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

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 [phone]

 

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