Fidelity Southern Corporation Earned $7.9 Million In Third Quarter
ATLANTA, Oct. 17, 2013 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), today reported financial results for the three and nine months ended September 30, 2013.
KEY RESULTS
- Earned $7.9 million in third quarter
- Completed paydown of 11% Trust Preferred Securities
- Paid off $48 million of TARP Preferred Stock
- Return on Average Assets of 1.20%
- Net Interest Margin increased 17 basis points
- Re-instated Cash Dividend
- Organic Loan Growth of 10%, annualized
- Classified Assets decreased 9%
- Increased Tangible Book Value by $1.63 or 18%, year over year
Fidelity's Chairman, Jim Miller, said, "Fidelity had another strong quarter, reporting organic loan growth, and a strengthened balance sheet. We continue to take market share in deposits and in lending. Mortgage volume compares favorably to industry which reflects our focus on purchase activity. Indirect lending expanded into Texas and Mortgage added production staff in Virginia.
"We plan to continue our steady growth with more branches, to focus on electronic banking and to further strengthen our lending platforms."
| Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
| September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
||||||||||||||||
| ($ in millions, except per share data) |
||||||||||||||||||||
| Net Income |
$ |
7.9 |
$ |
9.4 |
$ |
8.2 |
$ |
23.8 |
$ |
19.9 |
||||||||||
| Basic EPS |
$ |
0.33 |
$ |
0.52 |
$ |
0.49 |
$ |
1.21 |
$ |
1.18 |
||||||||||
| Diluted EPS |
$ |
0.30 |
$ |
0.47 |
$ |
0.44 |
$ |
1.08 |
$ |
1.05 |
||||||||||
| For the Quarter Ended |
||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||
| (in thousands) |
||||||||||||||||||||
| Net income |
$ |
7,851 |
$ |
9,433 |
$ |
6,491 |
$ |
5,440 |
$ |
8,167 |
||||||||||
| Income tax expense |
4,298 |
5,211 |
3,631 |
3,088 |
4,816 |
|||||||||||||||
| Provision for loan losses |
1,122 |
570 |
3,476 |
5,243 |
3,477 |
|||||||||||||||
| Write-down of ORE |
1,679 |
532 |
1,263 |
1,152 |
1,452 |
|||||||||||||||
| Other cost of ORE operations |
30 |
354 |
940 |
1,433 |
1,324 |
|||||||||||||||
| Pre-tax, pre-credit related earnings |
14,980 |
16,100 |
15,801 |
16,356 |
19,236 |
|||||||||||||||
| Less security gains |
-- |
(1) |
-- |
-- |
(4) |
|||||||||||||||
| Less acquisition gain |
-- |
-- |
-- |
-- |
(4,012) |
|||||||||||||||
| Less accretion of FDIC indemnification asset |
(93) |
(118) |
(138) |
(150) |
(285) |
|||||||||||||||
| Core operating earnings (1) |
$ |
14,887 |
$ |
15,981 |
$ |
15,663 |
$ |
16,206 |
$ |
14,935 |
||||||||||
| (1) The calculation of core operating earnings is a non-GAAP measure. We show core operating earnings which remove the effect of income taxes, provision for loan losses, cost of operation of ORE, security gains, acquisition gain and indemnification asset accretion because we believe that helps show a view of more normalized net revenues. The measure allows better comparability with prior periods, as well as with peers in the industry who also provide a similar presentation. |
||||||||||||||||||||
Capital
The following table details the Company's and Bank's capital position at September 30, 2013, and June 30, 2013:
| Fidelity Southern Corporation |
Fidelity Bank |
||||||
| September 30, |
June 30, |
September 30, |
June 30, |
||||
| Tier 1 risk-based capital ratio |
12.97% |
15.62% |
11.91% |
11.03% |
|||
| Total risk-based capital ratio |
14.23% |
16.88% |
13.64% |
13.05% |
|||
| Leverage capital ratio |
10.53% |
12.96% |
9.68% |
9.41% |
|||
On August 30, 2013, the Company redeemed all of the $48.2 million in shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, originally issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program; and on September 9, 2013, redeemed two series of its trust preferred securities with an aggregate outstanding principal amount of $20.5 million.
Final BASEL III rules were released during the third quarter for all Banks. We are evaluating the final rules to determine how they will impact our capital in future periods.
Asset Quality
The following table provides a comparison of the activity affecting the allowance for loan loss:
| For the Quarter Ended |
||||||||||||||||||||
| September 30, |
June 30, |
September 30, |
YTD 2013 |
YTD 2012 |
||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||
| Net charge-offs |
$ |
1,199 |
$ |
1,721 |
$ |
1,221 |
$ |
6,572 |
$ |
8,969 |
||||||||||
| Net charge-off ratio |
0.27 |
% |
0.40 |
% |
0.27 |
% |
0.51 |
% |
0.52 |
% |
||||||||||
| Provision for loan losses |
$ |
1,122 |
$ |
570 |
$ |
3,477 |
$ |
5,168 |
$ |
8,177 |
||||||||||
The allowance for loan losses at September 30, 2013, was $33.7 million, or 1.83% of total loans, compared to an allowance of $33.3 million, or 1.86% of total loans, at June 30, 2013, and $31.5 million, or 1.80% of total loans, at September 30, 2012.
The following table presents certain credit quality metrics of the Bank's loan portfolio, inclusive and exclusive of covered loans. Nonperforming assets include nonaccrual loans, net repossessions and other real estate ("ORE"). Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.
| September 30, |
December 31, |
September 30, |
||||||||||||||||||||||
| Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
Including Covered Loans |
Excluding Covered Loans |
|||||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||||||
| Nonperforming loans |
$ |
61,458 |
$ |
36,711 |
$ |
83,681 |
$ |
57,713 |
$ |
90,145 |
$ |
61,854 |
||||||||||||
| Classified assets |
95,121 |
89,876 |
114,857 |
108,860 |
121,556 |
113,454 |
||||||||||||||||||
| Allowance for loan losses as a percentage of total loans |
1.83 |
% |
1.93 |
% |
1.92 |
% |
2.01 |
% |
1.80 |
% |
1.91 |
% |
||||||||||||
| Classified items ratio |
33.33 |
% |
31.50 |
% |
44.17 |
% |
41.87 |
% |
48.31 |
% |
45.09 |
% |
||||||||||||
| Nonperforming assets ratio |
5.20 |
% |
3.56 |
% |
6.77 |
% |
5.12 |
% |
7.62 |
% |
5.12 |
% |
||||||||||||
ORE, net of reserves, decreased $6.4 million to $34.5 million at September 30, 2013, compared to $40.9 million at June 30, 2013. During the third quarter of 2013, $9.5 million of ORE assets were sold while $3.1 million were added.
Nonperforming loans and classified assets have continued to decline due in part to improved credit factors as well as loans moving to ORE and subsequently being sold.
Deposits
Total deposits of $2.169 billion at September 30, 2013, have increased $99.6 million from $2.070 billion as of December 31, 2012, due primarily to a $64.5 million increase in noninterest-bearing demand deposits as the Company continues to focus on core-deposit growth.
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||||||||||||||
| $ |
% |
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||||||||||||||||||||
| ($ in millions) |
||||||||||||||||||||||||||||||||||
| Core deposits(1) |
$ |
1,742.7 |
80.4 |
% |
$ |
1,704.4 |
79.1 |
% |
$ |
1,659.5 |
80.6 |
% |
$ |
1,666.1 |
80.5 |
% |
$ |
1,595.4 |
79.6 |
% |
||||||||||||||
| Time Deposits > $100,000 |
352.1 |
16.2 |
% |
363.4 |
16.9 |
% |
356.7 |
17.4 |
% |
346.7 |
16.8 |
% |
348.9 |
17.4 |
% |
|||||||||||||||||||
| Brokered deposits |
74.5 |
3.4 |
% |
87.2 |
4.0 |
% |
41.8 |
2.0 |
% |
56.9 |
2.7 |
% |
59.3 |
3.0 |
% |
|||||||||||||||||||
| Total deposits |
$ |
2,169.3 |
100.0% |
$ |
2,155.0 |
100.0% |
$ |
2,058.0 |
100.0% |
$ |
2,069.7 |
100.0% |
$ |
2,003.6 |
100.0% |
|||||||||||||||||||
| Quarterly rate on deposits |
0.48% |
0.50% |
0.52% |
0.54% |
0.55% |
|||||||||||||||||||||||||||||
| (1) Core deposits are transactional, savings, and time deposits under $100,000. |
||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN
Net interest margin in the third quarter of 2013 was 3.59%. In spite of the decline in the net interest margin from the third quarter of 2012, net interest income was up $842,000 over the same quarter prior-year and $1.4 million when compared to the three months ended June 30, 2013. The improvement is attributable primarily to declining average balances of and rates on interest-bearing liabilities as discussed in more detail in the Interest Expense section below. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.48% for the third quarter of 2013 compared to 3.31% for the second quarter of 2013.
Net interest margin was 3.59% for the nine months ended September 30, 2013, compared to 3.80% for the same period in 2012. Although the net interest margin decreased, net interest income for the nine months ended September 30, 2013, increased $2.5 million, or 4.1%, to $62.7 million compared to $60.2 million for the same period in 2012 aided by a 12.3% increase in average loan balances. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.42% for the nine months ended September 30, 2013 and 3.66% for the same period in 2012.
INTEREST INCOME
Total interest income for the third quarter of 2013 remained flat at $24.9 million compared to the third quarter of 2012. In a linked-quarter comparison, interest income increased $1.1 million largely attributable to an increase in interest income from mortgage loans held-for-sale as rates increased during the quarter.
For the nine months ended September 30, 2013, total interest income increased $500,000 to $73.8 million compared to $73.3 million for the same period in 2012.
INTEREST EXPENSE
Interest expense for the third quarter of 2013 decreased $847,000, or 19.9%, compared to the same period in 2012 due to a reduction of $374,000 in subordinated debt expense for the third quarter of 2013. This was due in part to $20.6 million of subordinated debt converting from a fixed rate of 6.62% to a lower floating rate as of September 15, 2012. Additionally, the Company repaid $21.1 million of subordinated debt during the quarter with a weighted average rate of 11.0%. Also contributing to the reduction is a decrease in short-term borrowings expense of $381,000 primarily due to a 76 basis point decrease in yield. On a linked-quarter basis, interest expense decreased $340,000, or 9.1% attributable to increased liquidity and lower short-term borrowings resulting from loan sales for the quarter.
For the nine months ended September 30, 2013, interest expense decreased $2.1 million, or 15.8%, to $11.0 million compared to $13.1 million for the same period in 2012. The decrease is primarily the result of a reduction in time deposit expenses of $943,000 together with a decrease of $910,000 in subordinated debt expense due to rate changes and the note pay-offs previously discussed.
NONINTEREST INCOME
For the quarter ended September 30, 2013, noninterest income was $25.8 million compared to $27.1 million in the third quarter of 2012. The decrease is largely attributable to the $4.0 million gain on acquisition recorded in the third quarter of 2012 related to the acquisition of Security Exchange Bank and no gain recorded during the current quarter. Offsetting this decrease is an increase of $3.1 million in mortgage banking activities over the respective period as mortgage servicing impairment charges were $2.3 million lower in the third quarter of 2013.
For the nine months ended September 30, 2013, noninterest income increased $17.3 million, or 28.1%, to $79.1 million compared to $61.8 million for same period in 2012. The increase is attributable to an $18.1 million increase in mortgage banking activities.
Real Estate Lending
Since long-term rates spiked in June, many mortgage lenders have reported reductions of 20% to more than 50% in funded loan volumes for the third quarter. The Company's 21% decrease in funded loan volume is on the low end as the Company has focused on core purchase mortgage production, has a smaller concentration of wholesale lending and an emphasis on expansion into new markets and penetration of existing markets.
Compared to the same period in prior year, mortgage banking net revenue increased $3.1 million or 20%. Closed funded loan production was $619 million during Q3 2013, $784 million in Q2 2013 and $617 million in Q3 2012. Mortgage banking revenue was $17.8 million for the quarter ended September 30, 2013, reflecting lower volumes that have been prevalent throughout the industry and amongst our peers.
Positive mortgage production trends were evident as new purchase loans (vs. refinances) accounted for 74% of total funded loan production in Q3 2013. The Company continues to evaluate opportunities to increase market share or enter new markets where future growth is expected.
NONINTEREST EXPENSE
Noninterest expense for the third quarter of 2013 was $34.1 million compared to $31.3 million for the same period in 2012. The increase was driven by a $1.9 million increase in salaries and employee benefits expense together with an $811,000 pay-off premium related to the redemption of the trust preferred securities previously discussed.
For the nine months ended September 30, 2013, noninterest expense was $99.8 million compared to $82.7 million for the same period in 2012. The increase is largely attributable to an increase of $8.5 million in salaries and employee benefits and an increase $6.1 million in higher commissions and increased personnel.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 32 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided through employees located in eleven Southern and Mid-Atlantic states. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2012 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
| FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
September 30, |
September 30, |
|||||||||||||||||||||
| ($ in thousands, except per share data) |
|||||||||||||||||||||||||||
| RESULTS OF OPERATIONS |
|||||||||||||||||||||||||||
| Net Interest Income |
$ |
21,529 |
$ |
20,133 |
$ |
21,075 |
$ |
20,239 |
$ |
20,690 |
$ |
62,737 |
$ |
60,245 |
|||||||||||||
| Provision for Loan Losses |
1,122 |
570 |
3,476 |
5,243 |
3,477 |
5,168 |
8,177 |
||||||||||||||||||||
| Non-Interest Income |
25,844 |
28,240 |
25,047 |
26,186 |
27,094 |
79,131 |
61,783 |
||||||||||||||||||||
| Non-Interest Expense |
34,102 |
33,159 |
32,524 |
32,654 |
31,324 |
99,785 |
82,743 |
||||||||||||||||||||
| Income Tax Expense |
4,298 |
5,211 |
3,631 |
3,088 |
4,816 |
13,140 |
11,221 |
||||||||||||||||||||
| Net Income |
7,851 |
9,433 |
6,491 |
5,440 |
8,167 |
23,775 |
19,887 |
||||||||||||||||||||
| Preferred Stock Dividends |
(817) |
(823) |
(823) |
(824) |
(823) |
(2,463) |
(2,469) |
||||||||||||||||||||
| Net Income Available to Common Shareholders |
7,034 |
8,610 |
5,668 |
4,616 |
7,344 |
21,312 |
17,418 |
||||||||||||||||||||
| PERFORMANCE |
|||||||||||||||||||||||||||
| Earnings Per Share - Basic (1) |
$ |
0.33 |
$ |
0.52 |
$ |
0.38 |
$ |
0.31 |
$ |
0.49 |
$ |
1.21 |
$ |
1.18 |
|||||||||||||
| Earnings Per Share - Diluted (1) |
$ |
0.30 |
$ |
0.47 |
$ |
0.33 |
$ |
0.27 |
$ |
0.44 |
$ |
1.08 |
$ |
1.05 |
|||||||||||||
| Return on Average Assets |
1.20 |
% |
1.47 |
% |
1.07 |
% |
0.88 |
% |
1.33 |
% |
1.25 |
% |
1.15 |
% |
|||||||||||||
| Return on Average Equity |
12.04 |
% |
17.40 |
% |
13.53 |
% |
11.36 |
% |
17.93 |
% |
14.20 |
% |
15.22 |
% |
|||||||||||||
| NET INTEREST MARGIN |
|||||||||||||||||||||||||||
| Interest Earning Assets |
4.15 |
% |
4.05 |
% |
4.55 |
% |
4.56 |
% |
4.48 |
% |
4.37 |
% |
4.77 |
% |
|||||||||||||
| Cost of Funds |
0.72 |
% |
0.77 |
% |
0.84 |
% |
0.86 |
% |
0.90 |
% |
0.78 |
% |
0.97 |
% |
|||||||||||||
| Net Interest Spread |
3.43 |
% |
3.28 |
% |
3.71 |
% |
3.49 |
% |
3.58 |
% |
3.59 |
% |
3.80 |
% |
|||||||||||||
| Net Interest Margin |
3.59 |
% |
3.42 |
% |
3.77 |
% |
3.63 |
% |
3.72 |
% |
3.59 |
% |
3.80 |
% |
|||||||||||||
| CAPITAL |
|||||||||||||||||||||||||||
| Cash Dividends Per Share |
$ |
0.02 |
$ |
-- |
$ |
-- |
$ |
-- |
$ |
-- |
$ |
0.02 |
$ |
-- |
|||||||||||||
| Dividend Payout Ratio |
6.06 |
% |
-- |
% |
-- |
% |
-- |
% |
-- |
% |
1.65 |
% |
-- |
% |
|||||||||||||
| Tier 1 Risk-Based Capital |
12.97 |
% |
15.62 |
% |
12.22 |
% |
12.06 |
% |
11.94 |
% |
12.97 |
% |
11.94 |
% |
|||||||||||||
| Total Risk-Based Capital |
14.23 |
% |
16.88 |
% |
13.48 |
% |
13.43 |
% |
13.41 |
% |
14.23 |
% |
13.41 |
% |
|||||||||||||
| Leverage Ratio |
10.53 |
% |
12.96 |
% |
10.51 |
% |
10.18 |
% |
9.89 |
% |
10.53 |
% |
9.89 |
% |
|||||||||||||
| AVERAGE BALANCE SHEET |
|||||||||||||||||||||||||||
| Loans, Net of Unearned Income |
$ |
2,129,696 |
$ |
2,150,917 |
$ |
2,096,551 |
$ |
2,044,975 |
$ |
2,013,423 |
$ |
2,125,843 |
$ |
1,893,684 |
|||||||||||||
| Investment Securities |
175,230 |
170,362 |
161,861 |
174,810 |
188,949 |
169,199 |
209,535 |
||||||||||||||||||||
| Earning Assets |
2,393,062 |
2,379,048 |
2,281,648 |
2,230,918 |
2,225,190 |
2,351,660 |
2,130,698 |
||||||||||||||||||||
| Total Assets |
2,599,578 |
2,578,033 |
2,468,538 |
2,454,244 |
2,442,366 |
2,549,526 |
2,308,552 |
||||||||||||||||||||
| Deposits |
2,148,659 |
2,079,569 |
2,031,877 |
2,022,445 |
1,977,403 |
2,087,599 |
1,904,758 |
||||||||||||||||||||
| Borrowings |
166,261 |
259,616 |
256,616 |
211,385 |
256,617 |
215,764 |
205,575 |
||||||||||||||||||||
| Shareholders' Equity |
258,672 |
217,491 |
194,559 |
190,426 |
181,211 |
223,809 |
174,519 |
||||||||||||||||||||
| STOCK PERFORMANCE |
|||||||||||||||||||||||||||
| Market Price: |
|||||||||||||||||||||||||||
| Closing (1) |
$ |
15.34 |
$ |
12.28 |
$ |
11.33 |
$ |
9.31 |
$ |
9.13 |
$ |
15.34 |
$ |
9.13 |
|||||||||||||
| High Close (1) |
$ |
15.98 |
$ |
13.06 |
$ |
11.63 |
$ |
9.93 |
$ |
9.44 |
$ |
15.98 |
$ |
9.93 |
|||||||||||||
| Low Close (1) |
$ |
12.56 |
$ |
10.73 |
$ |
9.31 |
$ |
8.54 |
$ |
8.12 |
$ |
9.31 |
$ |
5.43 |
|||||||||||||
| Daily Average Trading Volume |
90,413 |
52,693 |
30,591 |
16,474 |
20,496 |
58,118 |
28,166 |
||||||||||||||||||||
| Book Value Per Common Share (1) |
$ |
10.98 |
$ |
10.70 |
$ |
10.03 |
$ |
9.66 |
$ |
9.42 |
$ |
10.98 |
$ |
9.42 |
|||||||||||||
| Price to Book Value |
1.40 |
1.15 |
1.13 |
0.96 |
0.97 |
1.40 |
0.97 |
||||||||||||||||||||
| Price to Tangible Book Value |
1.41 |
1.16 |
1.15 |
0.98 |
0.99 |
1.41 |
0.99 |
||||||||||||||||||||
| Tangible Book Value Per Common Share (1) |
10.87 |
10.58 |
9.86 |
9.49 |
9.24 |
10.87 |
9.24 |
||||||||||||||||||||
| (1) Adjusted for stock dividends and retroactive application on shares outstanding. |
|||||||||||||||||||||||||||
| FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
September 30, |
September 30, |
|||||||||||||||||||||
| ($ in thousands) |
|||||||||||||||||||||||||||
| ASSET QUALITY |
|||||||||||||||||||||||||||
| Total Non-Performing Loans |
$ |
61,458 |
$ |
72,388 |
$ |
81,740 |
$ |
83,681 |
$ |
90,145 |
$ |
61,458 |
$ |
90,145 |
|||||||||||||
| Total Non-Performing Assets |
$ |
97,132 |
$ |
114,492 |
$ |
121,666 |
$ |
125,062 |
$ |
136,439 |
$ |
97,132 |
$ |
136,439 |
|||||||||||||
| Loans 90 Days Past Due and Still Accruing |
$ |
-- |
$ |
-- |
$ |
141 |
$ |
-- |
-- |
$ |
-- |
-- |
|||||||||||||||
| Including Covered Loans: |
|||||||||||||||||||||||||||
| Non-Performing Loans as a % of Loans |
3.36 |
% |
4.08 |
% |
4.50 |
% |
4.71 |
% |
5.17 |
% |
3.36 |
% |
5.17 |
% |
|||||||||||||
| Non-Performing assets as a % of Loans Plus ORE |
5.20 |
% |
6.30 |
% |
6.55 |
% |
6.88 |
% |
7.62 |
% |
5.20 |
% |
7.62 |
% |
|||||||||||||
| ALL to Non-Performing Loans |
41.49 |
% |
34.49 |
% |
29.93 |
% |
34.49 |
% |
29.93 |
% |
41.49 |
% |
29.93 |
% |
|||||||||||||
| Net Charge-Offs During the Period to Average Loans |
0.17 |
% |
0.65 |
% |
0.65 |
% |
0.24 |
% |
0.65 |
% |
0.47 |
% |
1.26 |
% |
|||||||||||||
| ALL as a % of Loans, at End of Period |
1.83 |
% |
1.86 |
% |
1.86 |
% |
1.92 |
% |
1.80 |
% |
1.83 |
% |
1.55 |
% |
|||||||||||||
| Excluding Covered Loans: |
|||||||||||||||||||||||||||
| Non-Performing Loans as a % of Loans |
2.08 |
% |
2.47 |
% |
3.00 |
% |
3.40 |
% |
3.75 |
% |
2.08 |
% |
3.75 |
% |
|||||||||||||
| Non-Performing assets as a % of Loans Plus ORE |
3.56 |
% |
4.14 |
% |
4.37 |
% |
4.74 |
% |
5.12 |
% |
3.56 |
% |
5.12 |
% |
|||||||||||||
| ALL to Non-Performing Loans |
82.63 |
% |
72.82 |
% |
60.57 |
% |
54.37 |
% |
46.55 |
% |
82.63 |
% |
46.55 |
% |
|||||||||||||
| Net Charge-Offs During the Period to Average Loans |
0.27 |
% |
0.40 |
% |
0.86 |
% |
0.81 |
% |
0.27 |
% |
0.51 |
% |
0.52 |
% |
|||||||||||||
| ALL as a % of Loans, at End of Period |
1.93 |
% |
1.96 |
% |
1.95 |
% |
2.01 |
% |
1.91 |
% |
1.93 |
% |
1.91 |
% |
|||||||||||||
| OTHER INFORMATION |
|||||||||||||||||||||||||||
| Non-Interest Income to Revenues |
54.55 |
% |
58.38 |
% |
54.31 |
% |
56.40 |
% |
56.70 |
% |
55.78 |
% |
50.63 |
% |
|||||||||||||
| End of Period Shares Outstanding (1) |
21,240,377 |
21,062,049 |
15,131,361 |
15,062,698 |
14,907,461 |
21,240,377 |
14,907,461 |
||||||||||||||||||||
| Weighted Average Shares Outstanding - Basic (1) |
21,256,668 |
16,443,910 |
15,110,569 |
14,992,816 |
14,857,482 |
17,626,229 |
14,782,947 |
||||||||||||||||||||
| Weighted Average Shares Outstanding - Diluted (1) |
23,622,379 |
18,481,893 |
17,125,196 |
17,004,737 |
16,825,910 |
19,773,189 |
16,605,986 |
||||||||||||||||||||
| Full-Time Equivalent Employees |
865.1 |
843.1 |
806.0 |
774.2 |
752.6 |
865.1 |
752.6 |
||||||||||||||||||||
| (1) Adjusted for stock dividends and retroactive application on shares outstanding. |
|||||||||||||||||||||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
September 30, |
September 30, |
||||||||||||||||||||||
| ($ in thousands, except per share amount) |
||||||||||||||||||||||||||||
| INTEREST INCOME |
||||||||||||||||||||||||||||
| Loans, including fees |
$ |
23,900 |
$ |
22,949 |
$ |
23,944 |
$ |
23,121 |
$ |
23,724 |
$ |
70,793 |
$ |
69,364 |
||||||||||||||
| Investment securities |
977 |
910 |
1,028 |
1,141 |
1,208 |
2,915 |
3,903 |
|||||||||||||||||||||
| Federal funds sold and bank deposits |
53 |
15 |
3 |
5 |
6 |
71 |
28 |
|||||||||||||||||||||
| Total interest income |
24,930 |
23,874 |
24,975 |
24,267 |
24,938 |
73,779 |
73,295 |
|||||||||||||||||||||
| INTEREST EXPENSE |
||||||||||||||||||||||||||||
| Deposits |
2,601 |
2,600 |
2,627 |
2,722 |
2,686 |
7,828 |
8,351 |
|||||||||||||||||||||
| Short-term borrowings |
73 |
263 |
404 |
425 |
454 |
740 |
881 |
|||||||||||||||||||||
| Subordinated debt |
716 |
868 |
867 |
881 |
1,090 |
2,451 |
3,361 |
|||||||||||||||||||||
| Other long-term debt |
11 |
10 |
2 |
-- |
18 |
23 |
457 |
|||||||||||||||||||||
| Total interest expense |
3,401 |
3,741 |
3,900 |
4,028 |
4,248 |
11,042 |
13,050 |
|||||||||||||||||||||
| Net interest income |
21,529 |
20,133 |
21,075 |
20,239 |
20,690 |
62,737 |
60,245 |
|||||||||||||||||||||
| Provision for loan losses |
1,122 |
570 |
3,476 |
5,243 |
3,477 |
5,168 |
8,177 |
|||||||||||||||||||||
| Net interest income after provision for loan losses |
20,407 |
19,563 |
17,599 |
14,996 |
17,213 |
57,569 |
52,068 |
|||||||||||||||||||||
| NONINTEREST INCOME |
||||||||||||||||||||||||||||
| Service charges on deposit accounts |
1,075 |
1,020 |
949 |
1,122 |
1,259 |
3,044 |
3,572 |
|||||||||||||||||||||
| Other fees and charges |
997 |
975 |
887 |
883 |
841 |
2,859 |
2,477 |
|||||||||||||||||||||
| Mortgage banking activities |
17,809 |
20,158 |
17,795 |
18,653 |
14,755 |
55,762 |
37,679 |
|||||||||||||||||||||
| Indirect lending activities |
2,583 |
2,781 |
1,646 |
1,477 |
2,164 |
7,010 |
4,937 |
|||||||||||||||||||||
| SBA lending activities |
647 |
1,417 |
1,084 |
715 |
2,107 |
3,148 |
4,229 |
|||||||||||||||||||||
| Bank owned life insurance |
326 |
326 |
313 |
323 |
330 |
965 |
984 |
|||||||||||||||||||||
| Securities gains |
-- |
1 |
-- |
-- |
4 |
1 |
307 |
|||||||||||||||||||||
| Other |
2,407 |
1,562 |
2,373 |
3,013 |
5,634 |
6,342 |
7,598 |
|||||||||||||||||||||
| Total noninterest income |
25,844 |
28,240 |
25,047 |
26,186 |
27,094 |
79,131 |
61,783 |
|||||||||||||||||||||
| NONINTEREST EXPENSE |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
14,424 |
14,278 |
14,282 |
13,341 |
12,394 |
42,984 |
34,490 |
|||||||||||||||||||||
| Commissions |
6,019 |
7,979 |
6,390 |
7,545 |
6,195 |
20,388 |
14,273 |
|||||||||||||||||||||
| Furniture and equipment |
1,246 |
950 |
998 |
1,046 |
1,032 |
3,194 |
3,003 |
|||||||||||||||||||||
| Net occupancy |
1,598 |
1,341 |
1,409 |
1,354 |
1,360 |
4,348 |
3,850 |
|||||||||||||||||||||
| Communication |
754 |
805 |
760 |
647 |
739 |
2,319 |
1,999 |
|||||||||||||||||||||
| Professional and other services |
2,464 |
2,271 |
2,246 |
2,043 |
1,992 |
6,981 |
6,214 |
|||||||||||||||||||||
| Cost of operation of other real estate |
1,709 |
886 |
2,203 |
2,585 |
2,776 |
4,798 |
6,267 |
|||||||||||||||||||||
| FDIC insurance premiums |
515 |
527 |
526 |
493 |
479 |
1,568 |
1,424 |
|||||||||||||||||||||
| Other |
5,373 |
4,122 |
3,710 |
3,600 |
4,357 |
13,205 |
11,223 |
|||||||||||||||||||||
| Total noninterest expense |
34,102 |
33,159 |
32,524 |
32,654 |
31,324 |
99,785 |
82,743 |
|||||||||||||||||||||
| Income before income tax expense |
12,149 |
14,644 |
10,122 |
8,528 |
12,983 |
36,915 |
31,108 |
|||||||||||||||||||||
| Income tax expense |
4,298 |
5,211 |
3,631 |
3,088 |
4,816 |
13,140 |
11,221 |
|||||||||||||||||||||
| NET INCOME |
7,851 |
9,433 |
6,491 |
5,440 |
8,167 |
23,775 |
19,887 |
|||||||||||||||||||||
| Preferred stock dividends and discount accretion |
(817) |
(823) |
(823) |
(824) |
(823) |
(2,463) |
(2,469) |
|||||||||||||||||||||
| Net income available to common equity |
$ |
7,034 |
$ |
8,610 |
$ |
5,668 |
$ |
4,616 |
$ |
7,344 |
$ |
21,312 |
$ |
17,418 |
||||||||||||||
| EARNINGS PER SHARE: (1) |
||||||||||||||||||||||||||||
| Basic earnings per share |
$ |
0.33 |
$ |
0.52 |
$ |
0.38 |
$ |
0.31 |
$ |
0.49 |
$ |
1.21 |
$ |
1.18 |
||||||||||||||
| Diluted earnings per share |
$ |
0.30 |
$ |
0.47 |
$ |
0.33 |
$ |
0.27 |
$ |
0.44 |
$ |
1.08 |
$ |
1.05 |
||||||||||||||
| Weighted average common shares outstanding-basic |
21,256,668 |
16,443,910 |
15,110,569 |
14,992,816 |
14,857,482 |
17,626,229 |
14,782,947 |
|||||||||||||||||||||
| Weighted average common shares outstanding-diluted |
23,622,379 |
18,481,893 |
17,125,196 |
17,004,737 |
16,825,910 |
19,773,189 |
16,605,986 |
|||||||||||||||||||||
| (1) Adjusted for stock dividends and retroactive application on shares outstanding |
||||||||||||||||||||||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Cash and cash equivalents |
$ |
140,871 |
$ |
158,837 |
$ |
40,262 |
$ |
49,020 |
$ |
47,366 |
||||||||||
| Investment securities available-for-sale |
170,338 |
163,764 |
153,285 |
154,367 |
165,598 |
|||||||||||||||
| Investment securities held-to-maturity |
4,468 |
4,978 |
5,523 |
6,162 |
6,842 |
|||||||||||||||
| Investment in FHLB stock |
6,119 |
8,594 |
7,919 |
7,330 |
9,760 |
|||||||||||||||
| Loans held-for-sale |
216,736 |
355,017 |
325,941 |
304,094 |
259,659 |
|||||||||||||||
| Loans |
1,831,708 |
1,775,972 |
1,817,263 |
1,777,031 |
1,745,185 |
|||||||||||||||
| Allowance for loan losses |
(33,661) |
(33,309) |
(33,910) |
(33,982) |
(31,476) |
|||||||||||||||
| Loans, net of allowance for loan losses |
1,798,047 |
1,742,663 |
1,783,353 |
1,743,049 |
1,713,709 |
|||||||||||||||
| FDIC indemnification asset |
17,103 |
16,542 |
16,535 |
20,074 |
38,225 |
|||||||||||||||
| Premises and equipment, net |
41,964 |
41,843 |
38,508 |
37,669 |
36,519 |
|||||||||||||||
| Other real estate, net |
34,493 |
40,882 |
38,951 |
39,756 |
45,175 |
|||||||||||||||
| Accrued interest receivable |
7,670 |
7,723 |
8,340 |
7,995 |
8,384 |
|||||||||||||||
| Bank owned life insurance |
33,575 |
33,276 |
32,978 |
32,693 |
32,397 |
|||||||||||||||
| Deferred tax asset, net |
20,886 |
22,401 |
21,248 |
21,145 |
16,520 |
|||||||||||||||
| Servicing rights |
52,048 |
44,734 |
36,529 |
30,244 |
24,531 |
|||||||||||||||
| Other assets |
23,164 |
33,979 |
22,877 |
23,693 |
38,109 |
|||||||||||||||
| Total Assets |
$ |
2,567,482 |
$ |
2,675,233 |
$ |
2,532,249 |
$ |
2,477,291 |
$ |
2,442,794 |
||||||||||
| LIABILITIES |
||||||||||||||||||||
| Deposits: |
||||||||||||||||||||
| Noninterest-bearing demand deposits |
$ |
448,087 |
$ |
433,565 |
$ |
384,869 |
$ |
383,559 |
$ |
354,070 |
||||||||||
| Interest-bearing deposits: |
||||||||||||||||||||
| Demand and money market |
685,437 |
653,172 |
632,542 |
638,582 |
604,124 |
|||||||||||||||
| Savings |
317,997 |
313,716 |
331,505 |
329,223 |
310,835 |
|||||||||||||||
| Time deposits, $100,000 and over |
352,111 |
363,421 |
356,661 |
346,743 |
348,871 |
|||||||||||||||
| Other time deposits |
291,099 |
303,990 |
310,581 |
314,675 |
326,471 |
|||||||||||||||
| Brokered deposits |
74,544 |
87,183 |
41,843 |
56,942 |
59,303 |
|||||||||||||||
| Total deposits |
2,169,275 |
2,155,047 |
2,058,001 |
2,069,724 |
2,003,674 |
|||||||||||||||
| Federal Funds Purchased |
60,000 |
115,000 |
100,000 |
88,500 |
99,500 |
|||||||||||||||
| Short-term borrowings |
18,422 |
18,641 |
76,051 |
37,160 |
50,889 |
|||||||||||||||
| Subordinated debt |
46,393 |
67,527 |
67,527 |
67,527 |
67,527 |
|||||||||||||||
| Other long-term debt |
10,000 |
10,000 |
10,000 |
-- |
-- |
|||||||||||||||
| Accrued interest payable |
959 |
1,944 |
1,375 |
2,093 |
1,467 |
|||||||||||||||
| Other liabilities |
29,133 |
33,972 |
19,994 |
19,399 |
32,236 |
|||||||||||||||
| Total Liabilities |
2,334,182 |
2,402,131 |
2,332,948 |
2,284,403 |
2,255,293 |
|||||||||||||||
| SHAREHOLDERS' EQUITY |
||||||||||||||||||||
| Preferred stock |
-- |
47,785 |
47,564 |
47,344 |
47,123 |
|||||||||||||||
| Common stock |
156,156 |
153,107 |
84,777 |
82,499 |
79,855 |
|||||||||||||||
| Accumulated other comprehensive gain, net of tax |
1,723 |
1,475 |
3,376 |
3,545 |
4,242 |
|||||||||||||||
| Retained earnings |
75,421 |
70,735 |
63,584 |
59,500 |
56,281 |
|||||||||||||||
| Total shareholders' equity |
233,300 |
273,102 |
199,301 |
192,888 |
187,501 |
|||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
2,567,482 |
$ |
2,675,233 |
$ |
2,532,249 |
$ |
2,477,291 |
$ |
2,442,794 |
||||||||||
| Book Value Per Common Share |
$ |
10.98 |
$ |
10.70 |
$ |
10.03 |
$ |
9.66 |
$ |
9.42 |
||||||||||
| Shares of Common Stock Outstanding (1) |
21,240,377 |
21,062,049 |
15,131,361 |
15,062,698 |
14,907,461 |
|||||||||||||||
| (1) Adjusted for stock dividends and retroactive application on shares outstanding |
||||||||||||||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||
| Commercial |
$ |
512,875 |
$ |
507,188 |
$ |
517,203 |
$ |
509,243 |
$ |
500,232 |
||||||||||
| SBA loans |
133,867 |
131,771 |
126,435 |
121,428 |
102,482 |
|||||||||||||||
| Total Commercial and SBA Loans |
646,742 |
638,959 |
643,638 |
630,671 |
602,714 |
|||||||||||||||
| Construction |
99,379 |
100,986 |
94,651 |
89,924 |
94,468 |
|||||||||||||||
| Indirect loans |
942,217 |
904,098 |
959,471 |
930,232 |
921,400 |
|||||||||||||||
| Installment loans |
14,270 |
15,557 |
13,824 |
18,774 |
14,226 |
|||||||||||||||
| Total Consumer Loans |
956,487 |
919,655 |
973,295 |
949,006 |
935,626 |
|||||||||||||||
| First Mortgage Loans |
51,807 |
41,815 |
38,501 |
37,785 |
40,215 |
|||||||||||||||
| Second Mortgage Loans |
77,293 |
74,557 |
67,178 |
69,645 |
72,162 |
|||||||||||||||
| Total Mortgage Loans |
129,100 |
116,372 |
105,679 |
107,430 |
112,377 |
|||||||||||||||
| Loans |
1,831,708 |
1,775,972 |
1,817,263 |
1,777,031 |
1,745,185 |
|||||||||||||||
| Loans Held-For-Sale: |
||||||||||||||||||||
| Originated Residential Mortgage |
174,409 |
309,175 |
281,839 |
253,108 |
212,714 |
|||||||||||||||
| SBA |
7,327 |
10,842 |
14,102 |
20,986 |
16,945 |
|||||||||||||||
| Indirect Auto |
35,000 |
35,000 |
30,000 |
30,000 |
30,000 |
|||||||||||||||
| Total Loans Held-For-Sale |
216,736 |
355,017 |
325,941 |
304,094 |
259,659 |
|||||||||||||||
| Total Loans |
$ |
2,048,444 |
$ |
2,130,989 |
$ |
2,143,204 |
$ |
2,081,125 |
$ |
2,004,844 |
||||||||||
| Non-Covered Loans |
$ |
1,768,384 |
$ |
1,691,258 |
$ |
1,743,092 |
$ |
1,699,892 |
$ |
1,648,678 |
||||||||||
| Covered Loans |
63,324 |
84,714 |
74,171 |
77,139 |
96,507 |
|||||||||||||||
| Loans Held-For-Sale |
216,736 |
355,017 |
325,941 |
304,094 |
259,659 |
|||||||||||||||
| Total Loans |
$ |
2,048,444 |
$ |
2,130,989 |
$ |
2,143,204 |
$ |
2,081,125 |
$ |
2,004,844 |
||||||||||
| DEPOSITS, BY CATEGORY |
||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||
| Noninterest-Bearing Demand |
$ |
448,087 |
$ |
433,565 |
$ |
384,869 |
$ |
383,559 |
$ |
354,070 |
||||||||||
| Interest Bearing Deposits: |
||||||||||||||||||||
| Interest-Bearing Demand / Money Market |
685,437 |
653,172 |
632,542 |
638,582 |
604,124 |
|||||||||||||||
| Savings |
317,997 |
313,716 |
331,505 |
329,223 |
310,835 |
|||||||||||||||
| Time Deposits $100,000 and Over |
352,111 |
363,421 |
356,661 |
346,743 |
348,871 |
|||||||||||||||
| Other Time Deposits |
291,099 |
303,990 |
310,581 |
314,675 |
326,471 |
|||||||||||||||
| Brokered Deposits |
74,544 |
87,183 |
41,843 |
56,942 |
59,303 |
|||||||||||||||
| Total Deposits |
$ |
2,169,275 |
$ |
2,155,047 |
$ |
2,058,001 |
$ |
2,069,724 |
$ |
2,003,674 |
||||||||||
| FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
September 30, |
September 30, |
|||||||||||||||||||||
| ($ in thousands) |
|||||||||||||||||||||||||||
| Balance at Beginning of Period |
$ |
33,309 |
$ |
33,910 |
$ |
33,982 |
$ |
31,476 |
$ |
27,205 |
$ |
33,982 |
$ |
27,956 |
|||||||||||||
| Net Charge-Offs (Recoveries): |
|||||||||||||||||||||||||||
| Commercial, Financial, and Agricultural |
335 |
164 |
2,416 |
421 |
41 |
2,915 |
1,048 |
||||||||||||||||||||
| SBA |
108 |
559 |
56 |
271 |
103 |
723 |
184 |
||||||||||||||||||||
| Real Estate Construction |
(241) |
40 |
118 |
(78) |
(31) |
(83) |
4,673 |
||||||||||||||||||||
| Real Estate Mortgage |
67 |
27 |
393 |
30 |
23 |
487 |
372 |
||||||||||||||||||||
| Consumer Installment |
930 |
931 |
669 |
3,026 |
1,085 |
2,530 |
2,692 |
||||||||||||||||||||
| Total Net Charge-Offs |
1,199 |
1,721 |
3,652 |
3,670 |
1,221 |
6,572 |
8,969 |
||||||||||||||||||||
| Provision for Loan Losses |
1,122 |
570 |
3,476 |
5,243 |
3,477 |
5,168 |
8,177 |
||||||||||||||||||||
| Indemnification - Covered Loans |
429 |
550 |
104 |
933 |
2,015 |
1,083 |
4,312 |
||||||||||||||||||||
| Balance at End of Period |
$ |
33,661 |
$ |
33,309 |
$ |
33,910 |
$ |
33,982 |
$ |
31,476 |
$ |
33,661 |
$ |
31,476 |
|||||||||||||
| Ratio of Net Charge-Offs during the Period to Average Loans Outstanding, Net |
0.27 |
% |
0.40 |
% |
0.86 |
% |
0.81 |
% |
0.27 |
% |
0.51 |
% |
0.52 |
% |
|||||||||||||
| Allowance for Loan Losses as a Percentage of Loans |
1.83 |
% |
1.86 |
% |
1.86 |
% |
1.92 |
% |
1.80 |
% |
1.83 |
% |
1.80 |
% |
|||||||||||||
| Allowance for Loan Losses as a Percentage of Loans Excluding Covered Loans |
1.93 |
% |
1.96 |
% |
1.95 |
% |
2.01 |
% |
1.91 |
% |
1.93 |
% |
1.91 |
% |
|||||||||||||
| NONPERFORMING ASSETS |
|||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|||||||||||||||
| ($ in thousands) |
|||||||||||||||||||
| Non-Covered Nonperforming Assets |
|||||||||||||||||||
| Nonaccrual Loans |
$ |
36,711 |
$ |
41,757 |
$ |
52,220 |
$ |
57,713 |
$ |
61,854 |
|||||||||
| Repossessions |
1,181 |
1,222 |
975 |
1,625 |
1,119 |
||||||||||||||
| Other Real Estate |
26,016 |
28,342 |
24,048 |
22,429 |
22,573 |
||||||||||||||
| Total Non-Covered Nonperforming Assets |
$ |
63,908 |
$ |
71,321 |
$ |
77,243 |
$ |
81,767 |
$ |
85,546 |
|||||||||
| *** Includes SBA Guaranteed Amounts of Approximately |
$ |
13,115 |
$ |
14,379 |
$ |
16,668 |
$ |
12,085 |
$ |
8,742 |
|||||||||
| Non-Covered Loans Past Due 90 Days or More and Still Accruing |
$ |
-- |
$ |
-- |
$ |
141 |
$ |
-- |
$ |
-- |
|||||||||
| Non-Covered Loans 30-89 Days Past Due |
$ |
7,915 |
$ |
6,197 |
$ |
12,152 |
$ |
5,028 |
$ |
7,077 |
|||||||||
| Ratio of Non-Covered Loans Past Due 90 Days or More and Still Accruing to Total Non-Covered Loans |
-- |
% |
-- |
% |
0.01 |
% |
-- |
% |
-- |
% |
|||||||||
| Ratio of Non-Covered Loans 30-89 Days Past Due to Total Non-Covered Loans |
0.45 |
% |
0.37 |
% |
0.70 |
% |
0.30 |
% |
0.43 |
% |
|||||||||
| Ratio of Non-Covered Nonperforming Assets to Total Non-Covered Loans, ORE, and Repossessions |
3.56 |
% |
4.14 |
% |
4.37 |
% |
4.74 |
% |
5.12 |
% |
|||||||||
| Covered Nonperforming Assets |
|||||||||||||||||||
| Nonaccrual Loans |
$ |
24,747 |
$ |
30,631 |
$ |
29,520 |
$ |
25,968 |
$ |
28,291 |
|||||||||
| Other Real Estate |
8,477 |
12,540 |
14,903 |
17,327 |
22,602 |
||||||||||||||
| Covered Nonperforming Assets |
$ |
33,224 |
$ |
43,171 |
$ |
44,423 |
$ |
43,295 |
$ |
50,893 |
|||||||||
| Classified Assets |
|||||||||||||||||||
| Classified Loans |
$ |
95,121 |
$ |
101,919 |
$ |
112,036 |
$ |
114,857 |
$ |
121,556 |
|||||||||
| ORE and Repossessions |
35,674 |
42,104 |
39,926 |
41,381 |
46,294 |
||||||||||||||
| Total Classified Assets |
$ |
130,795 |
$ |
144,023 |
$ |
151,962 |
$ |
156,238 |
$ |
167,850 |
|||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||||||
| ANALYSIS OF INDIRECT LENDING |
||||||||||||||||||||||
| (UNAUDITED) |
||||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||||
| Average loans outstanding |
$ |
957,737 |
$ |
947,351 |
$ |
953,722 |
$ |
966,082 |
$ |
990,061 |
||||||||||||
| Past due loans: |
||||||||||||||||||||||
| $ amount of indirect loans past due |
$ |
929 |
$ |
1,360 |
$ |
1,159 |
$ |
1,262 |
$ |
1,095 |
||||||||||||
| # of indirect loans past due |
130 |
173 |
162 |
197 |
167 |
|||||||||||||||||
| Net charge-offs |
$ |
908 |
$ |
909 |
$ |
667 |
$ |
989 |
$ |
777 |
||||||||||||
| # of repossessed vehicles |
177 |
181 |
151 |
181 |
162 |
|||||||||||||||||
| Non-performing loans |
$ |
925 |
$ |
594 |
$ |
872 |
$ |
982 |
$ |
550 |
||||||||||||
| 30+ day performing delinquency rate |
0.11 |
% |
0.14 |
% |
0.12 |
% |
0.14 |
% |
0.11 |
% |
||||||||||||
| Net charge-off rate |
0.34 |
% |
0.33 |
% |
0.28 |
% |
0.37 |
% |
0.31 |
% |
||||||||||||
| Average beacon score |
752 |
755 |
742 |
747 |
751 |
|||||||||||||||||
| Production by State: |
||||||||||||||||||||||
| Alabama |
$ |
22,599 |
$ |
16,576 |
$ |
16,847 |
$ |
14,322 |
$ |
18,261 |
||||||||||||
| Arkansas |
13,757 |
7,728 |
4,760 |
3,514 |
3,633 |
|||||||||||||||||
| North Carolina |
19,292 |
18,750 |
15,226 |
11,828 |
14,088 |
|||||||||||||||||
| South Carolina |
10,322 |
10,180 |
7,550 |
6,356 |
9,324 |
|||||||||||||||||
| Florida |
77,873 |
72,676 |
67,243 |
59,782 |
66,264 |
|||||||||||||||||
| Georgia |
44,171 |
38,203 |
42,218 |
34,484 |
41,182 |
|||||||||||||||||
| Mississippi |
23,292 |
19,626 |
20,148 |
16,990 |
19,826 |
|||||||||||||||||
| Tennessee |
17,122 |
19,347 |
14,858 |
8,674 |
13,817 |
|||||||||||||||||
| Virginia |
11,877 |
10,339 |
8,601 |
6,241 |
8,882 |
|||||||||||||||||
| Total production by State |
$ |
240,305 |
$ |
213,425 |
$ |
197,451 |
$ |
162,191 |
$ |
195,277 |
||||||||||||
| Outstanding by State: |
||||||||||||||||||||||
| Alabama |
8.93 |
% |
8.89 |
% |
9.22 |
% |
9.29 |
% |
9.34 |
% |
||||||||||||
| Arkansas |
2.37 |
% |
1.42 |
% |
0.81 |
% |
0.52 |
% |
0.30 |
% |
||||||||||||
| North Carolina |
8.30 |
% |
8.37 |
% |
8.31 |
% |
8.41 |
% |
8.54 |
% |
||||||||||||
| South Carolina |
3.34 |
% |
3.26 |
% |
2.99 |
% |
2.94 |
% |
2.93 |
% |
||||||||||||
| Florida |
32.80 |
% |
33.07 |
% |
33.41 |
% |
33.40 |
% |
32.89 |
% |
||||||||||||
| Georgia |
24.38 |
% |
25.76 |
% |
27.11 |
% |
28.45 |
% |
29.69 |
% |
||||||||||||
| Mississippi |
8.48 |
% |
7.92 |
% |
7.50 |
% |
6.81 |
% |
6.11 |
% |
||||||||||||
| Tennessee |
7.87 |
% |
8.19 |
% |
7.95 |
% |
7.85 |
% |
8.11 |
% |
||||||||||||
| Virginia |
3.53 |
% |
3.12 |
% |
2.70 |
% |
2.33 |
% |
2.09 |
% |
||||||||||||
| Total outstanding serviced by State |
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
||||||||||||
| Loan sales |
$ |
93,602 |
$ |
152,418 |
$ |
58,073 |
$ |
48,166 |
$ |
106,200 |
||||||||||||
| Yield |
3.71 |
% |
3.85 |
% |
4.00 |
% |
4.06 |
% |
4.17 |
% |
||||||||||||
| INDIRECT LENDING ACTIVITIES |
||||||||||||||||||||||
| (UNAUDITED) |
||||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||
| (in thousands) |
||||||||||||||||||||||
| Servicing income, net |
$ |
1,186 |
$ |
1,012 |
$ |
834 |
$ |
926 |
$ |
828 |
||||||||||||
| Marketing gain, net |
1,397 |
1,769 |
812 |
551 |
1,336 |
|||||||||||||||||
| Total indirect lending activities |
$ |
2,583 |
$ |
2,781 |
$ |
1,646 |
$ |
1,477 |
$ |
2,164 |
||||||||||||
| FIDELITY SOUTHERN CORPORATION |
||||||||||||||||||||||
| ANALYSIS OF MORTGAGE LENDING |
||||||||||||||||||||||
| (UNAUDITED) |
||||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||
| ($ in thousands) |
||||||||||||||||||||||
| Average loans outstanding |
$ |
167,655 |
$ |
297,024 |
$ |
284,910 |
$ |
257,740 |
$ |
225,912 |
||||||||||||
| Average servicing outstanding |
$ |
3,953,760 |
$ |
3,239,672 |
$ |
2,817,771 |
$ |
2,425,493 |
$ |
2,022,906 |
||||||||||||
| % of loan production for purchases |
74.13 |
% |
58.30 |
% |
36.78 |
% |
34.45 |
% |
45.59 |
% |
||||||||||||
| % of loan production for refinance loans |
25.87 |
% |
41.70 |
% |
63.22 |
% |
65.55 |
% |
54.41 |
% |
||||||||||||
| Production by State: |
||||||||||||||||||||||
| Georgia |
$ |
353,187 |
$ |
427,815 |
$ |
392,749 |
$ |
498,542 |
$ |
401,941 |
||||||||||||
| Florida |
17,807 |
24,025 |
15,862 |
26,789 |
14,902 |
|||||||||||||||||
| Virginia |
151,573 |
167,099 |
111,126 |
126,901 |
64,500 |
|||||||||||||||||
| Total retail |
522,567 |
618,939 |
519,737 |
652,232 |
481,343 |
|||||||||||||||||
| Wholesale |
96,773 |
165,022 |
136,508 |
150,648 |
136,122 |
|||||||||||||||||
| Total production |
$ |
619,340 |
$ |
783,961 |
$ |
656,245 |
$ |
802,880 |
$ |
617,465 |
||||||||||||
| Loan sales |
$ |
753,196 |
$ |
756,224 |
$ |
634,074 |
$ |
701,018 |
$ |
572,492 |
||||||||||||
| Yield |
4.38 |
% |
3.15 |
% |
3.43 |
% |
3.58 |
% |
3.69 |
% |
||||||||||||
| MORTGAGE BANKING ACTIVITIES |
||||||||||||||||||||||
| (UNAUDITED) |
||||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||
| (in thousands) |
||||||||||||||||||||||
| Servicing income, net |
$ |
9,908 |
$ |
9,507 |
$ |
7,836 |
$ |
7,298 |
$ |
2,688 |
||||||||||||
| Marketing gain, net |
4,095 |
6,439 |
6,507 |
7,476 |
8,405 |
|||||||||||||||||
| Origination points and fees |
3,806 |
4,212 |
3,452 |
3,879 |
3,662 |
|||||||||||||||||
| Total mortgage banking activities |
$ |
17,809 |
$ |
20,158 |
$ |
17,795 |
$ |
18,653 |
$ |
14,755 |
||||||||||||
| Non-cash items: |
||||||||||||||||||||||
| Capitalized MSR, net |
$ |
7,367 |
$ |
5,934 |
$ |
4,467 |
$ |
4,991 |
$ |
3,586 |
||||||||||||
| Valuation on MSR |
138 |
1,551 |
1,609 |
702 |
(2,138) |
|||||||||||||||||
| Mark to market adjustments |
2,605 |
(6,634) |
(2,345) |
(3,810) |
3,454 |
|||||||||||||||||
| Total non-cash items |
$ |
10,110 |
$ |
851 |
$ |
3,731 |
$ |
1,883 |
$ |
4,902 |
||||||||||||
| FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||||||
| Nine Months Ended |
|||||||||||||||||||||
| September 30, 2013 |
September 30, 2012 |
||||||||||||||||||||
| Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||||
| Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
||||||||||||||||
| ($ in thousands) |
|||||||||||||||||||||
| Assets |
|||||||||||||||||||||
| Interest-earning assets: |
|||||||||||||||||||||
| Loans, net of unearned income: |
|||||||||||||||||||||
| Taxable |
$ |
2,118,424 |
$ |
70,615 |
4.46 |
% |
$ |
1,888,844 |
$ |
69,261 |
4.90 |
% |
|||||||||
| Tax-exempt (1) |
7,419 |
274 |
4.94 |
% |
4,840 |
158 |
4.37 |
% |
|||||||||||||
| Total loans |
2,125,843 |
70,889 |
4.46 |
% |
1,893,684 |
69,419 |
4.90 |
% |
|||||||||||||
| Investment securities: |
|||||||||||||||||||||
| Taxable |
152,611 |
2,411 |
2.11 |
% |
189,884 |
3,309 |
2.33 |
% |
|||||||||||||
| Tax-exempt (2) |
16,588 |
776 |
6.26 |
% |
19,651 |
915 |
6.22 |
% |
|||||||||||||
| Total investment securities |
169,199 |
3,187 |
2.52 |
% |
209,535 |
4,224 |
2.69 |
% |
|||||||||||||
| Interest-bearing deposits |
55,352 |
71 |
0.17 |
% |
26,607 |
27 |
0.14 |
% |
|||||||||||||
| Federal funds sold |
1,266 |
� |
0.05 |
% |
872 |
� |
0.06 |
% |
|||||||||||||
| Total interest-earning assets |
2,351,660 |
74,147 |
4.37 |
% |
2,130,698 |
73,670 |
4.77 |
% |
|||||||||||||
| Noninterest-earning: |
|||||||||||||||||||||
| Cash and due from banks |
15,097 |
14,029 |
|||||||||||||||||||
| Allowance for loan losses |
(33,447) |
(27,752) |
|||||||||||||||||||
| Premises and equipment, net |
40,243 |
32,959 |
|||||||||||||||||||
| Other real estate |
39,038 |
34,758 |
|||||||||||||||||||
| Other assets |
136,935 |
123,860 |
|||||||||||||||||||
| Total assets |
$ |
2,549,526 |
$ |
2,308,552 |
|||||||||||||||||
| Liabilities and shareholders' equity |
|||||||||||||||||||||
| Interest-bearing liabilities: |
|||||||||||||||||||||
| Demand deposits |
$ |
633,817 |
$ |
1,300 |
0.27 |
% |
$ |
573,609 |
$ |
1,185 |
0.28 |
% |
|||||||||
| Savings deposits |
321,344 |
1,017 |
0.42 |
% |
351,358 |
815 |
0.31 |
% |
|||||||||||||
| Time deposits |
725,275 |
5,511 |
1.02 |
% |
663,003 |
6,351 |
1.28 |
% |
|||||||||||||
| Total interest-bearing deposits |
1,680,436 |
7,828 |
0.62 |
% |
1,587,970 |
8,351 |
0.70 |
% |
|||||||||||||
| Federal funds purchased |
30,703 |
174 |
0.76 |
% |
25,020 |
151 |
0.81 |
% |
|||||||||||||
| Securities sold under agreements to repurchase |
14,924 |
15 |
0.14 |
% |
12,738 |
21 |
0.22 |
% |
|||||||||||||
| Other short-term borrowings |
96,877 |
551 |
0.76 |
% |
75,272 |
709 |
1.26 |
% |
|||||||||||||
| Subordinated debt |
65,824 |
2,451 |
4.98 |
% |
67,527 |
3,361 |
6.65 |
% |
|||||||||||||
| Long-term debt |
7,436 |
23 |
0.41 |
% |
25,018 |
457 |
2.44 |
% |
|||||||||||||
| Total interest-bearing liabilities |
1,896,200 |
11,042 |
0.78 |
% |
1,793,545 |
13,050 |
0.97 |
% |
|||||||||||||
| Noninterest-bearing: |
|||||||||||||||||||||
| Demand deposits |
407,163 |
316,788 |
|||||||||||||||||||
| Other liabilities |
22,354 |
23,700 |
|||||||||||||||||||
| Shareholders' equity |
223,809 |
174,519 |
|||||||||||||||||||
| Total liabilities and shareholders' equity |
$ |
2,549,526 |
$ |
2,308,552 |
|||||||||||||||||
| Net interest income/spread |
$ |
63,105 |
3.59 |
% |
$ |
60,620 |
3.80 |
% |
|||||||||||||
| Net interest margin |
3.59 |
% |
3.80 |
% |
|||||||||||||||||
| (1) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $96,000 and $55,400, respectively. |
|||||||||||||||||||||
| (2) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $271,700 and $320,100, respectively. |
|||||||||||||||||||||
| FIDELITY SOUTHERN CORPORATION |
|||||||||||||||||||||
| Three Months Ended |
|||||||||||||||||||||
| September 30, 2013 |
September 30, 2012 |
||||||||||||||||||||
| Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||||
| Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
||||||||||||||||
| ($ in thousands) |
|||||||||||||||||||||
| Assets |
|||||||||||||||||||||
| Interest-earning assets: |
|||||||||||||||||||||
| Loans, net of unearned income: |
|||||||||||||||||||||
| Taxable |
$ |
2,121,371 |
$ |
23,830 |
4.46 |
% |
$ |
2,008,642 |
$ |
23,689 |
4.69 |
% |
|||||||||
| Tax-exempt (1) |
8,325 |
107 |
5.11 |
% |
4,781 |
54 |
4.48 |
% |
|||||||||||||
| Total loans |
2,129,696 |
23,937 |
4.46 |
% |
2,013,423 |
23,743 |
4.69 |
% |
|||||||||||||
| Investment securities: |
|||||||||||||||||||||
| Taxable |
159,835 |
817 |
2.03 |
% |
169,569 |
1,015 |
2.38 |
% |
|||||||||||||
| Tax-exempt (2) |
15,395 |
248 |
6.38 |
% |
19,380 |
298 |
6.12 |
% |
|||||||||||||
| Total investment securities |
175,230 |
1,065 |
2.41 |
% |
188,949 |
1,313 |
2.76 |
% |
|||||||||||||
| Interest-bearing deposits |
86,433 |
53 |
0.24 |
% |
21,990 |
4 |
0.09 |
% |
|||||||||||||
| Federal funds sold |
1,703 |
-- |
0.05 |
% |
828 |
-- |
0.06 |
% |
|||||||||||||
| Total interest-earning assets |
2,393,062 |
25,055 |
4.15 |
% |
2,225,190 |
25,060 |
4.48 |
% |
|||||||||||||
| Noninterest-earning: |
|||||||||||||||||||||
| Cash and due from banks |
17,044 |
13,623 |
|||||||||||||||||||
| Allowance for loan losses |
(33,419) |
(26,944) |
|||||||||||||||||||
| Premises and equipment, net |
41,675 |
36,125 |
|||||||||||||||||||
| Other real estate |
39,311 |
40,791 |
|||||||||||||||||||
| Other assets |
141,905 |
153,581 |
|||||||||||||||||||
| Total assets |
$ |
2,599,578 |
$ |
2,442,366 |
|||||||||||||||||
| Liabilities and shareholders' equity |
|||||||||||||||||||||
| Interest-bearing liabilities: |
|||||||||||||||||||||
| Demand deposits |
$ |
652,779 |
$ |
459 |
0.28 |
% |
$ |
616,783 |
$ |
435 |
0.28 |
% |
|||||||||
| Savings deposits |
315,033 |
312 |
0.39 |
% |
320,766 |
272 |
0.34 |
% |
|||||||||||||
| Time deposits |
732,999 |
1,830 |
0.99 |
% |
688,741 |
1,979 |
1.14 |
% |
|||||||||||||
| Total interest-bearing deposits |
1,700,811 |
2,601 |
0.61 |
% |
1,626,290 |
2,686 |
0.66 |
% |
|||||||||||||
| Federal funds purchased |
-- |
-- |
-- |
% |
51,388 |
102 |
0.79 |
% |
|||||||||||||
| Securities sold under agreements to repurchase |
18,625 |
6 |
0.13 |
% |
11,207 |
6 |
0.21 |
% |
|||||||||||||
| Other short-term borrowings |
75,163 |
67 |
0.35 |
% |
123,234 |
346 |
1.11 |
% |
|||||||||||||
| Subordinated debt |
62,473 |
716 |
4.55 |
% |
67,527 |
1,090 |
6.42 |
% |
|||||||||||||
| Long-term debt |
10,000 |
11 |
0.41 |
% |
3,261 |
18 |
2.24 |
% |
|||||||||||||
| Total interest-bearing liabilities |
1,867,072 |
3,401 |
0.72 |
% |
1,882,907 |
4,248 |
0.90 |
% |
|||||||||||||
| Noninterest-bearing: |
|||||||||||||||||||||
| Demand deposits |
447,848 |
351,113 |
|||||||||||||||||||
| Other liabilities |
25,986 |
27,135 |
|||||||||||||||||||
| Shareholders' equity |
258,672 |
181,211 |
|||||||||||||||||||
| Total liabilities and shareholders' equity |
$ |
2,599,578 |
$ |
2,442,366 |
|||||||||||||||||
| Net interest income/spread |
$ |
21,654 |
3.43 |
% |
$ |
20,812 |
3.58 |
% |
|||||||||||||
| Net interest margin |
3.59 |
% |
3.72 |
% |
|||||||||||||||||
| (1) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $37,500 and $18,800, respectively. |
|||||||||||||||||||||
| (2) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $96,600 and $104,300, respectively. |
|||||||||||||||||||||
Contacts: Martha Fleming, Steve Brolly
Fidelity Southern Corporation (404) 240-1504
SOURCE Fidelity Southern Corporation
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