FSG losses narrow in first quarter

FSG losses narrow in first quarter

April 30th, 2014 by Dave Flessner in Local - Breaking News

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.