ATLANTA, Jan. 17, 2019
/PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or
the "Company") (NASDAQ: LION), holding company for Fidelity Bank
(the "Bank"), today reported net income of $9.9 million, or $0.36 per diluted share, for the fourth quarter
of 2018, compared with $12.7 million,
or $0.47 per diluted share, for the
third quarter of 2018, and with $12.4
million or $0.46 per diluted
share for the fourth quarter of 2017. For the year to date ended
December 31, 2018, the Company reported net income of
$43.8 million, or $1.61 per diluted share, compared with
$39.8 million, or $1.49 per diluted share, for the same period in
2017.
Fidelity's Chairman, Jim Miller,
and President Palmer Proctor noted,
"Our team is doing a great job of implementing our balance sheet
transformation that contributed to our net interest margin
expansion during a period where many in the industry are
experiencing the opposite. We are working diligently to ensure our
announced merger with Ameris Bancorp will be smooth and successful.
Our organization is very excited about the $16 billion regional bank we are building that
will position us as a premier banking franchise in the
Southeast."
BALANCE SHEET
Total assets decreased by $78.3
million, or 1.6%, during the quarter, to $4.7 billion at December 31, 2018, primarily
due to a decrease of $153.5 million
in total loans. This decrease was primarily due to a decrease
in loans held for sale of $132.0
million, as well as a decrease of $21.5 million in loans held for investment. The
decrease in loans held for sale was primarily in mortgage loans,
which decreased $102.7 million, as
seasonal production decreased. Other assets also decreased by
$3.0 million.
Offsetting these decreases, investments increased by
$42.2 million as the Bank continues
to increase its investments available-for-sale portfolio as part of
its strategy to reposition the balance sheet to higher yielding
assets. Cash balances also increased by $29.6 million for the quarter. Loan servicing
assets also increased by $3.4
million.
Total assets grew by $156.9
million, or 3.4%, to $4.7
billion at December 31, 2018, compared to $4.6 billion at December 31, 2017. Primary
drivers for the year over year growth were an increase in cash of
$26.0 million and an increase in
investments available-for-sale of $131.5
million as the Bank repositioned its balance sheet to higher
yielding investments over the year.
Loans
Total loans, including loans held for sale, decreased during the
quarter by $153.5 million, or 3.8%,
to $3.9 billion at December 31,
2018. This reduction was primarily due to a decrease in loans held
for sale of $132.0 million, primarily
mortgage loans held for sale, which accounted for $102.7 million of the decrease.
Total loans decreased by $13.9
million, or 0.4%, compared to December 31, 2017, as
loans held for sale decreased by $118.5
million, offset by an increase in loans held for investment
of $104.5 million. Loans held for
sale decreased due to lower sales of mortgage loans and indirect
auto loans. The growth in loans was primarily in commercial and
mortgage loans, while average indirect auto loans for the quarter
decreased by $70.2 million.
Asset Quality
Asset quality remained strong as nonperforming assets, excluding
the guaranteed portion of government loans and acquired loans
("adjusted NPA's", a non-GAAP measure), increased slightly during
the quarter by $62,000. Credit
quality trend performance remains consistent and strong as net
charge-offs were 0.08% of average loans for the quarter.
Compared to 2017, the provision for loan losses for the year
increased by $1.2 million, or 29.1%,
mainly due to increases in commercial loan balances.
Fair Value Adjustments
Loan servicing rights increased by $3.4
million, or 2.9%, during the quarter to $120.4 million at December 31, 2018,
compared to $117.0 million at
September 30, 2018. MSRs, the primary component of loan
servicing rights, contributed the majority of the change,
increasing by 4.2% to $111.4 million
at December 31, 2018.
At December 31, 2018, fair value adjustments recorded on
the balance sheet for loans held for sale, interest rate lock
commitments ("IRLCs"), and hedge items were $8.8 million, a $3.0
million, or 25.8% decrease, from September 30, 2018.
The gross pipeline of interest rate lock commitments was
$63.4 million lower at quarter end,
compared to September 30, 2018, due
to slower seasonal production.
Deposits
Core deposits decreased by $86.6
million during the quarter to $3.1
billion with seasonal decreases in all categories.
Noninterest bearing deposits decreased by 2.8% as escrow deposits
decreased seasonally as escrow balances were paid down during the
quarter. Also, the escrow accounts for mortgage servicing rights
sold in the previous quarter were transferred to the purchaser.
This decrease was offset by an increase in time deposits of
$18.2 million during the quarter,
mainly due to a increase of $29.6
million in brokered deposits, resulting in a decrease in
total deposits of $68.4 million, or
1.7%.
Year over year, deposits grew by $114.4
million or 3.0%, primarily due to growth in non-interest
bearing demand deposits and money market accounts.
INCOME STATEMENT
Net Income
Net income was $9.9 million, or a
$2.8 million decrease over the
previous quarter, primarily due to a decrease in noninterest
income of $2.6 million. Other
noninterest income decreased by $2.8
million mainly due to a $2.6
million death benefit received from cash surrender value
life insurance policies during the previous quarter. Net income was
$2.5 million lower compared to the
same quarter a year ago, primarily due to a $4.4 million increase in income tax expense.
Net income year to date was $43.8
million, or a $4.0 million
increase compared to same period in the prior year. The increase
was primarily driven by higher net interest income of $14.3 million, higher noninterest income of
$3.9 million, offset by higher
noninterest expense of $14.4 million,
primarily salaries and employee benefits and commissions.
Interest Income
Interest income of $48.3 million
was higher by $1.4 million, compared
to the prior quarter, driven by moderate increases in loan,
investment and Fed Funds income. Although average loans decreased
by $105.5 million for the quarter,
$70.2 million of this was due to a
decrease in lower yielding indirect loans, which were partially
replaced in the portfolio mix with higher yielding commercial and
SBA loans. An increase in average investment securities of
$57.5 million and an increase in
average Fed Funds and bank deposit balances of $33.7 million also contributed to higher interest
income. The yield on total average interest-bearing assets also
increased 14 basis points from the previous quarter.
As compared to the same period in the prior year, interest
income increased by $6.6 million as
average loans increased by $172.7
million and the yield on total average interest-bearing
assets increased by 35 basis points, as market interest rates rose
year over year.
Interest income was $181.4 million
for the year, an increase of $23.5
million compared to the same period in the prior year,
primarily due to an increase of 21 basis points in the yield on
loans and an increase of $324.7
million in average loans.
Interest Expense
Interest expense of $8.7 million
increased slightly by $588,000, or
7.2%, for the quarter as average FHLB borrowings increased by
$8.8 million. As compared to the
fourth quarter of the prior year, interest expense increased by
$2.9 million. Rising market rates
paid on money market deposits and CD's drove the increase, as well
as increased volume and rates for short term borrowings.
Year to date, interest expense increased by $9.2 million, or 40.3%, compared to previous
year, as market rates and deposit balances increased over the past
twelve months.
Net Interest Margin
The net interest margin was 3.54% for the quarter compared to
3.45% in the previous quarter, an increase of 9 basis points. Loan
coupon yields, excluding fees, SBA discount accretion, and
accretable yields, increased faster than deposit and borrowing
costs during the quarter.
The yield on total average interest-bearing liabilities
increased by only 9 basis points while the yield on total average
interest-earning assets increased by 14 basis points from 4.18% to
4.32%. Average loans decreased by $105.5
million, of which $70.2
million was a decrease in lower yielding indirect auto
loans. Higher yielding investment securities increased by
$57.5 million as the Bank's strategy
to reposition its balance sheet continues to occur.
Average total interest-bearing liabilities decreased by
$24.2 million, average deposits
decreased by $33.1 million, offset by
an increase in average borrowings of $8.8
million in order to help fund loan production.
As compared to the same period a year ago, the net interest
margin for the quarter increased by 12 basis points to 3.54% from
3.42%, primarily due to a 35 basis point increase in the yield on
total average interest-earning assets of $4.4 billion, offset by an increase of 35 basis
points in the yield on total average interest-bearing liabilities
of $3.1 billion. Average earning
assets increased by $271.6 million,
primarily due to an increase in average loans over the year.
Average interest-bearing liabilities increased by $117.8 million, primarily driven by an increase
in average borrowings of $146.7
million, offset by a decrease in average interest-bearing
deposits of $29.0 million.
Noninterest Income
On a linked-quarter basis, noninterest income decreased by
$2.6 million, or 7.7%, largely due to
a decrease in other noninterest income of $2.8 million, primarily due to the $2.6 million death benefit received from life
insurance policies during the previous quarter. Mortgage banking
activities decreased by $1.9 million,
or 8.1%, as gross mortgage revenue decreased by $2.8 million and mortgage production also
decreased by $121.6 million. These
decreases were offset by an increase in SBA lending activities of
$2.5 million, mainly due to a large
SBA loan sale in December, as well as an increase in SBA loan
closings during the quarter.
Compared to the same period a year ago, noninterest income for
the quarter increased by $2.2
million, primarily due to a $2.9
million increase in SBA banking activities, as SBA loan
sales were higher in the current quarter as discussed above.
Year to date, noninterest income increased by $3.9 million as all sources of noninterest income
increased, except for indirect lending activities, which decreased
by $7.3 million, as indirect loan
sales and production decreased significantly during the year.
Noninterest Expense
On a linked-quarter basis, total noninterest expense increased
by $528,000, or 0.9%, mainly due
to an increase in other expenses of $2.4 million, of which $1.2 million were merger related expenses. This
increase was offset by a decrease in commissions expense of
$1.7 million from lower mortgage loan
originations for the quarter.
Compared to the prior year quarter, noninterest expense of
$56.1 increased by $3.2 million, or 6.1%. Salaries and employee
benefits increased by $3.2 million,
or 12.4%, compared to the same quarter in 2017, primarily due to
$2.6 million of merger related
expenses.
Year to date, total noninterest expense increased $14.4 million compared to the previous year, of
which $10.2 million was due to an
increase in salaries and benefits. Salaries increased by
$3.8 million, partially due to a
$2.7 million increase in employee
incentives due to performance and related to the balance sheet
strategies implemented earlier in the year, and from a comparison
perspective, no executive incentives were paid in 2017. Other
expense increased by $2.8 million, of
which $1.2 million was merger related
expenses.
Income Taxes
On a linked-quarter basis, income tax expense remained
relatively flat. The effective tax rate increased to 28% from 23%
due to a $2.6 million tax-free death
benefit received from life insurance policies in the previous
quarter.
Year to date income tax expense decreased by $1.5 million as the effective tax rate decreased
from 28% to 24% primarily as a result of the Tax Cuts and Jobs Act
enacted on December 22, 2017, which
included, among other things, a reduction in the federal corporate
income tax rate from 35% to 21% from the beginning of the tax year
2018 going forward.
RECENT EVENTS
As previously disclosed, on December 17, 2018, Fidelity entered into an
Agreement and Plan of Merger (the "Merger Agreement") with Ameris
Bancorp ("Ameris"). The Merger Agreement provides that, upon the
terms and subject to the conditions set forth, Fidelity will merge
with and into Ameris (the "Merger"), in an all-stock transaction,
with Ameris surviving the Merger. Immediately following the Merger,
the Bank will merge (the "Bank Merger") with and into Ameris's
wholly owned bank subsidiary, Ameris
Bank. Ameris Bank will be the
surviving entity in the Bank Merger. The Merger Agreement was
unanimously approved by the board of directors of each of Fidelity
and Ameris. The closing of the transactions contemplated by the
Merger Agreement is subject to the approval of Fidelity's
shareholders, regulators, and certain other customary closing
conditions.
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
loans are provided in Georgia and
Florida and mortgage loans are
provided throughout the South, 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 2017
Annual Report filed on Form 10-K with the Securities and Exchange
Commission ("SEC"). Additional information and other factors that
could affect future financial results are included in Fidelity's
subsequent filings with the SEC.
IMPORTANT ADDITIONAL INFORMATION
Ameris intends to
file a registration statement on Form S-4 with the SEC to register
the shares of Ameris Common Stock
that will be issued to Fidelity's shareholders in connection
with the Merger. The registration statement will include a
joint proxy statement/prospectus and other relevant materials in
connection with the transaction. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND
ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE MERGER. Investors and security holders may obtain
free copies of these documents and other documents filed with the
SEC on its website at http://www.sec.gov. Investors and
security holders may also obtain free copies of the documents filed
with the SEC by Fidelity on its website
at www.FidelitySouthern.com and by Ameris on its
website at http://www.AmerisBank.com.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. Before making any
voting or investment decision, investors and security holders of
Fidelity and Ameris are urged to read carefully the entire
registration statement and joint proxy statement/prospectus when
they become available, including any amendments thereto, because
they will contain important information about the Merger.
Free copies of these documents may be obtained as described
above.
Participants in the
Solicitation
Fidelity and Ameris, and certain of
their respective directors, executive officers and other members of
management and employees, may be deemed to be participants in the
solicitation of proxies from Fidelity's shareholders and Ameris's
shareholders in respect of the Merger. Information regarding
the directors and executive officers of Fidelity and Ameris and
other persons who may be deemed participants in the solicitation of
Fidelity's shareholders and Ameris's shareholders will be included
in the joint proxy statement/prospectus for Fidelity's meeting of
shareholders and Ameris's meeting of shareholders, which will be
filed by Ameris with the SEC. Information about Fidelity's
directors and executive officers and their ownership of Fidelity
Common Stock can also be found in Fidelity's definitive proxy
statement in connection with its 2018 annual meeting of
shareholders, as filed with the SEC on April
3, 2018, and other documents subsequently filed by Fidelity
with the SEC. Information about Ameris's directors and
executive officers and their ownership of Ameris Common Stock can also be found in
Ameris's definitive proxy statement in connection with its 2018
annual meeting of shareholders, as filed with the SEC on
April 2, 2018, and other documents
subsequently filed by Ameris with the SEC. Additional
information regarding the interests of such participants will be
included in the joint proxy statement/prospectus and other relevant
documents regarding the Merger filed with the SEC when they become
available.
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,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
|
December 31,
2018
|
|
December 31,
2017
|
INCOME STATEMENT
DATA:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
48,271
|
|
|
$
|
46,872
|
|
|
$
|
41,653
|
|
|
|
$
|
181,445
|
|
|
$
|
157,978
|
|
Interest
expense
|
8,713
|
|
|
8,125
|
|
|
5,779
|
|
|
|
31,900
|
|
|
22,730
|
|
Net interest
income
|
39,558
|
|
|
38,747
|
|
|
35,874
|
|
|
|
149,545
|
|
|
135,248
|
|
Provision for loan
losses
|
745
|
|
|
360
|
|
|
—
|
|
|
|
5,521
|
|
|
4,275
|
|
Noninterest
income
|
31,079
|
|
|
33,662
|
|
|
28,888
|
|
|
|
138,851
|
|
|
134,952
|
|
Noninterest
expense
|
56,113
|
|
|
55,585
|
|
|
52,910
|
|
|
|
225,292
|
|
|
210,870
|
|
Net income before
income taxes
|
13,779
|
|
|
16,464
|
|
|
11,852
|
|
|
|
57,583
|
|
|
55,055
|
|
Income tax
expense
|
3,855
|
|
|
3,722
|
|
|
(592)
|
|
|
|
13,760
|
|
|
15,259
|
|
Net income
|
9,924
|
|
|
12,742
|
|
|
12,443
|
|
|
|
43,823
|
|
|
39,796
|
|
PERFORMANCE:
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.36
|
|
|
$
|
0.47
|
|
|
$
|
0.46
|
|
|
|
$
|
1.61
|
|
|
$
|
1.50
|
|
Earnings per common
share - diluted
|
0.36
|
|
|
0.47
|
|
|
0.46
|
|
|
|
1.61
|
|
|
1.49
|
|
Total
revenues
|
70,637
|
|
|
72,409
|
|
|
64,762
|
|
|
|
288,396
|
|
|
270,200
|
|
Book value per common
share
|
16.36
|
|
|
15.85
|
|
|
14.86
|
|
|
|
16.36
|
|
|
14.86
|
|
Tangible book value
per common share(1)
|
15.95
|
|
|
15.43
|
|
|
14.41
|
|
|
|
15.95
|
|
|
14.41
|
|
Cash dividends paid
per common share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
|
0.48
|
|
|
0.48
|
|
Dividend payout
ratio
|
33.33
|
%
|
|
25.53
|
%
|
|
26.09
|
%
|
|
|
29.81
|
%
|
|
32.00
|
%
|
Return on average
assets
|
0.82
|
%
|
|
1.05
|
%
|
|
1.10
|
%
|
|
|
0.92
|
%
|
|
0.89
|
%
|
Return on average
shareholders' equity
|
9.05
|
%
|
|
11.87
|
%
|
|
12.57
|
%
|
|
|
10.43
|
%
|
|
10.51
|
%
|
Equity to assets
ratio
|
9.43
|
%
|
|
8.98
|
%
|
|
8.78
|
%
|
|
|
9.43
|
%
|
|
8.43
|
%
|
Net interest
margin
|
3.54
|
%
|
|
3.45
|
%
|
|
3.42
|
%
|
|
|
3.38
|
%
|
|
3.26
|
%
|
END OF PERIOD
BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
4,733,796
|
|
|
$
|
4,812,056
|
|
|
$
|
4,576,858
|
|
|
|
$
|
4,733,796
|
|
|
$
|
4,576,858
|
|
Earning
assets
|
4,381,616
|
|
|
4,448,875
|
|
|
4,242,218
|
|
|
|
4,381,616
|
|
|
4,242,218
|
|
Loans, excluding
loans held-for-sale
|
3,685,478
|
|
|
3,706,953
|
|
|
3,580,966
|
|
|
|
3,685,478
|
|
|
3,580,966
|
|
Total
loans
|
3,924,780
|
|
|
4,078,272
|
|
|
3,938,721
|
|
|
|
3,924,780
|
|
|
3,938,721
|
|
Total
deposits
|
3,981,578
|
|
|
4,049,969
|
|
|
3,867,200
|
|
|
|
3,981,578
|
|
|
3,867,200
|
|
Shareholders' equity
|
446,241
|
|
|
432,098
|
|
|
401,632
|
|
|
|
446,241
|
|
|
401,632
|
|
Assets serviced for
others(2)
|
10,283,727
|
|
|
10,882,832
|
|
|
10,242,742
|
|
|
|
10,283,727
|
|
|
10,242,742
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans
|
0.08
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
|
|
0.11
|
%
|
|
0.12
|
%
|
Allowance to
period-end loans
|
0.85
|
%
|
|
0.84
|
%
|
|
0.83
|
%
|
|
|
0.85
|
%
|
|
0.83
|
%
|
Adjusted allowance to
adjusted period end loans(1)
|
1.12
|
%
|
|
1.14
|
%
|
|
1.16
|
%
|
|
|
1.12
|
%
|
|
1.16
|
%
|
Nonperforming assets
to total loans, ORE and repossessions
|
1.93
|
%
|
|
1.92
|
%
|
|
1.76
|
%
|
|
|
1.93
|
%
|
|
1.76
|
%
|
Adjusted
nonperforming assets to loans, ORE and
repossessions(3)
|
0.92
|
%
|
|
0.92
|
%
|
|
1.06
|
%
|
|
|
0.92
|
%
|
|
1.06
|
%
|
Allowance to
nonperforming loans, ORE and repossessions
|
0.44x
|
|
|
0.44x
|
|
|
0.47x
|
|
|
|
0.44x
|
|
|
0.47x
|
|
SELECTED
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Loans to total
deposits
|
92.56
|
%
|
|
91.53
|
%
|
|
92.60
|
%
|
|
|
92.56
|
%
|
|
92.60
|
%
|
Average total loans
to average earning assets
|
90.21
|
%
|
|
92.29
|
%
|
|
91.95
|
%
|
|
|
92.02
|
%
|
|
90.20
|
%
|
Noninterest income to
total revenue
|
44.00
|
%
|
|
46.49
|
%
|
|
44.61
|
%
|
|
|
48.15
|
%
|
|
49.95
|
%
|
Leverage
ratio
|
9.18
|
%
|
|
8.96
|
%
|
|
8.85
|
%
|
|
|
9.18
|
%
|
|
8.85
|
%
|
Common equity tier 1
capital
|
9.54
|
%
|
|
9.15
|
%
|
|
8.86
|
%
|
|
|
9.54
|
%
|
|
8.86
|
%
|
Tier 1 risk-based
capital
|
10.64
|
%
|
|
10.24
|
%
|
|
10.00
|
%
|
|
|
10.64
|
%
|
|
10.00
|
%
|
Total risk-based
capital
|
13.24
|
%
|
|
12.78
|
%
|
|
12.65
|
%
|
|
|
13.24
|
%
|
|
12.65
|
%
|
Mortgage loan
production
|
$
|
626,438
|
|
|
$
|
748,044
|
|
|
$
|
669,733
|
|
|
|
$
|
2,896,550
|
|
|
$
|
2,776,010
|
|
Total mortgage loan
sales
|
686,153
|
|
|
771,058
|
|
|
602,171
|
|
|
|
2,753,779
|
|
|
2,588,842
|
|
Indirect automobile
production
|
94,407
|
|
|
86,801
|
|
|
345,032
|
|
|
|
623,443
|
|
|
1,167,373
|
|
Total indirect
automobile sales
|
—
|
|
|
18,614
|
|
|
59,681
|
|
|
|
133,889
|
|
|
431,227
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP
financial measure. See non-GAAP reconciliation table for the
comparable GAAP.
|
(2) Balances for September
30, 2018 include approximately $1.1 billion of sub-serviced loans
as a result of the August 30, 2018 MSRs sale. Servicing on these
loans transferred to the Purchaser on October 1, 2018 and October
16, 2018.
|
(3) Excludes acquired
loans and net of government guarantees. See non-GAAP reconciliation
table for the comparable GAAP.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
|
|
($ in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
212,293
|
|
|
$
|
182,672
|
|
|
$
|
186,302
|
|
Investment securities
available-for-sale
|
|
251,602
|
|
|
209,180
|
|
|
120,121
|
|
Investment securities
held-to-maturity
|
|
20,126
|
|
|
20,383
|
|
|
21,689
|
|
Loans
held-for-sale
|
|
239,302
|
|
|
371,319
|
|
|
357,755
|
|
|
|
|
|
|
|
|
Loans
|
|
3,685,478
|
|
|
3,706,953
|
|
|
3,580,966
|
|
Allowance for loan
losses
|
|
(31,151)
|
|
|
(31,157)
|
|
|
(29,772)
|
|
Loans, net of
allowance for loan losses
|
|
3,654,327
|
|
|
3,675,796
|
|
|
3,551,194
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
|
93,699
|
|
|
91,359
|
|
|
88,463
|
|
Other real estate,
net
|
|
8,290
|
|
|
8,031
|
|
|
7,621
|
|
Bank owned life
insurance
|
|
71,510
|
|
|
71,092
|
|
|
71,883
|
|
Servicing rights,
net
|
|
120,390
|
|
|
116,982
|
|
|
112,615
|
|
Other
assets
|
|
62,257
|
|
|
65,242
|
|
|
59,215
|
|
Total
assets
|
|
$
|
4,733,796
|
|
|
$
|
4,812,056
|
|
|
$
|
4,576,858
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
1,214,534
|
|
|
$
|
1,249,391
|
|
|
$
|
1,125,598
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
Demand
deposits
|
|
474,441
|
|
|
477,477
|
|
|
478,428
|
|
Money market and
savings deposits
|
|
1,365,275
|
|
|
1,413,960
|
|
|
1,339,028
|
|
Time
deposits
|
|
927,328
|
|
|
909,141
|
|
|
924,146
|
|
Total
deposits
|
|
3,981,578
|
|
|
4,049,969
|
|
|
3,867,200
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
139,760
|
|
|
163,562
|
|
|
150,580
|
|
Subordinated debt,
net
|
|
120,707
|
|
|
120,680
|
|
|
120,587
|
|
Other
liabilities
|
|
45,510
|
|
|
45,747
|
|
|
36,859
|
|
Total
liabilities
|
|
4,287,555
|
|
|
4,379,958
|
|
|
4,175,226
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Common
stock
|
|
230,841
|
|
|
226,605
|
|
|
217,555
|
|
Accumulated other
comprehensive income (loss), net
|
|
985
|
|
|
(2,270)
|
|
|
383
|
|
Retained
earnings
|
|
214,415
|
|
|
207,763
|
|
|
183,694
|
|
Total shareholders'
equity
|
|
446,241
|
|
|
432,098
|
|
|
401,632
|
|
Total liabilities and
shareholders' equity
|
|
$
|
4,733,796
|
|
|
$
|
4,812,056
|
|
|
$
|
4,576,858
|
|
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,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
|
December 31,
2018
|
|
December 31,
2017
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
45,233
|
|
|
$
|
44,746
|
|
|
$
|
40,065
|
|
|
|
$
|
172,673
|
|
|
$
|
150,998
|
|
Investment
securities
|
|
2,142
|
|
|
1,646
|
|
|
1,015
|
|
|
|
6,317
|
|
|
4,404
|
|
Other
|
|
896
|
|
|
480
|
|
|
573
|
|
|
|
2,455
|
|
|
2,576
|
|
Total interest
income
|
|
48,271
|
|
|
46,872
|
|
|
41,653
|
|
|
|
181,445
|
|
|
157,978
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
6,058
|
|
|
5,655
|
|
|
4,219
|
|
|
|
20,849
|
|
|
15,722
|
|
Other
borrowings
|
|
990
|
|
|
818
|
|
|
18
|
|
|
|
4,530
|
|
|
928
|
|
Subordinated
debt
|
|
1,665
|
|
|
1,652
|
|
|
1,542
|
|
|
|
6,521
|
|
|
6,080
|
|
Total interest
expense
|
|
8,713
|
|
|
8,125
|
|
|
5,779
|
|
|
|
31,900
|
|
|
22,730
|
|
Net interest
income
|
|
39,558
|
|
|
38,747
|
|
|
35,874
|
|
|
|
149,545
|
|
|
135,248
|
|
Provision for loan
losses
|
|
745
|
|
|
360
|
|
|
—
|
|
|
|
5,521
|
|
|
4,275
|
|
Net interest
income after provision for loan losses
|
|
38,813
|
|
|
38,387
|
|
|
35,874
|
|
|
|
144,024
|
|
|
130,973
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,797
|
|
|
1,690
|
|
|
1,530
|
|
|
|
6,427
|
|
|
6,019
|
|
Other fees and
charges
|
|
2,374
|
|
|
2,464
|
|
|
2,342
|
|
|
|
9,522
|
|
|
8,402
|
|
Mortgage banking
activities
|
|
21,612
|
|
|
23,520
|
|
|
20,932
|
|
|
|
103,077
|
|
|
98,797
|
|
Indirect lending
activities
|
|
689
|
|
|
1,120
|
|
|
2,566
|
|
|
|
5,227
|
|
|
12,533
|
|
SBA lending
activities
|
|
3,440
|
|
|
914
|
|
|
581
|
|
|
|
6,728
|
|
|
4,540
|
|
Trust and wealth
management services
|
|
589
|
|
|
588
|
|
|
434
|
|
|
|
2,283
|
|
|
1,288
|
|
Other
|
|
578
|
|
|
3,366
|
|
|
503
|
|
|
|
5,587
|
|
|
3,373
|
|
Total noninterest
income
|
|
31,079
|
|
|
33,662
|
|
|
28,888
|
|
|
|
138,851
|
|
|
134,952
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
28,941
|
|
|
28,805
|
|
|
25,745
|
|
|
|
113,522
|
|
|
103,366
|
|
Commissions
|
|
7,858
|
|
|
9,523
|
|
|
8,447
|
|
|
|
36,129
|
|
|
34,573
|
|
Occupancy and
equipment
|
|
4,683
|
|
|
4,654
|
|
|
4,793
|
|
|
|
18,810
|
|
|
18,164
|
|
Professional and
other services
|
|
3,894
|
|
|
4,243
|
|
|
4,620
|
|
|
|
17,570
|
|
|
18,343
|
|
Other
|
|
10,737
|
|
|
8,360
|
|
|
9,305
|
|
|
|
39,261
|
|
|
36,424
|
|
Total noninterest
expense
|
|
56,113
|
|
|
55,585
|
|
|
52,910
|
|
|
|
225,292
|
|
|
210,870
|
|
Income before
income tax expense
|
|
13,779
|
|
|
16,464
|
|
|
11,852
|
|
|
|
57,583
|
|
|
55,055
|
|
Income tax
expense
|
|
3,855
|
|
|
3,722
|
|
|
(591)
|
|
|
|
13,760
|
|
|
15,259
|
|
NET
INCOME
|
|
$
|
9,924
|
|
|
$
|
12,742
|
|
|
$
|
12,443
|
|
|
|
$
|
43,823
|
|
|
$
|
39,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.36
|
|
|
$
|
0.47
|
|
|
$
|
0.46
|
|
|
|
$
|
1.61
|
|
|
$
|
1.50
|
|
Diluted
|
|
$
|
0.36
|
|
|
$
|
0.47
|
|
|
$
|
0.46
|
|
|
|
$
|
1.61
|
|
|
$
|
1.49
|
|
Weighted average
common shares outstanding-basic
|
|
27,283
|
|
|
27,229
|
|
|
26,904
|
|
|
|
27,155
|
|
|
26,602
|
|
Weighted average
common shares outstanding-diluted
|
|
27,376
|
|
|
27,337
|
|
|
27,011
|
|
|
|
27,259
|
|
|
26,722
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
LOANS BY
CATEGORY
(UNAUDITED)
|
|
($ in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Commercial
|
|
$
|
904,160
|
|
|
$
|
940,430
|
|
|
$
|
938,203
|
|
|
$
|
897,297
|
|
|
$
|
811,199
|
|
SBA
|
|
156,612
|
|
|
163,147
|
|
|
146,508
|
|
|
140,308
|
|
|
141,208
|
|
Total commercial and
SBA loans
|
|
1,060,772
|
|
|
1,103,577
|
|
|
1,084,711
|
|
|
1,037,605
|
|
|
952,407
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
loans
|
|
279,409
|
|
|
262,048
|
|
|
269,330
|
|
|
265,780
|
|
|
248,317
|
|
|
|
|
|
|
|
|
|
|
|
|
Indirect
automobile
|
|
1,569,274
|
|
|
1,588,419
|
|
|
1,698,879
|
|
|
1,719,670
|
|
|
1,716,156
|
|
Installment loans and
personal lines of credit
|
|
28,170
|
|
|
29,260
|
|
|
31,807
|
|
|
28,716
|
|
|
25,995
|
|
Total consumer
loans
|
|
1,597,444
|
|
|
1,617,679
|
|
|
1,730,686
|
|
|
1,748,386
|
|
|
1,742,151
|
|
Residential
mortgage
|
|
594,095
|
|
|
571,081
|
|
|
555,636
|
|
|
512,673
|
|
|
489,721
|
|
Home equity lines of
credit
|
|
153,758
|
|
|
152,568
|
|
|
152,523
|
|
|
149,864
|
|
|
148,370
|
|
Total mortgage
loans
|
|
747,853
|
|
|
723,649
|
|
|
708,159
|
|
|
662,537
|
|
|
638,091
|
|
Loans
|
|
3,685,478
|
|
|
3,706,953
|
|
|
3,792,886
|
|
|
3,714,308
|
|
|
3,580,966
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held-for-sale:
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
225,342
|
|
|
328,090
|
|
|
399,630
|
|
|
355,515
|
|
|
269,140
|
|
SBA
|
|
13,960
|
|
|
18,229
|
|
|
20,056
|
|
|
19,785
|
|
|
13,615
|
|
Indirect
automobile
|
|
—
|
|
|
25,000
|
|
|
25,000
|
|
|
50,000
|
|
|
75,000
|
|
Total loans
held-for-sale
|
|
239,302
|
|
|
371,319
|
|
|
444,686
|
|
|
425,300
|
|
|
357,755
|
|
Total loans
|
|
$
|
3,924,780
|
|
|
$
|
4,078,272
|
|
|
$
|
4,237,572
|
|
|
$
|
4,139,608
|
|
|
$
|
3,938,721
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS BY
CATEGORY
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
($ in
thousands)
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
|
Average
Amount
|
|
Rate
|
Noninterest-bearing
demand deposits
|
$
|
1,239,403
|
|
|
—
|
%
|
|
$
|
1,244,640
|
|
|
—
|
%
|
|
$
|
1,172,298
|
|
|
—
|
%
|
|
$
|
1,120,562
|
|
|
—
|
%
|
|
$
|
1,124,759
|
|
|
—
|
%
|
Interest-bearing
demand
deposits
|
458,350
|
|
|
0.12
|
%
|
|
463,292
|
|
|
0.13
|
%
|
|
489,051
|
|
|
0.14
|
%
|
|
461,614
|
|
|
0.14
|
%
|
|
453,714
|
|
|
0.11
|
%
|
Money market
and
savings deposits
|
1,380,472
|
|
|
0.74
|
%
|
|
1,415,868
|
|
|
0.70
|
%
|
|
1,349,447
|
|
|
0.61
|
%
|
|
1,345,905
|
|
|
0.55
|
%
|
|
1,381,207
|
|
|
0.53
|
%
|
Time
deposits
|
925,913
|
|
|
1.43
|
%
|
|
918,668
|
|
|
1.30
|
%
|
|
906,133
|
|
|
1.16
|
%
|
|
901,394
|
|
|
1.04
|
%
|
|
958,790
|
|
|
0.94
|
%
|
Total average
deposits
|
$
|
4,004,138
|
|
|
0.60
|
%
|
|
$
|
4,042,468
|
|
|
0.55
|
%
|
|
$
|
3,916,929
|
|
|
0.49
|
%
|
|
$
|
3,829,475
|
|
|
0.46
|
%
|
|
$
|
3,918,470
|
|
|
0.43
|
%
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
NONPERFORMING AND
CLASSIFIED ASSETS
(UNAUDITED)
|
|
($ in
thousands)
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)(6)
|
$
|
54,746
|
|
|
$
|
53,173
|
|
|
$
|
58,027
|
|
|
$
|
58,706
|
|
|
$
|
47,012
|
|
Loans past due 90
days or more and still accruing
|
6,746
|
|
|
8,858
|
|
|
8,278
|
|
|
7,728
|
|
|
6,313
|
|
Repossessions
|
1,696
|
|
|
1,271
|
|
|
1,303
|
|
|
1,853
|
|
|
2,392
|
|
Other real estate
(ORE)
|
8,290
|
|
|
8,031
|
|
|
6,834
|
|
|
7,668
|
|
|
7,621
|
|
Nonperforming
assets
|
$
|
71,478
|
|
|
$
|
71,333
|
|
|
$
|
74,442
|
|
|
$
|
75,955
|
|
|
$
|
63,338
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
24,738
|
|
|
$
|
6,858
|
|
|
$
|
6,514
|
|
|
$
|
15,695
|
|
|
$
|
22,079
|
|
Loans 30-89 days past
due to loans
|
0.67
|
%
|
|
0.19
|
%
|
|
0.17
|
%
|
|
0.42
|
%
|
|
0.62
|
%
|
Loans past due 90
days or more and still accruing to loans
|
0.18
|
%
|
|
0.24
|
%
|
|
0.22
|
%
|
|
0.21
|
%
|
|
0.18
|
%
|
Nonperforming loans
as a % of loans
|
1.67
|
%
|
|
1.67
|
%
|
|
1.75
|
%
|
|
1.79
|
%
|
|
1.49
|
%
|
Nonperforming assets
to loans, ORE, and repossessions
|
1.93
|
%
|
|
1.92
|
%
|
|
1.96
|
%
|
|
2.04
|
%
|
|
1.76
|
%
|
Adjusted
nonperforming assets to adjusted loans, ORE and
repossessions(8)
|
0.92
|
%
|
|
0.92
|
%
|
|
0.99
|
%
|
|
1.14
|
%
|
|
1.06
|
%
|
Nonperforming assets
to total assets
|
1.51
|
%
|
|
1.48
|
%
|
|
1.52
|
%
|
|
1.58
|
%
|
|
1.38
|
%
|
Adjusted
nonperforming assets to total
assets(8)
|
0.69
|
%
|
|
0.68
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.79
|
%
|
Classified Asset
Ratio(4)
|
19.95
|
%
|
|
19.60
|
%
|
|
21.84
|
%
|
|
21.70
|
%
|
|
20.70
|
%
|
ALL to nonperforming
loans
|
50.66
|
%
|
|
50.23
|
%
|
|
47.69
|
%
|
|
46.57
|
%
|
|
55.83
|
%
|
Net charge-offs,
annualized to average loans
|
0.08
|
%
|
|
0.09
|
%
|
|
0.17
|
%
|
|
0.11
|
%
|
|
0.11
|
%
|
ALL as a % of
loans
|
0.85
|
%
|
|
0.84
|
%
|
|
0.83
|
%
|
|
0.83
|
%
|
|
0.83
|
%
|
Adjusted ALL as a %
of adjusted loans(7)
|
1.12
|
%
|
|
1.14
|
%
|
|
1.16
|
%
|
|
1.15
|
%
|
|
1.16
|
%
|
ALL as a % of loans,
excluding acquired loans(5)
|
0.88
|
%
|
|
0.88
|
%
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.88
|
%
|
|
|
|
|
|
|
|
|
|
|
CLASSIFIED
ASSETS
|
|
|
|
|
|
|
|
|
|
Classified
loans(1)
|
$
|
82,786
|
|
|
$
|
80,176
|
|
|
$
|
87,688
|
|
|
$
|
83,867
|
|
|
$
|
77,679
|
|
ORE and
repossessions
|
9,986
|
|
|
9,302
|
|
|
8,137
|
|
|
9,521
|
|
|
10,013
|
|
Total classified
assets(3)
|
$
|
92,772
|
|
|
$
|
89,478
|
|
|
$
|
95,825
|
|
|
$
|
93,388
|
|
|
$
|
87,692
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount of SBA guarantee
included in classified loans
|
$
|
3,561
|
|
|
$
|
5,254
|
|
|
$
|
4,870
|
|
|
$
|
2,879
|
|
|
$
|
2,930
|
|
(2) Amount of repurchased
government-guaranteed loans, primarily
residential mortgage loans, included in nonaccrual
loans
|
$
|
29,057
|
|
|
$
|
27,218
|
|
|
$
|
27,220
|
|
|
$
|
26,091
|
|
|
$
|
19,478
|
|
(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 (for periods prior to 2018)
|
(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 government 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,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Loan servicing
revenue
|
|
$
|
1,642
|
|
|
$
|
1,581
|
|
|
$
|
1,690
|
|
|
$
|
1,769
|
|
|
$
|
2,158
|
|
Gain on sale of
loans
|
|
—
|
|
|
53
|
|
|
22
|
|
|
442
|
|
|
532
|
|
Gain on
capitalization of servicing rights
|
|
—
|
|
|
124
|
|
|
196
|
|
|
569
|
|
|
406
|
|
Ancillary loan
servicing revenue
|
|
170
|
|
|
162
|
|
|
166
|
|
|
183
|
|
|
247
|
|
Gross indirect lending revenue
|
|
1,812
|
|
|
1,920
|
|
|
2,074
|
|
|
2,963
|
|
|
3,343
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Amortization of
servicing rights, net
|
|
(1,123)
|
|
|
(800)
|
|
|
(804)
|
|
|
(815)
|
|
|
(777)
|
|
Total income from
indirect lending activities
|
|
$
|
689
|
|
|
$
|
1,120
|
|
|
$
|
1,270
|
|
|
$
|
2,148
|
|
|
$
|
2,566
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
INDIRECT LENDING
|
(UNAUDITED)
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Average loans
outstanding(1)
|
|
$
|
1,602,826
|
|
|
$
|
1,673,014
|
|
|
$
|
1,771,665
|
|
|
$
|
1,784,982
|
|
|
$
|
1,748,179
|
|
Loans serviced for
others
|
|
$
|
705,555
|
|
|
$
|
838,574
|
|
|
$
|
932,915
|
|
|
$
|
1,018,743
|
|
|
$
|
1,056,509
|
|
Past due
loans:
|
|
|
|
|
|
|
|
|
|
|
Amount 30+ days past
due
|
|
3,197
|
|
|
2,659
|
|
|
2,407
|
|
|
2,257
|
|
|
3,423
|
|
Number 30+ days past
due
|
|
299
|
|
|
258
|
|
|
217
|
|
|
197
|
|
|
283
|
|
30+ day performing
delinquency rate(2)
|
|
0.20
|
%
|
|
0.16
|
%
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.19
|
%
|
Nonperforming
loans
|
|
1,324
|
|
|
1,490
|
|
|
1,526
|
|
|
1,539
|
|
|
1,916
|
|
Nonperforming loans
as a percentage of
period end
loans(2)
|
|
0.08
|
%
|
|
0.09
|
%
|
|
0.09
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
Net
charge-offs
|
|
$
|
779
|
|
|
$
|
1,069
|
|
|
$
|
864
|
|
|
$
|
1,147
|
|
|
$
|
798
|
|
Net charge-off
rate(3)
|
|
0.19
|
%
|
|
0.26
|
%
|
|
0.20
|
%
|
|
0.27
|
%
|
|
0.19
|
%
|
Number of vehicles
repossessed during
the period
|
|
126
|
|
|
139
|
|
|
132
|
|
|
140
|
|
|
107
|
|
Quarterly production
weighted average
beacon score
|
|
773
|
|
|
769
|
|
|
779
|
|
|
781
|
|
|
783
|
|
|
(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,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Production by
state:
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
(2)
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
9,920
|
|
|
$
|
12,239
|
|
|
$
|
19,216
|
|
|
Arkansas
(2)
|
|
—
|
|
|
—
|
|
|
4,488
|
|
|
20,322
|
|
|
30,732
|
|
|
North Carolina
(2)
|
|
—
|
|
|
97
|
|
|
15,580
|
|
|
23,383
|
|
|
28,912
|
|
|
South Carolina
(2)
|
|
—
|
|
|
—
|
|
|
11,065
|
|
|
12,322
|
|
|
16,559
|
|
|
Florida
|
|
60,006
|
|
|
51,620
|
|
|
52,645
|
|
|
65,786
|
|
|
87,750
|
|
|
Georgia
|
|
34,401
|
|
|
35,034
|
|
|
38,322
|
|
|
38,288
|
|
|
45,571
|
|
|
Mississippi
(2)
|
|
—
|
|
|
—
|
|
|
22,605
|
|
|
24,785
|
|
|
32,141
|
|
|
Tennessee
(2)
|
|
—
|
|
|
—
|
|
|
11,098
|
|
|
13,509
|
|
|
17,635
|
|
|
Virginia
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,620
|
|
|
6,495
|
|
|
Louisiana
(2)
|
|
—
|
|
|
—
|
|
|
17,952
|
|
|
44,306
|
|
|
60,021
|
|
|
|
Total production by
state
|
|
$
|
94,407
|
|
|
$
|
86,801
|
|
|
$
|
183,675
|
|
|
$
|
258,560
|
|
|
$
|
345,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan sales
|
|
$
|
—
|
|
|
$
|
18,614
|
|
|
$
|
29,275
|
|
|
$
|
86,000
|
|
|
$
|
59,681
|
|
Portfolio yield
(1)
|
|
3.46
|
%
|
|
3.08
|
%
|
|
3.02
|
%
|
|
2.98
|
%
|
|
2.98
|
%
|
|
|
(1)
|
Includes
held-for-sale
|
(2)
|
Fidelity exited
the Alabama, Arkansas, North Carolina, South Carolina, Mississippi,
Tennessee, Virginia, and Louisiana markets in 2018
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
INCOME FROM
MORTGAGE BANKING ACTIVITIES
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
(in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Marketing gain,
net
|
|
$
|
14,129
|
|
|
$
|
16,427
|
|
|
$
|
20,330
|
|
|
$
|
17,575
|
|
|
$
|
16,683
|
|
Origination points
and fees
|
|
4,227
|
|
|
4,707
|
|
|
5,495
|
|
|
3,647
|
|
|
3,482
|
|
Loan servicing
revenue
|
|
6,326
|
|
|
6,360
|
|
|
6,206
|
|
|
6,221
|
|
|
5,851
|
|
Gross mortgage
revenue
|
|
$
|
24,682
|
|
|
$
|
27,494
|
|
|
$
|
32,031
|
|
|
$
|
27,443
|
|
|
$
|
26,016
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
MSR
amortization
|
|
(3,116)
|
|
|
(3,369)
|
|
|
(3,331)
|
|
|
(3,426)
|
|
|
(3,609)
|
|
MSR
recovery/(impairment), net
|
|
46
|
|
|
(605)
|
|
|
683
|
|
|
4,545
|
|
|
(1,475)
|
|
Total income from
mortgage
banking activities
|
|
$
|
21,612
|
|
|
$
|
23,520
|
|
|
$
|
29,383
|
|
|
$
|
28,562
|
|
|
$
|
20,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
ANALYSIS OF
MORTGAGE LENDING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Production by
region:
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
$
|
385,672
|
|
|
$
|
436,889
|
|
|
$
|
545,951
|
|
|
$
|
368,739
|
|
|
$
|
423,876
|
|
Florida
|
|
87,360
|
|
|
120,230
|
|
|
136,990
|
|
|
109,034
|
|
|
103,490
|
|
Alabama/Tennessee
|
|
992
|
|
|
748
|
|
|
2,433
|
|
|
2,709
|
|
|
4,609
|
|
Virginia/Maryland
|
|
95,226
|
|
|
130,728
|
|
|
148,970
|
|
|
91,842
|
|
|
106,398
|
|
North
and South Carolina
|
|
57,188
|
|
|
59,449
|
|
|
74,410
|
|
|
40,990
|
|
|
31,360
|
|
Total production by
region
|
|
$
|
626,438
|
|
|
$
|
748,044
|
|
|
$
|
908,754
|
|
|
$
|
613,314
|
|
|
$
|
669,733
|
|
|
|
|
|
|
|
|
|
|
|
|
% for
purchases
|
|
90.2
|
%
|
|
90.6
|
%
|
|
91.6
|
%
|
|
85.1
|
%
|
|
82.9
|
%
|
% for refinance
loans
|
|
9.8
|
%
|
|
9.4
|
%
|
|
8.4
|
%
|
|
14.9
|
%
|
|
17.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
Production:
|
|
$
|
59,191
|
|
|
$
|
56,108
|
|
|
$
|
75,990
|
|
|
$
|
44,554
|
|
|
$
|
66,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded loan type
(UPB):
|
|
|
|
|
|
|
|
|
|
|
Conventional
|
|
62.8
|
%
|
|
64.3
|
%
|
|
63.8
|
%
|
|
65.9
|
%
|
|
62.0
|
%
|
FHA/VA/USDA
|
|
20.4
|
%
|
|
21.5
|
%
|
|
20.7
|
%
|
|
22.1
|
%
|
|
21.5
|
%
|
Jumbo
|
|
16.8
|
%
|
|
14.2
|
%
|
|
15.5
|
%
|
|
12.0
|
%
|
|
16.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross pipeline of
locked loans to be
sold (UPB)
|
|
$
|
225,698
|
|
|
$
|
289,065
|
|
|
$
|
354,735
|
|
|
$
|
382,386
|
|
|
$
|
203,896
|
|
Loans held for sale
(UPB)
|
|
$
|
218,494
|
|
|
$
|
322,722
|
|
|
$
|
389,858
|
|
|
$
|
348,797
|
|
|
$
|
262,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan sales
(UPB)
|
|
$
|
686,153
|
|
|
$
|
771,058
|
|
|
$
|
800,084
|
|
|
$
|
496,484
|
|
|
$
|
602,171
|
|
Conventional
|
|
67.5
|
%
|
|
66.6
|
%
|
|
70.7
|
%
|
|
69.1
|
%
|
|
64.3
|
%
|
FHA/VA/USDA
|
|
19.6
|
%
|
|
24.5
|
%
|
|
21.3
|
%
|
|
27.2
|
%
|
|
25.0
|
%
|
Jumbo
|
|
12.9
|
%
|
|
8.9
|
%
|
|
8.0
|
%
|
|
3.7
|
%
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans
outstanding(1)
|
|
$
|
839,430
|
|
|
$
|
877,890
|
|
|
$
|
913,430
|
|
|
$
|
725,444
|
|
|
$
|
701,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
held-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
|
THIRD PARTY
MORTGAGE LOAN SERVICING
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the
Quarter Ended
|
($ in
thousands)
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Loans serviced for
others (UPB)(1)
|
|
$
|
9,009,506
|
|
|
$
|
8,687,984
|
|
|
$
|
9,450,326
|
|
|
$
|
9,097,869
|
|
|
$
|
8,917,117
|
|
Average loans
serviced for others
(UPB)(1)
|
|
$
|
9,407,723
|
|
|
$
|
9,279,843
|
|
|
$
|
9,244,175
|
|
|
$
|
9,038,568
|
|
|
$
|
8,896,305
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR book value, net
of amortization
|
|
$
|
113,368
|
|
|
$
|
108,876
|
|
|
$
|
119,372
|
|
|
$
|
113,217
|
|
|
$
|
110,497
|
|
MSR
impairment
|
|
(1,954)
|
|
|
(2,000)
|
|
|
(4,590)
|
|
|
(5,274)
|
|
|
(9,818)
|
|
MSR net carrying
value
|
|
$
|
111,414
|
|
|
$
|
106,876
|
|
|
$
|
114,782
|
|
|
$
|
107,943
|
|
|
$
|
100,679
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR carrying value as
a % of period
end UPB
|
|
1.24
|
%
|
|
1.23
|
%
|
|
1.21
|
%
|
|
1.19
|
%
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency % loans
serviced for
others
|
|
1.30
|
%
|
|
1.28
|
%
|
|
1.28
|
%
|
|
1.24
|
%
|
|
1.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR revenue
multiple(2)
|
|
4.60
|
|
|
4.49
|
|
|
4.52
|
|
|
4.31
|
|
|
4.29
|
|
(1) Balances for September
30, 2018 exclude the UPB of loans temporarily sub-serviced as a
result of the August 30, 2018 MSRs sale. Servicing transferred to
the Purchaser on October 1, 2018 and October 16,
2018.
|
(2) 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
AND YIELDS
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
($ in
thousands)
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
|
932,523
|
|
|
4.95
|
%
|
|
$
|
949,747
|
|
|
5.27
|
%
|
|
$
|
801,343
|
|
|
4.96
|
%
|
SBA
|
170,162
|
|
|
7.97
|
%
|
|
166,467
|
|
|
8.07
|
%
|
|
149,918
|
|
|
10.23
|
%
|
Construction
|
272,481
|
|
|
6.95
|
%
|
|
255,302
|
|
|
6.61
|
%
|
|
246,567
|
|
|
6.68
|
%
|
Indirect
automobile
|
1,602,826
|
|
|
3.46
|
%
|
|
1,673,014
|
|
|
3.08
|
%
|
|
1,748,179
|
|
|
2.98
|
%
|
Installment
loans and personal lines of credit
|
34,263
|
|
|
2.87
|
%
|
|
36,764
|
|
|
3.55
|
%
|
|
37,906
|
|
|
3.76
|
%
|
Residential
mortgage
|
838,691
|
|
|
4.23
|
%
|
|
877,080
|
|
|
4.14
|
%
|
|
701,083
|
|
|
3.84
|
%
|
Home equity
lines of credit
|
154,175
|
|
|
5.83
|
%
|
|
152,231
|
|
|
5.29
|
%
|
|
147,448
|
|
|
4.83
|
%
|
Total loans, net
of unearned income (1)
|
4,005,121
|
|
|
4.48
|
%
|
|
4,110,605
|
|
|
4.32
|
%
|
|
3,832,444
|
|
|
4.15
|
%
|
Investment securities
(1)
|
259,152
|
|
|
3.31
|
%
|
|
201,696
|
|
|
3.29
|
%
|
|
142,494
|
|
|
2.86
|
%
|
Other earning
assets
|
175,495
|
|
|
2.02
|
%
|
|
141,748
|
|
|
1.34
|
%
|
|
193,186
|
|
|
1.18
|
%
|
Total
interest-earning assets
|
4,439,768
|
|
|
4.32
|
%
|
|
4,454,049
|
|
|
4.18
|
%
|
|
4,168,124
|
|
|
3.97
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
37,672
|
|
|
|
|
39,508
|
|
|
|
|
39,173
|
|
|
|
Allowance for loan
losses
|
(31,278)
|
|
|
|
|
(31,581)
|
|
|
|
|
(30,579)
|
|
|
|
Premises and
equipment, net
|
92,050
|
|
|
|
|
91,232
|
|
|
|
|
88,124
|
|
|
|
Other real
estate
|
8,079
|
|
|
|
|
7,221
|
|
|
|
|
8,631
|
|
|
|
Other
assets
|
238,042
|
|
|
|
|
242,360
|
|
|
|
|
232,055
|
|
|
|
Total
noninterest-earning assets
|
344,565
|
|
|
|
|
348,740
|
|
|
|
|
337,404
|
|
|
|
Total
assets
|
$
|
4,784,333
|
|
|
|
|
$
|
4,802,789
|
|
|
|
|
$
|
4,505,528
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
458,350
|
|
|
0.12
|
%
|
|
$
|
463,292
|
|
|
0.13
|
%
|
|
$
|
453,714
|
|
|
0.11
|
%
|
Money market and
savings deposits
|
1,380,472
|
|
|
0.74
|
%
|
|
1,415,868
|
|
|
0.70
|
%
|
|
1,381,207
|
|
|
0.53
|
%
|
Time
deposits
|
925,913
|
|
|
1.43
|
%
|
|
918,668
|
|
|
1.30
|
%
|
|
958,790
|
|
|
0.94
|
%
|
Total
interest-bearing deposits
|
2,764,735
|
|
|
0.87
|
%
|
|
2,797,828
|
|
|
0.80
|
%
|
|
2,793,711
|
|
|
0.60
|
%
|
Other short-term
borrowings
|
177,955
|
|
|
2.21
|
%
|
|
169,128
|
|
|
1.92
|
%
|
|
31,253
|
|
|
0.22
|
%
|
Subordinated
debt
|
120,694
|
|
|
5.47
|
%
|
|
120,667
|
|
|
5.43
|
%
|
|
120,571
|
|
|
5.07
|
%
|
Total
interest-bearing liabilities
|
3,063,384
|
|
|
1.13
|
%
|
|
3,087,623
|
|
|
1.04
|
%
|
|
2,945,535
|
|
|
0.78
|
%
|
Noninterest-bearing liabilities and shareholders'
equity:
|
|
|
|
|
|
|
Demand
deposits
|
1,239,403
|
|
|
|
|
1,244,640
|
|
|
|
|
1,124,759
|
|
|
|
Other
liabilities
|
46,638
|
|
|
|
|
44,538
|
|
|
|
|
42,486
|
|
|
|
Shareholders'
equity
|
434,908
|
|
|
|
|
425,988
|
|
|
|
|
392,748
|
|
|
|
Total
noninterest-bearing liabilities and
shareholders' equity
|
1,720,949
|
|
|
|
|
1,715,166
|
|
|
|
|
1,559,993
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
4,784,333
|
|
|
|
|
$
|
4,802,789
|
|
|
|
|
$
|
4,505,528
|
|
|
|
Net interest
spread
|
|
|
3.19
|
%
|
|
|
|
3.14
|
%
|
|
|
|
3.19
|
%
|
Net interest
margin
|
|
|
3.54
|
%
|
|
|
|
3.45
|
%
|
|
|
|
3.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest income
includes the effect of taxable-equivalent adjustment using a 21%
tax rate for the quarters ended December 31, 2018 and September 30,
2018 and a 35% tax rate for the quarter ended December 31,
2017.
|
FIDELITY SOUTHERN
CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP
RATIO RECONCILIATION
(UNAUDITED)
|
|
|
For the Quarter
Ended
|
($ in
thousands)
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of nonperforming assets to adjusted nonperforming
assets:
|
Nonperforming assets
(GAAP)
|
$
|
71,478
|
|
|
$
|
71,333
|
|
|
$
|
74,442
|
|
|
$
|
75,955
|
|
|
$
|
63,338
|
|
Less: repurchased
government-guaranteed mortgage
loans included on nonaccrual
|
(29,057)
|
|
|
(27,218)
|
|
|
(27,220)
|
|
|
(26,091)
|
|
|
(19,478)
|
|
Less: SBA guaranteed
loans included on nonaccrual
|
(3,561)
|
|
|
(4,049)
|
|
|
(3,639)
|
|
|
(1,541)
|
|
|
(1,652)
|
|
Less: Nonaccrual
acquired loans
|
(6,120)
|
|
|
(7,388)
|
|
|
(7,648)
|
|
|
(7,890)
|
|
|
(6,242)
|
|
Adjusted
nonperforming assets, excluding acquired
loans and government-guaranteed loans
(non-GAAP)
|
$
|
32,740
|
|
|
$
|
32,678
|
|
|
$
|
35,935
|
|
|
$
|
40,433
|
|
|
$
|
35,966
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of total loans, ORE and repossessions to total loans, ORE and
repossessions, less acquired loans:
|
Loans, excluding
Loans Held-for-Sale
|
$
|
3,685,478
|
|
|
$
|
3,706,953
|
|
|
$
|
3,792,886
|
|
|
$
|
3,714,308
|
|
|
$
|
3,580,966
|
|
Add: ORE
|
8,290
|
|
|
8,031
|
|
|
6,834
|
|
|
7,668
|
|
|
7,621
|
|
Add:
repossessions
|
1,696
|
|
|
1,271
|
|
|
1,303
|
|
|
1,853
|
|
|
2,392
|
|
Total loans, ORE, and
repossessions (GAAP)
|
3,695,464
|
|
|
3,716,255
|
|
|
3,801,023
|
|
|
3,723,829
|
|
|
3,590,979
|
|
Less: acquired
loans
|
(141,198)
|
|
|
(150,763)
|
|
|
(165,303)
|
|
|
(178,496)
|
|
|
(196,567)
|
|
Adjusted loans, ORE,
and repossessions, less acquired
loans (non-GAAP)
|
$
|
3,554,266
|
|
|
$
|
3,565,492
|
|
|
$
|
3,635,720
|
|
|
$
|
3,545,333
|
|
|
$
|
3,394,412
|
|
Nonperforming assets
to loans, ORE, and
repossessions (GAAP)
|
1.93
|
%
|
|
1.92
|
%
|
|
1.96
|
%
|
|
2.04
|
%
|
|
1.76
|
%
|
Adjusted
nonperforming assets to adjusted loans,
ORE, and repossessions (non-GAAP)
|
0.92
|
%
|
|
0.92
|
%
|
|
0.99
|
%
|
|
1.14
|
%
|
|
1.06
|
%
|
Nonperforming assets
to total assets (GAAP)
|
1.51
|
%
|
|
1.48
|
%
|
|
1.52
|
%
|
|
1.58
|
%
|
|
1.38
|
%
|
Adjusted
nonperforming assets to total assets (non-GAAP)
|
0.69
|
%
|
|
0.68
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.79
|
%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of allowance to adjusted allowance:
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (GAAP)
|
$
|
31,151
|
|
|
$
|
31,157
|
|
|
$
|
31,623
|
|
|
$
|
30,940
|
|
|
$
|
29,772
|
|
Less: allowance
allocated to indirect auto loans
|
(8,669)
|
|
|
(8,556)
|
|
|
(9,210)
|
|
|
(9,888)
|
|
|
(10,258)
|
|
Less: allowance
allocated to acquired loans
|
(284)
|
|
|
(134)
|
|
|
(134)
|
|
|
(134)
|
|
|
(209)
|
|
Adjusted allowance
for loan losses (non-GAAP)
|
$
|
22,198
|
|
|
$
|
22,467
|
|
|
$
|
22,279
|
|
|
$
|
20,918
|
|
|
$
|
19,305
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of period end loans to adjusted period end
loans:
|
Loans, excluding
Loans Held-for-Sale
|
$
|
3,685,478
|
|
|
$
|
3,706,953
|
|
|
$
|
3,792,886
|
|
|
$
|
3,714,308
|
|
|
$
|
3,580,966
|
|
Less: indirect auto
loans
|
(1,569,274)
|
|
|
(1,588,419)
|
|
|
(1,698,879)
|
|
|
(1,719,670)
|
|
|
(1,716,156)
|
|
Less: acquired
loans
|
(141,198)
|
|
|
(150,763)
|
|
|
(165,303)
|
|
|
(178,496)
|
|
|
(196,567)
|
|
Adjusted total loans
(non-GAAP)
|
$
|
1,975,006
|
|
|
$
|
1,967,771
|
|
|
$
|
1,928,704
|
|
|
$
|
1,816,142
|
|
|
$
|
1,668,243
|
|
Allowance to total
loans (GAAP)
|
0.85
|
%
|
|
0.84
|
%
|
|
0.83
|
%
|
|
0.83
|
%
|
|
0.83
|
%
|
Adjusted allowance to
adjusted total loans (non-GAAP)
|
1.12
|
%
|
|
1.14
|
%
|
|
1.16
|
%
|
|
1.15
|
%
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of book value per common share to tangible book value per common
share:
|
Shareholders'
equity
|
$
|
446,241
|
|
|
$
|
432,098
|
|
|
420,962
|
|
|
410,744
|
|
|
$
|
401,632
|
|
Less: intangible
assets
|
(11,197)
|
|
|
(11,474)
|
|
|
(11,751)
|
|
|
(12,028)
|
|
|
(12,306)
|
|
Tangible
shareholders' equity
|
$
|
435,044
|
|
|
$
|
420,624
|
|
|
$
|
409,211
|
|
|
$
|
398,716
|
|
|
$
|
389,326
|
|
End of period common
shares outstanding
|
27,279,729
|
|
|
27,260,681
|
|
|
27,191,787
|
|
|
27,034,255
|
|
|
27,019,201
|
|
Book value per common
share (GAAP)
|
$
|
16.36
|
|
|
$
|
15.85
|
|
|
$
|
15.48
|
|
|
$
|
15.19
|
|
|
$
|
14.86
|
|
Tangible book value
per common share (non-GAAP)
|
15.95
|
|
|
15.43
|
|
|
$
|
15.05
|
|
|
$
|
14.75
|
|
|
14.41
|
|
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-9-9-million-300780375.html
SOURCE Fidelity Southern Corporation