Attached files
file | filename |
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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-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a992financialhighlightsq32.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||
(in thousands) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and Due from Banks | $ | 10,357 | $ | 12,806 | $ | 10,204 | |||||
Interest Bearing Deposits in Banks | 59,943 | 159,665 | 201,631 | ||||||||
Cash and Cash Equivalents | 70,300 | 172,471 | 211,835 | ||||||||
Securities Available-for-Sale | 207,009 | 254,057 | 257,263 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $130,170) | 129,164 | — | — | ||||||||
Loans Held for Sale | 1,661 | 25,920 | 3,857 | ||||||||
Loans | 534,627 | 541,130 | 573,365 | ||||||||
Less: Allowance for Loan and Lease Losses | 10,700 | 13,800 | 17,490 | ||||||||
Net Loans | 523,927 | 527,330 | 555,875 | ||||||||
Premises and Equipment, net | 28,810 | 29,304 | 29,540 | ||||||||
Bank Owned Life Insurance | 28,155 | 27,576 | 27,364 | ||||||||
Intangible Assets, net | 388 | 600 | 677 | ||||||||
Other Real Estate Owned | 8,662 | 13,441 | 15,803 | ||||||||
Other Assets | 13,779 | 12,856 | 15,256 | ||||||||
TOTAL ASSETS | $ | 1,011,855 | $ | 1,063,555 | $ | 1,117,470 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest Bearing Demand | $ | 147,865 | $ | 141,400 | $ | 158,967 | |||||
Interest Bearing Demand | 92,108 | 86,575 | 68,387 | ||||||||
Savings and Money Market Accounts | 215,293 | 184,597 | 186,182 | ||||||||
Certificates of Deposit less than $100 thousand | 195,129 | 228,144 | 232,558 | ||||||||
Certificates of Deposit of $100 thousand or more | 170,466 | 201,873 | 204,789 | ||||||||
Brokered Deposits | 88,987 | 165,477 | 193,248 | ||||||||
Total Deposits | 909,848 | 1,008,066 | 1,044,131 | ||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 12,657 | 12,481 | 14,691 | ||||||||
Security Deposits | 14 | 58 | 88 | ||||||||
Other Borrowings | — | — | — | ||||||||
Other Liabilities | 5,948 | 13,840 | 13,838 | ||||||||
Total Liabilities | 928,467 | 1,034,445 | 1,072,748 | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred Stock – no par value – 10,000,000 shares authorized; no shares issued as of September 30, 2013; 33,000 issued as of December 31, 2012 and September 30, 2012; Liquidation value of $0 at September 30, 2013, $38,156 as of December 31, 2012 and $37,744 as of September 30, 2012 | — | 32,549 | 32,439 | ||||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,602,601 shares issued as of September 30, 2013, 1,772,342 issued as of December 31, 2012, and 1,772,342 issued as of September 30, 2012 | 764 | 115 | 115 | ||||||||
Paid-In Surplus | 196,059 | 106,531 | 107,146 | ||||||||
Common Stock Warrants | — | 2,006 | 2,006 | ||||||||
Unallocated ESOP Shares | — | — | (759 | ) | |||||||
Accumulated Deficit | (103,395 | ) | (115,391 | ) | (99,291 | ) | |||||
Accumulated Other Comprehensive (Loss) Income | (10,040 | ) | 3,300 | 3,066 | |||||||
Total Shareholders’ Equity | 83,388 | 29,110 | 44,722 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,011,855 | $ | 1,063,555 | $ | 1,117,470 |
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 6,461 | $ | 7,722 | $ | 19,537 | $ | 24,289 | |||||||
Investment Securities – taxable | 1,321 | 904 | 3,143 | 2,788 | |||||||||||
Investment Securities – non-taxable | 312 | 227 | 749 | 780 | |||||||||||
Other | 77 | 121 | 338 | 387 | |||||||||||
Total Interest Income | 8,171 | 8,974 | 23,767 | 28,244 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 62 | 52 | 213 | 128 | |||||||||||
Savings Deposits and Money Market Accounts | 188 | 247 | 628 | 831 | |||||||||||
Certificates of Deposit of less than $100 thousand | 466 | 657 | 1,551 | 2,063 | |||||||||||
Certificates of Deposit of $100 thousand or more | 475 | 631 | 1,558 | 1,948 | |||||||||||
Brokered Deposits | 795 | 1,420 | 2,873 | 4,538 | |||||||||||
Other | 20 | 118 | 51 | 347 | |||||||||||
Total Interest Expense | 2,006 | 3,125 | 6,874 | 9,855 | |||||||||||
NET INTEREST INCOME | 6,165 | 5,849 | 16,893 | 18,389 | |||||||||||
(Credit) Provision for Loan and Lease Losses | (1,632 | ) | 4,543 | (1,780 | ) | 10,492 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES | 7,797 | 1,306 | 18,673 | 7,897 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 798 | 725 | 2,298 | 2,160 | |||||||||||
Mortgage Banking Income | 420 | 249 | 927 | 718 | |||||||||||
Gain on Sales of Securities Available-for-Sale | — | 143 | 154 | 144 | |||||||||||
Other | 1,296 | 1,577 | 3,876 | 3,967 | |||||||||||
Total Noninterest Income | 2,514 | 2,694 | 7,255 | 6,989 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,807 | 5,275 | 17,081 | 14,911 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,546 | 1,450 | 4,302 | 4,332 | |||||||||||
Other | 4,066 | 6,056 | 16,989 | 18,037 | |||||||||||
Total Noninterest Expenses | 11,419 | 12,781 | 38,372 | 37,280 | |||||||||||
LOSS BEFORE INCOME TAX PROVISION (BENEFIT) | (1,108 | ) | (8,781 | ) | (12,444 | ) | (22,394 | ) | |||||||
Income Tax Provision (Benefit) | 322 | 108 | 358 | (402 | ) | ||||||||||
NET LOSS | (1,430 | ) | (8,889 | ) | (12,802 | ) | (21,992 | ) | |||||||
Preferred Stock Dividends | — | (413 | ) | (929 | ) | (1,238 | ) | ||||||||
Accretion on Preferred Stock Discount | — | (108 | ) | (452 | ) | (318 | ) | ||||||||
Effect of Exchange of Preferred Stock to Common Stock | — | — | 26,179 | — | |||||||||||
NET (LOSS ALLOCATED) INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | (1,430 | ) | $ | (9,410 | ) | $ | 11,996 | $ | (23,548 | ) | ||||
NET INCOME (LOSS) PER SHARE: | |||||||||||||||
Net Income (Loss) Per Share – Basic | $ | (0.02 | ) | $ | (5.79 | ) | $ | 0.30 | $ | (14.54 | ) | ||||
Net Income (Loss) Per Share – Diluted | $ | (0.02 | ) | $ | (5.79 | ) | $ | 0.30 | $ | (14.54 | ) | ||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — |