Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20140805_earningsrelease8k.htm |
| EX-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a20140805_financialhighlig.htm |
| EX-99.1 - EARNINGS RELEASE - FIRST SECURITY GROUP INC/TN | a20140805_pressrelease.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
June 30, 2014 | December 31, 2013 | June 30, 2013 | |||||||||
(in thousands, except share data) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash & Due from Banks | $ | 8,880 | $ | 10,742 | $ | 11,757 | |||||
Interest Bearing Deposits in Banks | 16,498 | 10,126 | 101,495 | ||||||||
Cash and Cash Equivalents | 25,378 | 20,868 | 113,252 | ||||||||
Securities Available-for-Sale | 102,429 | 172,830 | 337,322 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $132,695) | 130,709 | 132,568 | — | ||||||||
Loans Held for Sale | 28,547 | 220 | 3,785 | ||||||||
Loans | 659,539 | 583,097 | 542,019 | ||||||||
Less: Allowance for Loan and Lease Losses | 9,400 | 10,500 | 12,300 | ||||||||
Net Loans | 650,139 | 572,597 | 529,719 | ||||||||
Premises and Equipment, net | 26,510 | 27,888 | 29,014 | ||||||||
Bank Owned Life Insurance | 28,835 | 28,346 | 27,961 | ||||||||
Other Real Estate Owned | 7,717 | 8,201 | 10,533 | ||||||||
Other Assets | 12,421 | 14,056 | 15,063 | ||||||||
TOTAL ASSETS | $ | 1,012,685 | $ | 977,574 | $ | 1,066,649 | |||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest-Bearing Demand | $ | 149,588 | $ | 144,365 | $ | 138,543 | |||||
Interest-Bearing Demand | 102,106 | 95,559 | 90,854 | ||||||||
Savings and Money Market Accounts | 233,502 | 206,125 | 206,539 | ||||||||
Certificates of Deposit of less than $100 thousand | 163,486 | 182,408 | 215,098 | ||||||||
Certificates of Deposit of $100 thousand or more | 131,991 | 153,750 | 196,896 | ||||||||
Brokered Deposits | 87,036 | 75,062 | 109,881 | ||||||||
Total Deposits | 867,709 | 857,269 | 957,811 | ||||||||
Federal Funds Purchased and Securities Sold | |||||||||||
under Agreements to Repurchase | 15,911 | 12,520 | 14,067 | ||||||||
Other Borrowings | 38,075 | 20,000 | — | ||||||||
Other Liabilities | 4,424 | 4,137 | 8,117 | ||||||||
Total Liabilities | 926,119 | 893,926 | 979,995 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common Stock - $.01 par value 150,000,000 shares authorized; 66,632,601 shares issued as of June 30, 2014; 66,602,601 shares issued as of December 31, 2013, 62,428,367 shares issued as of June 30, 2013 | 764 | 764 | 723 | ||||||||
Paid-In Surplus | 197,197 | 196,536 | 191,629 | ||||||||
Common Stock Warrants | — | — | — | ||||||||
Accumulated Deficit | (103,474 | ) | (104,042 | ) | (101,965 | ) | |||||
Accumulated Other Comprehensive Income | (7,921 | ) | (9,610 | ) | (3,733 | ) | |||||
Total Stockholders' Equity | 86,566 | 83,648 | 86,654 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,012,685 | $ | 977,574 | $ | 1,066,649 | |||||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 7,672 | $ | 6,406 | $ | 14,688 | $ | 13,076 | |||||||
Investment Securities – taxable | 936 | 1,009 | 1,996 | 1,821 | |||||||||||
Investment Securities – non-taxable | 198 | 231 | 438 | 437 | |||||||||||
Other | 37 | 139 | 50 | 260 | |||||||||||
Total Interest Income | 8,843 | 7,785 | 17,172 | 15,594 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 48 | 77 | 95 | 152 | |||||||||||
Savings Deposits and Money Market Accounts | 144 | 218 | 274 | 440 | |||||||||||
Certificates of Deposit of less than $100 thousand | 262 | 520 | 571 | 1,084 | |||||||||||
Certificates of Deposit of $100 thousand or more | 243 | 527 | 547 | 1,083 | |||||||||||
Brokered Deposits | 531 | 941 | 1,097 | 2,078 | |||||||||||
Other | 70 | 16 | 118 | 31 | |||||||||||
Total Interest Expense | 1,298 | 2,299 | 2,702 | 4,868 | |||||||||||
NET INTEREST INCOME | 7,545 | 5,486 | 14,470 | 10,726 | |||||||||||
Credit for Loan and Lease Losses | (270 | ) | (826 | ) | (1,242 | ) | (148 | ) | |||||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 7,815 | 6,312 | 15,712 | 10,874 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 769 | 763 | 1,510 | 1,500 | |||||||||||
Mortgage Banking Income | 279 | 211 | 459 | 507 | |||||||||||
Gain on Sales of Securities Available-for-Sale | 247 | 154 | 618 | 154 | |||||||||||
Gain on Sales of Loans | 450 | — | 472 | — | |||||||||||
Other | 1,285 | 1,062 | 2,606 | 2,043 | |||||||||||
Total Noninterest Income | 3,030 | 2,190 | 5,665 | 4,204 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,225 | 5,665 | 10,499 | 11,274 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,296 | 1,389 | 2,673 | 2,756 | |||||||||||
Other | 3,580 | 5,524 | 7,374 | 12,384 | |||||||||||
Total Noninterest Expenses | 10,101 | 12,578 | 20,546 | 26,414 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT) | 744 | (4,076 | ) | 831 | (11,336 | ) | |||||||||
Income Tax Provision (Benefit) | 131 | (83 | ) | 263 | 36 | ||||||||||
NET INCOME (LOSS) | 613 | (3,993 | ) | 568 | (11,372 | ) | |||||||||
Preferred Stock Dividends | — | (517 | ) | — | (929 | ) | |||||||||
Accretion on Preferred Stock Discount | — | (341 | ) | — | (452 | ) | |||||||||
Effect of Exchange of Preferred Stock to Common Stock | — | 26,179 | — | 26,179 | |||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 613 | $ | 21,328 | $ | 568 | $ | 13,426 | |||||||
NET INCOME PER SHARE: | |||||||||||||||
Net Income Per Share – Basic | $ | 0.01 | $ | 0.39 | $ | 0.01 | $ | 0.47 | |||||||
Net Income Per Share – Diluted | $ | 0.01 | $ | 0.39 | $ | 0.01 | $ | 0.47 | |||||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — | |||||||