First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
|
| | | | | | | | | | | |
| | June 30,
2015 | | December 31,
2014 | | June 30,
2014 |
| (in thousands, except share amounts) | (unaudited) | | | | (unaudited) |
| ASSETS | | | | | |
| Cash and Due from Banks | $ | 17,810 |
| | $ | 18,447 |
| | $ | 8,880 |
|
| Interest Bearing Deposits in Banks | 5,954 |
| | 29,582 |
| | 16,498 |
|
| Cash and Cash Equivalents | 23,764 |
| | 48,029 |
| | 25,378 |
|
| Securities Available-for-Sale | 90,610 |
| | 95,571 |
| | 102,429 |
|
| Securities Held-to-Maturity, at amortized cost (fair value - $118,739 at June 30, 2015, $128,058 at December 31, 2014 and $133,077 at June 30, 2014) | 115,704 |
| | 124,485 |
| | 130,709 |
|
| Loans Held-for-Sale | 36,107 |
| | 72,242 |
| | 28,547 |
|
| Loans | 764,411 |
| | 663,622 |
| | 659,539 |
|
| Less: Allowance for Loan and Lease Losses | 9,600 |
| | 8,550 |
| | 9,400 |
|
| Net Loans | 754,811 |
| | 655,072 |
| | 650,139 |
|
| Premises and Equipment, net | 29,567 |
| | 28,347 |
| | 26,510 |
|
| Bank Owned Life Insurance | 29,543 |
| | 29,204 |
| | 28,835 |
|
| Other Real Estate Owned | 4,441 |
| | 4,511 |
| | 7,717 |
|
| Other Assets | 14,362 |
| | 12,783 |
| | 12,421 |
|
| TOTAL ASSETS | $ | 1,098,909 |
| | $ | 1,070,244 |
| | $ | 1,012,685 |
|
| | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
| LIABILITIES | | | | | |
| Deposits | | | | | |
| Noninterest Bearing Demand | $ | 169,462 |
| | $ | 159,996 |
| | $ | 149,588 |
|
| Interest Bearing Demand | 112,123 |
| | 111,021 |
| | 102,106 |
|
| Savings and Money Market Accounts | 268,901 |
| | 258,694 |
| | 233,502 |
|
| Certificates of Deposit less than $250 thousand | 241,916 |
| | 248,140 |
| | 269,798 |
|
| Certificates of Deposit of $250 thousand or more | 21,580 |
| | 22,463 |
| | 25,679 |
|
| Brokered Deposits | 107,704 |
| | 105,299 |
| | 87,036 |
|
| Total Deposits | 921,686 |
| | 905,613 |
| | 867,709 |
|
| Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 14,034 |
| | 12,750 |
| | 15,911 |
|
| Other Borrowings | 65,100 |
| | 56,000 |
| | 38,075 |
|
| Other Liabilities | 7,467 |
| | 5,901 |
| | 4,424 |
|
| Total Liabilities | 1,008,287 |
| | 980,264 |
| | 926,119 |
|
| SHAREHOLDERS’ EQUITY | | | | | |
| Common Stock – $.01 par value – 150,000,000 shares authorized; 66,811,909 shares issued as of June 30, 2015, 66,826,134 shares issued as of December 31, 2014 and 66,632,601 shares issued as of June 30, 2014 | 766 |
| | 766 |
| | 764 |
|
| Paid-In Surplus | 198,210 |
| | 197,614 |
| | 197,197 |
|
| Accumulated Deficit | (101,882 | ) | | (101,625 | ) | | (103,474 | ) |
| Accumulated Other Comprehensive Loss | (6,472 | ) | | (6,775 | ) | | (7,921 | ) |
| Total Shareholders’ Equity | 90,622 |
| | 89,980 |
| | 86,566 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,098,909 |
| | $ | 1,070,244 |
| | $ | 1,012,685 |
|
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30 | | June 30 |
| (in thousands, except per share data) | 2015 | | 2014 | | 2015 | | 2014 |
| INTEREST INCOME | | | | | | | |
| Loans, including fees | $ | 8,571 |
| | $ | 7,672 |
| | $ | 17,027 |
| | $ | 14,615 |
|
| Investment Securities – taxable | 818 |
| | 936 |
| | 1,659 |
| | 1,996 |
|
| Investment Securities – non-taxable | 73 |
| | 198 |
| | 151 |
| | 438 |
|
| Other | 36 |
| | 37 |
| | 54 |
| | 50 |
|
| Total Interest Income | 9,498 |
| | 8,843 |
| | 18,891 |
| | 17,099 |
|
| INTEREST EXPENSE | | | | | | | |
| Interest Bearing Demand Deposits | 47 |
| | 48 |
| | 94 |
| | 95 |
|
| Savings Deposits and Money Market Accounts | 207 |
| | 144 |
| | 410 |
| | 274 |
|
| Certificates of Deposit | 490 |
| | 505 |
| | 964 |
| | 1,118 |
|
| Brokered Deposits | 307 |
| | 531 |
| | 617 |
| | 1,097 |
|
| Other | 189 |
| | 70 |
| | 216 |
| | 45 |
|
| Total Interest Expense | 1,240 |
| | 1,298 |
| | 2,301 |
| | 2,629 |
|
| NET INTEREST INCOME | 8,258 |
| | 7,545 |
| | 16,590 |
| | 14,470 |
|
| Provision (Credit) for Loan and Lease Losses | 643 |
| | (270 | ) | | 1,350 |
| | (1,242 | ) |
| NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 7,615 |
| | 7,815 |
| | 15,240 |
| | 15,712 |
|
| NONINTEREST INCOME | | | | | | | |
| Service Charges on Deposit Accounts | 728 |
| | 769 |
| | 1,402 |
| | 1,510 |
|
| Mortgage Banking Income | 241 |
| | 279 |
| | 453 |
| | 459 |
|
| Gain on Sales of Securities Available-for-Sale | — |
| | 247 |
| | 8 |
| | 618 |
|
| Gain on Sales of Loans Transferred to Held-for-Sale | 183 |
| | 450 |
| | 1,243 |
| | 472 |
|
| Other | 729 |
| | 1,285 |
| | 3,256 |
| | 2,606 |
|
| Total Noninterest Income | 1,881 |
| | 3,030 |
| | 6,362 |
| | 5,665 |
|
| NONINTEREST EXPENSES | | | | | | | |
| Salaries and Employee Benefits | 5,319 |
| | 5,225 |
| | 10,739 |
| | 10,499 |
|
| Expense on Premises and Fixed Assets, net of rental income | 1,521 |
| | 1,296 |
| | 2,984 |
| | 2,673 |
|
| Other | 3,308 |
| | 3,580 |
| | 7,846 |
| | 7,374 |
|
| Total Noninterest Expenses | 10,148 |
| | 10,101 |
| | 21,569 |
| | 20,546 |
|
| INCOME (LOSS) BEFORE INCOME TAX PROVISION | (652 | ) | | 744 |
| | 33 |
| | 831 |
|
| Income Tax Provision | 145 |
| | 131 |
| | 290 |
| | 263 |
|
| NET (LOSS) INCOME | $ | (797 | ) | | $ | 613 |
| | $ | (257 | ) | | $ | 568 |
|
| | | | | | | | |
| NET (LOSS) INCOME PER SHARE: | | | | | | | |
| Net (Loss) Income Per Share – Basic | $ | (0.01 | ) | | $ | 0.01 |
| | $ | 0.00 |
| | $ | 0.01 |
|
| Net (Loss) Income Per Share – Diluted | $ | (0.01 | ) | | $ | 0.01 |
| | $ | 0.00 |
| | $ | 0.01 |
|
| Dividends Declared Per Common Share | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
