First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date |
| | 2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Earnings: | | | | | | | |
| Net interest income | $ | 6,165 |
| $ | 5,486 |
| $ | 5,241 |
| $ | 5,191 |
| $ | 5,849 |
| $ | 16,893 |
| $ | 18,389 |
|
| (Credit) Provision for loan and lease losses | $ | (1,632 | ) | $ | (826 | ) | $ | 678 |
| $ | 10,374 |
| $ | 4,543 |
| $ | (1,780 | ) | $ | 10,492 |
|
| Non-interest income | $ | 2,514 |
| $ | 2,521 |
| $ | 2,220 |
| $ | 2,306 |
| $ | 2,694 |
| $ | 7,255 |
| $ | 6,989 |
|
| Non-interest expense | $ | 11,419 |
| $ | 12,909 |
| $ | 14,042 |
| $ | 11,528 |
| $ | 12,781 |
| $ | 38,372 |
| $ | 37,280 |
|
| Dividends and accretion on preferred stock | $ | — |
| $ | 858 |
| $ | 524 |
| $ | 522 |
| $ | 521 |
| $ | 1,381 |
| $ | 1,556 |
|
| Effect of exchange on preferred stock to common stock | $ | — |
| $ | 26,179 |
| $ | — |
| $ | — |
| $ | — |
| $ | 26,179 |
| $ | — |
|
| Net (loss allocated) income available to common stockholders | $ | (1,430 | ) | $ | 21,328 |
| $ | (7,902 | ) | $ | (16,100 | ) | $ | (9,410 | ) | $ | 11,996 |
| $ | (23,548 | ) |
| | | | | | | | |
| Per Share Data: | | | | | | | |
| Net (loss allocated) income available to common stockholders, basic | $ | (0.02 | ) | $ | 0.39 |
| $ | (4.90 | ) | $ | (9.90 | ) | $ | (5.79 | ) | $ | 0.30 |
| $ | (14.54 | ) |
| Net (loss allocated) income available to common stockholders, diluted | $ | (0.02 | ) | $ | 0.39 |
| $ | (4.90 | ) | $ | (9.90 | ) | $ | (5.79 | ) | $ | 0.30 |
| $ | (14.54 | ) |
| Book value per common share | $ | 1.25 |
| $ | 1.39 |
| $ | (6.58 | ) | $ | (1.94 | ) | $ | 6.93 |
| $ | 1.25 |
| $ | 6.93 |
|
| | | | | | | | |
| Performance Ratios: | | | | | | | |
| Return on average assets | (0.56 | )% | 7.97 | % | (3.02 | )% | (5.91 | )% | (3.37 | )% | 1.52 | % | (2.81 | )% |
| Return on average common equity | (7.21 | )% | 95.78 | % | NM |
| NM |
| (189.98 | )% | 29.77 | % | (113.56 | )% |
| Efficiency ratio | 131.57 | % | 161.22 | % | 188.21 | % | 153.77 | % | 149.61 | % | 158.90 | % | 146.90 | % |
| Non-interest income to net interest income and non-interest income | 28.97 | % | 31.48 | % | 29.75 | % | 30.76 | % | 31.53 | % | 30.04 | % | 27.54 | % |
| | | | | | | | |
| Capital: | | | | | | | |
| Total equity to total assets | 8.24 | % | 8.12 | % | 2.02 | % | 2.74 | % | 4.00 | % | 8.24 | % | 4.00 | % |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date |
| | 2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Liquidity, Yields and Rates: | | | | | | | |
| Interest-bearing cash - average balance | 68,964 |
| 122,499 |
| 156,117 |
| 179,116 |
| 187,248 |
| 137,291 |
| 201,663 |
|
| Investment securities - average balance | 329,385 |
| 322,747 |
| 253,265 |
| 252,356 |
| 254,362 |
| 291,698 |
| 233,670 |
|
| Loans - average balance | 529,406 |
| 547,499 |
| 554,204 |
| 574,768 |
| 593,164 |
| 544,136 |
| 595,278 |
|
| Average Earning Assets | 927,755 |
| 992,745 |
| 963,586 |
| 1,006,240 |
| 1,034,774 |
| 973,125 |
| 1,030,611 |
|
Pure deposits1 - average balance | 454,379 |
| 431,988 |
| 414,244 |
| 408,804 |
| 409,810 |
| 428,826 |
| 394,101 |
|
Core deposits2 - average balance | 653,044 |
| 648,373 |
| 639,558 |
| 640,328 |
| 642,426 |
| 646,062 |
| 625,791 |
|
Customer deposits3 - average balance | 829,926 |
| 847,007 |
| 839,307 |
| 845,346 |
| 843,317 |
| 842,066 |
| 823,595 |
|
| Brokered deposits - average balance | 90,323 |
| 111,801 |
| 153,741 |
| 178,876 |
| 193,245 |
| 125,299 |
| 205,028 |
|
| Total deposits - average balance | 920,249 |
| 958,808 |
| 993,048 |
| 1,024,222 |
| 1,036,562 |
| 967,365 |
| 1,028,623 |
|
| Total loans to total deposits | 58.76 | % | 56.59 | % | 54.53 | % | 53.68 | % | 54.91 | % | 58.76 | % | 54.91 | % |
| Yield on earning assets | 3.57 | % | 3.20 | % | 3.33 | % | 3.63 | % | 3.50 | % | 3.32 | % | 3.72 | % |
| Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.57 | % | 0.64 | % | 0.68 | % | 0.70 | % | 0.75 | % | 0.63 | % | 0.81 | % |
| Cost of deposits | 0.86 | % | 0.96 | % | 1.04 | % | 1.09 | % | 1.15 | % | 0.94 | % | 1.24 | % |
| Rate on interest-bearing funding | 1.01 | % | 1.11 | % | 1.20 | % | 1.30 | % | 1.40 | % | 1.09 | % | 1.49 | % |
| Net interest margin, taxable equivalent | 2.71 | % | 2.27 | % | 2.25 | % | 2.49 | % | 2.30 | % | 2.38 | % | 2.44 | % |
| | | | | | | | |
| Asset Quality: | | | | | | | |
| Net (recoveries) charge-offs | $ | (32 | ) | $ | 374 |
| $ | 978 |
| $ | 14,064 |
| $ | 6,653 |
| $ | 1,320 |
| $ | 12,602 |
|
| Net loan (recoveries) charged-offs to average loans, annualized | (0.02 | )% | 0.27 | % | 0.71 | % | 9.79 | % | 4.49 | % | 0.32 | % | 2.83 | % |
| Non-accrual loans | $ | 6,803 |
| $ | 8,628 |
| $ | 10,194 |
| $ | 25,071 |
| $ | 32,254 |
| $ | 6,803 |
| $ | 32,254 |
|
| Other real estate owned and repossessed assets, net | $ | 8,678 |
| $ | 10,549 |
| $ | 12,722 |
| $ | 13,449 |
| $ | 15,854 |
| $ | 8,678 |
| $ | 15,854 |
|
| Loans 90 days past due | $ | 509 |
| $ | 332 |
| $ | 1,270 |
| $ | 1,656 |
| $ | 2,572 |
| $ | 509 |
| $ | 2,572 |
|
| Non-performing assets (NPA) | $ | 15,990 |
| $ | 19,509 |
| $ | 24,186 |
| $ | 40,176 |
| $ | 50,680 |
| $ | 15,990 |
| $ | 50,680 |
|
| NPA to total assets | 1.58 | % | 1.83 | % | 2.32 | % | 3.78 | % | 4.54 | % | 1.58 | % | 4.54 | % |
| Non-performing loans (NPL) | $ | 7,312 |
| $ | 8,960 |
| $ | 11,464 |
| $ | 26,727 |
| $ | 34,826 |
| $ | 7,312 |
| $ | 34,826 |
|
| NPL to total loans | 1.37 | % | 1.65 | % | 2.12 | % | 4.94 | % | 6.07 | % | 1.37 | % | 6.07 | % |
| Allowance for loan and lease losses to total loans | 2.00 | % | 2.27 | % | 2.50 | % | 2.55 | % | 3.05 | % | 2.00 | % | 3.05 | % |
| Allowance for loan and lease losses to NPL | 146.33 | % | 137.28 | % | 117.76 | % | 51.63 | % | 50.22 | % | 146.33 | % | 50.22 | % |
| | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date |
| | 2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Period End Balances: | | | | | | | |
| Loans | $ | 534,627 |
| $ | 542,019 |
| $ | 540,288 |
| $ | 541,130 |
| $ | 573,365 |
| $ | 534,627 |
| $ | 573,365 |
|
| Allowance for loan and lease losses | $ | 10,700 |
| $ | 12,300 |
| $ | 13,500 |
| $ | 13,800 |
| $ | 17,490 |
| $ | 10,700 |
| $ | 17,490 |
|
| Intangible assets | $ | 388 |
| $ | 455 |
| $ | 526 |
| $ | 600 |
| $ | 677 |
| $ | 388 |
| $ | 677 |
|
| Assets | $ | 1,011,855 |
| $ | 1,066,649 |
| $ | 1,040,753 |
| $ | 1,063,555 |
| $ | 1,117,470 |
| $ | 1,011,855 |
| $ | 1,117,470 |
|
| Total deposits | $ | 909,848 |
| $ | 957,811 |
| $ | 990,894 |
| $ | 1,008,066 |
| $ | 1,044,131 |
| $ | 909,848 |
| $ | 1,044,131 |
|
| Common stockholders' equity | $ | 83,388 |
| $ | 86,654 |
| $ | (11,666 | ) | $ | (3,439 | ) | $ | 12,283 |
| $ | 83,388 |
| $ | 12,283 |
|
| Total stockholders' equity | $ | 83,388 |
| $ | 86,654 |
| $ | 20,994 |
| $ | 29,110 |
| $ | 44,722 |
| $ | 83,388 |
| $ | 44,722 |
|
| Common stock market capitalization | $ | 138,534 |
| $ | 135,469 |
| $ | 4,678 |
| $ | 3,952 |
| $ | 3,987 |
| $ | 138,534 |
| $ | 3,987 |
|
| Full-time equivalent employees | 313 |
| 327 |
| 325 |
| 329 |
| 328 |
| 313 |
| 328 |
|
| Common shares outstanding | 66,603 |
| 62,428 |
| 1,772 |
| 1,772 |
| 1,772 |
| 66,603 |
| 1,772 |
|
| | | | | | | | |
| Average Balances: | | | | | | | |
| Loans | $ | 529,406 |
| $ | 547,499 |
| $ | 554,204 |
| $ | 574,768 |
| $ | 593,164 |
| $ | 544,136 |
| $ | 595,278 |
|
| Intangible assets | $ | 405 |
| $ | 476 |
| $ | 574 |
| $ | 649 |
| $ | 726 |
| $ | 501 |
| $ | 825 |
|
| Earning assets | $ | 927,755 |
| $ | 992,745 |
| $ | 963,586 |
| $ | 1,006,240 |
| $ | 1,034,774 |
| $ | 973,125 |
| $ | 1,030,611 |
|
| Assets | $ | 1,016,919 |
| $ | 1,070,895 |
| $ | 1,047,184 |
| $ | 1,089,841 |
| $ | 1,117,494 |
| $ | 1,055,611 |
| $ | 1,117,831 |
|
| Deposits | $ | 920,249 |
| $ | 958,808 |
| $ | 993,048 |
| $ | 1,024,222 |
| $ | 1,036,562 |
| $ | 967,365 |
| $ | 1,028,623 |
|
| Common stockholders' equity | $ | 79,382 |
| $ | 89,069 |
| $ | (5,402 | ) | $ | 10,108 |
| $ | 19,813 |
| $ | 53,720 |
| $ | 27,648 |
|
| Total stockholders' equity | $ | 79,382 |
| $ | 92,658 |
| $ | 27,184 |
| $ | 42,584 |
| $ | 52,181 |
| $ | 65,659 |
| $ | 59,910 |
|
| Common shares outstanding, basic - wtd | 62,600 |
| 55,174 |
| 1,613 |
| 1,626 |
| 1,626 |
| 40,020 |
| 1,619 |
|
| Common shares outstanding, diluted - wtd | 62,600 |
| 55,176 |
| 1,613 |
| 1,626 |
| 1,626 |
| 40,020 |
| 1,619 |
|
| | | | | | | | |
(1) Pure Deposits are all transaction-based accounts, including non-interest bearing DDA's, interest bearing DDA's, money market accounts and savings accounts. |
| | | | | | | | |
(2) Core deposits are Pure deposits plus customer certificates of deposits less than $100,000. |
| | | | | | | | |
(3) Customer deposits excluded brokered deposits. |
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | Year-to-Date | Year-to-date |
| | 2013 | 2013 | 2013 | 2012 | 2012 | Sept. 30, 2013 | Sept. 30, 2012 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| | | | | | | | |
| Total stockholders' equity | $ | 83,388 |
| $ | 86,654 |
| $ | 20,994 |
| $ | 29,110 |
| $ | 44,722 |
| $ | 83,388 |
| $ | 44,722 |
|
| Effect of preferred stock | — |
| — |
| (32,660 | ) | (32,549 | ) | (32,439 | ) | — |
| (32,439 | ) |
| Common stockholders' equity | $ | 83,388 |
| $ | 86,654 |
| $ | (11,666 | ) | $ | (3,439 | ) | $ | 12,283 |
| $ | 83,388 |
| $ | 12,283 |
|
| | | | | | | | |
| Average total stockholders' equity | $ | 79,382 |
| $ | 92,658 |
| $ | 27,184 |
| $ | 42,584 |
| $ | 52,181 |
| $ | 65,659 |
| $ | 59,910 |
|
| Effect of average preferred stock | — |
| (3,589 | ) | (32,586 | ) | (32,476 | ) | (32,368 | ) | (11,939 | ) | (32,262 | ) |
| Average common stockholders' equity | $ | 79,382 |
| $ | 89,069 |
| $ | (5,402 | ) | $ | 10,108 |
| $ | 19,813 |
| $ | 53,720 |
| $ | 27,648 |
|
