Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20131113pressrelease8k.htm |
| EX-99.1 - PRESS RELEASE - FIRST SECURITY GROUP INC/TN | a20131113_prxworddoc.htm |
| EX-99.3 - BALANCE SHEET AND INCOME STATEMENT - FIRST SECURITY GROUP INC/TN | a993balancesheetandstateme.htm |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||
Net interest income | $ | 6,165 | $ | 5,486 | $ | 5,241 | $ | 5,191 | $ | 5,849 | $ | 16,893 | $ | 18,389 | |||||||
(Credit) Provision for loan and lease losses | $ | (1,632 | ) | $ | (826 | ) | $ | 678 | $ | 10,374 | $ | 4,543 | $ | (1,780 | ) | $ | 10,492 | ||||
Non-interest income | $ | 2,514 | $ | 2,521 | $ | 2,220 | $ | 2,306 | $ | 2,694 | $ | 7,255 | $ | 6,989 | |||||||
Non-interest expense | $ | 11,419 | $ | 12,909 | $ | 14,042 | $ | 11,528 | $ | 12,781 | $ | 38,372 | $ | 37,280 | |||||||
Dividends and accretion on preferred stock | $ | — | $ | 858 | $ | 524 | $ | 522 | $ | 521 | $ | 1,381 | $ | 1,556 | |||||||
Effect of exchange on preferred stock to common stock | $ | — | $ | 26,179 | $ | — | $ | — | $ | — | $ | 26,179 | $ | — | |||||||
Net (loss allocated) income available to common stockholders | $ | (1,430 | ) | $ | 21,328 | $ | (7,902 | ) | $ | (16,100 | ) | $ | (9,410 | ) | $ | 11,996 | $ | (23,548 | ) | ||
Per Share Data: | |||||||||||||||||||||
Net (loss allocated) income available to common stockholders, basic | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | $ | (9.90 | ) | $ | (5.79 | ) | $ | 0.30 | $ | (14.54 | ) | ||
Net (loss allocated) income available to common stockholders, diluted | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | $ | (9.90 | ) | $ | (5.79 | ) | $ | 0.30 | $ | (14.54 | ) | ||
Book value per common share | $ | 1.25 | $ | 1.39 | $ | (6.58 | ) | $ | (1.94 | ) | $ | 6.93 | $ | 1.25 | $ | 6.93 | |||||
Performance Ratios: | |||||||||||||||||||||
Return on average assets | (0.56 | )% | 7.97 | % | (3.02 | )% | (5.91 | )% | (3.37 | )% | 1.52 | % | (2.81 | )% | |||||||
Return on average common equity | (7.21 | )% | 95.78 | % | NM | NM | (189.98 | )% | 29.77 | % | (113.56 | )% | |||||||||
Efficiency ratio | 131.57 | % | 161.22 | % | 188.21 | % | 153.77 | % | 149.61 | % | 158.90 | % | 146.90 | % | |||||||
Non-interest income to net interest income and non-interest income | 28.97 | % | 31.48 | % | 29.75 | % | 30.76 | % | 31.53 | % | 30.04 | % | 27.54 | % | |||||||
Capital: | |||||||||||||||||||||
Total equity to total assets | 8.24 | % | 8.12 | % | 2.02 | % | 2.74 | % | 4.00 | % | 8.24 | % | 4.00 | % | |||||||
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Liquidity, Yields and Rates: | |||||||||||||||||||||
Interest-bearing cash - average balance | 68,964 | 122,499 | 156,117 | 179,116 | 187,248 | 137,291 | 201,663 | ||||||||||||||
Investment securities - average balance | 329,385 | 322,747 | 253,265 | 252,356 | 254,362 | 291,698 | 233,670 | ||||||||||||||
Loans - average balance | 529,406 | 547,499 | 554,204 | 574,768 | 593,164 | 544,136 | 595,278 | ||||||||||||||
Average Earning Assets | 927,755 | 992,745 | 963,586 | 1,006,240 | 1,034,774 | 973,125 | 1,030,611 | ||||||||||||||
Pure deposits1 - average balance | 454,379 | 431,988 | 414,244 | 408,804 | 409,810 | 428,826 | 394,101 | ||||||||||||||
Core deposits2 - average balance | 653,044 | 648,373 | 639,558 | 640,328 | 642,426 | 646,062 | 625,791 | ||||||||||||||
Customer deposits3 - average balance | 829,926 | 847,007 | 839,307 | 845,346 | 843,317 | 842,066 | 823,595 | ||||||||||||||
Brokered deposits - average balance | 90,323 | 111,801 | 153,741 | 178,876 | 193,245 | 125,299 | 205,028 | ||||||||||||||
Total deposits - average balance | 920,249 | 958,808 | 993,048 | 1,024,222 | 1,036,562 | 967,365 | 1,028,623 | ||||||||||||||
Total loans to total deposits | 58.76 | % | 56.59 | % | 54.53 | % | 53.68 | % | 54.91 | % | 58.76 | % | 54.91 | % | |||||||
Yield on earning assets | 3.57 | % | 3.20 | % | 3.33 | % | 3.63 | % | 3.50 | % | 3.32 | % | 3.72 | % | |||||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.57 | % | 0.64 | % | 0.68 | % | 0.70 | % | 0.75 | % | 0.63 | % | 0.81 | % | |||||||
Cost of deposits | 0.86 | % | 0.96 | % | 1.04 | % | 1.09 | % | 1.15 | % | 0.94 | % | 1.24 | % | |||||||
Rate on interest-bearing funding | 1.01 | % | 1.11 | % | 1.20 | % | 1.30 | % | 1.40 | % | 1.09 | % | 1.49 | % | |||||||
Net interest margin, taxable equivalent | 2.71 | % | 2.27 | % | 2.25 | % | 2.49 | % | 2.30 | % | 2.38 | % | 2.44 | % | |||||||
Asset Quality: | |||||||||||||||||||||
Net (recoveries) charge-offs | $ | (32 | ) | $ | 374 | $ | 978 | $ | 14,064 | $ | 6,653 | $ | 1,320 | $ | 12,602 | ||||||
Net loan (recoveries) charged-offs to average loans, annualized | (0.02 | )% | 0.27 | % | 0.71 | % | 9.79 | % | 4.49 | % | 0.32 | % | 2.83 | % | |||||||
Non-accrual loans | $ | 6,803 | $ | 8,628 | $ | 10,194 | $ | 25,071 | $ | 32,254 | $ | 6,803 | $ | 32,254 | |||||||
Other real estate owned and repossessed assets, net | $ | 8,678 | $ | 10,549 | $ | 12,722 | $ | 13,449 | $ | 15,854 | $ | 8,678 | $ | 15,854 | |||||||
Loans 90 days past due | $ | 509 | $ | 332 | $ | 1,270 | $ | 1,656 | $ | 2,572 | $ | 509 | $ | 2,572 | |||||||
Non-performing assets (NPA) | $ | 15,990 | $ | 19,509 | $ | 24,186 | $ | 40,176 | $ | 50,680 | $ | 15,990 | $ | 50,680 | |||||||
NPA to total assets | 1.58 | % | 1.83 | % | 2.32 | % | 3.78 | % | 4.54 | % | 1.58 | % | 4.54 | % | |||||||
Non-performing loans (NPL) | $ | 7,312 | $ | 8,960 | $ | 11,464 | $ | 26,727 | $ | 34,826 | $ | 7,312 | $ | 34,826 | |||||||
NPL to total loans | 1.37 | % | 1.65 | % | 2.12 | % | 4.94 | % | 6.07 | % | 1.37 | % | 6.07 | % | |||||||
Allowance for loan and lease losses to total loans | 2.00 | % | 2.27 | % | 2.50 | % | 2.55 | % | 3.05 | % | 2.00 | % | 3.05 | % | |||||||
Allowance for loan and lease losses to NPL | 146.33 | % | 137.28 | % | 117.76 | % | 51.63 | % | 50.22 | % | 146.33 | % | 50.22 | % | |||||||
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Period End Balances: | |||||||||||||||||||||
Loans | $ | 534,627 | $ | 542,019 | $ | 540,288 | $ | 541,130 | $ | 573,365 | $ | 534,627 | $ | 573,365 | |||||||
Allowance for loan and lease losses | $ | 10,700 | $ | 12,300 | $ | 13,500 | $ | 13,800 | $ | 17,490 | $ | 10,700 | $ | 17,490 | |||||||
Intangible assets | $ | 388 | $ | 455 | $ | 526 | $ | 600 | $ | 677 | $ | 388 | $ | 677 | |||||||
Assets | $ | 1,011,855 | $ | 1,066,649 | $ | 1,040,753 | $ | 1,063,555 | $ | 1,117,470 | $ | 1,011,855 | $ | 1,117,470 | |||||||
Total deposits | $ | 909,848 | $ | 957,811 | $ | 990,894 | $ | 1,008,066 | $ | 1,044,131 | $ | 909,848 | $ | 1,044,131 | |||||||
Common stockholders' equity | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | $ | (3,439 | ) | $ | 12,283 | $ | 83,388 | $ | 12,283 | |||||
Total stockholders' equity | $ | 83,388 | $ | 86,654 | $ | 20,994 | $ | 29,110 | $ | 44,722 | $ | 83,388 | $ | 44,722 | |||||||
Common stock market capitalization | $ | 138,534 | $ | 135,469 | $ | 4,678 | $ | 3,952 | $ | 3,987 | $ | 138,534 | $ | 3,987 | |||||||
Full-time equivalent employees | 313 | 327 | 325 | 329 | 328 | 313 | 328 | ||||||||||||||
Common shares outstanding | 66,603 | 62,428 | 1,772 | 1,772 | 1,772 | 66,603 | 1,772 | ||||||||||||||
Average Balances: | |||||||||||||||||||||
Loans | $ | 529,406 | $ | 547,499 | $ | 554,204 | $ | 574,768 | $ | 593,164 | $ | 544,136 | $ | 595,278 | |||||||
Intangible assets | $ | 405 | $ | 476 | $ | 574 | $ | 649 | $ | 726 | $ | 501 | $ | 825 | |||||||
Earning assets | $ | 927,755 | $ | 992,745 | $ | 963,586 | $ | 1,006,240 | $ | 1,034,774 | $ | 973,125 | $ | 1,030,611 | |||||||
Assets | $ | 1,016,919 | $ | 1,070,895 | $ | 1,047,184 | $ | 1,089,841 | $ | 1,117,494 | $ | 1,055,611 | $ | 1,117,831 | |||||||
Deposits | $ | 920,249 | $ | 958,808 | $ | 993,048 | $ | 1,024,222 | $ | 1,036,562 | $ | 967,365 | $ | 1,028,623 | |||||||
Common stockholders' equity | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | $ | 10,108 | $ | 19,813 | $ | 53,720 | $ | 27,648 | ||||||
Total stockholders' equity | $ | 79,382 | $ | 92,658 | $ | 27,184 | $ | 42,584 | $ | 52,181 | $ | 65,659 | $ | 59,910 | |||||||
Common shares outstanding, basic - wtd | 62,600 | 55,174 | 1,613 | 1,626 | 1,626 | 40,020 | 1,619 | ||||||||||||||
Common shares outstanding, diluted - wtd | 62,600 | 55,176 | 1,613 | 1,626 | 1,626 | 40,020 | 1,619 | ||||||||||||||
(1) Pure Deposits are all transaction-based accounts, including non-interest bearing DDA's, interest bearing DDA's, money market accounts and savings accounts. | |||||||||||||||||||||
(2) Core deposits are Pure deposits plus customer certificates of deposits less than $100,000. | |||||||||||||||||||||
(3) Customer deposits excluded brokered deposits. | |||||||||||||||||||||
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Total stockholders' equity | $ | 83,388 | $ | 86,654 | $ | 20,994 | $ | 29,110 | $ | 44,722 | $ | 83,388 | $ | 44,722 | |||||||
Effect of preferred stock | — | — | (32,660 | ) | (32,549 | ) | (32,439 | ) | — | (32,439 | ) | ||||||||||
Common stockholders' equity | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | $ | (3,439 | ) | $ | 12,283 | $ | 83,388 | $ | 12,283 | |||||
Average total stockholders' equity | $ | 79,382 | $ | 92,658 | $ | 27,184 | $ | 42,584 | $ | 52,181 | $ | 65,659 | $ | 59,910 | |||||||
Effect of average preferred stock | — | (3,589 | ) | (32,586 | ) | (32,476 | ) | (32,368 | ) | (11,939 | ) | (32,262 | ) | ||||||||
Average common stockholders' equity | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | $ | 10,108 | $ | 19,813 | $ | 53,720 | $ | 27,648 | ||||||