Market Overview

Fidelity Southern Corporation Reports Earnings For Fourth Quarter Of $12.4 Million; $39.8 Million In 2017

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ATLANTA, Jan. 18, 2018 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), today reported net income of $12.4 million, or $0.46 per diluted share for the quarter ended December 31, 2017, compared with $7.9 million, or $0.30 per diluted share, for the quarter ended September 30, 2017. For the year ended December 31, 2017, the Company reported net income of $39.8 million, or $1.49 per diluted share, compared with $38.8 million, or $1.50 per diluted share, for the same period in 2016.

Fidelity's Chairman, Jim Miller, said, "With a little help from Washington, we made a lot of money as our "old" strategy played out in 2017. That strategy was modified beginning early in 2017. Interest rates are the reason. However, destructive interest rate competition in commercial credits has only now abated and our ability to compete is here. Our efforts did pay off in the 4th quarter. Much more is to come as the loan portfolio is rebalanced to higher income commercial credits as consumer lending is deemphasized to meet today's reality."

President Palmer Proctor added, "We have created good momentum this year in positioning the bank for future organic growth from our commercial bank and mortgage businesses, becoming more efficient and effective in all we do, and being ready for any strategic opportunities that may arise. We are very pleased with the 20% annual growth in our demand and money market deposits, continued improvements in our asset quality, and the 9% or $1.15 per share growth in our tangible book value. We are optimistic about 2018."

RECENT EVENTS 
As a result of the Tax Cuts and Jobs Act that was enacted into law on December 22, 2017, Fidelity revalued its net deferred tax liability position to reflect the reduction in the federal corporate income tax rate from 35% to 21%. This revaluation resulted in a one-time income tax benefit of approximately $4.9 million, or $0.18 of diluted earnings per common share, for the fourth quarter of 2017.

BALANCE SHEET 
Total assets grew by $71.4 million, or 1.6%, during the quarter, to $4.6 billion at December 31, 2017, compared to $4.5 billion at September 30, 2017, primarily due to increased loan production of $188.7 million, partially offset by a decrease in cash of $125.7 million during the quarter. Demand and money market deposits grew by $27.4 million, but this increase was partially offset by a seasonal decrease in time and savings deposits of $98.6 million, for a net decrease in deposits of $71.2 million during the quarter.

Short-term FHLB borrowings and securities sold under repurchase agreements increased by $135.8 million, due to the increased loan production and lower deposit funding. In addition, other liabilities decreased by $6.8 million, or 15.6%, due primarily to the revaluation of the deferred tax liability at December 31, 2017, as discussed in the Income Taxes section below.

Total assets grew by $187.2 million or 4.3%, to $4.6 billion at December 31, 2017, compared to $4.4 billion at December 31, 2016. Primary drivers of the year over year change were loan growth of $171.1 million, or 4.5%, funded by total deposit increases of $236.6 million, or 6.5%, which allowed the Company to eliminate $92.8 million, or 38.1%, of short-term borrowings, as compared to December 31, 2016.

Loans 
Total loans of $3.9 billion at December 31, 2017, increased by $188.7 million, or 5.0%, as compared to September 30, 2017. Increases of $106.5 million in indirect loans, $19.6 million in commercial/SBA loans, and $40.6 million in mortgage loans were noted in the quarter. Indirect loan production increased by $88.9 million, or 34.7%, in anticipation of indirect loan sales in the first half of 2018. Loans held-for-sale increased by $17.4 million, as the pipeline for expected loan sales was raised for the quarter.

Total loans increased by $171.1 million, or 4.5%, compared to December 31, 2016. An increase in mortgage loans of $134.7 million accounted for most of the increase, primarily due to lower sales of mortgage loans of $226.6 million in 2017. Commercial and construction portfolios also experienced growth year over year.

Asset Quality 
Asset quality remained strong as evidenced by the reduction in non performing assets, excluding the guaranteed portion of SBA and GNMA loans ("adjusted NPA's") and acquired loans.  Adjusted NPA's, a non-GAAP measure, decreased by $4.6 million, or 11.5%, during 2017. The reconciliation to the comparable GAAP measure is included in the schedules accompanying this release.

On a linked-quarter basis, the provision for loan losses decreased by $1.4 million, while net charge-offs were flat. Gross charge-offs increased by $1.6 million, offset by an increase in gross recoveries of $1.8 million, on a linked-quarter basis, mainly due to charge-offs of specific reserves established in prior quarters on several C&I loans to operating companies.  Annualized net charge-offs remained relatively flat at an increase of 0.1% of average loans. No provision for loan losses was recorded in the fourth quarter due to elevated loan recoveries.

Compared to 2016, the provision for loan losses for the year decreased by $4.0 million, reflecting strong asset quality.

Fair Value Adjustments 
Loan servicing rights increased by $725,000, or 0.6%, to $112.6 million at December 31, 2017, compared to $111.9 million at September 30, 2017, and by $13.3 million, or 13.4%, compared to December 31, 2016. Mortgage servicing rights ("MSRs"), the primary component of loan servicing rights, contributed the majority of the change, increasing by $1.6 million and $14.5 million during the quarter and year, respectively.

New loan servicing rights capitalized on sales of mortgage loans with servicing retained decreased by $1.7 million, or 19.8%, for the quarter but increased $766,000, or 2.7%, for the year. Capitalized servicing decreased on a linked-quarter basis due to the seasonality of mortgage production. Historically, production begins to decrease after the strong summer buying season. Capitalized servicing increased for the year even though sales of loans with servicing retained decreased by $305.2 million, or 12.1%, for the year because, as a result of rising interest rates, servicing rights are expected to remain in the portfolio longer, leading to higher projected expected lives. The decrease in sales of loans sold servicing retained was primarily due to fewer originated mortgages from refinance transactions, as year over year, we originated $513.3 million, or 55.7%, fewer refinance loans. This was partially offset by increased volume of purchase money mortgages and new market expansion.

Amortization of MSRs was flat for the linked-quarter, increasing by $48,000, or 1.4%, but was $1.6 million, or 10.2%, lower in 2017 compared to the prior year. The annual decrease is primarily the result of lower actual and predicted early prepayments in 2017, compared to 2016, as a result of the relatively more stable interest rate environment in 2017.

MSRs impairment of $1.5 million was recorded during the quarter, an increase of $932,000, or 171.2%, compared to the prior quarter. The increase in impairment was primarily related to higher actual early prepayments, and higher expected future delinquent servicing costs. Higher future servicing costs are expected as the Company continues to adapt to and implement increased regulatory requirements and as the average age of the serviced portfolio grows.

The current estimated fair market value of the MSRs was $103.7 million at December 31, 2017, an excess of $3.0 million over the net carrying value recorded. If interest rates trend upward, the fair market value would theoretically increase with a corresponding decrease in early prepayment expectations and some portion of the cumulative impairment recorded may be recovered. However, the value of the MSRs is highly dependent on current market rates so any interest rate volatility could significantly impact the value of the asset and the recorded impairment, either positively or negatively.

Fair value gains on the portfolio of mortgage loans held for sale, interest rate lock commitments ("IRLCs") and hedge items were $10.3 million at December 31, 2017, a decrease of $1.3 million, or 11.5%, for the quarter. The decrease was primarily attributable to a decrease in the gross pipeline of locked loans to be sold during the winter months, historically a lower buying season and one of the lowest production periods of the year. In the future, slower winter seasonality should be partially offset by continued expansion into Florida markets, where winter home buying is stronger than in other markets. Since the Bank hedges its mortgage pipeline and held for sale portfolio, the volatility of these items due to interest rate movements collectively should be minimal.

Deposits 
Fidelity continued to focus on core deposit growth as demand and money market deposits grew by $27.4 million, or 1.1%, to $2.6 billion, during the quarter, and by $445.0 million, or 20.4%, in 2017. Florida total deposits increased by $10.8 million, during the quarter, and $241.7 million in 2017. Noninterest-bearing demand deposits ended 2017 at a record level of $1.1 billion, an increase of $12.9 million, or 1.2%, for the quarter and $160.7 million, or 16.7%% in 2017.

Increases in demand and money market deposits were partially offset by decreases in savings deposits of $33.1 million and $81.0 million and time deposits of $65.5 million and $127.4 million, for the quarter and year over year, respectively. The enhanced core deposit base allowed the Bank to be more relationship-oriented in its approach to time deposits and non core brokered CD's which decreased by $30.6 million and $64.5 million, for the quarter and year over year, respectively.

INCOME STATEMENT

Net Income 
Net income was $12.4 million, or $4.5 million more than the previous quarter. The increase in earnings was driven by an increase in net interest income of $2.5 million, primarily due to an increase in loan yield and average loans, the aforementioned decrease in provision for loan losses, and a $5.4 million decrease in income tax expense, including a one-time tax benefit of $4.9 million as a result of the revaluation of the net deferred tax liability, as discussed in the Income Taxes section below.  The increases in net income driven by these items were partially offset by lower noninterest income of $4.8 million, primarily led by mortgage lending activities as a result of lower originations and loan sales due to seasonality.

Net income was $39.8 million for the year, an increase of $1.0 million, or 2.7%, as compared to the same period in the prior year, primarily driven by higher net interest income of $6.4 million, lower provision for loan losses of $4.0 million, offset by lower noninterest income of $6.4 million, and higher noninterest expense of $9.9 million. In addition, income tax expense was $6.9 million lower in 2017, including the one-time benefit discussed above. 

Interest Income 
Interest income of $41.7 million for the quarter increased by $2.5 million, or 6.7%, compared to the prior quarter, primarily driven by an increase of 17 basis points in the yield on loans and an increase in average loans of $106.5 million.  Interest income on loans for the quarter included $1.2 million in accretable yield earned on the purchased credit impaired ("PCI") loan portfolio, which accounted for 7 basis points of the increase. Management does not believe that the increase in the accretable yield recognized during the quarter is reflective of a trend that will continue in future quarters.

This increase was partially offset by a decrease in interest income from excess fed funds sold and interest-bearing deposits with banks of $230,000, or 2 basis points for the quarter as excess funds were used to pay down short-term borrowings.

As compared to the same period in the prior year, interest income increased by $3.4 million, or 8.8%, as the yield on loans increased by 25 basis points, primarily in the commercial, construction, and mortgage loan portfolios, including an increase of 7 basis points attributable to accretable yield.

Interest income was $158.0 million for the year, an increase of $8.7 million or 5.8%, compared to the same period in the prior year, primarily due to an increase of 5 basis points in the yield on loans and an increase in $139.1 million in average loans.

Interest Expense 
Interest expense of $5.8 million, increased slightly by $68,000, or 1.3%, for the quarter, primarily due to a 1 basis point increase in deposit expense for the quarter. As compared to the same periods in the prior year, interest expense increased by $427,000, or 8.0%, for the quarter, and by $2.3 million, or 11.2%, year over year, as market rates and balances on deposits increased over the past twelve months.

Net Interest Margin 
The net interest margin was 3.42% for the quarter compared to 3.20% in the previous quarter, an increase of 22 basis points.  The yield on total average earning assets increased from 3.75% to 3.97%, offset by a slight increase in the yield on total interest bearing liabilities of 1 basis point to 0.78%. Average loans increased by $106.5 million with a 17 basis point increase in yield, due to higher yields on indirect lending, mortgage and commercial/SBA loans, including an increase of 7 basis points in accretable yield on PCI loans. Management does not believe that the increase in the accretable yield recognized during the quarter is reflective of a trend that will continue in future quarters.

Average interest-bearing liabilities decreased by $6.0 million, primarily driven by a decrease in average time deposits, partially offset by increases in average demand and savings deposits, as the Bank focused on core deposit growth, and the previously discussed increase in borrowings for the quarter to fund loan growth.

As compared to the same period a year ago, the net interest margin for the quarter, increased by 17 basis points to 3.42% from 3.25%, primarily due to a 25 basis point increase in the yield on earning assets, offset by an increase in the yield on total interest-bearing liabilities of 7 basis points from 0.71%. Higher yields on earning assets included an increase of 7 basis points in accretable yield on PCI loans.  Average earning assets increased by $117.0 million, primarily due to an increase in average loans over the year and and the excess cash generated over the year by the increase in deposits. Average interest-bearing liabilities decreased by $53.1 million, primarily driven by an decrease in average borrowings of $264.1 million, offset by an increase in average interest-bearing deposits of $210.9 million.

Noninterest Income 
On a linked-quarter basis, noninterest income decreased by $4.8 million, or 10.1%, largely due to a net decrease in income from mortgage banking activities of $4.1 million, or 11.0%, including a $1.5 million MSRs impairment. Marketing gains and origination points and fees decreased primarily due to lower mortgage production, which decreased $83.1 million, due to seasonality of mortgage production, and a lower pipeline of locked loans to be sold, which decreased by $61.5 million, or 23.2%, during the quarter. In addition, mortgage loan sales decreased $129.4 million, or 17.7%, during the quarter. SBA lending activities income decreased by $879,000, due to lower gain on loan sales and increased held for sale balances, and other income decreased by $560,000, a direct result of lower gains on OREO sales. Offsetting these decreases, indirect lending activities income increased by $665,000, led by an increase in indirect loan sales of $32.6 million, resulting in higher gain on sale of $269,000 and an increase in capitalization of servicing rights of $224,000 as the Company retained the servicing on those sales.

Compared to the same period a year ago, noninterest income for the quarter of $28.9 million decreased by $18.3 million, or 38.7%, primarily due to a net decrease in income from mortgage banking activities of $16.5 million, or 44.1%, stemming from a change in MSRs impairment/recovery of $14.6 million.

Noninterest income was $135.0 million in 2017, a decrease of $6.4 million, or 4.5%, compared to the prior year, primarily due to decreases in income from mortgage banking activities of $2.8 million, indirect lending activities of $2.4 million, and SBA lending activities of $1.1 million. Year over year changes are primarily the result of lower MSRs recovery and gain on asset sales.

Noninterest Expense 
On a linked-quarter basis, total noninterest expense increased by $73,000, or 0.1%, for the quarter, primarily due to an increase in fraud and other losses of $587,000, loan origination expenses of $383,000 and $284,000 in OREO property tax expense. These increases were offset by a decrease in salaries and employee benefits, and commissions of $1.4 million, or 4.0%, due to a decrease in commissions of $797,000 relating to lower mortgage loan production for the quarter. Salaries decreased by $586,000, primarily due to decreases in temporary help, overtime, 401K expense, and supplemental retirement expense.

Compared to the prior year quarter, noninterest expense of $52.9 million decreased by $1.3 million, or 2.3%. Salaries and employee benefits, and commissions decreased by $1.1 million, or 3.2%, compared to the same quarter in 2016, due primarily to a decrease in commissions as mortgage loan production was lower in 2017 than 2016.

Noninterest expense of $210.9 million increased by $9.9 million, or 4.9%, year over year. The increase in noninterest expense was related to organic growth in the mortgage and Wealth Management divisions, and expense related to our operational excellence initiative launched earlier in the year. Salaries and employee benefits, and commissions increased by $7.3 million, or 5.6%, for the year, mainly due to an increase in the FTE count of 109, or 8.5%, primarily due to growth in our mortgage and Wealth Management businesses. Professional and other services also increased by $3.1 million, or 20.5%, primarily due to increased expenses paid to outside third parties for infrastructure improvement projects and costs associated with new and existing regulations. Fidelity remains committed to implementing changes to operations and technology that will enable the Bank to be more efficient and effective in its growth strategies.

Income Taxes 
The Tax Cuts and Jobs Act enacted on December 22, 2017 included, among other things, a reduction in the federal corporate income tax rate from 35 percent to 21 percent from the beginning of the tax year 2018. The income tax rate change will favorably impact Fidelity's effective tax rate going forward.

As a result of the rate change, Fidelity revalued its net deferred tax liability at December 31, 2017 which reduced income tax expense by $4.9 million for the quarter. The main component of Fidelity's net deferred tax liability position is the timing of MSRs income recognition which resulted in an $11.2 million tax benefit, partially offset by tax expense of $5.9 million to revalue future deductions related to the loan loss allowance and employee compensation programs at the lower corporate income tax rate going forward.

Excluding the effects of the one-time tax benefit recorded to revalue the net deferred tax liability and the benefit of discrete items recorded during the quarter for employee stock option exercises, the effective tax rate was constant compared to the prior quarter at 38.3%.

The one-time tax benefit recorded during the quarter to revalue the net deferred tax liability represents a reasonable estimate determined by management. Any adjustments to provisional amounts determined during the measurement period will be reported as an adjustment to income tax expense or benefit in future periods.

The revaluation of the net deferred tax liability as a result of the rate change does not have any cash flow effect. Additionally, the change in the tax rate does not impact the time frame when the net deferred tax liability is expected to be settled.

OTHER NEWS 
Fidelity continued its retail branch expansion during the quarter with the opening of the Capital Circle branch in Tallahassee, Florida on December 29, 2017. Fidelity has received regulatory approval to open two additional branches in Georgia which it expects to open in Macon and Covington in Q1 2018, which will bring the total number of retail branches to 68.

ABOUT FIDELITY SOUTHERN CORPORATION 
Fidelity Southern Corporation, through its operating subsidiaries, Fidelity Bank and LionMark Insurance Company, provides banking services and Wealth Management services and credit-related insurance products through branches in Georgia and Florida, and an insurance office in Atlanta, Georgia. Indirect auto and mortgage loans are provided throughout the South and parts of the Midwest while SBA loans are originated nationwide. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com.

NON-GAAP FINANCIAL MEASURES 
This release contains certain non-GAAP financial measures. The "GAAP TO NON-GAAP RATIO RECONCILIATION" tables included below reconcile GAAP to non-GAAP ratios. The non-GAAP ratios contain financial information determined by methods other than in accordance with GAAP. Management uses these "non-GAAP" financial measures in its analysis of the Company's performance. Management believes that presentation of these non-GAAP financial measures provides useful supplemental information that allows better comparability with prior periods, as well as with peers in the industry and provides a greater understanding of the asset quality of the Company's loan portfolio exclusive of the indirect auto, government-guaranteed and acquired loan portfolios. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

SAFE HARBOR 
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 2016 Annual Report filed on Form 10-K with the Securities and Exchange Commission. Additional information and other factors that could affect future financial results are included in Fidelity's filings with the Securities and Exchange Commission.

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(UNAUDITED)



As of or for the Quarter Ended



As of or for the twelve months ended

($ in thousands, except per share data)

December 31,
 2017


September 30,
 2017


December 31,
 2016



December 31,
 2017


December 31,
 2016

INCOME STATEMENT DATA:











Interest income

$

41,653



$

39,105



$

38,287




$

157,978



$

149,283


Interest expense

5,779



5,711



5,352




22,730



20,448


Net interest income

35,874



33,394



32,935




135,248



128,835


Provision for loan losses



1,425



2,485




4,275



8,231


Noninterest income

28,888



33,638



47,143




134,952



141,325


Noninterest expense

52,910



52,837



54,170




210,870



201,020


Net income before income taxes

11,852



12,770



23,423




55,055



60,909


Income tax (benefit) expense

(591)



4,836



8,358




15,259



22,143


Net income

12,443



7,934



15,065




39,796



38,766


PERFORMANCE:











Earnings per common share - basic

$

0.46



$

0.30



$

0.57




$

1.50



$

1.52


Earnings per common share - diluted

0.46



0.30



0.57




1.49



1.50


Total revenues

70,541



72,743



85,430




292,930



290,608


Book value per common share

14.86



14.47



13.78




14.86



13.78


Tangible book value per common share

14.41



14.00



13.26




14.41



13.26


Cash dividends paid per common share

0.12



0.12



0.12




0.48



0.48


Dividend payout ratio

26.09

%


40.00

%


21.05

%



32.00

%


31.58

%

Return on average assets

1.10

%


0.70

%


1.37

%



0.89

%


0.92

%

Return on average shareholders' equity, annualized

12.57

%


8.28

%


16.90

%



10.68

%


11.61

%

Equity to assets ratio

8.78

%


8.61

%


8.26

%



8.78

%


8.26

%

Net interest margin

3.42

%


3.20

%


3.25

%



3.26

%


3.32

%

END OF PERIOD BALANCE SHEET SUMMARY:











Total assets

$

4,576,858



$

4,505,423



$

4,389,685




$

4,576,858



$

4,389,685


Earning assets

4,242,218



4,167,549



4,059,414




4,242,218



4,059,414


Loans, excluding Loans Held-for-Sale

3,580,966



3,409,707



3,302,264




3,580,966



3,302,264


Total loans

3,938,721



3,750,036



3,767,592




3,938,721



3,767,592


Total deposits

3,867,200



3,938,360



3,630,594




3,867,200



3,630,594


Shareholders' equity

401,632



388,068



362,647




401,632



362,647


Assets serviced for others

10,242,742



10,109,466



9,207,070




10,242,742



9,207,070


ASSET QUALITY RATIOS:











Net charge-offs to average loans

0.11

%


0.13

%


0.29

%



0.12

%


0.13

%

Allowance to period-end loans

0.83

%


0.90

%


0.90

%



0.83

%


0.90

%

Nonperforming assets to total loans, ORE and repossessions

1.60

%


1.56

%


1.37

%



1.60

%


1.37

%

Adjusted nonperforming assets to loans, ORE and repossessions(1)

1.06

%


0.95

%


1.15

%



1.06

%


1.15

%

Allowance to nonperforming loans, ORE and repossessions

0.47x



0.52x



0.57x




0.47x



0.57x


SELECTED RATIOS:











Loans to total deposits

92.60

%


86.58

%


90.96

%



92.60

%


90.96

%

Average total loans to average earning assets

91.95

%


89.85

%


93.18

%



90.20

%


92.64

%

Noninterest income to total revenue

40.95

%


46.24

%


55.18

%



46.07

%


48.63

%

Leverage ratio

8.87

%


8.81

%


8.58

%



8.87

%


8.58

%

Common equity tier 1 capital

8.62

%


8.81

%


8.35

%



8.62

%


8.35

%

Tier 1 risk-based capital

9.72

%


9.96

%


9.46

%



9.72

%


9.46

%

Total risk-based capital

12.30

%


12.68

%


12.11

%



12.30

%


12.11

%

Mortgage loan production

$

669,733



$

752,854



$

756,868




$

2,776,010



$

2,970,770


Total mortgage loan sales

602,171



731,595




758,775




2,588,842



2,815,480


Indirect automobile production

345,032



256,084



269,052




1,167,373



1,255,591


Total indirect automobile production

59,681



27,115



97,916




431,227



437,812


(1)  Excludes acquired loans and net of SBA & GNMA guarantees. See non-GAAP reconciliation table for the comparable GAAP.

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


($ in thousands)


December 31,
 2017


September 30,
 2017


December 31,
 2016

ASSETS







Cash and cash equivalents


$

186,302



$

312,027



$

149,711


Investment securities available-for-sale


120,121



124,827



144,310


Investment securities held-to-maturity


21,689



15,072



16,583


Loans held-for-sale


357,755



340,329



465,328









Loans


3,580,966



3,409,707



3,302,264


Allowance for loan losses


(29,772)



(30,703)



(29,831)


Loans, net of allowance for loan losses


3,551,194



3,379,004



2,870,484









Premises and equipment, net


88,463



87,792



87,915


Other real estate, net


7,621



8,624



14,814


Bank owned life insurance


71,883



71,455



70,151


Servicing rights, net


112,615



111,890



99,295


Other assets


59,215



54,403



69,145


Total assets


$

4,576,858



$

4,505,423



$

4,389,685









LIABILITIES







Deposits







Noninterest-bearing demand deposits


$

1,125,598



$

1,112,714



$

964,900


Interest-bearing deposits







Demand and money market


1,498,707



1,484,180



1,214,382


Savings


318,749



351,833



399,754


Time deposits


924,146



989,633



1,051,558


Total deposits


3,867,200



3,938,360



3,630,594









Short-term borrowings


150,580



14,746



243,351


Subordinated debt, net


120,587



120,554



120,454


Other liabilities


36,859



43,695



32,639


Total liabilities


4,175,226



4,117,355



4,027,038









SHAREHOLDERS' EQUITY







Preferred stock







Common stock


217,555



212,633



205,309


Accumulated other comprehensive income, net


383



964



692


Retained earnings


183,694



174,471



156,646


Total shareholders' equity


401,632



388,068



362,647


Total liabilities and shareholders' equity


$

4,576,858



$

4,505,423



$

4,389,685


 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)




For the Quarter Ended



For the Year Ended

($ in thousands, except per share data)


December 31,
2017


September 30,
 2017


December 31,
 2016



December 31,
 2017


December 31,
 2016

INTEREST INCOME












Loans, including fees


$

40,065



$

37,290



$

36,935




$

150,998



$

143,605


Investment securities


1,015



1,011



1,241




4,404



5,233


Other


573



804



111




2,576



445


Total interest income


41,653



39,105



38,287




157,978



149,283


INTEREST EXPENSE












Deposits


4,219



4,163



3,382




15,722



13,194


Other borrowings


18



16



474




928



1,424


Subordinated debt


1,542



1,532



1,496




6,080



5,830


Total interest expense


5,779



5,711



5,352




22,730



20,448


Net interest income


35,874



33,394



32,935




135,248



128,835


Provision for loan losses




1,425



2,485




4,275



8,231


Net interest income after provision for loan losses


35,874



31,969



30,450




130,973



120,604


NONINTEREST INCOME












Service charges on deposit accounts


1,530



1,553



1,608




6,019



5,941


Other fees and charges


2,342



2,197



1,902




8,402



7,664


Mortgage banking activities


20,932



25,040



37,464




98,797



101,577


Indirect lending activities


2,566



1,901



3,466




12,533



14,900


SBA lending activities


581



1,460



1,330




4,540



5,659


Bank owned life insurance


411



401



458




1,670



2,374


Securities gains











578


Other


526



1,086



915




2,991



2,632


Total noninterest income


28,888



33,638



47,143




134,952



141,325


NONINTEREST EXPENSE












Salaries and employee benefits


25,745



26,331



25,808




103,366



96,684


Commissions


8,447



9,244



9,514




34,573



33,907


Occupancy, net


4,793



4,508



4,896




18,164



17,890


Professional and other services


4,620



4,604



3,539




18,343



15,224


Other


9,305



8,150



10,413




36,424



37,315


Total noninterest expense


52,910



52,837



54,170




210,870



201,020


Income before income tax (benefit)/expense


11,852



12,770



23,423




55,055



60,909


Income tax (benefit)/expense


(591)



4,836



8,358




15,259



22,143


NET INCOME


$

12,443



$

7,934



$

15,065




$

39,796



$

38,766














EARNINGS PER COMMON SHARE:












Basic


$

0.46



$

0.30



$

0.57




$

1.50



$

1.52


Diluted


$

0.46



$

0.30



$

0.57




$

1.49



$

1.50


Weighted average common shares outstanding-basic


26,904



26,729



26,230




26,602



25,497


Weighted average common shares outstanding-diluted


27,011



26,849



26,342




26,722



25,813


 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

LOANS BY CATEGORY

(UNAUDITED)


($ in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Commercial


$

811,199



$

789,788



$

796,699



$

802,905



$

784,737


SBA


141,208



142,989



145,311



149,727



149,779


Total commercial and SBA loans


952,407



932,777



942,010



952,632



934,516













Construction loans


248,317



243,600



248,926



249,465



238,910













Indirect automobile


1,716,156



1,609,678



1,531,761



1,565,298



1,575,865


Installment loans and personal lines of credit


25,995



26,189



31,225



31,647



33,225


Total consumer loans


1,742,151



1,635,867



1,562,986



1,596,945



1,609,090


Residential mortgage


489,721



452,584



433,544



418,941



386,582


Home equity lines of credit


148,370



144,879



144,666



136,943



133,166


Total mortgage loans


638,091



597,463



578,210



555,884



519,748


Loans


3,580,966



3,409,707



3,332,132



3,354,926



3,302,264













Loans held-for-sale:











Residential mortgage


269,140



257,326



279,292



201,661



252,712


SBA


13,615



8,003



15,418



9,456



12,616


Indirect automobile


75,000



75,000



100,000



150,000



200,000


Total loans held-for-sale


357,755



340,329



394,710



361,117



465,328


Total loans


$

3,938,721



$

3,750,036



$

3,726,842



$

3,716,043



$

3,767,592













 

 

DEPOSITS BY CATEGORY

(UNAUDITED)



For the Quarter Ended


December 31, 2017


September 30, 2017


June 30, 2017


March 31, 2017


December 31, 2016

($ in thousands)

Average
Amount


Rate


Average
Amount


Rate


Average
Amount


Rate


Average
Amount


Rate


Average
Amount


Rate

Noninterest-bearing
  demand deposits

$

1,124,759



%


$

1,103,414



%


$

1,027,909



%


$

961,188



%


$

978,909



%

Interest-bearing demand
  deposits

1,482,686



0.44

%


1,447,874



0.42

%


1,363,651



0.37

%


1,244,955



0.31

%


1,179,837



0.25

%

Savings deposits

352,235



0.33

%


340,663



0.31

%


357,712



0.32

%


387,007



0.36

%


350,885



0.33

%

Time deposits

958,790



0.94

%


1,021,563



0.92

%


1,049,248



0.90

%


1,050,897



0.83

%


1,052,082



0.89

%

Total average deposits

$

3,918,470



0.43

%


$

3,913,514



0.42

%


$

3,798,520



0.41

%


$

3,644,047



0.38

%


$

3,561,713



0.38

%

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

NONPERFORMING AND CLASSIFIED ASSETS

(UNAUDITED)


($ in thousands)

December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

NONPERFORMING ASSETS










Nonaccrual loans (2)(6)

$

47,012



$

41,408



$

37,894



$

38,377



$

35,358


Loans past due 90 days or more and still accruing

6,313



6,534



7,210



8,414



6,189


Repossessions

2,392



2,040



1,779



1,654



2,274


Other real estate (ORE)

7,621



8,624



9,382



11,284



14,814


Nonperforming assets

$

63,338



$

58,606



$

56,265



$

59,729



$

58,635












ASSET QUALITY RATIOS










Loans 30-89 days past due

$

10,560



$

10,193



$

7,181



$

11,735



$

7,707


Loans 30-89 days past due to loans

0.29

%


0.30

%


0.22

%


0.35

%


0.23

%

Loans past due 90 days or more and still accruing to loans

0.18

%


0.19

%


0.22

%


0.25

%


0.19

%

Nonperforming loans as a % of loans

1.49

%


1.41

%


1.35

%


1.39

%


1.26

%

Nonperforming assets to loans, ORE, and repossessions

1.76

%


1.56

%


1.51

%


1.60

%


1.55

%

Adjusted nonperforming assets to loans, ORE and
  repossessions(8)

1.06

%


0.95

%


1.02

%


1.10

%


1.15

%

Nonperforming assets to total assets

1.38

%


1.30

%


1.22

%


1.32

%


1.34

%

Adjusted nonperforming assets to total assets(8)

0.78

%


0.74

%


0.78

%


0.85

%


0.92

%

Classified Asset Ratio(4)

20.70

%


20.59

%


20.14

%


20.97

%


21.22

%

ALL to nonperforming loans

55.83

%


64.04

%


67.46

%


65.09

%


71.80

%

Net charge-offs, annualized to average loans

0.11

%


0.13

%


0.09

%


0.16

%


0.28

%

ALL as a % of loans

0.83

%


0.90

%


0.91

%


0.91

%


0.90

%

Adjusted ALL as a % of adjusted loans(7)

1.16

%


1.29

%


1.30

%


1.35

%


1.38

%

ALL as a % of loans, excluding acquired loans(5)

0.88

%


0.96

%


0.98

%


0.98

%


0.99

%











CLASSIFIED ASSETS










Classified loans(1)

$

77,679



$

75,033



$

71,040



$

71,082



$

68,128


ORE and repossessions

10,013



10,664



11,161



12,938



17,088


Total classified assets(3)

$

87,692



$

85,697



$

82,201



$

84,020



$

85,216












(1) Amount of SBA guarantee included in classified loans

$

2,930



$

2,755



$

7,458



$

5,213



$

7,735


(2) Amount of repurchased government-guaranteed loans, primarily residential mortgage loans, included in nonaccrual loans

$

19,478



$

15,450



$

12,502



$

12,287



$

7,771


(3) Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, repossessions and ORE, net of loss share and purchase discounts

(4) Classified asset ratio is defined as classified assets as a percentage of the sum of Tier 1 capital plus allowance for loan losses

(5) Allowance calculation excludes the recorded investment of acquired loans, due to valuation calculated at acquisition

(6) Excludes purchased credit impaired (PCI) loans which are not removed from their accounting pool

(7) Excludes indirect and acquired loans. See non-GAAP reconciliation table for a reconciliation to the comparable GAAP measure

(8) Excludes acquired loans and net of SBA & GNMA guarantees. See non-GAAP reconciliation table for a reconciliation to the comparable GAAP measure

 

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

INCOME FROM INDIRECT LENDING ACTIVITIES

(UNAUDITED)














For the Quarter Ended

(in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Loan servicing revenue


$

2,158



$

2,130



$

2,199



$

1,919



$

2,343


Gain on sale of loans


532



263



1,074



1,821



993


Gain on capitalization of servicing rights


406



182



1,020



1,403



781


Ancillary loan servicing revenue


247



172



204



153



302


Gross indirect lending revenue


3,343



2,747



4,497



5,296



4,419


Less:











Amortization of servicing rights, net


(777)



(846)



(857)



(870)



(953)


Total income from indirect lending
  activities


$

2,566



$

1,901



$

3,640



$

4,426



$

3,466


 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

ANALYSIS OF INDIRECT LENDING

(UNAUDITED)


















As of or for the Quarter Ended

($ in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Average loans outstanding(1)


$

1,748,179



$

1,627,946



$

1,675,644



$

1,756,958



$

1,702,006


Loans serviced for others


$

1,056,509



$

1,114,710



$

1,216,296



$

1,197,160



$

1,130,289


Past due loans:











Amount 30+ days past due


3,423



2,965



1,535



2,223



2,972


Number 30+ days past due


283



255



143



200



252


30+ day performing delinquency rate(2)


0.19

%


0.18

%


0.09

%


0.13

%


0.17

%

Nonperforming loans


1,916



1,405



1,363



1,778



1,278


Nonperforming loans as a percentage of
  period end loans(2)


0.11

%


0.08

%


0.08

%


0.10

%


0.07

%

Net charge-offs


$

798



$

1,047



$

1,332



$

1,502



$

1,306


Net charge-off rate(3)


0.19

%


0.27

%


0.35

%


0.38

%


0.32

%

Number of vehicles repossessed during the
  period


107



132



147



154



164


Quarterly production weighted average
  beacon score


783



776



758



758



758


(1)    Includes held-for-sale

(2)    Calculated by dividing loan category as of the end of the period by period-end loans including held for sale for the specified loan portfolio

(3)    Calculated by dividing annualized net charge-offs for the period by average loans held for investment during the period for the specified loan category

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

ANALYSIS OF INDIRECT LENDING

(UNAUDITED)


















As of or for the Quarter Ended

($ in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Production by state:












Alabama


$

19,216



$

13,587



$

10,399



$

14,452



$

11,613



Arkansas


30,732



26,997



26,569



33,602



32,789



North Carolina


28,912



16,545



14,110



15,858



13,734



South Carolina


16,559



10,959



11,232



15,020



11,953



Florida


87,750



51,723



49,976



65,053



56,432



Georgia


45,571



31,266



28,091



36,178



29,150



Mississippi


32,141



24,535



20,136



21,370



17,784



Tennessee


17,635



10,931



10,012



14,143



12,963



Virginia


6,495



8,223



6,292



10,282



6,063



Texas (2)




13,312



26,542



32,902



24,942



Louisiana


60,021



47,576



45,306



56,046



49,849



Oklahoma (2)




430



1,051



1,635



1,780




Total production by state


$

345,032



$

256,084



$

249,716



$

316,541



$

269,052















Loan sales


$

59,681



$

27,115



$

151,996



$

192,435



$

97,916


Portfolio yield (1)


2.98

%


2.92

%


2.84

%


2.87

%


2.88

%



(1)

Includes held-for-sale

(2)

Fidelity exited the Oklahoma and Texas markets in Q3 2017

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

INCOME FROM MORTGAGE BANKING ACTIVITIES

(UNAUDITED)


















As of or for the Quarter Ended

(in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Marketing gain, net


$

16,683



$

19,713



$

21,355



$

18,677



$

19,364


Origination points and fees


3,482



3,815



4,189



3,021



3,786


Loan servicing revenue


5,851



5,616



5,379



5,341



5,088


Gross mortgage revenue


$

26,016



$

29,144



$

30,923



$

27,039



$

28,238


Less:











MSR amortization


(3,609)



(3,560)



(3,331)



(3,158)



(3,918)


MSR (impairment)/recovery, net


(1,476)



(544)



(636)



1,989



13,144


Total income from mortgage
  banking activities


$

20,931



$

25,040



$

26,956



$

25,870



$

37,464
















FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

ANALYSIS OF MORTGAGE LENDING

(UNAUDITED)


















As of or for the Quarter Ended

($ in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Production by region:











Georgia


$

423,876



$

490,323



$

519,497



$

395,404



$

532,177


Florida


103,490



95,010



95,983



46,365



46,140


Alabama/Tennessee(2)


4,609



7,299



7,294



3,600



5,485


Virginia/Maryland


106,398



129,774



143,885



81,901



139,283


North and South Carolina


31,360



30,448



33,767



25,727



33,783


Total production by region


$

669,733



$

752,854



$

800,426



$

552,997



$

756,868













% for purchases


82.9

%


86.3

%


89.6

%


80.9

%


61.3

%

% for refinance loans


17.1

%


13.7

%


10.4

%


19.1

%


38.7

%












Portfolio Production:


$

66,236



$

56,072



$

46,902



$

51,061



$

38,907













Funded loan type (UPB):











Conventional


62.0

%


62.0

%


62.5

%


63.9

%


68.9

%

FHA/VA/USDA


21.5

%


23.3

%


24.6

%


24.2

%


21.6

%

Jumbo


16.5

%


14.7

%


12.9

%


11.9

%


9.5

%














Gross pipeline of locked loans to be
  sold (UPB)


$

203,896



$

265,444



$

360,551



$

374,739



$

211,921


Loans held for sale (UPB)


$

262,315



$

250,960



$

271,714



$

195,772



$

250,094















Total loan sales (UPB)


$

602,171



$

731,595



$

689,073



$

566,003



$

758,775


Conventional


64.3

%


63.0

%


63.6

%


69.9

%


72.8

%

FHA/VA/USDA


25.0

%


27.1

%


26.6

%


23.0

%


22.6

%

Jumbo


10.7

%


9.9

%


9.8

%


7.1

%


4.6

%














Average loans outstanding(1)


$

701,932



$

698,068



$

664,099



$

592,537



$

634,511















(1) Includes held-for-sale



(2) Tennessee added in Q1 2017























































FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

THIRD PARTY MORTGAGE LOAN SERVICING

(UNAUDITED)


















As of or for the Quarter Ended

($ in thousands)


December 31,
 2017


September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016

Loans serviced for others (UPB)


$

8,917,117



$

8,715,198



$

8,357,934



$

8,067,426



$

7,787,470


Average loans serviced for others
  (UPB)


$

8,896,305



$

8,657,475



$

8,304,065



$

8,013,761



$

7,625,384













MSR book value, net of amortization


$

110,497



$

107,434



$

102,549



$

98,550



$

95,282


MSR impairment


(9,818)



(8,343)



(7,799)



(7,163)



(9,152)


MSR net carrying value


$

100,679



$

99,091



$

94,750



$

91,387



$

86,130













MSR carrying value as a % of period
  end UPB


1.13

%


1.14

%


1.13

%


1.13

%


1.11

%














Delinquency % loans serviced for
  others


1.87

%


1.41

%


1.02

%


0.53

%


0.69

%














MSR revenue multiple(1)


4.29



4.38



4.38



4.25



4.14















(1) MSR carrying value (period end) to period end loans serviced for others divided by the ratio of annualized mortgage loan servicing revenue to average mortgage loans serviced for others

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

AVERAGE BALANCE, INTEREST AND YIELDS

(UNAUDITED)



For the Quarter Ended


December 31, 2017


September 30, 2017


December 31, 2016


Average


Yield/


Average


Yield/


Average


Yield/

($ in thousands)

Balance


Rate


Balance


Rate


Balance


Rate

Assets












Interest-earning assets:












Loans, net of unearned income (1)

$

3,832,444



4.15

%


$

3,725,976



3.98

%


$

3,774,939



3.90

%

Investment securities (1)

142,494



2.86

%


147,572



2.76

%


179,802



2.92

%

Other earning assets

193,186



1.18

%


273,505



1.16

%


96,423



0.46

%

Total interest-earning assets

4,168,124



3.97

%


4,147,053



3.75

%


4,051,164



3.77

%

Noninterest-earning assets:












Cash and due from banks

39,173





41,590





32,390




Allowance for loan losses

(30,579)





(30,518)





(29,335)




Premises and equipment, net

88,124





87,679





88,361




Other real estate

8,631





9,111





16,023




Other assets

232,055





224,730





209,976




Total noninterest-earning assets

337,404





332,592





317,415




    Total assets

$

4,505,528





$

4,479,645





$

4,368,579




Liabilities and shareholders' equity












Interest-bearing liabilities:












Demand and money market deposits

$

1,482,686



0.44

%


$

1,447,874



0.42

%


$

1,179,837



0.25

%

Savings deposits

352,235



0.33

%


340,663



0.31

%


350,885



0.33

%

Time deposits

958,790



0.94

%


1,021,563



0.92

%


1,052,082



0.89

%

Total interest-bearing deposits

2,793,711



0.60

%


2,810,100



0.59

%


2,582,804



0.52

%

Other short-term borrowings

31,253



0.22

%


20,899



0.32

%


295,369



0.64

%

Subordinated debt

120,571



5.07

%


120,538



5.04

%


120,439



4.94

%

Total interest-bearing liabilities

2,945,535



0.78

%


2,951,537



0.77

%


2,998,612



0.71

%

Noninterest-bearing liabilities and shareholders' equity:







Demand deposits

1,124,759





1,103,414





978,909




Other liabilities

42,486





44,732





36,516




Shareholders' equity

392,748





379,962





354,542




Total noninterest-bearing liabilities and
  shareholders' equity

1,559,993





1,528,108





1,369,967




Total liabilities and shareholders' equity

$

4,505,528





$

4,479,645





$

4,368,579




Net interest spread



3.19

%




2.98

%




3.06

%

Net interest margin



3.42

%




3.20

%




3.25

%













(1)   Interest income includes the effect of taxable-equivalent adjustment using a 35% tax rate.

 

 

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

GAAP TO NON-GAAP RATIO RECONCILIATION

(UNAUDITED)


For the Quarter Ended

($ in thousands)

December 31,
 2017



September 30,
 2017


June 30,
 2017


March 31,
 2017


December 31,
 2016


Reconciliation of nonperforming assets to adjusted nonperforming assets:

Nonaccrual loans

$

47,012



$

41,408



$

37,894



$

38,377



$

35,358


Add: loans past due 90 days or more and still accruing

6,313



6,534



7,210



8,414



6,189


Add: repossessions

2,392



2,040



1,779



1,654



2,274


Add: Other Real Estate (ORE)

7,621



8,624



9,382



11,284



14,814


Nonperforming assets (GAAP)

63,338



58,606



56,265



59,729



58,635













Less: amount of GNMA repurchased government-
     guaranteed loans included in nonaccrual loans

(19,478)



(15,450)



(12,502)



(12,287)



(7,771)


Less: SBA guaranteed loans included in nonaccrual

(1,652)



(2,145)



(2,949)



(3,373)



(4,248)


Less: Nonaccrual acquired loans

(6,370)



(7,509)



(4,878)



(5,719)



(6,136)


Adjusted nonperforming assets, excluding acquired loans, 
     SBA, and GNMA (Non-GAAP)

$

35,838



$

33,502



$

35,936



$

38,350



$

40,480



Reconciliation of total loans, ORE and repossessions to total loans, ORE and repossessions, less acquired loans

Loans, excluding Loans Held-for-Sale

$

3,580,966



$

3,409,707



$

3,332,132



$

3,354,926



$

3,302,264


Add: Loans Held-for-Sale

357,755



340,329



394,710



361,117



465,328


Add: ORE

7,621



8,624



9,382



11,284



14,814


Add: repossessions

2,392



2,040



1,779



1,654



2,274


Total loans, ORE, and repossessions (GAAP)

3,590,979



3,760,700



3,738,003



3,728,981



3,784,680












Less: acquired loans

196,565



216,994



230,256



258,366



275,515


Total loans, ORE, and repossessions, less acquired 
     loans (non-GAAP)

$

3,394,414



$

3,543,706



$

3,507,747



$

3,470,615



$

3,509,165


Nonperforming assets to loans, ORE, and 
     repossessions (GAAP)

1.76

%


1.56

%


1.51

%


1.60

%


1.55

%

Adjusted nonperforming assets to loans, ORE, and 
     repossessions (non-GAAP)

1.06

%


0.95

%


1.02

%


1.10

%


1.15

%











Nonperforming assets to total assets (GAAP)

1.38

%


1.30

%


1.22

%


1.32

%


1.34

%

Adjusted nonperforming assets to total assets (non-
     GAAP)

0.78

%


0.74

%


0.78

%


0.85

%


0.92

%





















Reconciliation of allowance to adjusted allowance:










Allowance for loan losses (GAAP)

$

29,772



$

30,703



$

30,425



$

30,455



$

29,830


Less: allowance allocated to indirect auto loans

(10,258)



(10,116)



(9,767)



(9,442)



(9,522)


Less: allowance allocated to acquired loans

(209)



(159)



(284)



(284)



(284)


Adjusted allowance for loan losses (non-GAAP)

$

19,305



$

20,428



$

20,374



$

20,729



$

20,024












Reconciliation of total loans to adjusted total loans:










Total loans, excluding Loans HFS

$

3,580,966



$

3,409,707



$

3,332,132



$

3,354,926



$

3,302,264


Less: indirect auto loans

(1,716,156)



(1,609,689)



(1,531,761)



(1,565,298)



(1,575,865)


Less: acquired loans

(196,565)



(216,994)



(230,256)



(258,366)



(275,515)


Adjusted total loans (non-GAAP)

$

1,668,245



$

1,583,024



$

1,570,115



$

1,531,262



$

1,450,884












Allowance to total loans (GAAP)

0.83

%


0.90

%


0.91

%


0.91

%


0.90

%

Adjusted allowance to adjusted total loans (non-
     GAAP)

1.16

%


1.29

%


1.30

%


1.35

%


1.38

%

 

 

Contacts:

Martha Fleming, Charles D. Christy


Fidelity Southern Corporation (404) 240-1504

 

Cision View original content:http://www.prnewswire.com/news-releases/fidelity-southern-corporation-reports-earnings-for-fourth-quarter-of-124-million-398-million-in-2017-300584923.html

SOURCE Fidelity Southern Corporation

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