EXHIBIT 99.1
April 22, 2004
NEWS RELEASE to Lexington Herald-Leader
By Doug Hutcherson, President & CEO
First Security Bancorp, Inc., the parent of First Security Bank of Lexington, announced its financial results for the quarter ended March 31, 2004.
Net income for the three months ended March 31, 2004 was $201,000, or $0.13 per share (on a diluted basis), compared to $123,000, or $0.08 per share, for the quarter ended March 31, 2003.
Total assets at March 31, 2004 were $227.0 million, as compared to $238.3 million at December 31, 2003, a decrease of $11.3 million. The decline in total assets during the quarter is primarily attributable to lower balances in liquid federal funds sold balances, which have been used to reduce balances in high cost certificates of deposit. Total deposits at March 31, 2004 were $181.3 million, as compared to $191.0 million at December 31, 2003, for a decrease of $9.3 million.
Earnings for the current quarter, as compared to the first quarter of 2003, were positively impacted by lowered provisions for loan losses and by higher gains on sales of investment securities, and adversely impacted by lower gains from the sales of mortgage loans held for resale. Operating expenses were essentially unchanged from the same quarter of 2003.
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)
3/31/04 12/31/03 3/31/03
ASSETS
Cash & Due From Banks $ 3,777 $ 4,820 $ 3,423
Federal Funds Sold 14,425 25,193 14,120
Securities 39,516 38,624 41,237
Loans 161,201 161,112 160,189
Allowance For Loan Losses (2,384) (2,379) (2,570)
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Net Loans 158,817 158,733 157,619
Other Assets 10,430 10,888 13,816
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Total Assets $ 226,965 $ 238,258 $ 230,215
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LIABILITIES & SHAREHOLDERS' EQUITY
Deposits
Non-interest Bearing $ 21,582 $ 24,581 $ 19,713
Savings, Money Market & NOW 39,976 41,391 51,708
Certificates of Deposit 119,698 124,668 120,175
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Total Deposits 181,256 190,640 191,596
Repurchase Agreements 7,563 8,874 4,608
Other Borrowed Funds 16,953 17,512 14,157
Other Liabilities 794 1,120 922
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Total Liabilities 206,566 218,146 211,283
Shareholders' Equity 20,399 20,112 18,932
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Total Liabilities & Shareholders' Equity $ 226,965 $ 238,258 $ 230,215
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CONSOLIDATED INCOME STATEMENTS (unaudited)
(in thousands, except per share data)
THREE MONTHS ENDED
3/31/04 3/31/03
Interest Income $ 2,662 $ 2,989
Interest Expense 1,214 1,498
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Net Interest Income 1,448 1,491
Loan Loss Provision 25 145
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Net Interest Income After Provision 1,423 1,346
Other Income 509 460
Other Expenses 1,643 1,679
Provision for Federal Income Tax 88 4
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Net Income (loss) $ 201 $ 123
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Earnings Per Share
Basic $ .13 $ .08
Diluted .13 .08