First Security Bank Announces 1st Quarter 2014 Results

 First Security, Inc. (the Company or First Security), the holding company for First Security Bank, Inc., announced first quarter 2014 basic earnings per share of $0.49, 133% over $0.21 basic earnings per share recorded during the first quarter of 2013. First quarter earnings were up $244,000 or 154% as compared to the first quarter of 2013 and were up $107,000 or 36% over the fourth quarter of 2013. Strong loan and deposit growth of 21% and 8% year over year fueled the increase in first quarter earnings.

The Company provided the following highlights of the first quarter of 2014:

• ï‚·  Cash Dividend – A dividend was declared of $.16 per share, the 43rd consecutive dividend.
• ï‚·  Stock purchases and sales – For the first time in its history, stock-trading activity for First Security will be accessible for public view. First Security, symbol FIIT, is now active as an “Over the Counter” stock.
• ï‚·  Capital – We are pleased to announce that on March 31, 2014 the Company closed on new capital totaling $30 million. The capital is to be used for growth in addition to the possible acquisition and/or merger of other banks or branches.

  “2013 was a year of investment in our existing and new markets as three new locations were developing. We are pleased to announce all of those locations are now profitable due to a solid effort by local management to get to profitability quickly. These results were made possible by hard work and successful efforts to grow bank relationships,” stated M. Lynn Cooper, President and CEO of First Security.

Financial highlights for the first quarter are compared to the prior quarter and first quarter prior year are as follows:

Net Income
Loans
Deposits
Shareholder Equity Provision for Losses Non-Interest Income Non-Interest Expense Net Interest Income

Compared to Prior Quarter

Up $107 thousand or 36% Up $6 million or 2%
Up $5 million or 1%
Up $29 million or 119%
Up $45 thousand or 14% Down $161 thousand or 17% Down $237 thousand or 6% Up $113 thousand or 3%

Compared to 1st Quarter Last Year

Up $244 thousand or 154% Up $65 million or 21%
Up $28 million or 8%
Up $28 million or 115%

Up $50 thousand or 15% Up $161 thousand or 25% Up $190 thousand or 6% Up $441 thousand or 13%

First Security, symbol FIIT, reported that its shareholders are now able to buy and sell their First Security stock via over the counter markets. “While various websites can be used to access our Company’s trading activity, we have found www.otcmarkets.com as the most comprehensive. While still not a registered Company that is actively traded on public markets such as NASDAQ or NYSE, this over the counter market is a public market designed to meet the unique needs of community banks like First Security,” reported Mr. Cooper.

As previously announced, the Company recently completed a $30 million private placement of the Company’s stock. This additional capital will allow First Security to execute on its long-term strategic growth plan and take advantage of expansion and growth opportunities. The Company believes these investors represent some of the best bank investors available and will provide First Security with a team of strategic partners focused on increasing shareholder value.

“We are pleased with the performance of First Security and look forward to continued growth and increasing profitability,” stated Mr. Cooper.