Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20150203_pressrelease8k.htm |
| EX-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a20150203_exh992financialh.htm |
| EX-99.1 - FIRST QUARTER 2015 EARNINGS RELEASE - FIRST SECURITY GROUP INC/TN | a20150203_991earningsrelea.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
December 31, 2014 | December 31, 2013 | ||||||
(in thousands, except share amounts) | (unaudited) | ||||||
ASSETS | |||||||
Cash and Due from Banks | $ | 18,447 | $ | 10,742 | |||
Interest Bearing Deposits in Banks | 29,582 | 10,126 | |||||
Cash and Cash Equivalents | 48,029 | 20,868 | |||||
Securities Available-for-Sale | 95,571 | 172,830 | |||||
Securities Held-to-Maturity, at amortized cost (fair value - $128,058 at December 31, 2014 and $132,104 at December 31, 2013) | 124,485 | 132,568 | |||||
Loans Held-for-Sale | 72,242 | 220 | |||||
Loans | 663,622 | 583,097 | |||||
Less: Allowance for Loan and Lease Losses | 8,550 | 10,500 | |||||
Net Loans | 655,072 | 572,597 | |||||
Premises and Equipment, net | 28,347 | 27,888 | |||||
Bank Owned Life Insurance | 29,204 | 28,346 | |||||
Intangible Assets | 134 | 330 | |||||
Other Real Estate Owned | 4,511 | 8,201 | |||||
Other Assets | 12,649 | 13,726 | |||||
TOTAL ASSETS | $ | 1,070,244 | $ | 977,574 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
LIABILITIES | |||||||
Deposits | |||||||
Noninterest Bearing Demand | $ | 159,996 | $ | 144,365 | |||
Interest Bearing Demand | 111,021 | 95,559 | |||||
Savings and Money Market Accounts | 258,694 | 206,125 | |||||
Certificates of Deposit less than $100 thousand | 151,089 | 182,408 | |||||
Certificates of Deposit of $100 thousand or more | 119,514 | 153,750 | |||||
Brokered Deposits | 105,299 | 75,062 | |||||
Total Deposits | 905,613 | 857,269 | |||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 12,750 | 12,520 | |||||
Other Borrowings | 56,000 | 20,000 | |||||
Other Liabilities | 5,901 | 4,137 | |||||
Total Liabilities | 980,264 | 893,926 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,826,134 shares issued as of December 31, 2014 and 66,602,601 shares issued as of December 31, 2013 | 766 | 764 | |||||
Paid-In Surplus | 197,614 | 196,536 | |||||
Accumulated Deficit | (101,625 | ) | (104,042 | ) | |||
Accumulated Other Comprehensive Loss | (6,775 | ) | (9,610 | ) | |||
Total Shareholders’ Equity | 89,980 | 83,648 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,070,244 | $ | 977,574 | |||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 8,104 | $ | 6,562 | $ | 31,464 | $ | 26,099 | |||||||
Investment Securities – taxable | 886 | 1,224 | 3,769 | 4,366 | |||||||||||
Investment Securities – non-taxable | 81 | 323 | 605 | 1,071 | |||||||||||
Other | 1 | 40 | 53 | 378 | |||||||||||
Total Interest Income | 9,072 | 8,149 | 35,891 | 31,914 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 45 | 46 | 182 | 259 | |||||||||||
Savings Deposits and Money Market Accounts | 209 | 142 | 676 | 770 | |||||||||||
Certificates of Deposit of less than $100 thousand | 243 | 387 | 1,067 | 1,938 | |||||||||||
Certificates of Deposit of $100 thousand or more | 245 | 395 | 1,038 | 1,953 | |||||||||||
Brokered Deposits | 361 | 682 | 1,937 | 3,554 | |||||||||||
Other | 25 | 19 | 90 | 70 | |||||||||||
Total Interest Expense | 1,128 | 1,671 | 4,990 | 8,544 | |||||||||||
NET INTEREST INCOME | 7,944 | 6,478 | 30,901 | 23,370 | |||||||||||
Credit for Loan and Lease Losses | (221 | ) | (955 | ) | (1,452 | ) | (2,735 | ) | |||||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 8,165 | 7,433 | 32,353 | 26,105 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 793 | 800 | 3,081 | 3,097 | |||||||||||
Mortgage Banking Income | 357 | 208 | 1,278 | 1,135 | |||||||||||
Gain on Sales of Securities Available-for-Sale | — | 168 | 628 | 322 | |||||||||||
Gain on Sales of Loans | 886 | — | 1,612 | — | |||||||||||
Other | 1,752 | 1,012 | 5,659 | 4,129 | |||||||||||
Total Noninterest Income | 3,788 | 2,188 | 12,258 | 8,683 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,576 | 5,503 | 21,228 | 22,584 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,312 | 1,341 | 5,364 | 5,644 | |||||||||||
Other | 4,012 | 3,306 | 15,076 | 19,532 | |||||||||||
Total Noninterest Expenses | 10,900 | 10,150 | 41,668 | 47,760 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 1,053 | (529 | ) | 2,943 | (12,972 | ) | |||||||||
Income Tax Provision | 131 | 119 | 526 | 477 | |||||||||||
NET INCOME (LOSS) | 922 | (648 | ) | 2,417 | (13,449 | ) | |||||||||
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 | $ | 922 | $ | (648 | ) | $ | 2,417 | $ | 11,349 | ||||||
NET INCOME (LOSS) PER SHARE: | |||||||||||||||
Net Income (Loss) Per Share – Basic | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | ||||||
Net Income (Loss) Per Share – Diluted | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | ||||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — | |||||||