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-99.2 - FINANCIALHIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a20141028_financialhighlig.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
September 30, 2014 | December 31, 2013 | September 30, 2013 | |||||||||
(in thousands) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and Due from Banks | $ | 11,519 | $ | 10,742 | $ | 10,357 | |||||
Interest Bearing Deposits in Banks | 7,344 | 10,126 | 59,943 | ||||||||
Cash and Cash Equivalents | 18,863 | 20,868 | 70,300 | ||||||||
Securities Available-for-Sale | 98,677 | 172,830 | 207,009 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $131,549 at September 30, 2014, $132,104 at December 31, 2013 and $130,170 at September 30, 2013) | 129,313 | 132,568 | 129,164 | ||||||||
Loans Held-for-Sale | 46,904 | 220 | 1,661 | ||||||||
Loans | 666,728 | 583,097 | 534,627 | ||||||||
Less: Allowance for Loan and Lease Losses | 8,600 | 10,500 | 10,700 | ||||||||
Net Loans | 658,128 | 572,597 | 523,927 | ||||||||
Premises and Equipment, net | 27,862 | 27,888 | 28,810 | ||||||||
Bank Owned Life Insurance | 29,020 | 28,346 | 28,155 | ||||||||
Other Real Estate Owned | 5,952 | 8,201 | 8,662 | ||||||||
Other Assets | 13,163 | 14,056 | 14,167 | ||||||||
TOTAL ASSETS | $ | 1,027,882 | $ | 977,574 | $ | 1,011,855 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest Bearing Demand | $ | 155,177 | $ | 144,365 | $ | 147,865 | |||||
Interest Bearing Demand | 104,404 | 95,559 | 92,108 | ||||||||
Savings and Money Market Accounts | 252,218 | 206,125 | 215,293 | ||||||||
Certificates of Deposit less than $100 thousand | 157,629 | 182,408 | 195,129 | ||||||||
Certificates of Deposit of $100 thousand or more | 125,606 | 153,750 | 170,466 | ||||||||
Brokered Deposits | 83,995 | 75,062 | 88,987 | ||||||||
Total Deposits | 879,029 | 857,269 | 909,848 | ||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 12,878 | 12,520 | 12,657 | ||||||||
Other Borrowings | 43,485 | 20,000 | — | ||||||||
Other Liabilities | 4,527 | 4,137 | 5,962 | ||||||||
Total Liabilities | 939,919 | 893,926 | 928,467 | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,826,254 shares issued as of September 30, 2014, 66,602,601 shares issued as of December 31, 2013, and 66,602,601 shares issued as of September 30, 2013 | 766 | 764 | 764 | ||||||||
Paid-In Surplus | 197,326 | 196,536 | 196,059 | ||||||||
Accumulated Deficit | (102,547 | ) | (104,042 | ) | (103,395 | ) | |||||
Accumulated Other Comprehensive Loss | (7,582 | ) | (9,610 | ) | (10,040 | ) | |||||
Total Shareholders’ Equity | 87,963 | 83,648 | 83,388 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,027,882 | $ | 977,574 | $ | 1,011,855 | |||||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 8,805 | $ | 6,461 | $ | 23,493 | $ | 19,537 | |||||||
Investment Securities – taxable | 887 | 1,321 | 2,883 | 3,143 | |||||||||||
Investment Securities – non-taxable | 86 | 312 | 524 | 749 | |||||||||||
Other | 2 | 77 | 52 | 338 | |||||||||||
Total Interest Income | 9,780 | 8,171 | 26,952 | 23,767 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 42 | 62 | 137 | 213 | |||||||||||
Savings Deposits and Money Market Accounts | 193 | 188 | 467 | 628 | |||||||||||
Certificates of Deposit of less than $100 thousand | 253 | 466 | 824 | 1,551 | |||||||||||
Certificates of Deposit of $100 thousand or more | 246 | 475 | 793 | 1,558 | |||||||||||
Brokered Deposits | 484 | 795 | 1,576 | 2,873 | |||||||||||
Other | 75 | 20 | 198 | 51 | |||||||||||
Total Interest Expense | 1,293 | 2,006 | 3,995 | 6,874 | |||||||||||
NET INTEREST INCOME | 8,487 | 6,165 | 22,957 | 16,893 | |||||||||||
Provision (Credit) for Loan and Lease Losses | 11 | (1,632 | ) | (1,231 | ) | (1,780 | ) | ||||||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 8,476 | 7,797 | 24,188 | 18,673 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 778 | 798 | 2,288 | 2,298 | |||||||||||
Mortgage Banking Income | 462 | 420 | 921 | 927 | |||||||||||
Gain on Sales of Securities Available-for-Sale | 10 | — | 628 | 154 | |||||||||||
Gain on Sales of Loans | 254 | — | 726 | — | |||||||||||
Other | 1,301 | 1,074 | 3,907 | 3,118 | |||||||||||
Total Noninterest Income | 2,805 | 2,292 | 8,470 | 6,497 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,153 | 5,807 | 15,652 | 17,081 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,379 | 1,547 | 4,052 | 4,301 | |||||||||||
Other | 3,690 | 3,843 | 11,064 | 16,232 | |||||||||||
Total Noninterest Expenses | 10,222 | 11,197 | 30,768 | 37,614 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT) | 1,059 | (1,108 | ) | 1,890 | (12,444 | ) | |||||||||
Income Tax Provision | 132 | 322 | 395 | 358 | |||||||||||
NET INCOME (LOSS) | 927 | (1,430 | ) | 1,495 | (12,802 | ) | |||||||||
Preferred Stock Dividends | — | — | — | (929 | ) | ||||||||||
Accretion on Preferred Stock Discount | — | — | — | (452 | ) | ||||||||||
Effect of Exchange of Preferred Stock to Common Stock | — | — | — | 26,179 | |||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | 927 | $ | (1,430 | ) | $ | 1,495 | $ | 11,996 | ||||||
NET INCOME PER SHARE: | |||||||||||||||
Net Income (Loss) Per Share – Basic | $ | 0.01 | $ | (0.02 | ) | $ | 0.02 | $ | 0.30 | ||||||
Net Income (Loss) Per Share – Diluted | $ | 0.01 | $ | (0.02 | ) | $ | 0.02 | $ | 0.30 | ||||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — | |||||||