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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lionsgate Studios Corporation | NASDAQ:LION | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.26% | 7.77 | 7.50 | 8.00 | 7.959 | 7.50 | 7.80 | 76,319 | 21:30:00 |
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Georgia
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58-1416811
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, without stated par value
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LION
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NASDAQ Global Select Market System
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Large accelerated filer
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¨
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Accelerated filer
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ý
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Non-accelerated filer
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o
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Smaller reporting company
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o
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Emerging growth company
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o
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Page
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Part I.
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Item l.
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Item 2.
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Item 3.
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Item 4.
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Part II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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||
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Item 6.
|
||
|
|
(Unaudited)
|
|
|
||||
($ in thousands)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
41,334
|
|
|
$
|
36,615
|
|
Interest-bearing deposits with banks
|
157,034
|
|
|
171,151
|
|
||
Federal funds sold
|
4,553
|
|
|
4,527
|
|
||
Cash and cash equivalents
|
202,921
|
|
|
212,293
|
|
||
Investment securities available-for-sale
|
285,518
|
|
|
251,602
|
|
||
Investment securities held-to-maturity
(fair value of $19,701 and $19,410, respectively)
|
19,925
|
|
|
20,126
|
|
||
Loans held-for-sale
(includes loans at fair value of $252,238 and $225,342, respectively)
|
263,723
|
|
|
239,302
|
|
||
|
|
|
|
||||
Loans
|
3,676,805
|
|
|
3,685,478
|
|
||
Allowance for loan losses
|
(31,155
|
)
|
|
(31,151
|
)
|
||
Loans, net of allowance for loan losses
|
3,645,650
|
|
|
3,654,327
|
|
||
|
|
|
|
||||
Premises and equipment, net
|
94,393
|
|
|
93,699
|
|
||
Other real estate, net
|
8,504
|
|
|
8,290
|
|
||
Bank owned life insurance
|
71,894
|
|
|
71,510
|
|
||
Servicing rights, net
|
116,736
|
|
|
120,390
|
|
||
Other assets
|
80,681
|
|
|
62,257
|
|
||
Total assets
|
$
|
4,789,945
|
|
|
$
|
4,733,796
|
|
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing demand deposits
|
$
|
1,203,173
|
|
|
$
|
1,214,534
|
|
Interest-bearing deposits
|
2,779,360
|
|
|
2,767,044
|
|
||
Total deposits
|
3,982,533
|
|
|
3,981,578
|
|
||
Short-term borrowings
|
162,453
|
|
|
139,760
|
|
||
Subordinated debt, net
|
120,733
|
|
|
120,707
|
|
||
Other liabilities
|
65,212
|
|
|
45,510
|
|
||
Total liabilities
|
4,330,931
|
|
|
4,287,555
|
|
||
Shareholders’ equity
|
|
|
|
||||
Preferred stock, no par value. Authorized 10,000,000; zero issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, no par value. Authorized 50,000,000; issued and outstanding 27,629,860 and 27,279,729, respectively
|
238,330
|
|
|
230,841
|
|
||
Accumulated other comprehensive income, net of tax
|
4,637
|
|
|
985
|
|
||
Retained earnings
|
216,047
|
|
|
214,415
|
|
||
Total shareholders’ equity
|
459,014
|
|
|
446,241
|
|
||
Total liabilities and shareholders’ equity
|
$
|
4,789,945
|
|
|
$
|
4,733,796
|
|
|
Three Months Ended March 31,
|
||||||
($ in thousands, except per share data)
|
2019
|
|
2018
|
||||
Interest income:
|
|
|
|
||||
Loans, including fees
|
$
|
43,865
|
|
|
$
|
39,849
|
|
Investment securities:
|
|
|
|
||||
Taxable interest income
|
2,363
|
|
|
1,098
|
|
||
Nontaxable interest income
|
81
|
|
|
77
|
|
||
Other
|
732
|
|
|
538
|
|
||
Total interest income
|
47,041
|
|
|
41,562
|
|
||
Interest expense:
|
|
|
|
||||
Deposits
|
6,266
|
|
|
4,313
|
|
||
Short-term borrowings
|
935
|
|
|
910
|
|
||
Subordinated debt
|
1,698
|
|
|
1,571
|
|
||
Total interest expense
|
8,899
|
|
|
6,794
|
|
||
Net interest income
|
38,142
|
|
|
34,768
|
|
||
Provision for loan losses
|
936
|
|
|
2,130
|
|
||
Net interest income after provision for loan losses
|
37,206
|
|
|
32,638
|
|
||
Noninterest income:
|
|
|
|
||||
Service charges on deposit accounts
|
1,785
|
|
|
1,472
|
|
||
Other fees and charges
|
2,309
|
|
|
2,235
|
|
||
Mortgage banking activities
|
16,735
|
|
|
28,562
|
|
||
Indirect lending activities
|
706
|
|
|
2,148
|
|
||
SBA lending activities
|
1,324
|
|
|
1,157
|
|
||
Trust and wealth management fees
|
655
|
|
|
532
|
|
||
Other
|
432
|
|
|
1,027
|
|
||
Total noninterest income
|
23,946
|
|
|
37,133
|
|
||
Noninterest expense:
|
|
|
|
||||
Salaries and employee benefits
|
27,812
|
|
|
27,561
|
|
||
Commissions
|
6,972
|
|
|
7,506
|
|
||
Occupancy and equipment
|
5,095
|
|
|
4,932
|
|
||
Professional and other services
|
4,366
|
|
|
4,798
|
|
||
Other
|
9,230
|
|
|
9,945
|
|
||
Total noninterest expense
|
53,475
|
|
|
54,742
|
|
||
Income before income tax expense
|
7,677
|
|
|
15,029
|
|
||
Income tax expense
|
1,564
|
|
|
3,262
|
|
||
Net income
|
$
|
6,113
|
|
|
$
|
11,767
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
0.22
|
|
|
$
|
0.44
|
|
Diluted
|
$
|
0.22
|
|
|
$
|
0.43
|
|
|
|
|
|
||||
Net income
|
$
|
6,113
|
|
|
$
|
11,767
|
|
Other comprehensive income/(loss), net of tax:
|
|
|
|
||||
Change in net unrealized gains/(losses) on available-for-sale debt securities, net of tax effect of $1,217 and ($365), respectively
|
3,652
|
|
|
(1,094
|
)
|
||
Total other comprehensive income/(loss), net of tax
|
3,652
|
|
|
(1,094
|
)
|
||
Comprehensive income
|
$
|
9,765
|
|
|
$
|
10,673
|
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Accumulated
Other Comprehensive Income/(Loss), Net of Tax |
|
Retained
Earnings |
|
Total
|
||||||||||||||||
(in thousands)
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||
Balance at December 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
27,019
|
|
|
$
|
217,555
|
|
|
$
|
383
|
|
|
$
|
183,694
|
|
|
$
|
401,632
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
11,767
|
|
|
11,767
|
|
||||||||||
Impact of adoption of new accounting standard
(1)
|
|
|
|
|
|
|
|
|
|
80
|
|
|
(80
|
)
|
|
—
|
|
|||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
(1,094
|
)
|
|
|
|
(1,094
|
)
|
||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,673
|
|
|||||||||||
Common stock issued under various employee plans, net
|
|
|
|
|
|
15
|
|
|
1,679
|
|
|
|
|
|
|
1,679
|
|
|||||||||
Common stock declared cash dividends, $0.12 per share
|
|
|
|
|
|
|
|
|
|
|
|
(3,240
|
)
|
|
(3,240
|
)
|
||||||||||
Balance at March 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
27,034
|
|
|
$
|
219,234
|
|
|
$
|
(631
|
)
|
|
$
|
192,141
|
|
|
$
|
410,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
27,280
|
|
|
$
|
230,841
|
|
|
$
|
985
|
|
|
$
|
214,415
|
|
|
$
|
446,241
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
6,113
|
|
|
6,113
|
|
|||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
3,652
|
|
|
|
|
3,652
|
|
|||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,765
|
|
||||||||||
Impact of adoption of new accounting standard
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(1,239
|
)
|
|
(1,239
|
)
|
||||||||||
Common stock issued under various employee plans, net
|
|
|
|
|
|
|
350
|
|
|
7,489
|
|
|
|
|
|
|
7,489
|
|
||||||||
Common stock declared cash dividends, $0.12 per share
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,242
|
)
|
|
(3,242
|
)
|
|||||||||
Balance at March 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
27,630
|
|
|
$
|
238,330
|
|
|
$
|
4,637
|
|
|
$
|
216,047
|
|
|
$
|
459,014
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
6,113
|
|
|
$
|
11,767
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Provision for loan losses
|
936
|
|
|
2,130
|
|
||
Depreciation and amortization of premises and equipment
|
1,067
|
|
|
1,091
|
|
||
Amortization of FDIC indemnification asset, net
|
—
|
|
|
4
|
|
||
Accretion of purchase discounts or premiums, net
|
(388
|
)
|
|
(291
|
)
|
||
Other amortization
|
46
|
|
|
236
|
|
||
Impairment of other real estate
|
288
|
|
|
85
|
|
||
Amortization and impairment of servicing rights, net
|
9,368
|
|
|
48
|
|
||
Amortization of operating lease right-of-use assets
|
1,577
|
|
|
—
|
|
||
Share-based compensation expense
|
581
|
|
|
1,478
|
|
||
Postretirement benefits, net
|
547
|
|
|
618
|
|
||
Gains on loan sales, including origination/sale of servicing rights
|
(13,191
|
)
|
|
(17,723
|
)
|
||
Net loss on sales of other real estate
|
2
|
|
|
—
|
|
||
Income on bank owned life insurance
|
(384
|
)
|
|
(401
|
)
|
||
Net change in deferred income tax
|
971
|
|
|
(365
|
)
|
||
Net change in fair value of loans held-for-sale
|
(3,606
|
)
|
|
(2,109
|
)
|
||
Originations of loans held-for-sale
|
(552,073
|
)
|
|
(659,011
|
)
|
||
Proceeds from sales of loans held-for-sale
|
539,779
|
|
|
605,996
|
|
||
Net payments paid to FDIC under loss-share agreements
|
—
|
|
|
(256
|
)
|
||
Decrease in other assets
|
(1,707
|
)
|
|
(592
|
)
|
||
(Decrease) increase in other liabilities
|
(1,096
|
)
|
|
5,346
|
|
||
Net cash used in operating activities
|
(11,170
|
)
|
|
(51,949
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of investment securities available-for-sale
|
(35,211
|
)
|
|
(9,923
|
)
|
||
Maturities, calls, and repayment of investment securities available-for-sale
|
5,904
|
|
|
3,826
|
|
||
Maturities, calls and repayment of investment securities held-to-maturity
|
191
|
|
|
330
|
|
||
Purchases of FHLB stock
|
(2,269
|
)
|
|
(8,671
|
)
|
||
Redemption of FHLB stock
|
1,063
|
|
|
—
|
|
||
Net decrease (increase) in loans
|
6,322
|
|
|
(135,550
|
)
|
||
Proceeds from sales of other real estate
|
245
|
|
|
—
|
|
||
Purchases of premises and equipment
|
(1,761
|
)
|
|
(1,252
|
)
|
||
Net cash used in investing activities
|
(25,516
|
)
|
|
(151,240
|
)
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Net (decrease) increase in noninterest-bearing deposits
|
$
|
(11,361
|
)
|
|
$
|
26,717
|
|
Net increase in interest-bearing deposits
|
12,316
|
|
|
6,490
|
|
||
Net decrease in other short-term borrowings
|
(2,307
|
)
|
|
(12,785
|
)
|
||
Proceeds from FHLB advances
|
375,000
|
|
|
725,000
|
|
||
Repayments on FHLB advances
|
(350,000
|
)
|
|
(525,000
|
)
|
||
Proceeds from the issuance of common stock, net
|
6,908
|
|
|
201
|
|
||
Cash dividends paid on common stock
|
(3,242
|
)
|
|
(3,240
|
)
|
||
Net cash provided by financing activities
|
27,314
|
|
|
217,383
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(9,372
|
)
|
|
14,194
|
|
||
Cash and cash equivalents, beginning of period
|
212,293
|
|
|
186,302
|
|
||
Cash and cash equivalents, end of period
|
$
|
202,921
|
|
|
$
|
200,496
|
|
|
|
|
|
||||
Supplemental cash flow information and non-cash disclosures:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
7,555
|
|
|
$
|
5,701
|
|
Income taxes
|
—
|
|
|
—
|
|
||
Transfers of loans from held-for-sale to held for investment
|
1,044
|
|
|
1,684
|
|
||
Transfers of loans to other real estate
|
749
|
|
|
132
|
|
||
Initial recognition of operating lease right-of-use assets
|
17,070
|
|
|
—
|
|
||
Initial recognition of operating lease liabilities
|
18,309
|
|
|
—
|
|
|
|
March 31, 2019
|
||||||||||||||
(in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
22,135
|
|
|
$
|
86
|
|
|
$
|
(110
|
)
|
|
$
|
22,111
|
|
Municipal securities
|
|
9,808
|
|
|
390
|
|
|
(14
|
)
|
|
10,184
|
|
||||
SBA pool securities
|
|
10,150
|
|
|
—
|
|
|
(164
|
)
|
|
9,986
|
|
||||
Residential mortgage-backed securities
|
|
215,760
|
|
|
5,990
|
|
|
(83
|
)
|
|
221,667
|
|
||||
Commercial mortgage-backed securities
|
|
21,838
|
|
|
—
|
|
|
(268
|
)
|
|
21,570
|
|
||||
Total available-for-sale
|
|
$
|
279,691
|
|
|
$
|
6,466
|
|
|
$
|
(639
|
)
|
|
$
|
285,518
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
8,479
|
|
|
$
|
46
|
|
|
$
|
(135
|
)
|
|
$
|
8,390
|
|
Residential mortgage-backed securities
|
|
7,568
|
|
|
53
|
|
|
(188
|
)
|
|
7,433
|
|
||||
Commercial mortgage-backed securities
|
|
3,878
|
|
|
—
|
|
|
—
|
|
|
3,878
|
|
||||
Total held-to-maturity
|
|
$
|
19,925
|
|
|
$
|
99
|
|
|
$
|
(323
|
)
|
|
$
|
19,701
|
|
|
|
December 31, 2018
|
||||||||||||||
(in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
22,145
|
|
|
$
|
53
|
|
|
$
|
(240
|
)
|
|
$
|
21,958
|
|
Municipal securities
|
|
9,824
|
|
|
278
|
|
|
(39
|
)
|
|
10,063
|
|
||||
SBA pool securities
|
|
11,036
|
|
|
—
|
|
|
(298
|
)
|
|
10,738
|
|
||||
Residential mortgage-backed securities
|
|
185,464
|
|
|
2,270
|
|
|
(256
|
)
|
|
187,478
|
|
||||
Commercial mortgage-backed securities
|
|
21,929
|
|
|
—
|
|
|
(564
|
)
|
|
21,365
|
|
||||
Total available-for-sale
|
|
$
|
250,398
|
|
|
$
|
2,601
|
|
|
$
|
(1,397
|
)
|
|
$
|
251,602
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
8,504
|
|
|
$
|
8
|
|
|
$
|
(486
|
)
|
|
$
|
8,026
|
|
Residential mortgage-backed securities
|
|
7,719
|
|
|
48
|
|
|
(286
|
)
|
|
7,481
|
|
||||
Commercial mortgage-backed securities
|
|
3,903
|
|
|
—
|
|
|
—
|
|
|
3,903
|
|
||||
Total held-to-maturity
|
|
$
|
20,126
|
|
|
$
|
56
|
|
|
$
|
(772
|
)
|
|
$
|
19,410
|
|
|
|
March 31, 2019
|
||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
||||||||||||
(in thousands)
|
|
Fair
Value |
|
Gross Unrealized
Losses |
|
Fair
Value |
|
Gross Unrealized
Losses |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,943
|
|
|
$
|
(110
|
)
|
Municipal securities
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|
(14
|
)
|
||||
SBA pool securities
|
|
—
|
|
|
—
|
|
|
9,987
|
|
|
(164
|
)
|
||||
Residential mortgage-backed securities
|
|
706
|
|
|
(2
|
)
|
|
8,847
|
|
|
(81
|
)
|
||||
Commercial mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
21,569
|
|
|
(268
|
)
|
||||
Total available-for-sale
|
|
$
|
706
|
|
|
$
|
(2
|
)
|
|
$
|
56,382
|
|
|
$
|
(637
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,757
|
|
|
$
|
(135
|
)
|
Residential mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
6,514
|
|
|
(188
|
)
|
||||
Total held-to-maturity
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,271
|
|
|
$
|
(323
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2018
|
||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
||||||||||||
(in thousands)
|
|
Fair
Value |
|
Gross Unrealized
Losses |
|
Fair
Value |
|
Gross Unrealized
Losses |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
4,978
|
|
|
$
|
(24
|
)
|
|
$
|
14,841
|
|
|
$
|
(216
|
)
|
Municipal securities
|
|
532
|
|
|
(5
|
)
|
|
1,021
|
|
|
(34
|
)
|
||||
SBA pool securities
|
|
—
|
|
|
—
|
|
|
10,738
|
|
|
(298
|
)
|
||||
Residential mortgage-backed securities
|
|
32,556
|
|
|
(101
|
)
|
|
8,228
|
|
|
(155
|
)
|
||||
Commercial mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
21,365
|
|
|
(564
|
)
|
||||
Total available-for-sale
|
|
$
|
38,066
|
|
|
$
|
(130
|
)
|
|
$
|
56,193
|
|
|
$
|
(1,267
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
6,431
|
|
|
$
|
(486
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,492
|
|
|
$
|
(286
|
)
|
Total held-to-maturity
|
|
$
|
6,431
|
|
|
$
|
(486
|
)
|
|
$
|
6,492
|
|
|
$
|
(286
|
)
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
|
|
|
|
|
|
|
||||||||
Due after one year through five years
|
|
$
|
21,132
|
|
|
$
|
21,051
|
|
|
$
|
21,142
|
|
|
$
|
20,919
|
|
Due after five years through ten years
|
|
1,003
|
|
|
1,060
|
|
|
1,003
|
|
|
1,039
|
|
||||
Municipal securities
|
|
|
|
|
|
|
|
|
||||||||
Due after one year through five years
|
|
1,051
|
|
|
1,037
|
|
|
1,055
|
|
|
1,021
|
|
||||
Due after five years through ten years
|
|
2,431
|
|
|
2,558
|
|
|
2,435
|
|
|
2,539
|
|
||||
Due after ten years
|
|
6,326
|
|
|
6,589
|
|
|
6,334
|
|
|
6,503
|
|
||||
SBA pool securities
|
|
|
|
|
|
|
|
|
||||||||
Due after five years through ten years
|
|
6,066
|
|
|
6,029
|
|
|
6,730
|
|
|
6,569
|
|
||||
Due after ten years
|
|
4,084
|
|
|
3,957
|
|
|
4,306
|
|
|
4,169
|
|
||||
Residential mortgage-backed securities
|
|
215,760
|
|
|
221,667
|
|
|
185,464
|
|
|
187,478
|
|
||||
Commercial mortgage-backed securities
|
|
21,838
|
|
|
21,570
|
|
|
21,929
|
|
|
21,365
|
|
||||
Total available-for-sale
|
|
$
|
279,691
|
|
|
$
|
285,518
|
|
|
$
|
250,398
|
|
|
$
|
251,602
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
|
|
|
|
|
|
|
||||||||
Due after five years through ten years
|
|
$
|
1,588
|
|
|
$
|
1,634
|
|
|
$
|
1,588
|
|
|
$
|
1,595
|
|
Due after ten years
|
|
6,891
|
|
|
6,756
|
|
|
6,916
|
|
|
6,431
|
|
||||
Residential mortgage-backed securities
|
|
7,568
|
|
|
7,433
|
|
|
7,719
|
|
|
7,481
|
|
||||
Commercial mortgage-backed securities
|
|
3,878
|
|
|
3,878
|
|
|
3,903
|
|
|
3,903
|
|
||||
Total held-to-maturity
|
|
$
|
19,925
|
|
|
$
|
19,701
|
|
|
$
|
20,126
|
|
|
$
|
19,410
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Public deposits
|
|
$
|
93,763
|
|
|
$
|
121,790
|
|
Securities sold under repurchase agreements
|
|
21,432
|
|
|
20,600
|
|
||
Total pledged securities
|
|
$
|
115,195
|
|
|
$
|
142,390
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Residential mortgage
|
|
$
|
252,238
|
|
|
$
|
225,342
|
|
SBA
|
|
11,485
|
|
|
13,960
|
|
||
Total loans held-for-sale
|
|
$
|
263,723
|
|
|
$
|
239,302
|
|
|
|
March 31, 2019
|
||||||||||
|
|
Loans
|
|
|
||||||||
(in thousands)
|
|
Legacy
|
|
Acquired
|
|
Total
|
||||||
Commercial
|
|
$
|
857,098
|
|
|
$
|
100,982
|
|
|
$
|
958,080
|
|
SBA
|
|
161,381
|
|
|
5,460
|
|
|
166,841
|
|
|||
Total commercial loans
|
|
1,018,479
|
|
|
106,442
|
|
|
1,124,921
|
|
|||
|
|
|
|
|
|
|
||||||
Construction
|
|
290,055
|
|
|
1,467
|
|
|
291,522
|
|
|||
|
|
|
|
|
|
|
||||||
Indirect automobile
|
|
1,454,748
|
|
|
—
|
|
|
1,454,748
|
|
|||
Installment loans and personal lines of credit
|
|
24,558
|
|
|
688
|
|
|
25,246
|
|
|||
Total consumer loans
|
|
1,479,306
|
|
|
688
|
|
|
1,479,994
|
|
|||
Residential mortgage
|
|
610,967
|
|
|
14,464
|
|
|
625,431
|
|
|||
Home equity lines of credit
|
|
145,014
|
|
|
9,923
|
|
|
154,937
|
|
|||
Total mortgage loans
|
|
755,981
|
|
|
24,387
|
|
|
780,368
|
|
|||
Total loans
|
|
$
|
3,543,821
|
|
|
$
|
132,984
|
|
|
$
|
3,676,805
|
|
|
|
December 31, 2018
|
||||||||||
|
|
Loans
|
|
|
||||||||
(in thousands)
|
|
Legacy
|
|
Acquired
|
|
Total
|
||||||
Commercial
|
|
$
|
799,057
|
|
|
$
|
105,103
|
|
|
$
|
904,160
|
|
SBA
|
|
150,519
|
|
|
6,093
|
|
|
156,612
|
|
|||
Total commercial loans
|
|
949,576
|
|
|
111,196
|
|
|
1,060,772
|
|
|||
|
|
|
|
|
|
|
||||||
Construction
|
|
277,573
|
|
|
1,836
|
|
|
279,409
|
|
|||
|
|
|
|
|
|
|
||||||
Indirect automobile
|
|
1,569,274
|
|
|
—
|
|
|
1,569,274
|
|
|||
Installment loans and personal lines of credit
|
|
27,289
|
|
|
881
|
|
|
28,170
|
|
|||
Total consumer loans
|
|
1,596,563
|
|
|
881
|
|
|
1,597,444
|
|
|||
Residential mortgage
|
|
577,471
|
|
|
16,624
|
|
|
594,095
|
|
|||
Home equity lines of credit
|
|
143,097
|
|
|
10,661
|
|
|
153,758
|
|
|||
Total mortgage loans
|
|
720,568
|
|
|
27,285
|
|
|
747,853
|
|
|||
Total loans
|
|
$
|
3,544,280
|
|
|
$
|
141,198
|
|
|
$
|
3,685,478
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
|
$
|
11,638
|
|
|
$
|
12,001
|
|
SBA
|
|
5,218
|
|
|
5,076
|
|
||
Total commercial loans
|
|
16,856
|
|
|
17,077
|
|
||
|
|
|
|
|
||||
Construction
|
|
242
|
|
|
242
|
|
||
|
|
|
|
|
||||
Indirect automobile
|
|
1,204
|
|
|
1,320
|
|
||
Installment loans and personal lines of credit
|
|
302
|
|
|
261
|
|
||
Total consumer loans
|
|
1,506
|
|
|
1,581
|
|
||
Residential mortgage
|
|
40,555
|
|
|
33,518
|
|
||
Home equity lines of credit
|
|
2,310
|
|
|
2,328
|
|
||
Total mortgage loans
|
|
42,865
|
|
|
35,846
|
|
||
Total nonaccrual loans
|
|
$
|
61,469
|
|
|
$
|
54,746
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(in thousands)
|
|
Accruing
Delinquent 30-89 Days |
|
Accruing
Delinquent 90 Days or More |
|
TDRs
Accruing |
|
Accruing
Delinquent 30-89 Days |
|
Accruing
Delinquent 90 Days or More |
|
TDRs
Accruing |
||||||||||||
Commercial
|
|
$
|
1,421
|
|
|
$
|
5,894
|
|
|
$
|
7,135
|
|
|
$
|
1,788
|
|
|
$
|
6,022
|
|
|
$
|
8,005
|
|
SBA
|
|
2,936
|
|
|
—
|
|
|
1,385
|
|
|
4,335
|
|
|
—
|
|
|
1,408
|
|
||||||
Construction
|
|
5
|
|
|
50
|
|
|
—
|
|
|
2,595
|
|
|
44
|
|
|
—
|
|
||||||
Indirect automobile
|
|
2,478
|
|
|
2
|
|
|
2,749
|
|
|
3,197
|
|
|
4
|
|
|
2,585
|
|
||||||
Installment and personal lines of credit
|
|
52
|
|
|
—
|
|
|
21
|
|
|
4
|
|
|
—
|
|
|
27
|
|
||||||
Residential mortgage
|
|
9,443
|
|
|
505
|
|
|
2,629
|
|
|
12,611
|
|
|
663
|
|
|
3,803
|
|
||||||
Home equity lines of credit
|
|
765
|
|
|
13
|
|
|
343
|
|
|
208
|
|
|
13
|
|
|
400
|
|
||||||
Total
|
|
$
|
17,100
|
|
|
$
|
6,464
|
|
|
$
|
14,262
|
|
|
$
|
24,738
|
|
|
$
|
6,746
|
|
|
$
|
16,228
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
|
$
|
389,135
|
|
|
$
|
294,275
|
|
Home equity lines of credit
|
|
71,579
|
|
|
104,556
|
|
||
Residential mortgage
|
|
439,994
|
|
|
407,713
|
|
||
Total
|
|
$
|
900,708
|
|
|
$
|
806,544
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(in thousands)
|
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Related
Allowance |
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Related
Allowance |
||||||||||||
Impaired Loans with Allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
$
|
13,326
|
|
|
$
|
11,829
|
|
|
$
|
941
|
|
|
$
|
15,460
|
|
|
$
|
14,557
|
|
|
$
|
1,371
|
|
SBA
|
|
4,827
|
|
|
3,377
|
|
|
422
|
|
|
2,338
|
|
|
1,886
|
|
|
127
|
|
||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Installment and personal lines of credit
|
|
127
|
|
|
92
|
|
|
92
|
|
|
1,626
|
|
|
310
|
|
|
93
|
|
||||||
Residential mortgage
|
|
14,189
|
|
|
14,180
|
|
|
350
|
|
|
4,368
|
|
|
4,357
|
|
|
472
|
|
||||||
Home equity lines of credit
|
|
478
|
|
|
363
|
|
|
258
|
|
|
659
|
|
|
558
|
|
|
202
|
|
||||||
Loans
|
|
$
|
32,947
|
|
|
$
|
29,841
|
|
|
$
|
2,063
|
|
|
$
|
24,451
|
|
|
$
|
21,668
|
|
|
$
|
2,265
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
||||||||
Impaired Loans with No Allowance
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
10,234
|
|
|
$
|
9,795
|
|
|
$
|
8,280
|
|
|
$
|
7,223
|
|
SBA
|
|
5,692
|
|
|
3,597
|
|
|
7,039
|
|
|
4,972
|
|
||||
Construction
|
|
960
|
|
|
242
|
|
|
965
|
|
|
242
|
|
||||
Installment and personal lines of credit
|
|
1,498
|
|
|
215
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage
|
|
31,781
|
|
|
30,677
|
|
|
34,507
|
|
|
33,564
|
|
||||
Home equity lines of credit
|
|
2,146
|
|
|
1,949
|
|
|
1,975
|
|
|
1,797
|
|
||||
Loans
|
|
$
|
52,311
|
|
|
$
|
46,475
|
|
|
$
|
52,766
|
|
|
$
|
47,798
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
(in thousands)
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
Commercial
|
|
$
|
21,392
|
|
|
$
|
81
|
|
|
$
|
24,282
|
|
|
$
|
152
|
|
SBA
|
|
7,154
|
|
|
32
|
|
|
6,429
|
|
|
96
|
|
||||
Construction
|
|
242
|
|
|
1
|
|
|
4,424
|
|
|
7
|
|
||||
Indirect automobile
|
|
3,318
|
|
|
64
|
|
|
3,260
|
|
|
64
|
|
||||
Installment and personal lines of credit
|
|
308
|
|
|
65
|
|
|
447
|
|
|
46
|
|
||||
Residential mortgage
|
|
42,660
|
|
|
245
|
|
|
31,317
|
|
|
208
|
|
||||
Home equity lines of credit
|
|
2,327
|
|
|
23
|
|
|
3,480
|
|
|
19
|
|
||||
Total
|
|
$
|
77,401
|
|
|
$
|
511
|
|
|
$
|
73,639
|
|
|
$
|
592
|
|
(in thousands)
|
|
March 31, 2019
|
||||||||||||||||||||||||||||||
Asset Rating
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Indirect
Automobile |
|
Installment and Personal Lines of Credit
|
|
Residential
Mortgage |
|
Home Equity
Lines of Credit |
|
Total
|
||||||||||||||||
Pass
|
|
$
|
919,506
|
|
|
$
|
154,320
|
|
|
$
|
271,253
|
|
|
$
|
—
|
|
|
$
|
24,861
|
|
|
$
|
580,637
|
|
|
$
|
151,617
|
|
|
$
|
2,102,194
|
|
Special Mention
|
|
14,085
|
|
|
5,461
|
|
|
19,977
|
|
|
—
|
|
|
65
|
|
|
441
|
|
|
787
|
|
|
40,816
|
|
||||||||
Substandard
|
|
24,489
|
|
|
7,060
|
|
|
292
|
|
|
5,335
|
|
|
320
|
|
|
44,353
|
|
|
2,533
|
|
|
84,382
|
|
||||||||
|
|
958,080
|
|
|
166,841
|
|
|
291,522
|
|
|
5,335
|
|
|
25,246
|
|
|
625,431
|
|
|
154,937
|
|
|
2,227,392
|
|
||||||||
Ungraded Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,449,413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,449,413
|
|
||||||||
Total
|
|
$
|
958,080
|
|
|
$
|
166,841
|
|
|
$
|
291,522
|
|
|
$
|
1,454,748
|
|
|
$
|
25,246
|
|
|
$
|
625,431
|
|
|
$
|
154,937
|
|
|
$
|
3,676,805
|
|
(in thousands)
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||
Asset Rating
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Indirect
Automobile |
|
Installment and Personal Lines of Credit
|
|
Residential
Mortgage |
|
Home Equity
Lines of Credit |
|
Total
|
||||||||||||||||
Pass
|
|
$
|
859,770
|
|
|
$
|
144,977
|
|
|
$
|
256,813
|
|
|
$
|
—
|
|
|
$
|
27,759
|
|
|
$
|
556,622
|
|
|
$
|
150,338
|
|
|
$
|
1,996,279
|
|
Special Mention
|
|
14,410
|
|
|
4,674
|
|
|
22,306
|
|
|
—
|
|
|
69
|
|
|
512
|
|
|
800
|
|
|
42,771
|
|
||||||||
Substandard
|
|
29,980
|
|
|
6,961
|
|
|
290
|
|
|
5,632
|
|
|
342
|
|
|
36,961
|
|
|
2,620
|
|
|
82,786
|
|
||||||||
|
|
904,160
|
|
|
156,612
|
|
|
279,409
|
|
|
5,632
|
|
|
28,170
|
|
|
594,095
|
|
|
153,758
|
|
|
2,121,836
|
|
||||||||
Ungraded Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,563,642
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,563,642
|
|
||||||||
Total
|
|
$
|
904,160
|
|
|
$
|
156,612
|
|
|
$
|
279,409
|
|
|
$
|
1,569,274
|
|
|
$
|
28,170
|
|
|
$
|
594,095
|
|
|
$
|
153,758
|
|
|
$
|
3,685,478
|
|
|
|
For the three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Beginning balance
|
|
$
|
2,666
|
|
|
$
|
3,005
|
|
Accretion of income
|
|
(374
|
)
|
|
(569
|
)
|
||
Other activity, net
(1)
|
|
66
|
|
|
880
|
|
||
Ending balance
|
|
$
|
2,358
|
|
|
$
|
3,316
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
9,889
|
|
|
$
|
2,266
|
|
|
$
|
2,849
|
|
|
$
|
9,110
|
|
|
$
|
7,037
|
|
|
$
|
—
|
|
|
$
|
31,151
|
|
Charge-offs
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(1,439
|
)
|
|
(83
|
)
|
|
—
|
|
|
(1,543
|
)
|
|||||||
Recoveries
|
|
101
|
|
|
49
|
|
|
73
|
|
|
382
|
|
|
6
|
|
|
—
|
|
|
611
|
|
|||||||
Net recoveries / (charge-offs)
|
|
101
|
|
|
28
|
|
|
73
|
|
|
(1,057
|
)
|
|
(77
|
)
|
|
—
|
|
|
(932
|
)
|
|||||||
Provision for loan losses
|
|
174
|
|
|
278
|
|
|
218
|
|
|
—
|
|
|
266
|
|
|
—
|
|
|
936
|
|
|||||||
Ending balance
|
|
$
|
10,164
|
|
|
$
|
2,572
|
|
|
$
|
3,140
|
|
|
$
|
8,053
|
|
|
$
|
7,226
|
|
|
$
|
—
|
|
|
$
|
31,155
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
7,846
|
|
|
$
|
1,968
|
|
|
$
|
2,396
|
|
|
$
|
10,758
|
|
|
$
|
5,928
|
|
|
$
|
876
|
|
|
$
|
29,772
|
|
Charge-offs
|
|
—
|
|
|
(105
|
)
|
|
—
|
|
|
(1,434
|
)
|
|
(40
|
)
|
|
—
|
|
|
(1,579
|
)
|
|||||||
Recoveries
|
|
(75
|
)
|
|
5
|
|
|
364
|
|
|
309
|
|
|
14
|
|
|
—
|
|
|
617
|
|
|||||||
Net (charge-offs) / recoveries
|
|
(75
|
)
|
|
(100
|
)
|
|
364
|
|
|
(1,125
|
)
|
|
(26
|
)
|
|
—
|
|
|
(962
|
)
|
|||||||
Provision for loan losses
|
|
1,966
|
|
|
112
|
|
|
(160
|
)
|
|
726
|
|
|
362
|
|
|
(876
|
)
|
|
2,130
|
|
|||||||
Ending balance
|
|
$
|
9,737
|
|
|
$
|
1,980
|
|
|
$
|
2,600
|
|
|
$
|
10,359
|
|
|
$
|
6,264
|
|
|
$
|
—
|
|
|
$
|
30,940
|
|
|
|
March 31, 2019
|
||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Total
|
||||||||||||
Individually evaluated
|
|
$
|
941
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
$
|
92
|
|
|
$
|
608
|
|
|
$
|
2,063
|
|
Collectively evaluated
|
|
9,222
|
|
|
2,150
|
|
|
3,114
|
|
|
7,961
|
|
|
6,618
|
|
|
29,065
|
|
||||||
Acquired with deteriorated credit quality
|
|
1
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
27
|
|
||||||
Total ALL
|
|
$
|
10,164
|
|
|
$
|
2,572
|
|
|
$
|
3,140
|
|
|
$
|
8,053
|
|
|
$
|
7,226
|
|
|
$
|
31,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated
|
|
$
|
21,624
|
|
|
$
|
6,974
|
|
|
$
|
242
|
|
|
$
|
307
|
|
|
$
|
47,169
|
|
|
$
|
76,316
|
|
Collectively evaluated
|
|
918,932
|
|
|
159,549
|
|
|
291,225
|
|
|
1,479,685
|
|
|
729,652
|
|
|
3,579,043
|
|
||||||
Acquired with deteriorated credit quality
|
|
17,524
|
|
|
318
|
|
|
55
|
|
|
2
|
|
|
3,547
|
|
|
21,446
|
|
||||||
Total loans
|
|
$
|
958,080
|
|
|
$
|
166,841
|
|
|
$
|
291,522
|
|
|
$
|
1,479,994
|
|
|
$
|
780,368
|
|
|
$
|
3,676,805
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Total
|
||||||||||||
Individually evaluated
|
|
$
|
1,371
|
|
|
$
|
127
|
|
|
$
|
—
|
|
|
$
|
93
|
|
|
$
|
674
|
|
|
$
|
2,265
|
|
Collectively evaluated
|
|
8,517
|
|
|
2,139
|
|
|
2,823
|
|
|
9,017
|
|
|
6,363
|
|
|
28,859
|
|
||||||
Acquired with deteriorated credit quality
|
|
1
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
27
|
|
||||||
Total ALL
|
|
$
|
9,889
|
|
|
$
|
2,266
|
|
|
$
|
2,849
|
|
|
$
|
9,110
|
|
|
$
|
7,037
|
|
|
$
|
31,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated
|
|
$
|
21,780
|
|
|
$
|
6,858
|
|
|
$
|
242
|
|
|
$
|
310
|
|
|
$
|
40,276
|
|
|
$
|
69,466
|
|
Collectively evaluated
|
|
864,935
|
|
|
149,433
|
|
|
279,118
|
|
|
1,597,126
|
|
|
703,893
|
|
|
3,594,505
|
|
||||||
Acquired with deteriorated credit quality
|
|
17,445
|
|
|
321
|
|
|
49
|
|
|
8
|
|
|
3,684
|
|
|
21,507
|
|
||||||
Total loans
|
|
$
|
904,160
|
|
|
$
|
156,612
|
|
|
$
|
279,409
|
|
|
$
|
1,597,444
|
|
|
$
|
747,853
|
|
|
$
|
3,685,478
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
|
$
|
2,812
|
|
|
$
|
2,598
|
|
Residential
|
|
400
|
|
|
400
|
|
||
Undeveloped property
|
|
5,292
|
|
|
5,292
|
|
||
Total ORE, net
|
|
$
|
8,504
|
|
|
$
|
8,290
|
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Beginning balance
|
|
$
|
8,290
|
|
|
$
|
7,621
|
|
Transfers of loans to ORE
|
|
749
|
|
|
132
|
|
||
Sales
|
|
(247
|
)
|
|
—
|
|
||
Write-downs
|
|
(288
|
)
|
|
(85
|
)
|
||
Ending balance
|
|
$
|
8,504
|
|
|
$
|
7,668
|
|
|
|
|
|
March 31, 2019
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Investment securities available-for-sale
|
|
$
|
285,518
|
|
|
$
|
—
|
|
|
$
|
285,518
|
|
|
$
|
—
|
|
Mortgage loans held-for-sale
|
|
252,238
|
|
|
—
|
|
|
252,238
|
|
|
—
|
|
||||
Other assets
(1)
|
|
7,393
|
|
|
—
|
|
|
—
|
|
|
7,393
|
|
||||
Other liabilities
(1)
|
|
(3,031
|
)
|
|
—
|
|
|
—
|
|
|
(3,031
|
)
|
|
|
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Investment securities available-for-sale
|
|
$
|
251,602
|
|
|
$
|
—
|
|
|
$
|
251,602
|
|
|
$
|
—
|
|
Mortgage loans held-for-sale
|
|
225,342
|
|
|
—
|
|
|
225,342
|
|
|
—
|
|
||||
Other assets
(1)
|
|
5,402
|
|
|
—
|
|
|
—
|
|
|
5,402
|
|
||||
Other liabilities
(1)
|
|
(3,492
|
)
|
|
—
|
|
|
—
|
|
|
(3,492
|
)
|
|
|
As of or for the Three Months Ended March 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
(in thousands)
|
|
Other
Assets (1) |
|
Other
Liabilities (1) |
|
Other
Assets (1) |
|
Other
Liabilities (1) |
||||||||
Beginning balance
|
|
$
|
5,402
|
|
|
$
|
(3,492
|
)
|
|
$
|
4,168
|
|
|
$
|
(691
|
)
|
Total gains / (losses) included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Issuances
|
|
7,393
|
|
|
(3,031
|
)
|
|
7,580
|
|
|
(1,641
|
)
|
||||
Settlements and closed loans
|
|
(4,915
|
)
|
|
3,492
|
|
|
(4,168
|
)
|
|
691
|
|
||||
Expirations
|
|
(487
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance
|
|
$
|
7,393
|
|
|
$
|
(3,031
|
)
|
|
$
|
7,580
|
|
|
$
|
(1,641
|
)
|
|
|
|
|
March 31, 2019
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Impaired loans
|
|
$
|
30,409
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,409
|
|
ORE, net
|
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
||||
Residential mortgage servicing rights
|
|
68,109
|
|
|
—
|
|
|
—
|
|
|
68,109
|
|
|
|
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Impaired loans
|
|
$
|
16,283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,283
|
|
ORE, net
|
|
1,556
|
|
|
—
|
|
|
—
|
|
|
1,556
|
|
||||
Residential mortgage servicing rights
|
|
56,737
|
|
|
—
|
|
|
—
|
|
|
56,737
|
|
|
|
Fair Value at
|
|
|
|
|
|
|
|
|
||||||
($ in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
|
Valuation
Technique |
|
Unobservable
Inputs |
|
Range/Weighted
Average at March 31, 2019 |
|
Range/Weighted
Average at December 31, 2018 |
||||
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
30,409
|
|
|
$
|
16,283
|
|
|
Appraised value
less estimated selling costs |
|
Estimated
selling costs |
|
0% - 10.00%
10.00% |
|
0.00% - 10.00%
9.69% |
Other real estate
|
|
64
|
|
|
1,556
|
|
|
Discounted appraisals
less estimated selling costs |
|
Estimated
selling costs |
|
0% - 10.00%
9.65% |
|
0.00% - 10.00%
9.38% |
||
Residential mortgage servicing rights
|
|
68,109
|
|
|
56,737
|
|
|
Discounted
cash flows |
|
Discount rate
|
|
9.77% - 11.25%
10.14% |
|
10.27% - 11.75%
10.64% |
||
|
|
|
|
|
|
|
|
Modeled prepayment
speeds |
|
7.86% - 11.33%
8.85% |
|
6.78% - 10.75%
7.30% |
||||
Recurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
IRLCs
|
|
$
|
6,656
|
|
|
$
|
4,630
|
|
|
Pricing
model |
|
Modeled pull-through
ratio |
|
79.50%
|
|
85.00%
|
Forward commitments
|
|
(2,294
|
)
|
|
(2,720
|
)
|
|
Investor
pricing |
|
Pricing spreads
|
|
90.00% - 104.59%
102.56% |
|
99.00% - 104.83%
102.47% |
(in thousands)
|
|
Aggregate Fair Value
March 31, 2019 |
|
Aggregate Unpaid
Principal Balance at March 31, 2019 |
|
Aggregate Fair Value Over
Unpaid Principal |
||||||
Residential mortgage loans held-for-sale
|
|
$
|
252,238
|
|
|
$
|
244,131
|
|
|
$
|
8,107
|
|
(in thousands)
|
|
Aggregate Fair Value
December 31, 2018 |
|
Aggregate Unpaid
Principal Balance at December 31, 2018 |
|
Aggregate Fair Value Over
Unpaid Principal |
||||||
Residential mortgage loans held-for-sale
|
|
$
|
225,342
|
|
|
$
|
218,494
|
|
|
$
|
6,848
|
|
|
|
|
|
Fair Value Measurements at March 31, 2019
|
||||||||||||||||
(in thousands)
|
|
Carrying
Amount |
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||||
Financial instruments (assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
202,291
|
|
|
$
|
202,291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
202,291
|
|
Investment securities available-for-sale
|
|
285,518
|
|
|
—
|
|
|
285,518
|
|
|
—
|
|
|
285,518
|
|
|||||
Investment securities held-to-maturity
|
|
19,925
|
|
|
—
|
|
|
15,823
|
|
|
3,878
|
|
|
19,701
|
|
|||||
Total loans, net
(1)
|
|
3,909,373
|
|
|
—
|
|
|
252,238
|
|
|
3,365,463
|
|
|
3,617,701
|
|
|||||
Financial instruments (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
|
$
|
1,203,173
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,203,173
|
|
|
$
|
1,203,173
|
|
Interest-bearing deposits
|
|
2,779,360
|
|
|
—
|
|
|
—
|
|
|
2,775,984
|
|
|
2,775,984
|
|
|||||
Short-term borrowings
|
|
162,453
|
|
|
—
|
|
|
162,453
|
|
|
—
|
|
|
162,453
|
|
|||||
Subordinated debt
|
|
120,733
|
|
|
—
|
|
|
114,825
|
|
|
—
|
|
|
114,825
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||
(in thousands)
|
|
Carrying
Amount |
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||||
Financial instruments (assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
212,293
|
|
|
$
|
212,293
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
212,293
|
|
Investment securities available-for-sale
|
|
251,602
|
|
|
—
|
|
|
251,602
|
|
|
—
|
|
|
251,602
|
|
|||||
Investment securities held-to-maturity
|
|
20,126
|
|
|
—
|
|
|
15,507
|
|
|
3,903
|
|
|
19,410
|
|
|||||
Total loans, net
(1)
|
|
3,893,629
|
|
|
—
|
|
|
225,342
|
|
|
3,404,277
|
|
|
3,629,619
|
|
|||||
Financial instruments (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
|
$
|
1,214,534
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,214,534
|
|
|
$
|
1,214,534
|
|
Interest-bearing deposits
|
|
2,767,044
|
|
|
—
|
|
|
—
|
|
|
2,760,520
|
|
|
2,760,520
|
|
|||||
Short-term borrowings
|
|
139,760
|
|
|
—
|
|
|
139,760
|
|
|
—
|
|
|
139,760
|
|
|||||
Subordinated debt
|
|
120,707
|
|
|
—
|
|
|
113,141
|
|
|
—
|
|
|
113,141
|
|
|
Contract or Notional Amount as of
|
||||||
(in thousands)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Forward rate commitments
|
$
|
504,003
|
|
|
$
|
390,533
|
|
Interest rate lock commitments
|
284,405
|
|
|
191,843
|
|
||
Total derivatives contracts
|
$
|
788,408
|
|
|
$
|
582,376
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2019
|
|
2018
|
||||
Net income
|
|
$
|
6,113
|
|
|
$
|
11,767
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
(1)
|
|
27,493
|
|
|
27,011
|
|
||
Effect of dilutive stock options
(2)
|
|
200
|
|
|
110
|
|
||
Weighted average common shares outstanding – diluted
|
|
27,693
|
|
|
27,121
|
|
||
|
|
|
|
|
||||
EPS:
|
|
|
|
|
||||
Basic
|
|
$
|
0.22
|
|
|
$
|
0.44
|
|
Diluted
|
|
$
|
0.22
|
|
|
$
|
0.43
|
|
|
|
|
|
|
(in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Loan servicing rights
|
|
|
|
|
||||
Residential mortgage
|
|
$
|
108,417
|
|
|
$
|
111,414
|
|
SBA
|
|
4,472
|
|
|
4,511
|
|
||
Indirect automobile
|
|
3,847
|
|
|
4,465
|
|
||
Total servicing rights
|
|
$
|
116,736
|
|
|
$
|
120,390
|
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Residential mortgage servicing rights
|
|
|
|
|
||||
Beginning carrying value, net
|
|
$
|
111,414
|
|
|
$
|
100,679
|
|
Additions
|
|
5,343
|
|
|
6,146
|
|
||
Amortization
|
|
(3,504
|
)
|
|
(3,426
|
)
|
||
(Impairment)/recoveries, net
(1)
|
|
(4,836
|
)
|
|
4,544
|
|
||
Ending carrying value, net
|
|
$
|
108,417
|
|
|
$
|
107,943
|
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Residential mortgage servicing impairment
|
|
|
|
|
||||
Beginning balance
|
|
$
|
1,954
|
|
|
$
|
9,818
|
|
Additions
|
|
4,930
|
|
|
—
|
|
||
Recoveries
|
|
(94
|
)
|
|
(4,544
|
)
|
||
Ending balance
|
|
$
|
6,790
|
|
|
$
|
5,274
|
|
($ in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Residential Mortgage Servicing Rights
|
|
|
|
|
||||
Fair Value
|
|
$
|
113,551
|
|
|
$
|
116,827
|
|
Composition of residential loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
99.53
|
%
|
|
99.57
|
%
|
||
Adjustable-rate
|
|
0.47
|
%
|
|
0.43
|
%
|
||
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Remaining term (years)
|
|
26.0
|
|
|
26.1
|
|
||
Modeled prepayment speed
|
|
8.85
|
%
|
|
7.30
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(4,019
|
)
|
|
$
|
(3,578
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(7,717
|
)
|
|
(7,002
|
)
|
||
Weighted average discount rate
|
|
10.14
|
%
|
|
10.64
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(4,666
|
)
|
|
$
|
(5,290
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(9,011
|
)
|
|
(10,245
|
)
|
Residential mortgage loans serviced
|
|
March 31, 2019
|
|
Net Charge-offs
for the Three Months Ended March 31, 2019 |
||||||||||||
|
|
Unpaid
Principal Balance |
|
Delinquent (days)
|
|
|||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
9,244,005
|
|
|
$
|
146,278
|
|
|
$
|
8,761
|
|
|
$
|
—
|
|
Held-for-sale
(1)
|
|
244,131
|
|
|
153
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
(2)
|
|
624,638
|
|
|
17,844
|
|
|
22,929
|
|
|
82
|
|
||||
Total residential mortgage loans serviced
|
|
$
|
10,112,774
|
|
|
$
|
164,275
|
|
|
$
|
31,690
|
|
|
$
|
82
|
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
SBA loan servicing rights
|
|
|
|
|
||||
Beginning carrying value, net
|
|
$
|
4,511
|
|
|
$
|
4,818
|
|
Additions
|
|
371
|
|
|
271
|
|
||
Amortization
|
|
(410
|
)
|
|
(483
|
)
|
||
Recoveries, net
(1)
|
|
—
|
|
|
131
|
|
||
Ending carrying value, net
|
|
$
|
4,472
|
|
|
$
|
4,737
|
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
SBA servicing rights impairment
|
|
|
|
|
||||
Beginning balance
|
|
$
|
2
|
|
|
$
|
134
|
|
Additions
|
|
—
|
|
|
—
|
|
||
Recoveries
|
|
—
|
|
|
(131
|
)
|
||
Ending balance
|
|
$
|
2
|
|
|
$
|
3
|
|
($ in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
SBA loan servicing rights
|
|
|
|
|
||||
Fair Value
|
|
$
|
4,855
|
|
|
$
|
4,629
|
|
Composition of loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
—
|
%
|
|
—
|
%
|
||
Adjustable-rate
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Remaining term (years)
|
|
19.6
|
|
|
19.7
|
|
||
Modeled prepayment speed
|
|
15.06
|
%
|
|
15.10
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(204
|
)
|
|
$
|
(194
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(392
|
)
|
|
(373
|
)
|
||
Weighted average discount rate
|
|
13.25
|
%
|
|
13.75
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(170
|
)
|
|
$
|
(166
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(330
|
)
|
|
(321
|
)
|
SBA loans serviced
|
|
March 31, 2019
|
|
Net Charge-offs
for the Three Months Ended March 31, 2019 |
||||||||||||
|
|
Unpaid
Principal Balance |
|
|
|
|
|
|||||||||
|
|
|
Delinquent (days)
|
|
||||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
267,646
|
|
|
$
|
3,842
|
|
|
$
|
1,053
|
|
|
$
|
—
|
|
Held-for-sale
|
|
11,485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
172,294
|
|
|
3,563
|
|
|
4,905
|
|
|
(28
|
)
|
||||
Total SBA loans serviced
|
|
$
|
451,425
|
|
|
$
|
7,405
|
|
|
$
|
5,958
|
|
|
$
|
(28
|
)
|
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Indirect automobile loan servicing rights
|
|
|
|
|
||||
Beginning carrying value
|
|
$
|
4,465
|
|
|
$
|
7,118
|
|
Additions
|
|
—
|
|
|
569
|
|
||
Amortization
|
|
(618
|
)
|
|
(814
|
)
|
||
Ending carrying value
|
|
$
|
3,847
|
|
|
$
|
6,873
|
|
($ in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Indirect automobile loan servicing rights
|
|
|
|
|
||||
Fair value
|
|
$
|
3,847
|
|
|
$
|
4,491
|
|
Composition of loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Adjustable-rate
|
|
—
|
%
|
|
—
|
%
|
||
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Remaining term (years)
|
|
3.8
|
|
|
4.1
|
|
||
Modeled prepayment speed
|
|
22.59
|
%
|
|
22.59
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(95
|
)
|
|
$
|
(155
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(187
|
)
|
|
(226
|
)
|
||
Weighted average discount rate
|
|
7.51
|
%
|
|
7.87
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(33
|
)
|
|
$
|
(41
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(65
|
)
|
|
(82
|
)
|
|
|
March 31, 2019
|
|
Net Charge-offs
for the Three Months Ended March 31, 2019 |
||||||||||||
Indirect automobile loans serviced
|
|
Unpaid
Principal Balance |
|
|
|
|
|
|||||||||
|
|
|
Delinquent (days)
|
|
||||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
622,859
|
|
|
$
|
1,877
|
|
|
$
|
1,528
|
|
|
$
|
576
|
|
Held-for-sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
1,454,748
|
|
|
3,560
|
|
|
2,172
|
|
|
1,054
|
|
||||
Total indirect automobile loans serviced
|
|
$
|
2,077,607
|
|
|
$
|
5,437
|
|
|
$
|
3,700
|
|
|
$
|
1,630
|
|
▪
|
The seller has a present right to payment for the asset.
|
▪
|
The buyer has legal title of the asset.
|
▪
|
The seller has transferred physical possession of the asset.
|
▪
|
The buyer has the significant risks and rewards of ownership of the asset.
|
▪
|
The buyer has accepted the asset.
|
|
|
Three Months Ended March 31,
|
||||||
($ in thousands)
|
|
2019
|
|
2018
|
||||
Noninterest income:
|
|
|
|
|
||||
In-scope of Topic 606:
|
|
|
|
|
||||
Service charges on deposit accounts
|
|
$
|
1,785
|
|
|
$
|
1,472
|
|
Other fees and charges
|
|
2,107
|
|
|
2,035
|
|
||
Trust and wealth management
|
|
655
|
|
|
532
|
|
||
Other:
|
|
|
|
|
||||
Insurance commissions
|
|
4
|
|
|
398
|
|
||
Loss on ORE
|
|
(2
|
)
|
|
—
|
|
||
Total other
|
|
$
|
2
|
|
|
$
|
398
|
|
Noninterest income (in-scope of Topic 606)
|
|
4,549
|
|
|
4,437
|
|
||
Noninterest income (out-of-scope of Topic 606)
|
|
19,397
|
|
|
32,696
|
|
||
Total noninterest income
|
|
$
|
23,946
|
|
|
$
|
37,133
|
|
|
As of or for the Three Months Ended
|
||||||||||
($ in thousands, except per share data)
|
March 31,
2019 |
|
December 31,
2018 |
|
March 31,
2018 |
||||||
INCOME STATEMENT DATA:
|
|
|
|
|
|
||||||
Interest income
|
$
|
47,041
|
|
|
$
|
48,271
|
|
|
$
|
41,562
|
|
Interest expense
|
8,899
|
|
|
8,713
|
|
|
6,794
|
|
|||
Net interest income
|
38,142
|
|
|
39,558
|
|
|
34,768
|
|
|||
Provision for loan losses
|
936
|
|
|
745
|
|
|
2,130
|
|
|||
Noninterest income
|
23,946
|
|
|
31,079
|
|
|
37,133
|
|
|||
Noninterest expense
|
53,475
|
|
|
56,113
|
|
|
54,742
|
|
|||
Net income before income taxes
|
7,677
|
|
|
13,779
|
|
|
15,029
|
|
|||
Income tax expense
|
1,564
|
|
|
3,855
|
|
|
3,262
|
|
|||
Net income
|
6,113
|
|
|
9,924
|
|
|
11,767
|
|
|||
PERFORMANCE:
|
|
|
|
|
|
||||||
Earnings per common share - basic
|
$
|
0.22
|
|
|
$
|
0.36
|
|
|
$
|
0.44
|
|
Earnings per common share - diluted
|
0.22
|
|
|
0.36
|
|
|
0.43
|
|
|||
Total revenues
|
62,088
|
|
|
70,637
|
|
|
71,901
|
|
|||
Book value per common share
|
16.61
|
|
|
16.36
|
|
|
15.19
|
|
|||
Tangible book value per common share
(1)
|
16.22
|
|
|
15.95
|
|
|
14.75
|
|
|||
Cash dividends paid per common share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|||
Dividend payout ratio
|
54.55
|
%
|
|
33.33
|
%
|
|
27.27
|
%
|
|||
Return on average assets
|
0.53
|
%
|
|
0.82
|
%
|
|
1.03
|
%
|
|||
Return on average shareholders' equity
|
5.49
|
%
|
|
9.05
|
%
|
|
11.83
|
%
|
|||
Equity to assets ratio
|
9.58
|
%
|
|
9.43
|
%
|
|
8.54
|
%
|
|||
Net interest margin
|
3.56
|
%
|
|
3.54
|
%
|
|
3.29
|
%
|
|||
END OF PERIOD BALANCE SHEET SUMMARY:
|
|
|
|
|
|
||||||
Total assets
|
$
|
4,789,945
|
|
|
$
|
4,733,796
|
|
|
4,811,659
|
|
|
Earning assets
|
4,418,194
|
|
|
4,381,616
|
|
|
4,465,914
|
|
|||
Loans, excluding loans held-for-sale
|
3,676,805
|
|
|
3,685,478
|
|
|
3,714,308
|
|
|||
Total loans
|
3,940,528
|
|
|
3,924,780
|
|
|
4,139,608
|
|
|||
Total deposits
|
3,982,533
|
|
|
3,981,578
|
|
|
3,900,407
|
|
|||
Shareholders' equity
|
459,014
|
|
|
446,241
|
|
|
410,744
|
|
|||
Assets serviced for others
|
10,134,717
|
|
|
10,283,727
|
|
|
10,367,564
|
|
|||
ASSET QUALITY RATIOS:
|
|
|
|
|
|
||||||
Net charge-offs, annualized to average loans
|
0.10
|
%
|
|
0.08
|
%
|
|
0.11
|
%
|
|||
Allowance to period-end loans
|
0.85
|
%
|
|
0.85
|
%
|
|
0.83
|
%
|
|||
Adjusted allowance to adjusted period-end loans
(1)
|
1.11
|
%
|
|
1.12
|
%
|
|
1.15
|
%
|
|||
Nonperforming assets to total loans, ORE and repossessions
|
2.11
|
%
|
|
1.93
|
%
|
|
2.04
|
%
|
|||
Adjusted nonperforming assets to loans, ORE and repossessions
(1)
|
0.92
|
%
|
|
0.92
|
%
|
|
1.14
|
%
|
|||
Allowance to nonperforming loans, ORE and repossessions
|
0.40x
|
|
|
0.44x
|
|
|
0.41x
|
|
|||
SELECTED RATIOS:
|
|
|
|
|
|
||||||
Loans to total deposits
|
92.32
|
%
|
|
92.56
|
%
|
|
95.23
|
%
|
|||
Average total loans to average earning assets
|
89.59
|
%
|
|
90.21
|
%
|
|
92.71
|
%
|
|||
Noninterest income to total revenue
|
38.57
|
%
|
|
44.00
|
%
|
|
51.64
|
%
|
|||
Leverage ratio
|
9.60
|
%
|
|
9.18
|
%
|
|
8.74
|
%
|
|||
Common equity tier 1 capital
|
9.80
|
%
|
|
9.54
|
%
|
|
8.41
|
%
|
|||
Tier 1 risk-based capital
|
10.90
|
%
|
|
10.64
|
%
|
|
9.47
|
%
|
|||
Total risk-based capital
|
13.47
|
%
|
|
13.24
|
%
|
|
11.98
|
%
|
|||
LOAN PRODUCTION AND SALES VOLUME:
|
|
|
|
|
|
||||||
Mortgage loan production
|
$
|
580,645
|
|
|
$
|
626,438
|
|
|
$
|
613,314
|
|
Total mortgage loan sales
|
511,677
|
|
|
686,153
|
|
|
496,484
|
|
|||
Indirect automobile loan production
|
60,040
|
|
|
94,407
|
|
|
258,560
|
|
|||
Total indirect automobile loan sales
|
—
|
|
|
—
|
|
|
86,000
|
|
Reconciliation of Non-GAAP Measure:
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Interest income, GAAP basis
|
$
|
47,041
|
|
|
$
|
41,562
|
|
Taxable-equivalent adjustment
|
50
|
|
|
39
|
|
||
Interest income, taxable-equivalent basis
|
$
|
47,091
|
|
|
$
|
41,601
|
|
|
For the Three Months Ended
|
||||||||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
939,337
|
|
|
$
|
11,613
|
|
|
5.01
|
%
|
|
$
|
864,992
|
|
|
$
|
10,310
|
|
|
4.83
|
%
|
SBA
|
173,003
|
|
|
3,404
|
|
|
7.98
|
%
|
|
153,732
|
|
|
3,062
|
|
|
8.08
|
%
|
||||
Construction
|
282,827
|
|
|
4,943
|
|
|
7.09
|
%
|
|
258,072
|
|
|
4,162
|
|
|
6.54
|
%
|
||||
Indirect automobile
|
1,516,483
|
|
|
12,835
|
|
|
3.43
|
%
|
|
1,784,982
|
|
|
13,095
|
|
|
2.98
|
%
|
||||
Installment loans and personal lines of credit
|
29,410
|
|
|
381
|
|
|
5.25
|
%
|
|
41,468
|
|
|
302
|
|
|
2.95
|
%
|
||||
Residential mortgage
|
803,697
|
|
|
8,566
|
|
|
4.32
|
%
|
|
724,684
|
|
|
7,126
|
|
|
3.99
|
%
|
||||
Home equity lines of credit
|
154,862
|
|
|
2,173
|
|
|
5.69
|
%
|
|
149,398
|
|
|
1,811
|
|
|
4.92
|
%
|
||||
Total loans, net of unearned income
(1)
|
3,899,619
|
|
|
43,915
|
|
|
4.57
|
%
|
|
3,977,328
|
|
|
39,868
|
|
|
4.07
|
%
|
||||
Investment securities
(1)
|
299,712
|
|
|
2,444
|
|
|
3.31
|
%
|
|
155,920
|
|
|
1,195
|
|
|
3.11
|
%
|
||||
Other earning assets
|
153,393
|
|
|
732
|
|
|
1.94
|
%
|
|
156,751
|
|
|
538
|
|
|
1.39
|
%
|
||||
Total interest-earning assets
|
4,352,724
|
|
|
47,091
|
|
|
4.39
|
%
|
|
4,289,999
|
|
|
41,601
|
|
|
3.93
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
41,867
|
|
|
|
|
|
|
36,370
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(31,117
|
)
|
|
|
|
|
|
(30,002
|
)
|
|
|
|
|
||||||||
Premises and equipment, net
|
94,594
|
|
|
|
|
|
|
88,732
|
|
|
|
|
|
||||||||
Other real estate
|
8,317
|
|
|
|
|
|
|
7,606
|
|
|
|
|
|
||||||||
Other assets
|
248,788
|
|
|
|
|
|
|
233,677
|
|
|
|
|
|
||||||||
Total noninterest-earning assets
|
362,449
|
|
|
|
|
|
|
336,383
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,715,173
|
|
|
|
|
|
|
$
|
4,626,382
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
$
|
462,980
|
|
|
$
|
140
|
|
|
0.12
|
%
|
|
$
|
461,614
|
|
|
$
|
162
|
|
|
0.14
|
%
|
Money market and savings deposits
|
1,343,178
|
|
|
2,510
|
|
|
0.76
|
%
|
|
1,345,905
|
|
|
1,841
|
|
|
0.55
|
%
|
||||
Time deposits
|
934,110
|
|
|
3,616
|
|
|
1.57
|
%
|
|
901,394
|
|
|
2,310
|
|
|
1.04
|
%
|
||||
Total interest-bearing deposits
|
2,740,268
|
|
|
6,266
|
|
|
0.93
|
%
|
|
2,708,913
|
|
|
4,313
|
|
|
0.65
|
%
|
||||
Short-term borrowings
|
161,107
|
|
|
935
|
|
|
2.35
|
%
|
|
235,519
|
|
|
910
|
|
|
1.57
|
%
|
||||
Subordinated debt
|
120,720
|
|
|
1,698
|
|
|
5.70
|
%
|
|
120,604
|
|
|
1,571
|
|
|
5.28
|
%
|
||||
Total interest-bearing liabilities
|
3,022,095
|
|
|
8,899
|
|
|
1.19
|
%
|
|
3,065,036
|
|
|
6,794
|
|
|
0.90
|
%
|
||||
Noninterest-bearing liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
|
|||||||||||||
Demand deposits
|
1,185,199
|
|
|
|
|
|
|
1,120,562
|
|
|
|
|
|
||||||||
Other liabilities
|
56,181
|
|
|
|
|
|
|
37,336
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
451,698
|
|
|
|
|
|
|
403,448
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and shareholders’ equity
|
1,693,078
|
|
|
|
|
|
|
1,561,346
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,715,173
|
|
|
|
|
|
|
$
|
4,626,382
|
|
|
|
|
|
||||||
Net interest income/spread
|
|
|
$
|
38,192
|
|
|
3.20
|
%
|
|
|
|
$
|
34,807
|
|
|
3.03
|
%
|
||||
Net interest margin
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
3.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended March 31,
|
|
Year Ended
December 31,
|
||||||||
($ in thousands)
|
2019
|
|
2018
|
|
2018
|
||||||
Balance at beginning of period
|
$
|
31,151
|
|
|
$
|
29,772
|
|
|
$
|
29,772
|
|
Net (charge-offs) / recoveries:
|
|
|
|
|
|
||||||
Commercial
|
101
|
|
|
(75
|
)
|
|
(207
|
)
|
|||
SBA
|
28
|
|
|
(100
|
)
|
|
(254
|
)
|
|||
Construction
|
73
|
|
|
364
|
|
|
716
|
|
|||
Consumer
|
(1,057
|
)
|
|
(1,125
|
)
|
|
(3,901
|
)
|
|||
Mortgage
|
(77
|
)
|
|
(26
|
)
|
|
(496
|
)
|
|||
Total net charge-offs
|
(932
|
)
|
|
(962
|
)
|
|
(4,142
|
)
|
|||
Provision for loan losses
|
936
|
|
|
2,130
|
|
|
5,521
|
|
|||
Balance at end of period
|
$
|
31,155
|
|
|
$
|
30,940
|
|
|
$
|
31,151
|
|
|
|
|
|
|
|
||||||
Allowance for loan losses as a percentage of loans
|
0.85
|
%
|
|
0.83
|
%
|
|
0.85
|
%
|
|||
Adjusted allowance as a percentage of adjusted loans (non-GAAP)
(1)
|
1.11
|
%
|
|
1.15
|
%
|
|
1.12
|
%
|
|||
Ratio of net charge-offs to average loans outstanding, net
|
0.10
|
%
|
|
0.11
|
%
|
|
0.11
|
%
|
|
Three Months Ended March 31,
|
|||||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Service charges on deposit accounts
|
$
|
1,785
|
|
|
$
|
1,472
|
|
|
$
|
313
|
|
|
21.3
|
%
|
Other fees and charges
|
2,309
|
|
|
2,235
|
|
|
74
|
|
|
3.3
|
|
|||
Mortgage banking activities
|
16,735
|
|
|
28,562
|
|
|
(11,827
|
)
|
|
(41.4
|
)
|
|||
Indirect lending activities
|
706
|
|
|
2,148
|
|
|
(1,442
|
)
|
|
(67.1
|
)
|
|||
SBA lending activities
|
1,324
|
|
|
1,157
|
|
|
167
|
|
|
14.4
|
|
|||
Trust and wealth management fees
|
655
|
|
|
532
|
|
|
123
|
|
|
23.1
|
|
|||
Other
|
432
|
|
|
1,027
|
|
|
(595
|
)
|
|
(57.9
|
)
|
|||
Total noninterest income
|
$
|
23,946
|
|
|
$
|
37,133
|
|
|
$
|
(13,187
|
)
|
|
(35.5
|
)
|
|
|
|
|
|
|
||||
|
|
|
For the Three Months Ended
|
||||||
(in thousands)
|
|
March 31,
2019 |
|
March 31,
2018 |
|||||
Marketing gain, net
|
|
$
|
15,205
|
|
|
$
|
17,575
|
|
|
Origination points and fees
|
|
3,572
|
|
|
3,647
|
|
|||
Loan servicing revenue
|
|
6,298
|
|
|
6,221
|
|
|||
Gross mortgage revenue
|
|
$
|
25,075
|
|
|
$
|
27,443
|
|
|
Less:
|
|
|
|
|
|||||
MSR amortization
|
|
(3,504
|
)
|
|
(3,426
|
)
|
|||
MSR (impairment)/recovery, net
|
|
(4,836
|
)
|
|
4,545
|
|
|||
Total income from mortgage banking activities
|
|
$
|
16,735
|
|
|
$
|
28,562
|
|
|
Three Months Ended March 31,
|
|||||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Salaries and employee benefits
|
$
|
27,812
|
|
|
$
|
27,561
|
|
|
$
|
251
|
|
|
0.9
|
%
|
Commissions
|
6,972
|
|
|
7,506
|
|
|
(534
|
)
|
|
(7.1
|
)
|
|||
Occupancy and equipment, net
|
5,095
|
|
|
4,932
|
|
|
163
|
|
|
3.3
|
|
|||
Professional and other services
|
4,366
|
|
|
4,798
|
|
|
(432
|
)
|
|
(9.0
|
)
|
|||
Other
|
9,230
|
|
|
9,945
|
|
|
(715
|
)
|
|
(7.2
|
)
|
|||
Total noninterest expense
|
$
|
53,475
|
|
|
$
|
54,742
|
|
|
$
|
(1,267
|
)
|
|
(2.3
|
)
|
|
For the Three Months Ended
|
||||||||||||||||||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||||||||||||||||||||
($ in millions)
|
Average Balance
|
|
Rate
|
|
Percent of Total Deposits
|
|
Average Balance
|
|
Rate
|
|
Percent of Total Deposits
|
|
Average Balance
|
|
Rate
|
|
Percent of Total Deposits
|
||||||||||||
Noninterest-bearing demand deposits
|
$
|
1,186
|
|
|
—
|
%
|
|
30.2
|
%
|
|
$
|
1,239
|
|
|
—
|
%
|
|
31.0
|
%
|
|
$
|
1,121
|
|
|
—
|
%
|
|
29.3
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand deposits
|
463
|
|
|
0.12
|
%
|
|
11.8
|
%
|
|
458
|
|
|
0.12
|
%
|
|
11.4
|
%
|
|
462
|
|
|
0.14
|
%
|
|
12.1
|
%
|
|||
Money market and savings
|
1,343
|
|
|
0.76
|
%
|
|
34.2
|
%
|
|
1,381
|
|
|
0.74
|
%
|
|
34.5
|
%
|
|
1,346
|
|
|
0.55
|
%
|
|
35.1
|
%
|
|||
Time deposits
|
934
|
|
|
1.57
|
%
|
|
23.8
|
%
|
|
926
|
|
|
1.43
|
%
|
|
23.1
|
%
|
|
901
|
|
|
1.04
|
%
|
|
23.5
|
%
|
|||
Total average deposits
|
$
|
3,926
|
|
|
0.65
|
%
|
|
100.0
|
%
|
|
$
|
4,004
|
|
|
0.60
|
%
|
|
100.0
|
%
|
|
$
|
3,829
|
|
|
0.46
|
%
|
|
100.0
|
%
|
|
|
Adequately Capitalized
|
|
Well Capitalized
|
||||
|
|
(minimum)
|
|
(with buffer in 2018)
|
|
(with buffer fully phased in 2019)
|
|
(minimum)
|
Total risk-based capital
|
|
8.000%
|
|
9.875%
|
|
10.500%
|
|
10.000%
|
Tier 1 risk-based capital
|
|
6.000%
|
|
7.875%
|
|
8.500%
|
|
8.000%
|
CET 1 capital
|
|
4.500%
|
|
6.375%
|
|
7.000%
|
|
6.500%
|
Leverage ratio
|
|
4.000%
|
|
N/A
|
|
N/A
|
|
5.000%
|
Fidelity Bank
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||
($ in thousands)
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Common Equity Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
403,994
|
|
|
9.83
|
%
|
|
$
|
396,577
|
|
|
9.72
|
%
|
Minimum
|
|
184,941
|
|
|
4.50
|
%
|
|
183,600
|
|
|
4.50
|
%
|
||
Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
419,994
|
|
|
10.22
|
%
|
|
$
|
412,577
|
|
|
10.11
|
%
|
Minimum
|
|
246,572
|
|
|
6.00
|
%
|
|
244,853
|
|
|
6.00
|
%
|
||
Total Risk-Based Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
537,226
|
|
|
13.08
|
%
|
|
$
|
529,784
|
|
|
12.98
|
%
|
Minimum
|
|
328,579
|
|
|
8.00
|
%
|
|
326,523
|
|
|
8.00
|
%
|
||
Tier 1 Capital Leverage Ratio:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
|
|
9.00
|
%
|
|
|
|
8.72
|
%
|
||||
Minimum
|
|
|
|
4.00
|
%
|
|
|
|
4.00
|
%
|
Fidelity Southern Corporation
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||
($ in thousands)
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Common Equity Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
402,938
|
|
|
9.80
|
%
|
|
$
|
388,975
|
|
|
9.54
|
%
|
Minimum
|
|
185,023
|
|
|
4.50
|
%
|
|
183,479
|
|
|
4.50
|
%
|
||
Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
447,938
|
|
|
10.90
|
%
|
|
$
|
433,975
|
|
|
10.64
|
%
|
Minimum
|
|
246,571
|
|
|
6.00
|
%
|
|
244,723
|
|
|
6.00
|
%
|
||
Total Risk-Based Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
553,777
|
|
|
13.47
|
%
|
|
$
|
539,789
|
|
|
13.24
|
%
|
Minimum
|
|
328,895
|
|
|
8.00
|
%
|
|
326,156
|
|
|
8.00
|
%
|
||
Tier 1 Capital Leverage Ratio:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
|
|
9.60
|
%
|
|
|
|
9.18
|
%
|
||||
Minimum
|
|
|
|
4.00
|
%
|
|
|
|
4.00
|
%
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||||
Period
|
|
Total Number of Shares (or Units) Purchased
|
|
Average Price Paid per Share (or unit)
|
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under the Plans or Programs
|
||||||
January 2019
|
|
7,559
|
|
|
$
|
28.95
|
|
|
—
|
|
|
$
|
10,000,000
|
|
February 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000,000
|
|
||
March 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000,000
|
|
||
Total
|
|
7,559
|
|
|
$
|
28.95
|
|
|
—
|
|
|
$
|
10,000,000
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
||
Exhibit Number
|
Description of Document
|
Form
|
Filing Date
|
Exhibit Number
|
SEC File No.
|
Amended and Restated Articles of Incorporation of Fidelity Southern Corporation, as amended effective December 16, 2008
|
10-K
|
03/17/2009
|
3(a)
|
001-34981
|
|
Articles of Amendment to the Articles of Incorporation of Fidelity Southern Corporation
|
8-K
|
11/23/2010
|
3.1
|
001-34981
|
|
By-Laws of Fidelity Southern Corporation, as amended
|
10-Q
|
11/08/2007
|
3(b)
|
001-34981
|
|
Amendment to By-Laws of Fidelity Southern Corporation
|
8-K
|
11/23/2010
|
3.2
|
001-34981
|
|
4(a)
|
See Exhibits 3(a) through 3(d) for provisions of the Amended and Restated Articles of Incorporation, as amended, and By-laws of Fidelity Southern Corporation, which define the rights of the shareholders.
|
See 3(a) through 3(d) above
|
001-34981
|
||
Form of Global Note representing the Fixed/Floating Rate Subordinated Notes due 2030 of Fidelity Bank
|
8-K
|
06/03/2015
|
4.1
|
001-34981
|
|
31.1
+
|
Certification of Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
31.2
+
|
Certification of Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.1
#
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.2
#
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
101
|
Financial Statements submitted in XBRL format
|
|
|
|
|
|
|
|
|
|
|
+
Filed herewith
|
|
|
|
|
|
#
Furnished herewith
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN CORPORATION
|
||
|
|
|
|
|
(Registrant)
|
Date:
|
May 3, 2019
|
|
BY:
|
|
/s/
JAMES B. MILLER, JR.
|
|
|
|
|
|
James B. Miller, Jr.
|
|
|
|
|
|
Chief Executive Officer
|
Date:
|
May 3, 2019
|
|
BY:
|
|
/s/ CHARLES D. CHRISTY
|
|
|
|
|
|
Charles D. Christy
|
|
|
|
|
|
Chief Financial Officer
|
1 Year Lionsgate Studios Chart |
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