ATLANTA, Jan. 18, 2018 /PRNewswire/ -- Fidelity
Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION),
holding company for Fidelity Bank (the "Bank"), today reported net
income of $12.4 million, or
$0.46 per diluted share for the
quarter ended December 31, 2017, compared with $7.9 million, or $0.30 per diluted share, for the quarter ended
September 30, 2017. For the year ended December 31, 2017,
the Company reported net income of $39.8
million, or $1.49 per diluted
share, compared with $38.8 million,
or $1.50 per diluted share, for the
same period in 2016.
Fidelity's Chairman, Jim Miller,
said, "With a little help from Washington, we made a lot of money as our
"old" strategy played out in 2017. That strategy was modified
beginning early in 2017. Interest rates are the reason.
However, destructive interest rate competition in commercial
credits has only now abated and our ability to compete is
here. Our efforts did pay off in the 4th quarter. Much more is to
come as the loan portfolio is rebalanced to higher income
commercial credits as consumer lending is deemphasized to meet
today's reality."
President Palmer Proctor added,
"We have created good momentum this year in positioning the bank
for future organic growth from our commercial bank and mortgage
businesses, becoming more efficient and effective in all we do, and
being ready for any strategic opportunities that may arise. We are
very pleased with the 20% annual growth in our demand and money
market deposits, continued improvements in our asset quality, and
the 9% or $1.15 per share growth in
our tangible book value. We are optimistic about 2018."
RECENT EVENTS
As a result of the Tax
Cuts and Jobs Act that was enacted into law on December 22, 2017, Fidelity revalued its net
deferred tax liability position to reflect the reduction in the
federal corporate income tax rate from 35% to 21%. This revaluation
resulted in a one-time income tax benefit of approximately
$4.9 million, or $0.18 of diluted earnings per common share, for
the fourth quarter of 2017.
BALANCE SHEET
Total assets grew by
$71.4 million, or 1.6%, during the
quarter, to $4.6 billion at
December 31, 2017, compared to $4.5
billion at September 30, 2017, primarily due to
increased loan production of $188.7
million, partially offset by a decrease in cash of
$125.7 million during the quarter.
Demand and money market deposits grew by $27.4 million, but this increase was partially
offset by a seasonal decrease in time and savings deposits of
$98.6 million, for a net decrease in
deposits of $71.2 million during the
quarter.
Short-term FHLB borrowings and securities sold under repurchase
agreements increased by $135.8
million, due to the increased loan production and lower
deposit funding. In addition, other liabilities decreased by
$6.8 million, or 15.6%, due primarily
to the revaluation of the deferred tax liability at
December 31, 2017, as discussed in the Income Taxes
section below.
Total assets grew by $187.2
million or 4.3%, to $4.6
billion at December 31, 2017, compared to $4.4 billion at December 31, 2016. Primary
drivers of the year over year change were loan growth of
$171.1 million, or 4.5%, funded by
total deposit increases of $236.6
million, or 6.5%, which allowed the Company to eliminate
$92.8 million, or 38.1%, of
short-term borrowings, as compared to December 31, 2016.
Loans
Total loans of $3.9 billion at December 31, 2017, increased
by $188.7 million, or 5.0%, as
compared to September 30, 2017. Increases of $106.5 million in indirect loans, $19.6 million in commercial/SBA loans, and
$40.6 million in mortgage loans were
noted in the quarter. Indirect loan production increased by
$88.9 million, or 34.7%, in
anticipation of indirect loan sales in the first half of 2018.
Loans held-for-sale increased by $17.4
million, as the pipeline for expected loan sales was raised
for the quarter.
Total loans increased by $171.1
million, or 4.5%, compared to December 31, 2016. An
increase in mortgage loans of $134.7
million accounted for most of the increase, primarily due to
lower sales of mortgage loans of $226.6
million in 2017. Commercial and construction portfolios also
experienced growth year over year.
Asset Quality
Asset quality remained strong as
evidenced by the reduction in non performing assets, excluding the
guaranteed portion of SBA and GNMA loans ("adjusted NPA's") and
acquired loans. Adjusted NPA's, a non-GAAP
measure, decreased by $4.6
million, or 11.5%, during 2017. The reconciliation to the
comparable GAAP measure is included in the schedules accompanying
this release.
On a linked-quarter basis, the provision for loan losses
decreased by $1.4 million, while net
charge-offs were flat. Gross charge-offs increased by $1.6 million, offset by an increase in gross
recoveries of $1.8 million, on a
linked-quarter basis, mainly due to charge-offs of specific
reserves established in prior quarters on several C&I loans to
operating companies. Annualized net charge-offs remained
relatively flat at an increase of 0.1% of average loans. No
provision for loan losses was recorded in the fourth quarter due to
elevated loan recoveries.
Compared to 2016, the provision for loan losses for the year
decreased by $4.0 million, reflecting
strong asset quality.
Fair Value Adjustments
Loan servicing rights
increased by $725,000, or 0.6%, to
$112.6 million at December 31,
2017, compared to $111.9 million at
September 30, 2017, and by $13.3
million, or 13.4%, compared to December 31, 2016.
Mortgage servicing rights ("MSRs"), the primary component of loan
servicing rights, contributed the majority of the change,
increasing by $1.6 million and
$14.5 million during the quarter and
year, respectively.
New loan servicing rights capitalized on sales of mortgage loans
with servicing retained decreased by $1.7
million, or 19.8%, for the quarter but increased
$766,000, or 2.7%, for the year.
Capitalized servicing decreased on a linked-quarter basis due to
the seasonality of mortgage production. Historically, production
begins to decrease after the strong summer buying season.
Capitalized servicing increased for the year even though sales of
loans with servicing retained decreased by $305.2 million, or 12.1%, for the year because,
as a result of rising interest rates, servicing rights are expected
to remain in the portfolio longer, leading to higher projected
expected lives. The decrease in sales of loans sold servicing
retained was primarily due to fewer originated mortgages from
refinance transactions, as year over year, we originated
$513.3 million, or 55.7%, fewer
refinance loans. This was partially offset by increased volume of
purchase money mortgages and new market expansion.
Amortization of MSRs was flat for the linked-quarter, increasing
by $48,000, or 1.4%, but was
$1.6 million, or 10.2%, lower in 2017
compared to the prior year. The annual decrease is primarily the
result of lower actual and predicted early prepayments in 2017,
compared to 2016, as a result of the relatively more stable
interest rate environment in 2017.
MSRs impairment of $1.5 million
was recorded during the quarter, an increase of $932,000, or 171.2%, compared to the prior
quarter. The increase in impairment was primarily related to higher
actual early prepayments, and higher expected future delinquent
servicing costs. Higher future servicing costs are expected as the
Company continues to adapt to and implement increased regulatory
requirements and as the average age of the serviced portfolio
grows.
The current estimated fair market value of the MSRs was
$103.7 million at December 31,
2017, an excess of $3.0 million over
the net carrying value recorded. If interest rates trend upward,
the fair market value would theoretically increase with a
corresponding decrease in early prepayment expectations and some
portion of the cumulative impairment recorded may be recovered.
However, the value of the MSRs is highly dependent on current
market rates so any interest rate volatility could significantly
impact the value of the asset and the recorded impairment, either
positively or negatively.
Fair value gains on the portfolio of mortgage loans held for
sale, interest rate lock commitments ("IRLCs") and hedge items were
$10.3 million at December 31,
2017, a decrease of $1.3 million, or
11.5%, for the quarter. The decrease was primarily attributable to
a decrease in the gross pipeline of locked loans to be sold during
the winter months, historically a lower buying season and one of
the lowest production periods of the year. In the future, slower
winter seasonality should be partially offset by continued
expansion into Florida markets,
where winter home buying is stronger than in other markets. Since
the Bank hedges its mortgage pipeline and held for sale portfolio,
the volatility of these items due to interest rate movements
collectively should be minimal.
Deposits
Fidelity continued to focus on core
deposit growth as demand and money market deposits grew by
$27.4 million, or 1.1%, to
$2.6 billion, during the quarter, and
by $445.0 million, or 20.4%, in 2017.
Florida total deposits increased
by $10.8 million, during the quarter,
and $241.7 million in 2017.
Noninterest-bearing demand deposits ended 2017 at a record level of
$1.1 billion, an increase of
$12.9 million, or 1.2%, for the
quarter and $160.7 million, or 16.7%%
in 2017.
Increases in demand and money market deposits were partially
offset by decreases in savings deposits of $33.1 million and $81.0
million and time deposits of $65.5
million and $127.4 million,
for the quarter and year over year, respectively. The enhanced core
deposit base allowed the Bank to be more relationship-oriented in
its approach to time deposits and non core brokered CD's which
decreased by $30.6 million and
$64.5 million, for the quarter and
year over year, respectively.
INCOME STATEMENT
Net Income
Net income was $12.4 million, or $4.5
million more than the previous quarter. The increase in
earnings was driven by an increase in net interest income of
$2.5 million, primarily due to an
increase in loan yield and average loans, the aforementioned
decrease in provision for loan losses, and a $5.4 million decrease in income tax expense,
including a one-time tax benefit of $4.9
million as a result of the revaluation of the net deferred
tax liability, as discussed in the Income Taxes section
below. The increases in net income driven by these items were
partially offset by lower noninterest income of $4.8 million, primarily led by mortgage lending
activities as a result of lower originations and loan sales due to
seasonality.
Net income was $39.8 million for
the year, an increase of $1.0
million, or 2.7%, as compared to the same period in the
prior year, primarily driven by higher net interest income of
$6.4 million, lower provision for
loan losses of $4.0 million, offset
by lower noninterest income of $6.4
million, and higher noninterest expense of $9.9 million. In addition, income tax expense was
$6.9 million lower in 2017, including
the one-time benefit discussed above.
Interest Income
Interest income of $41.7 million for the quarter increased by
$2.5 million, or 6.7%, compared to
the prior quarter, primarily driven by an increase of 17 basis
points in the yield on loans and an increase in average loans of
$106.5 million. Interest income
on loans for the quarter included $1.2
million in accretable yield earned on the purchased credit
impaired ("PCI") loan portfolio, which accounted for 7 basis points
of the increase. Management does not believe that the increase in
the accretable yield recognized during the quarter is reflective of
a trend that will continue in future quarters.
This increase was partially offset by a decrease in interest
income from excess fed funds sold and interest-bearing deposits
with banks of $230,000, or 2 basis
points for the quarter as excess funds were used to pay down
short-term borrowings.
As compared to the same period in the prior year, interest
income increased by $3.4 million, or
8.8%, as the yield on loans increased by 25 basis points, primarily
in the commercial, construction, and mortgage loan portfolios,
including an increase of 7 basis points attributable to accretable
yield.
Interest income was $158.0 million
for the year, an increase of $8.7
million or 5.8%, compared to the same period in the prior
year, primarily due to an increase of 5 basis points in the yield
on loans and an increase in $139.1
million in average loans.
Interest Expense
Interest expense of
$5.8 million, increased slightly by
$68,000, or 1.3%, for the quarter,
primarily due to a 1 basis point increase in deposit expense for
the quarter. As compared to the same periods in the prior year,
interest expense increased by $427,000, or 8.0%, for the quarter, and by
$2.3 million, or 11.2%, year over
year, as market rates and balances on deposits increased over the
past twelve months.
Net Interest Margin
The net interest margin was
3.42% for the quarter compared to 3.20% in the previous quarter, an
increase of 22 basis points. The yield on total average
earning assets increased from 3.75% to 3.97%, offset by a slight
increase in the yield on total interest bearing liabilities of 1
basis point to 0.78%. Average loans increased by $106.5 million with a 17 basis point increase in
yield, due to higher yields on indirect lending, mortgage and
commercial/SBA loans, including an increase of 7 basis points in
accretable yield on PCI loans. Management does not believe that the
increase in the accretable yield recognized during the quarter is
reflective of a trend that will continue in future quarters.
Average interest-bearing liabilities decreased by $6.0 million, primarily driven by a decrease in
average time deposits, partially offset by increases in average
demand and savings deposits, as the Bank focused on core deposit
growth, and the previously discussed increase in borrowings for the
quarter to fund loan growth.
As compared to the same period a year ago, the net interest
margin for the quarter, increased by 17 basis points to 3.42% from
3.25%, primarily due to a 25 basis point increase in the yield on
earning assets, offset by an increase in the yield on total
interest-bearing liabilities of 7 basis points from 0.71%. Higher
yields on earning assets included an increase of 7 basis points in
accretable yield on PCI loans. Average earning assets
increased by $117.0 million,
primarily due to an increase in average loans over the year and and
the excess cash generated over the year by the increase in
deposits. Average interest-bearing liabilities decreased by
$53.1 million, primarily driven by an
decrease in average borrowings of $264.1
million, offset by an increase in average interest-bearing
deposits of $210.9 million.
Noninterest Income
On a linked-quarter basis,
noninterest income decreased by $4.8
million, or 10.1%, largely due to a net decrease in income
from mortgage banking activities of $4.1
million, or 11.0%, including a $1.5
million MSRs impairment. Marketing gains and origination
points and fees decreased primarily due to lower mortgage
production, which decreased $83.1
million, due to seasonality of mortgage production, and a
lower pipeline of locked loans to be sold, which decreased by
$61.5 million, or 23.2%, during the
quarter. In addition, mortgage loan sales decreased $129.4 million, or 17.7%, during the quarter. SBA
lending activities income decreased by $879,000, due to lower gain on loan sales and
increased held for sale balances, and other income decreased by
$560,000, a direct result of lower
gains on OREO sales. Offsetting these decreases, indirect lending
activities income increased by $665,000, led by an increase in indirect loan
sales of $32.6 million, resulting in
higher gain on sale of $269,000 and
an increase in capitalization of servicing rights of $224,000 as the Company retained the servicing on
those sales.
Compared to the same period a year ago, noninterest income for
the quarter of $28.9 million
decreased by $18.3 million, or 38.7%,
primarily due to a net decrease in income from mortgage banking
activities of $16.5 million, or
44.1%, stemming from a change in MSRs impairment/recovery of
$14.6 million.
Noninterest income was $135.0
million in 2017, a decrease of $6.4
million, or 4.5%, compared to the prior year, primarily due
to decreases in income from mortgage banking activities of
$2.8 million, indirect lending
activities of $2.4 million, and SBA
lending activities of $1.1 million.
Year over year changes are primarily the result of lower MSRs
recovery and gain on asset sales.
Noninterest Expense
On a linked-quarter basis,
total noninterest expense increased by $73,000, or 0.1%, for the quarter, primarily due
to an increase in fraud and other losses of $587,000, loan origination expenses of
$383,000 and $284,000 in OREO property tax expense. These
increases were offset by a decrease in salaries and employee
benefits, and commissions of $1.4
million, or 4.0%, due to a decrease in commissions of
$797,000 relating to lower mortgage
loan production for the quarter. Salaries decreased by $586,000, primarily due to decreases in temporary
help, overtime, 401K expense, and
supplemental retirement expense.
Compared to the prior year quarter, noninterest expense of
$52.9 million decreased by
$1.3 million, or 2.3%. Salaries and
employee benefits, and commissions decreased by $1.1 million, or 3.2%, compared to the same
quarter in 2016, due primarily to a decrease in commissions as
mortgage loan production was lower in 2017 than 2016.
Noninterest expense of $210.9
million increased by $9.9
million, or 4.9%, year over year. The increase in
noninterest expense was related to organic growth in the mortgage
and Wealth Management divisions, and expense related to our
operational excellence initiative launched earlier in the year.
Salaries and employee benefits, and commissions increased by
$7.3 million, or 5.6%, for the year,
mainly due to an increase in the FTE count of 109, or 8.5%,
primarily due to growth in our mortgage and Wealth Management
businesses. Professional and other services also increased by
$3.1 million, or 20.5%, primarily due
to increased expenses paid to outside third parties for
infrastructure improvement projects and costs associated with new
and existing regulations. Fidelity remains committed to
implementing changes to operations and technology that will enable
the Bank to be more efficient and effective in its growth
strategies.
Income Taxes
The Tax Cuts and Jobs Act enacted
on December 22, 2017 included, among
other things, a reduction in the federal corporate income tax rate
from 35 percent to 21 percent from the beginning of the tax year
2018. The income tax rate change will favorably impact Fidelity's
effective tax rate going forward.
As a result of the rate change, Fidelity revalued its net
deferred tax liability at December 31, 2017 which reduced
income tax expense by $4.9 million
for the quarter. The main component of Fidelity's net deferred tax
liability position is the timing of MSRs income recognition which
resulted in an $11.2 million tax
benefit, partially offset by tax expense of $5.9 million to revalue future deductions related
to the loan loss allowance and employee compensation programs at
the lower corporate income tax rate going forward.
Excluding the effects of the one-time tax benefit recorded to
revalue the net deferred tax liability and the benefit of discrete
items recorded during the quarter for employee stock option
exercises, the effective tax rate was constant compared to the
prior quarter at 38.3%.
The one-time tax benefit recorded during the quarter to revalue
the net deferred tax liability represents a reasonable estimate
determined by management. Any adjustments to provisional amounts
determined during the measurement period will be reported as an
adjustment to income tax expense or benefit in future periods.
The revaluation of the net deferred tax liability as a result of
the rate change does not have any cash flow effect. Additionally,
the change in the tax rate does not impact the time frame when the
net deferred tax liability is expected to be settled.
OTHER NEWS
Fidelity continued its retail
branch expansion during the quarter with the opening of the Capital
Circle branch in Tallahassee,
Florida on December 29, 2017.
Fidelity has received regulatory approval to open two additional
branches in Georgia which it
expects to open in Macon and
Covington in Q1 2018, which will
bring the total number of retail branches to 68.
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. Indirect auto
and mortgage loans are provided throughout the South and parts of
the Midwest while SBA loans are originated nationwide. For
additional information about Fidelity's products and services,
please visit the website at www.FidelitySouthern.com.
NON-GAAP FINANCIAL MEASURES
This release contains certain non-GAAP financial measures. The
"GAAP TO NON-GAAP RATIO RECONCILIATION" tables included
below reconcile GAAP to non-GAAP ratios. The non-GAAP ratios
contain financial information determined by methods other than in
accordance with GAAP. Management uses these "non-GAAP" financial
measures in its analysis of the Company's performance. Management
believes that presentation of these non-GAAP financial measures
provides useful supplemental information that allows better
comparability with prior periods, as well as with peers in the
industry and provides a greater understanding of the asset quality
of the Company's loan portfolio exclusive of the indirect auto,
government-guaranteed and acquired loan portfolios. These
disclosures should not be viewed as a substitute for operating
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
SAFE HARBOR
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
|
|
|
As of or for the
twelve months ended
|
($ in thousands,
except per share data)
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
December 31,
2017
|
|
December 31,
2016
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
41,653
|
|
|
$
|
39,105
|
|
|
$
|
38,287
|
|
|
|
$
|
157,978
|
|
|
$
|
149,283
|
|
Interest
expense
|
5,779
|
|
|
5,711
|
|
|
5,352
|
|
|
|
22,730
|
|
|
20,448
|
|
Net interest
income
|
35,874
|
|
|
33,394
|
|
|
32,935
|
|
|
|
135,248
|
|
|
128,835
|
|
Provision for loan
losses
|
—
|
|
|
1,425
|
|
|
2,485
|
|
|
|
4,275
|
|
|
8,231
|
|
Noninterest
income
|
28,888
|
|
|
33,638
|
|
|
47,143
|
|
|
|
134,952
|
|
|
141,325
|
|
Noninterest
expense
|
52,910
|
|
|
52,837
|
|
|
54,170
|
|
|
|
210,870
|
|
|
201,020
|
|
Net income before
income taxes
|
11,852
|
|
|
12,770
|
|
|
23,423
|
|
|
|
55,055
|
|
|
60,909
|
|
Income tax (benefit)
expense
|
(591)
|
|
|
4,836
|
|
|
8,358
|
|
|
|
15,259
|
|
|
22,143
|
|
Net income
|
12,443
|
|
|
7,934
|
|
|
15,065
|
|
|
|
39,796
|
|
|
38,766
|
|
PERFORMANCE:
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.46
|
|
|
$
|
0.30
|
|
|
$
|
0.57
|
|
|
|
$
|
1.50
|
|
|
$
|
1.52
|
|
Earnings per common
share - diluted
|
0.46
|
|
|
0.30
|
|
|
0.57
|
|
|
|
1.49
|
|
|
1.50
|
|
Total
revenues
|
70,541
|
|
|
72,743
|
|
|
85,430
|
|
|
|
292,930
|
|
|
290,608
|
|
Book value per common
share
|
14.86
|
|
|
14.47
|
|
|
13.78
|
|
|
|
14.86
|
|
|
13.78
|
|
Tangible book value
per common share
|
14.41
|
|
|
14.00
|
|
|
13.26
|
|
|
|
14.41
|
|
|
13.26
|
|
Cash dividends paid
per common share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
|
0.48
|
|
|
0.48
|
|
Dividend payout
ratio
|
26.09
|
%
|
|
40.00
|
%
|
|
21.05
|
%
|
|
|
32.00
|
%
|
|
31.58
|
%
|
Return on average
assets
|
1.10
|
%
|
|
0.70
|
%
|
|
1.37
|
%
|
|
|
0.89
|
%
|
|
0.92
|
%
|
Return on average
shareholders' equity, annualized
|
12.57
|
%
|
|
8.28
|
%
|
|
16.90
|
%
|
|
|
10.68
|
%
|
|
11.61
|
%
|
Equity to assets
ratio
|
8.78
|
%
|
|
8.61
|
%
|
|
8.26
|
%
|
|
|
8.78
|
%
|
|
8.26
|
%
|
Net interest
margin
|
3.42
|
%
|
|
3.20
|
%
|
|
3.25
|
%
|
|
|
3.26
|
%
|
|
3.32
|
%
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
4,576,858
|
|
|
$
|
4,505,423
|
|
|
$
|
4,389,685
|
|
|
|
$
|
4,576,858
|
|
|
$
|
4,389,685
|
|
Earning
assets
|
4,242,218
|
|
|
4,167,549
|
|
|
4,059,414
|
|
|
|
4,242,218
|
|
|
4,059,414
|
|
Loans, excluding
Loans Held-for-Sale
|
3,580,966
|
|
|
3,409,707
|
|
|
3,302,264
|
|
|
|
3,580,966
|
|
|
3,302,264
|
|
Total
loans
|
3,938,721
|
|
|
3,750,036
|
|
|
3,767,592
|
|
|
|
3,938,721
|
|
|
3,767,592
|
|
Total
deposits
|
3,867,200
|
|
|
3,938,360
|
|
|
3,630,594
|
|
|
|
3,867,200
|
|
|
3,630,594
|
|
Shareholders'
equity
|
401,632
|
|
|
388,068
|
|
|
362,647
|
|
|
|
401,632
|
|
|
362,647
|
|
Assets serviced for
others
|
10,242,742
|
|
|
10,109,466
|
|
|
9,207,070
|
|
|
|
10,242,742
|
|
|
9,207,070
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans
|
0.11
|
%
|
|
0.13
|
%
|
|
0.29
|
%
|
|
|
0.12
|
%
|
|
0.13
|
%
|
Allowance to
period-end loans
|
0.83
|
%
|
|
0.90
|
%
|
|
0.90
|
%
|
|
|
0.83
|
%
|
|
0.90
|
%
|
Nonperforming assets
to total loans, ORE and repossessions
|
1.60
|
%
|
|
1.56
|
%
|
|
1.37
|
%
|
|
|
1.60
|
%
|
|
1.37
|
%
|
Adjusted
nonperforming assets to loans, ORE and
repossessions(1)
|
1.06
|
%
|
|
0.95
|
%
|
|
1.15
|
%
|
|
|
1.06
|
%
|
|
1.15
|
%
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.47x
|
|
|
0.52x
|
|
|
0.57x
|
|
|
|
0.47x
|
|
|
0.57x
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Loans to total
deposits
|
92.60
|
%
|
|
86.58
|
%
|
|
90.96
|
%
|
|
|
92.60
|
%
|
|
90.96
|
%
|
Average total loans
to average earning assets
|
91.95
|
%
|
|
89.85
|
%
|
|
93.18
|
%
|
|
|
90.20
|
%
|
|
92.64
|
%
|
Noninterest income to
total revenue
|
40.95
|
%
|
|
46.24
|
%
|
|
55.18
|
%
|
|
|
46.07
|
%
|
|
48.63
|
%
|
Leverage
ratio
|
8.87
|
%
|
|
8.81
|
%
|
|
8.58
|
%
|
|
|
8.87
|
%
|
|
8.58
|
%
|
Common equity tier 1
capital
|
8.62
|
%
|
|
8.81
|
%
|
|
8.35
|
%
|
|
|
8.62
|
%
|
|
8.35
|
%
|
Tier 1 risk-based
capital
|
9.72
|
%
|
|
9.96
|
%
|
|
9.46
|
%
|
|
|
9.72
|
%
|
|
9.46
|
%
|
Total risk-based
capital
|
12.30
|
%
|
|
12.68
|
%
|
|
12.11
|
%
|
|
|
12.30
|
%
|
|
12.11
|
%
|
Mortgage loan
production
|
$
|
669,733
|
|
|
$
|
752,854
|
|
|
$
|
756,868
|
|
|
|
$
|
2,776,010
|
|
|
$
|
2,970,770
|
|
Total mortgage loan
sales
|
602,171
|
|
|
731,595
|
|
|
|
758,775
|
|
|
|
2,588,842
|
|
|
2,815,480
|
|
Indirect automobile
production
|
345,032
|
|
|
256,084
|
|
|
269,052
|
|
|
|
1,167,373
|
|
|
1,255,591
|
|
Total indirect
automobile production
|
59,681
|
|
|
27,115
|
|
|
97,916
|
|
|
|
431,227
|
|
|
437,812
|
|
(1) Excludes acquired
loans and net of SBA & GNMA guarantees. See non-GAAP
reconciliation table for the comparable GAAP.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
186,302
|
|
|
$
|
312,027
|
|
|
$
|
149,711
|
|
Investment securities
available-for-sale
|
|
120,121
|
|
|
124,827
|
|
|
144,310
|
|
Investment securities
held-to-maturity
|
|
21,689
|
|
|
15,072
|
|
|
16,583
|
|
Loans
held-for-sale
|
|
357,755
|
|
|
340,329
|
|
|
465,328
|
|
|
|
|
|
|
|
|
Loans
|
|
3,580,966
|
|
|
3,409,707
|
|
|
3,302,264
|
|
Allowance for loan
losses
|
|
(29,772)
|
|
|
(30,703)
|
|
|
(29,831)
|
|
Loans, net of allowance
for loan losses
|
|
3,551,194
|
|
|
3,379,004
|
|
|
2,870,484
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
|
88,463
|
|
|
87,792
|
|
|
87,915
|
|
Other real estate,
net
|
|
7,621
|
|
|
8,624
|
|
|
14,814
|
|
Bank owned life
insurance
|
|
71,883
|
|
|
71,455
|
|
|
70,151
|
|
Servicing rights,
net
|
|
112,615
|
|
|
111,890
|
|
|
99,295
|
|
Other
assets
|
|
59,215
|
|
|
54,403
|
|
|
69,145
|
|
Total
assets
|
|
$
|
4,576,858
|
|
|
$
|
4,505,423
|
|
|
$
|
4,389,685
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
1,125,598
|
|
|
$
|
1,112,714
|
|
|
$
|
964,900
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
Demand and money
market
|
|
1,498,707
|
|
|
1,484,180
|
|
|
1,214,382
|
|
Savings
|
|
318,749
|
|
|
351,833
|
|
|
399,754
|
|
Time
deposits
|
|
924,146
|
|
|
989,633
|
|
|
1,051,558
|
|
Total
deposits
|
|
3,867,200
|
|
|
3,938,360
|
|
|
3,630,594
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
150,580
|
|
|
14,746
|
|
|
243,351
|
|
Subordinated debt,
net
|
|
120,587
|
|
|
120,554
|
|
|
120,454
|
|
Other
liabilities
|
|
36,859
|
|
|
43,695
|
|
|
32,639
|
|
Total
liabilities
|
|
4,175,226
|
|
|
4,117,355
|
|
|
4,027,038
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
217,555
|
|
|
212,633
|
|
|
205,309
|
|
Accumulated other
comprehensive income, net
|
|
383
|
|
|
964
|
|
|
692
|
|
Retained
earnings
|
|
183,694
|
|
|
174,471
|
|
|
156,646
|
|
Total shareholders'
equity
|
|
401,632
|
|
|
388,068
|
|
|
362,647
|
|
Total liabilities and
shareholders' equity
|
|
$
|
4,576,858
|
|
|
$
|
4,505,423
|
|
|
$
|
4,389,685
|
|
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,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
December 31,
2017
|
|
December 31,
2016
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
40,065
|
|
|
$
|
37,290
|
|
|
$
|
36,935
|
|
|
|
$
|
150,998
|
|
|
$
|
143,605
|
|
Investment
securities
|
|
1,015
|
|
|
1,011
|
|
|
1,241
|
|
|
|
4,404
|
|
|
5,233
|
|
Other
|
|
573
|
|
|
804
|
|
|
111
|
|
|
|
2,576
|
|
|
445
|
|
Total interest
income
|
|
41,653
|
|
|
39,105
|
|
|
38,287
|
|
|
|
157,978
|
|
|
149,283
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
4,219
|
|
|
4,163
|
|
|
3,382
|
|
|
|
15,722
|
|
|
13,194
|
|
Other
borrowings
|
|
18
|
|
|
16
|
|
|
474
|
|
|
|
928
|
|
|
1,424
|
|
Subordinated
debt
|
|
1,542
|
|
|
1,532
|
|
|
1,496
|
|
|
|
6,080
|
|
|
5,830
|
|
Total interest
expense
|
|
5,779
|
|
|
5,711
|
|
|
5,352
|
|
|
|
22,730
|
|
|
20,448
|
|
Net interest
income
|
|
35,874
|
|
|
33,394
|
|
|
32,935
|
|
|
|
135,248
|
|
|
128,835
|
|
Provision for loan
losses
|
|
—
|
|
|
1,425
|
|
|
2,485
|
|
|
|
4,275
|
|
|
8,231
|
|
Net interest
income after provision for loan losses
|
|
35,874
|
|
|
31,969
|
|
|
30,450
|
|
|
|
130,973
|
|
|
120,604
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,530
|
|
|
1,553
|
|
|
1,608
|
|
|
|
6,019
|
|
|
5,941
|
|
Other fees and
charges
|
|
2,342
|
|
|
2,197
|
|
|
1,902
|
|
|
|
8,402
|
|
|
7,664
|
|
Mortgage banking
activities
|
|
20,932
|
|
|
25,040
|
|
|
37,464
|
|
|
|
98,797
|
|
|
101,577
|
|
Indirect lending
activities
|
|
2,566
|
|
|
1,901
|
|
|
3,466
|
|
|
|
12,533
|
|
|
14,900
|
|
SBA lending
activities
|
|
581
|
|
|
1,460
|
|
|
1,330
|
|
|
|
4,540
|
|
|
5,659
|
|
Bank owned life
insurance
|
|
411
|
|
|
401
|
|
|
458
|
|
|
|
1,670
|
|
|
2,374
|
|
Securities
gains
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
578
|
|
Other
|
|
526
|
|
|
1,086
|
|
|
915
|
|
|
|
2,991
|
|
|
2,632
|
|
Total noninterest
income
|
|
28,888
|
|
|
33,638
|
|
|
47,143
|
|
|
|
134,952
|
|
|
141,325
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
25,745
|
|
|
26,331
|
|
|
25,808
|
|
|
|
103,366
|
|
|
96,684
|
|
Commissions
|
|
8,447
|
|
|
9,244
|
|
|
9,514
|
|
|
|
34,573
|
|
|
33,907
|
|
Occupancy,
net
|
|
4,793
|
|
|
4,508
|
|
|
4,896
|
|
|
|
18,164
|
|
|
17,890
|
|
Professional and
other services
|
|
4,620
|
|
|
4,604
|
|
|
3,539
|
|
|
|
18,343
|
|
|
15,224
|
|
Other
|
|
9,305
|
|
|
8,150
|
|
|
10,413
|
|
|
|
36,424
|
|
|
37,315
|
|
Total noninterest
expense
|
|
52,910
|
|
|
52,837
|
|
|
54,170
|
|
|
|
210,870
|
|
|
201,020
|
|
Income before
income tax (benefit)/expense
|
|
11,852
|
|
|
12,770
|
|
|
23,423
|
|
|
|
55,055
|
|
|
60,909
|
|
Income tax
(benefit)/expense
|
|
(591)
|
|
|
4,836
|
|
|
8,358
|
|
|
|
15,259
|
|
|
22,143
|
|
NET
INCOME
|
|
$
|
12,443
|
|
|
$
|
7,934
|
|
|
$
|
15,065
|
|
|
|
$
|
39,796
|
|
|
$
|
38,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.46
|
|
|
$
|
0.30
|
|
|
$
|
0.57
|
|
|
|
$
|
1.50
|
|
|
$
|
1.52
|
|
Diluted
|
|
$
|
0.46
|
|
|
$
|
0.30
|
|
|
$
|
0.57
|
|
|
|
$
|
1.49
|
|
|
$
|
1.50
|
|
Weighted average
common shares outstanding-basic
|
|
26,904
|
|
|
26,729
|
|
|
26,230
|
|
|
|
26,602
|
|
|
25,497
|
|
Weighted average
common shares outstanding-diluted
|
|
27,011
|
|
|
26,849
|
|
|
26,342
|
|
|
|
26,722
|
|
|
25,813
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
LOANS BY
CATEGORY
|
(UNAUDITED)
|
|
($ in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Commercial
|
|
$
|
811,199
|
|
|
$
|
789,788
|
|
|
$
|
796,699
|
|
|
$
|
802,905
|
|
|
$
|
784,737
|
|
SBA
|
|
141,208
|
|
|
142,989
|
|
|
145,311
|
|
|
149,727
|
|
|
149,779
|
|
Total commercial and
SBA loans
|
|
952,407
|
|
|
932,777
|
|
|
942,010
|
|
|
952,632
|
|
|
934,516
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
loans
|
|
248,317
|
|
|
243,600
|
|
|
248,926
|
|
|
249,465
|
|
|
238,910
|
|
|
|
|
|
|
|
|
|
|
|
|
Indirect
automobile
|
|
1,716,156
|
|
|
1,609,678
|
|
|
1,531,761
|
|
|
1,565,298
|
|
|
1,575,865
|
|
Installment loans and
personal lines of credit
|
|
25,995
|
|
|
26,189
|
|
|
31,225
|
|
|
31,647
|
|
|
33,225
|
|
Total consumer
loans
|
|
1,742,151
|
|
|
1,635,867
|
|
|
1,562,986
|
|
|
1,596,945
|
|
|
1,609,090
|
|
Residential
mortgage
|
|
489,721
|
|
|
452,584
|
|
|
433,544
|
|
|
418,941
|
|
|
386,582
|
|
Home equity lines of
credit
|
|
148,370
|
|
|
144,879
|
|
|
144,666
|
|
|
136,943
|
|
|
133,166
|
|
Total mortgage
loans
|
|
638,091
|
|
|
597,463
|
|
|
578,210
|
|
|
555,884
|
|
|
519,748
|
|
Loans
|
|
3,580,966
|
|
|
3,409,707
|
|
|
3,332,132
|
|
|
3,354,926
|
|
|
3,302,264
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
269,140
|
|
|
257,326
|
|
|
279,292
|
|
|
201,661
|
|
|
252,712
|
|
SBA
|
|
13,615
|
|
|
8,003
|
|
|
15,418
|
|
|
9,456
|
|
|
12,616
|
|
Indirect
automobile
|
|
75,000
|
|
|
75,000
|
|
|
100,000
|
|
|
150,000
|
|
|
200,000
|
|
Total loans
held-for-sale
|
|
357,755
|
|
|
340,329
|
|
|
394,710
|
|
|
361,117
|
|
|
465,328
|
|
Total loans
|
|
$
|
3,938,721
|
|
|
$
|
3,750,036
|
|
|
$
|
3,726,842
|
|
|
$
|
3,716,043
|
|
|
$
|
3,767,592
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS BY
CATEGORY
|
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
($ in
thousands)
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
Noninterest-bearing
demand deposits
|
$
|
1,124,759
|
|
|
—
|
%
|
|
$
|
1,103,414
|
|
|
—
|
%
|
|
$
|
1,027,909
|
|
|
—
|
%
|
|
$
|
961,188
|
|
|
—
|
%
|
|
$
|
978,909
|
|
|
—
|
%
|
Interest-bearing
demand
deposits
|
1,482,686
|
|
|
0.44
|
%
|
|
1,447,874
|
|
|
0.42
|
%
|
|
1,363,651
|
|
|
0.37
|
%
|
|
1,244,955
|
|
|
0.31
|
%
|
|
1,179,837
|
|
|
0.25
|
%
|
Savings
deposits
|
352,235
|
|
|
0.33
|
%
|
|
340,663
|
|
|
0.31
|
%
|
|
357,712
|
|
|
0.32
|
%
|
|
387,007
|
|
|
0.36
|
%
|
|
350,885
|
|
|
0.33
|
%
|
Time
deposits
|
958,790
|
|
|
0.94
|
%
|
|
1,021,563
|
|
|
0.92
|
%
|
|
1,049,248
|
|
|
0.90
|
%
|
|
1,050,897
|
|
|
0.83
|
%
|
|
1,052,082
|
|
|
0.89
|
%
|
Total average
deposits
|
$
|
3,918,470
|
|
|
0.43
|
%
|
|
$
|
3,913,514
|
|
|
0.42
|
%
|
|
$
|
3,798,520
|
|
|
0.41
|
%
|
|
$
|
3,644,047
|
|
|
0.38
|
%
|
|
$
|
3,561,713
|
|
|
0.38
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
NONPERFORMING AND
CLASSIFIED ASSETS
|
(UNAUDITED)
|
|
($ in
thousands)
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)(6)
|
$
|
47,012
|
|
|
$
|
41,408
|
|
|
$
|
37,894
|
|
|
$
|
38,377
|
|
|
$
|
35,358
|
|
Loans past due 90
days or more and still accruing
|
6,313
|
|
|
6,534
|
|
|
7,210
|
|
|
8,414
|
|
|
6,189
|
|
Repossessions
|
2,392
|
|
|
2,040
|
|
|
1,779
|
|
|
1,654
|
|
|
2,274
|
|
Other real estate
(ORE)
|
7,621
|
|
|
8,624
|
|
|
9,382
|
|
|
11,284
|
|
|
14,814
|
|
Nonperforming
assets
|
$
|
63,338
|
|
|
$
|
58,606
|
|
|
$
|
56,265
|
|
|
$
|
59,729
|
|
|
$
|
58,635
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
10,560
|
|
|
$
|
10,193
|
|
|
$
|
7,181
|
|
|
$
|
11,735
|
|
|
$
|
7,707
|
|
Loans 30-89 days past
due to loans
|
0.29
|
%
|
|
0.30
|
%
|
|
0.22
|
%
|
|
0.35
|
%
|
|
0.23
|
%
|
Loans past due 90
days or more and still accruing to loans
|
0.18
|
%
|
|
0.19
|
%
|
|
0.22
|
%
|
|
0.25
|
%
|
|
0.19
|
%
|
Nonperforming loans
as a % of loans
|
1.49
|
%
|
|
1.41
|
%
|
|
1.35
|
%
|
|
1.39
|
%
|
|
1.26
|
%
|
Nonperforming assets
to loans, ORE, and repossessions
|
1.76
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
|
1.60
|
%
|
|
1.55
|
%
|
Adjusted
nonperforming assets to loans, ORE and
repossessions(8)
|
1.06
|
%
|
|
0.95
|
%
|
|
1.02
|
%
|
|
1.10
|
%
|
|
1.15
|
%
|
Nonperforming assets
to total assets
|
1.38
|
%
|
|
1.30
|
%
|
|
1.22
|
%
|
|
1.32
|
%
|
|
1.34
|
%
|
Adjusted
nonperforming assets to total
assets(8)
|
0.78
|
%
|
|
0.74
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
|
0.92
|
%
|
Classified Asset
Ratio(4)
|
20.70
|
%
|
|
20.59
|
%
|
|
20.14
|
%
|
|
20.97
|
%
|
|
21.22
|
%
|
ALL to nonperforming
loans
|
55.83
|
%
|
|
64.04
|
%
|
|
67.46
|
%
|
|
65.09
|
%
|
|
71.80
|
%
|
Net charge-offs,
annualized to average loans
|
0.11
|
%
|
|
0.13
|
%
|
|
0.09
|
%
|
|
0.16
|
%
|
|
0.28
|
%
|
ALL as a % of
loans
|
0.83
|
%
|
|
0.90
|
%
|
|
0.91
|
%
|
|
0.91
|
%
|
|
0.90
|
%
|
Adjusted ALL as a %
of adjusted loans(7)
|
1.16
|
%
|
|
1.29
|
%
|
|
1.30
|
%
|
|
1.35
|
%
|
|
1.38
|
%
|
ALL as a % of loans,
excluding acquired loans(5)
|
0.88
|
%
|
|
0.96
|
%
|
|
0.98
|
%
|
|
0.98
|
%
|
|
0.99
|
%
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
Classified
loans(1)
|
$
|
77,679
|
|
|
$
|
75,033
|
|
|
$
|
71,040
|
|
|
$
|
71,082
|
|
|
$
|
68,128
|
|
ORE and
repossessions
|
10,013
|
|
|
10,664
|
|
|
11,161
|
|
|
12,938
|
|
|
17,088
|
|
Total classified
assets(3)
|
$
|
87,692
|
|
|
$
|
85,697
|
|
|
$
|
82,201
|
|
|
$
|
84,020
|
|
|
$
|
85,216
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Amount of SBA guarantee included in classified
loans
|
$
|
2,930
|
|
|
$
|
2,755
|
|
|
$
|
7,458
|
|
|
$
|
5,213
|
|
|
$
|
7,735
|
|
(2)
Amount of repurchased government-guaranteed loans, primarily
residential mortgage loans, included in nonaccrual
loans
|
$
|
19,478
|
|
|
$
|
15,450
|
|
|
$
|
12,502
|
|
|
$
|
12,287
|
|
|
$
|
7,771
|
|
(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
|
(7)
Excludes indirect and acquired loans. See non-GAAP
reconciliation table for a reconciliation to the comparable GAAP
measure
|
(8)
Excludes acquired loans and net of SBA & GNMA guarantees.
See non-GAAP reconciliation table for a reconciliation to the
comparable GAAP measure
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
INCOME FROM
INDIRECT LENDING ACTIVITIES
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended
|
(in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Loan servicing
revenue
|
|
$
|
2,158
|
|
|
$
|
2,130
|
|
|
$
|
2,199
|
|
|
$
|
1,919
|
|
|
$
|
2,343
|
|
Gain on sale of
loans
|
|
532
|
|
|
263
|
|
|
1,074
|
|
|
1,821
|
|
|
993
|
|
Gain on
capitalization of servicing rights
|
|
406
|
|
|
182
|
|
|
1,020
|
|
|
1,403
|
|
|
781
|
|
Ancillary loan
servicing revenue
|
|
247
|
|
|
172
|
|
|
204
|
|
|
153
|
|
|
302
|
|
Gross indirect lending
revenue
|
|
3,343
|
|
|
2,747
|
|
|
4,497
|
|
|
5,296
|
|
|
4,419
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Amortization of
servicing rights, net
|
|
(777)
|
|
|
(846)
|
|
|
(857)
|
|
|
(870)
|
|
|
(953)
|
|
Total income from
indirect lending
activities
|
|
$
|
2,566
|
|
|
$
|
1,901
|
|
|
$
|
3,640
|
|
|
$
|
4,426
|
|
|
$
|
3,466
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
INDIRECT LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Average loans
outstanding(1)
|
|
$
|
1,748,179
|
|
|
$
|
1,627,946
|
|
|
$
|
1,675,644
|
|
|
$
|
1,756,958
|
|
|
$
|
1,702,006
|
|
Loans serviced for
others
|
|
$
|
1,056,509
|
|
|
$
|
1,114,710
|
|
|
$
|
1,216,296
|
|
|
$
|
1,197,160
|
|
|
$
|
1,130,289
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
3,423
|
|
|
2,965
|
|
|
1,535
|
|
|
2,223
|
|
|
2,972
|
|
Number 30+ days past
due
|
|
283
|
|
|
255
|
|
|
143
|
|
|
200
|
|
|
252
|
|
30+ day performing
delinquency rate(2)
|
|
0.19
|
%
|
|
0.18
|
%
|
|
0.09
|
%
|
|
0.13
|
%
|
|
0.17
|
%
|
Nonperforming
loans
|
|
1,916
|
|
|
1,405
|
|
|
1,363
|
|
|
1,778
|
|
|
1,278
|
|
Nonperforming loans
as a percentage of
period end loans(2)
|
|
0.11
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.10
|
%
|
|
0.07
|
%
|
Net
charge-offs
|
|
$
|
798
|
|
|
$
|
1,047
|
|
|
$
|
1,332
|
|
|
$
|
1,502
|
|
|
$
|
1,306
|
|
Net charge-off
rate(3)
|
|
0.19
|
%
|
|
0.27
|
%
|
|
0.35
|
%
|
|
0.38
|
%
|
|
0.32
|
%
|
Number of vehicles
repossessed during the
period
|
|
107
|
|
|
132
|
|
|
147
|
|
|
154
|
|
|
164
|
|
Quarterly production
weighted average
beacon score
|
|
783
|
|
|
776
|
|
|
758
|
|
|
758
|
|
|
758
|
|
(1)
Includes
held-for-sale
|
(2)
Calculated by
dividing loan category as of the end of the period by period-end
loans including held for sale for the specified loan
portfolio
|
(3)
Calculated by
dividing annualized net charge-offs for the period by average loans
held for investment during the period for the specified loan
category
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
INDIRECT LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
19,216
|
|
|
$
|
13,587
|
|
|
$
|
10,399
|
|
|
$
|
14,452
|
|
|
$
|
11,613
|
|
|
Arkansas
|
|
30,732
|
|
|
26,997
|
|
|
26,569
|
|
|
33,602
|
|
|
32,789
|
|
|
North
Carolina
|
|
28,912
|
|
|
16,545
|
|
|
14,110
|
|
|
15,858
|
|
|
13,734
|
|
|
South
Carolina
|
|
16,559
|
|
|
10,959
|
|
|
11,232
|
|
|
15,020
|
|
|
11,953
|
|
|
Florida
|
|
87,750
|
|
|
51,723
|
|
|
49,976
|
|
|
65,053
|
|
|
56,432
|
|
|
Georgia
|
|
45,571
|
|
|
31,266
|
|
|
28,091
|
|
|
36,178
|
|
|
29,150
|
|
|
Mississippi
|
|
32,141
|
|
|
24,535
|
|
|
20,136
|
|
|
21,370
|
|
|
17,784
|
|
|
Tennessee
|
|
17,635
|
|
|
10,931
|
|
|
10,012
|
|
|
14,143
|
|
|
12,963
|
|
|
Virginia
|
|
6,495
|
|
|
8,223
|
|
|
6,292
|
|
|
10,282
|
|
|
6,063
|
|
|
Texas
(2)
|
|
—
|
|
|
13,312
|
|
|
26,542
|
|
|
32,902
|
|
|
24,942
|
|
|
Louisiana
|
|
60,021
|
|
|
47,576
|
|
|
45,306
|
|
|
56,046
|
|
|
49,849
|
|
|
Oklahoma
(2)
|
|
—
|
|
|
430
|
|
|
1,051
|
|
|
1,635
|
|
|
1,780
|
|
|
|
Total production by
state
|
|
$
|
345,032
|
|
|
$
|
256,084
|
|
|
$
|
249,716
|
|
|
$
|
316,541
|
|
|
$
|
269,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan sales
|
|
$
|
59,681
|
|
|
$
|
27,115
|
|
|
$
|
151,996
|
|
|
$
|
192,435
|
|
|
$
|
97,916
|
|
Portfolio yield
(1)
|
|
2.98
|
%
|
|
2.92
|
%
|
|
2.84
|
%
|
|
2.87
|
%
|
|
2.88
|
%
|
|
|
(1)
|
Includes
held-for-sale
|
(2)
|
Fidelity exited
the Oklahoma and Texas markets in Q3 2017
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
(in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Marketing gain,
net
|
|
$
|
16,683
|
|
|
$
|
19,713
|
|
|
$
|
21,355
|
|
|
$
|
18,677
|
|
|
$
|
19,364
|
|
Origination points
and fees
|
|
3,482
|
|
|
3,815
|
|
|
4,189
|
|
|
3,021
|
|
|
3,786
|
|
Loan servicing
revenue
|
|
5,851
|
|
|
5,616
|
|
|
5,379
|
|
|
5,341
|
|
|
5,088
|
|
Gross mortgage
revenue
|
|
$
|
26,016
|
|
|
$
|
29,144
|
|
|
$
|
30,923
|
|
|
$
|
27,039
|
|
|
$
|
28,238
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
MSR
amortization
|
|
(3,609)
|
|
|
(3,560)
|
|
|
(3,331)
|
|
|
(3,158)
|
|
|
(3,918)
|
|
MSR
(impairment)/recovery, net
|
|
(1,476)
|
|
|
(544)
|
|
|
(636)
|
|
|
1,989
|
|
|
13,144
|
|
Total income from
mortgage
banking activities
|
|
$
|
20,931
|
|
|
$
|
25,040
|
|
|
$
|
26,956
|
|
|
$
|
25,870
|
|
|
$
|
37,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
MORTGAGE LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
423,876
|
|
|
$
|
490,323
|
|
|
$
|
519,497
|
|
|
$
|
395,404
|
|
|
$
|
532,177
|
|
Florida
|
|
103,490
|
|
|
95,010
|
|
|
95,983
|
|
|
46,365
|
|
|
46,140
|
|
Alabama/Tennessee(2)
|
|
4,609
|
|
|
7,299
|
|
|
7,294
|
|
|
3,600
|
|
|
5,485
|
|
Virginia/Maryland
|
|
106,398
|
|
|
129,774
|
|
|
143,885
|
|
|
81,901
|
|
|
139,283
|
|
North and South
Carolina
|
|
31,360
|
|
|
30,448
|
|
|
33,767
|
|
|
25,727
|
|
|
33,783
|
|
Total production by
region
|
|
$
|
669,733
|
|
|
$
|
752,854
|
|
|
$
|
800,426
|
|
|
$
|
552,997
|
|
|
$
|
756,868
|
|
|
|
|
|
|
|
|
|
|
|
|
% for
purchases
|
|
82.9
|
%
|
|
86.3
|
%
|
|
89.6
|
%
|
|
80.9
|
%
|
|
61.3
|
%
|
% for refinance
loans
|
|
17.1
|
%
|
|
13.7
|
%
|
|
10.4
|
%
|
|
19.1
|
%
|
|
38.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
Production:
|
|
$
|
66,236
|
|
|
$
|
56,072
|
|
|
$
|
46,902
|
|
|
$
|
51,061
|
|
|
$
|
38,907
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded loan type
(UPB):
|
|
|
|
|
|
|
|
|
|
|
Conventional
|
|
62.0
|
%
|
|
62.0
|
%
|
|
62.5
|
%
|
|
63.9
|
%
|
|
68.9
|
%
|
FHA/VA/USDA
|
|
21.5
|
%
|
|
23.3
|
%
|
|
24.6
|
%
|
|
24.2
|
%
|
|
21.6
|
%
|
Jumbo
|
|
16.5
|
%
|
|
14.7
|
%
|
|
12.9
|
%
|
|
11.9
|
%
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross pipeline of
locked loans to be
sold (UPB)
|
|
$
|
203,896
|
|
|
$
|
265,444
|
|
|
$
|
360,551
|
|
|
$
|
374,739
|
|
|
$
|
211,921
|
|
Loans held for sale
(UPB)
|
|
$
|
262,315
|
|
|
$
|
250,960
|
|
|
$
|
271,714
|
|
|
$
|
195,772
|
|
|
$
|
250,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan sales
(UPB)
|
|
$
|
602,171
|
|
|
$
|
731,595
|
|
|
$
|
689,073
|
|
|
$
|
566,003
|
|
|
$
|
758,775
|
|
Conventional
|
|
64.3
|
%
|
|
63.0
|
%
|
|
63.6
|
%
|
|
69.9
|
%
|
|
72.8
|
%
|
FHA/VA/USDA
|
|
25.0
|
%
|
|
27.1
|
%
|
|
26.6
|
%
|
|
23.0
|
%
|
|
22.6
|
%
|
Jumbo
|
|
10.7
|
%
|
|
9.9
|
%
|
|
9.8
|
%
|
|
7.1
|
%
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans
outstanding(1)
|
|
$
|
701,932
|
|
|
$
|
698,068
|
|
|
$
|
664,099
|
|
|
$
|
592,537
|
|
|
$
|
634,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Loans serviced for
others (UPB)
|
|
$
|
8,917,117
|
|
|
$
|
8,715,198
|
|
|
$
|
8,357,934
|
|
|
$
|
8,067,426
|
|
|
$
|
7,787,470
|
|
Average loans
serviced for others
(UPB)
|
|
$
|
8,896,305
|
|
|
$
|
8,657,475
|
|
|
$
|
8,304,065
|
|
|
$
|
8,013,761
|
|
|
$
|
7,625,384
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR book value, net
of amortization
|
|
$
|
110,497
|
|
|
$
|
107,434
|
|
|
$
|
102,549
|
|
|
$
|
98,550
|
|
|
$
|
95,282
|
|
MSR
impairment
|
|
(9,818)
|
|
|
(8,343)
|
|
|
(7,799)
|
|
|
(7,163)
|
|
|
(9,152)
|
|
MSR net carrying
value
|
|
$
|
100,679
|
|
|
$
|
99,091
|
|
|
$
|
94,750
|
|
|
$
|
91,387
|
|
|
$
|
86,130
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR carrying value as
a % of period
end UPB
|
|
1.13
|
%
|
|
1.14
|
%
|
|
1.13
|
%
|
|
1.13
|
%
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency % loans
serviced for
others
|
|
1.87
|
%
|
|
1.41
|
%
|
|
1.02
|
%
|
|
0.53
|
%
|
|
0.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR revenue
multiple(1)
|
|
4.29
|
|
|
4.38
|
|
|
4.38
|
|
|
4.25
|
|
|
4.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
($ in
thousands)
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income (1)
|
$
|
3,832,444
|
|
|
4.15
|
%
|
|
$
|
3,725,976
|
|
|
3.98
|
%
|
|
$
|
3,774,939
|
|
|
3.90
|
%
|
Investment securities
(1)
|
142,494
|
|
|
2.86
|
%
|
|
147,572
|
|
|
2.76
|
%
|
|
179,802
|
|
|
2.92
|
%
|
Other earning
assets
|
193,186
|
|
|
1.18
|
%
|
|
273,505
|
|
|
1.16
|
%
|
|
96,423
|
|
|
0.46
|
%
|
Total
interest-earning assets
|
4,168,124
|
|
|
3.97
|
%
|
|
4,147,053
|
|
|
3.75
|
%
|
|
4,051,164
|
|
|
3.77
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
39,173
|
|
|
|
|
41,590
|
|
|
|
|
32,390
|
|
|
|
Allowance for loan
losses
|
(30,579)
|
|
|
|
|
(30,518)
|
|
|
|
|
(29,335)
|
|
|
|
Premises and
equipment, net
|
88,124
|
|
|
|
|
87,679
|
|
|
|
|
88,361
|
|
|
|
Other real
estate
|
8,631
|
|
|
|
|
9,111
|
|
|
|
|
16,023
|
|
|
|
Other
assets
|
232,055
|
|
|
|
|
224,730
|
|
|
|
|
209,976
|
|
|
|
Total
noninterest-earning assets
|
337,404
|
|
|
|
|
332,592
|
|
|
|
|
317,415
|
|
|
|
Total assets
|
$
|
4,505,528
|
|
|
|
|
$
|
4,479,645
|
|
|
|
|
$
|
4,368,579
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand and money
market deposits
|
$
|
1,482,686
|
|
|
0.44
|
%
|
|
$
|
1,447,874
|
|
|
0.42
|
%
|
|
$
|
1,179,837
|
|
|
0.25
|
%
|
Savings
deposits
|
352,235
|
|
|
0.33
|
%
|
|
340,663
|
|
|
0.31
|
%
|
|
350,885
|
|
|
0.33
|
%
|
Time
deposits
|
958,790
|
|
|
0.94
|
%
|
|
1,021,563
|
|
|
0.92
|
%
|
|
1,052,082
|
|
|
0.89
|
%
|
Total
interest-bearing deposits
|
2,793,711
|
|
|
0.60
|
%
|
|
2,810,100
|
|
|
0.59
|
%
|
|
2,582,804
|
|
|
0.52
|
%
|
Other short-term
borrowings
|
31,253
|
|
|
0.22
|
%
|
|
20,899
|
|
|
0.32
|
%
|
|
295,369
|
|
|
0.64
|
%
|
Subordinated
debt
|
120,571
|
|
|
5.07
|
%
|
|
120,538
|
|
|
5.04
|
%
|
|
120,439
|
|
|
4.94
|
%
|
Total
interest-bearing liabilities
|
2,945,535
|
|
|
0.78
|
%
|
|
2,951,537
|
|
|
0.77
|
%
|
|
2,998,612
|
|
|
0.71
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
Demand
deposits
|
1,124,759
|
|
|
|
|
1,103,414
|
|
|
|
|
978,909
|
|
|
|
Other
liabilities
|
42,486
|
|
|
|
|
44,732
|
|
|
|
|
36,516
|
|
|
|
Shareholders'
equity
|
392,748
|
|
|
|
|
379,962
|
|
|
|
|
354,542
|
|
|
|
Total
noninterest-bearing liabilities and
shareholders' equity
|
1,559,993
|
|
|
|
|
1,528,108
|
|
|
|
|
1,369,967
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
4,505,528
|
|
|
|
|
$
|
4,479,645
|
|
|
|
|
$
|
4,368,579
|
|
|
|
Net interest
spread
|
|
|
3.19
|
%
|
|
|
|
2.98
|
%
|
|
|
|
3.06
|
%
|
Net interest
margin
|
|
|
3.42
|
%
|
|
|
|
3.20
|
%
|
|
|
|
3.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest income
includes the effect of taxable-equivalent adjustment using a 35%
tax rate.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
GAAP TO NON-GAAP
RATIO RECONCILIATION
|
(UNAUDITED)
|
|
For the Quarter
Ended
|
($ in
thousands)
|
December 31,
2017
|
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
Reconciliation
of nonperforming assets to adjusted nonperforming
assets:
|
Nonaccrual
loans
|
$
|
47,012
|
|
|
$
|
41,408
|
|
|
$
|
37,894
|
|
|
$
|
38,377
|
|
|
$
|
35,358
|
|
Add: loans past due
90 days or more and still accruing
|
6,313
|
|
|
6,534
|
|
|
7,210
|
|
|
8,414
|
|
|
6,189
|
|
Add:
repossessions
|
2,392
|
|
|
2,040
|
|
|
1,779
|
|
|
1,654
|
|
|
2,274
|
|
Add: Other Real
Estate (ORE)
|
7,621
|
|
|
8,624
|
|
|
9,382
|
|
|
11,284
|
|
|
14,814
|
|
Nonperforming
assets (GAAP)
|
63,338
|
|
|
58,606
|
|
|
56,265
|
|
|
59,729
|
|
|
58,635
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: amount of GNMA
repurchased government-
guaranteed loans included in
nonaccrual loans
|
(19,478)
|
|
|
(15,450)
|
|
|
(12,502)
|
|
|
(12,287)
|
|
|
(7,771)
|
|
Less: SBA guaranteed
loans included in nonaccrual
|
(1,652)
|
|
|
(2,145)
|
|
|
(2,949)
|
|
|
(3,373)
|
|
|
(4,248)
|
|
Less: Nonaccrual
acquired loans
|
(6,370)
|
|
|
(7,509)
|
|
|
(4,878)
|
|
|
(5,719)
|
|
|
(6,136)
|
|
Adjusted
nonperforming assets, excluding acquired loans,
SBA, and GNMA
(Non-GAAP)
|
$
|
35,838
|
|
|
$
|
33,502
|
|
|
$
|
35,936
|
|
|
$
|
38,350
|
|
|
$
|
40,480
|
|
|
Reconciliation
of total loans, ORE and repossessions to total loans, ORE and
repossessions, less acquired loans
|
Loans, excluding
Loans Held-for-Sale
|
$
|
3,580,966
|
|
|
$
|
3,409,707
|
|
|
$
|
3,332,132
|
|
|
$
|
3,354,926
|
|
|
$
|
3,302,264
|
|
Add: Loans
Held-for-Sale
|
357,755
|
|
|
340,329
|
|
|
394,710
|
|
|
361,117
|
|
|
465,328
|
|
Add: ORE
|
7,621
|
|
|
8,624
|
|
|
9,382
|
|
|
11,284
|
|
|
14,814
|
|
Add:
repossessions
|
2,392
|
|
|
2,040
|
|
|
1,779
|
|
|
1,654
|
|
|
2,274
|
|
Total loans, ORE,
and repossessions (GAAP)
|
3,590,979
|
|
|
3,760,700
|
|
|
3,738,003
|
|
|
3,728,981
|
|
|
3,784,680
|
|
|
|
|
|
|
|
|
|
|
|
Less: acquired
loans
|
196,565
|
|
|
216,994
|
|
|
230,256
|
|
|
258,366
|
|
|
275,515
|
|
Total loans, ORE,
and repossessions, less acquired
loans (non-GAAP)
|
$
|
3,394,414
|
|
|
$
|
3,543,706
|
|
|
$
|
3,507,747
|
|
|
$
|
3,470,615
|
|
|
$
|
3,509,165
|
|
Nonperforming
assets to loans, ORE, and
repossessions (GAAP)
|
1.76
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
|
1.60
|
%
|
|
1.55
|
%
|
Adjusted
nonperforming assets to loans, ORE, and
repossessions
(non-GAAP)
|
1.06
|
%
|
|
0.95
|
%
|
|
1.02
|
%
|
|
1.10
|
%
|
|
1.15
|
%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to total assets (GAAP)
|
1.38
|
%
|
|
1.30
|
%
|
|
1.22
|
%
|
|
1.32
|
%
|
|
1.34
|
%
|
Adjusted
nonperforming assets to total assets (non-
GAAP)
|
0.78
|
%
|
|
0.74
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
|
0.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of allowance to adjusted allowance:
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (GAAP)
|
$
|
29,772
|
|
|
$
|
30,703
|
|
|
$
|
30,425
|
|
|
$
|
30,455
|
|
|
$
|
29,830
|
|
Less: allowance
allocated to indirect auto loans
|
(10,258)
|
|
|
(10,116)
|
|
|
(9,767)
|
|
|
(9,442)
|
|
|
(9,522)
|
|
Less: allowance
allocated to acquired loans
|
(209)
|
|
|
(159)
|
|
|
(284)
|
|
|
(284)
|
|
|
(284)
|
|
Adjusted allowance
for loan losses (non-GAAP)
|
$
|
19,305
|
|
|
$
|
20,428
|
|
|
$
|
20,374
|
|
|
$
|
20,729
|
|
|
$
|
20,024
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of total loans to adjusted total loans:
|
|
|
|
|
|
|
|
|
|
Total loans,
excluding Loans HFS
|
$
|
3,580,966
|
|
|
$
|
3,409,707
|
|
|
$
|
3,332,132
|
|
|
$
|
3,354,926
|
|
|
$
|
3,302,264
|
|
Less: indirect auto
loans
|
(1,716,156)
|
|
|
(1,609,689)
|
|
|
(1,531,761)
|
|
|
(1,565,298)
|
|
|
(1,575,865)
|
|
Less: acquired
loans
|
(196,565)
|
|
|
(216,994)
|
|
|
(230,256)
|
|
|
(258,366)
|
|
|
(275,515)
|
|
Adjusted total
loans (non-GAAP)
|
$
|
1,668,245
|
|
|
$
|
1,583,024
|
|
|
$
|
1,570,115
|
|
|
$
|
1,531,262
|
|
|
$
|
1,450,884
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to total
loans (GAAP)
|
0.83
|
%
|
|
0.90
|
%
|
|
0.91
|
%
|
|
0.91
|
%
|
|
0.90
|
%
|
Adjusted allowance
to adjusted total loans (non-
GAAP)
|
1.16
|
%
|
|
1.29
|
%
|
|
1.30
|
%
|
|
1.35
|
%
|
|
1.38
|
%
|
Contacts:
|
Martha Fleming,
Charles D. Christy
|
|
Fidelity Southern
Corporation (404) 240-1504
|
View original
content:http://www.prnewswire.com/news-releases/fidelity-southern-corporation-reports-earnings-for-fourth-quarter-of-124-million-398-million-in-2017-300584923.html
SOURCE Fidelity Southern Corporation