| 2018-10-18 13:03:21|
LION 13:03 10/18 10/18/18
Fidelity Southern reports Q3 EPS 47c, consensus 37c
Total assets decreased by $80.3M, or 1.6%, during the quarter, to $4.8B at September 30, 2018, primarily due to a decrease of $159.3M in total loans. This decrease was driven by a decrease of $110.5M in indirect auto loans as Fidelity exited all markets, except for Florida and Georgia, at the end of last quarter. Servicing rights also decreased by $8.7M, primarily due to the previously announced $1.2B sale of mortgage servicing rights during the quarter. Total loans, including loans held for sale, decreased during the quarter by $159.3M, or 3.8%, to $4.1B at September 30, 2018. This decrease was driven by a reduction of $110.5M in indirect loans through normal attrition and $18.6M in loan sales. As planned, production of indirect auto loans decreased by $96.9M compared to the previous quarter.