Strong Loan Growth Continues
First Security Group, Inc. (NASDAQ: FSGI) (“First Security” or
“FSG”) today reported net income for the second quarter of 2014 of
$613 thousand, or $0.01 per basic and diluted share, as compared to
a loss of $45 thousand in the first quarter of 2014, or $0.00 per
basic and diluted share. Loans increased by $54.7 million, or 9.0%
(36.2% annualized), since March 31, 2014 and $117.5 million, or
21.7%, since June 30, 2013.
“We are pleased to have achieved core profitability in the
second quarter. We believe that we have reached an inflection point
in our recovery and that barring any unforeseen events, First
Security is on a path to healthy profitability built on a strong,
and improving, balance sheet,” said Michael Kramer, First
Security’s President and Chief Executive Officer. “Our loan growth,
combined with improvements in our deposit mix and enhancements to
our non-interest income, are all on positive trajectories to
produce both sustainable and increasing profitability.”
The below discussion of First Security’s results of operations
and financial condition is supplemented by the accompanying
financial highlights.
Net Interest Income
For the second quarter of 2014, net interest income improved by
$620 thousand, or 9.0%, to $7.5 million compared to $6.9 million
for the first quarter of 2014. Interest income on loans, including
fees, increased by $656 thousand while total interest income
increased by only $514 thousand due to reduction in the investment
security portfolio. During the first and second quarters of 2014,
First Security sold approximately $64.5 million of lower yielding
investment securities to redeploy into loans. Total interest
expense improved by $106 thousand through reductions in the cost of
deposits partially offset by the increase in total deposits. For
the second quarter of 2014, the net interest margin improved by 9
basis points to 3.30% compared to 3.21% in the first quarter of
2014.
Loans
Loans totaled $659.5 million as of June 30, 2014, a $54.7
million increase, or 9.0% (36.2% annualized), from the March 31,
2014 total of $604.9 million, and a $76.4 million increase, or
13.1% (26.1% annualized), from the December 31, 2013 total of
$583.1 million. The main categories of loan growth during the first
six months of 2014 included: commercial real estate by $49.6
million, or 18.9%; construction and land development by $12.8
million, or 32.2%; and commercial loans by $10.6 million, or 19.2%.
The growth in commercial real estate is primarily reflective of
First Security’s Tri-Net Direct line of business, which provides
interim and long-term financing to professional developers and
private investors of commercial real estate on long-term leases to
tenants that are investment grade or have investment grade
attributes.
Deposits
During the second quarter, First Security continued to improve
its deposit mix to reduce the overall cost of deposits from 0.65%
for the first quarter of 2014 to 0.59% for the second quarter of
2014. Average pure deposits, defined as transaction accounts, for
the second quarter of 2014 accounted for 54.1% of average total
deposits as compared to 53.0% for the first quarter of 2014. As of
June 30, 2014, pure deposits totaled $485.2 million which is $29.8
million greater than the average balance during the second quarter
as solid growth was achieved late in the second quarter. Average
core deposits, defined as transaction accounts plus retail CDs,
remained steady at 74.0% of average total deposits during the
second quarter. Brokered deposits increased by a net $14.5 million
from March 31, 2014 to June 30, 2014 to $87.0 million. This
increase includes $17.7 million of customer deposits placed and
reciprocated through FSG's CDARS® and Insured Cash Sweep®
products.
Non-Interest Income
Non-interest income totaled $3.0 million for the second quarter
of 2014 compared to $2.6 million for the first quarter of 2014. FSG
reported $450 thousand in net gains on sales of loans during the
second quarter as compared to $22 thousand in the first quarter of
2014. This represents the aggregate gains from First Security’s SBA
lending department as well as gains from $12.5 million of the $33.6
million of commercial real estate loans that were transferred to
held-for-sale as of March 31, 2014. First Security expects to sell
the remaining $21.1 million during the third quarter of 2014.
Additionally, income from mortgage banking increased by $99
thousand to $279 thousand in the second quarter of 2014.
“Since the low water mark for loan balances on September 30,
2013, we have increased our loan portfolio by nearly $125 million
in the last nine months,” said John Haddock, First Security’s EVP
and Chief Financial Officer. “In addition to the loan growth, we
realized $450 thousand in gains from loan sales during the quarter.
Given the specialized nature of these loans, and our embedded
capacity, we believe these gains will prove to be recurring over
time.”
Non-Interest Expense
Non-interest expense decreased by $344 thousand to $10.1 million
for the second quarter of 2014 as compared to the first quarter of
2014. Total non-performing asset costs, including write-downs, net
gains or losses and associated expenses, declined by $295 thousand
in the second quarter of 2014. As of June 30, 2014, full-time
equivalent employees declined to 264 as compared to 275 as of March
31, 2014 and 327 as of June 30, 2013. Salary expense remained
consistent in the second quarter as compared to the first
quarter.
Asset Quality
First Security recorded a $270 thousand negative provision to
adjust the allowance for loan losses to First Security’s current
estimate of $9.4 million as of June 30, 2014. The ratio of the
allowance to total loans declined from 1.52% as of March 31, 2014
to 1.43% as of June 30, 2014. Total non-accrual loans declined by
$1.1 million, or 18.8%, to $4.9 million as of June 30, 2014
compared to March 31, 2014. NPAs to total assets as of June 30,
2014 improved to 1.35% compared to 1.42% as of March 31, 2014.
Capital
Stockholders’ equity as of June 30, 2014 totaled $86.6 million,
a $1.9 million increase from March 31, 2014. As of June 30, 2014,
book value per share increased to $1.30 per share compared to $1.27
per share as of March 31, 2014.
“The recent announcement of the $600 million Volkswagen
expansion in Chattanooga that includes an estimated 2,000 direct
and 3,600 indirect jobs as well as the South’s first automotive
research and development center speaks volumes to the economic
activity and growth potential within our east Tennessee markets,”
said CEO Kramer. “We believe that we are uniquely positioned to
build a successful community bank that provides solid returns to
its shareholders while serving the banking needs of its
communities.”
About First Security Group, Inc.
First Security Group, Inc. is a bank holding company
headquartered in Chattanooga, Tennessee, with $1.0 billion in
assets. Founded in 1999, First Security’s community bank
subsidiary, FSGBank, N.A. has 26 full-service banking offices along
the interstate corridors of eastern and middle Tennessee and
northern Georgia. FSGBank provides retail and commercial banking
services, trust and investment management, mortgage banking,
financial planning, internet banking (www.FSGBank.com).
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with generally accepted accounting
principles in the United States of America (GAAP). First Security’s
management uses these “non-GAAP” measures in its analysis of First
Security’s performance. Non-GAAP measures typically adjust GAAP
performance measures to exclude the effects of charges, expenses
and gains related to the consummation of mergers and acquisitions,
and costs related to the integration of merged entities. These non-
GAAP measures may also exclude other significant gains, losses or
expenses that are unusual in nature and not expected to recur.
Since these items and their impact on First Security’s performance
are difficult to predict, management believes presentations of
financial measures excluding the impact of these items provide
useful supplemental information that is important for a proper
understanding of the operating results of First Security’s core
business. These disclosures should not be viewed as a substitute
for operating results determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP performance measures that
may be presented by other companies.
Forward-Looking Statements
This news release contains comments or information that
constitute forward-looking statements (within the meaning of the
Private Securities Litigation Reform Act of 1993) that are based on
current expectations that involve a number of risks and
uncertainties. Actual results may differ materially from the
results expressed in forward-looking statements. Factors that might
cause such a difference include changes in interest rates and
interest rate relationships; demand for products and services; the
degree of competition by traditional and non-traditional
competitors; changes in banking regulation; changes in tax laws;
changes in prices, levies, and assessments; the impact of
technological advances; governmental and regulatory policy changes;
the outcomes of contingencies; trends in customer behavior as well
as their ability to repay loans; changes in the national and local
economy; and other factors, including risk factors, referred to
from time to time in filings made by First Security with the
Securities and Exchange Commission. First Security undertakes no
obligation to update or clarify forward-looking statements, whether
as a result of new information, future events or otherwise.
Public companies, from time to time, become aware of rumors
concerning their business. Investors are cautioned that in this age
of instant communication and internet access, it may be important
to avoid relying on rumors and unsubstantiated information. First
Security complies with Federal and State law applicable to
disclosure of information. Investors may be at significant risk in
relying on unsubstantiated information from other sources.
First Security Group, Inc. and
Subsidiary
Consolidated Financial
Highlights
(unaudited)
2nd Quarter 1st Quarter 4th Quarter
3rd Quarter 2nd Quarter
Year-to-Date
June 30,
June 30,
2014 2014
2013 2013
2013 2014
2013 (in thousands, except per share amounts and full-time
equivalent employees)
Earnings: Net interest income $ 7,545
$ 6,925 $ 6,478 $ 6,165 $ 5,486 $ 14,470 $ 10,726
Credit for loan and lease losses
$ (270 ) $ (972 ) $ (955 ) $ (1,632 ) $ (826 ) $ (1,242 ) $ (148 )
Non-interest income1 $ 3,030 $ 2,635 $ 2,188 $ 2,292 $ 2,190 $
5,665 $ 4,204 Non-interest expense1 $ 10,101 $ 10,445 $ 10,150 $
11,197 $ 12,578 $ 20,546 $ 26,414 Income tax provision (benefit) $
131 $ 132 $ 119 $ 322 $ (83 ) $ 263 $ 36 Dividends and accretion on
preferred stock $ — $ — $ — $ — $ (858 ) $ — $ (1,381 ) Effect of
exchange on preferred stock to common stock $ — $ — $ — $ — $
26,179 $ — $ 26,179
Net income available (loss allocated) to
common stockholders
$ 613 $ (45 ) $ (648 ) $ (1,430 ) $ 21,328 $ 568 $ 13,426
Per Share Data: Net income available (loss allocated) to
common stockholders, basic $ 0.01 $ 0.00 $ (0.01 ) $ (0.02 ) $ 0.39
$ 0.01 $ 0.47 Net income available (loss allocated) to common
stockholders, diluted $ 0.01 $ 0.00 $ (0.01 ) $ (0.02 ) $ 0.39 $
0.01 $ 0.47 Book value per common share $ 1.30 $ 1.27 $ 1.26 $ 1.25
$ 1.39 $ 1.30 $ 1.39
Performance Ratios: Return on
average assets 0.24 % (0.02 )% (0.26 )% (0.56 )% 7.97 % 0.06 % 1.26
% Return on average common equity 2.86 % (0.21 )% (3.08 )% (7.21 )%
95.78 % 0.67 % 23.61 % Efficiency ratio 95.52 % 109.26% 117.12%
132.40% 163.86% 102.04 % 176.92 % Non-interest income to net
interest income and non-interest income 28.65 % 27.56% 25.25%
27.10% 28.53% 28.14 % 28.16 %
Capital: Total equity
to total assets 8.55 % 8.63% 8.56% 8.24% 8.12% 8.55 % 8.12 %
Liquidity, Yields and Rates: Interest-bearing cash - average
balance $ 8,997 $ 13,653 $ 34,075 $ 68,964 $ 122,499 $ 11,312 $
161,343 Investment securities - average balance 247,459 272,563
330,094 329,385 322,747 259,941 268,872 Loans - average balance
673,175 604,298 550,749
529,406 547,499
638,927 550,010 Average Earning Assets
$ 929,631 $ 890,514 $
914,918 $ 927,755 $
992,745 $ 910,180 $ 980,225 Pure
deposits2 - average balance $ 455,407 $ 446,820 $ 452,495 $ 454,379
$ 431,988 $ 451,138 $ 420,824 Core deposits3 - average balance
622,636 624,365 640,177 653,044 648,373 623,496 643,482 Customer
deposits4 - average balance 757,704 773,336 801,827 829,926 847,007
765,477 843,596 Brokered deposits - average balance 84,021
70,204 84,143
90,323 111,801 77,150
138,245 Total deposits - average balance $
841,725 $ 843,540 $
885,970 $ 920,249 $
958,808 $ 842,627 $ 981,841
Total loans to total deposits 76.01 % 71.85 % 68.02 % 58.76 % 56.59
% 76.01 % 56.59 % Yield on earning assets 3.86 % 3.85 % 3.53 % 3.57
% 3.20 % 3.86 % 3.26 % Rate on customer deposits (including impact
of non-interest bearing DDAs) 0.37 % 0.41 % 0.48 % 0.56 % 0.63 %
0.39 % 0.66 % Cost of deposits 0.59 % 0.65 % 0.74 % 0.84 % 0.94 %
0.62 % 0.99 % Rate on interest-bearing funding 0.68 % 0.78 % 0.73 %
1.01 % 1.11 % 0.72 % 1.15 % Net interest margin, taxable equivalent
3.30 % 3.21 % 2.89 % 2.71 % 2.27 % 3.26 % 2.26 %
Non-Interest Income: Service Charges on Deposits $ 769 $ 741
$ 800 $ 798 $ 763 $ 1,510 $ 1,500 POS Fees 439 401 420 401 398 840
769 BOLI 235 351 239 238 241 586 484 Mortgage Banking Income 279
180 208 420 211 459 507 Trust 235 200 188 193 187 435 334 Other 376
369 165 242 236 745 456 Net Gains on Sales of Loans 450 22 — — —
472 — Net Gains on AFS sales 247 371
168 — 154
618 154 Total Non-Interest
Income $ 3,030 $ 2,635 $
2,188 $ 2,292 $ 2,190
$ 5,665 $ 4,204
Non-Interest Expense: Salaries and Benefits $ 5,225 $ 5,274
$ 5,503 $ 5,807 $ 5,665 $ 10,499 $ 11,274 Occupancy 776 820 799 891
794 1,596 1,612 Furniture and Fixtures 520 557 544 656 595 1,077
1,144 Professional Fees 690 599 417 533 706 1,289 1,307 FDIC
insurance assessments 336 311 150 150 1,000 647 2,000 Write-downs
on OREO and repossessions 76 309 375 374 309 385 1,623 Losses
(Gains) on OREO, repossessions and fixed assets, net (15 ) 10 57
(116 ) (153 ) (5 ) (294 ) Non-performing asset expenses, net 184
221 450 488 1,142 405 3,018 Data processing 506 588 517 628 503
1,094 1,069 Communications 147 150 172 141 142 297 270 Debit card
fees 232 258 181 207 201 490 419 Intangible asset amortization 49
48 57 67 71 97 145 Printing and supplies 150 207 121 213 176 357
314 Advertising 135 134 65 89 59 269 156 Insurance 303 325 251 523
946 628 1,351 Other 787 634
491 546 422
1,421 1,006 Total Non-Interest Expense
$ 10,101 $ 10,445 $
10,150 $ 11,197 $ 12,578
$ 20,546 $ 26,414
Asset Quality: Net (recoveries) charge-offs $ (470 ) $ 228 $
(754 ) $ (32 ) $ 374 $ (242 ) $ 1,352 Net loan (recoveries)
charged-offs to average loans, annualized (0.14 )% 0.15 % (0.55 )%
(0.02 )% 0.27 % (0.08 )% 0.50 % Non-accrual loans $ 4,891 $ 6,027 $
7,203 $ 6,803 $ 8,628 $ 4,891 $ 8,628 Other real estate owned and
repossessed assets, net $ 7,725 $ 7,075 $ 8,213 $ 8,678 $ 10,549 $
7,725 $ 10,549 Loans 90 days past due $ 1,083 $ 854 $ 928 $ 509 $
332 $ 1,083 $ 332 Non-performing assets (NPA) $ 13,699 $ 13,956 $
16,344 $ 15,990 $ 19,509 $ 13,699 $ 19,509 NPA to total assets 1.35
% 1.42 % 1.67 % 1.58 % 1.83 % 1.35 % 1.83 % Non-performing loans
(NPL) $ 5,974 $ 6,881 $ 8,131 $ 7,312 $ 8,960 $ 5,974 $ 8,960 NPL
to total loans 0.91 % 1.14 % 1.39 % 1.37 % 1.65 % 0.91 % 1.65 %
Allowance for loan and lease losses to total loans 1.43 % 1.52 %
1.80 % 2.00 % 2.27 % 1.43 % 2.27 % Allowance for loan and lease
losses to NPL 157.35 % 133.70 % 129.14 % 146.33 % 137.28 % 157.35 %
137.28 %
Period End Balances: Loans, excluding HFS $
659,539 $ 604,859 $ 583,097 $ 534,627 $ 542,019 $ 659,539 $ 542,019
Allowance for loan and lease losses $ 9,400 $ 9,200 $ 10,500 $
10,700 $ 12,300 $ 9,400 $ 12,300 Intangible assets $ 233 $ 282 $
330 $ 388 $ 455 $ 233 $ 455 Assets $ 1,012,685 $ 980,505 $ 977,574
$ 1,011,855 $ 1,066,649 $ 1,012,685 $ 1,066,649 Total deposits $
867,709 $ 841,832 $ 857,268 $ 909,848 $ 957,811 $ 867,709 $ 957,811
Common stockholders' equity $ 86,566 $ 84,654 $ 83,649 $ 83,388 $
86,654 $ 86,566 $ 86,654 Total stockholders' equity $ 86,566 $
84,654 $ 83,649 $ 83,388 $ 86,654 $ 86,566 $ 86,654 Common stock
market capitalization $ 144,594 $ 138,601 $ 153,187 $ 138,534 $
135,469 $ 144,594 $ 135,469 Full-time equivalent employees 264 275
285 313 327 264 327 Common shares outstanding 66,633 66,635 66,603
66,603 62,428 66,633 62,428
Average Balances: Loans,
including HFS $ 673,175 $ 604,298 $ 550,749 $ 529,406 $ 547,499 $
638,927 $ 550,010 Intangible assets $ 265 $ 313 $ 363 $ 405 $ 476 $
289 $ 537 Earning assets $ 929,631 $ 890,514 $ 914,918 $ 927,755 $
992,745 $ 910,180 $ 980,225 Assets $ 1,006,143 $ 967,624 $ 993,447
$ 1,016,919 $ 1,070,895 $ 986,988 $ 1,062,181 Deposits $ 841,725 $
843,540 $ 885,970 $ 920,249 $ 958,808 $ 842,627 $ 981,841 Common
stockholders' equity $ 85,613 $ 84,340 $ 84,125 $ 79,382 $ 89,069 $
84,979 $ 56,870 Total stockholders' equity $ 85,613 $ 84,340 $
84,125 $ 79,382 $ 92,658 $ 84,979 $ 56,870 Common shares
outstanding, basic - wtd 65,731 65,726 66,603 62,600 55,174 65,728
28,542 Common shares outstanding, diluted - wtd 65,737 65,726
66,603 62,600 55,176 65,732 28,565
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 excluded brokered deposits.
First Security Group, Inc. and
Subsidiary
Consolidated Financial
Highlights
Non-GAAP Reconciliation Table
(unaudited)
Year-to-Date
2nd Quarter 1st Quarter 4th Quarter 3rd
Quarter 2nd Quarter
June 30,
June 30,
2014 2014
2013 2013
2013 2014
2013 (in thousands, except per share data) Total
stockholders' equity $ 86,566 $ 84,654 $ 83,649 $ 83,388 $ 86,654 $
86,566 $ 86,654 Effect of preferred stock — —
— —
— — (32,660 ) Common stockholders'
equity $ 86,566 $ 84,654
$ 83,649 $ 83,388 $
86,654 $ 86,566 $ 53,994
Average total stockholders' equity $ 85,613 $ 84,340 $ 84,125 $
79,382 $ 92,658 $ 84,979 $ 56,870 Effect of average preferred stock
— — —
— (3,589 ) —
(36,175 ) Average common stockholders' equity $ 85,613
$ 84,340 $ 84,125
$ 79,382 $ 89,069 $ 84,979
$ 20,695
First Security Group, Inc. and
Subsidiary
Consolidated Balance Sheets
June 30, 2014 December 31, 2013 June 30,
2013 (in thousands, except share data)
(unaudited) (unaudited)
ASSETS Cash & Due from Banks $
8,880 $ 10,742 $ 11,757 Interest Bearing Deposits in Banks 16,498
10,126 101,495 Cash and Cash Equivalents
25,378 20,868 113,252 Securities Available-for-Sale 102,429 172,830
337,322 Securities Held-to-Maturity, at amortized cost (fair value
- $132,695) 130,709 132,568 — Loans Held for Sale 28,547 220 3,785
Loans 659,539 583,097 542,019 Less: Allowance for Loan and Lease
Losses 9,400 10,500 12,300 Net Loans 650,139
572,597 529,719 Premises and Equipment, net 26,510 27,888 29,014
Bank Owned Life Insurance 28,835 28,346 27,961 Other Real Estate
Owned 7,717 8,201 10,533 Other Assets 12,421 14,056
15,063
TOTAL ASSETS $ 1,012,685 $ 977,574
$ 1,066,649
LIABILITIES Deposits
Noninterest-Bearing Demand $ 149,588 $ 144,365 $ 138,543
Interest-Bearing Demand 102,106 95,559 90,854 Savings and Money
Market Accounts 233,502 206,125 206,539 Certificates of Deposit of
less than $100 thousand 163,486 182,408 215,098 Certificates of
Deposit of $100 thousand or more 131,991 153,750 196,896 Brokered
Deposits 87,036 75,062 109,881 Total Deposits
867,709 857,269 957,811 Federal Funds Purchased and Securities Sold
under Agreements to Repurchase 15,911 12,520 14,067 Other
Borrowings 38,075 20,000 — Other Liabilities 4,424 4,137
8,117 Total Liabilities 926,119 893,926
979,995
STOCKHOLDERS' EQUITY Common Stock - $.01 par
value 150,000,000 shares authorized; 66,632,601 shares issued as of
June 30, 2014; 66,602,601 shares issued as of December 31, 2013,
62,428,367 shares issued as of June 30, 2013 764 764 723 Paid-In
Surplus 197,197 196,536 191,629 Common Stock Warrants — — —
Accumulated Deficit (103,474 ) (104,042 ) (101,965 ) Accumulated
Other Comprehensive Income (7,921 ) (9,610 ) (3,733 ) Total
Stockholders' Equity 86,566 83,648 86,654
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,012,685
$ 977,574 $ 1,066,649
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)
2014 2013 2014
2013 INTEREST INCOME Loans, including fees $ 7,672 $
6,406 $ 14,688 $ 13,076 Investment Securities – taxable 936 1,009
1,996 1,821 Investment Securities – non-taxable 198 231 438 437
Other 37 139 50 260 Total Interest
Income 8,843 7,785 17,172 15,594
INTEREST EXPENSE Interest Bearing Demand Deposits 48 77 95
152 Savings Deposits and Money Market Accounts 144 218 274 440
Certificates of Deposit of less than $100 thousand 262 520 571
1,084 Certificates of Deposit of $100 thousand or more 243 527 547
1,083 Brokered Deposits 531 941 1,097 2,078 Other 70 16
118 31 Total Interest Expense 1,298
2,299 2,702 4,868
NET INTEREST INCOME
7,545 5,486 14,470 10,726 Credit for Loan and Lease Losses (270 )
(826 ) (1,242 ) (148 )
NET INTEREST INCOME AFTER CREDIT FOR LOAN
AND LEASE LOSSES 7,815 6,312 15,712 10,874
NONINTEREST INCOME Service Charges on Deposit
Accounts 769 763 1,510 1,500 Mortgage Banking Income 279 211 459
507 Gain on Sales of Securities Available-for-Sale 247 154 618 154
Gain on Sales of Loans 450 — 472 — Other 1,285 1,062
2,606 2,043 Total Noninterest Income 3,030
2,190 5,665 4,204
NONINTEREST EXPENSES
Salaries and Employee Benefits 5,225 5,665 10,499 11,274 Expense on
Premises and Fixed Assets, net of rental income 1,296 1,389 2,673
2,756 Other 3,580 5,524 7,374 12,384
Total Noninterest Expenses 10,101 12,578 20,546
26,414
INCOME (LOSS) BEFORE INCOME TAX PROVISION
(BENEFIT) 744 (4,076 ) 831 (11,336 ) Income Tax Provision
(Benefit) 131 (83 ) 263 36
NET INCOME
(LOSS) 613 (3,993 ) 568 (11,372 ) Preferred Stock Dividends —
(517 ) — (929 ) Accretion on Preferred Stock Discount — (341 ) —
(452 ) Effect of Exchange of Preferred Stock to Common Stock —
26,179 — 26,179
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS $ 613 $ 21,328 $ 568
$ 13,426
NET INCOME PER SHARE: Net Income Per
Share – Basic $ 0.01 $ 0.39 $ 0.01 $ 0.47 Net Income Per Share –
Diluted $ 0.01 $ 0.39 $ 0.01 $ 0.47 Dividends Declared Per Common
Share $ — $ — $ — $ —
First Security Group, Inc.John R. Haddock, EVP & CFO,
423-308-2075jhaddock@FSGBank.com
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