Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - FIRST SECURITY GROUP INC/TN | a20150805_financialhighlig.htm |
| EX-99.1 - EXHIBIT 99.1 - FIRST SECURITY GROUP INC/TN | a20150805earningsdoc.htm |
| 8-K - 8-K - FIRST SECURITY GROUP INC/TN | a20150805_8kshellearnings.htm |
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
June 30, 2015 | December 31, 2014 | June 30, 2014 | |||||||||
(in thousands, except share amounts) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and Due from Banks | $ | 17,810 | $ | 18,447 | $ | 8,880 | |||||
Interest Bearing Deposits in Banks | 5,954 | 29,582 | 16,498 | ||||||||
Cash and Cash Equivalents | 23,764 | 48,029 | 25,378 | ||||||||
Securities Available-for-Sale | 90,610 | 95,571 | 102,429 | ||||||||
Securities Held-to-Maturity, at amortized cost (fair value - $118,739 at June 30, 2015, $128,058 at December 31, 2014 and $133,077 at June 30, 2014) | 115,704 | 124,485 | 130,709 | ||||||||
Loans Held-for-Sale | 36,107 | 72,242 | 28,547 | ||||||||
Loans | 764,411 | 663,622 | 659,539 | ||||||||
Less: Allowance for Loan and Lease Losses | 9,600 | 8,550 | 9,400 | ||||||||
Net Loans | 754,811 | 655,072 | 650,139 | ||||||||
Premises and Equipment, net | 29,567 | 28,347 | 26,510 | ||||||||
Bank Owned Life Insurance | 29,543 | 29,204 | 28,835 | ||||||||
Other Real Estate Owned | 4,441 | 4,511 | 7,717 | ||||||||
Other Assets | 14,362 | 12,783 | 12,421 | ||||||||
TOTAL ASSETS | $ | 1,098,909 | $ | 1,070,244 | $ | 1,012,685 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits | |||||||||||
Noninterest Bearing Demand | $ | 169,462 | $ | 159,996 | $ | 149,588 | |||||
Interest Bearing Demand | 112,123 | 111,021 | 102,106 | ||||||||
Savings and Money Market Accounts | 268,901 | 258,694 | 233,502 | ||||||||
Certificates of Deposit less than $250 thousand | 241,916 | 248,140 | 269,798 | ||||||||
Certificates of Deposit of $250 thousand or more | 21,580 | 22,463 | 25,679 | ||||||||
Brokered Deposits | 107,704 | 105,299 | 87,036 | ||||||||
Total Deposits | 921,686 | 905,613 | 867,709 | ||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 14,034 | 12,750 | 15,911 | ||||||||
Other Borrowings | 65,100 | 56,000 | 38,075 | ||||||||
Other Liabilities | 7,467 | 5,901 | 4,424 | ||||||||
Total Liabilities | 1,008,287 | 980,264 | 926,119 | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,811,909 shares issued as of June 30, 2015, 66,826,134 shares issued as of December 31, 2014 and 66,632,601 shares issued as of June 30, 2014 | 766 | 766 | 764 | ||||||||
Paid-In Surplus | 198,210 | 197,614 | 197,197 | ||||||||
Accumulated Deficit | (101,882 | ) | (101,625 | ) | (103,474 | ) | |||||
Accumulated Other Comprehensive Loss | (6,472 | ) | (6,775 | ) | (7,921 | ) | |||||
Total Shareholders’ Equity | 90,622 | 89,980 | 86,566 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,098,909 | $ | 1,070,244 | $ | 1,012,685 | |||||
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||
June 30 | June 30 | ||||||||||||||
(in thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 8,571 | $ | 7,672 | $ | 17,027 | $ | 14,615 | |||||||
Investment Securities – taxable | 818 | 936 | 1,659 | 1,996 | |||||||||||
Investment Securities – non-taxable | 73 | 198 | 151 | 438 | |||||||||||
Other | 36 | 37 | 54 | 50 | |||||||||||
Total Interest Income | 9,498 | 8,843 | 18,891 | 17,099 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 47 | 48 | 94 | 95 | |||||||||||
Savings Deposits and Money Market Accounts | 207 | 144 | 410 | 274 | |||||||||||
Certificates of Deposit | 490 | 505 | 964 | 1,118 | |||||||||||
Brokered Deposits | 307 | 531 | 617 | 1,097 | |||||||||||
Other | 189 | 70 | 216 | 45 | |||||||||||
Total Interest Expense | 1,240 | 1,298 | 2,301 | 2,629 | |||||||||||
NET INTEREST INCOME | 8,258 | 7,545 | 16,590 | 14,470 | |||||||||||
Provision (Credit) for Loan and Lease Losses | 643 | (270 | ) | 1,350 | (1,242 | ) | |||||||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 7,615 | 7,815 | 15,240 | 15,712 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 728 | 769 | 1,402 | 1,510 | |||||||||||
Mortgage Banking Income | 241 | 279 | 453 | 459 | |||||||||||
Gain on Sales of Securities Available-for-Sale | — | 247 | 8 | 618 | |||||||||||
Gain on Sales of Loans Transferred to Held-for-Sale | 183 | 450 | 1,243 | 472 | |||||||||||
Other | 729 | 1,285 | 3,256 | 2,606 | |||||||||||
Total Noninterest Income | 1,881 | 3,030 | 6,362 | 5,665 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,319 | 5,225 | 10,739 | 10,499 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,521 | 1,296 | 2,984 | 2,673 | |||||||||||
Other | 3,308 | 3,580 | 7,846 | 7,374 | |||||||||||
Total Noninterest Expenses | 10,148 | 10,101 | 21,569 | 20,546 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | (652 | ) | 744 | 33 | 831 | ||||||||||
Income Tax Provision | 145 | 131 | 290 | 263 | |||||||||||
NET (LOSS) INCOME | $ | (797 | ) | $ | 613 | $ | (257 | ) | $ | 568 | |||||
NET (LOSS) INCOME PER SHARE: | |||||||||||||||
Net (Loss) Income Per Share – Basic | $ | (0.01 | ) | $ | 0.01 | $ | 0.00 | $ | 0.01 | ||||||
Net (Loss) Income Per Share – Diluted | $ | (0.01 | ) | $ | 0.01 | $ | 0.00 | $ | 0.01 | ||||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — | |||||||