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Chattanooga's biggest independent bank FSG narrows banking losses

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Photo by Jake Daniels/Times Free Press. Photo by Jake Daniels/Times Free Press.

CHATTANOOGA, TN. (Times Free Press) -- The silver lining has brightened for FSGBank despite the loss of another $25.1 million, or $15.79 per share, in 2011.

In its annual report released Friday night, First Security Group said it narrowed its annual losses from $46.4 million in 2010 to $25.1 million last year. The bank's loan and lease losses also shrunk from $33.6 million in 2010 to $10.9 million last year as it continued to improve its portfolio.

FSG, Chattanooga's biggest independent bank, shrunk its loan portfolio from $727.1 million in 2010 to $584.5 million last year. While deposits remained constant at $1 billion, total consolidated assets fell by $100 million to $1.1 billion.

Part of the drop in net income was derived from a drop in net interest income, which fell by $6.9 million during the year due to a a smaller loan portfolio.

Read more on the story from our news partners at the Chattanooga Times Free Press.

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