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Fidelity Southern (LION) in Atlanta said Thursday that it is buying five branches and roughly $200 million of deposits from CenterState Bank of Florida (CSFL).
June 5 -
Fidelity Southern (LION) in Atlanta has filed documents that would allow it to issue up to $100 million in stock, warrants and debt.
April 4 -
Fidelity Southern Corp. (LION) in Atlanta has redeemed the entirety of the shares it issued to the Troubled Asset Relief Program along with about a third of trust-preferred securities.
September 11
Third-quarter earnings at Fidelity Southern in Atlanta increased after it completed a recent acquisition in Florida.
The $2.9 billion asset company reported net income of $8.8 million, up nearly 10.8% from a year earlier, or 38 cents per share.
In September, Fidelity Southern
Total deposits increased 13.4% from a year earlier to $2.5 billion in the third quarter. Excluding the acquisition, the bank increased its deposits by $119.3 million, or 5.5%. Noninterest income rose 8% to $27.9 million, mainly due to gains on the sale of indirect auto and small-business loans. Noninterest expense increased 4.7%, to $35.7 million, reflecting higher salaries and benefits and administrative support costs from the acquisition.
Total assets rose 11.5% year over year, to $2.9 billion, primarily due to higher loan production and more loans held for investment.
Such loans increased 13.2% from a year earlier to $2.1 billion on Sept. 30. The growth was largely due to increases of 9.1% in indirect auto loans and 15.2% in mortgages. These gains were achieved through a combination of new mortgage product offerings, new loan production offices and expansion into new markets, the company said.
Net interest income increased 7.4%, to roughly $23.3 million, despite lower yields on new loans originated in 2014. Interest expense was $2.7 million, down 19.8% from a year earlier, largely due to a $1.6 million reduction in subordinated debt expense.
The net interest margin was 3.56%, up 8 basis points from a year earlier, primarily due to lower subordinated debt expenses.
