Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESSRELEASE - FIRST SECURITY GROUP INC/TN | a20150507_pressreleaseq1151.htm |
| 8-K/A - 8-K/A - FIRST SECURITY GROUP INC/TN | a20150511_form8-ka.htm |
| EX-99.3 - FINANCIALSTATEMENTS - FIRST SECURITY GROUP INC/TN | a20150508_financialstateme.htm |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||
Earnings: | |||||||||||||||
Net interest income | $ | 8,332 | $ | 7,944 | $ | 8,487 | $ | 7,545 | $ | 6,925 | |||||
Provision (credit) for loan and lease losses | $ | 707 | $ | (221 | ) | $ | 11 | $ | (270 | ) | $ | (972 | ) | ||
Non-interest income1 | $ | 4,481 | $ | 3,788 | $ | 2,805 | $ | 3,030 | $ | 2,635 | |||||
Non-interest expense1 | $ | 11,421 | $ | 10,900 | $ | 10,222 | $ | 10,101 | $ | 10,445 | |||||
Income tax provision | $ | 145 | $ | 131 | $ | 132 | $ | 131 | $ | 132 | |||||
Net income (loss) | $ | 540 | $ | 922 | $ | 927 | $ | 613 | $ | (45 | ) | ||||
Per Share Data: | |||||||||||||||
Net income (loss), basic | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.00 | ) | ||||
Net income (loss), diluted | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.00 | ) | ||||
Book value per common share | $ | 1.36 | $ | 1.35 | $ | 1.32 | $ | 1.30 | $ | 1.27 | |||||
Performance Ratios: | |||||||||||||||
Return on average assets | 0.20 | % | 0.36 | % | 0.36 | % | 0.24 | % | (0.02 | )% | |||||
Return on average common equity | 2.38 | % | 4.13 | % | 4.23 | % | 2.86 | % | (0.21 | )% | |||||
Efficiency ratio | 89.14 | % | 92.91 | % | 90.52 | % | 95.52 | % | 109.26 | % | |||||
Non-interest income to net interest income and non-interest income | 34.97 | % | 32.29 | % | 24.84 | % | 28.65 | % | 27.56 | % | |||||
Capital: | |||||||||||||||
Total equity to total assets | 8.56 | % | 8.41 | % | 8.56 | % | 8.55 | % | 8.63 | % | |||||
Liquidity, Yields and Rates: | |||||||||||||||
Interest-bearing cash - average balance | $ | 11,211 | $ | 9,757 | $ | 8,436 | $ | 8,997 | $ | 13,653 | |||||
Investment securities - average balance | 215,693 | 225,253 | 230,297 | 247,459 | 272,563 | ||||||||||
Loans - average balance | 758,215 | 718,917 | 702,271 | 673,175 | 604,298 | ||||||||||
Average Earning Assets | $ | 985,119 | $ | 953,927 | $ | 941,004 | $ | 929,631 | $ | 890,514 | |||||
Pure deposits2 - average balance | $ | 537,543 | $ | 525,691 | $ | 493,707 | $ | 455,407 | $ | 446,820 | |||||
Core deposits3 - average balance | 687,403 | 680,008 | 654,893 | 622,636 | 624,365 | ||||||||||
Customer deposits4 - average balance | 805,054 | 802,837 | 783,996 | 757,704 | 773,336 | ||||||||||
Brokered deposits - average balance | 109,734 | 83,490 | 85,369 | 84,021 | 70,204 | ||||||||||
Total deposits - average balance | $ | 914,788 | $ | 886,327 | $ | 869,365 | $ | 841,725 | $ | 843,540 | |||||
Total loans to total deposits | 79.53 | % | 73.28 | % | 75.85 | % | 76.01 | % | 71.85 | % | |||||
Yield on earning assets | 3.89 | % | 3.79 | % | 4.14 | % | 3.86 | % | 3.85 | % | |||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.36 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.41 | % | |||||
Cost of deposits | 0.46 | % | 0.49 | % | 0.55 | % | 0.59 | % | 0.65 | % | |||||
Rate on interest-bearing funding | 0.53 | % | 0.58 | % | 0.66 | % | 0.68 | % | 0.78 | % | |||||
Net interest margin, taxable equivalent | 3.45 | % | 3.32 | % | 3.60 | % | 3.30 | % | 3.21 | % | |||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||
Non-Interest Income: | |||||||||||||||
Service charges on deposits | $ | 674 | $ | 793 | $ | 778 | $ | 769 | $ | 741 | |||||
POS fees | 422 | 426 | 436 | 439 | 401 | ||||||||||
BOLI | 210 | 235 | 234 | 235 | 351 | ||||||||||
Mortgage banking income | 212 | 357 | 462 | 279 | 180 | ||||||||||
Trust | 265 | 245 | 233 | 235 | 200 | ||||||||||
Net gains on sales of loans | 1,060 | 886 | 254 | 450 | 22 | ||||||||||
Interest rate swap gains | 1,240 | 629 | 138 | 132 | 105 | ||||||||||
Other | 390 | 217 | 260 | 244 | 264 | ||||||||||
Net gains on securities available-for-sale | 8 | — | 10 | 247 | 371 | ||||||||||
Total Non-Interest Income | $ | 4,481 | $ | 3,788 | $ | 2,805 | $ | 3,030 | $ | 2,635 | |||||
Non-Interest Expense: | |||||||||||||||
Salaries and benefits | $ | 5,420 | $ | 5,576 | $ | 5,153 | $ | 5,225 | $ | 5,274 | |||||
Occupancy | 798 | 732 | 814 | 776 | 820 | ||||||||||
Furniture and fixtures | 665 | 580 | 565 | 520 | 557 | ||||||||||
Professional fees | 605 | 888 | 658 | 690 | 599 | ||||||||||
FDIC insurance assessments | 242 | 336 | 336 | 336 | 311 | ||||||||||
Write-downs on OREO and repossessions | 143 | 59 | 289 | 76 | 309 | ||||||||||
Losses (Gains) on OREO, repossessions and fixed assets, net | 3 | (369 | ) | (113 | ) | (15 | ) | 10 | |||||||
Non-performing asset expenses, net | 107 | 193 | 204 | 184 | 221 | ||||||||||
Data processing | 533 | 618 | 577 | 506 | 588 | ||||||||||
Communications | 116 | 120 | 129 | 147 | 150 | ||||||||||
Debit card fees | 244 | 307 | 244 | 232 | 258 | ||||||||||
Intangible asset amortization | 50 | 50 | 49 | 49 | 48 | ||||||||||
Printing and supplies | 136 | 147 | 144 | 150 | 207 | ||||||||||
Advertising | 153 | 147 | 140 | 135 | 134 | ||||||||||
Insurance | 295 | 296 | 295 | 303 | 325 | ||||||||||
Interest rate swap loss | 1,240 | 629 | 138 | 138 | 105 | ||||||||||
Other | 671 | 591 | 600 | 649 | 529 | ||||||||||
Total Non-Interest Expense | $ | 11,421 | $ | 10,900 | $ | 10,222 | $ | 10,101 | $ | 10,445 | |||||
Asset Quality: | |||||||||||||||
Net charge-offs (recoveries) | $ | 561 | $ | (221 | ) | $ | 664 | $ | (470 | ) | $ | 228 | |||
Net loan charge-offs (recoveries) to average loans, annualized | 0.30 | % | (0.03 | )% | 0.19 | % | (0.14 | )% | 0.15 | % | |||||
Non-accrual loans | $ | 4,150 | $ | 4,348 | $ | 4,000 | $ | 4,891 | $ | 6,027 | |||||
Other real estate owned and repossessed assets, net | $ | 4,207 | $ | 4,519 | $ | 5,960 | $ | 7,725 | $ | 7,075 | |||||
Loans 90 days past due | $ | 347 | $ | 100 | $ | 1,951 | $ | 1,083 | $ | 854 | |||||
Non-performing assets (NPA) | $ | 8,704 | $ | 8,967 | $ | 11,911 | $ | 13,699 | $ | 13,956 | |||||
NPA to total assets | 0.82 | % | 0.84 | % | 1.16 | % | 1.35 | % | 1.42 | % | |||||
Non-performing loans (NPL) | $ | 4,497 | $ | 4,448 | $ | 5,951 | $ | 5,974 | $ | 6,881 | |||||
NPL to total loans | 0.61 | % | 0.67 | % | 0.89 | % | 0.91 | % | 1.14 | % | |||||
Allowance for loan and lease losses to total loans | 1.18 | % | 1.29 | % | 1.29 | % | 1.43 | % | 1.52 | % | |||||
Allowance for loan and lease losses to NPL | 192.35 | % | 192.22 | % | 144.51 | % | 157.35 | % | 133.70 | % | |||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | |||||||||||||||
Period End Balances: | |||||||||||||||
Loans, excluding HFS | $ | 734,478 | $ | 663,622 | $ | 666,728 | $ | 659,539 | $ | 604,859 | |||||
Allowance for loan and lease losses | $ | 8,650 | $ | 8,550 | $ | 8,600 | $ | 9,400 | $ | 9,200 | |||||
Loans held-for-sale | $ | 23,347 | $ | 72,242 | $ | 46,904 | $ | 28,547 | $ | 35,503 | |||||
Intangible assets | $ | 84 | $ | 134 | $ | 184 | $ | 233 | $ | 282 | |||||
Assets | $ | 1,059,278 | $ | 1,070,244 | $ | 1,027,882 | $ | 1,012,685 | $ | 980,505 | |||||
Deposits | $ | 923,552 | $ | 905,613 | $ | 879,029 | $ | 867,709 | $ | 841,832 | |||||
Total shareholders' equity | $ | 90,726 | $ | 89,980 | $ | 87,963 | $ | 86,566 | $ | 84,654 | |||||
Common stock market capitalization | $ | 160,332 | $ | 151,027 | $ | 132,315 | $ | 144,594 | $ | 138,601 | |||||
Full-time equivalent employees | 262 | 268 | 264 | 264 | 275 | ||||||||||
Common shares outstanding | 66,805 | 66,826 | 66,826 | 66,633 | 66,635 | ||||||||||
Average Balances: | |||||||||||||||
Loans, including HFS | $ | 758,215 | $ | 718,917 | $ | 702,271 | $ | 673,175 | $ | 604,298 | |||||
Intangible assets | $ | 116 | $ | 166 | $ | 217 | $ | 265 | $ | 313 | |||||
Earning assets | $ | 985,119 | $ | 953,927 | $ | 941,004 | $ | 929,631 | $ | 890,514 | |||||
Assets | $ | 1,069,751 | $ | 1,033,327 | $ | 1,017,631 | $ | 1,006,143 | $ | 967,624 | |||||
Deposits | $ | 914,788 | $ | 886,327 | $ | 869,365 | $ | 841,725 | $ | 843,540 | |||||
Total shareholders' equity | $ | 90,923 | $ | 89,205 | $ | 87,656 | $ | 85,613 | $ | 84,340 | |||||
Common shares outstanding, basic - wtd | 65,932 | 65,915 | 65,869 | 65,731 | 65,726 | ||||||||||
Common shares outstanding, diluted - wtd | 65,932 | 65,950 | 65,874 | 65,737 | 65,726 | ||||||||||
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. | |||||||||||||||