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First Security Group Announces Third Quarter Results



  First Security Group Announces Third Quarter Results

                      New Lending Initiatives Announced

Business Wire

CHATTANOOGA, Tenn. -- November 14, 2013

First Security Group, Inc. (NASDAQ: FSGI) today reported a net loss allocated
to common shareholders of $1.4 million, or $0.02 per basic and diluted share,
for the third quarter of 2013 as compared to a loss of $9.4 million, or $5.79
per basic and diluted share, for the same period in 2012. For the nine months
ended September 30, 2013, First Security reported net income available to
common shareholders of $12.0 million, or $0.30 per basic and diluted share, as
compared to a $23.5 million loss, of $14.54 per basic and diluted share, for
the same period in 2012.

“The third quarter represents the first full quarter after the April
recapitalization,” said Michael Kramer, First Security’s President and Chief
Executive Officer. “While we are pleased with our continued improvement in our
deposit mix and associated cost, it is essential that we achieve significant
improvement in loan and revenue growth.”

For the third quarter of 2013, net interest income improved by $679 thousand,
or 12.4%, to $6.2 million compared to $5.5 million for the linked second
quarter of 2013. Total interest income contributed an additional $386 thousand
during the third quarter as First Security reduced cash and invested in higher
yielding investment securities. Total interest expense declined by $293
thousand through reductions in the costs of deposits as well as reductions in
total deposits.

During the third quarter, First Security continued to improve its deposit mix
by increasing pure deposits, defined as transaction-based accounts, while
reducing higher cost customer CDs as well as reducing brokered CDs as they
matured with available cash. During the third quarter, average pure deposits
increased by $22.4 million, or 5.2% (20.7% annualized) to $454.4 million while
customer CDs and brokered CDs decreased by $61.0 million, or 11.6% (46.3%
annualized). As of September 30, 2013, pure deposits totaled 50.0% of total
deposits as compared to 39.6% as of September 30, 2012. The changes in deposit
mix resulted in the average rate paid on customer deposits improving from
0.64% to 0.57% and the overall cost of deposits improving from 0.96% to 0.86%
comparing the second and third quarters of 2013.

With continued asset quality improvement and minimal charge-offs, First
Security recorded a $1.6 million negative provision to the allowance for loan
and lease losses for the quarter and a $1.8 million negative provision for the
year. First Security realized net recoveries of $32 thousand during the third
quarter of 2013 and $1.3 million in net charge-offs for the year to date
period. Nonaccrual loans declined by $1.8 million to $6.8 million as of
September 30, 2013 compared to $8.6 million as of June 30, 2013. Nonperforming
loans to total loans improved to 1.37% as of September 30, 2013 as compared to
1.65% as of June 30, 2013. Based on the continued improvement in asset quality
and minimal charge-offs, the negative provision was appropriate to reduce the
allowance to total loans from 2.27% as of June 30, 2013 to 2.00% as of
September 30, 2013.

Non-interest income remained consistent quarter-over-quarter at $2.5 million.
Non-interest expense decreased by $1.5 million to $11.4 million for the third
quarter of 2013 as compared to the second quarter of 2013. During the third
quarter, First Security announced the pending consolidations of two branches
to be completed by December 31, 2013 as well as an overall 10% reduction in
full-time equivalent employees. The associated cost savings with the reduced
workforce is approximately $2.2 million in salary and benefits annually with
full realization to begin in the first quarter of 2014. Various other cost
saving are anticipated to further reduce non-expense expense for 2014.

“Over the last several quarters, we have seen significant pricing and credit
concessions from the competition that has inhibited our ability to grow loans
with the quality and yields that we seek,” said John Haddock, First Security’s
EVP and Chief Financial Officer. “At the same time, we have been evaluating
certain niche lending initiatives and have begun to implement four distinct
initiatives to offset the impact of these competitive pressures.”

First Security has announced the implementation of four niche lending
opportunities. First, Tri-Net Direct is a new division focused on national net
lease lending and includes three full-time employees. Tri-Net will originate
construction of preleased “build to suit” projects and provide interim and
long term financing to professional developers and private investors for
commercial real estate on long term lease to tenants that are investment grade
or have investment grade attributes. Second, First Security has partnered with
a third-party that originates small balance, unsecured consumer loans,
primarily associated with home improvement projects. Third, First Security has
built an asset-based lending unit to serve as a community bank alternative for
asset-based lending within our markets that should generate above average
return on a risk-adjusted basis. The fourth initiative is a dedicated team
focused on originating and selling government guaranteed loans, including SBA
and USDA loan products.

“Our ability to supplement the lending activities of our traditional bankers
with the niche lending initiatives should significantly enhance our ability to
achieve our desired loan growth while providing value added services to our
customers,” said CEO Kramer. “The return to core profitability is
predominantly associated with our ability to increase loans and change our mix
of earning assets.”

About First Security Group, Inc.

First Security Group, Inc. is a bank holding company headquartered in
Chattanooga, Tennessee, with $1.0 billion in assets. Founded in 1999, First
Security’s community bank subsidiary, FSGBank, N.A. has 30 full-service
banking offices along the interstate corridors of eastern and middle Tennessee
and northern Georgia. In Dalton, Georgia, FSGBank operates under the name of
Dalton Whitfield Bank; along the Interstate 40 corridor in Tennessee, FSGBank
operates under the name of Jackson Bank & Trust. FSGBank provides retail and
commercial banking services, trust and investment management, mortgage
banking, financial planning, internet banking (www.FSGBank.com).

Non-GAAP Financial Measures

This press release contains financial information determined by methods other
than in accordance with generally accepted accounting principles in the United
States of America (GAAP). First Security’s management uses these “non-GAAP”
measures in its analysis of First Security’s performance. Non-GAAP measures
typically adjust GAAP performance measures to exclude the effects of charges,
expenses and gains related to the consummation of mergers and acquisitions,
and costs related to the integration of merged entities. These non- GAAP
measures may also exclude other significant gains, losses or expenses that are
unusual in nature and not expected to recur. Since these items and their
impact on First Security’s performance are difficult to predict, management
believes presentations of financial measures excluding the impact of these
items provide useful supplemental information that is important for a proper
understanding of the operating results of First Security’s core business.
These disclosures should not be viewed as a substitute for operating results
determined in accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other companies.

Forward-Looking Statements

This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1993) that are based on current expectations that
involve a number of risks and uncertainties. These forward-looking statements
include, among others, an estimated goodwill impairment charge and the
assumptions underlying this estimate. Actual results may differ materially
from the results expressed in forward-looking statements. Factors that might
cause such a difference include changes in interest rates and interest rate
relationships; demand for products and services; the degree of competition by
traditional and non-traditional competitors; changes in banking regulation;
changes in tax laws; changes in prices, levies, and assessments; the impact of
technological advances; governmental and regulatory policy changes; the
outcomes of contingencies; trends in customer behavior as well as their
ability to repay loans; changes in the national and local economy; and other
factors, including risk factors, referred to from time to time in filings made
by First Security with the Securities and Exchange Commission. First Security
undertakes no obligation to update or clarify forward-looking statements,
whether as a result of new information, future events or otherwise.

Public companies, from time to time, become aware of rumors concerning their
business. Investors are cautioned that in this age of instant communication
and internet access, it may be important to avoid relying on rumors and
unsubstantiated information. First Security complies with Federal and State
law applicable to disclosure of information. Investors may be at significant
risk in relying on unsubstantiated information from other sources.

 
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
(unaudited)
                                                                                                                                      
                       3rd Quarter        2nd Quarter       1st Quarter        4th Quarter        3rd Quarter        Year-to-Date      Year-to-date
                       2013               2013              2013               2012               2012               Sept. 30,         Sept. 30, 2012
                                                                                                                     2013
                       (in thousands, except per share amounts and full-time equivalent employees)
Earnings:
Net interest           $ 6,165            $ 5,486           $ 5,241            $ 5,191            $ 5,849            $ 16,893          $ 18,389
income
(Credit)
Provision for          $ (1,632    )      $ (826      )     $ 678              $ 10,374           $ 4,543            $ (1,780    )     $ 10,492
loan and lease
losses
Non-interest           $ 2,514            $ 2,521           $ 2,220            $ 2,306            $ 2,694            $ 7,255           $ 6,989
income
Non-interest           $ 11,419           $ 12,909          $ 14,042           $ 11,528           $ 12,781           $ 38,372          $ 37,280
expense
Dividends and
accretion on           $ —                $ 858             $ 524              $ 522              $ 521              $ 1,381           $ 1,556
preferred stock
Effect of
exchange on            $ —                $ 26,179          $ —                $ —                $ —                $ 26,179          $ —
preferred stock
to common stock
Net (loss
allocated)
income available       $ (1,430    )      $ 21,328          $ (7,902    )      $ (16,100   )      $ (9,410    )      $ 11,996          $ (23,548   )
to common
stockholders
                                                                                                                                        
Per Share Data:
Net (loss
allocated)
income available       $ (0.02     )      $ 0.39            $ (4.90     )      $ (9.90     )      $ (5.79     )      $ 0.30            $ (14.54    )
to common
stockholders,
basic
Net (loss
allocated)
income available       $ (0.02     )      $ 0.39            $ (4.90     )      $ (9.90     )      $ (5.79     )      $ 0.30            $ (14.54    )
to common
stockholders,
diluted
Book value per         $ 1.25             $ 1.39            $ (6.58     )      $ (1.94     )      $ 6.93             $ 1.25            $ 6.93
common share
                                                                                                                                        
Performance
Ratios:
Return on                (0.56     )%       7.97      %       (3.02     )%       (5.91     )%       (3.37     )%       1.52      %       (2.81     )%
average assets
Return on
average common           (7.21     )%       95.78     %       NM                 NM                 (189.98   )%       29.77     %       (113.56   )%
equity
Efficiency ratio         131.57    %        161.22    %       188.21    %        153.77    %        149.61    %        158.90    %       146.90    %
Non-interest
income to net
interest income          28.97     %        31.48     %       29.75     %        30.76     %        31.53     %        30.04     %       27.54     %
and non-interest
income
                                                                                                                                        
Capital:
Total equity to          8.24      %        8.12      %       2.02      %        2.74      %        4.00      %        8.24      %       4.00      %
total assets
                                                                                                                                        
                                                                                                                                        
                                                                                                                                        
Liquidity,
Yields and
Rates:
Interest-bearing
cash - average           68,964             122,499           156,117            179,116            187,248            137,291           201,663
balance
Investment
securities -             329,385            322,747           253,265            252,356            254,362            291,698           233,670
average balance
Loans - average          529,406            547,499           554,204            574,768            593,164            544,136           595,278    
balance
Average Earning          927,755            992,745           963,586            1,006,240          1,034,774          973,125           1,030,611  
Assets
Pure deposits^1
- average                454,379            431,988           414,244            408,804            409,810            428,826           394,101
balance
Core deposits^2
- average                653,044            648,373           639,558            640,328            642,426            646,062           625,791
balance
Customer
deposits^3 -             829,926            847,007           839,307            845,346            843,317            842,066           823,595
average balance
Brokered
deposits -               90,323             111,801           153,741            178,876            193,245            125,299           205,028    
average balance
Total deposits -         920,249            958,808           993,048            1,024,222          1,036,562          967,365           1,028,623  
average balance
Total loans to           58.76     %        56.59     %       54.53     %        53.68     %        54.91     %        58.76     %       54.91     %
total deposits
Yield on earning         3.57      %        3.20      %       3.33      %        3.63      %        3.50      %        3.32      %       3.72      %
assets
Rate on customer
deposits
(including               0.57      %        0.64      %       0.68      %        0.70      %        0.75      %        0.63      %       0.81      %
impact of
non-interest
bearing DDAs)
Cost of deposits         0.86      %        0.96      %       1.04      %        1.09      %        1.15      %        0.94      %       1.24      %
Rate on
interest-bearing         1.01      %        1.11      %       1.20      %        1.30      %        1.40      %        1.09      %       1.49      %
funding
Net interest
margin, taxable          2.71      %        2.27      %       2.25      %        2.49      %        2.30      %        2.38      %       2.44      %
equivalent
                                                                                                                                        
Asset Quality:
Net (recoveries)       $ (32       )      $ 374             $ 978              $ 14,064           $ 6,653            $ 1,320           $ 12,602
charge-offs
Net loan
(recoveries)
charged-offs to          (0.02     )%       0.27      %       0.71      %        9.79      %        4.49      %        0.32      %       2.83      %
average loans,
annualized
Non-accrual            $ 6,803            $ 8,628           $ 10,194           $ 25,071           $ 32,254           $ 6,803           $ 32,254
loans
Other real
estate owned and       $ 8,678            $ 10,549          $ 12,722           $ 13,449           $ 15,854           $ 8,678           $ 15,854
repossessed
assets, net
Loans 90 days          $ 509              $ 332             $ 1,270            $ 1,656            $ 2,572            $ 509             $ 2,572
past due
Non-performing         $ 15,990           $ 19,509          $ 24,186           $ 40,176           $ 50,680           $ 15,990          $ 50,680
assets (NPA)
NPA to total             1.58      %        1.83      %       2.32      %        3.78      %        4.54      %        1.58      %       4.54      %
assets
Non-performing         $ 7,312            $ 8,960           $ 11,464           $ 26,727           $ 34,826           $ 7,312           $ 34,826
loans (NPL)
NPL to total             1.37      %        1.65      %       2.12      %        4.94      %        6.07      %        1.37      %       6.07      %
loans
Allowance for
loan and lease           2.00      %        2.27      %       2.50      %        2.55      %        3.05      %        2.00      %       3.05      %
losses to total
loans
Allowance for
loan and lease           146.33    %        137.28    %       117.76    %        51.63     %        50.22     %        146.33    %       50.22     %
losses to NPL
                                                                                                                                        
Period End
Balances:
Loans                  $ 534,627          $ 542,019         $ 540,288          $ 541,130          $ 573,365          $ 534,627         $ 573,365
Allowance for
loan and lease         $ 10,700           $ 12,300          $ 13,500           $ 13,800           $ 17,490           $ 10,700          $ 17,490
losses
Intangible             $ 388              $ 455             $ 526              $ 600              $ 677              $ 388             $ 677
assets
Assets                 $ 1,011,855        $ 1,066,649       $ 1,040,753        $ 1,063,555        $ 1,117,470        $ 1,011,855       $ 1,117,470
Total deposits         $ 909,848          $ 957,811         $ 990,894          $ 1,008,066        $ 1,044,131        $ 909,848         $ 1,044,131
Common
stockholders'          $ 83,388           $ 86,654          $ (11,666   )      $ (3,439    )      $ 12,283           $ 83,388          $ 12,283
equity
Total
stockholders'          $ 83,388           $ 86,654          $ 20,994           $ 29,110           $ 44,722           $ 83,388          $ 44,722
equity
Common stock
market                 $ 138,534          $ 135,469         $ 4,678            $ 3,952            $ 3,987            $ 138,534         $ 3,987
capitalization
Full-time
equivalent               313                327               325                329                328                313               328
employees
Common shares            66,603             62,428            1,772              1,772              1,772              66,603            1,772
outstanding
                                                                                                                                        
Average
Balances:
Loans                  $ 529,406          $ 547,499         $ 554,204          $ 574,768          $ 593,164          $ 544,136         $ 595,278
Intangible             $ 405              $ 476             $ 574              $ 649              $ 726              $ 501             $ 825
assets
Earning assets         $ 927,755          $ 992,745         $ 963,586          $ 1,006,240        $ 1,034,774        $ 973,125         $ 1,030,611
Assets                 $ 1,016,919        $ 1,070,895       $ 1,047,184        $ 1,089,841        $ 1,117,494        $ 1,055,611       $ 1,117,831
Deposits               $ 920,249          $ 958,808         $ 993,048          $ 1,024,222        $ 1,036,562        $ 967,365         $ 1,028,623
Common
stockholders'          $ 79,382           $ 89,069          $ (5,402    )      $ 10,108           $ 19,813           $ 53,720          $ 27,648
equity
Total
stockholders'          $ 79,382           $ 92,658          $ 27,184           $ 42,584           $ 52,181           $ 65,659          $ 59,910
equity
Common shares
outstanding,             62,600             55,174            1,613              1,626              1,626              40,020            1,619
basic - wtd
Common shares
outstanding,             62,600             55,176            1,613              1,626              1,626              40,020            1,619
diluted - wtd
                                                                                                                                        
^(1) Pure Deposits are all transaction-based accounts, including non-interest bearing DDA's, interest bearing DDA's, money market accounts and
savings accounts.
                                                                                                                                        
^(2) Core deposits are Pure deposits plus customer certificates of deposits less than $100,000.
                                                                                                                                        
^(3) Customer deposits excluded brokered deposits.
 

 
First Security Group, Inc. and Subsidiary
Consolidated Financial Highlights
Non-GAAP Reconciliation Table
(unaudited)
                                                                                                            
                                                                                                              
                  3rd          2nd          1st Quarter     4th Quarter     3rd Quarter     Year-to-Date     Year-to-date
                  Quarter      Quarter
                  2013         2013         2013            2012            2012            Sept. 30,        Sept. 30,
                                                                                            2013             2012
                  (in thousands, except per share amounts and full-time equivalent employees)
                                                                                                              
Total
stockholders'     $ 83,388     $ 86,654     $ 20,994        $ 29,110        $ 44,722        $  83,388        $  44,722
equity
Effect of
preferred           —            —            (32,660 )       (32,549 )       (32,439 )        —                (32,439 )
stock
Common
stockholders'     $ 83,388     $ 86,654     $ (11,666 )     $ (3,439  )     $ 12,283        $  83,388        $  12,283   
equity
                                                                                                              
Average total
stockholders'     $ 79,382     $ 92,658     $ 27,184        $ 42,584        $ 52,181        $  65,659        $  59,910
equity
Effect of
average             —            (3,589 )     (32,586 )       (32,476 )       (32,368 )        (11,939 )        (32,262 )
preferred
stock
Average
common            $ 79,382     $ 89,069     $ (5,402  )     $ 10,108        $ 19,813        $  53,720        $  27,648
stockholders'
equity
                                                                                                                         

 
First Security Group, Inc. and Subsidiary
Consolidated Balance Sheets
 
                             September 30,     December 31,      September 30,
                             2013              2012              2012
(in thousands)               (unaudited)                         (unaudited)
ASSETS
Cash and Due from            $ 10,357          $ 12,806          $ 10,204
Banks
Interest Bearing               59,943            159,665           201,631    
Deposits in Banks
Cash and Cash                  70,300            172,471           211,835
Equivalents
Securities                     207,009           254,057           257,263
Available-for-Sale
Securities
Held-to-Maturity, at           129,164           —                 —
amortized cost (fair
value - $130,170)
Loans Held for Sale            1,661             25,920            3,857
Loans                          534,627           541,130           573,365
Less: Allowance for            10,700            13,800            17,490     
Loan and Lease Losses
Net Loans                      523,927           527,330           555,875
Premises and                   28,810            29,304            29,540
Equipment, net
Bank Owned Life                28,155            27,576            27,364
Insurance
Intangible Assets, net         388               600               677
Other Real Estate              8,662             13,441            15,803
Owned
Other Assets                   13,779            12,856            15,256     
TOTAL ASSETS                 $ 1,011,855       $ 1,063,555       $ 1,117,470  
                                                                  
LIABILITIES AND
SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits
Noninterest Bearing          $ 147,865         $ 141,400         $ 158,967
Demand
Interest Bearing               92,108            86,575            68,387
Demand
Savings and Money              215,293           184,597           186,182
Market Accounts
Certificates of
Deposit less than $100         195,129           228,144           232,558
thousand
Certificates of
Deposit of $100                170,466           201,873           204,789
thousand or more
Brokered Deposits              88,987            165,477           193,248    
Total Deposits                 909,848           1,008,066         1,044,131
Federal Funds
Purchased and
Securities Sold under          12,657            12,481            14,691
Agreements to
Repurchase
Security Deposits              14                58                88
Other Borrowings               —                 —                 —
Other Liabilities              5,948             13,840            13,838     
Total Liabilities              928,467           1,034,445         1,072,748  
SHAREHOLDERS’ EQUITY
Preferred Stock – no
par value – 10,000,000
shares authorized; no
shares issued as of
September 30, 2013;
33,000 issued as of
December 31, 2012 and          —                 32,549            32,439
September 30, 2012;
Liquidation value of
$0 at September 30,
2013, $38,156 as of
December 31, 2012 and
$37,744 as of
September 30, 2012
Common Stock – $.01
par value –
150,000,000 shares
authorized; 66,602,601
shares issued as of            764               115               115
September 30, 2013,
1,772,342 issued as of
December 31, 2012, and
1,772,342 issued as of
September 30, 2012
Paid-In Surplus                196,059           106,531           107,146
Common Stock Warrants          —                 2,006             2,006
Unallocated ESOP               —                 —                 (759      )
Shares
Accumulated Deficit            (103,395  )       (115,391  )       (99,291   )
Accumulated Other
Comprehensive (Loss)           (10,040   )       3,300             3,066      
Income
Total Shareholders’            83,388            29,110            44,722     
Equity
TOTAL LIABILITIES AND        $ 1,011,855       $ 1,063,555       $ 1,117,470  
SHAREHOLDERS’ EQUITY
                                                                              

                                                      
First Security Group, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
                                                        
                                                        
                         Three Months Ended            Nine Months Ended
                         September 30,                 September 30,
(in thousands,
except per share         2013           2012           2013            2012
data)
INTEREST INCOME
Loans, including         $ 6,461        $ 7,722        $ 19,537        $ 24,289
fees
Investment
Securities –               1,321          904            3,143           2,788
taxable
Investment
Securities –               312            227            749             780
non-taxable
Other                      77             121            338             387      
Total Interest             8,171          8,974          23,767          28,244   
Income
INTEREST EXPENSE
Interest Bearing           62             52             213             128
Demand Deposits
Savings Deposits
and Money Market           188            247            628             831
Accounts
Certificates of
Deposit of less            466            657            1,551           2,063
than $100 thousand
Certificates of
Deposit of $100            475            631            1,558           1,948
thousand or more
Brokered Deposits          795            1,420          2,873           4,538
Other                      20             118            51              347      
Total Interest             2,006          3,125          6,874           9,855    
Expense
NET INTEREST               6,165          5,849          16,893          18,389
INCOME
(Credit) Provision
for Loan and Lease         (1,632 )       4,543          (1,780  )       10,492   
Losses
NET INTEREST
INCOME AFTER               7,797          1,306          18,673          7,897    
PROVISION FOR LOAN
AND LEASE LOSSES
NONINTEREST INCOME
Service Charges on         798            725            2,298           2,160
Deposit Accounts
Mortgage Banking           420            249            927             718
Income
Gain on Sales of
Securities                 —              143            154             144
Available-for-Sale
Other                      1,296          1,577          3,876           3,967    
Total Noninterest          2,514          2,694          7,255           6,989    
Income
NONINTEREST
EXPENSES
Salaries and               5,807          5,275          17,081          14,911
Employee Benefits
Expense on
Premises and Fixed         1,546          1,450          4,302           4,332
Assets, net of
rental income
Other                      4,066          6,056          16,989          18,037   
Total Noninterest          11,419         12,781         38,372          37,280   
Expenses
LOSS BEFORE INCOME
TAX PROVISION              (1,108 )       (8,781 )       (12,444 )       (22,394 )
(BENEFIT)
Income Tax
Provision                  322            108            358             (402    )
(Benefit)
NET LOSS                   (1,430 )       (8,889 )       (12,802 )       (21,992 )
Preferred Stock            —              (413   )       (929    )       (1,238  )
Dividends
Accretion on
Preferred Stock            —              (108   )       (452    )       (318    )
Discount
Effect of Exchange
of Preferred Stock         —              —              26,179          —        
to Common Stock
NET (LOSS
ALLOCATED) INCOME
AVAILABLE TO             $ (1,430 )     $ (9,410 )     $ 11,996        $ (23,548 )
COMMON
SHAREHOLDERS
NET INCOME (LOSS)
PER SHARE:
Net Income (Loss)        $ (0.02  )     $ (5.79  )     $ 0.30          $ (14.54  )
Per Share – Basic
Net Income (Loss)
Per Share –              $ (0.02  )     $ (5.79  )     $ 0.30          $ (14.54  )
Diluted
Dividends Declared       $ —            $ —            $ —             $ —
Per Common Share
                                                                                  

Contact:

First Security Group, Inc.
John R. Haddock, 423-308-2075
EVP & CFO
jhaddock@FSGBank.com
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