8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

AMENDMENT NO. 1

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  November 12, 2010

THE NATIONAL SECURITY GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-18649		63-1020300
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS Employer Identification No.)
661 East Davis Street
Elba, Alabama			36323
(Address of principal executive offices)			(Zip Code)
Registrant’s telephone number, including area code:		(334) 897-2273
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Explanatory Note

This Amendment No. 1 to the Current Report on Form 8-K/A (“Form 8-K/A”) is filed as an amendment to the Current Report on Form 8-K originally filed by the registrant with the Securities and Exchange Commission on November 12, 2010 (the “Original Form 8-K”) and amended on November 12, 2010 (“First Amendment”).  This Form 8-K/A presents the table with selected income statement information in whole dollars.  Dollar values, except for per share amounts, are presented in whole dollars rounded to the nearest thousand.  All of the other Items in the Original Form 8-K and First Amendment remain the same and are hereby incorporated by reference into this Form 8-K/A.

Item 7.01. Regulation FD Disclosure

In accordance with Securities and Exchange Commission Release No. 33-8216, the following information is furnished to the Securities and Exchange Commission pursuant to Item 12, “Disclosure of Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On November 12, 2010,  The National Security Group, Inc. issued a press release announcing its financial results for the three months and nine months ended September 30, 2010. A copy of this press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit No.	Description of Document
99.1	Press  release, dated November 12, 2010, issued by The National Security Group, Inc.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The National Security Group, Inc.
Dated:  November 12, 2010	By:  /s/ Brian R. McLeod
	Brian R. McLeod Chief Financial Officer

EX-99.1 CHARTER

                                                                                      Ex. 99.1

The National Security Group, Inc.

661 East Davis Street

Post Office Box 703

Elba, Alabama 36323

PRESS RELEASE

FOR IMMEDIATE RELEASE

The National Security Group, Inc. Releases Third Quarter Earnings

Elba, Alabama (November, 12, 2010)… The National Security Group, Inc. (the  Company) (Nasdaq: NSEC), today reported results for  the  quarter and nine months ended September 30, 2010 and 2009, based on accounting principles generally accepted in the United States of America, as follows:

	Three Months						Nine Months
	Ended September 30						Ended September 30
	2010			2009			2010		2009
REVENUES
Net premiums earned	$	15,248,000		$	14,357,000		$	46,189,000	$	44,950,000
Net investment income		1,175,000			1,603,000			3,696,000		4,214,000
Net realized investment gains (losses)		75,000			79,000			1,433,000		(151,000	)
Other Income		259,000			208,000			814,000		541,000
Total Revenues		16,757,000			16,247,000			52,132,000		49,554,000
BENEFITS AND EXPENSES
Policyholder benefits paid or provided		10,096,000			9,131,000			29,630,000		28,237,000
Policy acquisition costs		3,082,000			3,432,000			8,800,000		9,699,000
General expenses		2,792,000			2,483,000			7,532,000		6,979,000
Taxes, licenses and fees		525,000			376,000			1,492,000		1,356,000
Interest expense		294,000			277,000			859,000		842,000
Total Expenses
		16,789,000			15,699,000			48,313,000		47,113,000
(Loss)  Income  Before Income Taxes		(32,000	)		548,000			3,819,000		2,441,000
INCOME TAX (BENEFIT) EXPENSE		(255,000	)		(103,000	)		888,000		217,000
Net Income	$	223,000		$	651,000		$	2,931,000	$	2,224,000

For the quarter ended September 30, 2010, the Company had net income of $223,000 ($0.09 per share) compared to net income of $651,000 ($0.26 per share) for the same period last year.  The most significant factors contributing to the decline in the third quarter of 2010 were a $965,000 increase in policyholder benefits paid or provided coupled with a $309,000 increase in general expenses.  The 10.6% increase in policyholder benefits paid or provided was largely related to a $659,000 increase in losses paid during the third quarter of 2010 compared to the same period last year in the P&C segment combined with a $320,000 increase in death and maturity benefits in the Life segment for the same time period.  The 12.4% increase in general expenses was primarily related to litigation expense.  Posit ively impacting the quarter were an $891,000 ($0.36 per share) increase in net premiums earned as well as a $350,000 reduction in policy acquisition costs.

For the nine-months ended September 30, 2010, the Company had net income of $2,931,000 ($1.19 per share) compared to net income of $2,224,000 ($0.90 per share) for the same period last year.  The year-to-date increase of $1,584,000 in net realized investment gains was the primary reason for the improvement in net income in 2010 compared to the same period in 2009.  The increase in year-to-date net income was partially offset by a $1,393,000 increase in policyholder benefits paid or provided.  Year-to-date incurred losses were up in the first nine-months of 2010 in the life segment as well as in the homeowners and automobile programs in the P&C segment compared to the same period last year.

At September 30, 2010, the Company had aggregate equity capital, unrealized investment gains (net of income taxes) and retained earnings of $44,870,000 ($18.19 per share), up $3,702,000 ($1.50 per share) compared to $41,168,000 ($16.69 per share) at December 31, 2009.  Factors contributing to the change in equity for the nine months ended September 30, 2010 were year-to-date net income of $2,931,000, recoveries in market values of fixed maturities and equity securities of $2,312,000, a net loss on interest rate swaps of $431,000 and dividends paid of $1,110,000.

The National Security Group, Inc., through its property & casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in twelve states.  For more financial information please visit the investor section our website www.nationalsecuritygroup.com.

        Contact:         Brian McLeod, CFO & Treasurer

The National Security Group, Inc.

P.O. Box 703

Elba, Alabama 36323