Strong Loan Growth Continues
First Security Group, Inc. (NASDAQ:FSGI) (“First Security” or
“FSG”) reported net income for the first quarter of 2015 of $540
thousand, or $0.01 per basic and diluted share.
Financial Highlights
- Net income of $540 thousand for the
first quarter of 2015, a $585 thousand improvement from the first
quarter of 2014.
- Loans held-for-investment totaled
$734.5 million at quarter-end, an increase of $70.9 million, or
10.7%, from December 31, 2014.
- Pure deposits as of March 31, 2015
increased by $13.2 million, or 2.5%, to $543.0 million compared to
$529.7 million as of December 31, 2014.
“The first quarter demonstrated our ability to achieve strong
loan growth, highlighted by the growth within our key Knoxville and
Chattanooga markets,” said Michael Kramer, First Security’s
President and Chief Executive Officer. “Our positive results
reflect the tremendous effort put forth by our board, management
and our entire team to transform FSG into a strong community
bank.”
The below discussion of First Security’s results of operations
and financial condition is supplemented by the accompanying
financial highlights.
Net Interest Income
For the quarter ended March 31, 2015, net interest income
totaled $8.3 million, an increase of $388 thousand, or 4.9%, as
compared to the fourth quarter of 2014 and an increase of $1.4
million, or 20.3%, as compared to $6.9 million for the first
quarter of 2014. The net interest margin improved to 3.45% for the
first quarter of 2015 as compared to 3.32% for the fourth quarter
of 2014 and 3.21% for the first quarter of 2014. The consistent
improvement in the margin is a result of First Security's continued
balance sheet restructuring; specifically, deploying a greater
percentage of total earning assets into loans and growing low-cost
deposits while reducing the reliance on certificates of
deposit.
Loans
Loans totaled $734.5 million as of March 31, 2015, an increase
of $70.9 million, or 10.7%, from December 31, 2014, and an increase
of $129.6 million, or 21.4%, from March 31, 2014. Loans
held-for-sale totaled $23.3 million as of quarter-end as compared
to $72.2 million and $35.5 million as of December 31, 2014 and
March 31, 2014, respectively.
Deposits
The average balance of pure deposits, defined as transaction
accounts, increased by $11.9 million, or 2.3%, and $90.7 million,
or 20.3%, during the first quarter of 2015 as compared to the
fourth and first quarters of 2014, respectively. By further
improving its deposit mix towards lower cost deposits, FSG reduced
the overall cost of deposits to 0.46% for the first quarter of 2015
as compared to 0.49% for the fourth quarter of 2014 and 0.65% for
the first quarter of 2014.
Non-Interest Income
Non-interest income totaled $4.5 million for the quarter ended
March 31, 2015, an increase of $693 thousand, or 18.3%, and $1.8
million, or 70.1%, compared to the fourth and first quarter of
2014, respectively. During the first quarter of 2015, gains on
sales of loans totaled $1.1 million, which was the primary driver
of the increase. Additionally, First Security holds certain
interest rate swaps that resulted in a $1.2 million gain during the
first quarter of 2015, however, an equal and offsetting amount is
included in non-interest expense. As of March 31, 2015, loans
held-for-sale total $23.3 million, which are expected to sell for
gains during the second quarter of 2015.
“We successfully executed on approximately $60 million in loan
sales from our TriNet Direct division during the first quarter and
recorded in excess of $1 million in related income. Our TriNet
division consistently provides strong loan originations and we will
continue to evaluate and sell a portion of this production to
assist in managing our commercial real estate and interest rate
concentrations,” said John Haddock, First Security’s EVP and Chief
Financial Officer. “We remain focused on improving our core
profitability each and every quarter, as measured by pre-provision
income. Comparing the first quarter of 2015 to the fourth quarter,
we expanded our pre-provision income by $546 thousand, or nearly
78%.”
Non-Interest Expense
Non-interest expense increased by $976 thousand, or 9.3%, to
$11.4 million for the quarter ended March 31, 2015 as compared to
the same period in 2014 and by $521 thousand, or 4.8%, as compared
to the fourth quarter of 2014. Excluding the loss on interest rate
swaps above discussed, non-interest expense decreased by $159
thousand, or 1.5%, and $90 thousand, or 0.9%, as compared to the
first and fourth quarters of 2014, respectively. As of March 31,
2015, full-time equivalent employees totaled 262 as compared to 275
as of March 31, 2014 and 268 as of December 31, 2014.
Asset Quality
First Security recorded provision expense of $707 thousand in
the first quarter to adjust the allowance for loan losses to FSG’s
current estimate of $8.7 million as of March 31, 2015. The ratio of
the allowance to total loans decreased to 1.18% from 1.29% as of
December 31, 2014. Total non-performing assets (“NPAs”) declined by
$264 thousand during the first quarter to improve the NPA to total
assets ratio from 0.84% at December 31, 2014 to 0.82% at March 31,
2015.
Capital
Stockholders’ equity as of March 31, 2015 totaled $90.7 million,
a $746 thousand increase from December 31, 2014 and a $6.1 million
increase from March 31, 2014. As of March 31, 2015, book value per
share increased to $1.36 per share compared to $1.35 per share as
of December 31, 2014 and $1.27 per share as of March 31, 2014.
“As we announced in March, we have entered into a definitive
merger agreement with Atlantic Capital Bancshares, based in
Atlanta,” said CEO Kramer. “We believe the combination of the two
banks will provide the foundation to build a premier financial
institution in the Southeast that is focused on business and
private banking.”
About First Security Group, Inc.
First Security Group, Inc. is a bank holding company
headquartered in Chattanooga, Tennessee, with $1.1 billion in
assets. Founded in 1999, First Security’s community bank
subsidiary, FSGBank, N.A. has 26 full-service banking offices along
the interstate corridors of eastern and middle Tennessee and
northern Georgia. FSGBank provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, and internet banking (www.FSGBank.com).
Information About Atlantic Capital Bancshares, Inc.
Atlantic Capital Bancshares, Inc. ("Atlantic Capital") is a bank
holding company headquartered in Atlanta, Georgia. Atlantic Capital
was founded in 2007 through the then-largest equity capital raise
in U.S. history by a de novo bank holding company. Atlantic
Capital’s wholly-owned bank subsidiary, Atlantic Capital Bank, has
grown to $1.3 billion in assets with a single office and
significant investments in technology, talent and customer service.
Atlantic Capital Bank serves privately held small- and mid-size
companies and not-for-profit organizations; institutional-caliber
commercial real estate developers and investors; and individuals
throughout metropolitan Atlanta.
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with generally accepted accounting
principles in the United States of America (GAAP). First Security’s
management uses these “non-GAAP” measures in its analysis of First
Security’s performance. Non-GAAP measures typically adjust GAAP
performance measures to exclude the effects of significant gains,
losses or expenses that are unusual in nature and not expected to
recur. Non-GAAP measures may also exclude non-recurring charges,
expenses and gains related to the consummation of mergers and
acquisitions, and costs related to the integration of merged
entities. Since these items and their impact on First Security’s
performance are difficult to predict, management believes
presentations of financial measures excluding the impact of these
items provide useful supplemental information that is important for
a proper understanding of the operating results of First Security’s
core business. These disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
Additional Information About the Atlantic Capital/First
Security Transaction:
On March 25, 2015, First Security and Atlantic Capital issued a
joint press release to announce the signing of a definitive merger
agreement pursuant to which Atlantic Capital will acquire First
Security.
This press release relates to the proposed merger transaction
involving Atlantic Capital and First Security. In connection with
the proposed merger, Atlantic Capital and First Security will file
a registration statement on Form S-4 that will include a joint
proxy statement/prospectus, and other relevant documents concerning
the merger with the Securities and Exchange Commission (the “SEC”).
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE
SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY
REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT ATLANTIC CAPITAL, FIRST
SECURITY AND THE PROPOSED MERGER. When available, the joint proxy
statement/prospectus will be delivered to shareholders of Atlantic
Capital and shareholders of First Security. Investors will also be
able to obtain copies of the joint proxy statement/prospectus and
other relevant documents (when they become available) free of
charge at the SEC’s website (www.sec.gov). Copies of documents
filed with the SEC by Atlantic Capital will be available free of
charge from Carol Tiarsmith, Executive Vice President and Chief
Financial Officer, Atlantic Capital Bancshares, 3280 Peachtree
Road, N.E., Suite 1600, Atlanta, Georgia, 30305, telephone:
404-995-6050. Documents filed with the SEC by First Security will
be available free of charge from First Security by contacting John
R. Haddock, Executive Vice President and Chief Financial Officer,
First Security Group, Inc., 531 Broad Street, Chattanooga,
Tennessee, telephone: (423) 308-2075.
Atlantic Capital, First Security and certain of their directors,
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies
from the shareholders of Atlantic Capital and the shareholders of
First Security in connection with the proposed merger. Information
about the directors and executive officers of Atlantic Capital will
be included in the joint proxy statement/prospectus for the
proposed transaction. Information about the directors and executive
officers of First Security is included in the proxy statement for
its 2015 annual meeting of shareholders, which was filed with the
SEC on April 29, 2015. Additional information regarding the
interests of such participants and other persons who may be deemed
participants in the transaction will be included in the joint proxy
statement/prospectus and the other relevant documents filed with
the SEC when they become available.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which Congress passed in an effort to encourage companies to
provide information about their anticipated future financial
performance. This act protects a company from unwarranted
litigation if actual results are different from management
expectations. This press release reflects the current views and
estimates of future economic circumstances, industry conditions,
company performance, and financial results of the management of
Atlantic Capital and First Security. These forward-looking
statements are subject to a number of factors and uncertainties
which could cause Atlantic Capital’s, First Security’s or the
combined company’s actual results and experience to differ from the
anticipated results and expectations expressed in such
forward-looking statements, and such differences may be material.
Forward-looking statements speak only as of the date they are made
and neither Atlantic Capital nor First Security assumes any duty to
update forward-looking statements. In addition to factors
previously disclosed in First Security’s reports filed with the SEC
and those identified elsewhere in this press release, these
forward-looking statements include, but are not limited to,
statements about (i) the expected benefits of the transaction
between Atlantic Capital and First Security and between Atlantic
Capital Bank and FSGBank, including future financial and operating
results, cost savings, enhanced revenues and the expected market
position of the combined company that may be realized from the
transaction, and (ii) Atlantic Capital’s and First Security’s
plans, objectives, expectations and intentions and other statements
contained in this press release that are not historical facts.
Other statements identified by words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “targets,” “will,” “projects” or words of similar
meaning generally are intended to identify forward-looking
statements. These statements are based upon the current beliefs and
expectations of Atlantic Capital’s and First Security’s management
and are inherently subject to significant business, economic and
competitive risks and uncertainties, many of which are beyond their
respective control. In addition, these forward-looking statements
are subject to assumptions with respect to future business
strategies and decisions that are subject to change. Actual results
may differ from those indicated or implied in the forward-looking
statements and such differences may be material.
The following risks, among others, could cause actual results to
differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
businesses of Atlantic Capital and First Security may not integrate
successfully or the integration may be more difficult,
time-consuming or costly than expected; (2) the expected growth
opportunities and cost savings from the transaction may not be
fully realized or may take longer to realize than expected; (3)
revenues following the transaction may be lower than expected as a
result of losses of customers or other reasons, including issues
arising in connection with integration of the two banks; (4)
deposit attrition, operating costs, customer loss and business
disruption following the transaction, including difficulties in
maintaining relationships with employees, may be greater than
expected; (5) governmental approvals of the transaction may not be
obtained on the proposed terms or expected timeframe; (6) the terms
of the proposed transaction may need to be modified to satisfy such
approvals or conditions; (7) Atlantic Capital's shareholders or
First Security's shareholders may fail to approve the transaction;
(8) reputational risks and the reaction of the companies’ customers
to the transaction; (9) diversion of management time on merger
related issues; (10) changes in asset quality and credit risk; (11)
the cost and availability of capital; (12) customer acceptance of
the combined company’s products and services; (13) customer
borrowing, repayment, investment and deposit practices; (14) the
introduction, withdrawal, success and timing of business
initiatives; (15) the impact, extent, and timing of technological
changes; (16) severe catastrophic events in our geographic area;
(17) a weakening of the economies in which the combined company
will conduct operations may adversely affect its operating results;
(18) the U.S. legal and regulatory framework, including those
associated with the Dodd Frank Wall Street Reform and Consumer
Protection Act, could adversely affect the operating results of the
combined company; (19) the interest rate environment may compress
margins and adversely affect net interest income; (20) competition
from other financial services companies in the companies’ markets
could adversely affect operations; and (21) Atlantic Capital may
not be able to raise sufficient financing to consummate the merger.
Additional factors that could cause First Security’s results to
differ materially from those described in the forward-looking
statements can be found in First Security’s reports (such as Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) filed with the SEC and available at the SEC’s
website (www.sec.gov). All subsequent written and oral
forward-looking statements concerning Atlantic Capital, First
Security or the proposed merger or other matters and attributable
to Atlantic Capital, First Security or any person acting on either
of their behalf are expressly qualified in their entirety by the
cautionary statements above. Atlantic Capital and First Security do
not undertake any obligation to update any forward-looking
statement, whether written or oral, to reflect circumstances or
events that occur after the date the forward-looking statements are
made.
Public companies, from time to time, become aware of rumors
concerning their business. Investors are cautioned that in this age
of instant communication and internet access, it may be important
to avoid relying on rumors and unsubstantiated information. First
Security complies with Federal and State law applicable to
disclosure of information. Investors may be at significant risk in
relying on unsubstantiated information from other sources.
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 %
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 %
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.
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 $ — $ —
First SecurityJohn R. Haddock, 423-308-2075EVP &
CFOjhaddock@fsgbank.com
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