Thursday, First Security Group, Inc. (FSGI), the holding company for FSGBBank, posted a wider-than-expected net loss for the second quarter compared with a profit last year. The loss was attributed largely to higher provision for loan and lease losses.
The Chattanooga, Tennessee-based company's net loss available to common shareholders was $1.91 million or $0.12 per share compared with a profit of $1.60 million or $0.10 per share in the previous year. On average, 3 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.07. Analysts' estimates typically exclude special items.
The results included a significantly higher provision for loan and lease losses of $6.19 million compared with $1.95 million in 2008.
Net interest income for the second quarter decreased to $10.50 million from $11.42 million for the year-ago quarter, due to the Federal Reserve's interest rate reductions.
Total non-interest income for the latest quarter decreased 11.7% to $2.64 million from $2.99 million in 2008, due to lower deposit fees and declining mortgage income. Two analysts estimated revenues of $13.24 million for the quarter.
For the six months ended, net loss available to common stockholders was $3.21 million or $0.21 per share compared with net income of $3.85 million or $0.24 for the same period in 2008.
Net interest income after provision for loan and lease losses decreased to $9.55 million from $19.80 million for the year-ago period.
Provision for loan and lease losses were $11.18 million compared with $3.13 million for the period last year.
Net interest income for the six months ended decreased to $20.74 million from $22.93 million in the year-ago period.
Total non-interest income for the period decreased 14.4% to $5.09 million from $5.95 million in 2008.
Wednesday, FSGI closed regular trading session at $3.49 on the Nasdaq.
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