Security Bancorp, Inc. Announces First Quarter Earnings
May 09 2005 - 4:30PM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the first quarter ended March 31, 2005. The Company is
the holding company for Security Federal Savings Bank of
McMinnville, Tennessee. Net income for the three months ended March
31, 2005 was $275,000, or 65 cents per share, compared to $242,000,
or 60 cents per share, for the same quarter last year. Net interest
income after provision for loan losses for the three months ended
March 31, 2005 increased 9.1% to $1,009,000 from $925,000 for the
same period a year ago. The increase in net interest income was
attributable to the increase in interest rates during the quarter.
Non-interest income for the three months ended March 31, 2005 was
$465,000 compared to $382,000 for the same quarter last year. The
increase was attributable to an increase in service charges on
deposit accounts. Non-interest expense for the three months ended
March 31, 2005 was $1,025,000 compared to $909,000 for the same
quarter last year. The increase was primarily a result of
additional costs associated with hiring of new personnel and
increases in data processing costs. Consolidated assets of the
Company increased to $132,466,000 at March 31, 2005 from
$109,865,000 at December 31, 2004. Loans receivable, net, increased
from $85,657,000 at December 31, 2004 to $86,809,000 at March 31,
2005. The increase in consolidated assets was primarily a result of
government accounts obtained by the bank. The provision for loan
losses decreased to $58,000 for the three months ended March 31,
2005 from $65,000 at December 31, 2004. Non-performing assets
increased from $117,000 at December 31, 2004 to $499,000 at March
31, 2005. Non-performing assets to total assets were .11% at
December 31, 2004 and .38% at March 31, 2005. Investment and
mortgage-backed securities available-for-sale increased from
$13,171,000 at December 31, 2004 to $33,781,000 at March 31, 2005
as a result of purchasing government securities to secure the
governmental deposits mentioned above. Investment and
mortgage-backed securities held-to-maturity decreased from $7,000
at December 31, 2004 to $5,000 at March 31, 2005 as a result of
repayment of principal on mortgage-backed securities. Deposits
increased $410,000 from $92,241,000 at December 31, 2004 to
$92,651,000 at March 31, 2005. The increase was primarily
attributable to an increase in certificates of deposit and savings
accounts. Stockholders' equity at March 31, 2005 was $11,244,000,
or 8.5% of total assets, compared to $11,038,000, or 10.0% or total
assets, at December 31, 2004. Safe-Harbor Statement Certain matters
in this News Release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may relate to, among
others, expectations of the business environment in which the
Company operates and projections of future performance. These
forward-looking statements are based upon current management
expectations, and may, therefore, involve risks and uncertainties.
The Company's actual results, performance, or achievements may
differ materially from those suggested, expressed, or implied by
forward-looking statements as a result of a wide range of factors
including, but not limited to, the general business environment,
interest rates, competitive conditions, regulatory changes, and
other risks. -0- *T SECURITY BANCORP, INC. CONSOLIDATED FINANCIAL
HIGHLIGHTS (unaudited) (dollars in thousands)
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OPERATING DATA Three months ended March 31,
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2005 2004
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Interest Income $1,612 $1,395
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Interest Expense 545 405
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Provision for loan losses 58 65
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Net interest income after provision for loan losses 1,009 925
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Non-Interest income 465 382
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Non-Interest expense 1,025 909
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Income before income tax expense 449 398
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Income tax expense 174 156
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Net income $275 $242
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FINANCIAL CONDITION DATA At March 31, 2005 At December 31, 2004
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Total Assets $132,466 $109,865
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Investments and mortgage backed securities available for sale
33,781 13,171
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Investments and mortgage backed securities held to maturity 5 7
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Loans receivable, net 86,809 85,657
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Deposits 92,651 92,241
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FHLB advances 3,000 3,000
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Stockholders' equity 11,244 11,038
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Non-performing assets 499 117
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Non-performing assets to total assets 0.38% 0.11%
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Allowance for loan losses 1,026 1,028
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Allowance for loan losses to total loans receivable, net 1.18%
1.20%
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*T
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