$
|
2,656,556
|
|
|
$
|
25,333
|
|
|
3.87
|
%
|
Investment securities
(1)
|
198,029
|
|
|
1,337
|
|
|
2.72
|
%
|
|
164,456
|
|
|
1,236
|
|
|
3.05
|
%
|
Federal funds sold
and bank deposits
|
70,562
|
|
|
67
|
|
|
0.38
|
%
|
|
37,815
|
|
|
12
|
|
|
0.13
|
%
|
Total
interest-earning assets
|
3,639,236
|
|
|
34,380
|
|
|
3.80
|
%
|
|
2,858,827
|
|
|
26,581
|
|
|
3.77
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
28,530
|
|
|
|
|
|
|
15,311
|
|
|
|
|
|
Allowance for loan
losses
|
(27,052)
|
|
|
|
|
|
|
(25,258)
|
|
|
|
|
|
Premises and
equipment, net
|
82,559
|
|
|
|
|
|
|
60,979
|
|
|
|
|
|
Other real
estate
|
19,894
|
|
|
|
|
|
|
22,219
|
|
|
|
|
|
Other
assets
|
199,516
|
|
|
|
|
|
|
166,001
|
|
|
|
|
|
Total
assets
|
$
|
3,942,683
|
|
|
|
|
|
|
$
|
3,098,079
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
1,051,221
|
|
|
$
|
694
|
|
|
0.27
|
%
|
|
$
|
812,833
|
|
|
$
|
453
|
|
|
0.23
|
%
|
Savings
deposits
|
358,481
|
|
|
304
|
|
|
0.34
|
%
|
|
309,393
|
|
|
255
|
|
|
0.33
|
%
|
Time
deposits
|
1,015,996
|
|
|
2,267
|
|
|
0.90
|
%
|
|
803,000
|
|
|
1,784
|
|
|
0.90
|
%
|
Total
interest-bearing deposits
|
2,425,698
|
|
|
3,265
|
|
|
0.54
|
%
|
|
1,925,226
|
|
|
2,492
|
|
|
0.52
|
%
|
Other
borrowings
|
251,359
|
|
|
294
|
|
|
0.47
|
%
|
|
229,374
|
|
|
177
|
|
|
0.31
|
%
|
Subordinated
debt
|
120,337
|
|
|
1,439
|
|
|
4.81
|
%
|
|
46,307
|
|
|
276
|
|
|
2.42
|
%
|
Total
interest-bearing liabilities
|
2,797,394
|
|
|
4,998
|
|
|
0.72
|
%
|
|
2,200,907
|
|
|
2,945
|
|
|
0.54
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
786,993
|
|
|
|
|
|
|
605,762
|
|
|
|
|
|
Other
liabilities
|
49,344
|
|
|
|
|
|
|
23,839
|
|
|
|
|
|
Shareholders'
equity
|
308,952
|
|
|
|
|
|
|
267,571
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
3,942,683
|
|
|
|
|
|
|
$
|
3,098,079
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
29,382
|
|
|
3.08
|
%
|
|
|
|
$
|
23,636
|
|
|
3.23
|
%
|
Net interest
margin
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
3.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interest income includes the effect of taxable-equivalent
adjustment using a 35% tax rate.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fidelity-southern-corporation-earns-45-million-in-first-quarter-300255652.html
SOURCE Fidelity Southern Corporation