Fidelity Southern Corporation Earns $7.2 Million In Fourth Quarter; Record Of $30 Million In 2014
ATLANTA, Jan. 22, 2015 /PRNewswire/ -- Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), today reported financial results for the quarter and year ended December 31, 2014.
KEY RESULTS
- Net income of $7.2 million, or $0.31, per diluted share for the quarter and $30.0 million, or $1.28, per diluted share for the year
- Total revenue of $51.3 million for the quarter and $197.0 million for the year
- Return on average assets of 0.98% for the quarter and 1.11% for the year
- Tangible book value of $12.22 per share increased by $1.26, or 11.5%, year over year
- Loan portfolio grew by $179.5 million, or 8.7%, during the quarter and $360.3 million, or 19.0%, year over year, to $2.3 billion
- Loan servicing portfolio increased to $6.6 billion, or 28.5%, year over year
- Continued retail expansion in Florida with full integration of the $171 million third-quarter acquisition of deposits and retail branches and an agreement to purchase an additional $38 million in deposits
Fidelity's Chairman, Jim Miller, said, "This is a quick report on where we are. The numbers are obviously quite good. We have concentrated this past year on consolidating our lines of business and positioning for increases in interest rates. Rates should finally move this year, which will be another challenge for the banking world. Despite being positioned to meet a substantial increase in commercial and industrial loan possibilities, we have continued to eschew speculative commercial property loans and have been faced with being underpriced and out-termed on quite a few loans. That wheel will turn. Our outsourced credit card lending is approaching $25 million in outstandings. Additionally, Trust Services booked $94 million in assets just since April 2014, with a backlog scheduled to be booked this quarter to take us over $100 million. The geographic footprint for mortgages, now that we are in North and South Carolina, and for Indirect, now that we are in Louisiana, is not planned for further expansion this year. SBA lending has strengthened. Single family residential lending continues strong, with our presence in Savannah, Macon, Orlando, and Tallahassee contributing. We look to add retail presence in Macon this year and will modestly grow in our existing footprint. Should an opportunity to do more with acquisitions present itself, that would be welcome. Though acquisitions are prepared for, they are not built in to our budget."
BALANCE SHEET
Total assets at December 31, 2014, grew to $3.1 billion, an increase of $223.6 million, or 7.8%, compared to September 30, 2014, and $521.1 million, or 20.3%, compared to December 31, 2013. These increases are primarily attributable to an increase in loan production, mainly in indirect and mortgage loans held for investment.
Cash and cash equivalents decreased $20.0 million, or 21.8%, compared to September 30, 2014, as cash received from the assumption of deposits from six branches in Florida was used to fund growth in loans held for investment of $179.5 million, or 8.7%, during the quarter. Other short-term borrowings increased $214.7 million, or 281.0%, compared to September 30, 2014, primarily to fund growth in loans held for sale of $44.5 million and loans held for investment of $179.5 million.
Loans
Total loans held for investment at December 31, 2014, grew to $2.3 billion, an increase of $179.5 million, or 8.7%, compared to $2.1 billion at September 30, 2014, and $360.3 million, or 19.0%, compared to $1.9 billion at December 31, 2013.
New product offerings within mortgage, new loan production offices, expansion into new markets, and an overall increase in auto sales over the prior year were the main drivers of the growth in indirect and mortgage loans. Indirect loans grew by $131.5 million and $244.0 million, or 12.1% and 25.0%, respectively, and mortgage loans increased by $43.9 million and $101.0 million, or 22.6% and 73.8%, respectively, during the quarter and year.
Construction loans increased by $15.2 million and $22.3 million, or 13.9% and 21.9%, respectively, compared to September 30, 2014, and December 31, 2013, as single family housing permits continued to grow in our market areas. Growth in commercial loans was offset by continued resolution of acquired loans.
The following table summarizes average loans by category for the periods presented.
|
For the Three Months Ended |
For the Year Ended | ||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||
|
Commercial |
$ |
519,932 |
$ |
529,270 |
$ |
520,470 |
$ |
528,380 |
$ |
512,283 | |||||
|
SBA |
152,672 |
150,432 |
142,697 |
148,457 |
142,344 | ||||||||||
|
Construction |
115,146 |
110,413 |
104,220 |
108,805 |
100,131 | ||||||||||
|
Indirect automobile |
1,329,306 |
1,204,314 |
1,010,229 |
1,161,400 |
982,601 | ||||||||||
|
Installment |
11,938 |
13,444 |
13,587 |
12,908 |
13,387 | ||||||||||
|
Residential mortgage |
300,652 |
286,407 |
194,557 |
247,424 |
285,624 | ||||||||||
|
Home equity lines of credit |
79,906 |
76,619 |
75,598 |
76,871 |
73,205 | ||||||||||
|
Total average loans (incl. HFS) |
$ |
2,509,552 |
$ |
2,370,899 |
$ |
2,061,358 |
$ |
2,284,245 |
$ |
2,109,575 | |||||
Deposits
Total deposits at December 31, 2014, of $2.5 billion increased by $255.6 million, or 11.6%, compared to December 31, 2013. The year-over-year increase occurred primarily due to the assumption of deposits from six branches in Florida during September 2014.
Average core deposits, including noninterest-bearing demand deposits, grew by $69.8 million, or 4.3%, during the quarter and $225.6 million, or 15.6%, year over year due to core deposit growth from the continuing transaction account acquisition initiative, particularly in commercial accounts and assumption of deposits from six branches in Florida during September 2014. Noninterest-bearing demand deposits increased to 23% of total average deposits for the quarter compared to 21% for the same period last year.
Time deposits increased by $61.0 million, or 8.4%, during the quarter and $14.3 million, or 2.1%, year over year, excluding the $88.0 million in time deposits acquired during the third quarter of 2014.
The following table summarizes average deposit composition and average rate paid for the periods presented.
|
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
|
December 31, 2014 |
September 30, 2014 |
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
|
($ in millions) |
Average |
Rate |
Percent of |
Average |
Rate |
Percent of |
Average |
Rate |
Percent of | |||||||||||||||||||||||||||||
|
Noninterest-bearing demand deposits |
$ |
567.4 |
— |
% |
23.5 |
% |
$ |
574.8 |
— |
% |
25.3 |
% |
$ |
448.9 |
— |
% |
20.9 |
% | ||||||||||||||||||||
|
Interest-bearing demand deposits |
783.9 |
0.25 |
% |
32.3 |
% |
712.1 |
0.24 |
% |
31.4 |
% |
693.0 |
0.29 |
% |
32.2 |
% | |||||||||||||||||||||||
|
Savings deposits |
323.6 |
0.35 |
% |
13.4 |
% |
318.3 |
0.34 |
% |
14.1 |
% |
307.5 |
0.39 |
% |
14.3 |
% | |||||||||||||||||||||||
|
Time deposits |
741.2 |
0.98 |
% |
30.8 |
% |
657.5 |
0.96 |
% |
29.2 |
% |
701.2 |
1.01 |
% |
32.6 |
% | |||||||||||||||||||||||
|
Total average deposits |
$ |
2,416.1 |
0.43 |
% |
100.0 |
% |
$ |
2,262.7 |
0.40 |
% |
100.0 |
% |
$ |
2,150.6 |
0.48 |
% |
100.0 |
% | ||||||||||||||||||||
|
For the Year Ended | |||||||||||||||||||||||||||
|
December 31, 2014 |
December 31, 2013 | ||||||||||||||||||||||||||
|
($ in millions) |
Average |
Rate |
Percent of |
Average |
Rate |
Percent of | |||||||||||||||||||||
|
Noninterest-bearing demand deposits |
$ |
539.0 |
— |
% |
23.8 |
% |
$ |
417.7 |
— |
% |
19.9 |
% | |||||||||||||||
|
Interest-bearing demand deposits |
722.4 |
0.26 |
% |
31.9 |
% |
648.7 |
0.28 |
% |
30.8 |
% | |||||||||||||||||
|
Savings deposits |
316.4 |
0.36 |
% |
14.0 |
% |
317.8 |
0.41 |
% |
15.1 |
% | |||||||||||||||||
|
Time deposits |
681.9 |
0.98 |
% |
30.3 |
% |
719.2 |
1.01 |
% |
34.2 |
% | |||||||||||||||||
|
Total average deposits |
$ |
2,259.7 |
0.43 |
% |
100.0 |
% |
$ |
2,103.4 |
0.50 |
% |
100.0 |
% | |||||||||||||||
INCOME STATEMENT
Net Interest Margin
The net interest margin was 3.47% and 3.62% for the quarter and year ended December 31, 2014, respectively, compared to 3.58% for each of the same periods in 2013. The decrease in the net interest margin for the quarter was primarily attributable to a decrease in the yield on total loans as new loans were originated at lower yields in 2014. The increase of 4 basis points in the net interest margin for the year was primarily attributable to a decrease in subordinated debt expense compared to the same period in 2013. See "Average Balance, Interest and Yields" below.
On a linked-quarter basis, the net interest margin decreased by 9 basis points compared to 3.56% for the prior quarter, primarily due to a decrease of 12 basis points in the yield on total loans.
Interest Income
Interest income was $26.6 million and $101.7 million for the quarter and year, an increase of $2.9 million and $4.1 million, or 12.0% and 4.2%, respectively, as compared to the same periods in 2013. The increase in interest income for the quarter was primarily due to a year-over-year increase in average loans of $448.2 million, primarily in the indirect and mortgage portfolios, partially offset by a decrease in the yield on loans of 34 and 20 basis points, respectively, as new loans, on average, were originated at lower yields in 2014.
On a linked-quarter basis, interest income increased slightly, primarily due to a quarter-over-quarter increase in average loans of $138.7 million.
Interest Expense
Interest expense was $3.0 million and $11.2 million for the quarter and year, a decrease of $99,000 and $2.7 million, or 3.4% and 19.6%, respectively, as compared to the same periods in 2013. The decrease for the quarter occurred primarily due to a reduction of 4 basis points in the rate paid on deposits, partially offset by an increase in average deposits. The annual decrease primarily resulted from a decrease of $1.6 million from the repayment of $21.5 million in subordinated debt in the third quarter of 2013. In addition, the rate paid on deposits decreased by 6 basis points from year to year.
On a linked-quarter basis, interest expense increased by $291,000, or 10.7%, as the average balance of interest-bearing liabilities increased by $129.4 million, primarily due to the deposit assumption closed in September 2014. In addition, the rate paid on interest-bearing liabilities increased slightly by 2 basis points.
Noninterest Income
Noninterest income was $24.7 million and $95.3 million for the quarter and year, an increase of $7.0 million and decrease of $1.6 million, or 39.2% and 1.6%, respectively, as compared to the same periods in 2013.
The $7.0 million increase in noninterest income for the quarter was primarily related to an increase in gains on the sale of indirect and mortgage loans. Higher gains on indirect loan sales drove $1.2 million of the increase in noninterest income from indirect lending activities of $1.8 million for the quarter. Indirect loan sales totaled $122.0 million for the quarter compared to sales of $88.2 million for the same period in the prior year. Noninterest income from mortgage banking activities increased by $4.7 million for the quarter as gains on mortgage loan sales were $3.5 million higher for the quarter. Mortgage loan servicing revenue increased by $864,000 to $3.5 million for the quarter as the servicing portfolio grew to $5.4 billion at December 31, 2014.
The $1.6 million net decrease in noninterest income for the year included a decrease of $10.8 million in noninterest income from mortgage banking activities, primarily due to lower mortgage loan sales. Mortgage loan sales were $1.8 billion for the year compared to $2.7 billion in 2013. This decrease was partially offset by an increase of $9.4 million in noninterest income from indirect lending activities, primarily due to an increase in the volume of indirect loan sales. Gains on indirect loan sales for the year totaled $13.4 million on sales of $679.9 million as compared to gains of $5.4 million on $392.2 million of sales in the prior year.
On a linked-quarter basis, noninterest income decreased by $3.2 million, or 11.5%. This decrease was primarily attributable to decreases in income from indirect lending activities and mortgage banking activities of $2.5 million and $646,000, respectively. These decreases occurred primarily due to decreases in loan production and sales from quarter to quarter. See "Analysis of Indirect Lending" and "Analysis of Mortgage Lending" tables below.
Noninterest Expense
Noninterest expense was $36.6 million and $138.8 million for the quarter and year, an increase of $4.1 million and $6.4 million, or 12.6% and 4.9%, respectively, as compared to the same periods in 2013.
Salaries and benefits, occupancy, and communications expenses have increased for all periods due to the growth in employees and locations and the associated administrative support functions as the Company continues to grow. Salaries and benefits increased by $3.3 million for the quarter and $9.4 million for the year while occupancy and communication expenses increased by $921,000 and $3.4 million for the same periods.
The increase in personnel costs for the year was partially offset by a reduction in commissions expense of $4.7 million resulting from lower mortgage banking volume year over year. For the quarter, commissions expense increased by $1.3 million as mortgage production rebounded in 2014, increasing by $89.8 million compared to the fourth quarter of 2013.
Other operating expenses declined by $1.3 million and $1.6 million for the quarter and year, primarily due to decreases in ORE expenses of $1.5 million and $3.6 million compared to the same periods in the prior year, including reductions in ORE write-downs of $543,000 and $1.9 million for the same periods. ORE expenses, excluding write-downs, have decreased as dispositions of ORE continue at a faster rate than new foreclosures. The decrease in ORE expenses for the year was partially offset by increases in insurance expense and advertising expense of $785,000 and $659,000, respectively, compared to 2013.
On a linked-quarter basis, noninterest expense increased by $0.9 million, or 2.6%, which was primarily attributable to a 5.3% increase in salaries and benefits.
ABOUT FIDELITY SOUTHERN CORPORATION
Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and trust services and credit-related insurance products through branches in Georgia and Florida, and an insurance office in Atlanta, Georgia. SBA, indirect automobile, and mortgage loans are provided throughout the South. For additional information about Fidelity's products and services, please visit the web site at www.FidelitySouthern.com.
This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" from Fidelity Southern Corporation's 2013 Annual Report filed on Form 10-K with the Securities and Exchange Commission. Additional information and other factors that could affect future financial results are included in Fidelity's filings with the Securities and Exchange Commission.
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||||
|
As of or for the Three Months Ended |
As of or for the Year Ended | ||||||||||||||||||
|
($ in thousands, except per share data) |
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||
|
RESULTS OF OPERATIONS |
|||||||||||||||||||
|
Net interest income |
$ |
23,615 |
$ |
23,164 |
$ |
20,858 |
$ |
90,441 |
$ |
83,595 |
|||||||||
|
Provision for loan losses |
556 |
1,859 |
273 |
531 |
5,440 |
||||||||||||||
|
Noninterest income |
24,711 |
27,908 |
17,753 |
95,320 |
96,885 |
||||||||||||||
|
Noninterest expense |
36,645 |
35,710 |
32,538 |
138,754 |
132,325 |
||||||||||||||
|
Income tax expense |
3,912 |
4,701 |
1,937 |
16,440 |
15,077 |
||||||||||||||
|
Net income |
7,213 |
8,802 |
3,863 |
30,036 |
27,638 |
||||||||||||||
|
PERFORMANCE |
|||||||||||||||||||
|
Earnings per share - basic (1) |
$ |
0.34 |
$ |
0.41 |
$ |
0.18 |
$ |
1.41 |
$ |
1.35 |
|||||||||
|
Earnings per share - diluted (1) |
0.31 |
0.38 |
0.16 |
1.28 |
1.21 |
||||||||||||||
|
Return on average assets |
0.98 |
% |
1.25 |
% |
0.61 |
% |
1.11 |
% |
1.09 |
% | |||||||||
|
Return on average equity |
10.99 |
% |
13.79 |
% |
6.54 |
% |
12.07 |
% |
12.20 |
% | |||||||||
|
Yield on interest earning assets |
3.91 |
% |
3.98 |
% |
4.08 |
% |
4.07 |
% |
4.18 |
% | |||||||||
|
Cost of funds |
0.58 |
% |
0.56 |
% |
0.64 |
% |
0.59 |
% |
0.74 |
% | |||||||||
|
Net interest margin |
3.47 |
% |
3.56 |
% |
3.58 |
% |
3.62 |
% |
3.58 |
% | |||||||||
|
CAPITAL |
|||||||||||||||||||
|
Cash dividends paid per common share |
$ |
0.09 |
$ |
0.09 |
$ |
0.02 |
$ |
0.26 |
$ |
0.02 |
|||||||||
|
Dividend payout ratio (2) |
26.47 |
% |
21.95 |
% |
11.11 |
% |
18.44 |
% |
1.48 |
% | |||||||||
|
Tier 1 risk-based capital |
11.07 |
% |
11.84 |
% |
12.71 |
% |
11.07 |
% |
12.71 |
% | |||||||||
|
Total risk-based capital |
12.01 |
% |
12.99 |
% |
13.96 |
% |
12.01 |
% |
13.96 |
% | |||||||||
|
Leverage ratio |
10.40 |
% |
10.64 |
% |
11.02 |
% |
10.40 |
% |
11.02 |
% | |||||||||
|
BALANCE SHEET SUMMARY |
|||||||||||||||||||
|
Loans held for sale |
$ |
368,935 |
$ |
324,442 |
$ |
187,366 |
$ |
368,935 |
$ |
187,366 |
|||||||||
|
Loans |
2,253,306 |
2,073,803 |
1,893,037 |
2,253,306 |
1,893,037 |
||||||||||||||
|
Allowance for loan losses |
(25,450) |
(28,297) |
(33,684) |
(25,450) |
(33,684) |
||||||||||||||
|
Total assets |
3,085,225 |
2,861,665 |
2,564,168 |
3,085,225 |
2,564,168 |
||||||||||||||
|
Total deposits |
2,458,022 |
2,459,291 |
2,202,452 |
2,458,022 |
2,202,452 |
||||||||||||||
|
Shareholders' equity |
264,951 |
258,163 |
236,230 |
264,951 |
236,230 |
||||||||||||||
|
STOCK PERFORMANCE |
|||||||||||||||||||
|
Market price: |
|||||||||||||||||||
|
Closing (1) |
$ |
16.11 |
$ |
13.70 |
$ |
16.54 |
$ |
16.11 |
$ |
16.54 |
|||||||||
|
High close (1) |
16.36 |
14.88 |
17.80 |
16.57 |
17.80 |
||||||||||||||
|
Low close (1) |
13.55 |
12.98 |
13.32 |
12.80 |
9.35 |
||||||||||||||
|
Daily average trading volume |
71,052 |
51,166 |
54,195 |
58,323 |
57,925 |
||||||||||||||
|
Shares of common stock outstanding (1) |
21,365 |
21,327 |
21,343 |
21,365 |
21,343 |
||||||||||||||
|
Book value per common share (1) |
$ |
12.40 |
$ |
12.10 |
$ |
11.07 |
$ |
12.40 |
$ |
11.07 |
|||||||||
|
Tangible book value per common share(1) |
12.22 |
11.92 |
10.96 |
12.22 |
10.96 |
||||||||||||||
|
Price to book value |
1.30 |
1.13 |
1.49 |
1.30 |
1.49 |
||||||||||||||
|
Price to tangible book value |
1.32 |
1.15 |
1.51 |
1.32 |
1.51 |
||||||||||||||
|
ASSET QUALITY |
|||||||||||||||||||
|
Total nonperforming loans |
$ |
37,616 |
$ |
45,104 |
$ |
59,582 |
$ |
37,616 |
$ |
59,582 |
|||||||||
|
Total nonperforming assets (3) |
61,363 |
73,313 |
91,783 |
61,363 |
91,783 |
||||||||||||||
|
Nonperforming Asset Ratio (4) |
2.69 |
% |
3.49 |
% |
4.77 |
% |
2.69 |
% |
5.05 |
% | |||||||||
|
OTHER INFORMATION |
|||||||||||||||||||
|
Noninterest income to total revenue (5) |
48.13 |
% |
51.87 |
% |
42.75 |
% |
48.39 |
% |
49.83 |
% | |||||||||
|
Full-Time equivalent employees |
1,038.0 |
1,011.6 |
889.9 |
1,038.0 |
889.9 |
||||||||||||||
|
(1) Historical periods prior to and including December 31, 2013 adjusted for stock dividends |
|
(2) Calculated using Dividends Paid divided by Basic EPS |
|
(3) Nonperforming assets include nonaccrual loans, loans past due 90 days or more and still accruing, repossessions and ORE. |
|
(4) Nonperforming asset ratio is defined as nonperforming assets over gross total loans held to maturity, repossessions and ORE |
|
(5) Total revenue is calculated as interest income plus non-interest income |
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||
|
($ in thousands) |
December 31, |
September 30, |
December 31, | |||||||
|
ASSETS |
||||||||||
|
Cash and cash equivalents |
$ |
71,605 |
$ |
91,565 |
$ |
116,559 | ||||
|
Investment securities available-for-sale |
149,590 |
156,331 |
168,865 | |||||||
|
Investment securities held-to-maturity |
7,349 |
7,588 |
4,051 | |||||||
|
Loans held-for-sale |
368,935 |
324,442 |
187,366 | |||||||
|
Loans |
2,253,306 |
2,073,803 |
1,893,037 | |||||||
|
Allowance for loan losses |
(25,450) |
(28,297) |
(33,684) | |||||||
|
Loans, net of allowance for loan losses |
2,227,856 |
2,045,506 |
1,859,353 | |||||||
|
Premises and equipment, net |
60,857 |
59,650 |
44,555 | |||||||
|
Other real estate, net |
22,564 |
26,999 |
30,982 | |||||||
|
Bank owned life insurance |
59,553 |
34,279 |
33,855 | |||||||
|
Servicing rights |
64,897 |
62,196 |
53,202 | |||||||
|
Other assets |
52,019 |
53,109 |
65,380 | |||||||
|
Total assets |
$ |
3,085,225 |
$ |
2,861,665 |
$ |
2,564,168 | ||||
|
LIABILITIES |
||||||||||
|
Deposits |
||||||||||
|
Noninterest-bearing demand deposits |
$ |
558,018 |
$ |
639,471 |
$ |
488,224 | ||||
|
Interest-bearing deposits |
||||||||||
|
Demand and money market |
788,373 |
778,645 |
701,556 | |||||||
|
Savings |
321,621 |
312,183 |
325,133 | |||||||
|
Time deposits |
790,010 |
728,992 |
687,539 | |||||||
|
Total deposits |
2,458,022 |
2,459,291 |
2,202,452 | |||||||
|
Other borrowings |
291,087 |
76,402 |
59,233 | |||||||
|
Subordinated debt |
46,393 |
46,393 |
46,393 | |||||||
|
Other liabilities |
24,772 |
21,416 |
19,860 | |||||||
|
Total liabilities |
2,820,274 |
2,603,502 |
2,327,938 | |||||||
|
SHAREHOLDERS' EQUITY |
||||||||||
|
Preferred stock |
— |
— |
— | |||||||
|
Common stock |
162,575 |
161,527 |
158,153 | |||||||
|
Accumulated other comprehensive income, net |
2,814 |
2,367 |
968 | |||||||
|
Retained earnings |
99,562 |
94,269 |
77,109 | |||||||
|
Total shareholders' equity |
264,951 |
258,163 |
236,230 | |||||||
|
Total liabilities and shareholders' equity |
$ |
3,085,225 |
$ |
2,861,665 |
$ |
2,564,168 | ||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||
|
For the Three Months Ended |
For the Twelve Months Ended | ||||||||||||||||||
|
($ in thousands, except per share data) |
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||
|
INTEREST INCOME |
|||||||||||||||||||
|
Loans, including fees |
$ |
25,382 |
$ |
24,690 |
$ |
22,639 |
$ |
96,664 |
$ |
93,432 | |||||||||
|
Investment securities |
1,242 |
1,183 |
1,095 |
4,918 |
4,010 | ||||||||||||||
|
Federal funds sold and bank deposits |
9 |
18 |
43 |
85 |
114 | ||||||||||||||
|
Total interest income |
26,633 |
25,891 |
23,777 |
101,667 |
97,556 | ||||||||||||||
|
INTEREST EXPENSE |
|||||||||||||||||||
|
Deposits |
2,609 |
2,282 |
2,590 |
9,707 |
10,418 | ||||||||||||||
|
Other borrowings |
130 |
163 |
47 |
406 |
810 | ||||||||||||||
|
Subordinated debt |
279 |
282 |
282 |
1,113 |
2,733 | ||||||||||||||
|
Total interest expense |
3,018 |
2,727 |
2,919 |
11,226 |
13,961 | ||||||||||||||
|
Net interest income |
23,615 |
23,164 |
20,858 |
90,441 |
83,595 | ||||||||||||||
|
Provision for loan losses |
556 |
1,859 |
273 |
531 |
5,440 | ||||||||||||||
|
Net interest income after provision for loan losses |
23,059 |
21,305 |
20,585 |
89,910 |
78,155 | ||||||||||||||
|
NONINTEREST INCOME |
|||||||||||||||||||
|
Service charges on deposit accounts |
1,229 |
1,141 |
1,119 |
4,438 |
4,163 | ||||||||||||||
|
Other fees and charges |
1,189 |
1,140 |
1,012 |
4,349 |
3,871 | ||||||||||||||
|
Mortgage banking activities |
15,489 |
16,135 |
10,798 |
55,781 |
66,560 | ||||||||||||||
|
Indirect lending activities |
3,847 |
6,303 |
2,030 |
18,457 |
9,040 | ||||||||||||||
|
SBA lending activities |
1,305 |
1,479 |
492 |
4,987 |
3,640 | ||||||||||||||
|
Bank owned life insurance |
304 |
313 |
308 |
1,673 |
1,273 | ||||||||||||||
|
Securities gains |
— |
— |
188 |
— |
189 | ||||||||||||||
|
Other |
1,348 |
1,397 |
1,806 |
5,635 |
8,149 | ||||||||||||||
|
Total noninterest income |
24,711 |
27,908 |
17,753 |
95,320 |
96,885 | ||||||||||||||
|
NONINTEREST EXPENSE |
|||||||||||||||||||
|
Salaries and employee benefits |
17,926 |
17,022 |
14,660 |
67,006 |
57,645 | ||||||||||||||
|
Commissions |
5,545 |
5,363 |
4,288 |
19,988 |
24,676 | ||||||||||||||
|
Occupancy |
3,508 |
3,467 |
2,799 |
12,985 |
10,342 | ||||||||||||||
|
Communication |
1,068 |
1,009 |
856 |
3,897 |
3,175 | ||||||||||||||
|
Other |
8,598 |
8,849 |
9,935 |
34,878 |
36,487 | ||||||||||||||
|
Total noninterest expense |
36,645 |
35,710 |
32,538 |
138,754 |
132,325 | ||||||||||||||
|
Income before income tax expense |
11,125 |
13,503 |
5,800 |
46,476 |
42,715 | ||||||||||||||
|
Income tax expense |
3,912 |
4,701 |
1,937 |
16,440 |
15,077 | ||||||||||||||
|
NET INCOME |
7,213 |
8,802 |
3,863 |
30,036 |
27,638 | ||||||||||||||
|
Preferred stock dividends and discount accretion |
— |
— |
— |
— |
(2,463) | ||||||||||||||
|
Net income available to common equity |
$ |
7,213 |
$ |
8,802 |
$ |
3,863 |
$ |
30,036 |
$ |
25,175 | |||||||||
|
EARNINGS PER SHARE: (1) |
|||||||||||||||||||
|
Basic earnings per share |
$ |
0.34 |
$ |
0.41 |
$ |
0.18 |
$ |
1.41 |
$ |
1.35 | |||||||||
|
Diluted earnings per share |
$ |
0.31 |
$ |
0.38 |
$ |
0.16 |
$ |
1.28 |
$ |
1.21 | |||||||||
|
Weighted average common shares outstanding-basic |
21,343 |
21,319 |
21,332 |
21,313 |
18,636 | ||||||||||||||
|
Weighted average common shares outstanding-diluted |
23,544 |
23,464 |
23,533 |
23,472 |
20,734 | ||||||||||||||
|
(1) Historical periods prior to and including December 31, 2013 adjusted for stock dividends |
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES LOANS BY CATEGORY (UNAUDITED) | ||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, | |||||||||
|
Commercial |
$ |
524,145 |
$ |
524,419 |
$ |
536,435 |
$ |
525,347 |
$ |
530,977 | ||||
|
SBA |
134,766 |
143,302 |
136,946 |
138,331 |
134,823 | |||||||||
|
Total commercial and SBA loans |
658,911 |
667,721 |
673,381 |
663,678 |
665,800 | |||||||||
|
Construction loans |
123,994 |
108,823 |
113,873 |
101,443 |
101,698 | |||||||||
|
Indirect automobile |
1,219,232 |
1,087,710 |
997,117 |
925,101 |
975,223 | |||||||||
|
Installment |
13,372 |
15,647 |
15,892 |
15,932 |
13,473 | |||||||||
|
Total consumer loans |
1,232,604 |
1,103,357 |
1,013,009 |
941,033 |
988,696 | |||||||||
|
Residential mortgage |
158,348 |
119,292 |
93,453 |
68,546 |
60,928 | |||||||||
|
Home equity lines of credit |
79,449 |
74,610 |
74,898 |
73,392 |
75,915 | |||||||||
|
Total mortgage loans |
237,797 |
193,902 |
168,351 |
141,938 |
136,843 | |||||||||
|
Loans |
2,253,306 |
2,073,803 |
1,968,614 |
1,848,092 |
1,893,037 | |||||||||
|
Loans held-for-sale: |
||||||||||||||
|
Residential mortgage |
181,424 |
161,775 |
191,666 |
112,195 |
127,850 | |||||||||
|
SBA |
12,511 |
17,667 |
8,053 |
8,355 |
9,516 | |||||||||
|
Indirect automobile |
175,000 |
145,000 |
140,000 |
60,000 |
50,000 | |||||||||
|
Total loans held-for-sale |
368,935 |
324,442 |
339,719 |
180,550 |
187,366 | |||||||||
|
Total loans |
$ |
2,622,241 |
$ |
2,398,245 |
$ |
2,308,333 |
$ |
2,028,642 |
$ |
2,080,403 | ||||
|
Noncovered loans |
$ |
2,218,493 |
$ |
2,036,097 |
$ |
1,923,088 |
$ |
1,796,256 |
$ |
1,834,675 | ||||
|
Covered loans |
34,813 |
37,706 |
45,526 |
51,836 |
58,362 | |||||||||
|
Loans held-for-sale |
368,935 |
324,442 |
339,719 |
180,550 |
187,366 | |||||||||
|
Total loans |
$ |
2,622,241 |
$ |
2,398,245 |
$ |
2,308,333 |
$ |
2,028,642 |
$ |
2,080,403 | ||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (UNAUDITED) | ||||||||||||||||||||
|
As of or for the Three Months Ended |
As of or for the Year Ended | |||||||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | |||||||||||||||
|
Balance at beginning of period |
$ |
28,297 |
$ |
28,912 |
$ |
33,661 |
$ |
33,684 |
$ |
33,982 |
||||||||||
|
Net charge-offs/(recoveries): |
||||||||||||||||||||
|
Commercial and SBA |
2,239 |
1,337 |
(147) |
5,407 |
3,395 |
|||||||||||||||
|
Construction |
(151) |
(41) |
(250) |
(1,858) |
(379) |
|||||||||||||||
|
Indirect automobile and installment loans |
899 |
614 |
696 |
104 |
528 |
|||||||||||||||
|
Mortgage |
(19) |
4 |
102 |
2,879 |
3,236 |
|||||||||||||||
|
Covered |
(225) |
77 |
(57) |
139 |
105 |
|||||||||||||||
|
Acquired, noncovered |
(1) |
52 |
— |
35 |
30 |
|||||||||||||||
|
Total net charge-offs/(recoveries) |
2,742 |
2,043 |
344 |
6,706 |
6,915 |
|||||||||||||||
|
Provision for loan losses (1) |
556 |
1,859 |
273 |
531 |
5,440 |
|||||||||||||||
|
(Decrease)/increase in FDIC loss share receivable |
(661) |
(431) |
94 |
(2,059) |
1,177 |
|||||||||||||||
|
Balance at end of period |
$ |
25,450 |
$ |
28,297 |
$ |
33,684 |
$ |
25,450 |
$ |
33,684 |
||||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.50 |
% |
0.40 |
% |
0.07 |
% |
0.33 |
% |
0.38 |
% | ||||||||||
|
Average loans |
$ |
2,192,383 |
$ |
2,045,464 |
$ |
1,868,507 |
$ |
2,015,068 |
$ |
1,818,575 |
||||||||||
|
Allowance for loan losses as a percentage of loans |
1.13 |
% |
1.36 |
% |
1.78 |
% |
1.13 |
% |
1.78 |
% | ||||||||||
|
(1) Net of benefit attributable to FDIC loss share receivable |
||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES NONPERFORMING AND CLASSIFIED ASSETS (UNAUDITED) | |||||||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, | ||||||||||||||
|
NONCOVERED NONPERFORMING ASSETS |
|||||||||||||||||||
|
Nonaccrual loans |
$ |
34,856 |
$ |
37,240 |
$ |
37,340 |
$ |
40,983 |
$ |
40,944 |
|||||||||
|
Loans past due 90 days or more and still accruing |
827 |
— |
— |
488 |
— |
||||||||||||||
|
Repossessions |
1,183 |
1,210 |
1,068 |
1,398 |
1,219 |
||||||||||||||
|
Other real estate (ORE) |
14,983 |
18,491 |
19,855 |
19,573 |
24,791 |
||||||||||||||
|
Noncovered nonperforming assets |
$ |
51,849 |
$ |
56,941 |
$ |
58,263 |
$ |
62,442 |
$ |
66,954 |
|||||||||
|
NONCOVERED NONPERFORMING ASSET RATIOS |
|||||||||||||||||||
|
Loans 30-89 days past due |
$ |
4,565 |
$ |
2,885 |
$ |
2,874 |
$ |
4,045 |
$ |
5,132 |
|||||||||
|
Loans 30-89 days past due to loans |
0.21 |
% |
0.14 |
% |
0.15 |
% |
0.23 |
% |
0.28 |
% | |||||||||
|
Loans past due 90 days or more and still accruing to loans |
0.04 |
% |
— |
% |
— |
% |
0.03 |
% |
— |
% | |||||||||
|
Nonperforming assets to loans, ORE, and repossessions |
2.32 |
% |
2.77 |
% |
3.00 |
% |
3.44 |
% |
3.60 |
% | |||||||||
|
COVERED NONPERFORMING ASSETS |
|||||||||||||||||||
|
Nonaccrual loans |
$ |
1,933 |
$ |
7,864 |
$ |
10,849 |
$ |
15,617 |
$ |
18,638 |
|||||||||
|
Other real estate |
7,581 |
8,508 |
7,075 |
4,974 |
6,191 |
||||||||||||||
|
Covered nonperforming assets |
$ |
9,514 |
$ |
16,372 |
$ |
17,924 |
$ |
20,591 |
$ |
24,829 |
|||||||||
|
ASSET QUALITY RATIOS |
|||||||||||||||||||
|
Classified Asset Ratio (3) |
21.49 |
% |
25.36 |
% |
24.88 |
% |
27.14 |
% |
27.66 |
% | |||||||||
|
Including covered loans: |
|||||||||||||||||||
|
Nonperforming loans as a % of loans |
1.67 |
% |
2.17 |
% |
2.45 |
% |
3.09 |
% |
3.15 |
% | |||||||||
|
Nonperforming assets as a % of loans plus ORE |
2.69 |
% |
3.49 |
% |
3.82 |
% |
4.04 |
% |
4.77 |
% | |||||||||
|
ALL to nonperforming loans |
67.66 |
% |
62.74 |
% |
60.00 |
% |
53.95 |
% |
56.53 |
% | |||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.50 |
% |
0.40 |
% |
0.42 |
% |
(0.02) |
% |
0.07 |
% | |||||||||
|
ALL as a % of loans |
1.13 |
% |
1.36 |
% |
1.47 |
% |
1.67 |
% |
1.78 |
% | |||||||||
|
Excluding covered loans: |
|||||||||||||||||||
|
Nonperforming loans as a % of loans |
1.61 |
% |
1.83 |
% |
1.94 |
% |
2.31 |
% |
2.23 |
% | |||||||||
|
Nonperforming assets as a % of loans plus ORE |
2.32 |
% |
2.77 |
% |
3.00 |
% |
3.44 |
% |
3.60 |
% | |||||||||
|
ALL to nonperforming loans |
71.32 |
% |
75.99 |
% |
77.43 |
% |
74.26 |
% |
82.27 |
% | |||||||||
|
Net charge-offs/(recoveries), annualized to average loans |
0.55 |
% |
0.39 |
% |
0.46 |
% |
(0.12) |
% |
0.09 |
% | |||||||||
|
ALL as a % of loans |
1.15 |
% |
1.39 |
% |
1.50 |
% |
1.71 |
% |
1.84 |
% | |||||||||
|
CLASSIFIED ASSETS |
|||||||||||||||||||
|
Classified loans (1) |
$ |
53,415 |
$ |
61,161 |
$ |
57,880 |
$ |
63,993 |
$ |
59,787 |
|||||||||
|
ORE and repossessions |
17,218 |
21,287 |
21,633 |
21,279 |
26,401 |
||||||||||||||
|
Total classified assets (2) |
$ |
70,633 |
$ |
82,448 |
$ |
79,513 |
$ |
85,272 |
$ |
86,188 |
|||||||||
|
(1) Amount of SBA guarantee included |
$ |
5,271 |
$ |
7,590 |
$ |
6,462 |
$ |
8,506 |
$ |
7,869 |
|||||||||
|
(2) Classified assets include loans having a risk rating of substandard or worse, both accrual and nonaccrual, repossessions and ORE, net of loss share. | |||||||||||||||||||
|
(3) Classified asset ratio is defined as classified assets as a percentage of Tier 1 capital plus allowance for loan losses. |
|||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||
|
ANALYSIS OF INDIRECT LENDING | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
As of or for the Three Months Ended | ||||||||||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, | |||||||||||||||||
|
Average loans outstanding (1) |
$ |
1,329,306 |
$ |
1,204,314 |
$ |
1,075,657 |
$ |
1,032,592 |
$ |
1,010,229 |
||||||||||||
|
Loans serviced for others |
$ |
902,823 |
$ |
863,931 |
$ |
701,120 |
$ |
657,082 |
$ |
523,386 |
||||||||||||
|
Past due loans: |
||||||||||||||||||||||
|
Amount 30+ days past due |
$ |
1,547 |
$ |
1,573 |
$ |
1,363 |
$ |
1,117 |
$ |
1,561 |
||||||||||||
|
Number 30+ days past due |
143 |
136 |
125 |
109 |
130 |
|||||||||||||||||
|
30+ day performing delinquency rate (2) |
0.11 |
% |
0.13 |
% |
0.12 |
% |
0.11 |
% |
0.15 |
% | ||||||||||||
|
Nonperforming loans |
$ |
715 |
$ |
795 |
$ |
743 |
$ |
772 |
$ |
806 |
||||||||||||
|
Nonperforming loans as a percentage of period end loans (2) |
0.05 |
% |
0.06 |
% |
0.07 |
% |
0.08 |
% |
0.08 |
% | ||||||||||||
|
Net charge-offs |
$ |
901 |
$ |
612 |
$ |
614 |
$ |
733 |
$ |
703 |
||||||||||||
|
Net charge-off rate (3) |
0.30 |
% |
0.23 |
% |
0.25 |
% |
0.31 |
% |
0.29 |
% | ||||||||||||
|
Number of vehicles repossessed during the period |
128 |
136 |
126 |
143 |
198 |
|||||||||||||||||
|
Average beacon score of portfolio |
753 |
751 |
745 |
752 |
740 |
|||||||||||||||||
|
Production by state: |
||||||||||||||||||||||
|
Alabama |
$ |
26,780 |
$ |
27,845 |
$ |
28,530 |
$ |
22,155 |
$ |
19,798 |
||||||||||||
|
Arkansas |
41,912 |
47,894 |
36,572 |
22,183 |
16,352 |
|||||||||||||||||
|
North Carolina |
25,059 |
29,781 |
24,069 |
18,980 |
18,731 |
|||||||||||||||||
|
South Carolina |
16,132 |
22,189 |
23,139 |
14,657 |
13,302 |
|||||||||||||||||
|
Florida |
102,465 |
128,729 |
110,940 |
76,829 |
76,253 |
|||||||||||||||||
|
Georgia |
69,288 |
72,423 |
54,592 |
45,154 |
43,064 |
|||||||||||||||||
|
Mississippi |
23,736 |
30,525 |
28,569 |
23,941 |
20,341 |
|||||||||||||||||
|
Tennessee |
22,880 |
28,684 |
22,196 |
15,746 |
13,674 |
|||||||||||||||||
|
Virginia |
18,590 |
20,903 |
16,017 |
11,458 |
11,040 |
|||||||||||||||||
|
Texas (4) |
50,987 |
49,868 |
39,320 |
15,429 |
5,045 |
|||||||||||||||||
|
Louisiana (4) |
13,531 |
12,597 |
2,595 |
— |
— |
|||||||||||||||||
|
Total production by state |
$ |
411,360 |
$ |
471,438 |
$ |
386,539 |
$ |
266,532 |
$ |
237,600 |
||||||||||||
|
Loan sales |
$ |
121,973 |
$ |
244,556 |
$ |
118,344 |
$ |
195,027 |
$ |
88,153 |
||||||||||||
|
Portfolio yield (1) |
3.07 |
% |
3.10 |
% |
3.26 |
% |
3.39 |
% |
3.48 |
% | ||||||||||||
|
(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 | |||||||||||||||||||||
|
(4) |
Expanded into Texas in October of 2013 and into Louisiana in May of 2014 | |||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||
|
ANALYSIS OF MORTGAGE LENDING | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
For the Three Months Ended | ||||||||||||||||||||||
|
($ in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, | |||||||||||||||||
|
Average loans outstanding (1) |
$ |
300,652 |
$ |
286,407 |
$ |
229,292 |
$ |
171,496 |
$ |
194,557 |
||||||||||||
|
Loans serviced for others |
$ |
5,413,781 |
$ |
5,173,302 |
$ |
4,845,166 |
$ |
4,571,585 |
$ |
4,371,071 |
||||||||||||
|
% of loan production for purchases |
74.93 |
% |
82.25 |
% |
86.18 |
% |
78.48 |
% |
78.72 |
% | ||||||||||||
|
% of loan production for refinance loans |
25.07 |
% |
17.75 |
% |
13.82 |
% |
21.52 |
% |
21.28 |
% | ||||||||||||
|
Production by region: |
||||||||||||||||||||||
|
Georgia |
$ |
311,846 |
$ |
316,359 |
$ |
328,936 |
$ |
181,667 |
$ |
259,289 |
||||||||||||
|
Florida/Alabama |
42,485 |
31,642 |
26,383 |
20,816 |
19,724 |
|||||||||||||||||
|
Virginia/Maryland |
126,151 |
127,721 |
132,816 |
73,471 |
91,494 |
|||||||||||||||||
|
North and South Carolina (2) |
— |
— |
— |
— |
— |
|||||||||||||||||
|
Total retail |
480,482 |
475,722 |
488,135 |
275,954 |
370,507 |
|||||||||||||||||
|
Wholesale |
34,961 |
60,393 |
73,252 |
44,862 |
55,149 |
|||||||||||||||||
|
Total production by region |
$ |
515,443 |
$ |
536,115 |
$ |
561,387 |
$ |
320,816 |
$ |
425,656 |
||||||||||||
|
Loan sales |
$ |
475,930 |
$ |
536,490 |
$ |
446,176 |
$ |
328,145 |
$ |
467,932 |
||||||||||||
|
Portfolio yield (1) |
3.90 |
% |
4.10 |
% |
4.05 |
% |
4.21 |
% |
4.09 |
% | ||||||||||||
|
INCOME FROM MORTGAGE BANKING ACTIVITIES | ||||||||||||||||||||||
|
(UNAUDITED) | ||||||||||||||||||||||
|
For the Three Months Ended | ||||||||||||||||||||||
|
(in thousands) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, | |||||||||||||||||
|
Marketing gain, net |
$ |
12,076 |
$ |
12,108 |
$ |
10,954 |
$ |
7,991 |
$ |
8,568 |
||||||||||||
|
Origination points and fees |
2,744 |
2,943 |
3,148 |
1,787 |
2,474 |
|||||||||||||||||
|
Loan servicing revenue |
3,473 |
3,211 |
2,998 |
3,005 |
2,609 |
|||||||||||||||||
|
MSR amortization and impairment adjustments |
(2,804) |
(2,127) |
(3,530) |
(2,196) |
(2,853) |
|||||||||||||||||
|
Total mortgage banking activities |
$ |
15,489 |
$ |
16,135 |
$ |
13,570 |
$ |
10,587 |
$ |
10,798 |
||||||||||||
|
Noncash items included in income |
||||||||||||||||||||||
|
Capitalized MSR, net |
$ |
3,333 |
$ |
4,062 |
$ |
3,693 |
$ |
2,170 |
$ |
3,992 |
||||||||||||
|
Valuation on MSR |
(709) |
(156) |
(1,838) |
(619) |
(1,360) |
|||||||||||||||||
|
Mark to market adjustments |
588 |
(1,747) |
1,609 |
1,362 |
344 |
|||||||||||||||||
|
Total noncash items |
$ |
3,212 |
$ |
2,159 |
$ |
3,464 |
$ |
2,913 |
$ |
2,976 |
||||||||||||
|
(1) Includes held-for-sale |
||||||||||||||||||||||
|
(2) Expanded into North and South Carolina in January 2015 |
||||||||||||||||||||||
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) | |||||||||||||||||||||
|
For the Year Ended | |||||||||||||||||||||
|
December 31, 2014 |
December 31, 2013 | ||||||||||||||||||||
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ | ||||||||||||||||
|
($ in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate | |||||||||||||||
|
Assets |
|||||||||||||||||||||
|
Interest-earning assets: |
|||||||||||||||||||||
|
Loans, net of unearned income (1) |
$ |
2,284,245 |
$ |
96,830 |
4.24 |
% |
$ |
2,109,575 |
$ |
93,573 |
4.44 |
% | |||||||||
|
Investment securities (1) |
175,174 |
5,141 |
2.93 |
% |
170,264 |
4,249 |
2.50 |
% | |||||||||||||
|
Federal funds sold and bank deposits |
50,828 |
85 |
0.17 |
% |
65,652 |
114 |
0.17 |
% | |||||||||||||
|
Total interest-earning assets |
2,510,247 |
102,056 |
4.07 |
% |
2,345,491 |
97,936 |
4.18 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
13,605 |
13,885 |
|||||||||||||||||||
|
Allowance for loan losses |
(30,363) |
(33,512) |
|||||||||||||||||||
|
Premises and equipment, net |
52,666 |
40,830 |
|||||||||||||||||||
|
Other real estate |
26,327 |
37,469 |
|||||||||||||||||||
|
Other assets |
143,277 |
138,982 |
|||||||||||||||||||
|
Total assets |
$ |
2,715,759 |
$ |
2,543,145 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
722,448 |
$ |
1,889 |
0.26 |
% |
$ |
648,734 |
$ |
1,806 |
0.28 |
% | |||||||||
|
Savings deposits |
316,439 |
1,147 |
0.36 |
% |
317,845 |
1,319 |
0.41 |
% | |||||||||||||
|
Time deposits |
681,915 |
6,671 |
0.98 |
% |
719,205 |
7,293 |
1.01 |
% | |||||||||||||
|
Total interest-bearing deposits |
1,720,802 |
9,707 |
0.56 |
% |
1,685,784 |
10,418 |
0.62 |
% | |||||||||||||
|
Other borrowings |
134,513 |
406 |
0.30 |
% |
129,069 |
810 |
0.63 |
% | |||||||||||||
|
Subordinated debt |
46,393 |
1,113 |
2.40 |
% |
60,926 |
2,733 |
4.49 |
% | |||||||||||||
|
Total interest-bearing liabilities |
1,901,708 |
11,226 |
0.59 |
% |
1,875,779 |
13,961 |
0.74 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
539,023 |
417,681 |
|||||||||||||||||||
|
Other liabilities |
26,245 |
23,228 |
|||||||||||||||||||
|
Shareholders' equity |
248,783 |
226,457 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
2,715,759 |
$ |
2,543,145 |
|||||||||||||||||
|
Net interest income/spread |
$ |
90,830 |
3.48 |
% |
$ |
83,975 |
3.44 |
% | |||||||||||||
|
Net interest margin |
3.62 |
% |
3.58 |
% | |||||||||||||||||
|
(1) Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013, respectively, using a 35% tax rate. |
|
FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES AVERAGE BALANCE, INTEREST AND YIELDS (UNAUDITED) | |||||||||||||||||||||
|
For the Three Months Ended | |||||||||||||||||||||
|
December 31, 2014 |
December 31, 2013 | ||||||||||||||||||||
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ | ||||||||||||||||
|
($ in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate | |||||||||||||||
|
Assets |
|||||||||||||||||||||
|
Interest-earning assets: |
|||||||||||||||||||||
|
Loans, net of unearned income (1) |
$ |
2,509,552 |
$ |
25,427 |
4.02 |
% |
$ |
2,061,358 |
$ |
22,677 |
4.36 |
% | |||||||||
|
Investment securities (1) |
169,254 |
1,301 |
3.05 |
% |
173,422 |
1,150 |
2.63 |
% | |||||||||||||
|
Federal funds sold and bank deposits |
32,332 |
9 |
0.11 |
% |
87,842 |
43 |
0.19 |
% | |||||||||||||
|
Total interest-earning assets |
2,711,138 |
26,737 |
3.91 |
% |
2,322,622 |
23,870 |
4.08 |
% | |||||||||||||
|
Noninterest-earning assets: |
|||||||||||||||||||||
|
Cash and due from banks |
12,461 |
14,906 |
|||||||||||||||||||
|
Allowance for loan losses |
(28,328) |
(33,704) |
|||||||||||||||||||
|
Premises and equipment, net |
60,496 |
42,571 |
|||||||||||||||||||
|
Other real estate |
25,045 |
32,814 |
|||||||||||||||||||
|
Other assets |
140,930 |
144,998 |
|||||||||||||||||||
|
Total assets |
$ |
2,921,742 |
$ |
2,524,207 |
|||||||||||||||||
|
Liabilities and shareholders' equity |
|||||||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||
|
Demand deposits |
$ |
783,896 |
$ |
485 |
0.25 |
% |
$ |
693,000 |
$ |
507 |
0.29 |
% | |||||||||
|
Savings deposits |
323,605 |
285 |
0.35 |
% |
307,463 |
301 |
0.39 |
% | |||||||||||||
|
Time deposits |
741,216 |
1,839 |
0.98 |
% |
701,193 |
1,782 |
1.01 |
% | |||||||||||||
|
Total interest-bearing deposits |
1,848,717 |
2,609 |
0.56 |
% |
1,701,656 |
2,590 |
0.60 |
% | |||||||||||||
|
Other borrowings |
173,991 |
130 |
0.30 |
% |
67,135 |
47 |
0.28 |
% | |||||||||||||
|
Subordinated debt |
46,393 |
279 |
2.39 |
% |
46,393 |
282 |
2.41 |
% | |||||||||||||
|
Total interest-bearing liabilities |
2,069,101 |
3,018 |
0.58 |
% |
1,815,184 |
2,919 |
0.64 |
% | |||||||||||||
|
Noninterest-bearing liabilities and shareholders' equity: |
|||||||||||||||||||||
|
Demand deposits |
567,423 |
448,889 |
|||||||||||||||||||
|
Other liabilities |
24,910 |
25,820 |
|||||||||||||||||||
|
Shareholders' equity |
260,308 |
234,314 |
|||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
2,921,742 |
$ |
2,524,207 |
|||||||||||||||||
|
Net interest income/spread |
$ |
23,719 |
3.33 |
% |
$ |
20,951 |
3.44 |
% | |||||||||||||
|
Net interest margin |
3.47 |
% |
3.58 |
% | |||||||||||||||||
|
(1) Interest income includes the effect of taxable-equivalent adjustment for 2014 and 2013, respectively, using a 35% tax rate. |
Contacts:
Martha Fleming, Steve Brolly
Fidelity Southern Corporation (404) 240-1504
SOURCE Fidelity Southern Corporation
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