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Fidelity Southern Corporation Earns Record $10.7 Million In First Quarter


News provided by

Fidelity Southern Corporation

Apr 16, 2015, 12:27 ET

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ATLANTA, April 16, 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 ended March 31, 2015.

KEY RESULTS

  • Net income of $10.7 million, or $0.45 per diluted share for the quarter, an increase of $4.6 million, or $0.19 per diluted share, year over year
  • Total revenue of $58.5 million for the quarter
  • Mortgage banking income of $21.3 million, an increase of $10.7 million, or 101.4%, year over year
  • Mortgage production increased $292.2 million, or 91.1%, year over year to $613.0 million for the quarter
  • Return on average assets of 1.40% for the quarter
  • Tangible book value of $12.64 per share increased by $1.36, or 12.1%, year over year
  • Loan portfolio grew by $64.3 million, or 2.9%, during the quarter and $469.5 million, or 25.4%, year over year, to $2.3 billion
  • Loan servicing portfolio increased to $6.9 billion, or 26.6%, year over year
  • Total deposit portfolio grew by $194.9 million, or 7.9%, during the quarter and $452.5 million, or 20.6%, year over year, to $2.7 billion

Fidelity's Chairman, Jim Miller, said, "There was a surge in mortgage financing in the first quarter, which we capitalized on. Purchase volume remained a majority of the business. Geographic expansion in the Carolinas and the Mid-Atlantic paid dividends. This means we should, going forward, have mortgage production greater than budgeted, but we don't know if the surge will continue. Based on our numbers across the board, it looks like the recovery is gaining momentum, which bodes well for all lines of business though rates and terms are increasingly challenging. Our partnerships with U.S. Bancorp's Elavon unit for handling merchant services, and with FNB Omaha for credit cards are very promising. Trust is performing as planned. Our strategic moves continue. In Georgia, we have identified two new existing bank branches and will open next month our office on Howell Mill Road. Other moves are pending here and in Florida."

BALANCE SHEET

Total assets at March 31, 2015, grew to $3.2 billion, an increase of $120.2 million, or 3.9%, compared to December 31, 2014, and $648.5 million, or 25.4%, compared to March 31, 2014. These increases are primarily attributable to an increase in loan production, mainly in indirect and mortgage loans held for investment.

Loans
Total loans held for investment at March 31, 2015, grew to $2.3 billion, an increase of $64.3 million, or 2.9%, compared to December 31, 2014, and $469.5 million, or 25.4%, compared to March 31, 2014.

Continued strong auto sales and overall mortgage volume were the main drivers of the growth in indirect and mortgage loans. Indirect loans grew by $31.8 million and $325.9 million, or 2.6% and 35.2%, respectively, and mortgage loans increased by $24.8 million and $120.7 million, or 10.4% and 85.0%, respectively, compared to December 31, 2014 and March 31, 2014.

Construction loans increased by $10.5 million and $33.0 million, or 8.4% and 32.5%, respectively, compared to December 31, 2014 and March 31, 2014, due to expansion into the Savannah and Birmingham markets in addition to organic growth in our existing markets.

The following table summarizes average loans by category for the periods presented.
















For the Quarter Ended


($ in thousands)

March 31,
2015


December 31,
2014


March 31,
2014


Commercial

$

526,819



$

519,932



$

531,517



SBA

149,420



152,672



145,863



Construction

129,029



115,146



100,165



Indirect automobile

1,419,294



1,329,306



1,032,592



Installment

13,047



11,938



15,539



Residential mortgage

337,122



300,652



170,675



Home equity lines of credit

81,825



79,906



74,558



Total average loans (including HFS)

$

2,656,556



$

2,509,552



$

2,070,909



Deposits
Total deposits at March 31, 2015, of $2.7 billion increased by $194.9 million, or 7.9%, compared to December 31, 2014, and $452.5 million, or 20.6%, compared to March 31, 2014. The increase for the quarter is attributable to an increase in noninterest bearing demand deposits, particularly in commercial accounts which increased $106.8 million, and an increase of $26.8 million in time deposits. The year over year increase occurred primarily due to organic growth of $243.4 million, primarily in noninterest bearing deposits, which increased $155.7 million, as well as the assumption of deposits from six branches in Florida during September 2014 of $170.9 million, and assumption of deposits from one branch in Florida during January 2015 of $38.2 million.

Average core deposits, including noninterest-bearing demand deposits, grew by $53.1 million, or 3.2%, during the quarter and $242.3 million, or 16.3%, year over year, particularly in commercial accounts and assumption of deposits discussed above. Noninterest-bearing demand deposits increased to 24.0% of total average deposits for the quarter compared to 23.5% at December 31, 2014, and 22.2% at March 31, 2014.

Time deposits increased by $26.8 million, or 3.4%, during the quarter and $156.9 million, or 23.8%, year over year. The year over year change occurred primarily due to $88.0 million in time deposits assumed during the third quarter of 2014 and a $62.1 million increase in brokered deposits generally used to fund loan growth.

The following table summarizes average deposit composition and average rate paid for the periods presented.

































For the Quarter Ended


March 31, 2015


December 31, 2014


March 31, 2014

($ in millions)

Average Amount


Rate


Percent of Total Deposits


Average Amount


Rate


Percent of Total Deposits


Average Amount


Rate


Percent of Total Deposits

Noninterest-bearing demand deposits

$

605.8



--

%


24.0

%


$

567.4



--

%


23.5

%


$

478.0



--

%


22.2

%

Interest-bearing demand deposits

812.8



0.23

%


32.1

%


783.9



0.25

%


32.3

%


698.8



0.29

%


32.3

%

Savings deposits

309.4



0.33

%


12.2

%


323.6



0.35

%


13.4

%


308.8



0.39

%


14.3

%

Time deposits

803.0



0.90

%


31.7

%


741.2



0.98

%


30.8

%


675.0



1.01

%


31.2

%

    Total average deposits

$

2,531.0



0.40

%


100.0

%


$

2,416.1



0.43

%


100.0

%


$

2,160.6



0.48

%


100.0

%



















INCOME STATEMENT

Interest Income
Interest income was $26.5 million for the quarter, an increase of $3.4 million, or 14.7% as compared to the same period in 2014. The increase was primarily due to a year over year increase in average loans of $585.6 million, or 28.3%, primarily in the indirect and mortgage portfolios, partially offset by a decrease in the yield on loans of 41 basis points, as new loans, on average, were originated at lower yields over the previous twelve months.

On a linked-quarter basis, interest income decreased slightly, primarily due to a decrease of 15 basis points in the yield on total loans, net of a $147.0 million increase in average total loans.

Interest Expense
Interest expense was $2.9 million for the quarter, an increase of $138,000, or 4.9% as compared to the same period in 2014. The year over year increase occurred primarily due to an increase in average other borrowings of $166.1 million used to fund growth in average loans.

On a linked-quarter basis, interest expense decreased by $73,000, or 2.4%, primarily due to a reduction of 4 basis points in the cost of interest bearing deposits.

Net Interest Margin
The net interest margin was 3.35% for the quarter, compared to 3.55% for the same period in 2014. The decrease was primarily attributable to a decrease in the yield on total loans as new loans were originated at lower yields in 2015, partially offset by a slight decrease in deposit yields.

On a linked-quarter basis, the net interest margin decreased by 12 basis points compared to 3.47% for the prior quarter, primarily due to a decrease of 15 basis points in the yield on total loans, offset by an increased volume of loans for the quarter.

Noninterest Income
Noninterest income was $32.0 million for the quarter, an increase of $12.7 million , or 65.3%, as compared to the same period in 2014. The increase was primarily related to an increase in gains on the sale of mortgage and indirect loans. Noninterest income from mortgage banking activities increased by $10.7 million for the quarter as gains on mortgage loan sales were $11.8 million higher for the quarter. Fidelity was able to take advantage of the nationwide refinance surge during the quarter while continuing to grow our purchase money mortgage business year over year. Mortgage loan production increased $292.2 million, or 91.1%, to $613.0 million while mortgage loan sales increased $223.9 million, or 68.2%, to $328.1 million year over year. Mortgage loan servicing revenue increased by $641,000 to $3.6 million for the quarter as the servicing portfolio grew to $5.6 billion at March 31, 2015. These increases were partially offset by an increase in mortgage servicing right amortization and impairment adjustment of $2.6 million driven by an increase in prepayment speed assumption.

Higher gains on indirect loan sales drove $723,000 of the increase in noninterest income from indirect lending activities of $1.3 million for the quarter. Indirect loan sales totaled $219.8 million for the quarter compared to sales of $195.0 million for the same period in the prior year.

On a linked-quarter basis, noninterest income increased by $7.3 million, or 29.7%, primarily attributable to increases in income from mortgage banking activities and indirect lending activities of $5.8 million and $2.1 million, respectively. These increases occurred primarily due to increased gain on sale of mortgage and indirect loans of $7.7 million and $2.2 million, respectively, from growth in sales of $76.2 million and $97.8 million, respectively. See "Analysis of Indirect Lending" and "Analysis of Mortgage Lending" tables below.

Noninterest Expense
Noninterest expense was $38.6 million for the quarter, an increase of $6.0 million, or 18.3%, as compared to the same period in 2014.

Salaries and benefits expense has increased 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 $2.7 million, or 17.0%, year over year.

Commissions expense increased $2.7 million, or 77.5%, compared to the same period in 2014. This increase corresponds to the growth in mortgage loan production, which increased $292.2 million or 91.1% compared to the same period in 2014.

Net occupancy and communication also increased $905,000, or 25.7%, year over year, due to the Bank's continued growth during the period.

On a linked-quarter basis, noninterest expense increased by $2.0 million, or 5.4%, primarily due to an $896,000 increase in salaries and benefits and a $615,000 increase in commissions for the quarter.

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 2014 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.

-end-

FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(UNAUDITED)




As of or for the Quarter Ended


($ in thousands, except per share data)

March 31,
2015


December 31,
2014


March 31,
2014


INCOME STATEMENT DATA:







Interest income

$

26,486



$

26,633



$

23,084



Interest expense

2,945



3,018



2,807



Net interest income

23,541



23,615



20,277



Provision for loan losses

108



556



(2,450)



Noninterest income

32,038



24,711



19,377



Noninterest expense

38,635



36,645



32,656



Net income

10,690



7,213



6,063



PERFORMANCE:







Earnings per common share - basic

$

0.50



$

0.34



$

0.28



Earnings per common share - diluted

0.45



0.31



0.26



Book value per common share

$

12.85



$

12.40



$

11.39



Tangible book value per common share

12.64



12.22



11.28



Cash dividends paid per common share

$

0.09



$

0.09



$

0.04



Return on average assets

1.40

%


0.98

%


0.97

%


Return on average shareholders' equity

16.20

%


10.99

%


10.36

%


Net interest margin

3.35

%


3.47

%


3.55

%


END OF PERIOD BALANCE SHEET SUMMARY:







Total assets

$

3,205,376



$

3,085,225



$

2,556,887



Earning assets

2,951,135



2,848,618



2,350,759



Loans, excluding Loans Held-for-Sale

2,317,581



2,253,306



1,848,092



Total loans

2,723,098



2,622,241



2,028,642



Total deposits

2,652,896



2,458,022



2,200,389



Shareholders' equity

274,898



264,951



242,391



DAILY AVERAGE BALANCE SHEET SUMMARY:







Total assets

$

3,098,079



$

2,921,742



$

2,529,476



Earning assets

2,858,827



2,711,138



2,325,164



Loans, excluding Loans Held-for-Sale

2,298,789



2,192,383



1,886,136



Total loans

2,656,556



2,509,552



2,070,909



Total deposits

2,530,988



2,416,140



2,160,696



Shareholders' equity

267,561



260,308



237,408



ASSET QUALITY RATIOS:







Net charge-offs/(recoveries), annualized to average loans

0.29

%


0.50

%


(0.02)%



Allowance to period-end loans

1.03

%


1.13

%


1.67

%


Nonperforming assets to total loans, ORE and repossessions

2.33

%


2.61

%


3.66

%


Allowance to nonperforming loans, ORE and repossessions

0.44x



0.43x



0.45x



SELECTED RATIOS:







Loans to total deposits

87.36

%


91.67

%


83.99

%


Average total loans to average earning assets

92.92

%


92.56

%


89.07

%


Noninterest income to total revenue

54.74

%


48.13

%


45.63

%


Leverage ratio

9.89

%


10.40

%


11.21

%


Common equity tier 1 capital

9.06

%


N/A



N/A



Tier 1 risk-based capital

10.63

%


11.07

%


13.20

%


Total risk-based capital

11.43

%


12.01

%


14.46

%


Average equity to average assets

8.64

%


8.91

%


9.39

%


FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)














($ in thousands)


March 31,
2015


December 31,
2014


March 31,
2014

ASSETS







Cash and cash equivalents


$

85,615



$

71,605



$

166,952


Investment securities available-for-sale


139,727



149,590



163,803


Investment securities held-to-maturity


10,316



7,349



3,795


Loans held-for-sale


405,517



368,935



180,550


Loans


2,317,581



2,253,306



1,848,092


Allowance for loan losses


(23,758)



(25,450)



(30,797)


Loans, net of allowance for loan losses


2,293,823



2,227,856



1,817,295


Premises and equipment, net


60,710



60,857



48,937


Other real estate, net


19,988



22,564



24,547


Bank owned life insurance


65,013



59,553



34,127


Servicing rights


68,146



64,897



55,281


Other assets


56,521



52,019



61,600


Total assets


$

3,205,376



$

3,085,225



$

2,556,887









LIABILITIES







Deposits







Noninterest-bearing demand deposits


$

706,679



$

558,018



$

525,853


Interest-bearing deposits







  Demand and money market


825,244



788,373



700,268


  Savings


304,135



321,621



314,282


  Time deposits


816,838



790,010



659,986


    Total deposits


2,652,896



2,458,022



2,200,389


Other borrowings


201,018



291,087



43,685


Subordinated debt


46,393



46,393



46,393


Other liabilities


30,171



24,772



24,029


Total liabilities


2,930,478



2,820,274



2,314,496









SHAREHOLDERS' EQUITY







Preferred stock


--



--



--


Common stock


163,340



162,575



159,654


Accumulated other comprehensive income, net


3,229



2,814



1,606


Retained earnings


108,329



99,562



81,131


Total shareholders' equity


274,898



264,951



242,391


Total liabilities and shareholders' equity


$

3,205,376



$

3,085,225



$

2,556,887
















FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

















For the Quarter Ended


($ in thousands, except per share data)


March 31,
2015


December 31,
2014


March 31,
2014


INTEREST INCOME








Loans, including fees


$

25,289



$

25,382



$

21,797



Investment securities


1,185



1,242



1,249



Federal funds sold and bank deposits


12



9



38



Total interest income


26,486



26,633



23,084



INTEREST EXPENSE








Deposits


2,492



2,609



2,488



Other borrowings


177



130



44



Subordinated debt


276



279



275



Total interest expense


2,945



3,018



2,807



Net interest income


23,541



23,615



20,277



Provision for loan losses


108



556



(2,450)



Net interest income after provision for loan losses


23,433



23,059



22,727



NONINTEREST INCOME








Service charges on deposit accounts


1,083



1,229



1,003



Other fees and charges


1,166



1,189



920



Mortgage banking activities


21,318



15,489



10,587



Indirect lending activities


5,979



3,847



4,676



SBA lending activities


930



1,305



844



Bank owned life insurance


492



304



301



Securities gains


--



--



--



Other


1,070



1,348



1,046



Total noninterest income


32,038



24,711



19,377



NONINTEREST EXPENSE








Salaries and employee benefits


18,822



17,926



16,085



Commissions


6,160



5,545



3,470



Occupancy


3,482



3,508



2,603



Communication


948



1,068



922



Other


9,223



8,598



9,576



Total noninterest expense


38,635



36,645



32,656



Income before income tax expense


16,836



11,125



9,448



Income tax expense


6,146



3,912



3,385



NET INCOME


$

10,690



$

7,213



$

6,063











EARNINGS PER SHARE:








Basic earnings per share


$

0.50



$

0.34



$

0.28



Diluted earnings per share


$

0.45



$

0.31



$

0.26



Weighted average common shares outstanding-basic


21,380



21,343



21,288



Weighted average common shares outstanding-diluted


23,683



23,544



23,447











FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
LOANS BY CATEGORY
(UNAUDITED)






















($ in thousands)


March 31,
2015


December 31,
2014


September 30,
2014


June 30,
2014


March 31,
2014

Commercial


$

519,062



$

524,145



$

524,419



$

536,435



$

525,347


SBA


138,198



134,766



143,302



136,946



138,331


      Total commercial and SBA loans


657,260



658,911



667,721



673,381



663,678


Construction loans


134,456



123,994



108,823



113,873



101,443


Indirect automobile


1,251,044



1,219,232



1,087,710



997,117



925,101


Installment


12,209



13,372



15,647



15,892



15,932


      Total consumer loans


1,263,253



1,232,604



1,103,357



1,013,009



941,033


Residential mortgage


180,424



158,348



119,292



93,453



68,546


Home equity lines of credit


82,188



79,449



74,610



74,898



73,392


 Total mortgage loans


262,612



237,797



193,902



168,351



141,938


 Loans


2,317,581



2,253,306



2,073,803



1,968,614



1,848,092













Loans held-for-sale:











Residential mortgage


241,974



181,424



161,775



191,666



112,195


SBA


13,543



12,511



17,667



8,053



8,355


Indirect automobile


150,000



175,000



145,000



140,000



60,000


     Total loans held-for-sale


405,517



368,935



324,442



339,719



180,550


          Total loans


$

2,723,098



$

2,622,241



$

2,398,245



$

2,308,333



$

2,028,642













Noncovered loans


$

2,287,284



$

2,218,493



$

2,036,097



$

1,923,088



$

1,796,256


Covered loans


30,297



34,813



37,706



45,526



51,836


Loans held-for-sale


405,517



368,935



324,442



339,719



180,550


          Total loans


$

2,723,098



$

2,622,241



$

2,398,245



$

2,308,333



$

2,028,642


FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)















As of or for the Quarter Ended


($ in thousands)

March 31,
2015


December 31,
2014


March 31,
2014


Balance at beginning of period

$

25,450



$

28,297



$

33,684



Net charge-offs/(recoveries):







Commercial and SBA

815



2,239



364



Construction

(76)



(151)



(1,680)



Indirect automobile and installment loans

872



899



743



Mortgage

(1)



(19)



35



Covered

19



(225)



448



Acquired, noncovered

(1)



(1)



(15)



Total net charge-offs/(recoveries)

1,628



2,742



(105)



Provision for loan losses (1)

108



556



(2,450)



Decrease in FDIC loss share receivable

(172)



(661)



(542)



Balance at end of period

$

23,758



$

25,450



$

30,797










Net charge-offs/(recoveries), annualized to average loans

0.29

%


0.50

%


(0.02)

%


Average loans

$

2,298,789



$

2,192,383



$

1,886,136



Allowance for loan losses as a percentage of loans

1.03

%


1.13

%


1.67

%









(1) Net of benefit attributable to FDIC loss share receivable




FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES
NONPERFORMING AND CLASSIFIED ASSETS
(UNAUDITED)





















($ in thousands)

March 31,
2015


December 31,
2014


September 30,
2014


June 30,
2014


March 31,
2014

NONPERFORMING ASSETS










Nonaccrual loans

$

32,432



$

34,856



$

36,489



$

37,364



$

42,158


Loans past due 90 days or more and still accruing

1,006



827



--



--



488


Repossessions

1,002



1,183



1,210



1,068



1,398


Other real estate (ORE)

19,988



22,564



26,999



26,930



24,547


Nonperforming assets

$

54,428



$

59,430



$

64,698



$

65,362



$

68,591


NONPERFORMING ASSET RATIOS










Loans 30-89 days past due

$

3,934



$

4,565



$

2,885



$

2,874



$

4,045


Loans 30-89 days past due to loans

0.17

%


0.20

%


0.14

%


0.15

%


0.22

%

Loans past due 90 days or more and still accruing to loans

0.04

%


0.04

%


--

%


--

%


0.03

%

Nonperforming assets to loans, ORE, and repossessions

2.33

%


2.61

%


3.08

%


3.27

%


3.66

%











ASSET QUALITY RATIOS










Classified Asset Ratio (3)

20.45

%


21.49

%


25.36

%


24.88

%


27.14

%

Nonperforming loans as a % of loans

1.44

%


1.58

%


1.76

%


1.90

%


2.31

%

Nonperforming assets as a % of loans plus ORE

1.43

%


1.57

%


1.74

%


1.87

%


2.28

%

ALL to nonperforming loans

71.05

%


67.66

%


63.80

%


59.97

%


53.95

%

Net charge-offs/(recoveries), annualized to average loans

0.29

%


0.50

%


0.40

%


0.42

%


(0.02)

%

ALL as a % of loans

1.03

%


1.13

%


1.36

%


1.47

%


1.67

%











CLASSIFIED ASSETS










Classified loans (1)

$

52,684



$

53,415



$

61,161



$

57,880



$

63,993


ORE and repossessions

14,508



17,218



21,287



21,633



21,279


Total classified assets (2)

$

67,192



$

70,633



$

82,448



$

79,513



$

85,272












        (1) Amount of SBA guarantee included

$

5,802



$

5,271



$

7,590



$

6,462



$

8,506


       (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 Quarter Ended


($ in thousands)


March 31,
2015


December 31,
2014


September 30,
2014


June 30,
2014


March 31,
2014


Average loans outstanding (1)


$

1,389,570



$

1,329,306



$

1,204,314



$

1,075,657



$

1,032,592



Loans serviced for others


$

1,025,569



$

902,823



$

863,931



$

701,120



$

657,082



Past due loans:













Amount 30+ days past due


$

1,222



$

1,547



$

1,573



$

1,363



$

1,117




Number 30+ days past due


132



143



136



125



109



30+ day performing delinquency rate (2)


0.09

%


0.11

%


0.13

%


0.12

%


0.11

%


Nonperforming loans


$

778



$

715



$

795



$

743



$

772



Nonperforming loans as a percentage of period end loans (2)


0.06

%


0.05

%


0.06

%


0.07

%


0.08

%


Net charge-offs


$

866



$

901



$

612



$

614



$

733



Net charge-off rate (3)


0.36

%


0.30

%


0.23

%


0.25

%


0.31

%


Number of vehicles repossessed during the period


134



128



136



126



143



Average beacon score of portfolio


755



753



751



745



752



Production by state:













Alabama


$

22,056



$

26,780



$

27,845



$

28,530



$

22,155




Arkansas


35,786



41,912



47,894



36,572



22,183




North Carolina


21,809



25,059



29,781



24,069



18,980




South Carolina


16,273



16,132



22,189



23,139



14,657




Florida


96,688



102,465



128,729



110,940



76,829




Georgia


60,402



69,288



72,423



54,592



45,154




Mississippi


19,537



23,736



30,525



28,569



23,941




Tennessee


19,479



22,880



28,684



22,196



15,746




Virginia


16,919



18,590



20,903



16,017



11,458




Texas


41,527



50,987



49,868



39,320



15,429




Louisiana


21,042



13,531



12,597



2,595



--





Total production by state


$

371,518



$

411,360



$

471,438



$

386,539



$

266,532



Loan sales


$

219,784



$

121,973



$

244,556



$

118,344



$

195,027



Portfolio yield (1)


2.88

%


3.07

%


3.10

%


3.26

%


3.38

%


















(1)

Includes held-for-sale


(2)

Calculated by dividing loan category as of the end of the period by period-end loans including held for sale for the specified loan portfolio


(3)

Calculated by dividing annualized net charge-offs for the period by average loans held for investment during the period for the specified loan category



 

























FIDELITY SOUTHERN CORPORATION AND SUBSIDIARIES

ANALYSIS OF MORTGAGE LENDING

(UNAUDITED)


















For the Quarter Ended

($ in thousands)


March 31,
2015


December 31,
2014


September 30,
2014


June 30,
2014


March 31,
2014

Average loans outstanding (1)


$

337,122



$

300,652



$

286,407



$

229,292



$

170,675


Loans serviced for others


$

5,622,102



$

5,413,781



$

5,173,282



$

4,844,984



$

4,574,281


% of loan production for purchases


58.82

%


74.93

%


82.25

%


86.18

%


78.48

%

% of loan production for refinance loans


41.18

%


25.07

%


17.75

%


13.82

%


21.52

%

Production by region:












Georgia


$

342,121



$

311,846



$

316,359



$

328,936



$

181,667



Florida/Alabama


51,590



42,485



31,642



26,383



20,816



Virginia/Maryland


158,289



126,151



127,721



132,816



73,471



North and South Carolina (2)


3,858



--



--



--



--



Total retail


555,858



480,482



475,722



488,135



275,954



Wholesale


57,125



34,961



60,393



73,252



44,862




Total production by region


$

612,983



$

515,443



$

536,115



$

561,387



$

320,816


Loan sales


$

552,085



$

475,930



$

536,490



$

446,176



$

328,145


Portfolio yield (1)


3.79

%


3.93

%


4.10

%


4.05

%


4.21

%








































INCOME FROM MORTGAGE BANKING ACTIVITIES

(UNAUDITED)


















For the Quarter Ended

(in thousands)


March 31,
2015


December 31,
2014


September 30,
2014


June 30,
2014


March 31,
2014

Marketing gain, net


$

19,745



$

12,076



$

12,108



$

10,954



$

7,991


Origination points and fees


2,757



2,744



2,943



3,148



1,787


Loan servicing revenue


3,646



3,473



3,211



2,998



3,005


MSR amortization and impairment adjustments


(4,830)



(2,804)



(2,127)



(3,530)



(2,196)


Total mortgage banking activities


$

21,318



$

15,489



$

16,135



$

13,570



$

10,587




























Noncash items included in income from mortgage banking activities:











Capitalized MSR, net


$

4,429



$

3,333



$

4,062



$

3,693



$

2,170


Valuation on MSR


(2,469)



(709)



(156)



(1,838)



(619)


Mark to market adjustments


3,967



588



(1,747)



1,609



1,362


   Total noncash items


$

5,927



$

3,212



$

2,159



$

3,464



$

2,913















(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 Quarter Ended


March 31, 2015


March 31, 2014


Average


Income/


Yield/


Average


Income/


Yield/

($ in thousands)

Balance


Expense


Rate


Balance


Expense


Rate

Assets












Interest-earning assets:












Loans, net of unearned income (1) 

$

2,656,556



$

25,333



3.87

%


$

2,070,909



$

21,836



4.28

%

Investment securities (1) 

164,456



1,236



3.05

%


176,171



1,304



3.00

%

Federal funds sold and bank deposits

37,815



12



0.13

%


78,084



38



0.20

%

Total interest-earning assets

2,858,827



26,581



3.77

%


2,325,164



23,178



4.04

%

Noninterest-earning assets:












Cash and due from banks

15,311







17,508






Allowance for loan losses

(25,258)







(33,869)






Premises and equipment, net

60,979







48,479






Other real estate

22,219







28,798






Other assets

166,001







143,396






Total assets

$

3,098,079







$

2,529,476






Liabilities and shareholders' equity












Interest-bearing liabilities:












Demand deposits

$

812,833



$

453



0.23

%


$

698,811



$

507



0.29

%

Savings deposits

309,393



255



0.33

%


308,819



296



0.39

%

Time deposits

803,000



1,784



0.90

%


675,034



1,685



1.01

%

Total interest-bearing deposits

1,925,226



2,492



0.52

%


1,682,664



2,488



0.60

%

Other borrowings

229,374



177



0.31

%


63,313



44



0.28

%

Subordinated debt

46,393



276



2.41

%


46,393



275



2.40

%

Total interest-bearing liabilities

2,200,993



2,945



0.54

%


1,792,370



2,807



0.64

%

Noninterest-bearing liabilities and shareholders' equity:












Demand deposits

605,762







478,033






Other liabilities

23,763







21,665






Shareholders' equity

267,561







237,408






Total liabilities and shareholders' equity

$

3,098,079







$

2,529,476






Net interest income/spread



$

23,636



3.23

%




$

20,371



3.40

%

Net interest margin





3.35

%






3.55

%













(1) Interest income includes the effect of taxable-equivalent adjustment using a 35% tax rate.

Contacts:    Martha Fleming, Steve Brolly
                  Fidelity Southern Corporation (404) 240-1504

SOURCE Fidelity Southern Corporation

Related Links

http://www.fidelitysouthern.com

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