Fidelity Southern Corporation Earns Record $12.5 Million In Second Quarter
ATLANTA, July 16, 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 six months ended June 30, 2015.
KEY RESULTS
- Net income of $12.5 million and $23.1 million, or $0.54 and $1.00 per diluted share, for the quarter and six months ended June 30
- Total revenue was $64.2 million for the quarter, an increase of $5.7 million, or 9.7%, compared to the prior quarter, and $14.8 million, or 30.0%, year over year
- Mortgage banking income was $24.6 million for the quarter, an increase of $3.3 million, or 15.5%, and $11.0 million, or 81.4%, year over year
- Return on average assets of 1.55% and 1.48% for the quarter and six months ended June 30, 2015, respectively
- Return of average equity of 17.97% and 17.11% for the quarter and six months ended June 30, 2015, respectively
- Tangible book value of $12.70 per share increased by $1.04, or 8.92%, year over year
- Loan portfolio increased by $162.3 million, or 6.0%, during the quarter and $577.1 million, or 25.0%, year over year, to $2.9 billion
- Loan servicing portfolio grew by $391.7 million, or 5.7%, during the quarter and $1.5 billion, or 26.3%, year over year, to $7.3 billion
- Total deposits increased by $413.8 million, or 18.6%, year over year, to $2.6 billion
Fidelity's Chairman, Jim Miller, said, "Mortgage and indirect are performing well. We also intend to continue to build out our lending to businesses and have promoted Darren Davis to head the SBA department. Also, both Georgia and Florida will add bankers for the C & I lending teams. We continue to evaluate acquisition opportunities to see if there is a financial and cultural benefit to be gained by all parties and will act when that is the case."
BALANCE SHEET
Total assets at June 30, 2015, grew to $3.4 billion, an increase of $169.6 million, or 5.3%, compared to March 31, 2015, and $637.3 million, or 23.3%, compared to June 30, 2014. These increases are primarily attributable to an increase in loan production, mainly in indirect and mortgage loans held-for-investment.
Loans
Total loans held for investment at June 30, 2015, grew to $2.4 billion, an increase of $93.6 million, or 4.0%, compared to March 31, 2015, and $442.5 million, or 22.5%, compared to June 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 $30.9 million and $284.9 million, or 2.5% and 28.6%, respectively, and mortgage loans increased by $35.4 million and $129.7 million, or 13.5% and 77.0%, respectively, compared to March 31, 2015 and June 30, 2014.
Construction loans increased by $12.3 million and $32.9 million, or 9.2% and 28.9%, respectively, compared to March 31, 2015 and June 30, 2014, primarily due to expansion into the Savannah, Orlando, and Birmingham markets in addition to organic growth in existing markets.
The following table summarizes average loans by category, excluding loans acquired in FDIC assisted transactions, for the periods presented.
|
For the Quarter Ended |
||||||||||||
|
($ in thousands) |
June 30, 2015 |
March 31, 2015 |
June 30, 2014 |
|||||||||
|
Commercial |
$ |
512,783 |
$ |
506,942 |
$ |
502,841 |
||||||
|
SBA |
150,412 |
149,435 |
144,763 |
|||||||||
|
Construction |
138,021 |
125,243 |
101,561 |
|||||||||
|
Indirect automobile |
1,407,848 |
1,419,295 |
1,075,657 |
|||||||||
|
Installment |
8,566 |
8,580 |
9,250 |
|||||||||
|
Residential mortgage |
449,217 |
336,011 |
227,685 |
|||||||||
|
Home equity lines of credit |
80,724 |
76,152 |
67,635 |
|||||||||
|
Total average loans (incl. HFS) |
$ |
2,747,571 |
$ |
2,621,658 |
$ |
2,129,392 |
||||||
Deposits
Total deposits at June 30, 2015, of $2.6 billion were relatively flat compared to March 31, 2015, and increased $413.8 million, or 18.6%, compared to June 30, 2014.
The year over year net increase occurred primarily due to organic growth of $204.8 million, mainly in noninterest bearing deposits, which increased $60.4 million, as well as the assumption of deposits from six branches in Florida during September 2014 of $170.9 million, and assumption of deposits from one branch in Florida during January 2015 of $38.2 million. These increases were partially offset by a decrease in savings deposits of $14.9 million, or 4.7%, compared to June 30, 2014.
Average core deposits, including noninterest-bearing demand deposits, grew by $67.3 million, or 3.9%, during the quarter and $251.8 million, or 16.3%, year over year, particularly in commercial accounts and assumption of deposits discussed above. Noninterest-bearing demand deposits increased to 24.8% of total average deposits for the quarter compared to 23.9% at March 31, 2015, and 24.4% at June 30, 2014.
Time deposits increased by $25.9 million, or 3.2%, during the quarter and $197.8 million, or 30.7%, year over year. The year over year change occurred primarily due to $88.0 million in time deposits assumed during the third quarter of 2014 and a $60.2 million increase in brokered deposits generally used to fund loan growth. The remaining increase is due to Fidelity increasing marketing efforts on longer term time deposits in anticipation of future rate increases.
The following table summarizes average deposit composition and average rate paid for the periods presented.
|
For the Quarter Ended | |||||||||||||||||||||||||||||
|
June 30, 2015 |
March 31, 2015 |
June 30, 2014 | |||||||||||||||||||||||||||
|
($ in millions) |
Average Amount |
Rate |
Percent of Total Deposits |
Average Amount |
Rate |
Percent of Total Deposits |
Average Amount |
Rate |
Percent of Total Deposits | ||||||||||||||||||||
|
Noninterest-bearing demand deposits |
$ |
650.5 |
— |
% |
24.8 |
% |
$ |
605.8 |
— |
% |
23.9 |
% |
$ |
534.5 |
— |
% |
24.4 |
% | |||||||||||
|
Interest-bearing demand deposits |
843.2 |
0.24 |
% |
32.1 |
% |
812.8 |
0.25 |
% |
32.1 |
% |
694.1 |
0.27 |
% |
31.6 |
% | ||||||||||||||
|
Savings deposits |
301.6 |
0.33 |
% |
11.5 |
% |
309.4 |
0.35 |
% |
12.2 |
% |
314.9 |
0.37 |
% |
14.3 |
% | ||||||||||||||
|
Time deposits |
829.1 |
0.94 |
% |
31.6 |
% |
803.0 |
0.98 |
% |
31.8 |
% |
653.4 |
0.96 |
% |
29.7 |
% | ||||||||||||||
|
Total average deposits |
$ |
2,624.4 |
0.41 |
% |
100.0 |
% |
$ |
2,531.0 |
0.43 |
% |
100.0 |
% |
$ |
2,196.9 |
0.48 |
% |
100.0 |
% | |||||||||||
Borrowings
Other borrowings increased by $102.5 million, or 51.0%, during the quarter and $115.7 million, or 61.6%, year over year. The increase for both periods occurred primarily to fund growth in loans noted above.
Subordinated debt increased by $74.0 million during the quarter and 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 $27.5 million and $54.0 million for the quarter and six months ended June 30, 2015, respectively, an increase of $1.5 million and $4.9 million, or 5.6% and 9.9%, respectively, as compared to the same periods in 2014. The increase was primarily due to a year over year increase in average loans of $592.0 million, or 27.8%, mainly in the indirect and mortgage portfolios, partially offset by a decrease in the yield on loans of 55 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 $1.0 million, primarily due to a $121.6 million increase in average loans, partially offset by a decrease of 5 basis points in the yield on total loans.
Interest Expense
Interest expense was $3.5 million and $6.4 million for the quarter and six months ended June 30, 2015, an increase of $828,000 and $966,000, or 31.0% and 17.6%, respectively, as compared to the same periods in 2014. These increases occurred primarily due to an increase in average other borrowings of $131.1 million and $148.5 million for the quarter and six months ended June 30, 2015, compared to the same periods in 2014, used to fund growth in average loans.
On a linked-quarter basis, interest expense increased by $557,000, or 18.9%, primarily due to the issuance of $75.0 million in subordinated notes during May 2015.
Net Interest Margin
The net interest margin was 3.24% and 3.30% for the quarter and six months ended June 30, 2015, compared to 3.91% and 3.74% 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.
On a linked-quarter basis, the net interest margin decreased by 11 basis points, primarily due to a decrease of 5 basis points in the yield on total loans and an increase of 119 basis points in the cost of subordinated debt.
Noninterest Income
Noninterest income was $36.7 million and $68.7 million for the quarter and six months ended June 30, 2015, an increase of $13.4 million and $26.0 million, or 57.4% and 61.0%, respectively, as compared to the same periods in 2014. The increase was primarily related to an increase in gains on the sale of mortgage and indirect loans. Noninterest income from mortgage banking activities increased by $11.0 million and $21.8 million for the quarter and year to date, respectively, as gains on mortgage loan sales were $6.1 million and $17.9 million higher, respectively, for the quarter and year to date. Fidelity took advantage of the nationwide refinance surge during the first quarter while continuing to grow the purchase money mortgage business year over year. Mortgage loan production for the quarter increased $227.0 million, or 40.4%, to $788.4 million while mortgage loan sales increased $219.6 million, or 49.2%, to $446.2 million year over year. Mortgage loan servicing revenue increased by $764,000 and $1.4 million to $3.8 million and $7.4 million for the quarter and year to date, respectively, as compared to the same periods in 2014, as the servicing portfolio grew to $5.9 billion at June 30, 2015.
Noninterest income from indirect lending activities was $5.0 million and $11.0 million for the quarter and six months ended June 30, 2015, an increase of $1.4 million and $2.7 million, respectively, as compared to the same periods in 2014. Gains on sales of indirect loans increased by $1.1 million and $1.8 million for the quarter and six months ended June 30, 2015, respectively, compared to the same periods in 2014. Indirect servicing fee income increased as well, with an increase of $559,000 and $1.1 million for the quarter and six months compared to the same periods in 2014, as the servicing portfolio grew to $1.1 billion at June 30, 2015.
On a linked-quarter basis, noninterest income increased by $4.7 million, or 14.5%, primarily attributable to an increase in income from mortgage banking activities of $3.3 million. This increase occurred primarily due to a favorable mortgage servicing rights impairment recovery of $5.1 million, offset by a decreased gain on sale of mortgage loans of $2.6 million. Decrease in gain on sale of mortgage loans primarily attributable to a $5.1 million decline in mark to market adjustments on mortgage loans held for sale, partially offset by an increased volume of sales during the quarter. Gain on sale of other real estate also increased by $1.4 million on a linked quarter basis, primarily due to favorable resolution on two properties sold during the quarter. See "Analysis of Mortgage Lending" tables below.
Noninterest Expense
Noninterest expense was $41.2 million and $79.8 million for the quarter and six months ended June 30, 2015, an increase of $7.4 million and $13.4 million, or 22.0% and 20.2%, respectively, as compared to the same periods in 2014.
Salaries and benefits expense increased due to the continued growth in employees and locations and the associated administrative support functions as the Company continues to grow. Quarterly salaries and benefits increased by $3.7 million, or 23.1%, year over year, while year to date salaries and benefits increased by $6.4 million, or 20.1%, year over year.
Commissions expense for the quarter and six months ended June 30, 2015 increased by $2.2 million and $4.9 million, or 38.9% and 53.7%, compared to the same periods in 2014. This increase corresponds to the growth in mortgage loan production and sales compared to the same periods in 2014.
Other noninterest expense for the quarter and six months ended June 30, 2015 increased by $1.3 million and $985,000, or 17.1% and 5.7%, compared to the same periods in 2014. This increase was primarily attributable to higher lending related expenses due to increase in mortgage and indirect loan production volume compared to the same periods in 2014.
On a linked-quarter basis, noninterest expense increased by $2.5 million, or 6.5%, primarily due to an $846,000 increase in salaries and benefits and a $1.6 million increase in commissions.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and trust and wealth management services and credit-related insurance products through branches in Georgia and Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided throughout the South. For additional information about Fidelity's products and services, please visit the web site at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2014 Annual Report filed on Form 10-K with the Securities and Exchange Commission. Additional information and other factors that could affect future financial results are included in Fidelity's filings with the Securities and Exchange Commission.
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||||
|
As of or for the Quarter Ended |
As of or for the Six Months Ended | ||||||||||||||||||
|
($ in thousands, except per share data) |
June 30, |
March 31, |
June 30, |
June 30, |
June 30, | ||||||||||||||
|
INCOME STATEMENT DATA: |
|||||||||||||||||||
|
Interest income |
$ |
27,516 |
$ |
26,486 |
$ |
26,065 |
$ |
54,002 |
$ |
49,143 |
|||||||||
|
Interest expense |
3,502 |
2,945 |
2,674 |
6,447 |
5,481 |
||||||||||||||
|
Net interest income |
24,014 |
23,541 |
23,391 |
47,555 |
43,662 |
||||||||||||||
|
Provision for loan losses |
(182) |
108 |
566 |
(74) |
(1,884) |
||||||||||||||
|
Noninterest income |
36,695 |
32,038 |
23,318 |
68,733 |
42,701 |
||||||||||||||
|
Noninterest expense |
41,165 |
38,635 |
33,743 |
79,800 |
66,399 |
||||||||||||||
|
Net income |
12,451 |
10,690 |
7,958 |
23,141 |
14,021 |
||||||||||||||
|
PERFORMANCE: |
|||||||||||||||||||
|
Earnings per common share - basic |
$ |
0.58 |
$ |
0.50 |
$ |
0.37 |
$ |
1.08 |
$ |
0.66 |
|||||||||
|
Earnings per common share - diluted |
0.54 |
0.45 |
0.34 |
1.00 |
0.60 |
||||||||||||||
|
Book value per common share |
$ |
12.90 |
$ |
12.85 |
$ |
11.76 |
$ |
12.90 |
$ |
11.76 |
|||||||||
|
Tangible book value per common share |
12.70 |
12.64 |
11.66 |
12.70 |
11.66 |
||||||||||||||
|
Cash dividends paid per common share |
$ |
0.10 |
$ |
0.09 |
$ |
0.08 |
$ |
0.19 |
$ |
0.12 |
|||||||||
|
Return on average assets |
1.55 |
% |
1.40 |
% |
1.22 |
% |
1.48 |
% |
1.10 |
% | |||||||||
|
Return on average shareholders' equity |
17.97 |
% |
16.20 |
% |
13.09 |
% |
17.11 |
% |
11.75 |
% | |||||||||
|
Net interest margin |
3.24 |
% |
3.35 |
% |
3.91 |
% |
3.30 |
% |
3.74 |
% | |||||||||
|
END OF PERIOD BALANCE SHEET SUMMARY: |
|||||||||||||||||||
|
Total assets |
$ |
3,374,938 |
$ |
3,205,293 |
$ |
2,737,639 |
$ |
3,374,938 |
$ |
2,737,639 |
|||||||||
|
Earning assets |
3,118,065 |
2,951,135 |
2,532,365 |
3,118,065 |
2,539,620 |
||||||||||||||
|
Loans, excluding Loans Held-for-Sale |
2,411,143 |
2,317,581 |
1,968,614 |
2,411,143 |
1,968,614 |
||||||||||||||
|
Total loans |
2,885,410 |
2,723,098 |
2,308,333 |
2,885,410 |
2,308,333 |
||||||||||||||
|
Total deposits |
2,639,248 |
2,652,896 |
2,225,419 |
2,639,248 |
2,225,419 |
||||||||||||||
|
Shareholders' equity |
285,946 |
274,898 |
250,775 |
285,946 |
250,775 |
||||||||||||||
|
Assets serviced for others |
7,292,561 |
6,900,870 |
5,775,309 |
7,292,561 |
5,775,309 |
||||||||||||||
|
DAILY AVERAGE BALANCE SHEET SUMMARY: |
|||||||||||||||||||
|
Total assets |
$ |
3,228,455 |
$ |
3,098,079 |
$ |
2,608,639 |
$ |
3,163,834 |
$ |
2,569,328 |
|||||||||
|
Earning assets |
2,980,741 |
2,858,827 |
2,406,150 |
2,920,121 |
2,364,153 |
||||||||||||||
|
Loans, excluding Loans Held-for-Sale |
2,361,146 |
2,298,789 |
1,932,591 |
2,330,140 |
1,909,492 |
||||||||||||||
|
Total loans |
2,778,117 |
2,656,556 |
2,179,846 |
2,717,672 |
2,125,678 |
||||||||||||||
|
Total deposits |
2,624,412 |
2,530,988 |
2,196,949 |
2,577,958 |
2,178,922 |
||||||||||||||
|
Shareholders' equity |
277,961 |
267,561 |
243,905 |
272,790 |
240,674 |
||||||||||||||
|
Assets serviced for others |
7,104,630 |
6,742,214 |
5,583,392 |
6,924,423 |
5,422,870 |
||||||||||||||
|
ASSET QUALITY RATIOS: |
|||||||||||||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
(0.03) |
% |
0.29 |
% |
0.42 |
% |
0.13 |
% |
0.20 |
% | |||||||||
|
Allowance to period-end loans |
0.97 |
% |
1.03 |
% |
1.47 |
% |
0.97 |
% |
1.47 |
% | |||||||||
|
Nonperforming assets to total loans, ORE and repossessions |
2.01 |
% |
2.33 |
% |
3.27 |
% |
2.01 |
% |
3.27 |
% | |||||||||
|
Allowance to nonperforming loans, ORE and repossessions |
0.48x |
0.44x |
0.44x |
0.48x |
0.44x |
||||||||||||||
|
SELECTED RATIOS: |
|||||||||||||||||||
|
Loans to total deposits |
91.36 |
% |
87.36 |
% |
88.46 |
% |
91.36 |
% |
88.46 |
% | |||||||||
|
Average total loans to average earning assets |
93.20 |
% |
92.92 |
% |
90.40 |
% |
93.07 |
% |
89.91 |
% | |||||||||
|
Noninterest income to total revenue |
57.15 |
% |
54.74 |
% |
47.22 |
% |
56.00 |
% |
46.49 |
% | |||||||||
|
Leverage ratio |
9.77 |
% |
9.89 |
% |
11.14 |
% |
9.77 |
% |
11.14 |
% | |||||||||
|
Common equity tier 1 capital |
8.96 |
% |
9.12 |
% |
N/A |
8.96 |
% |
N/A |
|||||||||||
|
Tier 1 risk-based capital |
10.46 |
% |
10.69 |
% |
12.12 |
% |
10.46 |
% |
12.12 |
% | |||||||||
|
Total risk-based capital |
13.71 |
% |
11.50 |
% |
13.34 |
% |
13.71 |
% |
13.34 |
% | |||||||||
|
Average equity to average assets |
8.61 |
% |
8.64 |
% |
9.35 |
% |
8.62 |
% |
9.37 |
% | |||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||
|
($ in thousands) |
June 30, |
March 31, |
June 30, | |||||||||
|
ASSETS |
||||||||||||
|
Cash and cash equivalents |
$ |
80,716 |
$ |
85,615 |
$ |
55,139 |
||||||
|
Investment securities available-for-sale |
140,878 |
139,727 |
164,190 |
|||||||||
|
Investment securities held-to-maturity |
11,484 |
10,316 |
7,851 |
|||||||||
|
Loans held-for-sale |
474,267 |
405,517 |
339,719 |
|||||||||
|
Loans |
2,411,143 |
2,317,581 |
1,968,614 |
|||||||||
|
Allowance for loan losses |
(23,425) |
(23,758) |
(28,912) |
|||||||||
|
Loans, net of allowance for loan losses |
2,387,718 |
2,293,823 |
1,939,702 |
|||||||||
|
Premises and equipment, net |
65,485 |
60,710 |
50,419 |
|||||||||
|
Other real estate, net |
16,070 |
19,988 |
26,930 |
|||||||||
|
Bank owned life insurance |
65,511 |
65,013 |
33,995 |
|||||||||
|
Servicing rights |
77,614 |
68,146 |
57,526 |
|||||||||
|
Other assets |
55,195 |
56,438 |
62,168 |
|||||||||
|
Total assets |
$ |
3,374,938 |
$ |
3,205,293 |
$ |
2,737,639 |
||||||
|
LIABILITIES |
||||||||||||
|
Deposits |
||||||||||||
|
Noninterest-bearing demand deposits |
$ |
646,340 |
$ |
706,679 |
$ |
560,932 |
||||||
|
Interest-bearing deposits |
||||||||||||
|
Demand and money market |
850,314 |
825,244 |
704,778 |
|||||||||
|
Savings |
299,905 |
304,135 |
314,795 |
|||||||||
|
Time deposits |
842,689 |
816,838 |
644,914 |
|||||||||
|
Total deposits |
2,639,248 |
2,652,896 |
2,225,419 |
|||||||||
|
Other borrowings |
303,521 |
201,018 |
187,815 |
|||||||||
|
Subordinated debt |
120,277 |
46,310 |
46,290 |
|||||||||
|
Other liabilities |
25,946 |
30,171 |
27,340 |
|||||||||
|
Total liabilities |
3,088,992 |
2,930,395 |
2,486,864 |
|||||||||
|
SHAREHOLDERS' EQUITY |
||||||||||||
|
Preferred stock |
— |
— |
— |
|||||||||
|
Common stock |
164,835 |
163,340 |
160,586 |
|||||||||
|
Accumulated other comprehensive income, net |
2,472 |
3,229 |
2,804 |
|||||||||
|
Retained earnings |
118,639 |
108,329 |
87,385 |
|||||||||
|
Total shareholders' equity |
285,946 |
274,898 |
250,775 |
|||||||||
|
Total liabilities and shareholders' equity |
$ |
3,374,938 |
$ |
3,205,293 |
$ |
2,737,639 |
||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
|
For the Quarter Ended |
For the Six Months Ended | |||||||||||||||||||
|
($ in thousands, except per share data) |
June 30, |
March 31, |
June 30, |
June 30, |
June 30, | |||||||||||||||
|
INTEREST INCOME |
||||||||||||||||||||
|
Loans, including fees |
$ |
26,382 |
$ |
25,289 |
$ |
24,801 |
$ |
51,671 |
$ |
46,592 |
||||||||||
|
Investment securities |
1,120 |
1,185 |
1,244 |
2,305 |
2,493 |
|||||||||||||||
|
Federal funds sold and bank deposits |
14 |
12 |
20 |
26 |
58 |
|||||||||||||||
|
Total interest income |
27,516 |
26,486 |
26,065 |
54,002 |
49,143 |
|||||||||||||||
|
INTEREST EXPENSE |
||||||||||||||||||||
|
Deposits |
2,683 |
2,492 |
2,328 |
5,175 |
4,816 |
|||||||||||||||
|
Other borrowings |
161 |
177 |
69 |
338 |
113 |
|||||||||||||||
|
Subordinated debt |
658 |
276 |
277 |
934 |
552 |
|||||||||||||||
|
Total interest expense |
3,502 |
2,945 |
2,674 |
6,447 |
5,481 |
|||||||||||||||
|
Net interest income |
24,014 |
23,541 |
23,391 |
47,555 |
43,662 |
|||||||||||||||
|
Provision for loan losses |
(182) |
108 |
566 |
(74) |
(1,884) |
|||||||||||||||
|
Net interest income after provision for loan losses |
24,196 |
23,433 |
22,825 |
47,629 |
45,546 |
|||||||||||||||
|
NONINTEREST INCOME |
||||||||||||||||||||
|
Service charges on deposit accounts |
1,195 |
1,083 |
1,059 |
2,278 |
2,068 |
|||||||||||||||
|
Other fees and charges |
1,274 |
1,166 |
1,100 |
2,440 |
2,020 |
|||||||||||||||
|
Mortgage banking activities |
24,617 |
21,318 |
13,570 |
45,935 |
24,157 |
|||||||||||||||
|
Indirect lending activities |
5,031 |
5,979 |
3,631 |
11,010 |
8,307 |
|||||||||||||||
|
SBA lending activities |
1,364 |
930 |
1,359 |
2,295 |
2,203 |
|||||||||||||||
|
Bank owned life insurance |
500 |
492 |
755 |
992 |
1,056 |
|||||||||||||||
|
Securities gains |
— |
— |
— |
— |
— |
|||||||||||||||
|
Other |
2,714 |
1,070 |
1,844 |
3,783 |
2,890 |
|||||||||||||||
|
Total noninterest income |
36,695 |
32,038 |
23,318 |
68,733 |
42,701 |
|||||||||||||||
|
NONINTEREST EXPENSE |
||||||||||||||||||||
|
Salaries and employee benefits |
19,668 |
18,822 |
15,973 |
38,490 |
32,058 |
|||||||||||||||
|
Commissions |
7,794 |
6,160 |
5,610 |
13,954 |
9,080 |
|||||||||||||||
|
Occupancy |
3,454 |
3,482 |
3,407 |
6,936 |
6,010 |
|||||||||||||||
|
Communication |
1,102 |
948 |
943 |
2,050 |
1,866 |
|||||||||||||||
|
Other |
9,147 |
9,223 |
7,810 |
18,370 |
17,385 |
|||||||||||||||
|
Total noninterest expense |
41,165 |
38,635 |
33,743 |
79,800 |
66,399 |
|||||||||||||||
|
Income before income tax expense |
19,726 |
16,836 |
12,400 |
36,562 |
21,848 |
|||||||||||||||
|
Income tax expense |
7,275 |
6,146 |
4,442 |
13,421 |
7,827 |
|||||||||||||||
|
NET INCOME |
$ |
12,451 |
$ |
10,690 |
$ |
7,958 |
$ |
23,141 |
$ |
14,021 |
||||||||||
|
EARNINGS PER SHARE: |
||||||||||||||||||||
|
Basic earnings per share |
$ |
0.58 |
$ |
0.50 |
$ |
0.37 |
$ |
1.08 |
$ |
0.66 |
||||||||||
|
Diluted earnings per share |
$ |
0.54 |
$ |
0.45 |
$ |
0.34 |
$ |
1.00 |
$ |
0.60 |
||||||||||
|
Weighted average common shares outstanding-basic |
21,456 |
21,380 |
21,301 |
21,418 |
21,274 |
|||||||||||||||
|
Weighted average common shares outstanding-diluted |
23,082 |
23,683 |
23,428 |
23,034 |
23,417 |
|||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES LOANS BY CATEGORY (UNAUDITED) | ||||||||||||||||||||
|
($ in thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |||||||||||||||
|
Commercial |
$ |
533,853 |
$ |
519,062 |
$ |
524,145 |
$ |
524,419 |
$ |
536,435 |
||||||||||
|
SBA |
138,819 |
138,198 |
134,766 |
143,302 |
136,946 |
|||||||||||||||
|
Total commercial and SBA loans |
672,672 |
657,260 |
658,911 |
667,721 |
673,381 |
|||||||||||||||
|
Construction loans |
146,778 |
134,456 |
123,994 |
108,823 |
113,873 |
|||||||||||||||
|
Indirect automobile |
1,281,978 |
1,251,044 |
1,219,232 |
1,087,710 |
997,117 |
|||||||||||||||
|
Installment |
11,661 |
12,209 |
13,372 |
15,647 |
15,892 |
|||||||||||||||
|
Total consumer loans |
1,293,639 |
1,263,253 |
1,232,604 |
1,103,357 |
1,013,009 |
|||||||||||||||
|
Residential mortgage |
210,777 |
180,424 |
158,348 |
119,292 |
93,453 |
|||||||||||||||
|
Home equity lines of credit |
87,277 |
82,188 |
79,449 |
74,610 |
74,898 |
|||||||||||||||
|
Total mortgage loans |
298,054 |
262,612 |
237,797 |
193,902 |
168,351 |
|||||||||||||||
|
Loans |
2,411,143 |
2,317,581 |
2,253,306 |
2,073,803 |
1,968,614 |
|||||||||||||||
|
Loans held-for-sale: |
||||||||||||||||||||
|
Residential mortgage |
310,792 |
241,974 |
181,424 |
161,775 |
191,666 |
|||||||||||||||
|
SBA |
13,475 |
13,543 |
12,511 |
17,667 |
8,053 |
|||||||||||||||
|
Indirect automobile |
150,000 |
150,000 |
175,000 |
145,000 |
140,000 |
|||||||||||||||
|
Total loans held-for-sale |
474,267 |
405,517 |
368,935 |
324,442 |
339,719 |
|||||||||||||||
|
Total loans |
$ |
2,885,410 |
$ |
2,723,098 |
$ |
2,622,241 |
$ |
2,398,245 |
$ |
2,308,333 |
||||||||||
|
Noncovered loans |
$ |
2,385,489 |
$ |
2,287,284 |
$ |
2,218,493 |
$ |
2,036,097 |
$ |
1,923,088 |
||||||||||
|
Covered loans |
25,654 |
30,297 |
34,813 |
37,706 |
45,526 |
|||||||||||||||
|
Loans held-for-sale |
474,267 |
405,517 |
368,935 |
324,442 |
339,719 |
|||||||||||||||
|
Total loans |
$ |
2,885,410 |
$ |
2,723,098 |
$ |
2,622,241 |
$ |
2,398,245 |
$ |
2,308,333 |
||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (UNAUDITED) | ||||||||||||
|
As of or for the Quarter Ended |
||||||||||||
|
($ in thousands) |
June 30, |
March 31, |
June 30, |
|||||||||
|
Balance at beginning of period |
$ |
23,758 |
$ |
25,450 |
$ |
30,797 |
||||||
|
Net charge-offs/(recoveries): |
||||||||||||
|
Commercial and SBA |
(10) |
815 |
1,467 |
|||||||||
|
Construction |
(291) |
(76) |
14 |
|||||||||
|
Indirect automobile and installment loans |
494 |
872 |
623 |
|||||||||
|
Mortgage |
(3) |
(1) |
83 |
|||||||||
|
Covered |
(298) |
19 |
(161) |
|||||||||
|
Acquired, noncovered |
(52) |
(1) |
(1) |
|||||||||
|
Total net charge-offs/(recoveries) |
(160) |
1,628 |
2,025 |
|||||||||
|
Provision for loan losses (1) |
(183) |
108 |
566 |
|||||||||
|
Decrease in FDIC loss share receivable |
(310) |
(172) |
(426) |
|||||||||
|
Balance at end of period |
$ |
23,425 |
$ |
23,758 |
$ |
28,912 |
||||||
|
Net charge-offs/(recoveries), annualized to average loans |
(0.03) |
% |
0.29 |
% |
0.42 |
% |
||||||
|
Average loans |
$ |
2,361,146 |
$ |
2,298,789 |
$ |
1,932,591 |
||||||
|
Allowance for loan losses as a percentage of loans |
0.97 |
% |
1.03 |
% |
1.47 |
% |
||||||
|
(1) Net of benefit attributable to FDIC loss share receivable |
||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES NONPERFORMING AND CLASSIFIED ASSETS (UNAUDITED) | |||||||||||||||||||
|
($ in thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | ||||||||||||||
|
NONPERFORMING ASSETS |
|||||||||||||||||||
|
Nonaccrual loans |
$ |
30,756 |
$ |
32,432 |
$ |
34,856 |
$ |
36,489 |
$ |
37,364 |
|||||||||
|
Loans past due 90 days or more and still accruing |
836 |
1,006 |
827 |
— |
— |
||||||||||||||
|
Repossessions |
1,041 |
1,002 |
1,183 |
1,210 |
1,068 |
||||||||||||||
|
Other real estate (ORE) |
16,070 |
19,988 |
22,564 |
26,999 |
26,930 |
||||||||||||||
|
Nonperforming assets |
$ |
48,703 |
$ |
54,428 |
$ |
59,430 |
$ |
64,698 |
$ |
65,362 |
|||||||||
|
NONPERFORMING ASSET RATIOS |
|||||||||||||||||||
|
Loans 30-89 days past due |
$ |
3,653 |
$ |
3,934 |
$ |
4,565 |
$ |
2,885 |
$ |
2,874 |
|||||||||
|
Loans 30-89 days past due to loans |
0.15 |
% |
0.17 |
% |
0.20 |
% |
0.14 |
% |
0.15 |
% | |||||||||
|
Loans past due 90 days or more and still accruing to loans |
0.03 |
% |
0.04 |
% |
0.04 |
% |
— |
% |
— |
% | |||||||||
|
Nonperforming assets to loans, ORE, and repossessions |
2.01 |
% |
2.33 |
% |
2.61 |
% |
3.08 |
% |
3.27 |
% | |||||||||
|
ASSET QUALITY RATIOS |
|||||||||||||||||||
|
Classified Asset Ratio (3) |
18.59 |
% |
20.45 |
% |
21.49 |
% |
25.36 |
% |
24.88 |
% | |||||||||
|
Nonperforming loans as a % of loans |
1.31 |
% |
1.44 |
% |
1.58 |
% |
1.76 |
% |
1.90 |
% | |||||||||
|
ALL to nonperforming loans |
74.15 |
% |
71.05 |
% |
71.32 |
% |
77.55 |
% |
77.38 |
% | |||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
(0.03) |
% |
0.29 |
% |
0.50 |
% |
0.40 |
% |
0.42 |
% | |||||||||
|
ALL as a % of loans |
0.97 |
% |
1.03 |
% |
1.13 |
% |
1.36 |
% |
1.47 |
% | |||||||||
|
CLASSIFIED ASSETS |
|||||||||||||||||||
|
Classified loans (1) |
$ |
49,561 |
$ |
52,684 |
$ |
53,415 |
$ |
61,161 |
$ |
57,880 |
|||||||||
|
ORE and repossessions |
13,209 |
14,508 |
17,218 |
21,287 |
21,633 |
||||||||||||||
|
Total classified assets (2) |
$ |
62,770 |
$ |
67,192 |
$ |
70,633 |
$ |
82,448 |
$ |
79,513 |
|||||||||
|
(1) Amount of SBA guarantee included |
$ |
5,256 |
$ |
5,802 |
$ |
5,271 |
$ |
7,590 |
$ |
6,462 |
|||||||||
|
(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 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) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||||||||||||||
|
Average loans outstanding (1) |
$ |
1,407,848 |
$ |
1,389,570 |
$ |
1,329,306 |
$ |
1,204,314 |
$ |
1,075,657 |
|||||||||||||
|
Loans serviced for others |
$ |
1,091,644 |
$ |
1,025,569 |
$ |
902,823 |
$ |
863,931 |
$ |
701,120 |
|||||||||||||
|
Past due loans: |
|||||||||||||||||||||||
|
Amount 30+ days past due |
$ |
1,098 |
$ |
1,222 |
$ |
1,547 |
$ |
1,573 |
$ |
1,363 |
|||||||||||||
|
Number 30+ days past due |
128 |
132 |
143 |
136 |
125 |
||||||||||||||||||
|
30+ day performing delinquency rate (2) |
0.08 |
% |
0.09 |
% |
0.11 |
% |
0.13 |
% |
0.12 |
% |
|||||||||||||
|
Nonperforming loans |
$ |
527 |
$ |
778 |
$ |
715 |
$ |
795 |
$ |
743 |
|||||||||||||
|
Nonperforming loans as a percentage of period end loans (2) |
0.04 |
% |
0.06 |
% |
0.05 |
% |
0.06 |
% |
0.07 |
% |
|||||||||||||
|
Net charge-offs |
$ |
495 |
$ |
866 |
$ |
901 |
$ |
612 |
$ |
614 |
|||||||||||||
|
Net charge-off rate (3) |
0.16 |
% |
0.36 |
% |
0.30 |
% |
0.23 |
% |
0.25 |
% |
|||||||||||||
|
Number of vehicles repossessed during the period |
106 |
134 |
128 |
136 |
126 |
||||||||||||||||||
|
Average beacon score of portfolio |
755 |
755 |
753 |
751 |
745 |
||||||||||||||||||
|
Production by state: |
|||||||||||||||||||||||
|
Alabama |
$ |
18,831 |
$ |
22,056 |
$ |
26,780 |
$ |
27,845 |
$ |
28,530 |
|||||||||||||
|
Arkansas |
39,174 |
35,786 |
41,912 |
47,894 |
36,572 |
||||||||||||||||||
|
North Carolina |
20,536 |
21,809 |
25,059 |
29,781 |
24,069 |
||||||||||||||||||
|
South Carolina |
16,021 |
16,273 |
16,132 |
22,189 |
23,139 |
||||||||||||||||||
|
Florida |
91,725 |
96,688 |
102,465 |
128,729 |
110,940 |
||||||||||||||||||
|
Georgia |
52,735 |
60,402 |
69,288 |
72,423 |
54,592 |
||||||||||||||||||
|
Mississippi |
21,281 |
19,537 |
23,736 |
30,525 |
28,569 |
||||||||||||||||||
|
Tennessee |
19,295 |
19,479 |
22,880 |
28,684 |
22,196 |
||||||||||||||||||
|
Virginia |
16,349 |
16,919 |
18,590 |
20,903 |
16,017 |
||||||||||||||||||
|
Texas |
35,739 |
41,527 |
50,987 |
49,868 |
39,320 |
||||||||||||||||||
|
Louisiana |
24,095 |
21,042 |
13,531 |
12,597 |
2,595 |
||||||||||||||||||
|
Total production by state |
$ |
355,781 |
$ |
371,518 |
$ |
411,360 |
$ |
471,438 |
$ |
386,539 |
|||||||||||||
|
Loan sales |
$ |
177,820 |
$ |
219,784 |
$ |
121,973 |
$ |
244,556 |
$ |
118,344 |
|||||||||||||
|
Portfolio yield (1) |
2.79 |
% |
2.88 |
% |
3.07 |
% |
3.10 |
% |
3.26 |
% |
|||||||||||||
|
(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) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |||||||||||||||||
|
Average loans outstanding (1) |
$ |
449,097 |
$ |
337,122 |
$ |
300,652 |
$ |
286,407 |
$ |
227,685 |
||||||||||||
|
Loans serviced for others |
$ |
5,942,063 |
$ |
5,622,102 |
$ |
5,413,781 |
$ |
5,173,282 |
$ |
4,844,984 |
||||||||||||
|
% of loan production for purchases |
73.95 |
% |
58.82 |
% |
74.93 |
% |
82.25 |
% |
86.18 |
% | ||||||||||||
|
% of loan production for refinance loans |
26.05 |
% |
41.18 |
% |
25.07 |
% |
17.75 |
% |
13.82 |
% | ||||||||||||
|
Production by region: |
||||||||||||||||||||||
|
Georgia |
$ |
468,795 |
$ |
342,121 |
$ |
311,846 |
$ |
316,359 |
$ |
328,936 |
||||||||||||
|
Florida/Alabama |
58,607 |
51,590 |
42,485 |
31,642 |
26,383 |
|||||||||||||||||
|
Virginia/Maryland |
182,850 |
158,289 |
126,151 |
127,721 |
132,816 |
|||||||||||||||||
|
North and South Carolina (2) |
8,002 |
3,858 |
— |
— |
— |
|||||||||||||||||
|
Total retail |
718,254 |
555,858 |
480,482 |
475,722 |
488,135 |
|||||||||||||||||
|
Wholesale |
70,169 |
57,125 |
34,961 |
60,393 |
73,252 |
|||||||||||||||||
|
Total production by region |
$ |
788,423 |
$ |
612,983 |
$ |
515,443 |
$ |
536,115 |
$ |
561,387 |
||||||||||||
|
Loan sales |
$ |
665,738 |
$ |
552,085 |
$ |
475,930 |
$ |
536,490 |
$ |
446,176 |
||||||||||||
|
Portfolio yield (1) |
3.52 |
% |
3.79 |
% |
3.93 |
% |
4.10 |
% |
4.05 |
% | ||||||||||||
|
INCOME FROM MORTGAGE BANKING ACTIVITIES | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
For the Quarter Ended | ||||||||||||||||||||||
|
(in thousands) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |||||||||||||||||
|
Marketing gain, net |
$ |
17,099 |
$ |
19,746 |
$ |
12,076 |
$ |
12,108 |
$ |
10,954 |
||||||||||||
|
Origination points and fees |
3,726 |
2,757 |
2,744 |
2,943 |
3,148 |
|||||||||||||||||
|
Loan servicing revenue |
3,762 |
3,646 |
3,473 |
3,211 |
2,998 |
|||||||||||||||||
|
MSR amortization and impairment adjustments |
30 |
(4,830) |
(2,804) |
(2,127) |
(3,530) |
|||||||||||||||||
|
Total mortgage banking activities |
$ |
24,617 |
$ |
21,319 |
$ |
15,489 |
$ |
16,135 |
$ |
13,570 |
||||||||||||
|
Noncash items included in income from mortgage banking activities: |
||||||||||||||||||||||
|
Capitalized MSR, net |
$ |
5,829 |
$ |
4,429 |
$ |
3,333 |
$ |
4,062 |
$ |
3,693 |
||||||||||||
|
Valuation on MSR |
2,611 |
(2,469) |
(709) |
(156) |
(1,838) |
|||||||||||||||||
|
Mark to market adjustments |
(1,098) |
3,967 |
588 |
(1,747) |
1,609 |
|||||||||||||||||
|
Total noncash items |
$ |
7,342 |
$ |
5,927 |
$ |
3,212 |
$ |
2,159 |
$ |
3,464 |
||||||||||||
|
(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 | |||||||||||||||||||||
|
June 30, 2015 |
June 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) |
$ |
2,778,117 |
$ |
26,428 |
3.82 |
% |
$ |
2,179,846 |
$ |
24,841 |
4.57 |
% | |||||||||
|
Investment securities (1) |
159,734 |
1,165 |
2.93 |
% |
177,508 |
1,298 |
2.93 |
% | |||||||||||||
|
Federal funds sold and bank deposits |
42,890 |
14 |
0.13 |
% |
48,796 |
20 |
0.16 |
% | |||||||||||||
|
Total interest-earning assets |
2,980,741 |
27,607 |
3.71 |
% |
2,406,150 |
26,159 |
4.36 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
14,577 |
13,657 |
|||||||||||||||||||
|
Allowance for loan losses |
(23,774) |
(30,767) |
|||||||||||||||||||
|
Premises and equipment, net |
61,821 |
48,767 |
|||||||||||||||||||
|
Other real estate |
18,342 |
26,133 |
|||||||||||||||||||
|
Other assets |
176,748 |
144,699 |
|||||||||||||||||||
|
Total assets |
$ |
3,228,455 |
$ |
2,608,639 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
843,226 |
$ |
495 |
0.24 |
% |
$ |
694,144 |
$ |
466 |
0.27 |
% | |||||||||
|
Savings deposits |
301,599 |
247 |
0.33 |
% |
314,890 |
294 |
0.37 |
% | |||||||||||||
|
Time deposits |
829,120 |
1,941 |
0.94 |
% |
653,423 |
1,568 |
0.96 |
% | |||||||||||||
|
Total interest-bearing deposits |
1,973,945 |
2,683 |
0.55 |
% |
1,662,457 |
2,328 |
0.56 |
% | |||||||||||||
|
Other borrowings |
224,429 |
161 |
0.29 |
% |
93,374 |
69 |
0.30 |
% | |||||||||||||
|
Subordinated debt |
73,179 |
658 |
3.61 |
% |
46,288 |
277 |
2.40 |
% | |||||||||||||
|
Total interest-bearing liabilities |
2,271,553 |
3,502 |
0.62 |
% |
1,802,119 |
2,674 |
0.60 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
650,467 |
534,492 |
|||||||||||||||||||
|
Other liabilities |
28,474 |
28,124 |
|||||||||||||||||||
|
Shareholders' equity |
277,961 |
243,904 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
3,228,455 |
$ |
2,608,639 |
|||||||||||||||||
|
Net interest income/spread |
$ |
24,105 |
3.09 |
% |
$ |
23,485 |
3.76 |
% | |||||||||||||
|
Net interest margin |
3.24 |
% |
3.91 |
% | |||||||||||||||||
|
(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 Six Months Ended | |||||||||||||||||||||
|
June 30, 2015 |
June 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) |
$ |
2,717,672 |
$ |
51,761 |
3.84 |
% |
$ |
2,125,678 |
$ |
46,671 |
4.39 |
% | |||||||||
|
Investment securities(1) |
162,082 |
2,401 |
2.99 |
% |
176,843 |
2,603 |
2.94 |
% | |||||||||||||
|
Fed funds sold and interest-bearing deposits |
40,367 |
26 |
0.13 |
% |
63,359 |
58 |
0.18 |
% | |||||||||||||
|
Total interest-earning assets |
2,920,121 |
54,188 |
3.74 |
% |
2,365,880 |
49,332 |
4.17 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
14,942 |
15,571 |
|||||||||||||||||||
|
Allowance for loan losses |
(24,512) |
(32,309) |
|||||||||||||||||||
|
Premises and equipment, net |
61,402 |
48,624 |
|||||||||||||||||||
|
Other real estate |
20,270 |
27,458 |
|||||||||||||||||||
|
Other assets |
171,361 |
143,995 |
|||||||||||||||||||
|
Total assets |
$ |
3,163,584 |
$ |
2,569,219 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
828,113 |
$ |
947 |
0.23 |
% |
$ |
696,464 |
$ |
973 |
0.28 |
% | |||||||||
|
Savings deposits |
305,475 |
502 |
0.33 |
% |
311,871 |
589 |
0.38 |
% | |||||||||||||
|
Time deposits |
816,132 |
3,726 |
0.92 |
% |
664,169 |
3,254 |
0.98 |
% | |||||||||||||
|
Total interest-bearing deposits |
1,949,720 |
5,175 |
0.54 |
% |
1,672,504 |
4,816 |
0.58 |
% | |||||||||||||
|
Other borrowings |
226,888 |
338 |
0.30 |
% |
78,427 |
113 |
0.29 |
% | |||||||||||||
|
Subordinated debt |
59,817 |
934 |
3.15 |
% |
46,284 |
552 |
2.39 |
% | |||||||||||||
|
Total interest-bearing liabilities |
2,236,425 |
6,447 |
0.58 |
% |
1,797,215 |
5,481 |
0.61 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
628,238 |
506,418 |
|||||||||||||||||||
|
Other liabilities |
26,131 |
24,912 |
|||||||||||||||||||
|
Shareholders' equity |
272,790 |
240,674 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
3,163,584 |
$ |
2,569,219 |
|||||||||||||||||
|
Net interest income/spread |
$ |
47,741 |
3.16 |
% |
$ |
43,851 |
3.56 |
% | |||||||||||||
|
Net interest margin |
3.30 |
% |
3.74 |
% | |||||||||||||||||
|
(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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