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-99.3 - CONSOLIDATED BS AND PL - FIRST SECURITY GROUP INC/TN | a20140429balstplq1.htm |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Net interest income | $ | 6,925 | $ | 6,478 | $ | 6,165 | $ | 5,486 | $ | 5,241 | |||||||||
(Credit) Provision for loan and lease losses | $ | (972 | ) | $ | (955 | ) | $ | (1,632 | ) | $ | (826 | ) | $ | 678 | |||||
Non-interest income1 | $ | 2,635 | $ | 2,188 | $ | 2,292 | $ | 2,190 | $ | 2,013 | |||||||||
Non-interest expense1 | $ | 10,445 | $ | 10,150 | $ | 11,197 | $ | 12,578 | $ | 13,835 | |||||||||
Income tax provision (benefit) | $ | 132 | $ | 119 | $ | 322 | $ | (83 | ) | $ | 119 | ||||||||
Dividends and accretion on preferred stock | $ | — | $ | — | $ | — | $ | 858 | $ | 524 | |||||||||
Effect of exchange on preferred stock to common stock | $ | — | $ | — | $ | — | $ | 26,179 | $ | — | |||||||||
Net (loss allocated) income available to common stockholders | $ | (45 | ) | $ | (648 | ) | $ | (1,430 | ) | $ | 21,328 | $ | (7,902 | ) | |||||
Per Share Data: | |||||||||||||||||||
Net (loss allocated) income available to common stockholders, basic | $ | 0.00 | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | ||||||
Net (loss allocated) income available to common stockholders, diluted | $ | 0.00 | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.39 | $ | (4.90 | ) | ||||||
Book value per common share | $ | 1.27 | $ | 1.26 | $ | 1.25 | $ | 1.39 | $ | (6.58 | ) | ||||||||
Performance Ratios: | |||||||||||||||||||
Return on average assets | -0.02% | -0.26% | -0.56% | 7.97% | -3.02% | ||||||||||||||
Return on average common equity | -0.21% | -3.08% | -7.21% | 95.78% | NM | ||||||||||||||
Efficiency ratio | 109.26% | 117.12% | 132.40% | 163.86% | 190.72% | ||||||||||||||
Non-interest income to net interest income and non-interest income | 27.56% | 25.25% | 27.10% | 28.53% | 27.75% | ||||||||||||||
Capital: | |||||||||||||||||||
Total equity to total assets | 8.63% | 8.56% | 8.24% | 8.12% | 2.02% | ||||||||||||||
Liquidity, Yields and Rates: | |||||||||||||||||||
Interest-bearing cash - average balance | $ | 13,653 | $ | 34,075 | $ | 68,964 | $ | 122,499 | $ | 156,117 | |||||||||
Investment securities - average balance | 272,563 | 330,094 | 329,385 | 322,747 | 253,265 | ||||||||||||||
Loans - average balance | 604,298 | 550,749 | 529,406 | 547,499 | 554,204 | ||||||||||||||
Average Earning Assets | $ | 890,514 | $ | 914,918 | $ | 927,755 | $ | 992,745 | $ | 963,586 | |||||||||
Pure deposits2 - average balance | $ | 446,820 | $ | 452,495 | $ | 454,379 | $ | 431,988 | $ | 414,244 | |||||||||
Core deposits3 - average balance | 624,365 | 640,177 | 653,044 | 648,373 | 639,558 | ||||||||||||||
Customer deposits4 - average balance | 773,336 | 801,827 | 829,926 | 847,007 | 839,307 | ||||||||||||||
Brokered deposits - average balance | 70,204 | 84,143 | 90,323 | 111,801 | 153,741 | ||||||||||||||
Total deposits - average balance | $ | 843,540 | $ | 885,970 | $ | 920,249 | $ | 958,808 | $ | 993,048 | |||||||||
Total loans to total deposits | 71.85% | 68.02% | 58.76% | 56.59% | 54.53% | ||||||||||||||
Yield on earning assets | 3.85% | 3.53% | 3.57% | 3.20% | 3.33% | ||||||||||||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.41% | 0.48% | 0.56% | 0.63% | 0.68% | ||||||||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||
Cost of deposits | 0.65% | 0.74% | 0.84% | 0.94% | 1.04% | ||||||||||||||
Rate on interest-bearing funding | 0.78% | 0.73% | 1.01% | 1.11% | 1.20% | ||||||||||||||
Net interest margin, taxable equivalent | 3.21% | 2.89% | 2.71% | 2.27% | 2.25% | ||||||||||||||
Non-Interest Income: | |||||||||||||||||||
Service Charges on Deposits | $ | 741 | $ | 800 | $ | 798 | $ | 763 | $ | 736 | |||||||||
POS Fees | 401 | 420 | 401 | 398 | 371 | ||||||||||||||
BOLI | 351 | 239 | 238 | 241 | 242 | ||||||||||||||
Mortgage Banking Income | 180 | 208 | 420 | 211 | 296 | ||||||||||||||
Trust | 200 | 188 | 193 | 187 | 147 | ||||||||||||||
Other | 391 | 165 | 242 | 236 | 221 | ||||||||||||||
Net Gains on AFS sales | 371 | 168 | 0 | 154 | 0 | ||||||||||||||
Total Non-Interest Income | $ | 2,635 | $ | 2,188 | $ | 2,292 | $ | 2,190 | $ | 2,013 | |||||||||
Non-Interest Expense: | |||||||||||||||||||
Salaries and Benefits | $ | 5,274 | $ | 5,503 | $ | 5,807 | $ | 5,665 | $ | 5,609 | |||||||||
Occupancy | 820 | 799 | 891 | 794 | 818 | ||||||||||||||
Furniture and Fixtures | 557 | 544 | 656 | 595 | 549 | ||||||||||||||
Professional Fees | 599 | 417 | 533 | 706 | 601 | ||||||||||||||
FDIC insurance assessments | 311 | 150 | 150 | 1,000 | 1,000 | ||||||||||||||
Write-downs on OREO and repossessions | 309 | 375 | 374 | 309 | 1,315 | ||||||||||||||
Losses (Gains) on OREO, repossessions and fixed assets, net | 10 | 57 | (116 | ) | (153 | ) | (147 | ) | |||||||||||
Non-performing asset expenses, net | 221 | 450 | 488 | 1,142 | 1,877 | ||||||||||||||
Data processing | 588 | 517 | 628 | 503 | 566 | ||||||||||||||
Communications | 150 | 172 | 141 | 142 | 128 | ||||||||||||||
Debit card fees | 258 | 181 | 207 | 201 | 217 | ||||||||||||||
Intangible asset amortization | 48 | 57 | 67 | 71 | 75 | ||||||||||||||
Printing and supplies | 207 | 121 | 213 | 176 | 138 | ||||||||||||||
Advertising | 134 | 65 | 89 | 59 | 98 | ||||||||||||||
Insurance | 325 | 251 | 523 | 946 | 405 | ||||||||||||||
Other | 634 | 491 | 571 | 422 | 580 | ||||||||||||||
Total Non-Interest Expense | $ | 10,445 | $ | 10,150 | $ | 11,222 | $ | 12,578 | $ | 13,829 | |||||||||
Asset Quality: | |||||||||||||||||||
Net (recoveries) charge-offs | $ | 228 | $ | (754 | ) | $ | (32 | ) | $ | 374 | $ | 978 | |||||||
Net loan (recoveries) charged-offs to average loans, annualized | 0.15% | -0.55% | -0.02% | 0.27% | 0.71% | ||||||||||||||
Non-accrual loans | $ | 6,027 | $ | 7,203 | $ | 6,803 | $ | 8,628 | $ | 10,194 | |||||||||
Other real estate owned and repossessed assets, net | $ | 7,075 | $ | 8,213 | $ | 8,678 | $ | 10,549 | $ | 12,722 | |||||||||
Loans 90 days past due | $ | 854 | $ | 928 | $ | 509 | $ | 332 | $ | 1,270 | |||||||||
Non-performing assets (NPA) | $ | 13,956 | $ | 16,344 | $ | 15,990 | $ | 19,509 | $ | 24,186 | |||||||||
NPA to total assets | 1.42% | 1.67% | 1.58% | 1.83% | 2.32% | ||||||||||||||
Non-performing loans (NPL) | $ | 6,881 | $ | 8,131 | $ | 7,312 | $ | 8,960 | $ | 11,464 | |||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||||||
NPL to total loans | 1.14% | 1.39% | 1.37% | 1.65% | 2.12% | ||||||||||||||
Allowance for loan and lease losses to total loans | 1.52% | 1.80% | 2.00% | 2.27% | 2.50% | ||||||||||||||
Allowance for loan and lease losses to NPL | 133.70% | 129.14% | 146.33% | 137.28% | 117.76% | ||||||||||||||
Period End Balances: | |||||||||||||||||||
Loans, excluding HFS | $ | 604,859 | $ | 583,097 | $ | 534,627 | $ | 542,019 | $ | 540,288 | |||||||||
Allowance for loan and lease losses | $ | 9,200 | $ | 10,500 | $ | 10,700 | $ | 12,300 | $ | 13,500 | |||||||||
Intangible assets | $ | 282 | $ | 330 | $ | 388 | $ | 455 | $ | 526 | |||||||||
Assets | $ | 980,505 | $ | 977,574 | $ | 1,011,855 | $ | 1,066,649 | $ | 1,040,753 | |||||||||
Total deposits | $ | 841,832 | $ | 857,268 | $ | 909,848 | $ | 957,811 | $ | 990,894 | |||||||||
Common stockholders' equity | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | ||||||||
Total stockholders' equity | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | 20,994 | |||||||||
Common stock market capitalization | $ | 138,601 | $ | 153,187 | $ | 138,534 | $ | 135,469 | $ | 4,678 | |||||||||
Full-time equivalent employees | 275 | 285 | 313 | 327 | 325 | ||||||||||||||
Common shares outstanding | 66,635 | 66,603 | 66,603 | 62,428 | 1,772 | ||||||||||||||
Average Balances: | |||||||||||||||||||
Loans, including HFS | $ | 604,298 | $ | 550,749 | $ | 529,406 | $ | 547,499 | $ | 554,204 | |||||||||
Intangible assets | $ | 313 | $ | 363 | $ | 405 | $ | 476 | $ | 574 | |||||||||
Earning assets | $ | 890,514 | $ | 914,918 | $ | 927,755 | $ | 992,745 | $ | 963,586 | |||||||||
Assets | $ | 967,624 | $ | 993,447 | $ | 1,016,919 | $ | 1,070,895 | $ | 1,047,184 | |||||||||
Deposits | $ | 843,540 | $ | 885,970 | $ | 920,249 | $ | 958,808 | $ | 993,048 | |||||||||
Common stockholders' equity | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | ||||||||
Total stockholders' equity | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 92,658 | $ | 27,184 | |||||||||
Common shares outstanding, basic - wtd | 65,726 | 66,603 | 62,600 | 55,174 | 1,613 | ||||||||||||||
Common shares outstanding, diluted - wtd | 65,726 | 66,603 | 62,600 | 55,176 | 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 DDAs, interest bearing DDAs, 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)
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Total stockholders' equity | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | 20,994 | |||||||||
Effect of preferred stock | — | — | — | — | (32,660 | ) | |||||||||||||
Common stockholders' equity | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 86,654 | $ | (11,666 | ) | ||||||||
Average total stockholders' equity | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 92,658 | $ | 27,184 | |||||||||
Effect of average preferred stock | — | — | — | (3,589 | ) | (32,586 | ) | ||||||||||||
Average common stockholders' equity | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 89,069 | $ | (5,402 | ) | ||||||||