Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20140225_pressrelease8k.htm |
| EX-99.1 - FOURTH QUARTER 2013 EARNINGS RELEASE - FIRST SECURITY GROUP INC/TN | a20140225_q4pressrelease.htm |
| EX-99.3 - CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS - FIRST SECURITY GROUP INC/TN | a20140225_balstplq4.htm |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||
Net interest income | $ | 6,478 | $ | 6,165 | $ | 5,486 | $ | 5,241 | $ | 5,191 | $ | 23,370 | $ | 23,580 | |||||||
(Credit) Provision for loan and lease losses | $ | (955 | ) | $ | (1,632 | ) | $ | (826 | ) | $ | 678 | $ | 10,373 | $ | (2,735 | ) | $ | 20,866 | |||
Non-interest income1 | $ | 2,188 | $ | 2,292 | $ | 2,190 | $ | 2,013 | $ | 2,112 | $ | 8,683 | $ | 9,295 | |||||||
Non-interest expense1 | $ | 10,148 | $ | 11,197 | $ | 12,578 | $ | 13,835 | $ | 11,334 | $ | 47,760 | $ | 48,808 | |||||||
Income tax provision (benefit) | $ | 119 | $ | 322 | $ | (83 | ) | $ | 119 | $ | 1,173 | $ | 477 | $ | 771 | ||||||
Dividends and accretion on preferred stock | $ | — | $ | — | $ | 858 | $ | 524 | $ | 522 | $ | 1,381 | $ | 2,078 | |||||||
Effect of exchange on preferred stock to common stock | $ | — | $ | — | $ | 26,179 | $ | — | $ | — | $ | 26,179 | $ | — | |||||||
Net (loss allocated) income available to common stockholders | $ | (646 | ) | $ | (1,430 | ) | $ | 21,328 | $ | (7,902 | ) | $ | (16,099 | ) | $ | 11,349 | $ | (39,648 | ) | ||
Per Share Data: | |||||||||||||||||||||
Net (loss allocated) income available to common stockholders, basic | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | $ | (9.90 | ) | $ | 0.24 | $ | (24.58 | ) | ||
Net (loss allocated) income available to common stockholders, diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | $ | (9.90 | ) | $ | 0.24 | $ | (24.58 | ) | ||
Book value per common share | $ | 1.26 | $ | 1.25 | $ | 1.39 | $ | (6.58 | ) | $ | (1.94 | ) | $ | 1.26 | $ | (1.94 | ) | ||||
Performance Ratios: | |||||||||||||||||||||
Return on average assets | (0.26 | )% | (0.56 | )% | 7.97 | % | (3.02 | )% | (5.91 | )% | 1.09 | % | (3.57 | )% | |||||||
Return on average common equity | (3.07 | )% | (7.21 | )% | 95.78 | % | NM | NM | 18.49 | % | (170.65 | )% | |||||||||
Efficiency ratio | 117.10 | % | 132.40 | % | 163.86 | % | 190.72 | % | 155.20 | % | 149.00 | % | 148.47 | % | |||||||
Non-interest income to net interest income and non-interest income | 25.25 | % | 28.97 | % | 31.48 | % | 29.75 | % | 30.76 | % | 27.09 | % | 28.27 | % | |||||||
Capital: | |||||||||||||||||||||
Total equity to total assets | 8.56 | % | 8.24 | % | 8.12 | % | 2.02 | % | 2.74 | % | 8.56 | % | 2.74 | % | |||||||
Liquidity, Yields and Rates: | |||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Interest-bearing cash - average balance | $ | 34,075 | $ | 68,964 | $ | 122,499 | $ | 156,117 | $ | 179,116 | $ | 111,276 | $ | 195,996 | |||||||
Investment securities - average balance | 330,094 | 329,385 | 322,747 | 253,265 | 252,356 | 301,375 | 238,367 | ||||||||||||||
Loans - average balance | 550,749 | 529,406 | 547,499 | 554,204 | 574,768 | 545,803 | 590,109 | ||||||||||||||
Average Earning Assets | $ | 914,918 | $ | 927,755 | $ | 992,745 | $ | 963,586 | $ | 1,006,240 | $ | 958,454 | $ | 1,024,472 | |||||||
Pure deposits2 - average balance | $ | 452,495 | $ | 454,379 | $ | 431,988 | $ | 414,244 | $ | 408,804 | $ | 434,791 | $ | 397,800 | |||||||
Core deposits3 - average balance | 640,177 | 653,044 | 648,373 | 639,558 | 640,328 | 644,579 | 629,448 | ||||||||||||||
Customer deposits4 - average balance | 801,824 | 829,926 | 847,007 | 839,307 | 845,346 | 831,923 | 829,066 | ||||||||||||||
Brokered deposits - average balance | 84,143 | 90,323 | 111,801 | 153,741 | 178,876 | 114,926 | 198,454 | ||||||||||||||
Total deposits - average balance | $ | 885,967 | $ | 920,249 | $ | 958,808 | $ | 993,048 | $ | 1,024,222 | $ | 946,849 | $ | 1,027,520 | |||||||
Total loans to total deposits | 68.02 | % | 58.76 | % | 56.59 | % | 54.53 | % | 53.68 | % | 68.02 | % | 53.68 | % | |||||||
Yield on earning assets | 3.53 | % | 3.57 | % | 3.20 | % | 3.33 | % | 3.63 | % | 3.39 | % | 3.70 | % | |||||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.48 | % | 0.57 | % | 0.64 | % | 0.68 | % | 0.70 | % | 0.59 | % | 0.78 | % | |||||||
Cost of deposits | 0.74 | % | 0.86 | % | 0.96 | % | 1.04 | % | 1.09 | % | 0.89 | % | 1.20 | % | |||||||
Rate on interest-bearing funding | 0.73 | % | 1.01 | % | 1.11 | % | 1.20 | % | 1.30 | % | 1.04 | % | 1.44 | % | |||||||
Net interest margin, taxable equivalent | 2.89 | % | 2.71 | % | 2.27 | % | 2.25 | % | 2.49 | % | 2.50 | % | 2.45 | % | |||||||
Asset Quality: | |||||||||||||||||||||
Net (recoveries) charge-offs | $ | (754 | ) | $ | (32 | ) | $ | 374 | $ | 978 | $ | 14,064 | $ | 565 | $ | 26,666 | |||||
Net loan (recoveries) charged-offs to average loans, annualized | (0.55 | )% | (0.02 | )% | 0.27 | % | 0.71 | % | 9.79 | % | 0.10 | % | 4.52 | % | |||||||
Non-accrual loans | $ | 7,203 | $ | 6,803 | $ | 8,628 | $ | 10,194 | $ | 25,071 | $ | 7,203 | $ | 25,071 | |||||||
Other real estate owned and repossessed assets, net | $ | 8,213 | $ | 8,678 | $ | 10,549 | $ | 12,722 | $ | 13,449 | $ | 8,213 | $ | 13,449 | |||||||
Loans 90 days past due | $ | 928 | $ | 509 | $ | 332 | $ | 1,270 | $ | 1,656 | $ | 928 | $ | 1,656 | |||||||
Non-performing assets (NPA) | $ | 16,344 | $ | 15,990 | $ | 19,509 | $ | 24,186 | $ | 40,176 | $ | 16,344 | $ | 40,176 | |||||||
NPA to total assets | 1.67 | % | 1.58 | % | 1.83 | % | 2.32 | % | 3.78 | % | 1.67 | % | 3.78 | % | |||||||
Non-performing loans (NPL) | $ | 8,131 | $ | 7,312 | $ | 8,960 | $ | 11,464 | $ | 26,727 | $ | 8,131 | $ | 26,727 | |||||||
NPL to total loans | 1.39 | % | 1.37 | % | 1.65 | % | 2.12 | % | 4.94 | % | 1.39 | % | 4.94 | % | |||||||
Allowance for loan and lease losses to total loans | 1.80 | % | 2.00 | % | 2.27 | % | 2.50 | % | 2.55 | % | 1.80 | % | 2.55 | % | |||||||
Allowance for loan and lease losses to NPL | 129.14 | % | 146.33 | % | 137.28 | % | 117.76 | % | 51.63 | % | 129.14 | % | 51.63 | % | |||||||
Period End Balances: | |||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Loans | $ | 583,097 | $ | 534,627 | $ | 542,019 | $ | 540,288 | $ | 541,130 | $ | 583,097 | $ | 541,130 | |||||||
Allowance for loan and lease losses | $ | 10,500 | $ | 10,700 | $ | 12,300 | $ | 13,500 | $ | 13,800 | $ | 10,500 | $ | 13,800 | |||||||
Intangible assets | $ | 330 | $ | 388 | $ | 455 | $ | 526 | $ | 600 | $ | 330 | $ | 600 | |||||||
Assets | $ | 977,574 | $ | 1,011,855 | $ | 1,066,649 | $ | 1,040,753 | $ | 1,063,555 | $ | 977,574 | $ | 1,063,555 | |||||||
Total deposits | $ | 857,268 | $ | 909,848 | $ | 957,811 | $ | 990,894 | $ | 1,008,066 | $ | 857,268 | $ | 1,008,066 | |||||||
Common stockholders' equity | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | $ | (3,439 | ) | $ | 83,649 | $ | (3,439 | ) | ||||
Total stockholders' equity | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | 20,994 | $ | 29,110 | $ | 83,649 | $ | 29,110 | |||||||
Common stock market capitalization | $ | 153,187 | $ | 138,534 | $ | 135,469 | $ | 4,678 | $ | 3,952 | $ | 153,187 | $ | 3,952 | |||||||
Full-time equivalent employees | 285 | 313 | 327 | 325 | 329 | 285 | 329 | ||||||||||||||
Common shares outstanding | 66,603 | 66,603 | 62,428 | 1,772 | 1,772 | 66,603 | 1,772 | ||||||||||||||
Average Balances: | |||||||||||||||||||||
Loans | $ | 550,749 | $ | 529,406 | $ | 547,499 | $ | 554,204 | $ | 574,768 | $ | 545,803 | $ | 590,109 | |||||||
Intangible assets | $ | 363 | $ | 405 | $ | 476 | $ | 574 | $ | 649 | $ | 466 | $ | 781 | |||||||
Earning assets | $ | 914,918 | $ | 927,755 | $ | 992,745 | $ | 963,586 | $ | 1,006,240 | $ | 958,454 | $ | 1,024,472 | |||||||
Assets | $ | 993,447 | $ | 1,016,919 | $ | 1,070,895 | $ | 1,047,184 | $ | 1,089,841 | $ | 1,039,941 | $ | 1,110,794 | |||||||
Deposits | $ | 885,970 | $ | 920,249 | $ | 958,808 | $ | 993,048 | $ | 1,024,222 | $ | 946,849 | $ | 1,027,520 | |||||||
Common stockholders' equity | $ | 84,125 | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | $ | 10,108 | $ | 61,368 | $ | 23,233 | ||||||
Total stockholders' equity | $ | 84,125 | $ | 79,382 | $ | 92,658 | $ | 27,184 | $ | 42,584 | $ | 70,298 | $ | 55,549 | |||||||
Common shares outstanding, basic - wtd | 66,603 | 62,600 | 55,174 | 1,613 | 1,626 | 46,500 | 1,613 | ||||||||||||||
Common shares outstanding, diluted - wtd | 66,603 | 62,600 | 55,176 | 1,613 | 1,626 | 46,500 | 1,613 | ||||||||||||||
(1) Certain amounts were reclassified between non-interest income and non-interest expense to conform with the current presentation. | |||||||||||||||||||||
(2) Pure Deposits are all transaction-based accounts, including non-interest bearing DDA's, interest bearing DDA's, money market accounts and savings accounts. | |||||||||||||||||||||
(3) Core deposits are Pure deposits plus customer certificates of deposits less than $100,000. | |||||||||||||||||||||
(4) Customer deposits excluded brokered deposits. | |||||||||||||||||||||
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | Year-to-date | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||||
Total stockholders' equity | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | 20,994 | $ | 29,110 | $ | 83,649 | $ | 29,110 | |||||||
Effect of preferred stock | — | — | — | (32,660 | ) | (32,549 | ) | — | (32,549 | ) | |||||||||||
Common stockholders' equity | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | $ | (3,439 | ) | $ | 83,649 | $ | (3,439 | ) | ||||
Average total stockholders' equity | $ | 84,125 | $ | 79,382 | $ | 92,658 | $ | 27,184 | $ | 42,584 | $ | 70,298 | $ | 55,549 | |||||||
Effect of average preferred stock | — | — | (3,589 | ) | (32,586 | ) | (32,476 | ) | (8,930 | ) | (32,316 | ) | |||||||||
Average common stockholders' equity | $ | 84,125 | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | $ | 10,108 | $ | 61,368 | $ | 23,233 | ||||||