Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20140429earnings8k.htm |
| EX-99.1 - PRESS RELEASE - FIRST SECURITY GROUP INC/TN | a20140429pressrelease.htm |
| EX-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a20140429financialhighligh.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
(in thousands, except share data) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash & Due from Banks | $ | 7,896 | $ | 10,742 | $ | 9,407 | |||||
Interest Bearing Deposits in Banks | 11,503 | 10,126 | 157,931 | ||||||||
Cash and Cash Equivalents | 19,399 | 20,868 | 167,338 | ||||||||
Securities Available-for-Sale | 120,087 | 172,830 | 258,175 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $132,695) | 131,819 | 132,568 | — | ||||||||
Loans Held for Sale | 35,503 | 220 | 3,708 | ||||||||
Loans | 604,859 | 583,097 | 540,288 | ||||||||
Less: Allowance for Loan and Lease Losses | 9,200 | 10,500 | 13,500 | ||||||||
Net Loans | 595,659 | 572,597 | 526,788 | ||||||||
Premises and Equipment, net | 28,143 | 27,888 | 29,239 | ||||||||
Bank Owned Life Insurance | 28,649 | 28,346 | 27,760 | ||||||||
Intangible Assets | 282 | 330 | 526 | ||||||||
Other Real Estate Owned | 7,067 | 8,201 | 12,706 | ||||||||
Other Assets | 13,897 | 13,726 | 14,513 | ||||||||
TOTAL ASSETS | $ | 980,505 | $ | 977,574 | $ | 1,040,753 | |||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest-Bearing Demand | $ | 150,075 | $ | 144,365 | $ | 145,207 | |||||
Interest-Bearing Demand | 100,495 | 95,559 | 88,184 | ||||||||
Savings and Money Market Accounts | 204,007 | 206,125 | 191,889 | ||||||||
Certificates of Deposit of less than $100 thousand | 172,449 | 182,408 | 224,494 | ||||||||
Certificates of Deposit of $100 thousand or more | 142,247 | 153,750 | 201,405 | ||||||||
Brokered Deposits | 72,559 | 75,062 | 139,715 | ||||||||
Total Deposits | 841,832 | 857,269 | 990,894 | ||||||||
Federal Funds Purchased and Securities Sold | |||||||||||
under Agreements to Repurchase | 12,661 | 12,520 | 13,048 | ||||||||
Security Deposits | — | 14 | 42 | ||||||||
Other Borrowings | 37,585 | 20,000 | — | ||||||||
Other Liabilities | 3,773 | 4,123 | 15,775 | ||||||||
Total Liabilities | 895,851 | 893,926 | 1,019,759 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Preferred Stock - no par value 10,000,000 authorized; no shares issued as of March 31, 2014 or December 31, 2013; 33,000 issued as of March 31, 2013; Liquidation value of $0 as of March 31, 2014 and December 31, 2013 and $38,569 as of March 31, 2013 | — | — | 32,660 | ||||||||
Common Stock - $.01 par value 150,000,000 shares authorized; 66,635,101 shares issued as of March 31, 2014; 66,602,601 shares issued as of December 31, 2013, 1,772,342 shares issued as of March 31, 2013 | 764 | 764 | 115 | ||||||||
Paid-In Surplus | 196,841 | 196,536 | 106,622 | ||||||||
Common Stock Warrants | — | — | 2,006 | ||||||||
Accumulated Deficit | (104,087 | ) | (104,042 | ) | (123,293 | ) | |||||
Accumulated Other Comprehensive Income | (8,864 | ) | (9,610 | ) | 2,884 | ||||||
Total Stockholders' Equity | 84,654 | 83,648 | 20,994 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 980,505 | $ | 977,574 | $ | 1,040,753 | |||||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended March 31, | |||||||
(in thousands except per share amounts) | 2014 | 2013 | |||||
INTEREST INCOME | |||||||
Loans, including fees | $ | 7,016 | $ | 6,670 | |||
Investment Securities - taxable | 1,060 | 812 | |||||
Investment Securities - non-taxable | 240 | 205 | |||||
Other | 13 | 122 | |||||
Total Interest Income | 8,329 | 7,809 | |||||
INTEREST EXPENSE | |||||||
Interest Bearing Demand Deposits | 47 | 74 | |||||
Savings Deposits and Money Market Accounts | 130 | 222 | |||||
Certificates of Deposit of less than $100 thousand | 309 | 564 | |||||
Certificates of Deposit of $100 thousand or more | 304 | 556 | |||||
Brokered Deposits | 561 | 1,136 | |||||
Other | 53 | 16 | |||||
Total Interest Expense | 1,404 | 2,568 | |||||
NET INTEREST INCOME | 6,925 | 5,241 | |||||
(Credit) Provision for Loan and Lease Losses | (972 | ) | 678 | ||||
NET INTEREST INCOME AFTER PROVISION | |||||||
FOR LOAN AND LEASE LOSSES | 7,897 | 4,563 | |||||
NON-INTEREST INCOME1 | |||||||
Service Charges on Deposit Accounts | 741 | 736 | |||||
Mortgage Banking Income | 180 | 296 | |||||
Gain on Sales of Available for Sale Securities, net | 371 | — | |||||
Other | 1,343 | 1,188 | |||||
Total Non-interest Income | 2,635 | 2,220 | |||||
NON-INTEREST EXPENSE1 | |||||||
Salaries and Employee Benefits | 5,274 | 5,609 | |||||
Expense on Premises and Fixed Assets, net of rental income | 1,377 | 1,447 | |||||
Other | 3,794 | 6,986 | |||||
Total Non-interest Expense | 10,445 | 14,042 | |||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 87 | (7,259 | ) | ||||
Income Tax Expense | 132 | 119 | |||||
NET LOSS | (45 | ) | (7,378 | ) | |||
Preferred Stock Dividends | — | (413 | ) | ||||
Accretion on Preferred Stock Discount | — | (111 | ) | ||||
Effect of Exchange of Preferred Stock to Common Stock | — | — | |||||
NET LOSS ALLOCATED TO COMMON STOCKHOLDERS | $ | (45 | ) | $ | (7,902 | ) | |
NET INCOME (LOSS) PER SHARE: | |||||||
Net Income (Loss) Per Share - basic | $ | 0.00 | $ | (4.90 | ) | ||
Net Income (Loss) Per Share - diluted | $ | 0.00 | $ | (4.90 | ) | ||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||
BASIC | 65,726 | 1,613 | |||||
DILUTED | 65,726 | 1,613 | |||||
1 Certain amounts were reclassified between non-interest income and non-interest expense to conform with the current presentation. | |||||||