Personal Business Customer Service



Year End 2015

February 15, 2016



As we look back on 2015, we are pleased with our performance yet even more excited about our future. Net income for 2015 was $4.1 million, approximately $1 million higher than 2014. Earnings per share for the year were $1.72, up $0.12 over 2014. The following financial highlights for 2015 are compared to one year ago.

  • Assets at year end total $593 million, representing an increase of 9%.

  • Loans and Deposits – Loans increased 14%, while deposits increased 10%.

  • Tangible Book Value increased $1.18 or 5%.

  • Net Income for the year was $4.1 million, an increase of $1.0 million or 31%.

  • Non-Interest Income was up 3% for the year.

  • Non-Interest Expense was up 8% for the year.

  • Non-Performing Assets to total assets were 0.66% at the end of 2015, down slightly from 0.75%.

  • Return on Assets improved from 0.62% to 0.72%.

  • Return on Equity for the year was 6.92%, up from 6.23%.

Your Board of Directors has declared a dividend of $0.17 per share, our 50th consecutive dividend, to all shareholders of record as of February 15, 2016.

While our 2015 results are exciting, we are even more enthusiastic about the future of First Security. With a strong foundation of earnings and capital, 2016 will be a year in which the Company reinvests in people and redefines its retail strategy. Some recent leadership changes to share with you include:

  1. Promotion of Michael Beckwith to President and Chief Executive Officer;
  2. Promotion of Amy Jackson to Chief Operating Officer;
  3. Hiring of Kevin Carrico as Chief Market Officer, a new position designed to focus on leading the branch network, residential mortgage lending and wealth management;
  4. Hiring of Sarah Howard as Chief Financial Officer; and
  5. Announcement of a new Chief Credit Officer, Scott Powell.

These new leaders have already engaged at a level that is exciting to be a part of. They will be working together as a team to transition the Company to a full-service banking model, focusing on the entire customer relationship. These transitions will take some time. We expect that growth and earnings in 2016 will be impacted; however, the Company expects to position itself to capitalize on the new culture and reap even greater shareholder value for many years.

Over the last few years, the Company has grown by adding more customers in its existing locations as well as adding new banking centers to reach even more new customers. We have been active in looking at potential partners and anticipate continuing that strategy in the future. The new leadership team is capable of managing a much larger organization, both in terms of size and scope. The passion and energy of this group is expected to present First Security with great opportunity, providing youthful excitement that will be infectious in the banking community and help take First Security from good to great.

During this year of change, we appreciate your support in allowing us the time to create a company that many are excited to be a part of. In addition to the above new leaders, there are many dedicated associates who are energized at an even greater level. They are excited to work for First Security and are passionate about welcoming new customers to the Bank.

We are ever mindful of why we are here, to provide a return for you, our shareholders. While we celebrate what we have achieved, our focus is forward. We certainly believe that our greatest days are ahead of us at First Security.

We welcome any opportunity to provide you with banking products and services to meet your needs. You may contact Mike via phone or email at 270-663-4668 or mbeckwith@firstsecurity.net.

Thank you for your continued investment in us.



Michael F. Beckwith                                                                            James T. “Tab” Quisenberry

President and CEO                                                                            Chairman of the Board

Equal Housing Lender   Member FDIC
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