Fidelity Southern Corporation (LION) has reported an 131.82 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.53 million, or $0.40 a share in the quarter, compared with $4.54 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 25.75 percent to $67.50 million from $53.68 million in the previous year period. Net interest income for the quarter rose 10.04 percent over the prior year period to $32.23 million. Non-interest income for the quarter rose 50.16 percent over the last year period to $37.37 million.
Fidelity Southern Corp has made provision of $2.10 million for loan losses during the quarter, up 320 percent from $0.50 million in the same period last year.
Net interest margin contracted 3 basis points to 3.21 percent in the quarter from 3.24 percent in the last year period.
Fidelity's chairman and chief executive officer, Jim Miller, said, "The current economy seems to be taking a pause, as reflected in interest rate volatility, though we still anticipate a gradual economic improvement given the worldwide economic environment. That means our effort to expand mortgage lending, particularly in Florida, will stay on track. Similarly our robust growth in Wealth Management's sales force means that department will be a net contributor to earnings by year end. Wealth Management also plans to offer life insurance products through a third party this year. Construction lending is also robust while lending to business is still very competitive and depends on taking market share."
Deposits stood at $3,755.11 million as on Mar. 31, 2017, up 9.75 percent compared with $3,421.45 million on Mar. 31, 2016.
Loans to deposits ratio was 89.34 percent for the quarter, down from 90.39 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $1,005.37 million or 26.77 percent of total deposits on Mar. 31, 2017, compared with $885.32 million or 25.88 percent of total deposits on Mar. 31, 2016.
Investments stood at $155.05 million as on Mar. 31, 2017, down 15.19 percent or $27.77 million from year-ago. Shareholders equity was at $371.30 million as on Mar. 31, 2017.
Return on average assets moved up 51 basis points to 0.97 percent in the quarter from 0.46 percent in the last year period. At the same time, return on average equity increased 588 basis points to 11.78 percent in the quarter from 5.90 percent in the last year period.
Nonperforming assets moved down 2.29 percent or $1.20 million to $51.32 million on Mar. 31, 2017 from $52.52 million on Mar. 31, 2016.
Book value per share was $14.09 for the quarter, up 8.72 percent or $1.13 compared to $12.96 for the same period last year.
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