First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | | Year-to-Date |
| | 2014 | 2014 | 2014 | 2013 | 2013 | | September 30, 2014 | September 30, 2013 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Earnings: | | | | | | | | |
| Net interest income | $ | 8,487 |
| $ | 7,545 |
| $ | 6,925 |
| $ | 6,478 |
| $ | 6,165 |
| | $ | 22,957 |
| $ | 16,893 |
|
| Credit for loan and lease losses | $ | 11 |
| $ | (270 | ) | $ | (972 | ) | $ | (955 | ) | $ | (1,632 | ) | | $ | (1,231 | ) | $ | (1,780 | ) |
Non-interest income1 | $ | 2,805 |
| $ | 3,030 |
| $ | 2,635 |
| $ | 2,188 |
| $ | 2,292 |
| | $ | 8,470 |
| $ | 6,497 |
|
Non-interest expense1 | $ | 10,222 |
| $ | 10,101 |
| $ | 10,445 |
| $ | 10,150 |
| $ | 11,197 |
| | $ | 30,768 |
| $ | 37,614 |
|
| Income tax provision (benefit) | $ | 132 |
| $ | 131 |
| $ | 132 |
| $ | 119 |
| $ | 322 |
| | $ | 395 |
| $ | 358 |
|
| Dividends and accretion on preferred stock | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| | $ | — |
| $ | 1,381 |
|
| Effect of exchange on preferred stock to common stock | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| | $ | — |
| $ | 26,179 |
|
| Net income available (loss allocated) to common stockholders | $ | 927 |
| $ | 613 |
| $ | (45 | ) | $ | (648 | ) | $ | (1,430 | ) | | $ | 1,495 |
| $ | 11,996 |
|
| | | | | | | | | |
| Per Share Data: | | | | | | | | |
| Net income available (loss allocated) to common stockholders, basic | $ | 0.01 |
| $ | 0.01 |
| $ | 0.00 |
| $ | (0.01 | ) | $ | (0.02 | ) | | $ | 0.02 |
| $ | 0.30 |
|
| Net income available (loss allocated) to common stockholders, diluted | $ | 0.01 |
| $ | 0.01 |
| $ | 0.00 |
| $ | (0.01 | ) | $ | (0.02 | ) | | $ | 0.02 |
| $ | 0.30 |
|
| Book value per common share | $ | 1.32 |
| $ | 1.30 |
| $ | 1.27 |
| $ | 1.26 |
| $ | 1.25 |
| | $ | 1.32 |
| $ | 1.25 |
|
| | | | | | | | | |
| Performance Ratios: | | | | | | | | |
| Return on average assets | 0.36 | % | 0.24 | % | (0.02 | )% | (0.26 | )% | (0.56 | )% | | 0.20 | % | 1.52 | % |
| Return on average common equity | 4.23 | % | 2.86 | % | (0.21 | )% | (3.08 | )% | (7.21 | )% | | 2.32 | % | 29.77 | % |
| Efficiency ratio | 90.52 | % | 95.52 | % | 109.26 | % | 117.12 | % | 132.4 | % | | 97.90 | % | 160.81 | % |
| Non-interest income to net interest income and non-interest income | 24.84 | % | 28.65 | % | 27.56 | % | 25.25 | % | 27.1 | % | | 26.95 | % | 27.78 | % |
| | | | | | | | | |
| Capital: | | | | | | | | |
| Total equity to total assets | 8.56 | % | 8.55 | % | 8.63 | % | 8.56 | % | 8.24 | % | | 8.56 | % | 8.24 | % |
| | | | | | | | | |
| Liquidity, Yields and Rates: | | | | | | | | |
| Interest-bearing cash - average balance | $ | 8,436 |
| $ | 8,997 |
| $ | 13,653 |
| $ | 34,075 |
| $ | 68,964 |
| | $ | 10,343 |
| $ | 137,291 |
|
| Investment securities - average balance | 230,297 |
| 247,459 |
| 272,563 |
| 330,094 |
| 329,385 |
| | 249,952 |
| 291,698 |
|
| Loans - average balance | 702,271 |
| 673,175 |
| 604,298 |
| 550,749 |
| 529,406 |
| | 660,274 |
| 544,136 |
|
| Average Earning Assets | $ | 941,004 |
| $ | 929,631 |
| $ | 890,514 |
| $ | 914,918 |
| $ | 927,755 |
| | $ | 920,569 |
| $ | 973,125 |
|
Pure deposits2 - average balance | $ | 493,707 |
| $ | 455,407 |
| $ | 446,820 |
| $ | 452,495 |
| $ | 454,379 |
| | $ | 465,483 |
| $ | 428,826 |
|
Core deposits3 - average balance | 654,893 |
| 622,636 |
| 624,365 |
| 640,177 |
| 653,044 |
| | 634,076 |
| 646,062 |
|
Customer deposits4 - average balance | 783,996 |
| 757,704 |
| 773,336 |
| 801,827 |
| 829,926 |
| | 771,717 |
| 842,066 |
|
| Brokered deposits - average balance | 85,369 |
| 84,021 |
| 70,204 |
| 84,143 |
| 90,323 |
| | 79,920 |
| 125,299 |
|
|
| | | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | | Year-to-Date |
| | 2014 | 2014 | 2014 | 2013 | 2013 | | September 30, 2014 | September 30, 2013 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Total deposits - average balance | $ | 869,365 |
| $ | 841,725 |
| $ | 843,540 |
| $ | 885,970 |
| $ | 920,249 |
| | $ | 851,637 |
| $ | 967,365 |
|
| Total loans to total deposits | 75.85 | % | 76.01 | % | 71.85 | % | 68.02 | % | 58.76 | % | | 75.85 | % | 58.76 | % |
| Yield on earning assets | 4.14 | % | 3.86 | % | 3.85 | % | 3.53 | % | 3.57 | % | | 3.96 | % | 3.32 | % |
| Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.37 | % | 0.37 | % | 0.41 | % | 0.48 | % | 0.56 | % | | 0.38 | % | 0.63 | % |
| Cost of deposits | 0.55 | % | 0.59 | % | 0.65 | % | 0.74 | % | 0.84 | % | | 0.60 | % | 0.94 | % |
| Rate on interest-bearing funding | 0.66 | % | 0.68 | % | 0.78 | % | 0.73 | % | 1.01 | % | | 0.70 | % | 1.09 | % |
| Net interest margin, taxable equivalent | 3.60 | % | 3.30 | % | 3.21 | % | 2.89 | % | 2.71 | % | | 3.38 | % | 2.38 | % |
| | | | | | | | | |
| Non-Interest Income: | | | | | | | | |
| Service Charges on Deposits | $ | 778 |
| $ | 769 |
| $ | 741 |
| $ | 800 |
| $ | 798 |
| | $ | 2,288 |
| $ | 2,298 |
|
| POS Fees | 436 |
| 439 |
| 401 |
| 420 |
| 401 |
| | 1,276 |
| 1,171 |
|
| BOLI | 234 |
| 235 |
| 351 |
| 239 |
| 238 |
| | 820 |
| 723 |
|
| Mortgage Banking Income | 462 |
| 279 |
| 180 |
| 208 |
| 420 |
| | 921 |
| 927 |
|
| Trust | 233 |
| 235 |
| 200 |
| 188 |
| 193 |
| | 668 |
| 527 |
|
| Other | 398 |
| 376 |
| 369 |
| 165 |
| 242 |
| | 1,143 |
| 697 |
|
| Net Gains on Sales of Loans | 254 |
| 450 |
| 22 |
| — |
| — |
| | 726 |
| — |
|
| Net Gains on AFS sales | 10 |
| 247 |
| 371 |
| 168 |
| — |
| | 628 |
| 154 |
|
| Total Non-Interest Income | $ | 2,805 |
| $ | 3,030 |
| $ | 2,635 |
| $ | 2,188 |
| $ | 2,292 |
| | $ | 8,470 |
| $ | 6,497 |
|
| | | | | | | | | |
| Non-Interest Expense: | | | | | | | | |
| Salaries and Benefits | $ | 5,153 |
| $ | 5,225 |
| $ | 5,274 |
| $ | 5,503 |
| $ | 5,807 |
| | $ | 15,652 |
| $ | 17,081 |
|
| Occupancy | 814 |
| 776 |
| 820 |
| 799 |
| 891 |
| | 2,410 |
| 2,502 |
|
| Furniture and Fixtures | 565 |
| 520 |
| 557 |
| 544 |
| 656 |
| | 1,642 |
| 1,799 |
|
| Professional Fees | 658 |
| 690 |
| 599 |
| 417 |
| 533 |
| | 1,947 |
| 1,840 |
|
| FDIC insurance assessments | 336 |
| 336 |
| 311 |
| 150 |
| 150 |
| | 983 |
| 2,150 |
|
| Write-downs on OREO and repossessions | 289 |
| 76 |
| 309 |
| 375 |
| 374 |
| | 674 |
| 1,997 |
|
| Losses (Gains) on OREO, repossessions and fixed assets, net | (113 | ) | (15 | ) | 10 |
| 57 |
| (116 | ) | | (118 | ) | (417 | ) |
| Non-performing asset expenses, net | 204 |
| 184 |
| 221 |
| 450 |
| 488 |
| | 609 |
| 3,506 |
|
| Data processing | 577 |
| 506 |
| 588 |
| 517 |
| 628 |
| | 1,671 |
| 1,697 |
|
| Communications | 129 |
| 147 |
| 150 |
| 172 |
| 141 |
| | 426 |
| 411 |
|
| Debit card fees | 244 |
| 232 |
| 258 |
| 181 |
| 207 |
| | 734 |
| 625 |
|
| Intangible asset amortization | 49 |
| 49 |
| 48 |
| 57 |
| 67 |
| | 146 |
| 213 |
|
| Printing and supplies | 144 |
| 150 |
| 207 |
| 121 |
| 213 |
| | 501 |
| 528 |
|
| Advertising | 140 |
| 135 |
| 134 |
| 65 |
| 89 |
| | 409 |
| 246 |
|
| Insurance | 295 |
| 303 |
| 325 |
| 251 |
| 523 |
| | 923 |
| 1,873 |
|
| Other | 738 |
| 787 |
| 634 |
| 491 |
| 546 |
| | 2,159 |
| 1,562 |
|
| Total Non-Interest Expense | $ | 10,222 |
| $ | 10,101 |
| $ | 10,445 |
| $ | 10,150 |
| $ | 11,197 |
| | $ | 30,768 |
| $ | 37,613 |
|
| | | | | | | | | |
| Asset Quality: | | | | | | | | |
| Net charge-offs (recoveries) | $ | 664 |
| $ | (470 | ) | $ | 228 |
| $ | (754 | ) | $ | (32 | ) | | $ | 422 |
| $ | 1,320 |
|
| Net loan charge-offs (recoveries) to average loans, annualized | 0.19 | % | (0.14 | )% | 0.15 | % | (0.55 | )% | (0.02 | )% | | 0.09 | % | 0.32 | % |
|
| | | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | | Year-to-Date |
| | 2014 | 2014 | 2014 | 2013 | 2013 | | September 30, 2014 | September 30, 2013 |
| | (in thousands, except per share amounts and full-time equivalent employees) |
| Non-accrual loans | $ | 4,000 |
| $ | 4,891 |
| $ | 6,027 |
| $ | 7,203 |
| $ | 6,803 |
| | $ | 4,000 |
| $ | 6,803 |
|
| Other real estate owned and repossessed assets, net | $ | 5,960 |
| $ | 7,725 |
| $ | 7,075 |
| $ | 8,213 |
| $ | 8,678 |
| | $ | 5,960 |
| $ | 8,678 |
|
| Loans 90 days past due | $ | 1,951 |
| $ | 1,083 |
| $ | 854 |
| $ | 928 |
| $ | 509 |
| | $ | 1,951 |
| $ | 509 |
|
| Non-performing assets (NPA) | $ | 11,911 |
| $ | 13,699 |
| $ | 13,956 |
| $ | 16,344 |
| $ | 15,990 |
| | $ | 11,911 |
| $ | 15,990 |
|
| NPA to total assets | 1.16 | % | 1.35 | % | 1.42 | % | 1.67 | % | 1.58 | % | | 1.16 | % | 1.58 | % |
| Non-performing loans (NPL) | $ | 5,951 |
| $ | 5,974 |
| $ | 6,881 |
| $ | 8,131 |
| $ | 7,312 |
| | $ | 5,951 |
| $ | 7,312 |
|
| NPL to total loans | 0.89 | % | 0.91 | % | 1.14 | % | 1.39 | % | 1.37 | % | | 0.89 | % | 1.37 | % |
| Allowance for loan and lease losses to total loans | 1.29 | % | 1.43 | % | 1.52 | % | 1.80 | % | 2.00 | % | | 1.29 | % | 2.00 | % |
| Allowance for loan and lease losses to NPL | 144.51 | % | 157.35 | % | 133.70 | % | 129.14 | % | 146.33 | % | | 144.51 | % | 146.33 | % |
| | | | | | | | | |
| Period End Balances: | | | | | | | | |
| Loans, excluding HFS | $ | 666,728 |
| $ | 659,539 |
| $ | 604,859 |
| $ | 583,097 |
| $ | 534,627 |
| | $ | 666,728 |
| $ | 534,627 |
|
| Allowance for loan and lease losses | $ | 8,600 |
| $ | 9,400 |
| $ | 9,200 |
| $ | 10,500 |
| $ | 10,700 |
| | $ | 8,600 |
| $ | 10,700 |
|
| Intangible assets | $ | 184 |
| $ | 233 |
| $ | 282 |
| $ | 330 |
| $ | 388 |
| | $ | 184 |
| $ | 388 |
|
| Assets | $ | 1,027,882 |
| $ | 1,012,685 |
| $ | 980,505 |
| $ | 977,574 |
| $ | 1,011,855 |
| | $ | 1,027,882 |
| $ | 1,011,855 |
|
| Total deposits | $ | 879,029 |
| $ | 867,709 |
| $ | 841,832 |
| $ | 857,268 |
| $ | 909,848 |
| | $ | 879,029 |
| $ | 909,848 |
|
| Common stockholders' equity | $ | 87,963 |
| $ | 86,566 |
| $ | 84,654 |
| $ | 83,649 |
| $ | 83,388 |
| | $ | 87,963 |
| $ | 83,388 |
|
| Total stockholders' equity | $ | 87,963 |
| $ | 86,566 |
| $ | 84,654 |
| $ | 83,649 |
| $ | 83,388 |
| | $ | 87,963 |
| $ | 83,388 |
|
| Common stock market capitalization | $ | 132,315 |
| $ | 144,594 |
| $ | 138,601 |
| $ | 153,187 |
| $ | 138,534 |
| | $ | 132,315 |
| $ | 138,534 |
|
| Full-time equivalent employees | 264 |
| 264 |
| 275 |
| 285 |
| 313 |
| | 264 |
| 313 |
|
| Common shares outstanding | 66,826 |
| 66,633 |
| 66,635 |
| 66,603 |
| 66,603 |
| | 66,826 |
| 66,603 |
|
| | | | | | | | | |
| Average Balances: | | | | | | | | |
| Loans, including HFS | $ | 702,271 |
| $ | 673,175 |
| $ | 604,298 |
| $ | 550,749 |
| $ | 529,406 |
| | $ | 660,274 |
| $ | 544,136 |
|
| Intangible assets | $ | 217 |
| $ | 265 |
| $ | 313 |
| $ | 363 |
| $ | 405 |
| | $ | 264 |
| $ | 501 |
|
| Earning assets | $ | 941,004 |
| $ | 929,631 |
| $ | 890,514 |
| $ | 914,918 |
| $ | 927,755 |
| | $ | 920,569 |
| $ | 973,125 |
|
| Assets | $ | 1,017,631 |
| $ | 1,006,143 |
| $ | 967,624 |
| $ | 993,447 |
| $ | 1,016,919 |
| | $ | 997,316 |
| $ | 1,055,611 |
|
| Deposits | $ | 869,365 |
| $ | 841,725 |
| $ | 843,540 |
| $ | 885,970 |
| $ | 920,249 |
| | $ | 851,637 |
| $ | 967,365 |
|
| Common stockholders' equity | $ | 87,656 |
| $ | 85,613 |
| $ | 84,340 |
| $ | 84,125 |
| $ | 79,382 |
| | $ | 85,882 |
| $ | 53,720 |
|
| Total stockholders' equity | $ | 87,656 |
| $ | 85,613 |
| $ | 84,340 |
| $ | 84,125 |
| $ | 79,382 |
| | $ | 85,882 |
| $ | 65,659 |
|
| Common shares outstanding, basic - wtd | 65,869 |
| 65,731 |
| 65,726 |
| 66,603 |
| 62,600 |
| | 65,776 |
| 40,020 |
|
| Common shares outstanding, diluted - wtd | 65,874 |
| 65,737 |
| 65,726 |
| 66,603 |
| 62,600 |
| | 65,779 |
| 40,020 |
|
| | | | | | | | | |
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 Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | | Year-to-Date |
| | 2014 | 2014 | 2014 | 2013 | 2013 | | September 30, 2014 | September 30, 2013 |
| | (in thousands, except per share data) |
| | | | | | | | | |
| Total stockholders' equity | $ | 87,963 |
| $ | 86,566 |
| $ | 84,654 |
| $ | 83,649 |
| $ | 83,388 |
| | $ | 87,963 |
| $ | 83,388 |
|
| Effect of preferred stock | — |
| — |
| — |
| — |
| — |
| | — |
| — |
|
| Common stockholders' equity | $ | 87,963 |
| $ | 86,566 |
| $ | 84,654 |
| $ | 83,649 |
| $ | 83,388 |
| | $ | 87,963 |
| $ | 83,388 |
|
| | | | | | | | | |
| Average total stockholders' equity | $ | 87,657 |
| $ | 85,613 |
| $ | 84,340 |
| $ | 84,125 |
| $ | 79,382 |
| | $ | 85,882 |
| $ | 65,659 |
|
| Effect of average preferred stock | — |
| — |
| — |
| — |
| — |
| | — |
| (11,939 | ) |
| Average common stockholders' equity | $ | 87,657 |
| $ | 85,613 |
| $ | 84,340 |
| $ | 84,125 |
| $ | 79,382 |
| | $ | 85,882 |
| $ | 53,720 |
|
