FIRST SECURITY GROUP INC/TN - FORM 8-K - EX-99.3 - CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS - February 25, 2014

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8-K - 8-K - FIRST SECURITY GROUP INC/TNa20140225_pressrelease8k.htm
EX-99.1 - FOURTH QUARTER 2013 EARNINGS RELEASE - FIRST SECURITY GROUP INC/TNa20140225_q4pressrelease.htm
EX-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TNa20140225_financialhighlig.htm


First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
 
December 31,
2013
 
December 31,
2012
(in thousands)
(unaudited)
 
ASSETS
 
 
 
Cash and Due from Banks
$
10,742

 
$
12,806

Interest Bearing Deposits in Banks
10,126

 
159,665

Cash and Cash Equivalents
20,868

 
172,471

Securities Available-for-Sale
172,830

 
254,057

Securities Held-to-Maturity, at amortized cost (fair value - $132,104)
132,568

 
—

Loans Held for Sale
220

 
25,920

Loans
583,097

 
541,130

Less: Allowance for Loan and Lease Losses
10,500

 
13,800

Net Loans
572,597

 
527,330

Premises and Equipment, net
27,888

 
29,304

Bank Owned Life Insurance
28,346

 
27,576

Intangible Assets, net
330

 
600

Other Real Estate Owned
8,201

 
13,441

Other Assets
13,726

 
12,856

TOTAL ASSETS
$
977,574

 
$
1,063,555

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
LIABILITIES
 
 
 
Deposits
 
 
 
Noninterest Bearing Demand
$
144,365

 
$
141,400

Interest Bearing Demand
95,559

 
86,575

Savings and Money Market Accounts
206,125

 
184,597

Certificates of Deposit less than $100 thousand
182,408

 
228,144

Certificates of Deposit of $100 thousand or more
153,750

 
201,873

Brokered Deposits
75,062

 
165,477

Total Deposits
857,269

 
1,008,066

Federal Funds Purchased and Securities Sold under Agreements to Repurchase
12,520

 
12,481

Security Deposits
14

 
58

Other Borrowings
20,000

 
—

Other Liabilities
4,123

 
13,840

Total Liabilities
893,926

 
1,034,445

SHAREHOLDERS’ EQUITY
 
 
 
Preferred Stock – no par value – 10,000,000 shares authorized; no shares issued as of December 31, 2013; 33,000 issued as of December 31, 2012; Liquidation value of $0 at December 31, 2013 and $38,156 as of December 31, 2012
—

 
32,549

Common Stock – $.01 par value – 150,000,000 shares authorized; 66,602,601 shares issued as of December 31, 2013 and 1,772,342 issued as of December 31, 2012
764

 
115

Paid-In Surplus
196,536

 
106,531

Common Stock Warrants
—

 
2,006

Unallocated ESOP Shares
—

 
—

Accumulated Deficit
(104,042
)
 
(115,391
)
Accumulated Other Comprehensive (Loss) Income
(9,610
)
 
3,300

Total Shareholders’ Equity
83,648

 
29,110

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
977,574

 
$
1,063,555






First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)

 
Three Months Ended
 
Year Ended
 
December 31,
 
December 31,
(in thousands, except per share data)
2013
 
2012
 
2013
 
2012
INTEREST INCOME
 
 
 
 
 
 
 
Loans, including fees
$
6,562

 
$
6,975

 
$
26,099

 
$
31,264

Investment Securities – taxable
1,224

 
740

 
4,366

 
3,528

Investment Securities – non-taxable
323

 
226

 
1,071

 
1,006

Other
40

 
125

 
378

 
512

Total Interest Income
8,149

 
8,066

 
31,914

 
36,310

INTEREST EXPENSE
 
 
 
 
 
 
 
Interest Bearing Demand Deposits
46

 
63

 
259

 
191

Savings Deposits and Money Market Accounts
142

 
214

 
770

 
1,045

Certificates of Deposit of less than $100 thousand
387

 
618

 
1,938

 
2,681

Certificates of Deposit of $100 thousand or more
395

 
606

 
1,953

 
2,554

Brokered Deposits
682

 
1,324

 
3,554

 
5,863

Other
19

 
50

 
70

 
396

Total Interest Expense
1,671

 
2,875

 
8,544

 
12,730

NET INTEREST INCOME
6,478

 
5,191

 
23,370

 
23,580

(Credit) Provision for Loan and Lease Losses
(955
)
 
10,373

 
(2,735
)
 
20,866

NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES
7,433

 
(5,182
)
 
26,105

 
2,714

NONINTEREST INCOME1
 
 
 
 
 
 
 
Service Charges on Deposit Accounts
800

 
872

 
3,097

 
3,032

Mortgage Banking Income
208

 
256

 
1,135

 
974

Gain on Sales of Securities Available-for-Sale
168

 
11

 
322

 
154

Other
1,012

 
973

 
4,129

 
3,986

Total Noninterest Income
2,188

 
2,112

 
8,683

 
8,146

NONINTEREST EXPENSES1
 
 
 
 
 
 
 
Salaries and Employee Benefits
5,503

 
5,535

 
22,584

 
20,446

Expense on Premises and Fixed Assets, net of rental income
1,341

 
1,407

 
5,644

 
5,469

Other
3,304

 
4,392

 
19,532

 
21,744

Total Noninterest Expenses
10,148

 
11,334

 
47,760

 
47,659

LOSS BEFORE INCOME TAX PROVISION (BENEFIT)
(527
)
 
(14,404
)
 
(12,972
)
 
(36,799
)
Income Tax Provision (Benefit)
119

 
1,173

 
477

 
771

NET LOSS
(646
)
 
(15,577
)
 
(13,449
)
 
(37,570
)
Preferred Stock Dividends
—

 
(413
)
 
(929
)
 
(1,650
)
Accretion on Preferred Stock Discount
—

 
(109
)
 
(452
)
 
(428
)
Effect of Exchange of Preferred Stock to Common Stock
—

 
—

 
26,179

 
—

NET (LOSS ALLOCATED) INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
(646
)
 
$
(16,099
)
 
$
11,349

 
$
(39,648
)
NET INCOME (LOSS) PER SHARE:
 
 
 
 
 
 
 
Net Income (Loss) Per Share – Basic
$
(0.01
)
 
$
(9.90
)
 
$
0.24

 
$
(24.58
)
Net Income (Loss) Per Share – Diluted
$
(0.01
)
 
$
(9.90
)
 
$
0.24

 
$
(24.58
)
Dividends Declared Per Common Share
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
 
Basic
66,603

 
1,626

 
46,500

 
1,613

Diluted
66,603

 
1,626

 
46,500

 
1,613

 
 
 
 
 
 
 
 
1 Certain amounts were reclassified between non-interest income and non-interest expense to confirm with the current presentation.



FIRST SECURITY GROUP INC/TN Reports