FIRST SECURITY GROUP INC/TN - FORM 8-K - EX-99.3 - BALANCE SHEET AND INCOME STATEMENT

Attached files

file	filename
8-K - 8-K - FIRST SECURITY GROUP INC/TN	a20131113pressrelease8k.htm
EX-99.1 - PRESS RELEASE - FIRST SECURITY GROUP INC/TN	a20131113_prxworddoc.htm
EX-99.2 - FINANCIAL HIGHLIGHTS - FIRST SECURITY GROUP INC/TN	a992financialhighlightsq32.htm

First Security Group, Inc. and Subsidiary

Consolidated Balance Sheets



	September 30, 2013			December 31, 2012			September 30, 2012
(in thousands)	(unaudited)						(unaudited)
ASSETS
Cash and Due from Banks	$	10,357		$	12,806		$	10,204
Interest Bearing Deposits in Banks	59,943			159,665			201,631
Cash and Cash Equivalents	70,300			172,471			211,835
Securities Available-for-Sale	207,009			254,057			257,263
Securities Held-to-Maturity, at amortized cost (fair value - $130,170)	129,164			—			—
Loans Held for Sale	1,661			25,920			3,857
Loans	534,627			541,130			573,365
Less: Allowance for Loan and Lease Losses	10,700			13,800			17,490
Net Loans	523,927			527,330			555,875
Premises and Equipment, net	28,810			29,304			29,540
Bank Owned Life Insurance	28,155			27,576			27,364
Intangible Assets, net	388			600			677
Other Real Estate Owned	8,662			13,441			15,803
Other Assets	13,779			12,856			15,256
TOTAL ASSETS	$	1,011,855		$	1,063,555		$	1,117,470

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits
Noninterest Bearing Demand	$	147,865		$	141,400		$	158,967
Interest Bearing Demand	92,108			86,575			68,387
Savings and Money Market Accounts	215,293			184,597			186,182
Certificates of Deposit less than $100 thousand	195,129			228,144			232,558
Certificates of Deposit of $100 thousand or more	170,466			201,873			204,789
Brokered Deposits	88,987			165,477			193,248
Total Deposits	909,848			1,008,066			1,044,131
Federal Funds Purchased and Securities Sold under Agreements to Repurchase	12,657			12,481			14,691
Security Deposits	14			58			88
Other Borrowings	—			—			—
Other Liabilities	5,948			13,840			13,838
Total Liabilities	928,467			1,034,445			1,072,748
SHAREHOLDERS’ EQUITY
Preferred Stock – no par value – 10,000,000 shares authorized; no shares issued as of September 30, 2013; 33,000 issued as of December 31, 2012 and September 30, 2012; Liquidation value of $0 at September 30, 2013, $38,156 as of December 31, 2012 and $37,744 as of September 30, 2012	—			32,549			32,439
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,602,601 shares issued as of September 30, 2013, 1,772,342 issued as of December 31, 2012, and 1,772,342 issued as of September 30, 2012	764			115			115
Paid-In Surplus	196,059			106,531			107,146
Common Stock Warrants	—			2,006			2,006
Unallocated ESOP Shares	—			—			(759		)
Accumulated Deficit	(103,395		)	(115,391		)	(99,291		)
Accumulated Other Comprehensive (Loss) Income	(10,040		)	3,300			3,066
Total Shareholders’ Equity	83,388			29,110			44,722
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,011,855		$	1,063,555		$	1,117,470

First Security Group, Inc. and Subsidiary

Consolidated Statements of Operations

(unaudited)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except per share data)	2013			2012			2013			2012
INTEREST INCOME
Loans, including fees	$	6,461		$	7,722		$	19,537		$	24,289
Investment Securities – taxable	1,321			904			3,143			2,788
Investment Securities – non-taxable	312			227			749			780
Other	77			121			338			387
Total Interest Income	8,171			8,974			23,767			28,244
INTEREST EXPENSE
Interest Bearing Demand Deposits	62			52			213			128
Savings Deposits and Money Market Accounts	188			247			628			831
Certificates of Deposit of less than $100 thousand	466			657			1,551			2,063
Certificates of Deposit of $100 thousand or more	475			631			1,558			1,948
Brokered Deposits	795			1,420			2,873			4,538
Other	20			118			51			347
Total Interest Expense	2,006			3,125			6,874			9,855
NET INTEREST INCOME	6,165			5,849			16,893			18,389
(Credit) Provision for Loan and Lease Losses	(1,632		)	4,543			(1,780		)	10,492
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES	7,797			1,306			18,673			7,897
NONINTEREST INCOME
Service Charges on Deposit Accounts	798			725			2,298			2,160
Mortgage Banking Income	420			249			927			718
Gain on Sales of Securities Available-for-Sale	—			143			154			144
Other	1,296			1,577			3,876			3,967
Total Noninterest Income	2,514			2,694			7,255			6,989
NONINTEREST EXPENSES
Salaries and Employee Benefits	5,807			5,275			17,081			14,911
Expense on Premises and Fixed Assets, net of rental income	1,546			1,450			4,302			4,332
Other	4,066			6,056			16,989			18,037
Total Noninterest Expenses	11,419			12,781			38,372			37,280
LOSS BEFORE INCOME TAX PROVISION (BENEFIT)	(1,108		)	(8,781		)	(12,444		)	(22,394		)
Income Tax Provision (Benefit)	322			108			358			(402		)
NET LOSS	(1,430		)	(8,889		)	(12,802		)	(21,992		)
Preferred Stock Dividends	—			(413		)	(929		)	(1,238		)
Accretion on Preferred Stock Discount	—			(108		)	(452		)	(318		)
Effect of Exchange of Preferred Stock to Common Stock	—			—			26,179			—
NET (LOSS ALLOCATED) INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	(1,430	)	$	(9,410	)	$	11,996		$	(23,548	)
NET INCOME (LOSS) PER SHARE:
Net Income (Loss) Per Share – Basic	$	(0.02	)	$	(5.79	)	$	0.30		$	(14.54	)
Net Income (Loss) Per Share – Diluted	$	(0.02	)	$	(5.79	)	$	0.30		$	(14.54	)
Dividends Declared Per Common Share	$	—		$	—		$	—		$	—

FIRST SECURITY GROUP INC/TN - FORM 8-K - EX-99.3 - BALANCE SHEET AND INCOME STATEMENT - November 13, 2013

Attached files

FIRST SECURITY GROUP INC/TN Reports