First Security Inc. (OTCQX:FIIT), the bank holding company for First Security Bank, Inc., announced results for the first quarter of 2017.
“We are excited with the progress that we made during the first quarter of 2017. We recently unveiled a new brand, a new look and feel for our Company, and we are excited about what that means for us moving forward. Earnings have improved from the fourth quarter of 2016, and we have redefined our sales culture which will position us for future success,” stated Michael F. Beckwith, President and Chief Executive Officer.
“During the last year and a half, the Company has been under a Community Reinvestment Act Needs to Improve rating as assigned by our primary regulator. We are extremely pleased that through tremendous effort of all our associates, we very recently received notification that our rating had changed to Satisfactory. This is significant in that the Company is now able to explore various strategic alternatives to augment our growth plans of building customer relationships, “shared Mr. Beckwith.
Net income for the first quarter of 2017 was $801,000, down from $889,000 in the first quarter of 2016, but up from $255,000 in the fourth quarter of 2016. Earnings per share for the quarter were $0.33, down $0.04 over the same period in 2016, but up from $0.11 per share in the fourth quarter of 2016.