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18.07.2013 19:36:00
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Fidelity Southern Corporation Earns Record $9.4 Million In Second Quarter
ATLANTA, July 18, 2013 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), reported net income of $9.4 million for the second quarter of 2013 compared to $6.5 million for the first quarter of 2013 and $6.4 million for the second quarter of 2012. After accounting for the preferred dividend, basic and diluted earnings per share for the second quarter of 2013 were $0.53 and $0.47, respectively, compared to basic and diluted earnings per share of $0.38 and $0.33 in the first quarter of 2013 and $0.38 and $0.34 in the second quarter of 2012, respectively. Net income for the first six months of 2013 was $15.9 million compared to $11.7 million for the same period in 2012. Basic and diluted earnings per share for the first six months of 2013 were $0.91 and $0.81, respectively, compared to $0.69 and $0.62, respectively, for 2012.
Fidelity's Chairman, Jim Miller, said, "Our management of our balance sheet has continued to be very effective. The redemption of "TARP" preferred stock and $20 million of TRUPS will annually save $5.5 million after tax. The much chronicled slow-down in mortgage originations has not yet occurred here and we continue to expand the number of our offices. However, this is a weak and fragile economy and there is not much growth in new business loans. Rather we are continuing to take market share. The consumer areas of home building, mortgage and indirect automobile lending are robust and that is an advantage for us. Though our growth is modest, over the last 40 years it has worked for us."
For the Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net income | $ | 9,433 | $ | 6,491 | $ | 5,440 | $ | 8,167 | $ | 6,404 | ||||||||||
Income tax expense | 5,211 | 3,631 | 3,088 | 4,816 | 3,511 | |||||||||||||||
Provision for loan losses | 570 | 3,476 | 5,243 | 3,477 | 950 | |||||||||||||||
Write-down of ORE | 532 | 1,263 | 1,152 | 1,452 | 1,138 | |||||||||||||||
Other cost of ORE operations | 354 | 940 | 1,433 | 1,324 | 564 | |||||||||||||||
Pre-tax, pre-credit related earnings | 16,100 | 15,801 | 16,356 | 19,236 | 12,567 | |||||||||||||||
Less security gains | (1) | — | — | (4) | — | |||||||||||||||
Less acquisition gain | — | — | — | (4,012) | — | |||||||||||||||
Less accretion of FDIC indemnification asset | (150) | (138) | (150) | (285) | (96) | |||||||||||||||
Core operating earnings (1) | $ | 15,949 | $ | 15,663 | $ | 16,206 | $ | 14,935 | $ | 12,471 | ||||||||||
(1) The calculation of core operating earnings is a non-GAAP measure. We show core operating earnings which remove the effect of income taxes, provision for loan losses, cost of operation of ORE, security gains, acquisition gain and indemnification asset accretion because we believe that helps show a view of more normalized net revenues. The measure allows better comparability with prior periods, as well as with peers in the industry who also provide a similar presentation. | ||||||||||||||||||||
BALANCE SHEET & CAPITAL MANAGEMENT
Total assets for the quarter were $2.675 billion, an increase of $143.0 million, or 5.6%, compared to the first quarter of 2013 largely attributable to the public offering of common stock discussed in the Capital section. Other assets and liabilities increased 48.5% and 69.9%, respectively, compared to the first quarter of 2013 primarily as a result of the mark to market valuation for mortgage loans held-for-sale.
Asset Quality
The following table provides a summary of the allowance for loan losses for the non-covered loan and covered loan portfolios as of June 30, 2013:
Three Months Ended June 30, 2013 | |||||||||||||
Non-covered | Covered | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 31,628 | $ | 2,282 | $ | 33,910 | |||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 500 | 620 | 1,120 | ||||||||||
Benefits attributable to FDIC loss share agreements | — | (550) | (550) | ||||||||||
Net provision for loan losses | 500 | 70 | 570 | ||||||||||
Increase in FDIC loss share receivable | — | 550 | 550 | ||||||||||
Loans charged-off | (2,248) | — | (2,248) | ||||||||||
Recoveries | 527 | — | 527 | ||||||||||
Balance, end of period | $ | 30,407 | $ | 2,902 | $ | 33,309 | |||||||
The majority of loans and other real estate acquired in the FDIC-assisted transactions are covered under 80% loss sharing agreements with the FDIC, which are classified as covered loans. Loans that do not fall into the covered loan category are considered to be non-covered.
The following table provides a comparison of the activity affecting the allowance for loan loss:
June 30, | March 31, | June 30, | YTD 2013 | YTD 2012 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Net charge-offs | $ | 1,721 | $ | 3,652 | $ | 3,027 | $ | 5,373 | $ | 5,451 | ||||||||||
Net charge-off ratio | 0.40 | % | 0.86 | % | 0.71 | % | 0.63 | % | 0.71 | % | ||||||||||
Provision for loan losses - Non-Covered | $ | 500 | $ | 3,450 | $ | 950 | $ | 3,950 | $ | 4,700 | ||||||||||
Net impairment provision - Covered | 70 | 26 | — | 96 | — | |||||||||||||||
Total provision expense | $ | 570 | $ | 3,476 | $ | 950 | $ | 4,046 | $ | 4,700 | ||||||||||
The decrease in provision expense for the second quarter of 2013 compared to the first quarter of 2013 was primarily due to a reduction in charge-offs and improved credit quality indicators.
Net charge-offs decreased $1.9 million for the second quarter of 2013 to $1.7 million compared to $3.7 million for the first quarter of 2013 and decreased $1.3 million compared to the second quarter of 2012. Non-covered provision expense decreased $3.0 million for the second quarter of 2013 to $500,000 compared to $3.5 million for the first quarter of 2013 primarily as a result of improvement in the credit quality of the loan portfolio, and decreased $450,000 from the second quarter of 2012.
The allowance for loan losses at June 30, 2013 was $33.3 million, or 1.96% of total loans, compared to an allowance of $33.9 million, or 1.95% of total loans, at March 31, 2013, and $27.2 million, or 1.65% of total loans, at June 30, 2012.
The following table presents certain credit quality metrics of the Bank's loan portfolio, inclusive and exclusive of covered loans. Nonperforming assets include nonaccrual loans, net repossessions and other real estate ("ORE"). Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, net repossessions and other real estate.
June 30, | December 31, | June 30, | ||||||||||||||||||||||
Including Covered | Excluding Covered | Including Covered | Excluding Covered | Including Covered | Excluding Covered | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Nonperforming loans | $ | 72,388 | $ | 41,757 | $ | 83,681 | $ | 57,713 | $ | 90,908 | $ | 62,253 | ||||||||||||
Classified assets | 101,919 | 96,295 | 114,857 | 108,860 | 122,280 | 115,719 | ||||||||||||||||||
Allowance for loan losses as a | 1.86% | 1.96% | 1.92% | 2.01% | 1.55% | 1.65% | ||||||||||||||||||
Classified items ratio | 36.92% | 34.88% | 44.17% | 41.87% | 51.20% | 48.45% | ||||||||||||||||||
Nonperforming assets ratio | 6.30% | 4.14% | 6.77% | 5.12% | 7.52% | 5.29% | ||||||||||||||||||
ORE, net of reserves, increased $1.9 million to $40.9 million at June 30, 2013, compared to $39.0 million at March 31, 2013 primarily due to foreclosure activity during the quarter on non-covered loans. During the second quarter of 2013, $8.1 million of ORE assets were sold while $10.5 million were added to ORE. Excluding covered assets, ORE sales were $5.6 million and additions were $9.8 million for the quarter.
Nonperforming loans and classified assets have continued to decline due in part to loans moving to ORE as well as improved credit factors.
Capital
The following table details the Company's and Bank's capital position at June 30, 2013 and March 31, 2013:
Fidelity Southern Corporation | Fidelity Bank | ||||||
June 30, | March 31, | June 30, | March 31, | ||||
Tier 1 risk-based capital ratio | 15.62% | 12.22% | 11.03% | 10.95% | |||
Total risk-based capital ratio | 16.88% | 13.48% | 13.05% | 12.68% | |||
Leverage capital ratio | 12.96% | 10.51% | 9.41% | 9.43% | |||
On June 10, 2013, the Company closed its $60.0 million public offering of common stock at $12.00 per share, and on June 18, 2013, the Company announced that the additional 750,000 shares allotted to the underwriters of the offering were exercised for an additional $9.0 million in capital.
By December 31, 2013, the Company intends to use the net proceeds from this offering, together with its cash on hand as necessary, to: (i) redeem the $48.2 million in shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, originally issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program; and (ii) redeem two series of its trust preferred securities with an aggregate outstanding principal amount of $20.5 million.
Final BASEL III rules were released in early July for all Banks. We are evaluating the final rules to determine how they will impact our capital in future periods.
Deposits
Total deposits of $2.155 billion at June 30, 2013 have increased from $1.987 billion as of June 30, 2012, due primarily to the Bank's continued efforts to aggressively pursue core deposits. Total deposits, at June 30, 2013, increased $85.3 million from December 31, 2012 due to a $30.3 million increase in brokered deposits as a means of increasing liquidity together with a $38.3 million increase in core deposits.
June 30, | March 31, | December 31, | September 30, | June 30, 2012 | ||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||
Core deposits(1) | $ | 1,704.4 | 79.1% | $ | 1,659.5 | 80.6% | $ | 1,666.1 | 80.5% | $ | 1,595.4 | 79.6% | $ | 1,634.5 | 82.2% | |||||||||||||||||||
Time Deposits > | 363.4 | 16.9% | 356.7 | 17.4% | 346.7 | 16.8% | 348.9 | 17.4% | 343.6 | 17.3% | ||||||||||||||||||||||||
Brokered deposits | 87.2 | 4.0% | 41.8 | 2.0% | 56.9 | 2.7% | 59.3 | 3.0% | 9.2 | 0.5% | ||||||||||||||||||||||||
Total deposits | $ | 2,155.0 | 100.0% | $ | 2,058.0 | 100.0% | $ | 2,069.7 | 100.0% | $ | 2,003.6 | 100.0% | $ | 1,987.3 | 100.0% | |||||||||||||||||||
Quarterly rate on | 0.50% | 0.52% | 0.54% | 0.55% | 0.57% | |||||||||||||||||||||||||||||
(1) Core deposits are transactional, savings, and time deposits under $100,000. | ||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN
Net interest margin in the second quarter of 2013 was 3.42%, a 44 basis point decrease from the same quarter a year ago and a 35 basis point decrease from the first quarter of 2013. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.31% for the second quarter of 2013 compared to 3.50% for the first quarter of 2013. The decrease in net interest margin is the result of the Bank's continuous offering of competitive rates on loans and deposits.
Net interest margin decreased 27 basis points to 3.59% for the six months ended June 30, 2013 compared to 3.86% for the same period in 2012. Excluding covered loans and the accretion of the loan discount, the net interest margin was 3.39% for the six months ended June 30, 2013 and 3.66% for the same period in 2012. Net interest income for the six months ended June 30, 2013 increased $1.7 million, or 4.2%, to $41.2 million compared to $39.6 million for the same period in 2012.
INTEREST INCOME
Total interest income for the second quarter of 2013 decreased $221,000, or 0.9%, to $23.9 million compared to $24.1 million for the second quarter of 2012. In a linked-quarter comparison, interest income decreased $1.1 million largely attributable to a reduction in accretable yield of $571,000 for the comparative periods due to cash flow revaluations for acquired loans.
For the six months ended June 30, 2013 total interest income increased $400,000, or 0.8%, to $48.8 million compared to $48.4 million for the same period in 2012.
INTEREST EXPENSE
Interest expense for the second quarter of 2013 decreased $454,000, or 10.8%, compared to the same period in 2012 due to a reduction of $415,000 in subordinated debt expense for the second quarter of 2013 due to one of the Company's notes being converted from a fixed rate of 6.62% to a lower floating rate as of September 30, 2012. Also contributing to the decrease is a 19 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $185.9 million, or 10.6%. The Bank's shift in deposit mix toward noninterest-bearing accounts, which made up 20.1% of total deposits at June 30, 2013 compared to 17.4% at June 30, 2012, contributed to the reduction in the cost of funds. On a linked-quarter basis, interest expense decreased $160,000, or 4.1% largely attributable to increased liquidity resulting from Indirect loan sales for the quarter.
For the six months ended June 30, 2013 interest expense decreased $1.2 million, or 13.2%, to $7.6 million compared to $8.8 million for the same period in 2012. The decrease is primarily the result of a reduction in time deposit expenses of $800,000 for the comparative periods. Also contributing to the decline in interest expense is a 20 basis point decrease in the cost of interest-bearing liabilities somewhat offset by an increase in average interest-bearing liabilities of $162.6 million, or 9.3%.
NONINTEREST INCOME
For the quarter ended June 30, 2013, noninterest income increased $11.2 million, or 65.8%, to $28.2 million compared to $17.0 million in the second quarter of 2012. The increase is the result of a $9.3 million, or 86.0%, increase in mortgage banking activities over the respective periods. The June 30, 2013, pipeline increased 38% to over $627 million compared to $465 million a year ago. Total funded loan volume for the quarter of $787.7 million represented a 69.7% increase compared to the same period a year ago. The current quarter mortgage banking income includes a $1.6 million mortgage servicing rights (MSR) impairment recovery compared to a $1.6 million recovery for the first quarter of 2013 and an impairment of $2.0 million for the second quarter of 2012. MSR capitalization for the current quarter totaled $7.5 million compared to $6.2 million for the first quarter of 2013 and $3.8 million for the second quarter of 2012.
For the six months ended June 30, 2013 noninterest income increased $18.6 million, or 53.6%, to $53.3 million compared to $34.7 million for same period in 2012. The increase is largely attributable to the increase in mortgage banking activities as discussed above.
Real Estate Mortgage Lending
With the recent upward shift in long term interest rates we do anticipate that this will probably reduce our refinance volume from the levels we have seen in the first half of 2013. However, a significant portion of the mortgage production is from purchase mortgage business, sourced primarily through our retail lending network, which we do not believe will be significantly impacted by the recent rise in long-term interest rates. In addition, from the same time a year ago we have expanded our mortgage branch network with five new production branches and our mortgage production team has increased by 30%. Our marketing focus on purchase business and organic growth will help to partially offset any impact of the anticipated fall off of refinance production.
We do not believe that the recent finalizing of the revised FDIC capital requirements for community banks will have any impact on our loan origination volume going forward. We have been retaining the servicing on loans originated and sold for FNMA and FHLMC over that past four years. We are evaluating the impact of the capital rules related to mortgage servicing assets (MSAs) to determine the most prudent asset strategy related to the phase in of the new capital rules.
NONINTEREST EXPENSE
Noninterest expense for the second quarter of 2013 increased $7.1 million, or 27.2%, to $33.2 million compared to $26.1 million for the same period in 2012. The increase was driven by a $6.9 million increase in salaries and employee benefits expense due to higher commission expense related to the increased mortgage banking volume, expansion of our mortgage banking footprint, as well as increased number of employees due to organic growth and acquisitions.
For the six months ended June 30, 2013 noninterest expense increased $14.3 million, or 27.7%, to $65.7 million compared to $51.4 million for the same period in 2012. The increase is largely attributable to an increase of $12.8 million in salaries and employee benefits.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 32 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided through employees located in eleven Southern and Mid-Atlantic states. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2012 Annual Report filed on Form 10-K with the Securities and Exchange Commission.
FIDELITY SOUTHERN CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||||||||||||
RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Net Interest Income | $ | 20,133 | $ | 21,075 | $ | 20,239 | $ | 20,690 | $ | 19,900 | $ | 41,208 | $ | 39,555 | |||||||||||||
Provision for Loan Losses | 570 | 3,476 | 5,243 | 3,477 | 950 | 4,046 | 4,700 | ||||||||||||||||||||
Non-Interest Income | 28,240 | 25,047 | 26,186 | 27,094 | 17,034 | 53,287 | 34,689 | ||||||||||||||||||||
Non-Interest Expense | 33,159 | 32,524 | 32,654 | 31,324 | 26,069 | 65,683 | 51,419 | ||||||||||||||||||||
Income Tax Expense | 5,211 | 3,631 | 3,088 | 4,816 | 3,511 | 8,842 | 6,405 | ||||||||||||||||||||
Net Income | 9,433 | 6,491 | 5,440 | 8,167 | 6,404 | 15,924 | 11,720 | ||||||||||||||||||||
Preferred Stock Dividends | (823) | (823) | (823) | (823) | (823) | (1,646) | (1,646) | ||||||||||||||||||||
Net Income Available to | 8,610 | 5,668 | 4,617 | 7,344 | 5,581 | 14,278 | 10,074 | ||||||||||||||||||||
PERFORMANCE | |||||||||||||||||||||||||||
Earnings Per Share - Basic (1) | $ | 0.53 | $ | 0.38 | $ | 0.31 | $ | 0.50 | $ | 0.38 | $ | 0.91 | $ | 0.69 | |||||||||||||
Earnings Per Share - Diluted (1) | $ | 0.47 | $ | 0.33 | $ | 0.27 | $ | 0.44 | $ | 0.34 | $ | 0.81 | $ | 0.62 | |||||||||||||
Return on Average Assets | 1.47 | % | 1.07 | % | 0.89 | % | 1.33 | % | 1.14 | % | 1.27 | % | 1.05 | % | |||||||||||||
Return on Average Equity | 17.40 | % | 13.53 | % | 11.49 | % | 17.93 | % | 14.84 | % | 15.58 | % | 13.77 | % | |||||||||||||
NET INTEREST MARGIN | |||||||||||||||||||||||||||
Interest Earning Assets | 4.05 | % | 4.55 | % | 4.56 | % | 4.51 | % | 4.66 | % | 4.37 | % | 4.71 | % | |||||||||||||
Cost of Funds | 0.77 | % | 0.84 | % | 0.86 | % | 0.90 | % | 0.96 | % | 0.81 | % | 1.01 | % | |||||||||||||
Net Interest Spread | 3.28 | % | 3.71 | % | 3.49 | % | 3.61 | % | 3.70 | % | 3.56 | % | 3.70 | % | |||||||||||||
Net Interest Margin | 3.42 | % | 3.77 | % | 3.63 | % | 3.74 | % | 3.86 | % | 3.59 | % | 3.86 | % | |||||||||||||
CAPITAL | |||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | 15.62 | % | 12.22 | % | 12.06 | % | 11.94 | % | 11.68 | % | 15.62 | % | 11.68 | % | |||||||||||||
Total Risk-Based Capital | 16.88 | % | 13.48 | % | 13.43 | % | 13.41 | % | 13.29 | % | 16.88 | % | 13.29 | % | |||||||||||||
Leverage Ratio | 12.96 | % | 10.51 | % | 10.18 | % | 9.89 | % | 10.19 | % | 12.96 | % | 10.19 | % | |||||||||||||
AVERAGE BALANCE | |||||||||||||||||||||||||||
Loans, Net of Unearned | $ | 2,150,917 | $ | 2,096,551 | $ | 2,044,975 | $ | 2,013,423 | $ | 1,880,933 | $ | 2,123,884 | $ | 1,833,157 | |||||||||||||
Investment Securities | 170,362 | 161,861 | 174,810 | 188,028 | 198,754 | 166,135 | 219,205 | ||||||||||||||||||||
Earning Assets | 2,379,048 | 2,281,648 | 2,230,918 | 2,211,353 | 2,088,221 | 2,330,617 | 2,074,197 | ||||||||||||||||||||
Total Assets | 2,578,033 | 2,468,538 | 2,454,244 | 2,442,366 | 2,265,875 | 2,524,085 | 2,240,910 | ||||||||||||||||||||
Deposits | 1,676,691 | 1,663,394 | 1,653,026 | 1,626,290 | 1,559,516 | 1,670,079 | 1,568,599 | ||||||||||||||||||||
Borrowings | 259,616 | 256,616 | 211,385 | 256,616 | 190,910 | 240,926 | 179,775 | ||||||||||||||||||||
Shareholders' Equity | 217,491 | 194,559 | 190,426 | 181,211 | 173,520 | 206,088 | 171,136 | ||||||||||||||||||||
STOCK PERFORMANCE | |||||||||||||||||||||||||||
Market Price: | |||||||||||||||||||||||||||
Closing (1) | $ | 12.37 | $ | 11.41 | $ | 9.38 | $ | 9.20 | $ | 8.26 | $ | 12.37 | $ | 8.26 | |||||||||||||
High Close (1) | $ | 13.15 | $ | 11.71 | $ | 10.00 | $ | 9.51 | $ | 8.56 | $ | 13.15 | $ | 8.56 | |||||||||||||
Low Close (1) | $ | 10.81 | $ | 9.38 | $ | 8.60 | $ | 8.18 | $ | 6.34 | $ | 9.38 | $ | 5.47 | |||||||||||||
Daily Average Trading | 52,382 | 30,412 | 16,338 | 20,374 | 64,797 | 41,458 | 37,649 | ||||||||||||||||||||
Book Value Per Common | $ | 10.75 | $ | 10.08 | $ | 9.71 | $ | 9.46 | $ | 8.94 | $ | 10.75 | $ | 8.94 | |||||||||||||
Price to Book Value | 1.15 | 1.13 | 0.97 | 0.97 | 0.92 | 1.15 | 0.92 | ||||||||||||||||||||
Price to Tangible Book Value | 1.16 | 1.15 | 0.98 | 0.99 | 0.94 | 1.16 | 0.94 | ||||||||||||||||||||
Tangible Book Value Per | 10.63 | 9.91 | 9.54 | 9.29 | 8.77 | 10.63 | 8.77 | ||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding. | |||||||||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION FINANCIAL HIGHLIGHTS continued (UNAUDITED) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||||
Total Non-Performing Loans | $ | 72,388 | $ | 81,740 | $ | 83,681 | $ | 90,145 | $ | 90,908 | $ | 72,388 | $ | 90,797 | |||||||||||||
Total Non-Performing Assets | $ | 114,492 | $ | 121,666 | $ | 125,062 | $ | 136,439 | $ | 134,627 | $ | 114,492 | $ | 134,627 | |||||||||||||
Loans 90 Days Past Due and Still Accruing | $ | — | $ | 141 | $ | — | $ | — | 111 | $ | — | 111 | |||||||||||||||
Including Covered Loans: | |||||||||||||||||||||||||||
Non-Performing Loans as a % of Loans | 3.98 | % | 4.68 | % | 5.21 | % | 5.17 | % | 5.21 | % | 4.15 | % | 5.21 | % | |||||||||||||
Non-Performing assets as a % of Loans Plus ORE | 6.30 | % | 6.55 | % | 6.88 | % | 7.62 | % | 7.52 | % | 6.30 | % | 7.52 | % | |||||||||||||
ALL to Non-Performing Loans | 41.49 | % | 34.49 | % | 29.93 | % | 34.49 | % | 29.93 | % | 41.49 | % | 29.93 | % | |||||||||||||
Net Charge-Offs During the Period to Average Loans | 0.17 | % | 0.65 | % | 0.65 | % | 0.24 | % | 0.65 | % | 0.47 | % | 1.26 | % | |||||||||||||
ALL as a % of Loans, at End of Period | 1.86 | % | 1.86 | % | 1.92 | % | 1.80 | % | 1.55 | % | 1.86 | % | 1.55 | % | |||||||||||||
Excluding Covered Loans: | |||||||||||||||||||||||||||
Non-Performing Loans as a % of Loans | 3.75 | % | 3.81 | % | 3.75 | % | 3.81 | % | 3.97 | % | 3.75 | % | 3.97 | % | |||||||||||||
Non-Performing assets as a % of Loans Plus ORE | 4.14 | % | 4.37 | % | 4.74 | % | 5.12 | % | 5.29 | % | 4.14 | % | 5.29 | % | |||||||||||||
ALL to Non-Performing Loans | 50.89 | % | 43.70 | % | 50.89 | % | 43.70 | % | 47.22 | % | 50.89 | % | 47.22 | % | |||||||||||||
Net Charge-Offs During the Period to Average Loans | 0.40 | % | 0.86 | % | 0.81 | % | 0.27 | % | 0.71 | % | 0.63 | % | 0.71 | % | |||||||||||||
ALL as a % of Loans, at End of Period | 1.96 | % | 1.95 | % | 2.01 | % | 1.91 | % | 1.65 | % | 1.96 | % | 1.65 | % | |||||||||||||
OTHER INFORMATION | |||||||||||||||||||||||||||
Non-Interest Income to Revenues | 58.38 | % | 54.31 | % | 56.40 | % | 56.70 | % | 46.12 | % | 56.39 | % | 46.72 | % | |||||||||||||
End of Period Shares Outstanding (1) | 20,962,228 | 15,059,649 | 14,991,310 | 14,836,810 | 14,767,351 | 20,962,228 | 14,767,351 | ||||||||||||||||||||
Weighted Average Shares Outstanding - Basic (1) | 16,365,977 | 15,038,955 | 14,921,760 | 14,787,067 | 14,737,688 | 15,706,132 | 14,589,567 | ||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted (1) | 18,394,301 | 17,044,034 | 16,924,146 | 16,746,166 | 16,541,945 | 17,700,225 | 16,261,513 | ||||||||||||||||||||
Full-Time Equivalent Employees | 843.1 | 806.0 | 774.2 | 752.6 | 701.9 | 843.1 | 701.9 | ||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding. | |||||||||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
($ in thousands, except per share amount) | ||||||||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Loans, including fees | $ | 22,949 | $ | 23,944 | $ | 23,121 | $ | 23,724 | $ | 22,902 | $ | 46,893 | $ | 45,640 | ||||||||||||||
Investment securities | 910 | 1,028 | 1,141 | 1,208 | 1,189 | 1,938 | 2,695 | |||||||||||||||||||||
Federal funds sold and bank deposits | 15 | 3 | 5 | 6 | 4 | 18 | 22 | |||||||||||||||||||||
Total interest income | 23,874 | 24,975 | 24,267 | 24,938 | 24,095 | 48,849 | 48,357 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Deposits | 2,600 | 2,627 | 2,722 | 2,686 | 2,658 | 5,227 | 5,665 | |||||||||||||||||||||
Short-term borrowings | 263 | 404 | 425 | 454 | 253 | 667 | 427 | |||||||||||||||||||||
Subordinated debt | 868 | 867 | 881 | 1,090 | 1,132 | 1,735 | 2,271 | |||||||||||||||||||||
Other long-term debt | 10 | 2 | — | 18 | 152 | 12 | 439 | |||||||||||||||||||||
Total interest expense | 3,741 | 3,900 | 4,028 | 4,248 | 4,195 | 7,641 | 8,802 | |||||||||||||||||||||
Net interest income | 20,133 | 21,075 | 20,239 | 20,690 | 19,900 | 41,208 | 39,555 | |||||||||||||||||||||
Provision for loan losses | 570 | 3,476 | 5,243 | 3,477 | 950 | 4,046 | 4,700 | |||||||||||||||||||||
Net interest income after provision for loan | 19,563 | 17,599 | 14,996 | 17,213 | 18,950 | 37,162 | 34,855 | |||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,020 | 949 | 1,122 | 1,259 | 1,180 | 1,969 | 2,313 | |||||||||||||||||||||
Other fees and charges | 975 | 887 | 883 | 841 | 852 | 1,862 | 1,636 | |||||||||||||||||||||
Mortgage banking activities | 20,158 | 17,795 | 18,653 | 14,755 | 10,840 | 37,953 | 22,924 | |||||||||||||||||||||
Indirect lending activities | 2,781 | 1,646 | 1,477 | 2,164 | 1,610 | 4,427 | 2,773 | |||||||||||||||||||||
SBA lending activities | 1,417 | 1,084 | 715 | 2,107 | 1,269 | 2,501 | 2,122 | |||||||||||||||||||||
Bank owned life insurance | 326 | 313 | 323 | 330 | 332 | 639 | 654 | |||||||||||||||||||||
Securities gains | 1 | — | — | 4 | — | 1 | 303 | |||||||||||||||||||||
Other | 1,562 | 2,373 | 3,013 | 5,634 | 951 | 3,935 | 1,964 | |||||||||||||||||||||
Total noninterest income | 28,240 | 25,047 | 26,186 | 27,094 | 17,034 | 53,287 | 34,689 | |||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
Salaries and employee benefits | 14,278 | 14,282 | 13,341 | 12,394 | 11,076 | 28,560 | 22,096 | |||||||||||||||||||||
Commissions | 7,979 | 6,390 | 7,545 | 6,195 | 4,249 | 14,369 | 8,078 | |||||||||||||||||||||
Furniture and equipment | 950 | 998 | 1,046 | 1,032 | 994 | 1,948 | 1,971 | |||||||||||||||||||||
Net occupancy | 1,341 | 1,409 | 1,354 | 1,360 | 1,280 | 2,750 | 2,490 | |||||||||||||||||||||
Communication | 805 | 760 | 647 | 739 | 641 | 1,565 | 1,260 | |||||||||||||||||||||
Professional and other services | 2,271 | 2,246 | 2,043 | 1,992 | 2,081 | 4,517 | 4,222 | |||||||||||||||||||||
Cost of operation of other real estate | 886 | 2,203 | 2,585 | 2,776 | 1,702 | 3,089 | 3,439 | |||||||||||||||||||||
FDIC insurance premiums | 527 | 526 | 493 | 479 | 474 | 1,053 | 945 | |||||||||||||||||||||
Other | 4,122 | 3,710 | 3,600 | 4,357 | 3,572 | 7,832 | 6,918 | |||||||||||||||||||||
Total noninterest expense | 33,159 | 32,524 | 32,654 | 31,324 | 26,069 | 65,683 | 51,419 | |||||||||||||||||||||
Income before income tax expense | 14,644 | 10,122 | 8,528 | 12,983 | 9,915 | 24,766 | 18,125 | |||||||||||||||||||||
Income tax expense | 5,211 | 3,631 | 3,088 | 4,816 | 3,511 | 8,842 | 6,405 | |||||||||||||||||||||
NET INCOME | 9,433 | 6,491 | 5,440 | 8,167 | 6,404 | 15,924 | 11,720 | |||||||||||||||||||||
Preferred stock dividends and discount accretion | (823) | (823) | (823) | (823) | (823) | (1,646) | (1,646) | |||||||||||||||||||||
Net income available to common equity | $ | 8,610 | $ | 5,668 | $ | 4,617 | $ | 7,344 | $ | 5,581 | $ | 14,278 | $ | 10,074 | ||||||||||||||
EARNINGS PER SHARE: (1) | ||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.38 | $ | 0.31 | $ | 0.50 | $ | 0.38 | $ | 0.91 | $ | 0.69 | ||||||||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.33 | $ | 0.27 | $ | 0.44 | $ | 0.34 | $ | 0.81 | $ | 0.62 | ||||||||||||||
Weighted average common shares outstanding- | 16,365,977 | 15,038,955 | 14,921,760 | 14,787,067 | 14,737,688 | 15,706,132 | 14,589,567 | |||||||||||||||||||||
Weighted average common shares outstanding- | 18,394,301 | 17,044,034 | 16,924,146 | 16,746,166 | 16,541,945 | 17,700,225 | 16,261,513 | |||||||||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding | ||||||||||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 158,837 | $ | 40,262 | $ | 49,020 | $ | 47,366 | $ | 38,333 | ||||||||||
Investment securities available-for-sale | 163,764 | 153,285 | 154,367 | 165,598 | 193,251 | |||||||||||||||
Investment securities held-to-maturity | 4,978 | 5,523 | 6,162 | 6,842 | 7,471 | |||||||||||||||
Investment in FHLB stock | 8,594 | 7,919 | 7,330 | 9,760 | 8,185 | |||||||||||||||
Loans held-for-sale | 355,017 | 325,941 | 304,094 | 259,659 | 214,335 | |||||||||||||||
Loans | 1,775,972 | 1,817,263 | 1,777,031 | 1,745,185 | 1,746,204 | |||||||||||||||
Allowance for loan losses | (33,309) | (33,910) | (33,982) | (31,476) | (27,205) | |||||||||||||||
Loans, net of allowance for loan losses | 1,742,663 | 1,783,353 | 1,743,049 | 1,713,709 | 1,718,999 | |||||||||||||||
FDIC indemnification asset | 16,542 | 16,535 | 20,074 | 38,225 | 44,667 | |||||||||||||||
Premises and equipment, net | 41,843 | 38,508 | 37,669 | 36,519 | 35,949 | |||||||||||||||
Other real estate, net | 40,882 | 38,951 | 39,756 | 45,175 | 42,727 | |||||||||||||||
Accrued interest receivable | 7,723 | 8,340 | 7,995 | 8,384 | 8,432 | |||||||||||||||
Bank owned life insurance | 33,276 | 32,978 | 32,693 | 32,397 | 32,091 | |||||||||||||||
Deferred tax asset, net | 22,401 | 21,248 | 21,145 | 16,520 | 18,299 | |||||||||||||||
Servicing asset | 44,734 | 36,529 | 30,244 | 24,531 | 22,299 | |||||||||||||||
Other assets | 33,979 | 22,877 | 23,693 | 38,109 | 30,717 | |||||||||||||||
Total Assets | $ | 2,675,233 | $ | 2,532,249 | $ | 2,477,291 | $ | 2,442,794 | $ | 2,415,755 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 433,565 | $ | 384,869 | $ | 383,559 | $ | 354,070 | $ | 345,063 | ||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Demand and money market | 653,172 | 632,542 | 638,582 | 604,124 | 618,269 | |||||||||||||||
Savings | 313,716 | 331,505 | 329,223 | 310,835 | 338,983 | |||||||||||||||
Time deposits, $100,000 and over | 363,421 | 356,661 | 346,743 | 348,871 | 343,570 | |||||||||||||||
Other time deposits | 303,990 | 310,581 | 314,675 | 326,471 | 332,185 | |||||||||||||||
Brokered deposits | 87,183 | 41,843 | 56,942 | 59,303 | 9,204 | |||||||||||||||
Total deposits | 2,155,047 | 2,058,001 | 2,069,724 | 2,003,674 | 1,987,274 | |||||||||||||||
Federal Funds Purchased | 115,000 | 100,000 | 88,500 | 99,500 | 48,718 | |||||||||||||||
Short-term borrowings | 18,641 | 76,051 | 37,160 | 50,889 | 82,500 | |||||||||||||||
Subordinated debt | 67,527 | 67,527 | 67,527 | 67,527 | 67,527 | |||||||||||||||
Other long-term debt | 10,000 | 10,000 | — | — | 25,000 | |||||||||||||||
Accrued interest payable | 1,944 | 1,375 | 2,093 | 1,467 | 2,231 | |||||||||||||||
Other liabilities | 33,972 | 19,994 | 19,399 | 32,236 | 23,596 | |||||||||||||||
Total Liabilities | 2,402,131 | 2,332,948 | 2,284,403 | 2,255,293 | 2,236,846 | |||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Preferred stock | 47,785 | 47,564 | 47,344 | 47,123 | 46,902 | |||||||||||||||
Common stock | 153,107 | 84,777 | 82,499 | 79,855 | 77,055 | |||||||||||||||
Accumulated other comprehensive gain, net of tax | 1,475 | 3,376 | 3,545 | 4,242 | 3,882 | |||||||||||||||
Retained earnings | 70,735 | 63,584 | 59,500 | 56,281 | 51,070 | |||||||||||||||
Total shareholders' equity | 273,102 | 199,301 | 192,888 | 187,501 | 178,909 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 2,675,233 | $ | 2,532,249 | $ | 2,477,291 | $ | 2,442,794 | $ | 2,415,755 | ||||||||||
Book Value Per Common Share | $ | 10.75 | $ | 10.08 | $ | 9.71 | $ | 9.46 | $ | 8.94 | ||||||||||
Shares of Common Stock Outstanding (1) | 20,962,228 | 15,059,649 | 14,991,310 | 14,836,810 | 14,767,351 | |||||||||||||||
(1) Adjusted for stock dividends and retroactive application on shares outstanding | ||||||||||||||||||||
FIDELITY SOUTHERN CORPORATION LOANS, BY CATEGORY (UNAUDITED) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Commercial | $ | 507,407 | $ | 517,203 | $ | 509,243 | $ | 500,232 | $ | 481,513 | ||||||||||
SBA loans | 131,795 | 126,435 | 121,428 | 102,482 | 101,167 | |||||||||||||||
Total Commercial and SBA Loans | 639,202 | 643,638 | 630,671 | 602,714 | 582,680 | |||||||||||||||
Construction | 100,955 | 94,651 | 89,924 | 94,468 | 96,797 | |||||||||||||||
Indirect loans | 904,098 | 959,471 | 930,232 | 921,400 | 940,396 | |||||||||||||||
Installment loans | 13,954 | 12,897 | 18,774 | 14,226 | 16,666 | |||||||||||||||
Total Consumer Loans | 918,052 | 972,368 | 949,006 | 935,626 | 957,062 | |||||||||||||||
First Mortgage Loans | 40,972 | 38,501 | 37,785 | 40,215 | 39,520 | |||||||||||||||
Second Mortgage Loans | 76,791 | 68,105 | 69,645 | 72,162 | 70,145 | |||||||||||||||
Total Mortgage Loans | 117,763 | 106,606 | 107,430 | 112,377 | 109,665 | |||||||||||||||
Loans | 1,775,972 | 1,817,263 | 1,777,031 | 1,745,185 | 1,746,204 | |||||||||||||||
Loans Held-For-Sale: | ||||||||||||||||||||
Originated Residential Mortgage | 309,175 | 281,839 | 253,108 | 212,714 | 164,144 | |||||||||||||||
SBA | 10,842 | 14,102 | 20,986 | 16,945 | 20,191 | |||||||||||||||
Indirect Auto | 35,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
Total Loans Held-For-Sale | 355,017 | 325,941 | 304,094 | 259,659 | 214,335 | |||||||||||||||
Total Loans | $ | 2,130,989 | $ | 2,143,204 | $ | 2,081,125 | $ | 2,004,844 | $ | 1,960,539 | ||||||||||
Non-Covered Loans | $ | 1,691,258 | $ | 1,743,092 | $ | 1,699,892 | $ | 1,648,678 | $ | 1,632,015 | ||||||||||
Covered Loans | 84,714 | 74,171 | 77,139 | 96,507 | 114,189 | |||||||||||||||
Loans Held-For-Sale | 355,017 | 325,941 | 304,094 | 259,659 | 214,335 | |||||||||||||||
Total Loans | $ | 2,130,989 | $ | 2,143,204 | $ | 2,081,125 | $ | 2,004,844 | $ | 1,960,539 | ||||||||||
DEPOSITS, BY CATEGORY (UNAUDITED) | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Noninterest-Bearing Demand | $ | 433,565 | $ | 384,869 | $ | 383,559 | $ | 354,070 | $ | 345,063 | ||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||
Interest-Bearing Demand / | 653,172 | 632,542 | 638,582 | 604,124 | 618,269 | |||||||||||||||
Savings | 313,716 | 331,505 | 329,223 | 310,835 | 338,983 | |||||||||||||||
Time Deposits $100,000 and Over | 363,421 | 356,661 | 346,743 | 348,871 | 343,570 | |||||||||||||||
Other Time Deposits | 303,990 | 310,581 | 314,675 | 326,471 | 332,185 | |||||||||||||||
Brokered Deposits | 87,183 | 41,843 | 56,942 | 59,303 | 9,204 | |||||||||||||||
Total Deposits | $ | 2,155,047 | $ | 2,058,001 | $ | 2,069,724 | $ | 2,003,674 | $ | 1,987,274 | ||||||||||
FIDELITY SOUTHERN CORPORATION ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (UNAUDITED) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Balance at Beginning of Period | $ | 33,910 | $ | 33,982 | $ | 31,476 | $ | 27,205 | $ | 29,282 | $ | 33,982 | $ | 27,956 | |||||||||||||
Net Charge-Offs (Recoveries): | |||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | 164 | 2,416 | 421 | 41 | 613 | 2,580 | 643 | ||||||||||||||||||||
SBA | 559 | 56 | 271 | 103 | 84 | 615 | 81 | ||||||||||||||||||||
Real Estate Construction | 40 | 118 | (78) | (31) | 1,607 | 158 | 2,974 | ||||||||||||||||||||
Real Estate Mortgage | 27 | 393 | 30 | 23 | 228 | 420 | 228 | ||||||||||||||||||||
Consumer Installment | 931 | 669 | 3,026 | 1,085 | 495 | 1,600 | 1,525 | ||||||||||||||||||||
Total Net Charge-Offs | 1,721 | 3,652 | 3,670 | 1,221 | 3,027 | 5,373 | 5,451 | ||||||||||||||||||||
Provision for Loan Losses - | 500 | 3,450 | 4,666 | 2,500 | 950 | 3,950 | 4,700 | ||||||||||||||||||||
Impairment Provision - Covered Loans | 70 | 26 | 577 | 977 | — | 96 | — | ||||||||||||||||||||
Indemnification - Covered Loans | 550 | 104 | 933 | 2,015 | — | 654 | — | ||||||||||||||||||||
Balance at End of Period | $ | 33,309 | $ | 33,910 | $ | 33,982 | $ | 31,476 | $ | 27,205 | $ | 33,309 | $ | 27,205 | |||||||||||||
Ratio of Net Charge-Offs during the Period | 0.40 | % | 0.86 | % | 0.81 | % | 0.27 | % | 0.71 | % | 0.63 | % | 0.71 | % | |||||||||||||
Allowance for Loan Losses as a | 1.86 | % | 1.86 | % | 1.92 | % | 1.80 | % | 1.55 | % | 1.86 | % | 1.55 | % | |||||||||||||
Allowance for Loan Losses as a | 1.96 | % | 1.95 | % | 2.01 | % | 1.91 | % | 1.65 | % | 1.96 | % | 1.65 | % | |||||||||||||
NONPERFORMING ASSETS (UNAUDITED) | |||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Non-Covered Nonperforming Assets | |||||||||||||||||||
Nonaccrual Loans | $ | 41,757 | $ | 52,220 | $ | 57,713 | $ | 61,854 | $ | 62,142 | |||||||||
Repossessions | 1,222 | 975 | 1,625 | 1,119 | 1,103 | ||||||||||||||
Other Real Estate | 28,342 | 24,048 | 22,429 | 22,573 | 24,929 | ||||||||||||||
Total Non-Covered Nonperforming Assets | $ | 71,321 | $ | 77,243 | $ | 81,767 | $ | 85,546 | $ | 88,174 | |||||||||
*** Includes SBA Guaranteed Amounts | $ | 14,379 | $ | 16,668 | $ | 12,085 | $ | 8,742 | $ | 8,882 | |||||||||
Non-Covered Loans Past Due 90 Days or More and Still Accruing | $ | — | $ | 141 | $ | — | $ | — | $ | 111 | |||||||||
Non-Covered Loans 30-89 Days Past Due | $ | 6,197 | $ | 12,152 | $ | 5,028 | $ | 7,077 | $ | 5,214 | |||||||||
Ratio of Non-Covered Loans Past Due 90 Days or More and Still Accruing to Total Non-Covered Loans | — | % | 0.01 | % | — | % | — | % | 0.01 | % | |||||||||
Ratio of Non-Covered Loans 30-89 Days Past Due to Total Non-Covered Loans | 0.37 | % | 0.70 | % | 0.30 | % | 0.43 | % | 0.32 | % | |||||||||
Ratio of Non-Covered Nonperforming Assets to Total Non-Covered Loans, ORE, and Repossessions | 4.14 | % | 4.37 | % | 4.74 | % | 5.12 | % | 5.29 | % | |||||||||
Covered Nonperforming Assets | |||||||||||||||||||
Nonaccrual Loans | $ | 30,631 | $ | 29,520 | $ | 25,968 | $ | 28,291 | $ | 28,655 | |||||||||
Other Real Estate | 12,540 | 14,903 | 17,327 | 22,602 | 17,798 | ||||||||||||||
Covered Nonperforming Assets | $ | 43,171 | $ | 44,423 | $ | 43,295 | $ | 50,893 | 46,453 | ||||||||||
Classified Assets | |||||||||||||||||||
Classified Loans | $ | 101,919 | $ | 112,036 | $ | 114,857 | $ | 121,556 | $ | 122,280 | |||||||||
ORE and Other Nonperforming Assets | 42,104 | 39,926 | 41,381 | 46,294 | 43,830 | ||||||||||||||
Total Classified Assets | $ | 144,023 | $ | 151,962 | $ | 156,238 | $ | 167,850 | $ | 166,110 | |||||||||
FIDELITY SOUTHERN CORPORATION | ||||||||||||||||||||||
ANALYSIS OF INDIRECT LENDING | ||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Average loans outstanding | $ | 947,351 | $ | 953,722 | $ | 966,082 | $ | 990,061 | $ | 959,202 | ||||||||||||
Past due loans: | ||||||||||||||||||||||
$ amount of indirect loans past due | $ | 1,360 | $ | 1,159 | $ | 1,262 | $ | 1,095 | $ | 922 | ||||||||||||
# of indirect loans past due | 173 | 162 | 197 | 167 | 145 | |||||||||||||||||
Net charge-offs | $ | 909 | $ | 667 | $ | 989 | $ | 777 | $ | 491 | ||||||||||||
# of repossessed vehicles | 181 | 151 | 181 | 162 | 150 | |||||||||||||||||
Non-performing loans | $ | 594 | $ | 872 | $ | 982 | $ | 550 | $ | 778 | ||||||||||||
30+ day performing delinquency rate (1) | 0.14 | % | 0.12 | % | 0.14 | % | 0.11 | % | 0.10 | % | ||||||||||||
Net charge-off rate (2) | 0.33 | % | 0.28 | % | 0.37 | % | 0.31 | % | 0.20 | % | ||||||||||||
Average beacon score | 755 | 742 | 747 | 751 | 752 | |||||||||||||||||
Production by State: | ||||||||||||||||||||||
Alabama | $ | 16,576 | $ | 16,847 | $ | 14,322 | $ | 18,261 | $ | 16,575 | ||||||||||||
Arkansas | 7,728 | 4,760 | 3,514 | 3,633 | — | |||||||||||||||||
North Carolina | 18,750 | 15,226 | 11,828 | 14,088 | 14,810 | |||||||||||||||||
South Carolina | 10,180 | 7,550 | 6,356 | 9,324 | 7,352 | |||||||||||||||||
Florida | 72,676 | 67,243 | 59,782 | 66,264 | 67,470 | |||||||||||||||||
Georgia | 38,203 | 42,218 | 34,484 | 41,182 | 42,196 | |||||||||||||||||
Mississippi | 19,626 | 20,148 | 16,990 | 19,826 | 19,593 | |||||||||||||||||
Tennessee | 19,347 | 14,858 | 8,674 | 13,817 | 16,568 | |||||||||||||||||
Virginia | 10,339 | 8,601 | 6,241 | 8,882 | 9,212 | |||||||||||||||||
Total production by State | $ | 213,425 | $ | 197,451 | $ | 162,191 | $ | 195,277 | $ | 193,776 | ||||||||||||
Outstanding by State: | ||||||||||||||||||||||
Alabama | 8.89 | % | 9.22 | % | 9.29 | % | 9.34 | % | 9.16 | % | ||||||||||||
Arkansas | 1.42 | % | 0.81 | % | 0.52 | % | 0.30 | % | 0.08 | % | ||||||||||||
North Carolina | 8.37 | % | 8.31 | % | 8.41 | % | 8.54 | % | 8.78 | % | ||||||||||||
South Carolina | 3.26 | % | 2.99 | % | 2.94 | % | 2.93 | % | 2.72 | % | ||||||||||||
Florida | 33.07 | % | 33.41 | % | 33.40 | % | 32.89 | % | 32.80 | % | ||||||||||||
Georgia | 25.76 | % | 27.11 | % | 28.45 | % | 29.69 | % | 30.79 | % | ||||||||||||
Mississippi | 7.92 | % | 7.50 | % | 6.81 | % | 6.11 | % | 5.58 | % | ||||||||||||
Tennessee | 8.19 | % | 7.95 | % | 7.85 | % | 8.11 | % | 8.42 | % | ||||||||||||
Virginia | 3.12 | % | 2.70 | % | 2.33 | % | 2.09 | % | 1.67 | % | ||||||||||||
Total outstanding serviced by State | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||
Loan sales | $ | 152,418 | $ | 58,073 | $ | 48,166 | $ | 106,200 | $ | 46,300 | ||||||||||||
Yield | 3.85 | % | 4.00 | % | 4.06 | % | 4.17 | % | 4.34 | % | ||||||||||||
(1) | Calculated by dividing 30+ day performing delinquent loans as of the end of the period by period-end loans held for investment for the specified loan category. | |||||||||||||||||||||
(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. | |||||||||||||||||||||
INDIRECT LENDING ACTIVITIES | ||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Servicing income, net | $ | 1,012 | $ | 834 | $ | 926 | $ | 828 | $ | 827 | ||||||||||||
Marketing gain, net | 1,769 | 812 | 551 | 1,336 | 783 | |||||||||||||||||
Total indirect lending activities | $ | 2,781 | $ | 1,646 | $ | 1,477 | $ | 2,164 | $ | 1,610 | ||||||||||||
FIDELITY SOUTHERN CORPORATION | ||||||||||||||||||||||
ANALYSIS OF MORTGAGE LENDING | ||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Average loans outstanding | $ | 297,024 | $ | 284,910 | $ | 257,740 | $ | 225,912 | $ | 161,890 | ||||||||||||
Average servicing outstanding | $ | 3,239,672 | $ | 2,817,771 | $ | 2,425,493 | $ | 2,022,906 | $ | 1,708,261 | ||||||||||||
% of loan production for purchases | 58.30 | % | 36.78 | % | 34.45 | % | 45.59 | % | 55.38 | % | ||||||||||||
% of loan production for refinance | 41.70 | % | 63.22 | % | 65.55 | % | 54.41 | % | 44.62 | % | ||||||||||||
Production by State: | ||||||||||||||||||||||
Georgia | $ | 427,815 | $ | 392,749 | $ | 498,542 | $ | 401,943 | $ | 305,117 | ||||||||||||
Florida | 24,025 | 15,862 | 16,895 | 14,902 | 9,894 | |||||||||||||||||
Virginia | 167,099 | 111,126 | 126,901 | 64,500 | 17,454 | |||||||||||||||||
Total retail | 618,939 | 519,737 | 642,338 | 481,345 | 332,465 | |||||||||||||||||
Wholesale | 165,022 | 136,508 | 150,648 | 136,120 | 139,341 | |||||||||||||||||
Total production | $ | 783,961 | $ | 656,245 | $ | 792,986 | $ | 617,465 | $ | 471,806 | ||||||||||||
Loan sales | $ | 756,224 | $ | 634,074 | $ | 701,018 | $ | 569,038 | $ | 405,647 | ||||||||||||
Yield | 3.15 | % | 3.43 | % | 3.58 | % | 3.69 | % | 4.03 | % | ||||||||||||
MORTGAGE BANKING ACTIVITIES | ||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Servicing income, net | $ | 9,507 | $ | 7,836 | $ | 7,298 | $ | 2,688 | $ | 1,969 | ||||||||||||
Marketing gain, net | 6,439 | 6,507 | 7,476 | 8,405 | 5,818 | |||||||||||||||||
Origination points and fees | 4,212 | 3,452 | 3,879 | 3,662 | 3,053 | |||||||||||||||||
Total mortgage banking activities | $ | 20,158 | $ | 17,795 | $ | 18,653 | $ | 14,755 | $ | 10,840 | ||||||||||||
Non-cash items: | ||||||||||||||||||||||
Capitalized MSR, net | $ | 5,934 | $ | 4,467 | $ | 4,991 | $ | 3,586 | $ | 2,881 | ||||||||||||
Valuation on MSR | 1,551 | 1,609 | 702 | (2,138) | (1,953) | |||||||||||||||||
Mark to market adjustments | (6,634) | (2,345) | (3,810) | 3,454 | 2,561 | |||||||||||||||||
Total non-cash items | $ | 851 | $ | 3,731 | $ | 1,883 | $ | 4,902 | $ | 3,489 | ||||||||||||
FIDELITY SOUTHERN CORPORATION AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) | |||||||||||||||||
SIX MONTHS ENDED | |||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||
Assets | ($ in thousands) | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||
Taxable | $ | 2,116,925 | $ | 46,785 | 4.46 | % | $ | 1,828,287 | $ | 45,572 | 5.00 | % | |||||
Tax-exempt (1) | 6,959 | 167 | 4.84 | % | 4,870 | 102 | 4.28 | % | |||||||||
Total loans | 2,123,884 | 46,952 | 4.46 | % | 1,833,157 | 45,674 | 5.00 | % | |||||||||
Investment securities: | |||||||||||||||||
Taxable | 148,940 | 1,594 | 2.16 | % | 200,152 | 2,294 | 2.29 | % | |||||||||
Tax-exempt (2) | 17,195 | 529 | 6.20 | % | 19,053 | 609 | 6.39 | % | |||||||||
Total investment securities | 166,135 | 2,123 | 2.58 | % | 219,205 | 2,903 | 2.66 | % | |||||||||
Interest-bearing deposits | 39,554 | 18 | 0.09 | % | 20,941 | 22 | 0.21 | % | |||||||||
Federal funds sold | 1,044 | — | 0.05 | % | 894 | — | 0.06 | % | |||||||||
Total interest-earning assets | 2,330,617 | 49,093 | 4.37 | % | 2,074,197 | 48,599 | 4.71 | % | |||||||||
Noninterest-earning: | |||||||||||||||||
Cash and due from banks | 14,107 | 22,234 | |||||||||||||||
Allowance for loan losses | (33,462) | (28,160) | |||||||||||||||
Premises and equipment, net | 39,515 | 31,359 | |||||||||||||||
Other real estate | 38,899 | 31,707 | |||||||||||||||
Other assets | 134,409 | 109,573 | |||||||||||||||
Total assets | $ | 2,524,085 | $ | 2,240,910 | |||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 624,179 | $ | 841 | 0.28 | % | $ | 551,785 | $ | 749 | 0.27 | % | |||||
Savings deposits | 324,552 | 706 | 0.44 | % | 366,822 | 544 | 0.30 | % | |||||||||
Time deposits | 721,348 | 3,680 | 1.03 | % | 649,992 | 4,372 | 1.35 | % | |||||||||
Total interest-bearing deposits | 1,670,079 | 5,227 | 0.63 | % | 1,568,599 | 5,665 | 0.73 | % | |||||||||
Federal funds purchased | 46,308 | 174 | 0.76 | % | 11,691 | 49 | 0.84 | % | |||||||||
Securities sold under agreements to repurchase | 13,043 | 9 | 0.15 | % | 13,512 | 16 | 0.22 | % | |||||||||
Other short-term borrowings | 107,915 | 484 | 0.90 | % | 51,028 | 362 | 1.43 | % | |||||||||
Subordinated debt | 67,527 | 1,735 | 5.18 | % | 67,527 | 2,271 | 6.77 | % | |||||||||
Long-term debt | 6,133 | 12 | 0.41 | % | 36,017 | 439 | 2.45 | % | |||||||||
Total interest-bearing liabilities | 1,911,005 | 7,641 | 0.81 | % | 1,748,374 | 8,802 | 1.01 | % | |||||||||
Noninterest-bearing: | |||||||||||||||||
Demand deposits | 386,460 | 282,909 | |||||||||||||||
Other liabilities | 20,532 | 38,491 | |||||||||||||||
Shareholders' equity | 206,088 | 171,136 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,524,085 | $ | 2,240,910 | |||||||||||||
Net interest income/spread | $ | 41,452 | 3.56 | % | $ | 39,797 | 3.70 | % | |||||||||
Net interest margin | 3.59 | % | 3.86 | % | |||||||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $58,500 and $36,500, respectively. | |||||||||||||||||
(2) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $185,100 and $215,800, respectively. | |||||||||||||||||
FIDELITY SOUTHERN CORPORATION AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) | |||||||||||||||||
THREE MONTHS ENDED | |||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||
Assets | ($ in thousands) | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||
Taxable | $ | 2,142,852 | $ | 22,883 | 4.28 | % | $ | 1,876,094 | $ | 22,868 | 4.90 | % | |||||
Tax-exempt (1) | 8,065 | 102 | 5.07 | % | 4,839 | 53 | 4.45 | % | |||||||||
Total loans | 2,150,917 | 22,985 | 4.29 | % | 1,880,933 | 22,921 | 4.90 | % | |||||||||
Investment securities: | |||||||||||||||||
Taxable | 153,860 | 745 | 1.94 | % | 179,751 | 989 | 2.20 | % | |||||||||
Tax-exempt (2) | 16,502 | 253 | 6.14 | % | 19,003 | 303 | 6.39 | % | |||||||||
Total investment securities | 170,362 | 998 | 2.35 | % | 198,754 | 1,292 | 2.61 | % | |||||||||
Interest-bearing deposits | 56,566 | 15 | 0.11 | % | 7,756 | 4 | 0.21 | % | |||||||||
Federal funds sold | 1,203 | — | 0.05 | % | 778 | — | 0.06 | % | |||||||||
Total interest-earning assets | 2,379,048 | 23,998 | 4.05 | % | 2,088,221 | 24,217 | 4.66 | % | |||||||||
Noninterest-earning: | |||||||||||||||||
Cash and due from banks | 14,250 | 27,367 | |||||||||||||||
Allowance for loan losses | (33,264) | (28,282) | |||||||||||||||
Premises and equipment, net | 41,126 | 33,254 | |||||||||||||||
Other real estate | 39,014 | 34,058 | |||||||||||||||
Other assets | 137,859 | 111,257 | |||||||||||||||
Total assets | $ | 2,578,033 | $ | 2,265,875 | |||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 627,892 | $ | 423 | 0.27 | % | $ | 566,587 | $ | 352 | 0.25 | % | |||||
Savings deposits | 318,804 | 329 | 0.41 | % | 356,457 | 252 | 0.28 | % | |||||||||
Time deposits | 729,995 | 1,848 | 1.02 | % | 636,472 | 2,054 | 1.31 | % | |||||||||
Total interest-bearing deposits | 1,676,691 | 2,600 | 0.62 | % | 1,559,516 | 2,658 | 0.69 | % | |||||||||
Federal funds purchased | 35,625 | 67 | 0.76 | % | 22,910 | 48 | 0.83 | % | |||||||||
Securities sold under agreements to repurchase | 14,573 | 5 | 0.14 | % | 10,967 | 7 | 0.21 | % | |||||||||
Other short-term borrowings | 131,891 | 191 | 0.58 | % | 64,478 | 198 | 1.24 | % | |||||||||
Subordinated debt | 67,527 | 868 | 5.15 | % | 67,527 | 1,132 | 6.75 | % | |||||||||
Long-term debt | 10,000 | 10 | 0.41 | % | 25,028 | 152 | 2.44 | % | |||||||||
Total interest-bearing liabilities | 1,936,307 | 3,741 | 0.77 | % | 1,750,426 | 4,195 | 0.96 | % | |||||||||
Noninterest-bearing: | |||||||||||||||||
Demand deposits | 402,878 | 299,702 | |||||||||||||||
Other liabilities | 21,357 | 42,227 | |||||||||||||||
Shareholders' equity | 217,491 | 173,520 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,578,033 | $ | 2,265,875 | |||||||||||||
Net interest income/spread | $ | 20,257 | 3.28 | % | $ | 20,022 | 3.70 | % | |||||||||
Net interest margin | 3.42 | % | 3.86 | % | |||||||||||||
(1) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $22,800 and $17,700, respectively. | |||||||||||||||||
(2) Interest income includes the effect of taxable-equivalent adjustment for 2013 and 2012 of $96,600 and $103,700, respectively. | |||||||||||||||||
Contacts: Martha Fleming, Steve Brolly
Fidelity Southern Corporation (404) 240-1504
SOURCE Fidelity Southern Corporation
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