First Security Group Inc. (FSGI, Financial) filed Amended Quarterly Report for the period ended 2010-03-31.
First Security Group Inc. has a market cap of $17.6 million; its shares were traded at around $1.0728 with and P/S ratio of 0.2.
As of March 31, 2009, we had total consolidated assets of $1.3 billion, total loans of $992.6 million, total deposits of $1.1 billion and stockholders equity of $175.0 million. For the three months ended March 31, 2009, our net loss available to common shareholders was $1.3 million, or $0.08 per basic and diluted share.
Net interest income decreased by $562 thousand primarily due to a reduction in our net interest margin. The provision for loan and lease losses decreased by $618 thousand based on our analysis of inherent risks in the loan portfolio in relation to the portfolios growth, trends in non-performing and classified loans and general economic conditions. Noninterest income decreased by $147 thousand, while noninterest expense increased by $412 thousand. The decrease in noninterest income is attributable to a reduction in revenue from deposit fees and a decline in mortgage loan and related fee income. Noninterest expense increased primarily due to higher costs associated with nonperforming assets and FDIC insurance expense. There were 345 full-time equivalent employees as of March 31, 2010, compared to 361 as of March 31, 2009.
We reported a net loss available to common shareholders for the first quarter of 2010 of $1.6 million versus net loss for the same period in 2009 of $1.3 million. In 2010, our net loss per share (basic and diluted) was $0.10, on approximately 15,649 thousand basic and diluted weighted average shares outstanding compared to a net loss per share (basic and diluted) of $0.08 for the same period in 2009.
Net income available to common shareholders in the first quarter of 2010 was below the 2009 level as a result of the contraction in the net interest margin and higher operating expenses. Noninterest expense increased by $412 thousand, while noninterest income declined by $147 thousand. As of March 31, 2010, we had 38 banking offices, including the headquarters, and 345 full-time equivalent employees.
Net interest income (the difference between the interest earned on assets, such as loans and investment securities, and the interest paid on liabilities, such as deposits and other borrowings) is our primary source of operating income. For the three months ended March 31, 2010, net interest income decreased by $562 thousand, or 5.5%, to $9.7 million for the first quarter of 2010 compared to $10.2 million for the same period in 2009.
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First Security Group Inc. has a market cap of $17.6 million; its shares were traded at around $1.0728 with and P/S ratio of 0.2.
Highlight of Business Operations:
As of March 31, 2010, we had total consolidated assets of $1.4 billion, total loans of $905.5 million, total deposits of $1.2 billion and stockholders equity of $139.6 million. For the three months ended March 31, 2010, our net loss available to common shareholders was $1.6 million, resulting in basic and diluted net loss of $0.10 per share.As of March 31, 2009, we had total consolidated assets of $1.3 billion, total loans of $992.6 million, total deposits of $1.1 billion and stockholders equity of $175.0 million. For the three months ended March 31, 2009, our net loss available to common shareholders was $1.3 million, or $0.08 per basic and diluted share.
Net interest income decreased by $562 thousand primarily due to a reduction in our net interest margin. The provision for loan and lease losses decreased by $618 thousand based on our analysis of inherent risks in the loan portfolio in relation to the portfolios growth, trends in non-performing and classified loans and general economic conditions. Noninterest income decreased by $147 thousand, while noninterest expense increased by $412 thousand. The decrease in noninterest income is attributable to a reduction in revenue from deposit fees and a decline in mortgage loan and related fee income. Noninterest expense increased primarily due to higher costs associated with nonperforming assets and FDIC insurance expense. There were 345 full-time equivalent employees as of March 31, 2010, compared to 361 as of March 31, 2009.
We reported a net loss available to common shareholders for the first quarter of 2010 of $1.6 million versus net loss for the same period in 2009 of $1.3 million. In 2010, our net loss per share (basic and diluted) was $0.10, on approximately 15,649 thousand basic and diluted weighted average shares outstanding compared to a net loss per share (basic and diluted) of $0.08 for the same period in 2009.
Net income available to common shareholders in the first quarter of 2010 was below the 2009 level as a result of the contraction in the net interest margin and higher operating expenses. Noninterest expense increased by $412 thousand, while noninterest income declined by $147 thousand. As of March 31, 2010, we had 38 banking offices, including the headquarters, and 345 full-time equivalent employees.
Net interest income (the difference between the interest earned on assets, such as loans and investment securities, and the interest paid on liabilities, such as deposits and other borrowings) is our primary source of operating income. For the three months ended March 31, 2010, net interest income decreased by $562 thousand, or 5.5%, to $9.7 million for the first quarter of 2010 compared to $10.2 million for the same period in 2009.
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