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INVESTOR RELATIONS

Third Quarter 2016

November 23, 2016

First Security Inc. Announces Third Quarter 2016 Results

OWENSBORO, KENTUCKY — First Security Inc. (OTCQX: FIIT), the bank holding company for First Security Bank, Inc., announced results for the third quarter of 2016.

“We have made significant progress in transforming our Company this year, positioning us for continued success. We have shifted our focus this quarter to executing portions of the strategic plan that we finalized in the prior quarter as we continue planning for the future of the Company,” stated Michael F. Beckwith, President and Chief Executive Officer.

Net income for the third quarter of 2016 was $831,000, down from $1.2 million in the third quarter of 2015. Earnings per share for the quarter were $0.35, down $0.14 over the same period in 2015. The third quarter 2016 financial report for First Security is attached. Financial highlights of the third quarter follow.

  • Assets at quarter end total $564 million, down $15 million from the end of the third quarter of 2015.
  • Loans and deposits - Net loans are down 5% from the third quarter of 2015, while deposits increased $13 million or 3%. Non-interest bearing deposits increased by $15.8 million or 25%, offset by a reduction in time deposits, the highest cost of funds product, of $12.1 million or 5%.
  • Tangible book value increased $1.02 or 4% on a year over year basis.
  • Net interest margin decreased to 3.57% for the third quarter, compared to 3.68% for the third quarter of 2015.
  • Non-interest income was down 5% for the quarter as compared to 2015. The reduction was primarily due to lower service charges on deposits and net gains on sale of loans.
  • Non-interest expense was up 9% for the quarter as compared to 2015. This is primarily due to higher personnel costs, as well as professional services and data processing expenses.
  • Non-performing loans to total loans were 1.09% at the end of the quarter, up from 0.79% at year-end 2015.

    “We have made a significant investment in our people during 2016, a necessary step to build long term shareholder value. We are in the midst of many initiatives to help increase net interest income and non interest income as we look to close out 2016 and begin 2017,” stated Mr. Beckwith.

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