Security Bancorp, Inc. Announces Fourth Quarter Earnings
March 27 2006 - 12:43PM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the fourth quarter ended December 31, 2005. The
Company is the holding company for Security Federal Savings Bank of
McMinnville, Tennessee ("Bank"). Net income for the three months
ended December 31, 2005 was $355,000, or 85 cents per share,
compared to $233,000, or 56 cents per share, for the same quarter
the previous year. Net interest income after provision for loan
losses for the three months ended December 31, 2005 increased 16.6%
to $1.1 million from $973,000 for the same period the prior year.
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 December 31, 2005 was $500,000 compared
to $530,000 for the same quarter of 2004. The 5.7% decrease was
attributable to changes made in the Bank's Overdraft Privilege
program. Non-interest expense for the three months ended December
31, 2005 was $1.0 million compared to $1.1 million for the same
quarter of 2004. The 6.0% decrease was primarily a result of a
reduction in data processing and occupancy expenses. Consolidated
assets of the Company increased 21.7% to $133.8 million at December
31, 2005 from $109.9 million at December 31, 2004. Loans
receivable, net, increased 3.5% from $85.6 million at December 31,
2004 to $88.6 million at December 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
$59,000 for the three months ended December 31, 2005 from $70,000
for the three months ended December 31, 2004. Non-performing assets
increased from $509,000 at December 31, 2004 to $660,000 at
December 31, 2005. Non-performing assets to total assets were 0.49%
at December 31, 2005, compared to 0.46% at December 31, 2004.
Investment and mortgage-backed securities available-for-sale
increased from $13.1 million at December 31, 2004 to $27.9 million
at December 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 $1,000 at December
31, 2005 as a result of the repayment of principal on
mortgage-backed securities. Deposits increased $13.7 million from
$92.2 million at December 31, 2004 to $105.9 million at December
31, 2005. The increase was primarily attributable to an increase in
certificates of deposit and checking accounts. Stockholders' equity
at December 31, 2005 was $12.0 million, or 8.9% of total assets,
compared to $11.0 million, 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)
----------------------------------------------------------------------
Three months ended Year ended OPERATING DATA December 31, December
31, ---------------------------------- -----------------
----------------- 2005 2004 2005 2004
---------------------------------- -------- -------- --------
-------- Interest income $1,917 $1,495 $7,432 $5,969
---------------------------------- -------- -------- --------
-------- Interest expense 723 452 2,568 1,670
---------------------------------- -------- -------- --------
-------- Provision for loan losses 59 70 247 236
---------------------------------- -------- -------- --------
-------- Net interest income after provision for loan losses 1,135
973 4,617 4,063 ---------------------------------- --------
-------- -------- -------- Non-Interest income 500 530 1,762 1,611
---------------------------------- -------- -------- --------
-------- Non-Interest expense 1,055 1,123 4,335 4,201
---------------------------------- -------- -------- --------
-------- Income before income tax expense 580 380 2,044 1,473
---------------------------------- -------- -------- --------
-------- Income tax expense 225 147 791 573
---------------------------------- -------- -------- --------
-------- Net income $355 $233 $1,253 $900
---------------------------------- -------- -------- --------
-------- -------------------------------------- ---------------
--------------- At December 31, At December 31, FINANCIAL CONDITION
DATA 2005 2004 --------------------------------------
--------------- ---------------
-------------------------------------- ---------------
--------------- Total Assets $133,855 $109,948
-------------------------------------- ---------------
--------------- Investments and mortgage-backed securities
available for sale 27,966 13,171
-------------------------------------- ---------------
--------------- Investments and mortgage-backed securities held to
maturity 1 7 -------------------------------------- ---------------
--------------- Loans receivable, net 88,652 85,658
-------------------------------------- ---------------
--------------- Deposits 105,900 92,241
-------------------------------------- ---------------
--------------- FHLB advances 3,000 3,000
-------------------------------------- ---------------
--------------- Stockholders' equity 12,021 11,038
-------------------------------------- ---------------
--------------- Non-performing assets 660 509
-------------------------------------- ---------------
--------------- Non-performing assets to total assets 0.49% 0.46%
-------------------------------------- ---------------
--------------- Allowance for loan losses 1,022 1,028
-------------------------------------- ---------------
--------------- Allowance for loan losses to total loans
receivable, net 1.14% 1.19% --------------------------------------
--------------- --------------- *T
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