Fidelity Southern Corporation Earns $9.2 Million in Third Quarter
ATLANTA, Oct. 15, 2015 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), today reported financial results for the quarter and nine months ended September 30, 2015.
KEY RESULTS
- Net income of $9.2 million and $32.4 million, or $0.39 and $1.42 per diluted share, for the quarter and nine months ended September 30, 2015
- Return on Average Assets of 1.07% and 1.33% for the quarter and nine months ended September 30, 2015
- Loan portfolio increased by $96.1 million, or 3.3%, during the quarter and $583.2 million, or 24.3%, year over year, to $3.0 billion
- Loans serviced for others grew by $485.3 million, or 6.7%, during the quarter and $1.5 billion, or 23.9%, year over year, to $7.8 billion
- Total deposits increased by $272.8 million or 10.3%, during the quarter and $452.7 million, or 18.4%, year over year, to $2.9 billion
- In September 2015, the Bank acquired eight branches from First Bank, a Missouri bank, in the Sarasota-Bradenton, Florida area with total deposits of $151.3 million and loans of $30.2 million
- Subsequent to quarter end, the Bank acquired approximately $255 million in assets, including $162 million in loans, and assumed approximately $280 million in customer deposits of The Bank of Georgia under an FDIC assisted transaction in October 2015
Fidelity's Chairman, Jim Miller, said, "We continue to earn our way in a zero interest rate environment focused on a good rate of return for our shareholders and on making credit more widely available. We opened branches in Berkeley Lake and Snellville and eight offices in Sarasota-Bradenton, then in October purchased from the FDIC The Bank of Georgia and its seven offices. The run up in mortgage and indirect gave us spectacular income last quarter but slowed in the third quarter. However, our mortgage platform appears uniquely attractive in the industry. Significant producers joined us in Virginia, the Carolinas, and Florida and production will continue to expand year over year. Fidelity's strategy of steady sustainable growth and superior income continues."
BALANCE SHEET
Total assets at September 30, 2015, grew to $3.5 billion, an increase of $124.5 million, or 3.7%, compared to June 30, 2015, and $637.9 million, or 22.3%, compared to September 30, 2014. These increases are primarily attributable to an increase in loan production, mainly in indirect and mortgage loans held for investment.
The acquisition of eight branches in Florida in September 2015 from First Bank, a Missouri bank, increased the deposit base by $151.3 million and added loans of $30.2 million. The cash from the acquired deposits was used to decrease other borrowings, which decreased $166.3 million during the quarter.
Loans
Total loans held for investment at September 30, 2015, grew to $2.6 billion, an increase of $230.7 million, or 9.6%, compared to June 30, 2015, and $568.0 million, or 27.4%, compared to September 30, 2014.
Continued strong auto sales and overall mortgage volume were the main drivers of the growth in indirect and mortgage loans. Indirect loans grew by $118.0 million and $312.2 million, or 9.2% and 28.7%, respectively, and mortgage loans increased by $59.9 million and $164.0 million, or 20.1% and 84.6%, respectively, compared to June 30, 2015 and September 30, 2014.
Servicing rights showed steady growth as well, growing to $82.7 million at September 30, 2015, an increase of $5.0 million, or 6.5%, compared to June 30, 2015, and $20.5 million, or 32.9%, compared to September 30, 2014.
The following table summarizes average loans by category, excluding loans acquired in FDIC-assisted transactions, for the periods presented.
|
For the Quarter Ended |
||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
September 30, |
|||||||||
|
Commercial |
$ |
554,242 |
$ |
532,431 |
$ |
532,466 |
||||||
|
SBA |
148,961 |
150,117 |
150,078 |
|||||||||
|
Construction |
151,280 |
141,914 |
111,477 |
|||||||||
|
Indirect automobile |
1,483,378 |
1,405,266 |
1,200,523 |
|||||||||
|
Installment |
13,758 |
13,162 |
15,739 |
|||||||||
|
Residential mortgage |
510,814 |
450,173 |
285,743 |
|||||||||
|
Home equity lines of credit |
93,675 |
85,053 |
74,872 |
|||||||||
|
Total average loans (including HFS) |
$ |
2,956,108 |
$ |
2,778,116 |
$ |
2,370,898 |
||||||
Deposits
Total deposits at September 30, 2015, of $2.9 billion increased $272.8 million, or 10.3%, compared to June 30, 2015, and $452.7 million, or 18.4%, compared to September 30, 2014.
The year over year net increase occurred primarily due to organic growth of $263.2 million, as well as the acquisition of deposits from eight branches in Florida during September 2015 of $151.3 million, and one branch in Florida during January 2015 of $38.2 million.
Time deposits increased by $72.7 million, or 8.6%, during the quarter and $186.4 million, or 25.6%, year over year. The change occurred primarily due to $43.2 million in time deposits acquired during the third quarter of 2015. Brokered deposits increased $20.0 million for the quarter and $78.2 million year over year, which were generally used to fund loan growth. The remaining increase is due to organic growth in time deposits.
Average core deposits, including noninterest-bearing demand deposits, grew by $71.6 million, or 4.0%, during the quarter and $261.8 million, or 16.3%, year over year, particularly in commercial accounts and through the acquisition of branch deposits discussed above.
The following table summarizes average deposit composition and average rate paid for the periods presented.
|
For the Quarter Ended | |||||||||||||||||||||||||||||
|
September 30, 2015 |
June 30, 2015 |
September 30, 2014 | |||||||||||||||||||||||||||
|
($ in millions) |
Average Amount |
Rate |
Percent |
Average Amount |
Rate |
Percent |
Average Amount |
Rate |
Percent | ||||||||||||||||||||
|
Noninterest-bearing demand |
$ |
677.0 |
— |
% |
24.8 |
% |
$ |
650.5 |
— |
% |
24.8 |
% |
$ |
574.8 |
— |
% |
25.4 |
% | |||||||||||
|
Interest-bearing deposits |
881.5 |
0.25 |
% |
32.3 |
% |
843.2 |
0.24 |
% |
32.1 |
% |
712.1 |
0.24 |
% |
31.5 |
% | ||||||||||||||
|
Savings deposits |
308.5 |
0.34 |
% |
11.3 |
% |
301.6 |
0.33 |
% |
11.5 |
% |
318.3 |
0.34 |
% |
14.1 |
% | ||||||||||||||
|
Time deposits |
864.5 |
0.94 |
% |
31.6 |
% |
829.1 |
0.94 |
% |
31.6 |
% |
657.5 |
0.95 |
% |
29.0 |
% | ||||||||||||||
|
Total average deposits |
$ |
2,731.5 |
0.42 |
% |
100.0 |
% |
$ |
2,624.4 |
0.41 |
% |
100.0 |
% |
$ |
2,262.7 |
0.40 |
% |
100.0 |
% | |||||||||||
Borrowings
Other borrowings decreased by $166.3 million, or 54.8%, during the quarter and increased $60.8 million, or 79.6%, year over year. The quarterly decrease occurred due to the cash received in the acquisition of First Bank deposits used to pay off other borrowings, and the year over year increase occurred primarily to fund growth in loans noted above.
Subordinated debt increased by $74.0 million year over year due to the issuance of $75 million in subordinated notes, net of issuance costs, during May 2015. The additional subordinated debt was issued to support general corporate purposes and potential future acquisitions.
INCOME STATEMENT
Interest Income
Interest income was $29.6 million and $83.6 million for the quarter and nine months ended September 30, 2015, respectively, an increase of $3.7 million and $8.6 million, or 14.3% and 11.4%, respectively, as compared to the same periods in 2014. The increase was primarily due to a year over year increase in average loans of $589.7 million, or 26.7%, mainly in the indirect and mortgage portfolios, partially offset by a decrease in the yield on loans of 31 basis points, as new loans, on average, were originated at lower yields over the previous twelve months.
On a linked-quarter basis, interest income increased by $2.1 million, primarily due to a $178.0 million increase in average loans.
Interest Expense
Interest expense was $4.5 million and $10.9 million for the quarter and nine months ended September 30, 2015, an increase of $1.7 million and $2.7 million, or 63.5% and 32.9%, respectively, as compared to the same periods in 2014. These increases occurred primarily due to an increase in average other borrowings of $49.2 million and $115.0 million for the quarter and nine months ended September 30, 2015, compared to the same periods in 2014, used to fund growth in average loans, as well as an increase in average subordinated debt due to the addition of $75 million in subordinated debt in May 2015.
On a linked-quarter basis, interest expense increased by $958,000, or 27.4%, primarily due to the increase in the average balance of subordinated debt of $47.1 million for the quarter.
Net Interest Margin
The net interest margin was 3.16% and 3.25% for the quarter and nine months ended September 30, 2015, compared to 3.56% and 3.67% for the same periods in 2014. The decrease was primarily attributable to a decrease in the yield on total loans as new loans were originated at lower yields in 2015. Although the net interest margin decreased year over year, net interest income rose to $25.2 million and $73.0 million for the quarter and nine months ended September 30, 2015, compared to $23.3 million and $67.0 million for the same periods in 2014. These increases were due primarily to an increase of 22.0% and 22.9% in interest earning assets for the quarter and nine months ended September 30, 2015 compared to the same periods in 2014.
On a linked-quarter basis, the net interest margin remained relatively consistent, with a change of 8 basis points for the quarter.
Noninterest Income
Noninterest income was $30.6 million and $99.4 million for the quarter and nine months ended September 30, 2015, an increase of $2.7 million and $28.7 million, or 9.7% and 40.7%, respectively, as compared to the same periods in 2014. The increases were primarily related to increases in gains on the sale of mortgage loans as compared to the prior year.
Noninterest income from mortgage banking activities increased by $4.7 million and $26.4 million for the quarter and nine months, respectively, as gains on mortgage loan sales were $5.5 million and $23.4 million higher, for the quarter and nine months, respectively as compared to the same periods in 2014. Mortgage loan production for the quarter increased by $167.5 million, or 31.2%, to $703.6 million while mortgage loan sales for the quarter increased by $208.1 million, or 38.8%, to $744.6 million, as compared to the same period in 2014. Mortgage loan servicing revenue increased by $848,000 and $2.3 million to $4.1 million and $11.5 million for the quarter and nine months, respectively, as compared to the same periods in 2014, as the mortgage servicing portfolio grew to $6.4 billion at September 30, 2015.
Noninterest income from indirect lending activities was $4.0 million and $15.0 million for the quarter and nine months, a decrease of $2.3 million and increase of $0.4 million, respectively, as compared to the same periods in 2014. Gains on sales of indirect loans decreased by $2.6 million and $806,000 for the quarter and nine months, respectively, compared to the same periods in 2014 as demand for loan sales decreased as compared to the prior year. Indirect servicing fee income increased by $522,000 and $1.7 million for the quarter and nine months, as compared to the same periods in 2014, as the indirect servicing portfolio grew to $1.1 billion at September 30, 2015.
On a linked-quarter basis, noninterest income decreased by $6.1 million, or 16.6%, primarily attributable to a decrease in income from mortgage banking activities of $3.8 million, a decrease in income from indirect lending activities of $1.0 million, and a decrease of $1.5 million in other income, primarily due to a change in the gain on sale of real estate owned of $1.0 million. This decrease in noninterest income occurred primarily due to mortgage servicing rights impairment of $2.2 million at September 30, 2015 compared to a recovery of $2.6 million at June 30, 2015. See "Analysis of Mortgage Lending" tables below.
Noninterest Expense
Noninterest expense was $40.0 million and $119.8 million for the quarter and nine months ended September 30, 2015, an increase of $4.3 million and $17.7 million, or 12.2% and 17.4%, respectively, as compared to the same periods in 2014.
During the quarter, Fidelity Bank continued its strategy of increasing its footprint across a larger geographic area, and increasing production as well. This was the primary reason for increased noninterest expense in many areas. Salaries, benefits and commissions for the quarter and nine months increased $2.7 million and $14.0 million, or 11.99% and 22.03%, compared to the same periods in 2014. Occupancy expense for the quarter and nine months increased $816,000 and $1.7 million, or 23.2% and 18.2%, compared to the same periods in 2014. Other noninterest expense for the quarter and nine months ended September 30, 2015 increased by $731,000 and $1.7 million, or 8.2% and 6.5%, compared to the same periods in 2014.
On a linked-quarter basis, noninterest expense decreased by $1.1 million, or 2.7%, primarily due to a $2.4 million decrease in salaries, benefits and commissions, primarily due to decreased mortgage loan production, partially offset by an increase of $816,000 in occupancy costs and an increase of $479,000 in other expenses.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and trust and wealth management services and credit-related insurance products through branches in Georgia and Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided throughout the South. For additional information about Fidelity's products and services, please visit the web site at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2014 Annual Report filed on Form 10-K with the Securities and Exchange Commission. Additional information and other factors that could affect future financial results are included in Fidelity's filings with the Securities and Exchange Commission.
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
|
FINANCIAL HIGHLIGHTS | |||||||||||||||||||
|
(UNAUDITED) | |||||||||||||||||||
|
As of or for the Quarter Ended |
As of or for the Nine Months Ended | ||||||||||||||||||
|
($ in thousands, except per share data) |
September 30, |
June 30, |
September 30, |
September 30, |
September 30, | ||||||||||||||
|
INCOME STATEMENT DATA: |
|||||||||||||||||||
|
Interest income |
$ |
29,597 |
$ |
27,516 |
$ |
25,891 |
$ |
83,599 |
$ |
75,034 |
|||||||||
|
Interest expense |
4,460 |
3,502 |
2,727 |
10,907 |
8,208 |
||||||||||||||
|
Net interest income |
25,137 |
24,014 |
23,164 |
72,692 |
66,826 |
||||||||||||||
|
Provision for loan losses |
1,328 |
(182) |
1,859 |
1,254 |
(25) |
||||||||||||||
|
Noninterest income |
30,619 |
36,695 |
27,908 |
99,352 |
70,609 |
||||||||||||||
|
Noninterest expense |
40,049 |
41,165 |
35,710 |
119,849 |
102,109 |
||||||||||||||
|
Net income |
9,217 |
12,451 |
8,802 |
32,358 |
22,823 |
||||||||||||||
|
PERFORMANCE: |
|||||||||||||||||||
|
Earnings per common share - basic |
$ |
0.41 |
$ |
0.58 |
$ |
0.41 |
$ |
1.48 |
$ |
1.07 |
|||||||||
|
Earnings per common share - diluted |
0.39 |
0.54 |
0.38 |
1.42 |
0.97 |
||||||||||||||
|
Book value per common share |
$ |
12.83 |
$ |
12.90 |
$ |
12.10 |
$ |
12.83 |
$ |
12.10 |
|||||||||
|
Tangible book value per common share |
12.55 |
12.70 |
11.92 |
12.55 |
11.92 |
||||||||||||||
|
Cash dividends paid per common share |
$ |
0.10 |
$ |
0.10 |
$ |
0.09 |
$ |
0.29 |
$ |
0.21 |
|||||||||
|
Return on average assets |
1.07 |
% |
1.55 |
% |
1.26 |
% |
1.33 |
% |
1.15 |
% | |||||||||
|
Return on average shareholders' equity |
12.69 |
% |
17.97 |
% |
13.79 |
% |
15.56 |
% |
12.46 |
% | |||||||||
|
Net interest margin |
3.16 |
% |
3.24 |
% |
3.56 |
% |
3.25 |
% |
3.67 |
% | |||||||||
|
END OF PERIOD BALANCE SHEET SUMMARY: |
|||||||||||||||||||
|
Total assets |
$ |
3,499,465 |
$ |
3,374,938 |
$ |
2,861,569 |
$ |
3,499,465 |
$ |
2,861,569 |
|||||||||
|
Earning assets |
3,237,110 |
3,118,065 |
2,652,462 |
3,237,110 |
2,652,462 |
||||||||||||||
|
Loans, excluding Loans Held-for-Sale |
2,641,814 |
2,411,143 |
2,073,803 |
2,641,814 |
2,073,803 |
||||||||||||||
|
Total loans |
2,981,465 |
2,885,410 |
2,398,245 |
2,981,465 |
2,398,245 |
||||||||||||||
|
Total deposits |
2,912,038 |
2,639,248 |
2,459,291 |
2,912,038 |
2,459,291 |
||||||||||||||
|
Shareholders' equity |
295,286 |
285,946 |
258,163 |
295,286 |
258,163 |
||||||||||||||
|
Assets serviced for others |
7,777,854 |
7,292,561 |
6,275,893 |
7,777,854 |
6,275,893 |
||||||||||||||
|
DAILY AVERAGE BALANCE SHEET SUMMARY: |
|||||||||||||||||||
|
Total assets |
$ |
3,423,373 |
$ |
3,228,867 |
$ |
2,797,766 |
$ |
3,251,132 |
$ |
2,646,238 |
|||||||||
|
Earning assets |
3,176,957 |
2,980,741 |
2,593,380 |
3,013,603 |
2,449,236 |
||||||||||||||
|
Loans, excluding Loans Held-for-Sale |
2,516,582 |
2,361,146 |
2,045,464 |
2,392,970 |
1,955,314 |
||||||||||||||
|
Total loans |
2,956,109 |
2,778,117 |
2,370,899 |
2,798,024 |
1,924,265 |
||||||||||||||
|
Total deposits |
2,731,407 |
2,624,412 |
2,262,679 |
2,629,670 |
2,207,149 |
||||||||||||||
|
Shareholders' equity |
288,220 |
277,961 |
253,211 |
277,993 |
244,899 |
||||||||||||||
|
Assets serviced for others |
7,521,391 |
7,104,630 |
6,013,788 |
7,125,599 |
5,622,007 |
||||||||||||||
|
ASSET QUALITY RATIOS: |
|||||||||||||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.05 |
% |
(0.03) |
% |
0.40 |
% |
0.10 |
% |
0.24 |
% | |||||||||
|
Allowance to period-end loans |
0.94 |
% |
0.97 |
% |
1.36 |
% |
0.94 |
% |
1.36 |
% | |||||||||
|
Nonperforming assets to total loans, ORE and repossessions |
1.86 |
% |
2.01 |
% |
3.08 |
% |
1.86 |
% |
3.08 |
% | |||||||||
|
Allowance to nonperforming loans, ORE and repossessions |
0.50x |
0.48x |
0.44x |
0.50x |
0.44x |
||||||||||||||
|
SELECTED RATIOS: |
|||||||||||||||||||
|
Loans to total deposits |
90.72 |
% |
91.36 |
% |
84.33 |
% |
90.72 |
% |
84.33 |
% | |||||||||
|
Average total loans to average earning assets |
93.05 |
% |
93.20 |
% |
91.08 |
% |
92.85 |
% |
78.57 |
% | |||||||||
|
Noninterest income to total revenue |
50.85 |
% |
57.15 |
% |
51.87 |
% |
54.31 |
% |
48.48 |
% | |||||||||
|
Leverage ratio |
9.41 |
% |
9.77 |
% |
10.64 |
% |
9.41 |
% |
10.64 |
% | |||||||||
|
Common equity tier 1 capital |
8.78 |
% |
8.96 |
% |
N/A |
8.78 |
% |
N/A |
|||||||||||
|
Tier 1 risk-based capital |
10.21 |
% |
10.46 |
% |
11.84 |
% |
10.21 |
% |
11.84 |
% | |||||||||
|
Total risk-based capital |
13.37 |
% |
13.71 |
% |
12.99 |
% |
13.37 |
% |
12.99 |
% | |||||||||
|
Average equity to average assets |
8.42 |
% |
8.61 |
% |
9.05 |
% |
8.55 |
% |
9.25 |
% | |||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||||||
|
(UNAUDITED) | ||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
September 30, | |||||||||
|
ASSETS |
||||||||||||
|
Cash and cash equivalents |
$ |
87,373 |
$ |
80,716 |
$ |
91,565 |
||||||
|
Investment securities available-for-sale |
155,749 |
140,878 |
156,331 |
|||||||||
|
Investment securities held-to-maturity |
12,816 |
11,484 |
7,588 |
|||||||||
|
Loans held-for-sale |
339,651 |
474,267 |
324,442 |
|||||||||
|
Loans |
2,641,814 |
2,411,143 |
2,073,803 |
|||||||||
|
Allowance for loan losses |
(24,750) |
(23,425) |
(28,297) |
|||||||||
|
Loans, net of allowance for loan losses |
2,617,064 |
2,387,718 |
2,045,506 |
|||||||||
|
Premises and equipment, net |
69,356 |
65,485 |
59,650 |
|||||||||
|
Other real estate, net |
14,707 |
16,070 |
26,999 |
|||||||||
|
Bank owned life insurance |
66,008 |
65,511 |
34,279 |
|||||||||
|
Servicing rights |
82,659 |
77,614 |
62,196 |
|||||||||
|
Other assets |
54,082 |
55,195 |
53,013 |
|||||||||
|
Total assets |
$ |
3,499,465 |
$ |
3,374,938 |
$ |
2,861,569 |
||||||
|
LIABILITIES |
||||||||||||
|
Deposits |
||||||||||||
|
Noninterest-bearing demand deposits |
$ |
722,771 |
$ |
646,340 |
$ |
639,471 |
||||||
|
Interest-bearing deposits |
||||||||||||
|
Demand and money market |
956,149 |
850,314 |
778,645 |
|||||||||
|
Savings |
317,766 |
299,905 |
312,183 |
|||||||||
|
Time deposits |
915,352 |
842,689 |
728,992 |
|||||||||
|
Total deposits |
2,912,038 |
2,639,248 |
2,459,291 |
|||||||||
|
Other borrowings |
137,186 |
303,521 |
76,402 |
|||||||||
|
Subordinated debt |
120,289 |
120,277 |
46,297 |
|||||||||
|
Other liabilities |
34,666 |
25,946 |
21,416 |
|||||||||
|
Total liabilities |
3,204,179 |
3,088,992 |
2,603,406 |
|||||||||
|
SHAREHOLDERS' EQUITY |
||||||||||||
|
Preferred stock |
— |
— |
— |
|||||||||
|
Common stock |
166,989 |
164,835 |
161,527 |
|||||||||
|
Accumulated other comprehensive income, net |
2,702 |
2,472 |
2,367 |
|||||||||
|
Retained earnings |
125,595 |
118,639 |
94,269 |
|||||||||
|
Total shareholders' equity |
295,286 |
285,946 |
258,163 |
|||||||||
|
Total liabilities and shareholders' equity |
$ |
3,499,465 |
$ |
3,374,938 |
$ |
2,861,569 |
||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||
|
For the Quarter Ended |
For the Nine Months Ended | |||||||||||||||||||
|
($ in thousands, except per share data) |
September 30, |
June 30, |
September 30, |
September 30, |
September 30, | |||||||||||||||
|
INTEREST INCOME |
||||||||||||||||||||
|
Loans, including fees |
$ |
28,462 |
$ |
26,382 |
$ |
24,690 |
$ |
80,133 |
$ |
71,282 |
||||||||||
|
Investment securities |
1,108 |
1,120 |
1,183 |
3,413 |
3,676 |
|||||||||||||||
|
Federal funds sold and bank deposits |
27 |
14 |
18 |
53 |
76 |
|||||||||||||||
|
Total interest income |
29,597 |
27,516 |
25,891 |
83,599 |
75,034 |
|||||||||||||||
|
INTEREST EXPENSE |
||||||||||||||||||||
|
Deposits |
2,866 |
2,683 |
2,282 |
8,041 |
7,098 |
|||||||||||||||
|
Other borrowings |
179 |
161 |
163 |
517 |
276 |
|||||||||||||||
|
Subordinated debt |
1,415 |
658 |
282 |
2,349 |
834 |
|||||||||||||||
|
Total interest expense |
4,460 |
3,502 |
2,727 |
10,907 |
8,208 |
|||||||||||||||
|
Net interest income |
25,137 |
24,014 |
23,164 |
72,692 |
66,826 |
|||||||||||||||
|
Provision for loan losses |
1,328 |
(182) |
1,859 |
1,254 |
(25) |
|||||||||||||||
|
Net interest income after provision for loan losses |
23,809 |
24,196 |
21,305 |
71,438 |
66,851 |
|||||||||||||||
|
NONINTEREST INCOME |
||||||||||||||||||||
|
Service charges on deposit accounts |
1,230 |
1,195 |
1,141 |
3,508 |
3,209 |
|||||||||||||||
|
Other fees and charges |
1,327 |
1,274 |
1,140 |
3,767 |
3,160 |
|||||||||||||||
|
Mortgage banking activities |
20,799 |
24,617 |
16,135 |
66,734 |
40,292 |
|||||||||||||||
|
Indirect lending activities |
4,037 |
5,031 |
6,303 |
15,047 |
14,610 |
|||||||||||||||
|
SBA lending activities |
1,494 |
1,364 |
1,479 |
3,788 |
3,682 |
|||||||||||||||
|
Bank owned life insurance |
496 |
500 |
313 |
1,488 |
1,369 |
|||||||||||||||
|
Securities gains |
— |
— |
— |
— |
— |
|||||||||||||||
|
Other |
1,236 |
2,714 |
1,397 |
5,020 |
4,287 |
|||||||||||||||
|
Total noninterest income |
30,619 |
36,695 |
27,908 |
99,352 |
70,609 |
|||||||||||||||
|
NONINTEREST EXPENSE |
||||||||||||||||||||
|
Salaries and employee benefits |
17,800 |
19,668 |
17,022 |
56,290 |
49,080 |
|||||||||||||||
|
Commissions |
7,270 |
7,794 |
5,363 |
21,224 |
14,443 |
|||||||||||||||
|
Occupancy |
4,270 |
3,454 |
3,467 |
11,206 |
9,477 |
|||||||||||||||
|
Communication |
1,083 |
1,102 |
963 |
3,133 |
2,829 |
|||||||||||||||
|
Other |
9,626 |
9,147 |
8,895 |
27,996 |
26,280 |
|||||||||||||||
|
Total noninterest expense |
40,049 |
41,165 |
35,710 |
119,849 |
102,109 |
|||||||||||||||
|
Income before income tax expense |
14,379 |
19,726 |
13,503 |
50,941 |
35,351 |
|||||||||||||||
|
Income tax expense |
5,162 |
7,275 |
4,701 |
18,583 |
12,528 |
|||||||||||||||
|
NET INCOME |
$ |
9,217 |
$ |
12,451 |
$ |
8,802 |
$ |
32,358 |
$ |
22,823 |
||||||||||
|
EARNINGS PER SHARE: |
||||||||||||||||||||
|
Basic earnings per share |
$ |
0.41 |
$ |
0.58 |
$ |
0.41 |
$ |
1.48 |
$ |
1.07 |
||||||||||
|
Diluted earnings per share |
$ |
0.39 |
$ |
0.54 |
$ |
0.38 |
$ |
1.42 |
$ |
0.97 |
||||||||||
|
Weighted average common shares outstanding-basic |
22,604 |
21,456 |
21,318 |
21,818 |
21,302 |
|||||||||||||||
|
Weighted average common shares outstanding-diluted |
23,562 |
23,082 |
23,463 |
22,733 |
23,446 |
|||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
|
LOANS BY CATEGORY | ||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, | |||||||||||||||
|
Commercial |
$ |
579,319 |
$ |
533,853 |
$ |
519,062 |
$ |
524,145 |
$ |
524,419 |
||||||||||
|
SBA |
138,078 |
138,819 |
138,198 |
134,766 |
143,302 |
|||||||||||||||
|
Total commercial and SBA loans |
717,397 |
672,672 |
657,260 |
658,911 |
667,721 |
|||||||||||||||
|
Construction loans |
154,335 |
146,778 |
134,456 |
123,994 |
108,823 |
|||||||||||||||
|
Indirect automobile |
1,399,932 |
1,281,978 |
1,251,044 |
1,219,232 |
1,087,710 |
|||||||||||||||
|
Installment |
12,236 |
11,661 |
12,209 |
13,372 |
15,647 |
|||||||||||||||
|
Total consumer loans |
1,412,168 |
1,293,639 |
1,263,253 |
1,232,604 |
1,103,357 |
|||||||||||||||
|
Residential mortgage |
248,697 |
210,777 |
180,424 |
158,348 |
119,292 |
|||||||||||||||
|
Home equity lines of credit |
109,217 |
87,277 |
82,188 |
79,449 |
74,610 |
|||||||||||||||
|
Total mortgage loans |
357,914 |
298,054 |
262,612 |
237,797 |
193,902 |
|||||||||||||||
|
Loans |
2,641,814 |
2,411,143 |
2,317,581 |
2,253,306 |
2,073,803 |
|||||||||||||||
|
Loans held-for-sale: |
||||||||||||||||||||
|
Residential mortgage |
218,308 |
310,792 |
241,974 |
181,424 |
161,775 |
|||||||||||||||
|
SBA |
11,343 |
13,475 |
13,543 |
12,511 |
17,667 |
|||||||||||||||
|
Indirect automobile |
110,000 |
150,000 |
150,000 |
175,000 |
145,000 |
|||||||||||||||
|
Total loans held-for-sale |
339,651 |
474,267 |
405,517 |
368,935 |
324,442 |
|||||||||||||||
|
Total loans |
$ |
2,981,465 |
$ |
2,885,410 |
$ |
2,723,098 |
$ |
2,622,241 |
$ |
2,398,245 |
||||||||||
|
Noncovered loans |
$ |
2,617,990 |
$ |
2,385,489 |
$ |
2,287,284 |
$ |
2,218,493 |
$ |
2,036,097 |
||||||||||
|
Covered loans |
23,824 |
25,654 |
30,297 |
34,813 |
37,706 |
|||||||||||||||
|
Loans held-for-sale |
339,651 |
474,267 |
405,517 |
368,935 |
324,442 |
|||||||||||||||
|
Total loans |
$ |
2,981,465 |
$ |
2,885,410 |
$ |
2,723,098 |
$ |
2,622,241 |
$ |
2,398,245 |
||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||
|
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES | ||||||||||||
|
(UNAUDITED) | ||||||||||||
|
As of or for the Quarter Ended |
||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
September 30, |
|||||||||
|
Balance at beginning of period |
$ |
23,425 |
$ |
23,758 |
$ |
28,912 |
||||||
|
Net charge-offs/(recoveries): |
||||||||||||
|
Commercial and SBA |
(111) |
(10) |
1,337 |
|||||||||
|
Construction |
(291) |
(291) |
(41) |
|||||||||
|
Indirect automobile and installment loans |
604 |
494 |
614 |
|||||||||
|
Mortgage |
98 |
(3) |
4 |
|||||||||
|
Covered |
14 |
(298) |
77 |
|||||||||
|
Acquired, noncovered |
(1) |
(52) |
52 |
|||||||||
|
Total net charge-offs/(recoveries) |
313 |
(160) |
2,043 |
|||||||||
|
Provision for loan losses (1) |
1,328 |
(183) |
1,859 |
|||||||||
|
Increase/(decrease) in FDIC loss share receivable |
310 |
(310) |
(431) |
|||||||||
|
Balance at end of period |
$ |
24,750 |
$ |
23,425 |
$ |
28,297 |
||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.05 |
% |
(0.03) |
% |
0.40 |
% |
||||||
|
Average loans |
$ |
2,516,582 |
$ |
2,361,146 |
$ |
2,045,464 |
||||||
|
Allowance for loan losses as a percentage of loans |
0.94 |
% |
0.97 |
% |
1.36 |
% |
||||||
|
(1) Net of portion attributable to FDIC loss share receivable |
||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
|
NONPERFORMING AND CLASSIFIED ASSETS | ||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|||||||||||||||
|
NONPERFORMING ASSETS |
||||||||||||||||||||
|
Nonaccrual loans |
$ |
29,374 |
$ |
30,756 |
$ |
32,432 |
$ |
34,856 |
$ |
36,489 |
||||||||||
|
Loans past due 90 days or more and still accruing |
3,968 |
836 |
1,006 |
827 |
— |
|||||||||||||||
|
Repossessions |
1,435 |
1,041 |
1,002 |
1,183 |
1,210 |
|||||||||||||||
|
Other real estate (ORE) |
14,707 |
16,070 |
19,988 |
22,564 |
26,999 |
|||||||||||||||
|
Nonperforming assets |
$ |
49,484 |
$ |
48,703 |
$ |
54,428 |
$ |
59,430 |
$ |
64,698 |
||||||||||
|
NONPERFORMING ASSET RATIOS |
||||||||||||||||||||
|
Loans 30-89 days past due |
$ |
7,018 |
$ |
3,653 |
$ |
3,934 |
$ |
4,565 |
$ |
2,885 |
||||||||||
|
Loans 30-89 days past due to loans |
0.24 |
% |
0.15 |
% |
0.17 |
% |
0.20 |
% |
0.14 |
% |
||||||||||
|
Loans past due 90 days or more and still accruing to loans |
0.13 |
% |
0.03 |
% |
0.04 |
% |
0.04 |
% |
— |
% |
||||||||||
|
Nonperforming assets to loans, ORE, and repossessions |
1.86 |
% |
2.01 |
% |
2.33 |
% |
2.61 |
% |
3.08 |
% |
||||||||||
|
ASSET QUALITY RATIOS |
||||||||||||||||||||
|
Classified Asset Ratio (3) |
17.56 |
% |
18.59 |
% |
20.45 |
% |
21.49 |
% |
25.36 |
% |
||||||||||
|
Nonperforming loans as a % of loans |
1.26 |
% |
1.31 |
% |
1.44 |
% |
1.58 |
% |
1.76 |
% |
||||||||||
|
ALL to nonperforming loans |
74.23 |
% |
74.15 |
% |
71.05 |
% |
71.32 |
% |
77.55 |
% |
||||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.05 |
% |
(0.03) |
% |
0.29 |
% |
0.50 |
% |
0.40 |
% |
||||||||||
|
ALL as a % of loans |
0.94 |
% |
0.97 |
% |
1.03 |
% |
1.13 |
% |
1.36 |
% |
||||||||||
|
CLASSIFIED ASSETS |
||||||||||||||||||||
|
Classified loans (1) |
$ |
47,906 |
$ |
49,561 |
$ |
52,684 |
$ |
53,415 |
$ |
61,161 |
||||||||||
|
ORE and repossessions |
12,750 |
13,209 |
14,508 |
17,218 |
21,287 |
|||||||||||||||
|
Total classified assets (2) |
$ |
60,656 |
$ |
62,770 |
$ |
67,192 |
$ |
70,633 |
$ |
82,448 |
||||||||||
|
(1) Amount of SBA guarantee included |
$ |
3,970 |
$ |
5,256 |
$ |
5,802 |
$ |
5,271 |
$ |
7,590 |
||||||||||
|
(2) Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, repossessions and ORE, net of loss share. |
||||||||||||||||||||
|
(3) Classified asset ratio is defined as classified assets as a percentage of the sum of Tier 1 capital plus allowance for loan losses. |
||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||||||
|
ANALYSIS OF INDIRECT LENDING |
|||||||||||||||||||||||
|
(UNAUDITED) |
|||||||||||||||||||||||
|
As of or for the Quarter Ended |
|||||||||||||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
||||||||||||||||||
|
Average loans outstanding (1) |
$ |
1,486,077 |
$ |
1,407,848 |
$ |
1,389,570 |
$ |
1,329,306 |
$ |
1,204,314 |
|||||||||||||
|
Loans serviced for others |
$ |
1,117,721 |
$ |
1,091,644 |
$ |
1,025,569 |
$ |
902,823 |
$ |
863,931 |
|||||||||||||
|
Past due loans: |
|||||||||||||||||||||||
|
Amount 30+ days past due |
$ |
1,381 |
$ |
1,098 |
$ |
1,222 |
$ |
1,547 |
$ |
1,573 |
|||||||||||||
|
Number 30+ days past due |
170 |
128 |
132 |
143 |
136 |
||||||||||||||||||
|
30+ day performing delinquency rate (2) |
0.10 |
% |
0.08 |
% |
0.09 |
% |
0.11 |
% |
0.13 |
% |
|||||||||||||
|
Nonperforming loans |
$ |
810 |
$ |
527 |
$ |
778 |
$ |
715 |
$ |
795 |
|||||||||||||
|
Nonperforming loans as a percentage of period end loans (2) |
0.06 |
% |
0.04 |
% |
0.06 |
% |
0.05 |
% |
0.06 |
% |
|||||||||||||
|
Net charge-offs |
$ |
605 |
$ |
495 |
$ |
866 |
$ |
901 |
$ |
612 |
|||||||||||||
|
Net charge-off rate (3) |
0.17 |
% |
0.16 |
% |
0.36 |
% |
0.30 |
% |
0.23 |
% |
|||||||||||||
|
Number of vehicles repossessed during the period |
120 |
106 |
134 |
128 |
136 |
||||||||||||||||||
|
Average beacon score of portfolio |
755 |
755 |
755 |
753 |
751 |
||||||||||||||||||
|
Production by state: |
|||||||||||||||||||||||
|
Alabama |
$ |
20,886 |
$ |
18,831 |
$ |
22,056 |
$ |
26,780 |
$ |
27,845 |
|||||||||||||
|
Arkansas |
46,704 |
39,174 |
35,786 |
41,912 |
47,894 |
||||||||||||||||||
|
North Carolina |
21,484 |
20,536 |
21,809 |
25,059 |
29,781 |
||||||||||||||||||
|
South Carolina |
13,339 |
16,021 |
16,273 |
16,132 |
22,189 |
||||||||||||||||||
|
Florida |
98,087 |
91,725 |
96,688 |
102,465 |
128,729 |
||||||||||||||||||
|
Georgia |
54,497 |
52,735 |
60,402 |
69,288 |
72,423 |
||||||||||||||||||
|
Mississippi |
23,424 |
21,281 |
19,537 |
23,736 |
30,525 |
||||||||||||||||||
|
Tennessee |
16,946 |
19,295 |
19,479 |
22,880 |
28,684 |
||||||||||||||||||
|
Virginia |
14,829 |
16,349 |
16,919 |
18,590 |
20,903 |
||||||||||||||||||
|
Texas |
37,673 |
35,739 |
41,527 |
50,987 |
49,868 |
||||||||||||||||||
|
Louisiana |
24,490 |
24,095 |
21,042 |
13,531 |
12,597 |
||||||||||||||||||
|
Total production by state |
$ |
372,359 |
$ |
355,781 |
$ |
371,518 |
$ |
411,360 |
$ |
471,438 |
|||||||||||||
|
Loan sales |
$ |
142,132 |
$ |
177,820 |
$ |
219,784 |
$ |
121,973 |
$ |
244,556 |
|||||||||||||
|
Portfolio yield (1) |
2.75 |
% |
2.79 |
% |
2.88 |
% |
3.07 |
% |
3.10 |
% |
|||||||||||||
|
(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 MORTGAGE LENDING | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
For the Quarter Ended | ||||||||||||||||||||||
|
($ in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, | |||||||||||||||||
|
Average loans outstanding (1) |
$ |
511,317 |
$ |
449,097 |
$ |
337,122 |
$ |
300,652 |
$ |
286,407 |
||||||||||||
|
Loans serviced for others |
$ |
6,393,874 |
$ |
5,942,063 |
$ |
5,622,102 |
$ |
5,413,781 |
$ |
5,173,282 |
||||||||||||
|
% of loan production for purchases |
81.40 |
% |
73.95 |
% |
58.82 |
% |
74.93 |
% |
82.25 |
% | ||||||||||||
|
% of loan production for refinance loans |
18.60 |
% |
26.05 |
% |
41.18 |
% |
25.07 |
% |
17.75 |
% | ||||||||||||
|
Production by region: |
||||||||||||||||||||||
|
Georgia |
$ |
424,554 |
$ |
468,795 |
$ |
342,121 |
$ |
311,846 |
$ |
316,359 |
||||||||||||
|
Florida/Alabama |
53,815 |
58,607 |
51,590 |
42,485 |
31,642 |
|||||||||||||||||
|
Virginia/Maryland |
147,387 |
182,850 |
158,289 |
126,151 |
127,721 |
|||||||||||||||||
|
North and South Carolina (2) |
11,398 |
8,002 |
3,858 |
— |
— |
|||||||||||||||||
|
Total retail |
637,154 |
718,254 |
555,858 |
480,482 |
475,722 |
|||||||||||||||||
|
Wholesale |
66,490 |
70,169 |
57,125 |
34,961 |
60,393 |
|||||||||||||||||
|
Total production by region |
$ |
703,644 |
$ |
788,423 |
$ |
612,983 |
$ |
515,443 |
$ |
536,115 |
||||||||||||
|
Loan sales |
$ |
744,621 |
$ |
665,738 |
$ |
552,085 |
$ |
475,930 |
$ |
536,490 |
||||||||||||
|
INCOME FROM MORTGAGE BANKING ACTIVITIES | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
For the Quarter Ended | ||||||||||||||||||||||
|
(in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, | |||||||||||||||||
|
Marketing gain, net |
$ |
17,573 |
$ |
17,099 |
$ |
19,746 |
$ |
12,076 |
$ |
12,108 |
||||||||||||
|
Origination points and fees |
3,871 |
3,726 |
2,757 |
2,744 |
2,943 |
|||||||||||||||||
|
Loan servicing revenue |
4,059 |
3,762 |
3,646 |
3,473 |
3,211 |
|||||||||||||||||
|
MSR amortization and impairment adjustments |
(4,704) |
30 |
(4,830) |
(2,804) |
(2,127) |
|||||||||||||||||
|
Total mortgage banking activities |
$ |
20,799 |
$ |
24,617 |
$ |
21,319 |
$ |
15,489 |
$ |
16,135 |
||||||||||||
|
Noncash items included in |
||||||||||||||||||||||
|
Capitalized MSR, net |
$ |
6,461 |
$ |
5,829 |
$ |
4,429 |
$ |
3,333 |
$ |
4,062 |
||||||||||||
|
Valuation on MSR |
(2,215) |
2,611 |
(2,469) |
(709) |
(156) |
|||||||||||||||||
|
Mark to market adjustments |
(1,028) |
(1,098) |
3,967 |
588 |
(1,747) |
|||||||||||||||||
|
Total noncash items |
$ |
3,218 |
$ |
7,342 |
$ |
5,927 |
$ |
3,212 |
$ |
2,159 |
||||||||||||
|
(1) Includes held-for-sale |
||||||||||||||||||||||
|
(2) Expanded into North and South Carolina in January 2015 |
||||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
|
AVERAGE BALANCE, INTEREST AND YIELDS | |||||||||||||||||||||
|
(UNAUDITED) | |||||||||||||||||||||
|
For the Quarter Ended | |||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 | ||||||||||||||||||||
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ | ||||||||||||||||
|
($ in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate | |||||||||||||||
|
Assets |
|||||||||||||||||||||
|
Interest-earning assets: |
|||||||||||||||||||||
|
Loans, net of unearned income (1) |
$ |
2,956,109 |
$ |
28,509 |
3.83 |
% |
$ |
2,370,899 |
$ |
24,732 |
4.14 |
% | |||||||||
|
Investment securities (1) |
163,523 |
1,150 |
2.79 |
% |
177,811 |
1,237 |
2.76 |
% | |||||||||||||
|
Federal funds sold and bank deposits |
45,265 |
27 |
0.24 |
% |
44,670 |
18 |
0.16 |
% | |||||||||||||
|
Total interest-earning assets |
3,164,897 |
29,686 |
3.72 |
% |
2,593,380 |
25,987 |
3.98 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
15,101 |
10,881 |
|||||||||||||||||||
|
Allowance for loan losses |
(23,830) |
(28,570) |
|||||||||||||||||||
|
Premises and equipment, net |
66,709 |
52,790 |
|||||||||||||||||||
|
Other real estate |
15,866 |
25,384 |
|||||||||||||||||||
|
Other assets |
184,630 |
143,901 |
|||||||||||||||||||
|
Total assets |
$ |
3,423,373 |
$ |
2,797,766 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
881,456 |
$ |
548 |
0.25 |
% |
$ |
712,121 |
$ |
432 |
0.24 |
% | |||||||||
|
Savings deposits |
308,503 |
266 |
0.34 |
% |
318,261 |
272 |
0.34 |
% | |||||||||||||
|
Time deposits |
864,472 |
2,052 |
0.94 |
% |
657,527 |
1,578 |
0.95 |
% | |||||||||||||
|
Total interest-bearing deposits |
2,054,431 |
2,866 |
0.55 |
% |
1,687,909 |
2,282 |
0.54 |
% | |||||||||||||
|
Other borrowings |
254,558 |
179 |
0.28 |
% |
205,377 |
163 |
0.31 |
% | |||||||||||||
|
Subordinated debt |
120,279 |
1,415 |
4.67 |
% |
46,297 |
282 |
2.42 |
% | |||||||||||||
|
Total interest-bearing liabilities |
2,429,268 |
4,460 |
0.73 |
% |
1,939,583 |
2,727 |
0.56 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
676,976 |
574,763 |
|||||||||||||||||||
|
Other liabilities |
28,909 |
30,209 |
|||||||||||||||||||
|
Shareholders' equity |
288,220 |
253,211 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
3,423,373 |
$ |
2,797,766 |
|||||||||||||||||
|
Net interest income/spread |
$ |
25,226 |
2.99 |
% |
$ |
23,260 |
3.42 |
% | |||||||||||||
|
Net interest margin |
3.16 |
% |
3.56 |
% | |||||||||||||||||
|
(1) Interest income includes the effect of taxable-equivalent adjustment using a 35% tax rate. | |||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
|
AVERAGE BALANCE, INTEREST AND YIELDS | |||||||||||||||||||||
|
(UNAUDITED) | |||||||||||||||||||||
|
For the Nine Months Ended | |||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 | ||||||||||||||||||||
|
($ in thousands) |
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate | |||||||||||||||
|
Assets |
|||||||||||||||||||||
|
Interest-earning assets: |
|||||||||||||||||||||
|
Loans, net of unearned income(1) |
$ |
2,798,024 |
$ |
80,270 |
3.84 |
% |
$ |
2,208,317 |
$ |
71,404 |
4.32 |
% | |||||||||
|
Investment securities(1) |
162,568 |
3,551 |
2.92 |
% |
177,169 |
3,741 |
2.82 |
% | |||||||||||||
|
Fed funds sold and interest-bearing deposits |
42,017 |
53 |
0.17 |
% |
57,061 |
76 |
0.18 |
% | |||||||||||||
|
Total interest-earning assets |
3,002,609 |
83,874 |
3.73 |
% |
2,442,547 |
75,221 |
4.12 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
14,996 |
13,991 |
|||||||||||||||||||
|
Allowance for loan losses |
(24,282) |
(31,049) |
|||||||||||||||||||
|
Premises and equipment, net |
63,191 |
50,028 |
|||||||||||||||||||
|
Other real estate |
18,786 |
26,759 |
|||||||||||||||||||
|
Other assets |
175,833 |
143,973 |
|||||||||||||||||||
|
Total assets |
$ |
3,251,133 |
$ |
2,646,249 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
846,090 |
$ |
1,495 |
0.24 |
% |
$ |
701,740 |
$ |
1,405 |
0.27 |
% | |||||||||
|
Savings deposits |
306,495 |
768 |
0.34 |
% |
314,025 |
862 |
0.37 |
% | |||||||||||||
|
Time deposits |
832,423 |
5,778 |
0.93 |
% |
661,931 |
4,831 |
0.98 |
% | |||||||||||||
|
Total interest-bearing deposits |
1,985,008 |
8,041 |
0.54 |
% |
1,677,696 |
7,098 |
0.57 |
% | |||||||||||||
|
Other borrowings |
236,213 |
517 |
0.29 |
% |
121,208 |
276 |
0.30 |
% | |||||||||||||
|
Subordinated debt |
80,193 |
2,349 |
3.92 |
% |
46,297 |
834 |
2.40 |
% | |||||||||||||
|
Total interest-bearing liabilities |
2,301,414 |
10,907 |
0.63 |
% |
1,845,201 |
8,208 |
0.59 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
644,662 |
529,450 |
|||||||||||||||||||
|
Other liabilities |
27,064 |
26,697 |
|||||||||||||||||||
|
Shareholders' equity |
277,993 |
244,901 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
3,251,133 |
$ |
2,646,249 |
|||||||||||||||||
|
Net interest income/spread |
$ |
72,967 |
3.10 |
% |
$ |
67,013 |
3.53 |
% | |||||||||||||
|
Net interest margin |
3.25 |
% |
3.67 |
% | |||||||||||||||||
|
(1) Interest income includes the effect of taxable-equivalent adjustment using a 35% tax rate. | |||||||||||||||||||||
|
Contacts: |
Martha Fleming, Steve Brolly |
|
Fidelity Southern Corporation (404) 240-1504 |
SOURCE Fidelity Southern Corporation
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