First Security Group Inc. (FSGI, Financial) filed Quarterly Report for the period ended 2009-09-30.
First Security Group is the holding company for FSGBank a national bank headquartered in Chattanooga Tennessee with branches in various communities in eastern and middle Tennessee and northern Georgia. First Security Group Inc. has a market cap of $37.4 million; its shares were traded at around $2.28 with and P/S ratio of 0.4. The dividend yield of First Security Group Inc. stocks is 1.7%.
As of September 30, 2009, we had total consolidated assets of $1.2 billion, total loans of $964.3 million, total deposits of $1.0 billion and stockholders equity of $145.2 million. For the three and nine months ended September 30, 2009, our net loss available to common stockholders was $28.6 million and $31.8 million, respectively, resulting in net loss of $1.84 and $2.05 per share (basic and diluted), respectively. Excluding the goodwill impairment, our net loss available to common stockholders for the three and nine months ended September 30, 2009 was $3.9 million and $7.1 million, respectively, resulting in a net loss of $0.25 and $0.46 per share (basic and diluted), respectively.
As of September 30, 2008, we had total consolidated assets of $1.3 billion, total loans of $1.0 billion, total deposits of $976.5 million and stockholders equity of $148.5 million. For the three and nine months ended September 30, 2008, our net income available to common stockholders was $826 thousand and $4.7 million, respectively, resulting in net income of $0.05 and $0.29 per share (basic and diluted), respectively.
For the three and nine month periods ending September 30, 2009, net interest income decreased by $796 thousand and $3.0 million, respectively, and noninterest income decreased by $320 thousand and $1.2 million, respectively, compared to the same periods in 2008. For the three and nine months ended September 30, 2009, excluding the goodwill impairment, non-interest expense increased by $502 thousand and decreased $473 thousand, respectively, compared to the same periods in 2008. The decline in net interest income is primarily due to our lower net interest margin. The decrease in noninterest income is attributable to a decline in mortgage loan and related fee income and a reduction in deposit fees as well as the $146 thousand gain on sale of available for sale securities in the third quarter of 2008. Noninterest expense, excluding the goodwill impairment, decreased primarily from the elimination in the incentive compensation accrual and reductions in operational expenses. Full-time equivalent employees were 348 at September 30, 2009 compared to 361 at December 31, 2008 and 365 at September 30, 2008.
We reported a net loss to common stockholders for the three and nine month periods ended September 30, 2009 of $28.6 million and $31.8 million, respectively. Excluding the goodwill impairment, the net loss to common stockholders for the three and nine month periods ended September 30, 2009 was $3.9 million and $7.1 million compared to net income for the same periods in 2008 of $826 thousand and $4.7 million, respectively. In the third quarter of 2009, basic and diluted net loss per share was $1.84 on approximately 15.5 million weighted average shares outstanding. On a year-to-date basis, basic and diluted net loss per share was $2.05 on approximately 15.5 million weighted average shares outstanding.
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 September 30, 2009, net interest income decreased by $796 thousand, or 6.8%, to $10.9 million compared to $11.7 million for the same period in 2008. For the nine months ended September 30, 2009, net interest income decreased by $3.0 million, or 8.6%, to $31.6 million for the period ended September 30, 2009 compared to $34.6 million for the same period in 2008.
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First Security Group is the holding company for FSGBank a national bank headquartered in Chattanooga Tennessee with branches in various communities in eastern and middle Tennessee and northern Georgia. First Security Group Inc. has a market cap of $37.4 million; its shares were traded at around $2.28 with and P/S ratio of 0.4. The dividend yield of First Security Group Inc. stocks is 1.7%.
Highlight of Business Operations:
On January 9, 2009, as part of the Capital Purchase Program (CPP) administered by the U.S. Department of the Treasury (Treasury) under the Troubled Asset Relief Program, we agreed to issue and sell, and the Treasury agreed to purchase (1) 33,000 shares of our Fixed Rate Cumulative Perpetual Preferred Stock (Preferred Stock), Series A, having a liquidation preference of $1,000 per share, and (2) a ten-year warrant to purchase up to 823,627 shares of our common stock, $0.01 par value, at an exercise price of $6.01 per share, for an aggregate purchase price of $33 million in cash. The Preferred Stock qualifies as Tier I capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 of each year. As of September 30, 2009, we have paid $990 thousand in dividends to the Treasury.As of September 30, 2009, we had total consolidated assets of $1.2 billion, total loans of $964.3 million, total deposits of $1.0 billion and stockholders equity of $145.2 million. For the three and nine months ended September 30, 2009, our net loss available to common stockholders was $28.6 million and $31.8 million, respectively, resulting in net loss of $1.84 and $2.05 per share (basic and diluted), respectively. Excluding the goodwill impairment, our net loss available to common stockholders for the three and nine months ended September 30, 2009 was $3.9 million and $7.1 million, respectively, resulting in a net loss of $0.25 and $0.46 per share (basic and diluted), respectively.
As of September 30, 2008, we had total consolidated assets of $1.3 billion, total loans of $1.0 billion, total deposits of $976.5 million and stockholders equity of $148.5 million. For the three and nine months ended September 30, 2008, our net income available to common stockholders was $826 thousand and $4.7 million, respectively, resulting in net income of $0.05 and $0.29 per share (basic and diluted), respectively.
For the three and nine month periods ending September 30, 2009, net interest income decreased by $796 thousand and $3.0 million, respectively, and noninterest income decreased by $320 thousand and $1.2 million, respectively, compared to the same periods in 2008. For the three and nine months ended September 30, 2009, excluding the goodwill impairment, non-interest expense increased by $502 thousand and decreased $473 thousand, respectively, compared to the same periods in 2008. The decline in net interest income is primarily due to our lower net interest margin. The decrease in noninterest income is attributable to a decline in mortgage loan and related fee income and a reduction in deposit fees as well as the $146 thousand gain on sale of available for sale securities in the third quarter of 2008. Noninterest expense, excluding the goodwill impairment, decreased primarily from the elimination in the incentive compensation accrual and reductions in operational expenses. Full-time equivalent employees were 348 at September 30, 2009 compared to 361 at December 31, 2008 and 365 at September 30, 2008.
We reported a net loss to common stockholders for the three and nine month periods ended September 30, 2009 of $28.6 million and $31.8 million, respectively. Excluding the goodwill impairment, the net loss to common stockholders for the three and nine month periods ended September 30, 2009 was $3.9 million and $7.1 million compared to net income for the same periods in 2008 of $826 thousand and $4.7 million, respectively. In the third quarter of 2009, basic and diluted net loss per share was $1.84 on approximately 15.5 million weighted average shares outstanding. On a year-to-date basis, basic and diluted net loss per share was $2.05 on approximately 15.5 million weighted average shares outstanding.
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 September 30, 2009, net interest income decreased by $796 thousand, or 6.8%, to $10.9 million compared to $11.7 million for the same period in 2008. For the nine months ended September 30, 2009, net interest income decreased by $3.0 million, or 8.6%, to $31.6 million for the period ended September 30, 2009 compared to $34.6 million for the same period in 2008.
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