Owensboro-based First Security Inc., the holding company for First Security Bank, announced last week its earnings fell for the first quarter.
The bank holding company earned $406,870, or 52 cents a share. That's down 10 percent from $453,640, or 57 cents a share, in the same quarter of 2011.
Company leaders in a statement said the earnings were affected primarily by the opening of a branch at Hamburg in Lexington. Without expenses from the new location, net income would have increased 7 percent year over year, according to a statement.
The company also noted it has acquired a location in Newburgh, Ind., that was formerly an Integra Bank.
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The company also has branches in Bowling Green, Franklin and Owensboro, and Evansville, Ind.