ATLANTA, April 20, 2017
/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, 2017.
KEY RESULTS
- Net income of $10.5 million, or
$0.40 per diluted share, an increase
of $6.0 million, or 131.8%, year over
year
- Total revenues of $75.0 million,
an increase of $15.8 million, or
26.8%, year over year
- Loans, net of held-for-sale, grew by $52.7 million, or 1.6%
- Total assets of $4.5 billion
increased by $141.4 million, or
3.2%
- Total deposits of $3.8 billion
increased by $124.5 million, or
3.4%
- Loans serviced for others of $9.6
billion grew by $346.8
million, or 3.8%
- Tangible book value increased to $13.58, or 2.4%
Fidelity's Chairman and CEO, Jim
Miller, said, "The current economy seems to be taking a
pause, as reflected in interest rate volatility, though we still
anticipate a gradual economic improvement given the worldwide
economic environment. That means our effort to expand mortgage
lending, particularly in Florida,
will stay on track. Similarly our robust growth in Wealth
Management's sales force means that department will be a net
contributor to earnings by year end. Wealth Management also plans
to offer life insurance products through a third party this
year. Construction lending is also robust while lending to
business is still very competitive and depends on taking
market share.
"As we approach the $five billion
mark for assets on our books and the $10
billion mark for assets serviced for others, our attention
is really focused on having the right systems, training, and
personnel in place to best serve our customers.
"We are all gratified to have Palmer
Proctor's leadership and look forward to his official start
date of April 27 as the Bank's
CEO."
BALANCE SHEET
Total assets of $4.5 billion at
March 31, 2017, represent an increase of $141.4 million, or 3.2%, compared to
December 31, 2016. The increase in total assets was driven by
an increase in cash and cash equivalents which grew $200.8 million, or 134.1%, leading to an
increase in total deposits of $124.5
million, or 3.4%, compared to December 31, 2016. Total
assets were also impacted by a decrease of $104.2 million, or 22.4%, in loans held-for-sale
due to fluctuations in the pipeline of loans to be sold. Loans
held-for-investment increased $52.7
million, or 1.6%, due to new loan production during the
quarter, as described below.
Loans
Total loans held for investment of $3.4
billion at March 31, 2017, represented an increase of
$52.7 million, or 1.6%, compared to
December 31, 2016, primarily in the residential mortgage and
commercial portfolios, resulting in increases of $32.4 million, or 8.4%, and $18.2 million, or 2.3%. The Bank continues to
generate organic new business as well as leverage its expansion
through past acquisitions.
Loan Servicing Rights
Gross servicing rights increased by $5.7
million, or 5.8%, to $105.0
million at March 31, 2017. Cumulative production and
sales of residential mortgage, SBA, and indirect auto loans
continued to grow and generate a net increase of servicing
rights.
Deposits
Total deposits at March 31, 2017, of $3.8 billion increased by $124.5 million, or 3.4%, during the quarter.
Noninterest bearing demand deposits increased $40.5 million, or 4.2%, during the quarter. An
increase in interest bearing deposits of $107.6 million, or 8.9%, in the demand and money
market category was partially offset by decreases of $18.0 million and $5.5
million, in savings and time deposits, respectively. Deposit
balances continue to grow with successful marketing efforts and the
expansion of our geographical footprint.
INCOME STATEMENT
Net Income
Net income was $10.5 million for
the quarter, an increase of $6.0
million, or 131.8%, compared to the first quarter of 2016.
The primary driver of the increase in net income was an increase of
$12.5 million, or 50.2%, in
noninterest income, stemming from an additional $11.1 million of income from mortgage banking
activities. In addition, the year over year increase in average
earning assets of $430.9 million, or
11.8%, contributed an additional $2.9
million, in net interest income. These increases in net
income were partially offset by an increase in the provision for
loan losses of $1.6 million and an
increase in noninterest expense of $4.0
million, due to increased salaries and employee benefits and
commissions.
On a linked-quarter basis, net income decreased by $4.5 million, or 30.1%, as total revenue
decreased by $10.4 million, or 12.2%,
led by a $11.6 million, or 30.9%,
decrease in noninterest income from mortgage banking activities,
from less MSR impairment recovery and lower mortgage production,
than the previous quarter. This decrease was partially offset
primarily by a decrease of $3.6
million, or 6.6%, in noninterest expense. A decrease in net
income, on a linked-quarter basis, was expected due to seasonality
of home mortgage production and automobile purchases, as well as
higher payroll related taxes.
Interest Income
Interest income was $37.6 million
for the quarter, an increase of $3.4
million, or 9.8%, compared to the same period in the prior
year. Average loans for the quarter increased by $347.6 million, or 10.3%, compared to the same
quarter a year ago, which was the primary reason for the increase
in interest income.
On a linked-quarter basis, interest income decreased by
$645,000, or 1.7%. The decrease in
interest income was primarily driven by a decrease of $56.7 million, or 1.5%, in average loans.
Interest Expense
Interest expense was $5.4 million
for the quarter, an increase of $410,000, or 8.2%, compared to the same quarter a
year ago, as a combination of organic growth and deposits added
through the March 2016 AEB
acquisition resulted in a year over year increase of $257.2 million, or 10.6%, in average
interest-bearing deposits.
The increase in interest expense due to larger average deposit
balances was partially offset by a decrease in the rate paid on
interest-bearing accounts, primarily time deposits, of 7 basis
points as compared to the same quarter a year ago.
On a linked-quarter basis, interest expense was relatively flat,
increasing by $56,000, or 1.0%, due
to an increase in average interest-bearing deposits of $100.1 million, or 3.7%.
Net Interest Margin
Net interest income (tax equivalent) rose to $32.4 million for the quarter, or 10.1%, as
compared to $29.4 million for the
same period in 2016, primarily due to a year over year increase of
$430.9 million, or 11.8%, in average
earning assets. This increase occurred primarily from organic loan
growth, partially offset by an increase in interest expense from
growth in average interest-bearing deposits which increased by
$257.2 million or 10.6%.
The net interest margin was 3.21% for the quarter, a decrease of
3 basis points, compared to 3.24% for the same period in 2016.
On a linked-quarter basis, the net interest margin decreased by
4 basis points. These decreases in the net interest margin occurred
primarily as a result of mix in interest earning assets with an
increase in cash held at March 31,
2017 resulting from the deposit campaigns as well as late
quarter sales of loans.
Provision for Loan Losses
The provision for loan losses was $2.1
million for the quarter, an increase of $1.6 million, as compared to the same period in
2016. The primary reason for the increase in the provision was the
increase in net charge-offs for the quarter, primarily in the
indirect auto loan portfolio, as compared to the same period in
2016.
On a linked-quarter basis, the provision for loan losses
decreased by $385,000, as net
charge-offs decreased compared to the previous quarter, mostly due
to seasonal fluctuations, mainly in the level of net charge-offs of
commercial and HELOC loans. Asset quality remained strong; the
trend in low net charge-offs continued for most of our portfolio,
with the exception of indirect automobile, which experienced an
increase of $196,000, or 15.0%, over
the prior quarter.
Noninterest Income
Noninterest income was $37.4
million for the quarter, an increase of $12.5 million, or 50.2%, as compared to the same
period in 2016. The increase is primarily due to a net increase in
noninterest income from mortgage banking activities of $11.1 million, or 75.6%, as compared to the same
period in 2016.
Mortgage production income was $21.7
million for the quarter, a $3.5
million, or 19.4%, increase over the same period in 2016,
due to increased loan originations on new loans and sales.
Mortgage servicing revenue increased by $849,000, or 18.9%, for the quarter, as compared
to the same period in 2016, due to continued loan originations and
sales, as the portfolio of mortgage loans serviced for others
increased from $6.9 billion to
$8.1 billion, or 17.0%, year over
year.
The increase in market interest rates resulted in a net recovery
of MSR impairment of $2.0 million
during the quarter as compared to net MSR impairment of
$4.7 million for the same period in
2016, driving $6.7 million of the
increase in noninterest income from mortgage banking
activities.
On a linked-quarter basis, noninterest income decreased by
$9.8 million, or 20.7%, largely due
to a net decrease in income from mortgage banking activities of
$11.6 million, or 30.9%. The decrease
was largely driven by an $11.2
million swing in MSR impairment recovery as a large net
recovery of MSR impairment was recorded during the previous quarter
due to an increase in interest rates, offset by higher noninterest
income for indirect and SBA lending activities.
Noninterest Expense
Noninterest expense was $50.6
million for the quarter, an increase of $4.0 million, or 8.6%, as compared to the same
period in 2016, mostly due to increased expenses associated with
organic growth as well as the AEB acquisition. Increases were noted
in salaries and employee benefits, commissions, and other
noninterest expense, as discussed below.
Salaries and employee benefits increased by $2.4 million, or 10.3%, for the quarter, as
compared to the same period in 2016. The approximate growth in the
FTE count of 51 or 4.0%, at March 31, 2017, as compared to
March 31, 2016, drove the majority of the increase in
salaries. Also included in the increase is $683,000 of employer taxes and employee benefits,
primarily resulting from the increase in both number of employees
and the increased cost of employer-paid benefits, mainly medical
premiums.
Commissions increased by $900,000,
or 13.6%, for the quarter, as compared to the same period in 2016,
primarily due to an increased tiered commission rates
program, an increase in retail mortgage production, and
an increase in guaranteed commissions paid to new mortgage
loan originators.
Other noninterest expense increased by $646,000, or 5.7%, for the quarter, as compared
to the same period in 2016. The majority of this increase occurred
due to increases in normal operating costs, ORE carrying costs, and
services provided by third party vendors.
On a linked-quarter basis, total noninterest expense decreased
by $3.6 million, or 6.6%, for the
quarter. Decreases in commissions expense of $2.0 million, or 21.2%, due to lower mortgage
loan production, decreases in occupancy expense of $733,000, or 15.0%, as lower amounts for hardware
and software maintenance costs, real property taxes, and utility
expenses were incurred, and decreases in other noninterest expense
of $648,000, or 5.1%, primarily due
to FDIC indemnification assets adjustments, accounting for the
majority of the differences on a linked-quarter basis.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating
subsidiaries, Fidelity Bank and LionMark Insurance Company,
provides banking services and wealth management services and
credit-related insurance products through branches in Georgia and Florida, and an insurance office in
Atlanta, Georgia. SBA, indirect
automobile, and mortgage loans are provided throughout the South
and parts of the Midwest. For additional information about
Fidelity's products and services, please visit the web site at
www.FidelitySouthern.com.
This news release contains forward-looking statements, as
defined by Federal Securities Laws, including statements about
financial outlook and business environment. These statements are
provided to assist in the understanding of future financial
performance and such performance involves risks and uncertainties
that may cause actual results to differ materially from those in
such statements. Any such statements are based on current
expectations and involve a number of risks and uncertainties. For a
discussion of factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to the section entitled "Forward Looking Statements" from Fidelity
Southern Corporation's 2016 Annual Report filed on Form 10-K with
the Securities and Exchange Commission. Additional information and
other factors that could affect future financial results are
included in Fidelity's filings with the Securities and Exchange
Commission.
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
FINANCIAL
HIGHLIGHTS
|
(UNAUDITED)
|
|
|
As of or for the
Quarter Ended
|
($ in thousands,
except per share data)
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
37,642
|
|
|
$
|
38,287
|
|
|
$
|
39,898
|
|
|
$
|
36,806
|
|
|
$
|
34,292
|
|
Interest
expense
|
5,408
|
|
|
5,352
|
|
|
5,135
|
|
|
4,963
|
|
|
4,998
|
|
Net interest
income
|
32,234
|
|
|
32,935
|
|
|
34,763
|
|
|
31,843
|
|
|
29,294
|
|
Provision for loan
losses
|
2,100
|
|
|
2,485
|
|
|
2,118
|
|
|
3,128
|
|
|
500
|
|
Noninterest
income
|
37,370
|
|
|
47,143
|
|
|
39,325
|
|
|
29,971
|
|
|
24,886
|
|
Noninterest
expense
|
50,571
|
|
|
54,170
|
|
|
52,167
|
|
|
48,125
|
|
|
46,558
|
|
Net income
|
10,527
|
|
|
15,065
|
|
|
12,515
|
|
|
6,645
|
|
|
4,541
|
|
PERFORMANCE:
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.40
|
|
|
$
|
0.57
|
|
|
$
|
0.48
|
|
|
$
|
0.26
|
|
|
$
|
0.19
|
|
Earnings per common
share - diluted
|
0.40
|
|
|
0.57
|
|
|
0.48
|
|
|
0.26
|
|
|
0.18
|
|
Total
revenues
|
75,012
|
|
|
85,430
|
|
|
79,223
|
|
|
66,777
|
|
|
59,178
|
|
Book value per common
share
|
14.09
|
|
|
13.78
|
|
|
13.32
|
|
|
13.17
|
|
|
12.96
|
|
Tangible book value
per common share
|
13.58
|
|
|
13.26
|
|
|
12.78
|
|
|
12.60
|
|
|
12.40
|
|
Cash dividends paid
per common share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
Dividend payout
ratio
|
30.00
|
%
|
|
21.05
|
%
|
|
25.00
|
%
|
|
46.15
|
%
|
|
63.16
|
%
|
Return on average
assets
|
0.97
|
%
|
|
1.37
|
%
|
|
1.15
|
%
|
|
0.64
|
%
|
|
0.46
|
%
|
Return on average
shareholders' equity
|
11.78
|
%
|
|
16.90
|
%
|
|
14.58
|
%
|
|
8.07
|
%
|
|
5.90
|
%
|
Equity to assets
ratio
|
8.19
|
%
|
|
8.26
|
%
|
|
7.91
|
%
|
|
7.84
|
%
|
|
8.04
|
%
|
Net interest
margin
|
3.21
|
%
|
|
3.25
|
%
|
|
3.45
|
%
|
|
3.30
|
%
|
|
3.24
|
%
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
4,531,057
|
|
|
$
|
4,389,685
|
|
|
$
|
4,395,611
|
|
|
$
|
4,281,927
|
|
|
$
|
4,101,499
|
|
Earning
assets
|
4,192,919
|
|
|
4,059,414
|
|
|
4,074,834
|
|
|
3,972,492
|
|
|
3,779,885
|
|
Loans, excluding
Loans Held-for-Sale
|
3,354,926
|
|
|
3,302,264
|
|
|
3,332,311
|
|
|
3,190,707
|
|
|
3,092,632
|
|
Total
loans
|
3,716,043
|
|
|
3,767,592
|
|
|
3,783,928
|
|
|
3,649,736
|
|
|
3,489,511
|
|
Total
deposits
|
3,755,108
|
|
|
3,630,594
|
|
|
3,538,908
|
|
|
3,569,606
|
|
|
3,421,448
|
|
Shareholders'
equity
|
371,302
|
|
|
362,647
|
|
|
347,770
|
|
|
335,870
|
|
|
329,778
|
|
Assets serviced for
others
|
9,553,855
|
|
|
9,207,070
|
|
|
8,926,574
|
|
|
8,699,107
|
|
|
8,336,541
|
|
DAILY AVERAGE
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
4,409,492
|
|
|
$
|
4,368,579
|
|
|
$
|
4,329,974
|
|
|
$
|
4,207,171
|
|
|
$
|
3,942,683
|
|
Earning
assets
|
4,082,544
|
|
|
4,051,164
|
|
|
4,020,453
|
|
|
3,891,966
|
|
|
3,651,635
|
|
Loans, excluding
Loans Held-for-Sale
|
3,320,992
|
|
|
3,323,513
|
|
|
3,266,511
|
|
|
3,161,676
|
|
|
3,023,312
|
|
Total
loans
|
3,718,260
|
|
|
3,774,939
|
|
|
3,718,341
|
|
|
3,590,929
|
|
|
3,370,645
|
|
Total
deposits
|
3,644,047
|
|
|
3,561,713
|
|
|
3,573,131
|
|
|
3,470,966
|
|
|
3,212,691
|
|
Shareholders'
equity
|
362,321
|
|
|
354,542
|
|
|
341,393
|
|
|
331,056
|
|
|
308,952
|
|
Assets serviced for
others
|
9,382,261
|
|
|
9,043,167
|
|
|
8,807,270
|
|
|
8,480,382
|
|
|
8,162,343
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans
|
0.16
|
%
|
|
0.29
|
%
|
|
—
|
%
|
|
0.25
|
%
|
|
(0.20)
|
%
|
Allowance to
period-end loans
|
0.91
|
%
|
|
0.90
|
%
|
|
0.89
|
%
|
|
0.88
|
%
|
|
0.86
|
%
|
Nonperforming assets
to total loans, ORE and repossessions
|
1.52
|
%
|
|
1.57
|
%
|
|
1.54
|
%
|
|
1.66
|
%
|
|
2.03
|
%
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.59x
|
|
|
0.57x
|
|
|
0.58x
|
|
|
0.53x
|
|
|
0.42x
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
Loans to total
deposits
|
89.34
|
%
|
|
90.96
|
%
|
|
94.16
|
%
|
|
89.39
|
%
|
|
90.39
|
%
|
Average total loans
to average earning assets
|
91.08
|
%
|
|
93.18
|
%
|
|
92.49
|
%
|
|
92.27
|
%
|
|
92.31
|
%
|
Noninterest income to
total revenue
|
49.82
|
%
|
|
55.18
|
%
|
|
49.64
|
%
|
|
44.88
|
%
|
|
42.05
|
%
|
Leverage
ratio
|
8.48
|
%
|
|
8.58
|
%
|
|
8.48
|
%
|
|
8.46
|
%
|
|
8.88
|
%
|
Common equity tier 1
capital
|
8.37
|
%
|
|
8.35
|
%
|
|
8.19
|
%
|
|
8.18
|
%
|
|
8.25
|
%
|
Tier 1 risk-based
capital
|
9.51
|
%
|
|
9.46
|
%
|
|
9.31
|
%
|
|
9.35
|
%
|
|
9.47
|
%
|
Total risk-based
capital
|
12.20
|
%
|
|
12.11
|
%
|
|
11.97
|
%
|
|
12.06
|
%
|
|
12.21
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
350,502
|
|
|
$
|
149,711
|
|
|
$
|
125,289
|
|
Investment securities
available-for-sale
|
|
139,071
|
|
|
144,310
|
|
|
167,574
|
|
Investment securities
held-to-maturity
|
|
15,977
|
|
|
16,583
|
|
|
15,248
|
|
Loans
held-for-sale
|
|
361,117
|
|
|
465,328
|
|
|
396,879
|
|
|
|
|
|
|
|
|
Loans
|
|
3,354,926
|
|
|
3,302,264
|
|
|
3,092,632
|
|
Allowance for loan
losses
|
|
(30,455)
|
|
|
(29,831)
|
|
|
(26,726)
|
|
Loans, net of
allowance for loan losses
|
|
3,324,471
|
|
|
3,272,433
|
|
|
3,065,906
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
|
87,222
|
|
|
87,915
|
|
|
87,993
|
|
Other real estate,
net
|
|
11,284
|
|
|
14,814
|
|
|
19,482
|
|
Bank owned life
insurance
|
|
70,587
|
|
|
70,151
|
|
|
66,536
|
|
Servicing rights,
net
|
|
105,039
|
|
|
99,295
|
|
|
82,879
|
|
Other
assets
|
|
65,787
|
|
|
69,145
|
|
|
73,713
|
|
Total
assets
|
|
$
|
4,531,057
|
|
|
$
|
4,389,685
|
|
|
$
|
4,101,499
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
1,005,372
|
|
|
$
|
964,900
|
|
|
$
|
885,319
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
Demand and
money market
|
|
1,321,936
|
|
|
1,214,383
|
|
|
1,130,050
|
|
Savings
|
|
381,751
|
|
|
399,754
|
|
|
355,858
|
|
Time
deposits
|
|
1,046,049
|
|
|
1,051,557
|
|
|
1,050,221
|
|
Total
deposits
|
|
3,755,108
|
|
|
3,630,594
|
|
|
3,421,448
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
239,466
|
|
|
243,351
|
|
|
189,278
|
|
Subordinated debt,
net
|
|
120,488
|
|
|
120,454
|
|
|
120,355
|
|
Other
liabilities
|
|
44,693
|
|
|
32,639
|
|
|
40,640
|
|
Total
liabilities
|
|
4,159,755
|
|
|
4,027,038
|
|
|
3,771,721
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
206,589
|
|
|
205,309
|
|
|
195,200
|
|
Accumulated other
comprehensive income, net
|
|
699
|
|
|
692
|
|
|
2,841
|
|
Retained
earnings
|
|
164,014
|
|
|
156,646
|
|
|
131,737
|
|
Total shareholders'
equity
|
|
371,302
|
|
|
362,647
|
|
|
329,778
|
|
Total liabilities and
shareholders' equity
|
|
$
|
4,531,057
|
|
|
$
|
4,389,685
|
|
|
$
|
4,101,499
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
For the Quarter
Ended
|
($ in thousands,
except per share data)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
INTEREST
INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
36,083
|
|
|
$
|
36,935
|
|
|
$
|
32,945
|
|
Investment
securities
|
|
1,208
|
|
|
1,241
|
|
|
1,280
|
|
Other
|
|
351
|
|
|
111
|
|
|
67
|
|
Total interest
income
|
|
37,642
|
|
|
38,287
|
|
|
34,292
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
3,449
|
|
|
3,382
|
|
|
3,265
|
|
Short term
borrowings
|
|
392
|
|
|
474
|
|
|
294
|
|
Subordinated
debt
|
|
1,567
|
|
|
1,496
|
|
|
1,439
|
|
Total interest
expense
|
|
5,408
|
|
|
5,352
|
|
|
4,998
|
|
Net interest
income
|
|
32,234
|
|
|
32,935
|
|
|
29,294
|
|
Provision for loan
losses
|
|
2,100
|
|
|
2,485
|
|
|
500
|
|
Net interest
income after provision for loan losses
|
|
30,134
|
|
|
30,450
|
|
|
28,794
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,455
|
|
|
1,608
|
|
|
1,370
|
|
Other fees and
charges
|
|
1,871
|
|
|
1,902
|
|
|
1,666
|
|
Mortgage banking
activities
|
|
25,869
|
|
|
37,464
|
|
|
14,735
|
|
Indirect lending
activities
|
|
4,426
|
|
|
3,466
|
|
|
4,264
|
|
SBA lending
activities
|
|
1,818
|
|
|
1,330
|
|
|
1,234
|
|
Bank owned life
insurance
|
|
439
|
|
|
458
|
|
|
454
|
|
Securities
gains
|
|
—
|
|
|
—
|
|
|
82
|
|
Other
|
|
1,492
|
|
|
915
|
|
|
1,081
|
|
Total noninterest
income
|
|
37,370
|
|
|
47,143
|
|
|
24,886
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
25,438
|
|
|
25,808
|
|
|
23,055
|
|
Commissions
|
|
7,498
|
|
|
9,514
|
|
|
6,598
|
|
Occupancy,
net
|
|
4,163
|
|
|
4,896
|
|
|
4,384
|
|
Communication
|
|
1,434
|
|
|
1,265
|
|
|
1,128
|
|
Other
|
|
12,039
|
|
|
12,687
|
|
|
11,393
|
|
Total noninterest
expense
|
|
50,572
|
|
|
54,170
|
|
|
46,558
|
|
Income before
income tax expense
|
|
16,932
|
|
|
23,423
|
|
|
7,122
|
|
Income tax
expense
|
|
6,405
|
|
|
8,358
|
|
|
2,581
|
|
NET
INCOME
|
|
$
|
10,527
|
|
|
$
|
15,065
|
|
|
$
|
4,541
|
|
|
|
|
|
|
|
|
EARNINGS PER
COMMON SHARE:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.40
|
|
|
$
|
0.57
|
|
|
$
|
0.19
|
|
Diluted
|
|
$
|
0.40
|
|
|
$
|
0.57
|
|
|
$
|
0.18
|
|
Weighted average
common shares outstanding-basic
|
|
26,335
|
|
|
26,230
|
|
|
24,273
|
|
Weighted average
common shares outstanding-diluted
|
|
26,477
|
|
|
26,342
|
|
|
24,841
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
LOANS BY
CATEGORY
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Commercial
|
|
$
|
802,905
|
|
|
$
|
784,737
|
|
|
$
|
789,674
|
|
|
$
|
791,698
|
|
|
$
|
791,633
|
|
SBA
|
|
149,727
|
|
|
149,779
|
|
|
145,890
|
|
|
144,083
|
|
|
137,220
|
|
Total commercial and
SBA loans
|
|
952,632
|
|
|
934,516
|
|
|
935,564
|
|
|
935,781
|
|
|
928,853
|
|
Construction
loans
|
|
249,465
|
|
|
238,910
|
|
|
228,887
|
|
|
223,156
|
|
|
205,550
|
|
Indirect
automobile
|
|
1,565,298
|
|
|
1,575,865
|
|
|
1,631,903
|
|
|
1,512,406
|
|
|
1,463,005
|
|
Installment loans and
personal lines of credit
|
|
31,647
|
|
|
33,225
|
|
|
34,181
|
|
|
29,725
|
|
|
27,843
|
|
Total consumer
loans
|
|
1,596,945
|
|
|
1,609,090
|
|
|
1,666,084
|
|
|
1,542,131
|
|
|
1,490,848
|
|
Residential
mortgage
|
|
418,941
|
|
|
386,582
|
|
|
370,465
|
|
|
368,706
|
|
|
347,336
|
|
Home equity lines of
credit
|
|
136,943
|
|
|
133,166
|
|
|
131,311
|
|
|
120,933
|
|
|
120,045
|
|
Total mortgage
loans
|
|
555,884
|
|
|
519,748
|
|
|
501,776
|
|
|
489,639
|
|
|
467,381
|
|
Loans
|
|
3,354,926
|
|
|
3,302,264
|
|
|
3,332,311
|
|
|
3,190,707
|
|
|
3,092,632
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
201,661
|
|
|
252,712
|
|
|
291,030
|
|
|
299,616
|
|
|
232,794
|
|
SBA
|
|
9,456
|
|
|
12,616
|
|
|
10,587
|
|
|
9,413
|
|
|
14,085
|
|
Indirect
automobile
|
|
150,000
|
|
|
200,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
Total loans
held-for-sale
|
|
361,117
|
|
|
465,328
|
|
|
451,617
|
|
|
459,029
|
|
|
396,879
|
|
Total loans
|
|
$
|
3,716,043
|
|
|
$
|
3,767,592
|
|
|
$
|
3,783,928
|
|
|
$
|
3,649,736
|
|
|
$
|
3,489,511
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
loans
|
|
$
|
3,345,667
|
|
|
$
|
3,286,336
|
|
|
$
|
3,315,448
|
|
|
$
|
3,171,138
|
|
|
$
|
3,071,452
|
|
Covered
loans
|
|
9,259
|
|
|
15,928
|
|
|
16,863
|
|
|
19,569
|
|
|
21,180
|
|
Loans
held-for-sale
|
|
361,117
|
|
|
465,328
|
|
|
451,617
|
|
|
459,029
|
|
|
396,879
|
|
Total loans
|
|
$
|
3,716,043
|
|
|
$
|
3,767,592
|
|
|
$
|
3,783,928
|
|
|
$
|
3,649,736
|
|
|
$
|
3,489,511
|
|
DEPOSITS BY
CATEGORY
|
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
($ in
thousands)
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
Noninterest-bearing
demand deposits
|
$
|
961,188
|
|
|
—
|
%
|
|
$
|
978,909
|
|
|
—
|
%
|
|
$
|
1,004,924
|
|
|
—
|
%
|
|
$
|
932,448
|
|
|
—
|
%
|
|
$
|
786,993
|
|
|
—
|
%
|
Interest-bearing
demand deposits
|
1,244,955
|
|
|
0.31
|
%
|
|
1,179,837
|
|
|
0.25
|
%
|
|
1,151,152
|
|
|
0.26
|
%
|
|
1,129,179
|
|
|
0.26
|
%
|
|
1,051,221
|
|
|
0.27
|
%
|
Savings
deposits
|
387,007
|
|
|
0.36
|
%
|
|
350,885
|
|
|
0.33
|
%
|
|
370,011
|
|
|
0.35
|
%
|
|
355,801
|
|
|
0.32
|
%
|
|
358,481
|
|
|
0.34
|
%
|
Time
deposits
|
1,050,897
|
|
|
0.83
|
%
|
|
1,052,082
|
|
|
0.89
|
%
|
|
1,047,044
|
|
|
0.86
|
%
|
|
1,053,538
|
|
|
0.84
|
%
|
|
1,015,996
|
|
|
0.90
|
%
|
Total average
deposits
|
$
|
3,644,047
|
|
|
0.38
|
%
|
|
$
|
3,561,713
|
|
|
0.38
|
%
|
|
$
|
3,573,131
|
|
|
0.37
|
%
|
|
$
|
3,470,966
|
|
|
0.37
|
%
|
|
$
|
3,212,691
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
NONPERFORMING AND
CLASSIFIED ASSETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2) (6)
|
$
|
38,377
|
|
|
$
|
35,358
|
|
|
$
|
32,796
|
|
|
$
|
33,435
|
|
|
$
|
29,611
|
|
Loans past due 90
days or more and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,671
|
|
Repossessions
|
1,654
|
|
|
2,274
|
|
|
1,747
|
|
|
1,067
|
|
|
1,751
|
|
Other real estate
(ORE)
|
11,284
|
|
|
14,814
|
|
|
16,926
|
|
|
18,621
|
|
|
19,482
|
|
Nonperforming
assets
|
$
|
51,315
|
|
|
$
|
52,446
|
|
|
$
|
51,469
|
|
|
$
|
53,123
|
|
|
$
|
52,515
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSET RATIOS
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
10,734
|
|
|
$
|
7,090
|
|
|
$
|
5,821
|
|
|
$
|
6,705
|
|
|
$
|
8,180
|
|
Loans 30-89 days past
due to loans
|
0.32
|
%
|
|
0.21
|
%
|
|
0.17
|
%
|
|
0.21
|
%
|
|
0.26
|
%
|
Loans past due 90
days or more and still accruing to loans
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.05
|
%
|
Nonperforming assets
to loans, ORE, and repossessions
|
1.52
|
%
|
|
1.58
|
%
|
|
1.54
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
Classified Asset
Ratio(4)
|
20.97
|
%
|
|
21.21
|
%
|
|
21.47
|
%
|
|
21.79
|
%
|
|
23.71
|
%
|
Nonperforming loans
as a % of loans
|
1.14
|
%
|
|
1.07
|
%
|
|
0.98
|
%
|
|
1.05
|
%
|
|
1.01
|
%
|
ALL to nonperforming
loans
|
79.36
|
%
|
|
84.37
|
%
|
|
90.68
|
%
|
|
83.86
|
%
|
|
85.44
|
%
|
Net
charge-offs/(recoveries), annualized to average loans
|
0.16
|
%
|
|
0.31
|
%
|
|
—
|
%
|
|
0.25
|
%
|
|
(0.02)
|
%
|
ALL as a % of
loans
|
0.91
|
%
|
|
0.90
|
%
|
|
0.89
|
%
|
|
0.88
|
%
|
|
0.86
|
%
|
ALL as a % of loans,
excluding acquired loans(5)
|
0.98
|
%
|
|
0.99
|
%
|
|
0.98
|
%
|
|
0.97
|
%
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
Classified
loans(1)
|
71,082
|
|
|
68,128
|
|
|
67,826
|
|
|
62,120
|
|
|
71,877
|
|
ORE and
repossessions
|
12,938
|
|
|
17,088
|
|
|
16,792
|
|
|
16,396
|
|
|
17,009
|
|
Total classified
assets(3)
|
$
|
84,020
|
|
|
$
|
85,216
|
|
|
$
|
84,618
|
|
|
$
|
78,516
|
|
|
$
|
88,886
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount of SBA guarantee included in
classified loans
|
$
|
5,213
|
|
|
$
|
7,735
|
|
|
$
|
8,665
|
|
|
$
|
5,007
|
|
|
$
|
5,226
|
|
(2) Amount of repurchased
government-guaranteed
loans, primarily residential mortgage
loans, included
in nonaccrual loans
|
$
|
12,287
|
|
|
$
|
7,771
|
|
|
$
|
4,648
|
|
|
$
|
2,388
|
|
|
$
|
—
|
|
(3)
Classified assets include loans having a risk rating of
substandard or worse, both accrual and nonaccrual, repossessions
and ORE, net of loss share and purchase discounts
|
(4)
Classified asset ratio is defined as classified assets as a
percentage of the sum of Tier 1 capital plus allowance for loan
losses
|
(5)
Allowance calculation excludes the recorded investment of
acquired loans, due to valuation calculated at
acquisition
|
(6)
Excludes purchased credit impaired (PCI) loans which are not
removed from their accounting pool
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
INDIRECT LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Average loans
outstanding(1)
|
|
$
|
1,756,958
|
|
|
$
|
1,702,006
|
|
|
$
|
1,726,342
|
|
|
$
|
1,642,829
|
|
|
$
|
1,419,389
|
|
Loans serviced for
others
|
|
1,197,160
|
|
|
1,130,289
|
|
|
1,152,636
|
|
|
1,219,909
|
|
|
1,171,453
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
2,223
|
|
|
2,972
|
|
|
1,585
|
|
|
1,588
|
|
|
1,087
|
|
|
Number 30+ days past
due
|
|
200
|
|
|
252
|
|
|
135
|
|
|
129
|
|
|
113
|
|
30+ day performing
delinquency rate(2)
|
|
0.13
|
%
|
|
0.17
|
%
|
|
0.09
|
%
|
|
0.10
|
%
|
|
0.07
|
%
|
Nonperforming
loans
|
|
$
|
1,778
|
|
|
$
|
1,278
|
|
|
$
|
1,231
|
|
|
$
|
887
|
|
|
$
|
797
|
|
Nonperforming loans
as a percentage of period end loans(2)
|
|
0.10
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
Net
charge-offs
|
|
$
|
1,502
|
|
|
$
|
1,306
|
|
|
$
|
895
|
|
|
$
|
751
|
|
|
$
|
797
|
|
Net charge-off
rate(3)
|
|
0.39
|
%
|
|
0.32
|
%
|
|
0.23
|
%
|
|
0.20
|
%
|
|
0.21
|
%
|
Number of vehicles
repossessed during the period
|
|
154
|
|
|
164
|
|
|
145
|
|
|
120
|
|
|
127
|
|
Average beacon
score
|
|
758
|
|
|
758
|
|
|
758
|
|
|
756
|
|
|
756
|
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
14,452
|
|
|
$
|
11,613
|
|
|
$
|
18,296
|
|
|
$
|
21,820
|
|
|
$
|
19,971
|
|
|
Arkansas
|
|
33,602
|
|
|
32,789
|
|
|
48,143
|
|
|
44,548
|
|
|
34,340
|
|
|
North
Carolina
|
|
15,858
|
|
|
13,734
|
|
|
21,874
|
|
|
25,159
|
|
|
19,660
|
|
|
South
Carolina
|
|
15,020
|
|
|
11,953
|
|
|
14,146
|
|
|
17,031
|
|
|
16,471
|
|
|
Florida
|
|
65,053
|
|
|
56,432
|
|
|
71,530
|
|
|
77,108
|
|
|
81,638
|
|
|
Georgia
|
|
36,178
|
|
|
29,150
|
|
|
43,948
|
|
|
51,253
|
|
|
47,141
|
|
|
Mississippi
|
|
21,370
|
|
|
17,784
|
|
|
26,260
|
|
|
28,414
|
|
|
27,233
|
|
|
Tennessee
|
|
14,143
|
|
|
12,963
|
|
|
18,661
|
|
|
21,683
|
|
|
17,529
|
|
|
Virginia
|
|
10,282
|
|
|
6,063
|
|
|
8,937
|
|
|
12,546
|
|
|
11,580
|
|
|
Texas
|
|
32,902
|
|
|
24,942
|
|
|
31,851
|
|
|
32,522
|
|
|
35,445
|
|
|
Louisiana
|
|
56,046
|
|
|
49,849
|
|
|
57,039
|
|
|
60,557
|
|
|
38,430
|
|
|
Oklahoma
|
|
1,635
|
|
|
1,780
|
|
|
945
|
|
|
1,238
|
|
|
1,796
|
|
|
|
Total production by
state
|
|
$
|
316,541
|
|
|
$
|
269,052
|
|
|
$
|
361,630
|
|
|
$
|
393,879
|
|
|
$
|
351,234
|
|
Loan sales
|
|
$
|
192,435
|
|
|
$
|
97,916
|
|
|
$
|
64,793
|
|
|
$
|
175,991
|
|
|
$
|
171,834
|
|
Portfolio
yield(1)
|
|
2.87
|
%
|
|
2.88
|
%
|
|
2.81
|
%
|
|
2.77
|
%
|
|
2.72
|
%
|
|
|
(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
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
(in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Marketing gain,
net
|
|
$
|
18,677
|
|
|
$
|
19,364
|
|
|
$
|
25,240
|
|
|
$
|
22,734
|
|
|
$
|
15,162
|
|
Origination points
and fees
|
|
3,021
|
|
|
3,786
|
|
|
3,911
|
|
|
4,101
|
|
|
3,014
|
|
Loan servicing
revenue
|
|
5,341
|
|
|
5,088
|
|
|
4,896
|
|
|
4,631
|
|
|
4,492
|
|
Gross mortgage
revenue
|
|
$
|
27,039
|
|
|
$
|
28,238
|
|
|
$
|
34,047
|
|
|
$
|
31,466
|
|
|
$
|
22,668
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
MSR
amortization
|
|
(3,158)
|
|
|
(3,918)
|
|
|
(4,414)
|
|
|
(3,610)
|
|
|
(3,272)
|
|
MSR recovery
(impairment), net
|
|
1,989
|
|
|
13,144
|
|
|
458
|
|
|
(8,569)
|
|
|
(4,661)
|
|
Total income from
mortgage banking activities
|
|
$
|
25,870
|
|
|
$
|
37,464
|
|
|
$
|
30,091
|
|
|
$
|
19,287
|
|
|
$
|
14,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
MORTGAGE LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
395,404
|
|
|
$
|
532,177
|
|
|
$
|
580,170
|
|
|
$
|
526,446
|
|
|
$
|
341,074
|
|
|
Florida
|
|
46,365
|
|
|
46,140
|
|
|
44,849
|
|
|
45,339
|
|
|
35,257
|
|
|
Alabama/Tennessee(2)
|
|
3,600
|
|
|
5,485
|
|
|
7,307
|
|
|
8,892
|
|
|
7,155
|
|
|
Virginia/Maryland
|
|
81,901
|
|
|
139,283
|
|
|
160,959
|
|
|
160,644
|
|
|
112,769
|
|
|
North and South
Carolina
|
|
25,727
|
|
|
33,783
|
|
|
31,332
|
|
|
33,497
|
|
|
27,567
|
|
|
Total
retail
|
|
552,997
|
|
|
756,868
|
|
|
824,617
|
|
|
774,818
|
|
|
523,822
|
|
|
Wholesale
|
|
—
|
|
|
—
|
|
|
3,507
|
|
|
40,233
|
|
|
46,905
|
|
|
Total production by
region
|
|
$
|
552,997
|
|
|
$
|
756,868
|
|
|
$
|
828,124
|
|
|
$
|
815,051
|
|
|
$
|
570,727
|
|
|
|
|
|
|
|
|
|
|
|
|
% for
purchases
|
80.9
|
%
|
|
61.3
|
%
|
|
66.7
|
%
|
|
76.8
|
%
|
|
71.5
|
%
|
% for refinance
loans
|
19.1
|
%
|
|
38.7
|
%
|
|
33.3
|
%
|
|
23.2
|
%
|
|
28.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
Production
|
|
$
|
51,061
|
|
|
$
|
38,907
|
|
|
$
|
45,586
|
|
|
$
|
47,847
|
|
|
$
|
36,462
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded loan type
(UPB):
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional
|
|
63.9
|
%
|
|
68.9
|
%
|
|
68.9
|
%
|
|
65.9
|
%
|
|
66.1
|
%
|
|
|
FHA/VA/USDA
|
|
24.2
|
%
|
|
21.6
|
%
|
|
22.2
|
%
|
|
23.3
|
%
|
|
21.7
|
%
|
|
|
Jumbo
|
|
11.9
|
%
|
|
9.5
|
%
|
|
8.9
|
%
|
|
10.8
|
%
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross pipeline of
locked loans to be sold (UPB)
|
|
$
|
374,739
|
|
|
$
|
211,921
|
|
|
$
|
394,773
|
|
|
$
|
387,777
|
|
|
$
|
370,497
|
|
Loans held for sale
(UPB)
|
|
$
|
195,772
|
|
|
$
|
250,094
|
|
|
$
|
281,418
|
|
|
$
|
288,734
|
|
|
$
|
226,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan sales
(UPB)
|
|
$
|
566,003
|
|
|
$
|
758,775
|
|
|
$
|
796,379
|
|
|
$
|
712,712
|
|
|
$
|
547,614
|
|
|
|
Conventional
|
|
69.9
|
%
|
|
72.8
|
%
|
|
70.0
|
%
|
|
70.5
|
%
|
|
66.7
|
%
|
|
|
FHA/VA/USDA
|
|
23.0
|
%
|
|
22.6
|
%
|
|
24.0
|
%
|
|
23.0
|
%
|
|
21.4
|
%
|
|
|
Jumbo
|
|
7.1
|
%
|
|
4.6
|
%
|
|
6.0
|
%
|
|
6.5
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans
outstanding(1)
|
|
$
|
592,537
|
|
|
$
|
634,511
|
|
|
$
|
635,529
|
|
|
$
|
598,403
|
|
|
$
|
495,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes held-for-sale
|
|
|
(2)
Tennessee added in Q1 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
THIRD PARTY
MORTGAGE LOAN SERVICING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Loans serviced for
others (UPB)
|
|
$
|
8,067,426
|
|
|
$
|
7,787,470
|
|
|
$
|
7,489,954
|
|
|
$
|
7,200,540
|
|
|
$
|
6,894,083
|
|
Average loans
serviced for others (UPB)
|
|
$
|
8,013,761
|
|
|
$
|
7,625,384
|
|
|
$
|
7,337,291
|
|
|
$
|
7,022,718
|
|
|
$
|
6,781,135
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR book value, net
of amortization
|
|
$
|
98,550
|
|
|
$
|
95,282
|
|
|
$
|
90,982
|
|
|
$
|
87,652
|
|
|
$
|
84,111
|
|
MSR
impairment
|
|
(7,163)
|
|
|
(9,152)
|
|
|
(22,295)
|
|
|
(22,753)
|
|
|
(14,184)
|
|
MSR net carrying
value
|
|
$
|
91,387
|
|
|
$
|
86,130
|
|
|
$
|
68,687
|
|
|
$
|
64,899
|
|
|
$
|
69,927
|
|
MSR carrying value as
a % of period end UPB
|
|
1.13
|
%
|
|
1.11
|
%
|
|
0.92
|
%
|
|
0.90
|
%
|
|
1.01
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency % loans
serviced for others
|
|
0.53
|
%
|
|
0.69
|
%
|
|
0.76
|
%
|
|
0.55
|
%
|
|
0.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR revenue
multiple(1)
|
|
4.25
|
|
|
4.14
|
|
|
3.44
|
|
|
3.42
|
|
|
3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
MSR carrying value (period end) to period end loans serviced for
others divided by the ratio of annualized mortgage loan servicing
revenue to average mortgage loans serviced for
others
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
AVERAGE BALANCE,
INTEREST AND YIELDS
|
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
March 31,
2017
|
|
March 31,
2016
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
($ in
thousands)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income (1)
|
$
|
3,718,260
|
|
|
$
|
36,130
|
|
|
3.94
|
%
|
|
$
|
3,370,645
|
|
|
$
|
32,976
|
|
|
3.93
|
%
|
Investment securities
(1)
|
171,853
|
|
|
1,279
|
|
|
3.02
|
%
|
|
210,428
|
|
|
1,337
|
|
|
2.56
|
%
|
Other earning
assets
|
192,431
|
|
|
351
|
|
|
0.74
|
%
|
|
70,562
|
|
|
67
|
|
|
0.38
|
%
|
Total
interest-earning assets
|
4,082,544
|
|
|
37,760
|
|
|
3.75
|
%
|
|
3,651,635
|
|
|
34,380
|
|
|
3.79
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
38,578
|
|
|
|
|
|
|
28,530
|
|
|
|
|
|
Allowance for loan
losses
|
(29,788)
|
|
|
|
|
|
|
(27,052)
|
|
|
|
|
|
Premises and
equipment, net
|
87,792
|
|
|
|
|
|
|
82,559
|
|
|
|
|
|
Other real
estate
|
14,147
|
|
|
|
|
|
|
19,894
|
|
|
|
|
|
Other
assets
|
216,219
|
|
|
|
|
|
|
187,117
|
|
|
|
|
|
Total
noninterest-earning assets
|
326,948
|
|
|
|
|
|
|
291,048
|
|
|
|
|
|
Total
assets
|
$
|
4,409,492
|
|
|
|
|
|
|
$
|
3,942,683
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
1,244,955
|
|
|
$
|
944
|
|
|
0.31
|
%
|
|
$
|
1,051,221
|
|
|
$
|
694
|
|
|
0.27
|
%
|
Savings
deposits
|
387,007
|
|
|
344
|
|
|
0.36
|
%
|
|
358,481
|
|
|
304
|
|
|
0.34
|
%
|
Time
deposits
|
1,050,897
|
|
|
2,161
|
|
|
0.83
|
%
|
|
1,015,996
|
|
|
2,267
|
|
|
0.90
|
%
|
Total
interest-bearing deposits
|
2,682,859
|
|
|
3,449
|
|
|
0.52
|
%
|
|
2,425,698
|
|
|
3,265
|
|
|
0.54
|
%
|
Other short-term
borrowings
|
245,262
|
|
|
392
|
|
|
0.65
|
%
|
|
251,359
|
|
|
294
|
|
|
0.47
|
%
|
Subordinated
debt
|
120,472
|
|
|
1,567
|
|
|
5.28
|
%
|
|
120,337
|
|
|
1,439
|
|
|
4.81
|
%
|
Total
interest-bearing liabilities
|
3,048,593
|
|
|
5,408
|
|
|
0.72
|
%
|
|
2,797,394
|
|
|
4,998
|
|
|
0.72
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
961,188
|
|
|
|
|
|
|
786,993
|
|
|
|
|
|
Other
liabilities
|
37,390
|
|
|
|
|
|
|
49,344
|
|
|
|
|
|
Shareholders'
equity
|
362,321
|
|
|
|
|
|
|
308,952
|
|
|
|
|
|
Total
noninterest-bearing liabilities and shareholders' equity
|
1,360,899
|
|
|
|
|
|
|
1,145,289
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
4,409,492
|
|
|
|
|
|
|
$
|
3,942,683
|
|
|
|
|
|
Net interest
income/spread
|
|
|
$
|
32,352
|
|
|
3.03
|
%
|
|
|
|
$
|
29,382
|
|
|
3.07
|
%
|
Net interest
margin
|
|
|
|
|
3.21
|
%
|
|
|
|
|
|
3.24
|
%
|
|
(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-reports-earnings-for-first-quarter-of-105-million-300442898.html
SOURCE Fidelity Southern Corporation