ATLANTA, July 17, 2014 /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 six months ended June 30, 2014.
KEY RESULTS
- Net Income of $8.0 million and $14.0 million in the three and six months ended June 30, 2014, respectively, or $0.34 and $0.60 per diluted share for the same periods
- Return on average assets of 1.22% and 1.10% for the three and six months ended June 30, 2014, respectively
- Increased tangible book value by $1.12 to $11.66 per share or 10.6%, year over year
- Core deposit growth for the second quarter of 2014 and year over year of $40.1 million or 2.6% and $180.1 million or 12.9%, respectively
- Net interest margin increased 36 basis points compared to the first quarter of 2014
- Loan portfolio increased during the second quarter of 2014 and year over year by $120.5 million or 6.5% and $192.6 million or 10.8%, respectively, to almost $2.0 billion
- Funded closed mortgage production of $561.4 million for the second quarter and $882.2 million so far in 2014
- Sold $579.2 million in indirect, mortgage and SBA loans during the second quarter and $1.1 billion so far in 2014
- Increased gross revenue by 16.3% during the second quarter of 2014 to $49.4 million and generated $91.8 million so far in 2014
Fidelity's Chairman, Jim Miller, said, "This was a strong quarter. Significantly, mortgage banking activity has increased during the year after the refinance boom ended to what is now a sustainable level and mortgage servicing also benefits from this. Overall, organic loan growth was strong, led by commercial, indirect automobile lending, and by single family construction lending, which will expand into Orlando this month.
"Trust and wealth management began operations in July and a substantial volume of trust assets is in process of being booked. Key personnel already hired will be supplemented by professionals in Georgia and Florida where offices in Savannah and Ponte Vedra are planned for this year.
"The nine newly acquired retail branches already reported should open now through December and we will seek further locations and deposits. As always, we remain focused on building long-term share value for our shareholders and on current return to them as well."
BALANCE SHEET
Total assets at June 30, 2014 were $2.7 billion, an increase of $180.9 million, or 7.1%, compared to March 31, 2014. This increase is primarily attributable to an increase in loan production for the second quarter of 2014, which resulted in a decrease of cash and cash equivalents of $108.9 million during the second quarter of 2014 and an increase in other borrowings of $144.1 million compared to March 31, 2014.
Loans
Total loans held for investment at June 30, 2014 increased by $120.5 million, or 6.5% compared to March 31, 2014, and $192.6 million, or 10.8% compared to June 30, 2013. This growth occurred largely due to an increase in indirect loans of $72.0 million, or 7.8%, compared to March 31, 2014 and an increase in mortgage loans of $26.4 million, or 18.6% compared to March 31, 2014. This increase is primarily due to mortgage and indirect lending increasing production and opening loan production offices in new market areas.
Loans held for sale also increased as of June 30, 2014 by $159.2 million, or 88.2%, compared to March 31, 2014. This increase was primarily attributable to growth in residential mortgage and indirect loans held for sale of $79.5 million, or 70.8% and $80.0 million, or 133.3%, respectively, compared to March 31, 2014.
Asset Quality
Asset quality trends continued to be favorable during the second quarter of 2014.
- Net charge-off ratio, annualized of 0.42% for the second quarter of 2014 and 0.20% year to date 2014, compared to 0.40% for the second quarter of 2013 and 0.63% year to date 2013
- Nonperforming asset ratio of 3.71% at June 30, 2014, a decrease from 4.39% and 6.30% at March 31, 2014, and June 30, 2013, respectively
- Decrease in classified assets of $8.0 million or 7.4% for the second quarter and decrease of $45.0 million,or 31.3% year over year
Deposits
Total deposits of $2.2 billion at June 30, 2014 increased by $25.0 million, or 1.1%, and $70.4 million, or 3.3%, from March 31, 2014 and June 30, 2013, respectively. The quarterly and year-over-year increases were due primarily to growth of $35.1 million, or 6.7%, and $127.4 million, or 29.4%, during the second quarter of 2014 and year-over-year in noninterest-bearing demand deposits which comprised almost 25% of total average deposits in the second quarter of 2014 compared to just over 19% in the second quarter of 2013.
Core deposits, including noninterest-bearing demand deposits, increased by $40.1 million, or 2.6%, and $180.1 million, or 12.9%, during the second quarter of 2014 and year-over-year, respectively. The Bank has continued to strategically focus on core deposit growth and realized continued benefits from the transaction account acquisition initiative, particularly in business accounts, which has continued into 2014.
These increases in noninterest-bearing demand deposits were partially offset by a decrease in time deposits on a linked-quarter and year-over-year basis. Time deposits, including brokered deposits, decreased by $15.1 million, or 2.3%, during the second quarter of 2014 and $109.7 million, or 14.5%, year-over-year and comprised less than 30% of average deposits for the second quarter of 2014, down from over 35% of average deposits for the second quarter of 2013.
The following table summarizes average deposit composition and average rate paid for the periods presented.
For the Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2014 | March 31, 2014 | June 30, 2013 | |||||||||||||||||||||||||||
($ in millions) | Average Amount | Rate | Percent of | Average | Rate | Percent of | Average Amount | Rate | Percent of | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 534.5 | - | % | 24.3 | % | $ | 478.0 | - | % | 22.2 | % | $ | 402.9 | - | % | 19.4 | % | |||||||||||
Interest-bearing demand deposits | 694.1 | 0.27 | % | 31.6 | % | 698.8 | 0.29 | % | 32.3 | % | 627.9 | 0.27 | % | 30.2 | % | ||||||||||||||
Savings deposits | 314.9 | 0.37 | % | 14.3 | % | 308.8 | 0.39 | % | 14.3 | % | 318.8 | 0.41 | % | 15.3 | % | ||||||||||||||
Time deposits | 653.4 | 0.96 | % | 29.8 | % | 675.0 | 1.01 | % | 31.2 | % | 730.0 | 1.02 | % | 35.1 | % | ||||||||||||||
Total average deposits | $ | 2,196.9 | 0.43 | % | 100.0 | % | $ | 2,160.6 | 0.47 | % | 100.0 | % | $ | 2,079.6 | 0.50 | % | 100.0 | % | |||||||||||
INCOME STATEMENT
Net Interest Margin
Net interest margin was 3.92% and 3.75% for the three and six months ended June 30, 2014, respectively, compared to 3.42% and 3.59% for the same periods in 2013. The increase from 2013 to 2014 was primarily attributable to declines in subordinated debt expense. See "Average Balance, Interest and Yields" below. On a linked-quarter basis, net interest margin increased 36 basis points compared to 3.56% for the first quarter of 2014. This increase is primarily attributable to a 29 basis point increase in yield for total loans. The linked-quarter increase in yield on total loans is primarily attributable to accretion of the loan discount discussed in "Interest Income" below.
Excluding the accretion of the loan discount, the net interest margin was 3.63% and 3.59% for the three and six months ended June 30, 2014, respectively, compared to 3.34% and 3.42% for the same periods in 2013. The improvement in net interest margin for both periods from 2013 to 2014 is related to the decline in subordinated debt expense discussed above. See further discussion of accretion of the loan discount in "Interest Income" below. On a linked-quarter basis, net interest margin, excluding the accretion of the loan discount, declined 16 basis points from 3.47% for the first quarter of 2014 as new loans were originated in 2014 at lower market yields.
Interest Income
Interest income was $26.1 million and $49.1 million for the three and six months ended June 30, 2014, an increase of $2.2 million and $293,000, or 9.2% and 0.6%, respectively, as compared to the same periods in 2013. The increase in interest income for the three months ended June 30, 2014 was primarily attributable to the increase in accretion of the loan discount of $1.3 million due to improvements in cash flows on acquired loans and favorable resolution of covered assets.
On a linked-quarter basis, interest income increased by $3.0 million, or 12.9%. This increase occurred primarily due to the increase in accretion of the loan discount noted above and the increase in mortgage loans held for sale production volume during the second quarter of 2014 compared to the first quarter of 2014. This increase was partially offset by a slight decrease in loan yields as new loans were originated at lower market yields.
Interest Expense
Interest expense was $2.7 million and $5.5 million for the three and six months ended June 30, 2014, a decrease of $1.1 million and $2.2 million, or 28.5% and 28.3%, respectively, as compared to the same periods in 2013. The decrease from 2013 to 2014 for both periods occurred primarily due to a reduction of $591,000 and $1.2 million in subordinated debt expense from the repayment of $21.5 million in subordinated debt in the third quarter of 2013. On a linked-quarter basis, interest expense was flat, decreasing by just $131,000, or 4.7%.
Noninterest Income
Noninterest income was $23.3 million and $42.7 million for the three and six months ended June 30, 2014, a decrease of $4.9 million and $10.6 million, or 17.4% and 19.9%, respectively, as compared to the same periods in 2013. The decrease in noninterest income recorded for 2014 compared to 2013 was primarily attributable to decreases in noninterest income from mortgage banking activities of $6.6 million and $13.8 million for the same periods. Closed mortgage loan funding was $561.4 million and $882.2 million for the three and six months ended June 30, 2014, respectively, compared to $784.0 million and $1.4 billion for the same periods in 2013. The decrease in mortgage banking income was partially offset by increases in noninterest income from indirect lending activities of $850,000 and $3.9 million for the same periods, primarily due to higher volume of loans sold to investors.
On a linked-quarter basis, noninterest income increased by $3.9 million, or 20.3%. This increase was primarily attributable to an increase in noninterest income from mortgage banking activities of $3.0 million or 28.2%. Closed mortgage loan funding increased by $240.6 million, or 75.0%, during the second quarter of 2014 as compared to the first quarter of 2014.
Noninterest Expense
Noninterest expense was $33.7 million and $66.4 million for the three and six months ended June 30, 2014, an increase of $584,000 and $716,000, or 1.8% and 1.1%, respectively, as compared to the same periods in 2013. These increases are largely attributable to increases in salaries and benefits of $1.7 million and $3.5 million and net occupancy expenses of $1.1 million and $1.3 million, respectively, for the same periods due to the increased number of employees in our retail and mortgage divisions added to support organic growth and expansion of our branch network. These increases were partially offset by a reduction in commissions expense of $2.4 million and $5.3 million for the same periods due to lower mortgage banking volume from 2013 to 2014.
On a linked-quarter basis, noninterest expense increased $1.1 million, or 3.3%. This increase was primarily attributable to an increase in commissions expense of $2.1 million, or 61.7%, due to higher mortgage banking volume for the second quarter of 2014 as compared to the first quarter of 2014. See "Noninterest Income" above for further discussion of mortgage banking volume. This increase was partially offset by a decrease in write-downs on other real estate of $1.2 million or 85.2%.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking and wealth management services and credit-related insurance products through branches in Atlanta, Georgia, and in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided throughout the South. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2013 Annual Report filed on Form 10-K with the Securities and Exchange Commission. Additional information and other factors that could affect future financial results are included in Fidelity's filings with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||
As of or for the Three Months Ended | As of or for the Six Months Ended | ||||||||||||||||||||||||||
($ in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Net interest income | $ | 23,391 | $ | 20,271 | $ | 20,858 | $ | 21,529 | $ | 20,134 | $ | 43,662 | $ | 41,209 | |||||||||||||
Provision for loan losses | 566 | (2,450) | 273 | 1,122 | 570 | (1,884) | 4,046 | ||||||||||||||||||||
Noninterest income | 23,318 | 19,383 | 17,753 | 25,844 | 28,239 | 42,701 | 53,286 | ||||||||||||||||||||
Noninterest expense | 33,743 | 32,656 | 32,538 | 34,102 | 33,159 | 66,399 | 65,683 | ||||||||||||||||||||
Income tax expense | 4,442 | 3,385 | 1,937 | 4,298 | 5,211 | 7,827 | 8,842 | ||||||||||||||||||||
Net income | 7,958 | 6,063 | 3,863 | 7,851 | 9,433 | 14,021 | 15,924 | ||||||||||||||||||||
PERFORMANCE | |||||||||||||||||||||||||||
Earnings per share - basic (1) | $ | 0.37 | $ | 0.28 | $ | 0.18 | $ | 0.33 | $ | 0.52 | $ | 0.66 | $ | 0.90 | |||||||||||||
Earnings per share - diluted (1) | 0.34 | 0.26 | 0.16 | 0.30 | 0.46 | 0.60 | 0.80 | ||||||||||||||||||||
Return on average assets | 1.22 | % | 0.97 | % | 0.61 | % | 1.20 | % | 1.47 | % | 1.10 | % | 1.27 | % | |||||||||||||
Return on average equity | 13.09 | % | 10.36 | % | 6.54 | % | 12.04 | % | 17.40 | % | 11.75 | % | 15.58 | % | |||||||||||||
Yield on interest earning assets | 4.37 | % | 4.05 | % | 4.09 | % | 4.15 | % | 4.05 | % | 4.21 | % | 4.25 | % | |||||||||||||
Cost of funds | 0.60 | % | 0.63 | % | 0.64 | % | 0.72 | % | 0.77 | % | 0.61 | % | 0.81 | % | |||||||||||||
Net interest margin | 3.92 | % | 3.56 | % | 3.59 | % | 3.59 | % | 3.42 | % | 3.75 | % | 3.59 | % | |||||||||||||
CAPITAL | |||||||||||||||||||||||||||
Cash dividends paid per common share | $ | 0.08 | $ | 0.04 | $ | 0.02 | $ | - | $ | - | $ | 0.12 | $ | - | |||||||||||||
Dividend payout ratio (4) | 21.62 | % | 14.29 | % | 11.11 | % | - | % | - | % | 18.18 | % | - | % | |||||||||||||
Tier 1 risk-based capital | 12.12 | % | 13.21 | % | 12.71 | % | 12.97 | % | 15.62 | % | 12.12 | % | 15.62 | % | |||||||||||||
Total risk-based capital | 13.34 | % | 14.46 | % | 13.96 | % | 14.23 | % | 16.88 | % | 13.34 | % | 16.88 | % | |||||||||||||
Leverage ratio | 11.14 | % | 11.21 | % | 11.02 | % | 10.53 | % | 12.96 | % | 11.14 | % | 12.96 | % | |||||||||||||
BALANCE SHEET SUMMARY | |||||||||||||||||||||||||||
Loans held for sale | $ | 339,719 | $ | 180,550 | $ | 187,366 | $ | 216,736 | $ | 355,017 | $ | 339,719 | $ | 355,017 | |||||||||||||
Loans | 1,968,614 | 1,848,092 | 1,893,037 | 1,831,708 | 1,775,972 | 1,968,614 | 1,775,972 | ||||||||||||||||||||
Allowance for loan losses | (28,912) | (30,797) | (33,684) | (33,661) | (33,309) | (28,912) | (33,309) | ||||||||||||||||||||
Total assets | 2,737,742 | 2,556,887 | 2,564,168 | 2,567,482 | 2,675,233 | 2,737,742 | 2,675,233 | ||||||||||||||||||||
Total deposits | 2,225,419 | 2,200,389 | 2,202,452 | 2,169,275 | 2,155,047 | 2,225,419 | 2,155,047 | ||||||||||||||||||||
Shareholders' equity | 250,775 | 242,391 | 236,230 | 233,300 | 273,102 | 250,775 | 273,102 | ||||||||||||||||||||
STOCK PERFORMANCE | |||||||||||||||||||||||||||
Market price: | |||||||||||||||||||||||||||
Closing (1) | $ | 12.99 | $ | 13.97 | $ | 16.54 | $ | 15.21 | $ | 12.19 | $ | 12.99 | $ | 12.19 | |||||||||||||
High close (1) | 14.44 | 16.57 | 17.80 | 15.84 | 12.96 | 16.57 | 12.96 | ||||||||||||||||||||
Low close (1) | 12.80 | 13.63 | 13.32 | 12.47 | 10.65 | 12.80 | 9.35 | ||||||||||||||||||||
Daily average trading volume | 56,991 | 53,851 | 54,195 | 92,997 | 58,307 | 55,446 | 41,749 | ||||||||||||||||||||
Shares of common stock outstanding (1) | 21,318 | 21,277 | 21,343 | 21,240 | 21,147 | 21,318 | 21,147 | ||||||||||||||||||||
Book value per common share(1) | $ | 11.76 | $ | 11.39 | $ | 11.07 | $ | 10.98 | $ | 10.65 | $ | 11.76 | $ | 10.65 | |||||||||||||
Tangible book value per common share(1) | 11.66 | 11.28 | 10.96 | 10.87 | 10.54 | 11.66 | 10.54 | ||||||||||||||||||||
Price to book value | 1.10 | 1.23 | 1.49 | 1.39 | 1.14 | 1.10 | 1.14 | ||||||||||||||||||||
Price to tangible book value | 1.11 | 1.24 | 1.51 | 1.40 | 1.16 | 1.11 | 1.16 | ||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 46,132 | $ | 56,600 | $ | 59,582 | $ | 61,458 | $ | 72,388 | $ | 46,132 | $ | 72,388 | |||||||||||||
Total nonperforming assets(2) | 74,130 | 82,545 | 91,783 | 97,132 | 114,492 | 74,130 | 114,492 | ||||||||||||||||||||
Nonperforming Asset Ratio (3) | 3.71 | % | 4.39 | % | 4.77 | % | 5.05 | % | 6.30 | % | 3.71 | % | 6.30 | % | |||||||||||||
OTHER INFORMATION | |||||||||||||||||||||||||||
Noninterest income to gross revenue (5) | 47.22 | % | 45.65 | % | 42.75 | % | 50.90 | % | 54.19 | % | 49.44 | % | 56.39 | % | |||||||||||||
Full-Time equivalent employees | 968.3 | 927.8 | 889.9 | 865.1 | 843.1 | 968.3 | 843.1 | ||||||||||||||||||||
(1) | Historical periods prior to December 31, 2013 adjusted for stock dividends |
(2) | Nonperforming assets include nonaccrual loans, repossessions and ORE. |
(3) | Nonperforming asset ratio is defined as nonperforming assets over gross total loans held to maturity, repossessions and ORE |
(4) | Calculated using Dividends Paid divided by Basic EPS |
(5) | Gross revenue is calculated as interest income plus non-interest income |
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||
(in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Loans, including fees | $ | 24,801 | $ | 21,791 | $ | 22,639 | $ | 23,900 | $ | 22,949 | $ | 46,592 | $ | 46,893 | ||||||||||||||
Investment securities | 1,244 | 1,249 | 1,095 | 977 | 911 | 2,493 | 1,939 | |||||||||||||||||||||
Federal funds sold and bank deposits | 20 | 38 | 43 | 53 | 15 | 58 | 18 | |||||||||||||||||||||
Total interest income | 26,065 | 23,078 | 23,777 | 24,930 | 23,875 | 49,143 | 48,850 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Deposits | 2,328 | 2,488 | 2,590 | 2,601 | 2,600 | 4,816 | 5,227 | |||||||||||||||||||||
Other borrowings | 69 | 44 | 47 | 84 | 273 | 113 | 679 | |||||||||||||||||||||
Subordinated debt | 277 | 275 | 282 | 716 | 868 | 552 | 1,735 | |||||||||||||||||||||
Total interest expense | 2,674 | 2,807 | 2,919 | 3,401 | 3,741 | 5,481 | 7,641 | |||||||||||||||||||||
Net interest income | 23,391 | 20,271 | 20,858 | 21,529 | 20,134 | 43,662 | 41,209 | |||||||||||||||||||||
Provision for loan losses | 566 | (2,450) | 273 | 1,122 | 570 | (1,884) | 4,046 | |||||||||||||||||||||
Net interest income after provision for loan losses | 22,825 | 22,721 | 20,585 | 20,407 | 19,564 | 45,546 | 37,163 | |||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,059 | 1,009 | 1,119 | 1,075 | 1,020 | 2,068 | 1,969 | |||||||||||||||||||||
Other fees and charges | 1,100 | 920 | 1,012 | 997 | 975 | 2,020 | 1,862 | |||||||||||||||||||||
Mortgage banking activities | 13,570 | 10,587 | 10,798 | 17,809 | 20,158 | 24,157 | 37,953 | |||||||||||||||||||||
Indirect lending activities | 3,631 | 4,676 | 2,030 | 2,583 | 2,781 | 8,307 | 4,427 | |||||||||||||||||||||
SBA lending activities | 1,359 | 844 | 492 | 647 | 1,417 | 2,203 | 2,501 | |||||||||||||||||||||
Bank owned life insurance | 755 | 301 | 308 | 326 | 326 | 1,056 | 639 | |||||||||||||||||||||
Securities gains | - | - | 188 | - | - | - | - | |||||||||||||||||||||
Other | 1,844 | 1,046 | 1,806 | 2,407 | 1,562 | 2,890 | 3,935 | |||||||||||||||||||||
Total noninterest income | 23,318 | 19,383 | 17,753 | 25,844 | 28,239 | 42,701 | 53,286 | |||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
Salaries and employee benefits | 15,973 | 16,085 | 14,660 | 14,424 | 14,278 | 32,058 | 28,560 | |||||||||||||||||||||
Commissions | 5,610 | 3,470 | 4,288 | 6,019 | 7,979 | 9,080 | 14,369 | |||||||||||||||||||||
Net occupancy | 3,407 | 2,603 | 2,799 | 2,844 | 2,291 | 6,010 | 4,698 | |||||||||||||||||||||
Communication | 977 | 972 | 856 | 754 | 805 | 1,949 | 1,565 | |||||||||||||||||||||
Other | 7,776 | 9,526 | 9,935 | 10,061 | 7,806 | 17,302 | 16,491 | |||||||||||||||||||||
Total noninterest expense | 33,743 | 32,656 | 32,538 | 34,102 | 33,159 | 66,399 | 65,683 | |||||||||||||||||||||
Income before income tax expense | 12,400 | 9,448 | 5,800 | 12,149 | 14,644 | 21,848 | 24,766 | |||||||||||||||||||||
Income tax expense | 4,442 | 3,385 | 1,937 | 4,298 | 5,211 | 7,827 | 8,842 | |||||||||||||||||||||
NET INCOME | 7,958 | 6,063 | 3,863 | 7,851 | 9,433 | 14,021 | 15,924 | |||||||||||||||||||||
Preferred stock dividends and discount accretion | - | - | - | (817) | (823) | - | (1,646) | |||||||||||||||||||||
Net income available to common equity | $ | 7,958 | $ | 6,063 | $ | 3,863 | $ | 7,034 | $ | 8,610 | $ | 14,021 | $ | 14,278 | ||||||||||||||
EARNINGS PER SHARE: (1) | ||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.28 | $ | 0.18 | $ | 0.33 | $ | 0.52 | $ | 0.66 | $ | 0.90 | ||||||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.26 | $ | 0.16 | $ | 0.30 | $ | 0.46 | $ | 0.60 | $ | 0.80 | ||||||||||||||
Weighted average common shares outstanding-basic | 21,301 | 21,279 | 21,332 | 21,290 | 16,567 | 21,274 | 15,917 | |||||||||||||||||||||
Weighted average common shares outstanding-diluted | 23,427 | 23,439 | 23,533 | 23,428 | 18,582 | 23,417 | 17,883 | |||||||||||||||||||||
(1) | Historical periods prior to December 31, 2013 adjusted for stock dividends |
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 55,139 | $ | 166,952 | $ | 116,559 | $ | 140,871 | $ | 158,837 | ||||||||||
Investment securities available-for-sale | 164,190 | 163,803 | 168,865 | 170,338 | 163,764 | |||||||||||||||
Investment securities held-to-maturity | 7,851 | 3,795 | 4,051 | 4,468 | 4,978 | |||||||||||||||
Loans held-for-sale | 339,719 | 180,550 | 187,366 | 216,736 | 355,017 | |||||||||||||||
Loans | 1,968,614 | 1,848,092 | 1,893,037 | 1,831,708 | 1,775,972 | |||||||||||||||
Allowance for loan losses | (28,912) | (30,797) | (33,684) | (33,661) | (33,309) | |||||||||||||||
Loans, net of allowance for loan losses | 1,939,702 | 1,817,295 | 1,859,353 | 1,798,047 | 1,742,663 | |||||||||||||||
Premises and equipment, net | 50,419 | 48,937 | 44,555 | 41,964 | 41,843 | |||||||||||||||
Other real estate, net | 26,930 | 24,547 | 30,982 | 34,493 | 40,882 | |||||||||||||||
Bank owned life insurance | 33,995 | 34,127 | 33,855 | 33,575 | 33,276 | |||||||||||||||
Servicing rights | 57,526 | 55,281 | 53,202 | 52,048 | 44,734 | |||||||||||||||
Other assets | 62,271 | 61,600 | 65,380 | 74,942 | 89,239 | |||||||||||||||
Total assets | $ | 2,737,742 | $ | 2,556,887 | $ | 2,564,168 | $ | 2,567,482 | $ | 2,675,233 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 560,932 | $ | 525,853 | $ | 488,224 | $ | 448,087 | $ | 433,565 | ||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Demand and money market | 704,778 | 700,268 | 701,556 | 685,437 | 653,172 | |||||||||||||||
Savings | 314,795 | 314,282 | 325,133 | 317,997 | 313,716 | |||||||||||||||
Time deposits | 644,914 | 659,986 | 687,539 | 717,754 | 754,594 | |||||||||||||||
Total deposits | 2,225,419 | 2,200,389 | 2,202,452 | 2,169,275 | 2,155,047 | |||||||||||||||
Other borrowings | 187,815 | 43,685 | 59,233 | 88,422 | 143,641 | |||||||||||||||
Subordinated debt | 46,393 | 46,393 | 46,393 | 46,393 | 67,527 | |||||||||||||||
Other liabilities | 27,340 | 24,029 | 19,860 | 30,092 | 35,916 | |||||||||||||||
Total liabilities | 2,486,967 | 2,314,496 | 2,327,938 | 2,334,182 | 2,402,131 | |||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Preferred stock | - | - | - | - | 47,785 | |||||||||||||||
Common stock | 160,586 | 159,654 | 158,153 | 156,156 | 153,107 | |||||||||||||||
Accumulated other comprehensive gain, net of tax | 2,804 | 1,606 | 968 | 1,723 | 1,475 | |||||||||||||||
Retained earnings | 87,385 | 81,131 | 77,109 | 75,421 | 70,735 | |||||||||||||||
Total shareholders' equity | 250,775 | 242,391 | 236,230 | 233,300 | 273,102 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,737,742 | $ | 2,556,887 | $ | 2,564,168 | $ | 2,567,482 | $ | 2,675,233 | ||||||||||
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
Commercial | $ | 536,435 | $ | 525,347 | $ | 530,977 | $ | 512,875 | $ | 507,188 | ||||||||||
SBA | 136,946 | 138,331 | 134,823 | 133,867 | 131,771 | |||||||||||||||
Total commercial and SBA loans | 673,381 | 663,678 | 665,800 | 646,742 | 638,959 | |||||||||||||||
Construction loans | 113,873 | 101,443 | 101,698 | 99,379 | 100,986 | |||||||||||||||
Indirect automobile | 997,117 | 925,101 | 975,223 | 942,217 | 904,098 | |||||||||||||||
Installment | 15,892 | 15,932 | 13,473 | 14,270 | 15,557 | |||||||||||||||
Total consumer loans | 1,013,009 | 941,033 | 988,696 | 956,487 | 919,655 | |||||||||||||||
First mortgage | 93,453 | 68,546 | 60,928 | 51,807 | 41,815 | |||||||||||||||
Second mortgage | 74,898 | 73,392 | 75,915 | 77,293 | 74,557 | |||||||||||||||
Total mortgage loans | 168,351 | 141,938 | 136,843 | 129,100 | 116,372 | |||||||||||||||
Loans | 1,968,614 | 1,848,092 | 1,893,037 | 1,831,708 | 1,775,972 | |||||||||||||||
Loans held-for-sale: | ||||||||||||||||||||
Residential mortgage | 191,666 | 112,195 | 127,850 | 174,409 | 309,175 | |||||||||||||||
SBA | 8,053 | 8,355 | 9,516 | 7,327 | 10,842 | |||||||||||||||
Indirect automobile | 140,000 | 60,000 | 50,000 | 35,000 | 35,000 | |||||||||||||||
Total loans held-for-sale | 339,719 | 180,550 | 187,366 | 216,736 | 355,017 | |||||||||||||||
Total loans | $ | 2,308,333 | $ | 2,028,642 | $ | 2,080,403 | $ | 2,048,444 | $ | 2,130,989 | ||||||||||
Noncovered loans | $ | 1,923,088 | $ | 1,796,256 | $ | 1,834,675 | $ | 1,768,384 | $ | 1,691,258 | ||||||||||
Covered loans | 45,526 | 51,836 | 58,362 | 63,324 | 84,714 | |||||||||||||||
Loans held-for-sale | 339,719 | 180,550 | 187,366 | 216,736 | 355,017 | |||||||||||||||
Total loans | $ | 2,308,333 | $ | 2,028,642 | $ | 2,080,403 | $ | 2,048,444 | $ | 2,130,989 | ||||||||||
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
As of or for the Three Months Ended | ||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
Balance at beginning of period | $ | 30,797 | $ | 33,684 | $ | 33,661 | $ | 33,309 | $ | 33,910 | ||||||||||
Net charge-offs/(recoveries): | ||||||||||||||||||||
Commercial and SBA | 1,467 | 364 | (147) | 406 | 695 | |||||||||||||||
Construction | 14 | (1,680) | (250) | (241) | 40 | |||||||||||||||
Indirect automobile and installment loans | 623 | 743 | 696 | 930 | 941 | |||||||||||||||
Mortgage | 83 | 35 | 102 | 67 | 27 | |||||||||||||||
Covered | (161) | 448 | (57) | 37 | 8 | |||||||||||||||
Acquired, noncovered | (1) | (15) | - | - | 10 | |||||||||||||||
Total net charge-offs/(recoveries) | 2,025 | (105) | 344 | 1,199 | 1,721 | |||||||||||||||
Provision for loan losses(1) | 566 | (2,450) | 273 | 1,122 | 570 | |||||||||||||||
(Decrease)/increase in FDIC loss share receivable | (426) | (542) | 94 | 429 | 550 | |||||||||||||||
Balance at end of period | $ | 28,912 | $ | 30,797 | $ | 33,684 | $ | 33,661 | $ | 33,309 | ||||||||||
Net charge-offs/(recoveries), annualized to average loans | 0.42 | % | (0.02) | % | 0.06 | % | 0.27 | % | 0.40 | % | ||||||||||
Total Average Loans | $ | 2,179,846 | $ | 2,070,909 | $ | 2,070,909 | $ | 2,061,358 | $ | 2,150,917 | ||||||||||
Allowance for loan losses as a percentage of loans | 1.47 | % | 1.67 | % | 1.78 | % | 1.83 | % | 1.86 | % | ||||||||||
(1)Net of benefit attributable to FDIC loss share receivable | ||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
NONCOVERED NONPERFORMING ASSETS | |||||||||||||||||||
Nonaccrual loans | $ | 35,283 | $ | 40,983 | $ | 40,944 | $ | 36,711 | $ | 41,757 | |||||||||
Repossessions | 1,068 | 1,398 | 1,219 | 1,181 | 1,222 | ||||||||||||||
Other real estate (ORE) | 19,855 | 19,573 | 24,791 | 26,016 | 28,342 | ||||||||||||||
Noncovered nonperforming assets | $ | 56,206 | $ | 61,954 | $ | 66,954 | $ | 63,908 | $ | 71,321 | |||||||||
NONCOVERED NONPERFORMING ASSET RATIOS | |||||||||||||||||||
Loans 30-89 days past due | $ | 2,874 | $ | 4,045 | $ | 5,132 | $ | 6,576 | $ | 5,764 | |||||||||
Loans past due 90 days or more and still accruing | $ | - | $ | 488 | $ | - | $ | - | $ | - | |||||||||
Loans 30-89 days past due to total loans | 0.15 | % | 0.23 | % | 0.28 | % | 0.37 | % | 0.34 | % | |||||||||
Loans past due 90 days or more and still accruing to total loans | - | % | 0.03 | % | - | % | - | % | - | % | |||||||||
Nonperforming assets to total loans, ORE, and repossessions | 2.89 | % | 3.41 | % | 3.60 | % | 3.56 | % | 4.14 | % | |||||||||
COVERED NONPERFORMING ASSETS | |||||||||||||||||||
Nonaccrual loans | $ | 10,849 | $ | 15,617 | $ | 18,638 | $ | 24,747 | $ | 30,631 | |||||||||
Other real estate | 7,075 | 4,974 | 6,191 | 8,477 | 12,540 | ||||||||||||||
Covered nonperforming assets | $ | 17,924 | $ | 20,591 | $ | 24,829 | $ | 33,224 | $ | 43,171 | |||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||
Classified Asset Ratio(3) | 30.98 | % | 34.04 | % | 36.85 | % | 41.30 | % | 39.15 | % | |||||||||
Including covered loans: | |||||||||||||||||||
Nonperforming loans as a % of loans | 2.34 | % | 3.06 | % | 3.15 | % | 3.36 | % | 4.08 | % | |||||||||
Nonperforming assets as a % of loans plus ORE | 3.71 | % | 4.39 | % | 4.77 | % | 5.05 | % | 5.05 | % | |||||||||
ALL to nonperforming loans | 62.67 | % | 54.41 | % | 56.53 | % | 54.77 | % | 46.01 | % | |||||||||
Net charge-offs/(recoveries), annualized to average loans | 0.42 | % | (0.02) | % | 0.06 | % | 0.27 | % | 0.40 | % | |||||||||
ALL as a % of loans | 1.47 | % | 1.67 | % | 1.78 | % | 1.83 | % | 1.86 | % | |||||||||
Excluding covered loans: | |||||||||||||||||||
Nonperforming loans as a % of loans | 1.83 | % | 2.28 | % | 2.23 | % | 2.08 | % | 2.47 | % | |||||||||
Nonperforming assets as a % of loans plus ORE | 2.89 | % | 3.41 | % | 3.60 | % | 3.56 | % | 4.14 | % | |||||||||
ALL to nonperforming loans | 81.94 | % | 75.15 | % | 74.09 | % | 3.56 | % | 75.74 | % | |||||||||
Net charge-offs/(recoveries), annualized to average loans | 0.46 | % | (0.12) | % | 0.09 | % | 0.27 | % | 0.40 | % | |||||||||
ALL as a % of loans | 1.50 | % | 1.71 | % | 1.84 | % | 1.90 | % | 1.97 | % | |||||||||
CLASSIFIED ASSETS | |||||||||||||||||||
Classified loans(1) | $ | 71,022 | $ | 81,037 | $ | 82,625 | $ | 91,450 | $ | 101,957 | |||||||||
ORE and repossessions | 27,998 | 25,945 | 32,201 | 35,674 | 42,104 | ||||||||||||||
Total classified assets (2) | $ | 99,020 | $ | 106,982 | $ | 114,826 | $ | 127,124 | $ | 144,061 | |||||||||
(1) Amount of SBA guarantee included | $ | 6,462 | $ | 8,506 | $ | 7,869 | $ | 13,115 | $ | 14,379 | |||||||||
(2) Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, repossessions and ORE. | |||||||||||||||||||
(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 Three Months Ended | |||||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
Average loans outstanding (4) | $ | 1,075,657 | $ | 1,032,592 | $ | 1,010,229 | $ | 957,737 | $ | 979,279 | |||||||||||||
Past due loans: | |||||||||||||||||||||||
Amount 30+ days past due | $ | 1,363 | $ | 1,117 | $ | 1,561 | $ | 1,277 | $ | 1,697 | |||||||||||||
Number 30+ days past due | 125 | 109 | 130 | 130 | 173 | ||||||||||||||||||
30+ day performing delinquency rate (1) | 0.12 | % | 0.11 | % | 0.15 | % | 0.13 | % | 0.18 | % | |||||||||||||
Nonperforming loans | $ | 743 | $ | 772 | $ | 806 | $ | 925 | $ | 594 | |||||||||||||
Nonperforming loans as a percentage of period end loans (1) | 0.07 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.06 | % | |||||||||||||
Net charge-offs | $ | 614 | $ | 733 | $ | 703 | $ | 908 | $ | 886 | |||||||||||||
Net charge-off rate (2) | 0.27 | % | 0.31 | % | 0.29 | % | 0.39 | % | 0.38 | % | |||||||||||||
Number of vehicles repossessed during the period | 126 | 143 | 198 | 199 | 168 | ||||||||||||||||||
Average beacon score of portfolio | 745 | 752 | 740 | 739 | 739 | ||||||||||||||||||
Production by state: | |||||||||||||||||||||||
Alabama | $ | 28,530 | $ | 22,155 | $ | 19,798 | $ | 22,599 | $ | 16,576 | |||||||||||||
Arkansas | 36,572 | 22,183 | 16,352 | 13,757 | 7,728 | ||||||||||||||||||
North Carolina | 24,069 | 18,980 | 18,731 | 19,292 | 18,750 | ||||||||||||||||||
South Carolina | 23,139 | 14,657 | 13,302 | 10,322 | 10,180 | ||||||||||||||||||
Florida | 110,940 | 76,829 | 76,253 | 77,873 | 72,676 | ||||||||||||||||||
Georgia | 54,592 | 45,154 | 43,064 | 44,171 | 38,203 | ||||||||||||||||||
Mississippi | 28,569 | 23,941 | 20,341 | 23,292 | 19,626 | ||||||||||||||||||
Tennessee | 22,196 | 15,746 | 13,674 | 17,122 | 19,347 | ||||||||||||||||||
Virginia | 16,017 | 11,458 | 11,040 | 11,877 | 10,339 | ||||||||||||||||||
Texas (3) | 39,320 | 15,429 | 5,045 | - | - | ||||||||||||||||||
Louisiana (3) | $ | 2,595 | - | - | - | - | |||||||||||||||||
Total production by state | $ | 386,539 | $ | 266,532 | $ | 237,600 | $ | 240,305 | $ | 213,425 | |||||||||||||
Loan sales | $ | 118,344 | $ | 195,027 | $ | 88,153 | $ | 93,602 | $ | 152,418 | |||||||||||||
Portfolio yield (4) | 3.26 | % | 3.39 | % | 3.48 | % | 3.57 | % | 3.68 | % | |||||||||||||
(1) | 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 | ||||||||||||||||||||||
(2) | Calculated by dividing annualized net charge-offs for the period by average loans held for investment during the period for the specified loan category | ||||||||||||||||||||||
(3) | Expansion into Texas began in October of 2013. Expansion into Louisiana began in May of 2014 | ||||||||||||||||||||||
(4) | Includes held-for-sale | ||||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
ANALYSIS OF MORTGAGE LENDING | |||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
Average loans outstanding (1) | $ | 228,298 | $ | 170,988 | $ | 194,626 | $ | 328,038 | $ | 297,024 | |||||||||||||
Average servicing outstanding | $ | 4,691,759 | $ | 4,473,027 | $ | 4,221,134 | $ | 3,953,760 | $ | 3,239,672 | |||||||||||||
% of loan production for purchases | 86.18 | % | 78.48 | % | 78.72 | % | 74.13 | % | 58.30 | % | |||||||||||||
% of loan production for refinance loans | 13.82 | % | 21.52 | % | 21.28 | % | 25.87 | % | 41.70 | % | |||||||||||||
Production by region: | |||||||||||||||||||||||
Georgia | $ | 328,936 | $ | 181,667 | $ | 259,289 | $ | 353,187 | $ | 427,815 | |||||||||||||
Florida/Alabama | 26,383 | 20,816 | 19,724 | 17,807 | 24,025 | ||||||||||||||||||
Virginia/Maryland | 132,816 | 73,471 | 91,494 | 151,573 | 167,099 | ||||||||||||||||||
Total retail | 488,135 | 275,954 | 370,507 | 522,567 | 618,939 | ||||||||||||||||||
Wholesale | 73,252 | 44,862 | 55,149 | 96,773 | 165,022 | ||||||||||||||||||
Total production by region | $ | 561,387 | $ | 320,816 | $ | 425,656 | $ | 619,340 | $ | 783,961 | |||||||||||||
Loan sales | $ | 446,176 | $ | 328,145 | $ | 467,932 | $ | 753,196 | $ | 756,224 | |||||||||||||
Portfolio yield (1) | 4.07 | % | 4.26 | % | 4.10 | % | 3.84 | % | 3.59 | % | |||||||||||||
INCOME FROM MORTGAGE BANKING ACTIVITIES | |||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
Marketing gain, net | $ | 10,954 | $ | 7,991 | $ | 8,568 | $ | 12,785 | $ | 13,916 | |||||||||||||
Origination points and fees | 3,148 | 1,787 | 2,474 | 3,806 | 4,212 | ||||||||||||||||||
Loan servicing revenue | 2,998 | 3,005 | 2,609 | 2,402 | 2,021 | ||||||||||||||||||
MSR amortization and impairment adjustments | (3,530) | (2,196) | (2,853) | (1,184) | 9 | ||||||||||||||||||
Total mortgage banking activities | $ | 13,570 | $ | 10,587 | $ | 10,798 | $ | 17,809 | $ | 20,158 | |||||||||||||
Noncash items included in income from mortgage banking activities: | |||||||||||||||||||||||
Capitalized MSR, net | $ | 3,693 | $ | 2,170 | $ | 3,992 | $ | 7,367 | $ | 5,934 | |||||||||||||
Valuation on MSR | (1,838) | (619) | (1,360) | 138 | 1,551 | ||||||||||||||||||
Mark to market adjustments | 1,609 | 1,362 | 344 | 2,605 | (6,634) | ||||||||||||||||||
Total noncash items | $ | 3,464 | $ | 2,913 | $ | 2,976 | $ | 10,110 | $ | 851 | |||||||||||||
(1) Includes held-for-sale | |||||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||
($ in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||
Taxable | $ | 2,116,931 | $ | 46,445 | 4.42 | % | $ | 2,116,925 | $ | 46,785 | 4.46 | % | |||||||||
Tax-exempt (1) | 8,747 | 227 | 5.23 | % | 6,959 | 167 | 4.84 | % | |||||||||||||
Total loans | 2,125,678 | 46,672 | 4.43 | % | 2,123,884 | 46,952 | 4.46 | % | |||||||||||||
Investment securities: | |||||||||||||||||||||
Taxable | 161,846 | 2,182 | 2.72 | % | 148,940 | 1,594 | 2.16 | % | |||||||||||||
Tax-exempt (2) | 14,997 | 478 | 6.43 | % | 17,195 | 529 | 6.20 | % | |||||||||||||
Total investment securities | 176,843 | 2,660 | 3.03 | % | 166,135 | 2,123 | 2.58 | % | |||||||||||||
Federal funds sold and bank deposits | 61,633 | 58 | 0.19 | % | 41,642 | 18 | 0.09 | % | |||||||||||||
Total interest-earning assets | 2,364,154 | 49,390 | 4.21 | % | 2,331,661 | 49,093 | 4.25 | % | |||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||
Cash and due from banks | 17,298 | 14,107 | |||||||||||||||||||
Allowance for loan losses | (32,309) | (33,462) | |||||||||||||||||||
Premises and equipment, net | 48,624 | 39,515 | |||||||||||||||||||
Other real estate | 27,458 | 38,899 | |||||||||||||||||||
Other assets | 144,103 | 134,409 | |||||||||||||||||||
Total assets | $ | 2,569,328 | $ | 2,525,129 | |||||||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | $ | 696,464 | $ | 973 | 0.28 | % | $ | 624,179 | $ | 841 | 0.27 | % | |||||||||
Savings deposits | 311,871 | 589 | 0.38 | % | 324,552 | 706 | 0.44 | % | |||||||||||||
Time deposits | 664,169 | 3,254 | 0.99 | % | 721,348 | 3,680 | 1.03 | % | |||||||||||||
Total interest-bearing deposits | 1,672,504 | 4,816 | 0.58 | % | 1,670,079 | 5,227 | 0.63 | % | |||||||||||||
Other borrowings | 78,427 | 113 | 0.29 | % | 173,399 | 679 | 0.79 | % | |||||||||||||
Subordinated debt | 46,393 | 552 | 2.40 | % | 67,527 | 1,735 | 5.18 | % | |||||||||||||
Total interest-bearing liabilities | 1,797,324 | 5,481 | 0.61 | % | 1,911,005 | 7,641 | 0.81 | % | |||||||||||||
Noninterest-bearing: | |||||||||||||||||||||
Demand deposits | 506,418 | 386,460 | |||||||||||||||||||
Other liabilities | 24,912 | 20,532 | |||||||||||||||||||
Shareholders' equity | 240,674 | 206,088 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,569,328 | $ | 2,524,085 | |||||||||||||||||
Net interest income/spread | $ | 43,909 | 3.60 | % | $ | 41,452 | 3.44 | % | |||||||||||||
Net interest margin | 3.75 | % | 3.59 | % | |||||||||||||||||
(1) | Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013 of 79,500 and $58,000, respectively, using a 35% tax rate. |
(2) | Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013 of $167,000 and $185,000, respectively, using a 35% tax rate. |
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||
($ in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||
Taxable | $ | 2,170,978 | $ | 24,725 | 4.57 | % | $ | 2,142,852 | $ | 22,883 | 4.28 | % | |||||||||
Tax-exempt (1) | 8,868 | 116 | 5.25 | % | 8,065 | 102 | 5.07 | % | |||||||||||||
Total loans | 2,179,846 | 24,841 | 4.57 | % | 2,150,917 | 22,985 | 4.29 | % | |||||||||||||
Investment securities: | |||||||||||||||||||||
Taxable | 162,435 | 1,089 | 2.69 | % | 153,860 | 745 | 1.94 | % | |||||||||||||
Tax-exempt (2) | 15,073 | 239 | 6.36 | % | 16,502 | 253 | 6.15 | % | |||||||||||||
Total investment securities | 177,508 | 1,328 | 3.00 | % | 170,362 | 998 | 2.35 | % | |||||||||||||
Federal funds sold and bank deposits | 46,838 | 20 | 0.17 | % | 57,769 | 15 | 0.10 | % | |||||||||||||
Total interest-earning assets | 2,404,192 | 26,189 | 4.37 | % | 2,379,048 | 23,998 | 4.05 | % | |||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||
Cash and due from banks | 15,615 | 14,250 | |||||||||||||||||||
Allowance for loan losses | (30,767) | (33,264) | |||||||||||||||||||
Premises and equipment, net | 48,767 | 41,126 | |||||||||||||||||||
Other real estate | 26,133 | 39,014 | |||||||||||||||||||
Other assets | 144,804 | 137,859 | |||||||||||||||||||
Total assets | $ | 2,608,744 | $ | 2,578,033 | |||||||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | $ | 694,144 | $ | 466 | 0.27 | % | $ | 627,892 | $ | 423 | 0.27 | % | |||||||||
Savings deposits | 314,890 | 294 | 0.37 | % | 318,804 | 329 | 0.41 | % | |||||||||||||
Time deposits | 653,423 | 1,568 | 0.96 | % | 729,995 | 1,848 | 1.02 | % | |||||||||||||
Total interest-bearing deposits | 1,662,457 | 2,328 | 0.56 | % | 1,676,691 | 2,600 | 0.62 | % | |||||||||||||
Other borrowings | 93,374 | 69 | 0.30 | % | 192,089 | 273 | 0.57 | % | |||||||||||||
Subordinated debt | 46,393 | 277 | 2.39 | % | 67,527 | 868 | 5.16 | % | |||||||||||||
Total interest-bearing liabilities | 1,802,224 | 2,674 | 0.60 | % | 1,936,307 | 3,741 | 0.77 | % | |||||||||||||
Noninterest-bearing liabilities and shareholders' equity: | |||||||||||||||||||||
Demand deposits | 534,492 | 402,878 | |||||||||||||||||||
Other liabilities | 28,124 | 21,357 | |||||||||||||||||||
Shareholders' equity | 243,904 | 217,491 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,608,744 | $ | 2,578,033 | |||||||||||||||||
Net interest income/spread | $ | 23,515 | 3.77 | % | $ | 20,257 | 3.28 | % | |||||||||||||
Net interest margin | 3.92 | % | 3.42 | % | |||||||||||||||||
(1) | Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013 of $40,500 and $36,000, respectively. |
(2) | Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013 of $84,000 and $88,000, respectively. |
Contacts: | Martha Fleming, Steve Brolly | |
Fidelity Southern Corporation (404) 240-1504 |
SOURCE Fidelity Southern Corporation
