First Security Group Announces First Quarter Results
First Security Group, Inc. (NASDAQ: FSGI), today reported a net loss available to common shareholders of $1.6 million, or $0.10 per diluted share, for the first quarter of 2010. This compares to a net loss available to common shareholders of $3.1 million, or $0.20 per diluted share, in the fourth quarter of 2009. During the first quarter, First Security recorded a $4.4 million provision for loan and lease losses.
“Over the past six months, our management team has successfully executed and completed many strategic initiatives. We have fortified the balance sheet with liquid assets, strengthened our credit underwriting processes, reduced balance sheet risks and controlled our overhead expenses. These initiatives will position us to return to profitability and growth as the economy improves,” said Rodger B. Holley, Chairman, CEO and President of First Security. “Given the difficult economic conditions, increasing unemployment and related credit costs over the last twelve to eighteen months, it made sense for us to take a close look at the Bank’s credit risk management. While we are implementing a centralized approach to lending, we remain committed to providing superior customer service and maintaining local knowledge of our markets through our experienced bankers and lenders.”
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