Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20141028_fsgipressrelease.htm |
| EX-99.1 - THIRDQUARTER2014EARNINGSRELEASE - FIRST SECURITY GROUP INC/TN | a20141027_fsgipressrelease.htm |
| EX-99.3 - FINANCIALSTATEMENTS - FIRST SECURITY GROUP INC/TN | a20141028_financialstateme.htm |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Net interest income | $ | 8,487 | $ | 7,545 | $ | 6,925 | $ | 6,478 | $ | 6,165 | $ | 22,957 | $ | 16,893 | ||||||||
Credit for loan and lease losses | $ | 11 | $ | (270 | ) | $ | (972 | ) | $ | (955 | ) | $ | (1,632 | ) | $ | (1,231 | ) | $ | (1,780 | ) | ||
Non-interest income1 | $ | 2,805 | $ | 3,030 | $ | 2,635 | $ | 2,188 | $ | 2,292 | $ | 8,470 | $ | 6,497 | ||||||||
Non-interest expense1 | $ | 10,222 | $ | 10,101 | $ | 10,445 | $ | 10,150 | $ | 11,197 | $ | 30,768 | $ | 37,614 | ||||||||
Income tax provision (benefit) | $ | 132 | $ | 131 | $ | 132 | $ | 119 | $ | 322 | $ | 395 | $ | 358 | ||||||||
Dividends and accretion on preferred stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,381 | ||||||||
Effect of exchange on preferred stock to common stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26,179 | ||||||||
Net income available (loss allocated) to common stockholders | $ | 927 | $ | 613 | $ | (45 | ) | $ | (648 | ) | $ | (1,430 | ) | $ | 1,495 | $ | 11,996 | |||||
Per Share Data: | ||||||||||||||||||||||
Net income available (loss allocated) to common stockholders, basic | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | $ | 0.30 | ||||||
Net income available (loss allocated) to common stockholders, diluted | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | $ | 0.30 | ||||||
Book value per common share | $ | 1.32 | $ | 1.30 | $ | 1.27 | $ | 1.26 | $ | 1.25 | $ | 1.32 | $ | 1.25 | ||||||||
Performance Ratios: | ||||||||||||||||||||||
Return on average assets | 0.36 | % | 0.24 | % | (0.02 | )% | (0.26 | )% | (0.56 | )% | 0.20 | % | 1.52 | % | ||||||||
Return on average common equity | 4.23 | % | 2.86 | % | (0.21 | )% | (3.08 | )% | (7.21 | )% | 2.32 | % | 29.77 | % | ||||||||
Efficiency ratio | 90.52 | % | 95.52 | % | 109.26 | % | 117.12 | % | 132.4 | % | 97.90 | % | 160.81 | % | ||||||||
Non-interest income to net interest income and non-interest income | 24.84 | % | 28.65 | % | 27.56 | % | 25.25 | % | 27.1 | % | 26.95 | % | 27.78 | % | ||||||||
Capital: | ||||||||||||||||||||||
Total equity to total assets | 8.56 | % | 8.55 | % | 8.63 | % | 8.56 | % | 8.24 | % | 8.56 | % | 8.24 | % | ||||||||
Liquidity, Yields and Rates: | ||||||||||||||||||||||
Interest-bearing cash - average balance | $ | 8,436 | $ | 8,997 | $ | 13,653 | $ | 34,075 | $ | 68,964 | $ | 10,343 | $ | 137,291 | ||||||||
Investment securities - average balance | 230,297 | 247,459 | 272,563 | 330,094 | 329,385 | 249,952 | 291,698 | |||||||||||||||
Loans - average balance | 702,271 | 673,175 | 604,298 | 550,749 | 529,406 | 660,274 | 544,136 | |||||||||||||||
Average Earning Assets | $ | 941,004 | $ | 929,631 | $ | 890,514 | $ | 914,918 | $ | 927,755 | $ | 920,569 | $ | 973,125 | ||||||||
Pure deposits2 - average balance | $ | 493,707 | $ | 455,407 | $ | 446,820 | $ | 452,495 | $ | 454,379 | $ | 465,483 | $ | 428,826 | ||||||||
Core deposits3 - average balance | 654,893 | 622,636 | 624,365 | 640,177 | 653,044 | 634,076 | 646,062 | |||||||||||||||
Customer deposits4 - average balance | 783,996 | 757,704 | 773,336 | 801,827 | 829,926 | 771,717 | 842,066 | |||||||||||||||
Brokered deposits - average balance | 85,369 | 84,021 | 70,204 | 84,143 | 90,323 | 79,920 | 125,299 | |||||||||||||||
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Total deposits - average balance | $ | 869,365 | $ | 841,725 | $ | 843,540 | $ | 885,970 | $ | 920,249 | $ | 851,637 | $ | 967,365 | ||||||||
Total loans to total deposits | 75.85 | % | 76.01 | % | 71.85 | % | 68.02 | % | 58.76 | % | 75.85 | % | 58.76 | % | ||||||||
Yield on earning assets | 4.14 | % | 3.86 | % | 3.85 | % | 3.53 | % | 3.57 | % | 3.96 | % | 3.32 | % | ||||||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.37 | % | 0.37 | % | 0.41 | % | 0.48 | % | 0.56 | % | 0.38 | % | 0.63 | % | ||||||||
Cost of deposits | 0.55 | % | 0.59 | % | 0.65 | % | 0.74 | % | 0.84 | % | 0.60 | % | 0.94 | % | ||||||||
Rate on interest-bearing funding | 0.66 | % | 0.68 | % | 0.78 | % | 0.73 | % | 1.01 | % | 0.70 | % | 1.09 | % | ||||||||
Net interest margin, taxable equivalent | 3.60 | % | 3.30 | % | 3.21 | % | 2.89 | % | 2.71 | % | 3.38 | % | 2.38 | % | ||||||||
Non-Interest Income: | ||||||||||||||||||||||
Service Charges on Deposits | $ | 778 | $ | 769 | $ | 741 | $ | 800 | $ | 798 | $ | 2,288 | $ | 2,298 | ||||||||
POS Fees | 436 | 439 | 401 | 420 | 401 | 1,276 | 1,171 | |||||||||||||||
BOLI | 234 | 235 | 351 | 239 | 238 | 820 | 723 | |||||||||||||||
Mortgage Banking Income | 462 | 279 | 180 | 208 | 420 | 921 | 927 | |||||||||||||||
Trust | 233 | 235 | 200 | 188 | 193 | 668 | 527 | |||||||||||||||
Other | 398 | 376 | 369 | 165 | 242 | 1,143 | 697 | |||||||||||||||
Net Gains on Sales of Loans | 254 | 450 | 22 | — | — | 726 | — | |||||||||||||||
Net Gains on AFS sales | 10 | 247 | 371 | 168 | — | 628 | 154 | |||||||||||||||
Total Non-Interest Income | $ | 2,805 | $ | 3,030 | $ | 2,635 | $ | 2,188 | $ | 2,292 | $ | 8,470 | $ | 6,497 | ||||||||
Non-Interest Expense: | ||||||||||||||||||||||
Salaries and Benefits | $ | 5,153 | $ | 5,225 | $ | 5,274 | $ | 5,503 | $ | 5,807 | $ | 15,652 | $ | 17,081 | ||||||||
Occupancy | 814 | 776 | 820 | 799 | 891 | 2,410 | 2,502 | |||||||||||||||
Furniture and Fixtures | 565 | 520 | 557 | 544 | 656 | 1,642 | 1,799 | |||||||||||||||
Professional Fees | 658 | 690 | 599 | 417 | 533 | 1,947 | 1,840 | |||||||||||||||
FDIC insurance assessments | 336 | 336 | 311 | 150 | 150 | 983 | 2,150 | |||||||||||||||
Write-downs on OREO and repossessions | 289 | 76 | 309 | 375 | 374 | 674 | 1,997 | |||||||||||||||
Losses (Gains) on OREO, repossessions and fixed assets, net | (113 | ) | (15 | ) | 10 | 57 | (116 | ) | (118 | ) | (417 | ) | ||||||||||
Non-performing asset expenses, net | 204 | 184 | 221 | 450 | 488 | 609 | 3,506 | |||||||||||||||
Data processing | 577 | 506 | 588 | 517 | 628 | 1,671 | 1,697 | |||||||||||||||
Communications | 129 | 147 | 150 | 172 | 141 | 426 | 411 | |||||||||||||||
Debit card fees | 244 | 232 | 258 | 181 | 207 | 734 | 625 | |||||||||||||||
Intangible asset amortization | 49 | 49 | 48 | 57 | 67 | 146 | 213 | |||||||||||||||
Printing and supplies | 144 | 150 | 207 | 121 | 213 | 501 | 528 | |||||||||||||||
Advertising | 140 | 135 | 134 | 65 | 89 | 409 | 246 | |||||||||||||||
Insurance | 295 | 303 | 325 | 251 | 523 | 923 | 1,873 | |||||||||||||||
Other | 738 | 787 | 634 | 491 | 546 | 2,159 | 1,562 | |||||||||||||||
Total Non-Interest Expense | $ | 10,222 | $ | 10,101 | $ | 10,445 | $ | 10,150 | $ | 11,197 | $ | 30,768 | $ | 37,613 | ||||||||
Asset Quality: | ||||||||||||||||||||||
Net charge-offs (recoveries) | $ | 664 | $ | (470 | ) | $ | 228 | $ | (754 | ) | $ | (32 | ) | $ | 422 | $ | 1,320 | |||||
Net loan charge-offs (recoveries) to average loans, annualized | 0.19 | % | (0.14 | )% | 0.15 | % | (0.55 | )% | (0.02 | )% | 0.09 | % | 0.32 | % | ||||||||
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Non-accrual loans | $ | 4,000 | $ | 4,891 | $ | 6,027 | $ | 7,203 | $ | 6,803 | $ | 4,000 | $ | 6,803 | ||||||||
Other real estate owned and repossessed assets, net | $ | 5,960 | $ | 7,725 | $ | 7,075 | $ | 8,213 | $ | 8,678 | $ | 5,960 | $ | 8,678 | ||||||||
Loans 90 days past due | $ | 1,951 | $ | 1,083 | $ | 854 | $ | 928 | $ | 509 | $ | 1,951 | $ | 509 | ||||||||
Non-performing assets (NPA) | $ | 11,911 | $ | 13,699 | $ | 13,956 | $ | 16,344 | $ | 15,990 | $ | 11,911 | $ | 15,990 | ||||||||
NPA to total assets | 1.16 | % | 1.35 | % | 1.42 | % | 1.67 | % | 1.58 | % | 1.16 | % | 1.58 | % | ||||||||
Non-performing loans (NPL) | $ | 5,951 | $ | 5,974 | $ | 6,881 | $ | 8,131 | $ | 7,312 | $ | 5,951 | $ | 7,312 | ||||||||
NPL to total loans | 0.89 | % | 0.91 | % | 1.14 | % | 1.39 | % | 1.37 | % | 0.89 | % | 1.37 | % | ||||||||
Allowance for loan and lease losses to total loans | 1.29 | % | 1.43 | % | 1.52 | % | 1.80 | % | 2.00 | % | 1.29 | % | 2.00 | % | ||||||||
Allowance for loan and lease losses to NPL | 144.51 | % | 157.35 | % | 133.70 | % | 129.14 | % | 146.33 | % | 144.51 | % | 146.33 | % | ||||||||
Period End Balances: | ||||||||||||||||||||||
Loans, excluding HFS | $ | 666,728 | $ | 659,539 | $ | 604,859 | $ | 583,097 | $ | 534,627 | $ | 666,728 | $ | 534,627 | ||||||||
Allowance for loan and lease losses | $ | 8,600 | $ | 9,400 | $ | 9,200 | $ | 10,500 | $ | 10,700 | $ | 8,600 | $ | 10,700 | ||||||||
Intangible assets | $ | 184 | $ | 233 | $ | 282 | $ | 330 | $ | 388 | $ | 184 | $ | 388 | ||||||||
Assets | $ | 1,027,882 | $ | 1,012,685 | $ | 980,505 | $ | 977,574 | $ | 1,011,855 | $ | 1,027,882 | $ | 1,011,855 | ||||||||
Total deposits | $ | 879,029 | $ | 867,709 | $ | 841,832 | $ | 857,268 | $ | 909,848 | $ | 879,029 | $ | 909,848 | ||||||||
Common stockholders' equity | $ | 87,963 | $ | 86,566 | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 87,963 | $ | 83,388 | ||||||||
Total stockholders' equity | $ | 87,963 | $ | 86,566 | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 87,963 | $ | 83,388 | ||||||||
Common stock market capitalization | $ | 132,315 | $ | 144,594 | $ | 138,601 | $ | 153,187 | $ | 138,534 | $ | 132,315 | $ | 138,534 | ||||||||
Full-time equivalent employees | 264 | 264 | 275 | 285 | 313 | 264 | 313 | |||||||||||||||
Common shares outstanding | 66,826 | 66,633 | 66,635 | 66,603 | 66,603 | 66,826 | 66,603 | |||||||||||||||
Average Balances: | ||||||||||||||||||||||
Loans, including HFS | $ | 702,271 | $ | 673,175 | $ | 604,298 | $ | 550,749 | $ | 529,406 | $ | 660,274 | $ | 544,136 | ||||||||
Intangible assets | $ | 217 | $ | 265 | $ | 313 | $ | 363 | $ | 405 | $ | 264 | $ | 501 | ||||||||
Earning assets | $ | 941,004 | $ | 929,631 | $ | 890,514 | $ | 914,918 | $ | 927,755 | $ | 920,569 | $ | 973,125 | ||||||||
Assets | $ | 1,017,631 | $ | 1,006,143 | $ | 967,624 | $ | 993,447 | $ | 1,016,919 | $ | 997,316 | $ | 1,055,611 | ||||||||
Deposits | $ | 869,365 | $ | 841,725 | $ | 843,540 | $ | 885,970 | $ | 920,249 | $ | 851,637 | $ | 967,365 | ||||||||
Common stockholders' equity | $ | 87,656 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 85,882 | $ | 53,720 | ||||||||
Total stockholders' equity | $ | 87,656 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 85,882 | $ | 65,659 | ||||||||
Common shares outstanding, basic - wtd | 65,869 | 65,731 | 65,726 | 66,603 | 62,600 | 65,776 | 40,020 | |||||||||||||||
Common shares outstanding, diluted - wtd | 65,874 | 65,737 | 65,726 | 66,603 | 62,600 | 65,779 | 40,020 | |||||||||||||||
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 are total deposits less brokered deposits. | ||||||||||||||||||||||
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||
Total stockholders' equity | $ | 87,963 | $ | 86,566 | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 87,963 | $ | 83,388 | ||||||||
Effect of preferred stock | — | — | — | — | — | — | — | |||||||||||||||
Common stockholders' equity | $ | 87,963 | $ | 86,566 | $ | 84,654 | $ | 83,649 | $ | 83,388 | $ | 87,963 | $ | 83,388 | ||||||||
Average total stockholders' equity | $ | 87,657 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 85,882 | $ | 65,659 | ||||||||
Effect of average preferred stock | — | — | — | — | — | — | (11,939 | ) | ||||||||||||||
Average common stockholders' equity | $ | 87,657 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 79,382 | $ | 85,882 | $ | 53,720 | ||||||||