Boston, MA 05/20/2013 (wallstreetpr) – Friday’s trading session saw First Security Group Inc (NASDAQ:FSGI) climbing down by 17.57%. It opened at a price of $6.01 which reached an intraday high of $6.33 before heading down to close at $4.41 per share. In excess of 0.882 million shares exchanged hands in the previous trading session. This figure stood above the average volume of 0.489 million that was measured over a 30-day period.
FSGI’s 2013 Q1 ended with a $409,000 net loss in comparison to a $531,000 net income for the same period in 2012 which was a dip of $940,000. For the quarter that ended 31 March 2013, First Security Group Inc (NASDAQ:FSGI) had a $0.17 per share net loss in comparison to a net income of $0.22 per share for the three months ended 31 March 2012. The main reason for this net loss in the current year was a 21.7% increase or $1,706,000 in claims in the 2013 Q1 in comparison to the same period in 2012. This rise in claims was largely associated with a rise in losses as well as in loss adjustment expenses that were reported in the P&C segment. These were from non-catastrophe hail and wind claims and catastrophe events (cat events) in comparison to the same period in 2012.
FSG is a bank holding company. It operates 30 full-service banking offices via FSGBank, its wholly owned bank subsidiary. It serves the financial and banking needs of numerous communities in middle and eastern Tennessee and northern Georgia.
