First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
|
| | | | | | | |
| | December 31,
2014 | | December 31,
2013 |
| (in thousands, except share amounts) | (unaudited) | | |
| ASSETS | | | |
| Cash and Due from Banks | $ | 18,447 |
| | $ | 10,742 |
|
| Interest Bearing Deposits in Banks | 29,582 |
| | 10,126 |
|
| Cash and Cash Equivalents | 48,029 |
| | 20,868 |
|
| Securities Available-for-Sale | 95,571 |
| | 172,830 |
|
| Securities Held-to-Maturity, at amortized cost (fair value - $128,058 at December 31, 2014 and $132,104 at December 31, 2013) | 124,485 |
| | 132,568 |
|
| Loans Held-for-Sale | 72,242 |
| | 220 |
|
| Loans | 663,622 |
| | 583,097 |
|
| Less: Allowance for Loan and Lease Losses | 8,550 |
| | 10,500 |
|
| Net Loans | 655,072 |
| | 572,597 |
|
| Premises and Equipment, net | 28,347 |
| | 27,888 |
|
| Bank Owned Life Insurance | 29,204 |
| | 28,346 |
|
| Intangible Assets | 134 |
| | 330 |
|
| Other Real Estate Owned | 4,511 |
| | 8,201 |
|
| Other Assets | 12,649 |
| | 13,726 |
|
| TOTAL ASSETS | $ | 1,070,244 |
| | $ | 977,574 |
|
| | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
| LIABILITIES | | | |
| Deposits | | | |
| Noninterest Bearing Demand | $ | 159,996 |
| | $ | 144,365 |
|
| Interest Bearing Demand | 111,021 |
| | 95,559 |
|
| Savings and Money Market Accounts | 258,694 |
| | 206,125 |
|
| Certificates of Deposit less than $100 thousand | 151,089 |
| | 182,408 |
|
| Certificates of Deposit of $100 thousand or more | 119,514 |
| | 153,750 |
|
| Brokered Deposits | 105,299 |
| | 75,062 |
|
| Total Deposits | 905,613 |
| | 857,269 |
|
| Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 12,750 |
| | 12,520 |
|
| Other Borrowings | 56,000 |
| | 20,000 |
|
| Other Liabilities | 5,901 |
| | 4,137 |
|
| Total Liabilities | 980,264 |
| | 893,926 |
|
| SHAREHOLDERS’ EQUITY | | | |
| Common Stock – $.01 par value – 150,000,000 shares authorized; 66,826,134 shares issued as of December 31, 2014 and 66,602,601 shares issued as of December 31, 2013 | 766 |
| | 764 |
|
| Paid-In Surplus | 197,614 |
| | 196,536 |
|
| Accumulated Deficit | (101,625 | ) | | (104,042 | ) |
| Accumulated Other Comprehensive Loss | (6,775 | ) | | (9,610 | ) |
| Total Shareholders’ Equity | 89,980 |
| | 83,648 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,070,244 |
| | $ | 977,574 |
|
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| (in thousands, except per share data) | 2014 | | 2013 | | 2014 | | 2013 |
| INTEREST INCOME | | | | | | | |
| Loans, including fees | $ | 8,104 |
| | $ | 6,562 |
| | $ | 31,464 |
| | $ | 26,099 |
|
| Investment Securities – taxable | 886 |
| | 1,224 |
| | 3,769 |
| | 4,366 |
|
| Investment Securities – non-taxable | 81 |
| | 323 |
| | 605 |
| | 1,071 |
|
| Other | 1 |
| | 40 |
| | 53 |
| | 378 |
|
| Total Interest Income | 9,072 |
| | 8,149 |
| | 35,891 |
| | 31,914 |
|
| INTEREST EXPENSE | | | | | | | |
| Interest Bearing Demand Deposits | 45 |
| | 46 |
| | 182 |
| | 259 |
|
| Savings Deposits and Money Market Accounts | 209 |
| | 142 |
| | 676 |
| | 770 |
|
| Certificates of Deposit of less than $100 thousand | 243 |
| | 387 |
| | 1,067 |
| | 1,938 |
|
| Certificates of Deposit of $100 thousand or more | 245 |
| | 395 |
| | 1,038 |
| | 1,953 |
|
| Brokered Deposits | 361 |
| | 682 |
| | 1,937 |
| | 3,554 |
|
| Other | 25 |
| | 19 |
| | 90 |
| | 70 |
|
| Total Interest Expense | 1,128 |
| | 1,671 |
| | 4,990 |
| | 8,544 |
|
| NET INTEREST INCOME | 7,944 |
| | 6,478 |
| | 30,901 |
| | 23,370 |
|
| Credit for Loan and Lease Losses | (221 | ) | | (955 | ) | | (1,452 | ) | | (2,735 | ) |
| NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 8,165 |
| | 7,433 |
| | 32,353 |
| | 26,105 |
|
| NONINTEREST INCOME | | | | | | | |
| Service Charges on Deposit Accounts | 793 |
| | 800 |
| | 3,081 |
| | 3,097 |
|
| Mortgage Banking Income | 357 |
| | 208 |
| | 1,278 |
| | 1,135 |
|
| Gain on Sales of Securities Available-for-Sale | — |
| | 168 |
| | 628 |
| | 322 |
|
| Gain on Sales of Loans | 886 |
| | — |
| | 1,612 |
| | — |
|
| Other | 1,752 |
| | 1,012 |
| | 5,659 |
| | 4,129 |
|
| Total Noninterest Income | 3,788 |
| | 2,188 |
| | 12,258 |
| | 8,683 |
|
| NONINTEREST EXPENSES | | | | | | | |
| Salaries and Employee Benefits | 5,576 |
| | 5,503 |
| | 21,228 |
| | 22,584 |
|
| Expense on Premises and Fixed Assets, net of rental income | 1,312 |
| | 1,341 |
| | 5,364 |
| | 5,644 |
|
| Other | 4,012 |
| | 3,306 |
| | 15,076 |
| | 19,532 |
|
| Total Noninterest Expenses | 10,900 |
| | 10,150 |
| | 41,668 |
| | 47,760 |
|
| INCOME (LOSS) BEFORE INCOME TAX PROVISION | 1,053 |
| | (529 | ) | | 2,943 |
| | (12,972 | ) |
| Income Tax Provision | 131 |
| | 119 |
| | 526 |
| | 477 |
|
| NET INCOME (LOSS) | 922 |
| | (648 | ) | | 2,417 |
| | (13,449 | ) |
| Preferred Stock Dividends | — |
| | — |
| | — |
| | (929 | ) |
| Accretion on Preferred Stock Discount | — |
| | — |
| | — |
| | (452 | ) |
| Effect of Exchange of Preferred Stock to Common Stock | — |
| | — |
| | — |
| | 26,179 |
|
| NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | 922 |
| | $ | (648 | ) | | $ | 2,417 |
| | $ | 11,349 |
|
| NET INCOME (LOSS) PER SHARE: | | | | | | | |
| Net Income (Loss) Per Share – Basic | $ | 0.01 |
| | $ | (0.01 | ) | | $ | 0.04 |
| | $ | 0.24 |
|
| Net Income (Loss) Per Share – Diluted | $ | 0.01 |
| | $ | (0.01 | ) | | $ | 0.04 |
| | $ | 0.24 |
|
| Dividends Declared Per Common Share | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
