First Security Group, Inc. narrowed its first quarter losses this year after the bank was recapitalized last April.
The Chattanooga-based parent company of FSG Bank said Tuesday it had a pre-tax profit from operations in the first quarter. But but due to continued allowance for loan losses, the bank reported a $45,000 loss in the first three months of 2014. In the same period a year ago, FSG lost $7.9 million.
“Our goal is to continue our momentum to achieve core profitability,” FSG President Michael Kramer said.
FSG Bank was recapitalized a year ago with the sale of more than $90 million of additional stock.
Over the past year, Kramer said loans, including those held-for-sale, increased by nearly 17.7 percent, or $96.4 million.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...