Attached files
| file | filename |
|---|---|
| EX-99.2 - FINANCIALHIGHLIGHTS - FIRST SECURITY GROUP INC/TN | a20150507_financialhighlig.htm |
| 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 |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
(in thousands, except share amounts) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and Due from Banks | $ | 14,486 | $ | 18,447 | $ | 7,896 | |||||
Interest Bearing Deposits in Banks | 7,569 | 29,582 | 11,503 | ||||||||
Cash and Cash Equivalents | 22,055 | 48,029 | 19,399 | ||||||||
Securities Available-for-Sale | 91,962 | 95,571 | 120,087 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $124,563 at March 31, 2015; $128,058 at December 31, 2014 and $132,695 at March 31, 2014) | 119,224 | 124,485 | 131,819 | ||||||||
Loans Held-for-Sale | 23,347 | 72,242 | 35,503 | ||||||||
Loans | 734,478 | 663,622 | 604,859 | ||||||||
Less: Allowance for Loan and Lease Losses | 8,650 | 8,550 | 9,200 | ||||||||
Net Loans | 725,828 | 655,072 | 595,659 | ||||||||
Premises and Equipment, net | 29,318 | 28,347 | 28,143 | ||||||||
Bank Owned Life Insurance | 29,362 | 29,204 | 28,649 | ||||||||
Other Real Estate Owned | 4,199 | 4,511 | 7,067 | ||||||||
Other Assets | 13,983 | 12,783 | 14,179 | ||||||||
TOTAL ASSETS | $ | 1,059,278 | $ | 1,070,244 | $ | 980,505 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest Bearing Demand | $ | 160,128 | $ | 159,996 | $ | 150,075 | |||||
Interest Bearing Demand | 117,557 | 111,021 | 100,495 | ||||||||
Savings and Money Market Accounts | 265,269 | 258,694 | 204,007 | ||||||||
Certificates of Deposit less than $250 thousand | 244,891 | 151,089 | 284,931 | ||||||||
Certificates of Deposit of $250 thousand or more | 20,738 | 119,514 | 29,765 | ||||||||
Brokered Deposits | 114,969 | 105,299 | 72,559 | ||||||||
Total Deposits | 923,552 | 905,613 | 841,832 | ||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 13,292 | 12,750 | 12,661 | ||||||||
Other Borrowings | 24,500 | 56,000 | 37,585 | ||||||||
Other Liabilities | 7,208 | 5,901 | 3,773 | ||||||||
Total Liabilities | 968,552 | 980,264 | 895,851 | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,805,259 shares issued as of March 31, 2015; 66,826,134 shares issued as of December 31, 2014 and 66,635,101 shares issued as of March 31, 2014 | 766 | 766 | 764 | ||||||||
Paid-In Surplus | 197,908 | 197,614 | 196,841 | ||||||||
Accumulated Deficit | (101,085 | ) | (101,625 | ) | (104,087 | ) | |||||
Accumulated Other Comprehensive Loss | (6,863 | ) | (6,775 | ) | (8,864 | ) | |||||
Total Shareholders’ Equity | 90,726 | 89,980 | 84,654 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,059,278 | $ | 1,070,244 | $ | 980,505 | |||||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | |||||||
March 31, | |||||||
(in thousands, except per share data) | 2015 | 2014 | |||||
INTEREST INCOME | |||||||
Loans, including fees | $ | 8,456 | $ | 7,016 | |||
Investment Securities – taxable | 841 | 1,060 | |||||
Investment Securities – non-taxable | 78 | 240 | |||||
Other | 18 | 13 | |||||
Total Interest Income | 9,393 | 8,329 | |||||
INTEREST EXPENSE | |||||||
Interest Bearing Demand Deposits | 47 | 47 | |||||
Savings Deposits and Money Market Accounts | 203 | 130 | |||||
Certificates of Deposit | 474 | 613 | |||||
Brokered Deposits | 310 | 561 | |||||
Other | 27 | 53 | |||||
Total Interest Expense | 1,061 | 1,404 | |||||
NET INTEREST INCOME | 8,332 | 6,925 | |||||
Provision (Credit) for Loan and Lease Losses | 707 | (972 | ) | ||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 7,625 | 7,897 | |||||
NONINTEREST INCOME | |||||||
Service Charges on Deposit Accounts | 674 | 741 | |||||
Mortgage Banking Income | 212 | 180 | |||||
Gain on Sales of Securities Available-for-Sale | 8 | 371 | |||||
Gain on Sales of Loans | 1,060 | — | |||||
Other | 2,527 | 1,343 | |||||
Total Noninterest Income | 4,481 | 2,635 | |||||
NONINTEREST EXPENSES | |||||||
Salaries and Employee Benefits | 5,420 | 5,274 | |||||
Expense on Premises and Fixed Assets, net of rental income | 1,463 | 1,377 | |||||
Other | 4,538 | 3,794 | |||||
Total Noninterest Expenses | 11,421 | 10,445 | |||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 685 | 87 | |||||
Income Tax Provision | 145 | 132 | |||||
NET INCOME (LOSS) | 540 | (45 | ) | ||||
NET INCOME (LOSS) PER SHARE: | |||||||
Net Income (Loss) Per Share – Basic | $ | 0.01 | $ | (0.00 | ) | ||
Net Income (Loss) Per Share – Diluted | $ | 0.01 | $ | (0.00 | ) | ||
Dividends Declared Per Common Share | $ | — | $ | — | |||