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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:FSGI | NASDAQ | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.35 | 0.00 | 01:00:00 |
Date of report (Date of earliest event reported) | February 3, 2015 |
000-49747 | 58-2461486 | |
(Commission File Number) | (IRS Employer Identification No.) |
531 Broad Street, Chattanooga, Tennessee | 37402 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description | |
99.1 | Fourth Quarter 2014 Earnings Release dated February 3, 2015. 1 | |
99.2 | Financial Highlights. 1 | |
99.3 | Consolidated Balance Sheet and Consolidated Statement of Operations. 1 | |
1 The information provided in the attached press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. |
By: | /s/ John R. Haddock |
Name: | John R. Haddock |
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Fourth Quarter 2014 Earnings Release dated February 3, 2015. | |
99.2 | Financial Highlights | |
99.3 | Consolidated Balance Sheet and Consolidated Statement of Operations |
• | Net income of $922 thousand for the fourth quarter of 2014, consistent with the $927 thousand net income of the third quarter 2014 and a $1.6 million improvement from the fourth quarter of 2013. |
• | Loans held-for-investment totaled $663.6 million at year-end, an increase of $80.5 million, or 13.8%, from 2013. Loan sales, excluding mortgage activity, totaled approximately $27.9 million during the fourth quarter and $75.1 million for 2014. Loans held-for-sale at year-end totaled $72.2 million. |
• | Pure deposits as of December 31, 2014 increased by $83.7 million, or 18.8%, to $529.7 million compared to $446.0 million as of December 31, 2013. |
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Net interest income | $ | 7,944 | $ | 8,487 | $ | 7,545 | $ | 6,925 | $ | 6,478 | $ | 30,901 | $ | 23,370 | ||||||||
Credit for loan and lease losses | $ | (221 | ) | $ | 11 | $ | (270 | ) | $ | (972 | ) | $ | (955 | ) | $ | (1,452 | ) | $ | (2,735 | ) | ||
Non-interest income1 | $ | 3,788 | $ | 2,805 | $ | 3,030 | $ | 2,635 | $ | 2,188 | $ | 12,258 | $ | 8,683 | ||||||||
Non-interest expense1 | $ | 10,900 | $ | 10,222 | $ | 10,101 | $ | 10,445 | $ | 10,150 | $ | 41,668 | $ | 47,760 | ||||||||
Income tax provision (benefit) | $ | 131 | $ | 132 | $ | 131 | $ | 132 | $ | 119 | $ | 526 | $ | 477 | ||||||||
Dividends and accretion on preferred stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,381 | ||||||||
Effect of exchange on preferred stock to common stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26,179 | ||||||||
Net income available (loss allocated) to common shareholders | $ | 922 | $ | 927 | $ | 613 | $ | (45 | ) | $ | (648 | ) | $ | 2,417 | $ | 11,349 | ||||||
Per Share Data: | ||||||||||||||||||||||
Net income available (loss allocated) to common shareholders, basic | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | |||||||
Net income available (loss allocated) to common shareholders, diluted | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | |||||||
Book value per common share | $ | 1.35 | $ | 1.32 | $ | 1.30 | $ | 1.27 | $ | 1.26 | $ | 1.35 | $ | 1.26 | ||||||||
Performance Ratios: | ||||||||||||||||||||||
Return on average assets | 0.36 | % | 0.36 | % | 0.24 | % | (0.02 | )% | (0.26 | )% | 0.24 | % | 1.09 | % | ||||||||
Return on average common equity | 4.13 | % | 4.23 | % | 2.86 | % | (0.21 | )% | (3.08 | )% | 2.79 | % | 18.49 | % | ||||||||
Efficiency ratio | 92.91 | % | 90.52 | % | 95.52 | % | 109.26 | % | 117.12 | % | 96.55 | % | 149.00 | % | ||||||||
Non-interest income to net interest income and non-interest income | 32.29 | % | 24.84 | % | 28.65 | % | 27.56 | % | 25.25 | % | 28.40 | % | 27.09 | % | ||||||||
Capital: | ||||||||||||||||||||||
Total equity to total assets | 8.41 | % | 8.56 | % | 8.55 | % | 8.63 | % | 8.56 | % | 8.41 | % | 8.56 | % | ||||||||
Liquidity, Yields and Rates: | ||||||||||||||||||||||
Interest-bearing cash - average balance | $ | 9,757 | $ | 8,436 | $ | 8,997 | $ | 13,653 | $ | 34,075 | $ | 10,195 | $ | 111,276 | ||||||||
Investment securities - average balance | 225,253 | 230,297 | 247,459 | 272,563 | 330,094 | 243,726 | 301,375 | |||||||||||||||
Loans - average balance | 718,917 | 702,271 | 673,175 | 604,298 | 550,749 | 675,055 | 545,803 | |||||||||||||||
Average Earning Assets | $ | 953,927 | $ | 941,004 | $ | 929,631 | $ | 890,514 | $ | 914,918 | $ | 928,976 | $ | 958,454 | ||||||||
Pure deposits2 - average balance | $ | 525,691 | $ | 493,707 | $ | 455,407 | $ | 446,820 | $ | 452,495 | $ | 480,659 | $ | 434,792 | ||||||||
Core deposits3 - average balance | 680,008 | 654,893 | 622,636 | 624,365 | 640,177 | 645,654 | 644,579 | |||||||||||||||
Customer deposits4 - average balance | 802,837 | 783,996 | 757,704 | 773,336 | 801,827 | 779,561 | 831,924 | |||||||||||||||
Brokered deposits - average balance | 83,490 | 85,369 | 84,021 | 70,204 | 84,143 | 80,820 | 114,926 |
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Total deposits - average balance | $ | 886,327 | $ | 869,365 | $ | 841,725 | $ | 843,540 | $ | 885,970 | $ | 860,381 | $ | 946,850 | ||||||||
Total loans to total deposits | 73.28 | % | 75.85 | % | 76.01 | % | 71.85 | % | 68.02 | % | 73.28 | % | 68.02 | % | ||||||||
Yield on earning assets | 3.79 | % | 4.14 | % | 3.86 | % | 3.85 | % | 3.53 | % | 3.90 | % | 3.39 | % | ||||||||
Rate on customer deposits (including impact of non-interest bearing DDAs) | 0.37 | % | 0.37 | % | 0.37 | % | 0.41 | % | 0.48 | % | 0.38 | % | 0.59 | % | ||||||||
Cost of deposits | 0.49 | % | 0.55 | % | 0.59 | % | 0.65 | % | 0.74 | % | 0.57 | % | 0.89 | % | ||||||||
Rate on interest-bearing funding | 0.58 | % | 0.66 | % | 0.68 | % | 0.78 | % | 0.73 | % | 0.65 | % | 1.04 | % | ||||||||
Net interest margin, taxable equivalent | 3.32 | % | 3.60 | % | 3.30 | % | 3.21 | % | 2.89 | % | 3.36 | % | 2.50 | % | ||||||||
Non-Interest Income: | ||||||||||||||||||||||
Service Charges on Deposits | $ | 793 | $ | 778 | $ | 769 | $ | 741 | $ | 800 | $ | 3,081 | $ | 3,097 | ||||||||
POS Fees | 426 | 436 | 439 | 401 | 420 | 1,702 | 1,590 | |||||||||||||||
BOLI | 235 | 234 | 235 | 351 | 239 | 1,055 | 960 | |||||||||||||||
Mortgage Banking Income | 357 | 462 | 279 | 180 | 208 | 1,278 | 1,135 | |||||||||||||||
Trust | 245 | 233 | 235 | 200 | 188 | 913 | 715 | |||||||||||||||
Other | 846 | 398 | 376 | 369 | 165 | 1,989 | 864 | |||||||||||||||
Net Gains on Sales of Loans | 886 | 254 | 450 | 22 | — | 1,612 | — | |||||||||||||||
Net Gains on AFS sales | — | 10 | 247 | 371 | 168 | 628 | 322 | |||||||||||||||
Total Non-Interest Income | $ | 3,788 | $ | 2,805 | $ | 3,030 | $ | 2,635 | $ | 2,188 | $ | 12,258 | $ | 8,683 | ||||||||
Non-Interest Expense: | ||||||||||||||||||||||
Salaries and Benefits | $ | 5,576 | $ | 5,153 | $ | 5,225 | $ | 5,274 | $ | 5,503 | $ | 21,228 | $ | 22,584 | ||||||||
Occupancy | 732 | 814 | 776 | 820 | 799 | 3,142 | 3,301 | |||||||||||||||
Furniture and Fixtures | 580 | 565 | 520 | 557 | 544 | 2,222 | 2,343 | |||||||||||||||
Professional Fees | 888 | 658 | 690 | 599 | 417 | 2,835 | 4,893 | |||||||||||||||
FDIC insurance assessments | 336 | 336 | 336 | 311 | 150 | 1,319 | 2,300 | |||||||||||||||
Write-downs on OREO and repossessions | 59 | 289 | 76 | 309 | 375 | 733 | 2,373 | |||||||||||||||
Losses (Gains) on OREO, repossessions and fixed assets, net | (369 | ) | (113 | ) | (15 | ) | 10 | 57 | (487 | ) | (359 | ) | ||||||||||
Non-performing asset expenses, net | 193 | 204 | 184 | 221 | 450 | 802 | 1,320 | |||||||||||||||
Data processing | 618 | 577 | 506 | 588 | 517 | 2,289 | 2,214 | |||||||||||||||
Communications | 120 | 129 | 147 | 150 | 172 | 546 | 583 | |||||||||||||||
Debit card fees | 307 | 244 | 232 | 258 | 181 | 1,041 | 806 | |||||||||||||||
Intangible asset amortization | 50 | 49 | 49 | 48 | 57 | 196 | 270 | |||||||||||||||
Printing and supplies | 147 | 144 | 150 | 207 | 121 | 648 | 649 | |||||||||||||||
Advertising | 147 | 140 | 135 | 134 | 65 | 556 | 311 | |||||||||||||||
Insurance | 296 | 295 | 303 | 325 | 251 | 1,219 | 2,125 | |||||||||||||||
Other | 1,220 | 738 | 787 | 634 | 491 | 3,379 | 2,047 | |||||||||||||||
Total Non-Interest Expense | $ | 10,900 | $ | 10,222 | $ | 10,101 | $ | 10,445 | $ | 10,150 | $ | 41,668 | $ | 47,760 | ||||||||
Asset Quality: | ||||||||||||||||||||||
Net (recoveries) charge-offs | $ | (221 | ) | $ | 664 | $ | (470 | ) | $ | 228 | $ | (754 | ) | $ | 201 | $ | 565 | |||||
Net loan (recoveries) charge-offs to average loans, annualized | (0.03 | )% | 0.19 | % | (0.14 | )% | 0.15 | % | (0.55 | )% | 0.03 | % | 0.10 | % |
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands, except per share amounts and full-time equivalent employees) | ||||||||||||||||||||||
Non-accrual loans | $ | 4,348 | $ | 4,000 | $ | 4,891 | $ | 6,027 | $ | 7,203 | $ | 4,348 | $ | 7,203 | ||||||||
Other real estate owned and repossessed assets, net | $ | 4,519 | $ | 5,960 | $ | 7,725 | $ | 7,075 | $ | 8,213 | $ | 4,519 | $ | 8,213 | ||||||||
Loans 90 days past due | $ | 100 | $ | 1,951 | $ | 1,083 | $ | 854 | $ | 928 | $ | 100 | $ | 928 | ||||||||
Non-performing assets (NPA) | $ | 8,967 | $ | 11,911 | $ | 13,699 | $ | 13,956 | $ | 16,344 | $ | 8,967 | $ | 16,344 | ||||||||
NPA to total assets | 0.84 | % | 1.16 | % | 1.35 | % | 1.42 | % | 1.67 | % | 0.84 | % | 1.67 | % | ||||||||
Non-performing loans (NPL) | $ | 4,448 | $ | 5,951 | $ | 5,974 | $ | 6,881 | $ | 8,131 | $ | 4,448 | $ | 8,131 | ||||||||
NPL to total loans | 0.67 | % | 0.89 | % | 0.91 | % | 1.14 | % | 1.39 | % | 0.67 | % | 1.39 | % | ||||||||
Allowance for loan and lease losses to total loans | 1.29 | % | 1.29 | % | 1.43 | % | 1.52 | % | 1.80 | % | 1.29 | % | 1.80 | % | ||||||||
Allowance for loan and lease losses to NPL | 192.22 | % | 144.51 | % | 157.35 | % | 133.70 | % | 129.14 | % | 192.22 | % | 129.14 | % | ||||||||
Period End Balances: | ||||||||||||||||||||||
Loans, excluding HFS | $ | 663,622 | $ | 666,728 | $ | 659,539 | $ | 604,859 | $ | 583,097 | $ | 663,622 | $ | 583,097 | ||||||||
Allowance for loan and lease losses | $ | 8,550 | $ | 8,600 | $ | 9,400 | $ | 9,200 | $ | 10,500 | $ | 8,550 | $ | 10,500 | ||||||||
Loans held-for-sale | $ | 72,242 | $ | 46,904 | $ | 28,547 | $ | 35,503 | $ | 220 | $ | 72,242 | $ | 220 | ||||||||
Intangible assets | $ | 134 | $ | 184 | $ | 233 | $ | 282 | $ | 330 | $ | 134 | $ | 330 | ||||||||
Assets | $ | 1,070,244 | $ | 1,027,882 | $ | 1,012,685 | $ | 980,505 | $ | 977,574 | $ | 1,070,244 | $ | 977,574 | ||||||||
Deposits | $ | 905,613 | $ | 879,029 | $ | 867,709 | $ | 841,832 | $ | 857,269 | $ | 905,613 | $ | 857,269 | ||||||||
Total shareholders' equity | $ | 89,980 | $ | 87,963 | $ | 86,566 | $ | 84,654 | $ | 83,648 | $ | 89,980 | $ | 83,648 | ||||||||
Common stock market capitalization | $ | 151,027 | $ | 132,315 | $ | 144,594 | $ | 138,601 | $ | 153,187 | $ | 151,027 | $ | 153,187 | ||||||||
Full-time equivalent employees | 268 | 264 | 264 | 275 | 285 | 268 | 285 | |||||||||||||||
Common shares outstanding | 66,826 | 66,826 | 66,633 | 66,635 | 66,603 | 66,826 | 66,603 | |||||||||||||||
Average Balances: | ||||||||||||||||||||||
Loans, including HFS | $ | 718,917 | $ | 702,271 | $ | 673,175 | $ | 604,298 | $ | 550,749 | $ | 675,055 | $ | 545,803 | ||||||||
Intangible assets | $ | 166 | $ | 217 | $ | 265 | $ | 313 | $ | 363 | $ | 240 | $ | 466 | ||||||||
Earning assets | $ | 953,927 | $ | 941,004 | $ | 929,631 | $ | 890,514 | $ | 914,918 | $ | 928,976 | $ | 958,453 | ||||||||
Assets | $ | 1,033,327 | $ | 1,017,631 | $ | 1,006,143 | $ | 967,624 | $ | 993,447 | $ | 1,006,392 | $ | 1,039,941 | ||||||||
Deposits | $ | 886,327 | $ | 869,365 | $ | 841,725 | $ | 843,540 | $ | 885,970 | $ | 860,381 | $ | 946,850 | ||||||||
Common shareholders' equity | $ | 89,205 | $ | 87,656 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 86,720 | $ | 61,382 | ||||||||
Total shareholders' equity | $ | 89,205 | $ | 87,656 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 86,720 | $ | 70,312 | ||||||||
Common shares outstanding, basic - wtd | 65,915 | 65,869 | 65,731 | 65,726 | 66,603 | 65,811 | 46,495 | |||||||||||||||
Common shares outstanding, diluted - wtd | 65,950 | 65,874 | 65,737 | 65,726 | 66,603 | 65,815 | 46,504 | |||||||||||||||
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 are total deposits less brokered deposits. |
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | Year-to-Date | |||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||
Average total shareholders' equity | $ | 89,205 | $ | 87,657 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 86,720 | $ | 70,312 | ||||||||
Effect of average preferred stock | — | — | — | — | — | — | (8,930 | ) | ||||||||||||||
Average common shareholders' equity | $ | 89,205 | $ | 87,657 | $ | 85,613 | $ | 84,340 | $ | 84,125 | $ | 86,720 | $ | 61,382 |
December 31, 2014 | December 31, 2013 | ||||||
(in thousands, except share amounts) | (unaudited) | ||||||
ASSETS | |||||||
Cash and Due from Banks | $ | 18,447 | $ | 10,742 | |||
Interest Bearing Deposits in Banks | 29,582 | 10,126 | |||||
Cash and Cash Equivalents | 48,029 | 20,868 | |||||
Securities Available-for-Sale | 95,571 | 172,830 | |||||
Securities Held-to-Maturity, at amortized cost (fair value - $128,058 at December 31, 2014 and $132,104 at December 31, 2013) | 124,485 | 132,568 | |||||
Loans Held-for-Sale | 72,242 | 220 | |||||
Loans | 663,622 | 583,097 | |||||
Less: Allowance for Loan and Lease Losses | 8,550 | 10,500 | |||||
Net Loans | 655,072 | 572,597 | |||||
Premises and Equipment, net | 28,347 | 27,888 | |||||
Bank Owned Life Insurance | 29,204 | 28,346 | |||||
Intangible Assets | 134 | 330 | |||||
Other Real Estate Owned | 4,511 | 8,201 | |||||
Other Assets | 12,649 | 13,726 | |||||
TOTAL ASSETS | $ | 1,070,244 | $ | 977,574 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
LIABILITIES | |||||||
Deposits | |||||||
Noninterest Bearing Demand | $ | 159,996 | $ | 144,365 | |||
Interest Bearing Demand | 111,021 | 95,559 | |||||
Savings and Money Market Accounts | 258,694 | 206,125 | |||||
Certificates of Deposit less than $100 thousand | 151,089 | 182,408 | |||||
Certificates of Deposit of $100 thousand or more | 119,514 | 153,750 | |||||
Brokered Deposits | 105,299 | 75,062 | |||||
Total Deposits | 905,613 | 857,269 | |||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 12,750 | 12,520 | |||||
Other Borrowings | 56,000 | 20,000 | |||||
Other Liabilities | 5,901 | 4,137 | |||||
Total Liabilities | 980,264 | 893,926 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common Stock – $.01 par value – 150,000,000 shares authorized; 66,826,134 shares issued as of December 31, 2014 and 66,602,601 shares issued as of December 31, 2013 | 766 | 764 | |||||
Paid-In Surplus | 197,614 | 196,536 | |||||
Accumulated Deficit | (101,625 | ) | (104,042 | ) | |||
Accumulated Other Comprehensive Loss | (6,775 | ) | (9,610 | ) | |||
Total Shareholders’ Equity | 89,980 | 83,648 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,070,244 | $ | 977,574 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 8,104 | $ | 6,562 | $ | 31,464 | $ | 26,099 | |||||||
Investment Securities – taxable | 886 | 1,224 | 3,769 | 4,366 | |||||||||||
Investment Securities – non-taxable | 81 | 323 | 605 | 1,071 | |||||||||||
Other | 1 | 40 | 53 | 378 | |||||||||||
Total Interest Income | 9,072 | 8,149 | 35,891 | 31,914 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest Bearing Demand Deposits | 45 | 46 | 182 | 259 | |||||||||||
Savings Deposits and Money Market Accounts | 209 | 142 | 676 | 770 | |||||||||||
Certificates of Deposit of less than $100 thousand | 243 | 387 | 1,067 | 1,938 | |||||||||||
Certificates of Deposit of $100 thousand or more | 245 | 395 | 1,038 | 1,953 | |||||||||||
Brokered Deposits | 361 | 682 | 1,937 | 3,554 | |||||||||||
Other | 25 | 19 | 90 | 70 | |||||||||||
Total Interest Expense | 1,128 | 1,671 | 4,990 | 8,544 | |||||||||||
NET INTEREST INCOME | 7,944 | 6,478 | 30,901 | 23,370 | |||||||||||
Credit for Loan and Lease Losses | (221 | ) | (955 | ) | (1,452 | ) | (2,735 | ) | |||||||
NET INTEREST INCOME AFTER CREDIT FOR LOAN AND LEASE LOSSES | 8,165 | 7,433 | 32,353 | 26,105 | |||||||||||
NONINTEREST INCOME | |||||||||||||||
Service Charges on Deposit Accounts | 793 | 800 | 3,081 | 3,097 | |||||||||||
Mortgage Banking Income | 357 | 208 | 1,278 | 1,135 | |||||||||||
Gain on Sales of Securities Available-for-Sale | — | 168 | 628 | 322 | |||||||||||
Gain on Sales of Loans | 886 | — | 1,612 | — | |||||||||||
Other | 1,752 | 1,012 | 5,659 | 4,129 | |||||||||||
Total Noninterest Income | 3,788 | 2,188 | 12,258 | 8,683 | |||||||||||
NONINTEREST EXPENSES | |||||||||||||||
Salaries and Employee Benefits | 5,576 | 5,503 | 21,228 | 22,584 | |||||||||||
Expense on Premises and Fixed Assets, net of rental income | 1,312 | 1,341 | 5,364 | 5,644 | |||||||||||
Other | 4,012 | 3,306 | 15,076 | 19,532 | |||||||||||
Total Noninterest Expenses | 10,900 | 10,150 | 41,668 | 47,760 | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 1,053 | (529 | ) | 2,943 | (12,972 | ) | |||||||||
Income Tax Provision | 131 | 119 | 526 | 477 | |||||||||||
NET INCOME (LOSS) | 922 | (648 | ) | 2,417 | (13,449 | ) | |||||||||
Preferred Stock Dividends | — | — | — | (929 | ) | ||||||||||
Accretion on Preferred Stock Discount | — | — | — | (452 | ) | ||||||||||
Effect of Exchange of Preferred Stock to Common Stock | — | — | — | 26,179 | |||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | 922 | $ | (648 | ) | $ | 2,417 | $ | 11,349 | ||||||
NET INCOME (LOSS) PER SHARE: | |||||||||||||||
Net Income (Loss) Per Share – Basic | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | ||||||
Net Income (Loss) Per Share – Diluted | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | 0.24 | ||||||
Dividends Declared Per Common Share | $ | — | $ | — | $ | — | $ | — |
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