News Column

First Security Group Announces Return to Profitability

August 5, 2014

Strong Loan Growth Continues

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- 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 Quarter1st Quarter4th Quarter3rd Quarter2nd 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 Quarter1st Quarter4th Quarter3rd Quarter2nd 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, 2014December 31, 2013June 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 EndedSix Months Ended
June 30June 30
(in thousands, except per share data)2014     20132014     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, 423-308-2075

jhaddock@FSGBank.com

Source: First Security Group, Inc.


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