Security Bancorp, Inc. Announces First Quarter Earnings
April 17 2006 - 10:05AM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the first quarter ended March 31, 2006. The Company is
the holding company for Security Federal Savings Bank of
McMinnville, Tennessee ("Bank"). Net income for the three months
ended March 31, 2006 was $324,000, or 79 cents per share, compared
to $275,000, or 65 cents per share, for the same quarter last year.
Net interest income after provision for loan losses for the three
months ended March 31, 2006 increased 20.4% to $1.2 million from
$1.0 million for the same period last 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
March 31, 2006 was $490,000 compared to $465,000 for the same
quarter of 2005. The 5.4% increase was attributable to an increase
in the gain on sale of loans. Non-interest expense for the three
months ended March 31, 2006 was $1.1 million compared to $1.0
million for the same quarter of 2005. The 13.3% increase was
primarily a result of an increase in data processing and personnel
expenses. Consolidated assets of the Company increased 5.8% to
$141.7 million at March 31, 2006 from $133.9 million at December
31, 2005. Loans receivable, net, decreased .9% from $88.6 million
at December 31, 2005 to $87.8 million at March 31, 2006. The
increase in consolidated assets was primarily funded by the
increases in government deposits held at the Bank. The provision
for loan losses increased to $70,000 for the three months ended
March 31, 2006 from $58,000 for the same quarter last year.
Non-performing assets decreased from $660,000 at December 31, 2005
to $ 439,000 at March 31, 2006. Non-performing assets to total
assets were 0.31% at March 31, 2006, compared to 0.49% at December
31, 2005. Investment and mortgage-backed securities
available-for-sale increased from $27.9 million at December 31,
2005 to $36.3 million at March 31, 2006 as a result of purchasing
government securities to secure the governmental deposits mentioned
above. Investment and mortgage-backed securities held-to-maturity
remained the same from December 31, 2005 to March 31, 2006.
Deposits increased $772,000 from $105.9 million at December 31,
2005 to $106.7 million at March 31, 2006. The increase was
primarily attributable to an increase in certificates of deposits.
Stockholders' equity at March 31, 2006 was $12.3 million, or 8.7%
of total assets, compared to $12.0 million, or 8.9% or total
assets, at December 31, 2005. 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 OPERATING DATA March 31,
---------------------------------------------------
------------------ 2006 2005
--------------------------------------------------- --------
--------- Interest Income $2,056 $1,612
--------------------------------------------------- --------
--------- Interest Expense 771 545
--------------------------------------------------- --------
--------- Provision for loan losses 70 58
--------------------------------------------------- --------
--------- Net interest income after provision for loan losses 1,215
1,009 --------------------------------------------------- --------
--------- Non-Interest income 490 465
--------------------------------------------------- --------
--------- Non-Interest expense 1,161 1,025
--------------------------------------------------- --------
--------- Income before income tax expense 544 449
--------------------------------------------------- --------
--------- Income tax expense 220 174
--------------------------------------------------- --------
--------- Net income $324 $275
--------------------------------------------------- --------
--------- At March 31, At December 31, FINANCIAL CONDITION DATA
2006 2005 ----------------------------------- ----------------
----------------- Total Assets $141,649 $133,854
----------------------------------- ----------------
----------------- Investments and mortgage backed securities
available for sale 36,315 27,966
----------------------------------- ----------------
----------------- Investments and mortgage backed securities held
to maturity 1 1 -----------------------------------
---------------- ----------------- Loans receivable, net 87,858
88,652 ----------------------------------- ----------------
----------------- Deposits 106,672 105,900
----------------------------------- ----------------
----------------- FHLB advances 3,000 3,000
----------------------------------- ----------------
----------------- Stockholders' equity 12,327 12,021
----------------------------------- ----------------
----------------- Non-performing assets 439 660
----------------------------------- ----------------
----------------- Non-performing assets to total assets 0.31% 0.49%
----------------------------------- ----------------
----------------- Allowance for loan losses 1,013 1,022
----------------------------------- ----------------
----------------- Allowance for loan losses to total loans rec, net
1.14% 1.14% ----------------------------------- ----------------
----------------- *T
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