Security Bancorp, Inc. (�Company�) (OTCBB:SCYT) today announced
consolidated earnings for the third quarter of its fiscal year
ended December 31, 2006. The Company is the holding company for
Security Federal Savings Bank of McMinnville, Tennessee (�Bank�).
Net income for the three months ended September 30, 2006 was
$412,000, or $0.98 per share, compared to $333,000, or $0.79 per
share, for the same quarter last year. For the nine months ended
September 30, 2006, the Company�s net income was $1.2 million, or
$2.75 per share, compared to $898,000, or $1.81 per share, for the
same period in 2005. Net interest income after provision for loan
losses for the three months ended September 30, 2006 increased
16.4% to $1.3 million from $1.1 million for the same period last
year. The increase in net interest income was attributable to the
increase in loan balances during the quarter. Non-interest income
for the three months ended September 30, 2006 was $530,000 compared
to $506,000 for the same quarter of 2005. The 4.7% increase was
attributable to an increase in the trust and loan servicing fee
income and annuity sales commissions. Non-interest expense for the
three months ended September 30, 2006 was $1.1 million compared to
$1.0 million for the same quarter of 2005. The 7.4% increase was
primarily a result of an increase in personnel expenses and
professional fees. Consolidated assets of the Company were $133.9
million at September 30, 2006, unchanged from December 31, 2005.
Loans receivable, net, increased from $88.6 million at December 31,
2005 to $91.5 million at September 30, 2006. The 3.3% increase in
loans receivable was primarily a result of an increase in
commercial real estate loans. The provision for loan losses
decreased 8.6% to $64,000 for the three months ended September 30,
2006 from $70,000 for the same quarter last year. Non-performing
assets decreased 62.1% from $660,000 at December 31, 2005 to
$250,000 at September 30, 2006 as a result of the sales of
foreclosed properties. Non-performing assets to total assets were
0.19% at September 30, 2006, compared to 0.49% at December 31,
2005. Investment and mortgage-backed securities available-for-sale
decreased from $28.0 million at December 31, 2005 to $24.9 million
at September 30, 2006. The 11.1% decrease was a result of receiving
the maturities of government securities. Investment and
mortgage-backed securities held-to-maturity decreased from $1,000
at December 31, 2005 to zero at September 30, 2006 as a result of
the principal payments received. Deposits decreased $1.1 million,
or 1.1%, from $105.9 million at December 31, 2005 to $104.8 million
at September 30, 2006. The increase was primarily attributable to a
decrease in commercial checking account balances. Stockholders�
equity at September 30, 2006 was $13.0 million, or 9.7% of total
assets, compared to $12.0 million, or 9.0% of 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. SECURITY BANCORP, INC.CONSOLIDATED FINANCIAL
HIGHLIGHTS(unaudited) (dollars in thousands) OPERATING DATA Three
months ended Sept. 30, � Nine months ended Sept. 30, � 2006� 2005�
� 2006� 2005� Interest income $2,235� $1,866� � $6,517� $5,215�
Interest expense 859� 669� � 2,472� 1,847� Provision for loan
losses 64� 70� � 196� 187� Net interest income after provision for
loan losses 1,312� 1,127� � 3,849� 3,181� Non-interest income 530�
506� � 1,522� 1,458� Non-interest expense 1,164� 1,084� � 3,482�
3,155� Income before income tax expense 678� 549� � 1,889� 1,484�
Income tax expense 266� 216� � 732� 586� Net income $412� $333� �
$1,157� $898� � � FINANCIAL CONDITION DATA At Sept. 30, 2006 � At
Dec. 31, 2005 Total assets $133,865� � $133,854� Investment and
mortgage backed securities available-for-sale 24,872� � 27,966�
Investment and mortgage backed securities held-to-maturity -0-� �
1� Loans receivable, net 91,537� � 88,652� Deposits 104,784� �
105,900� FHLB advances 3,000� � 3,000� Stockholders' equity 12,962�
� 12,021� Non-performing assets 250� � 660� Non-performing assets
to total assets 0.19% � 0.49% Allowance for loan losses 1,119� �
1,022� Allowance for loan losses to total loans receivable, net
1.21% � 1.14% Security Bancorp, Inc. ("Company") (OTCBB:SCYT) today
announced consolidated earnings for the third quarter of its fiscal
year ended December 31, 2006. The Company is the holding company
for Security Federal Savings Bank of McMinnville, Tennessee
("Bank"). Net income for the three months ended September 30, 2006
was $412,000, or $0.98 per share, compared to $333,000, or $0.79
per share, for the same quarter last year. For the nine months
ended September 30, 2006, the Company's net income was $1.2
million, or $2.75 per share, compared to $898,000, or $1.81 per
share, for the same period in 2005. Net interest income after
provision for loan losses for the three months ended September 30,
2006 increased 16.4% to $1.3 million from $1.1 million for the same
period last year. The increase in net interest income was
attributable to the increase in loan balances during the quarter.
Non-interest income for the three months ended September 30, 2006
was $530,000 compared to $506,000 for the same quarter of 2005. The
4.7% increase was attributable to an increase in the trust and loan
servicing fee income and annuity sales commissions. Non-interest
expense for the three months ended September 30, 2006 was $1.1
million compared to $1.0 million for the same quarter of 2005. The
7.4% increase was primarily a result of an increase in personnel
expenses and professional fees. Consolidated assets of the Company
were $133.9 million at September 30, 2006, unchanged from December
31, 2005. Loans receivable, net, increased from $88.6 million at
December 31, 2005 to $91.5 million at September 30, 2006. The 3.3%
increase in loans receivable was primarily a result of an increase
in commercial real estate loans. The provision for loan losses
decreased 8.6% to $64,000 for the three months ended September 30,
2006 from $70,000 for the same quarter last year. Non-performing
assets decreased 62.1% from $660,000 at December 31, 2005 to
$250,000 at September 30, 2006 as a result of the sales of
foreclosed properties. Non-performing assets to total assets were
0.19% at September 30, 2006, compared to 0.49% at December 31,
2005. Investment and mortgage-backed securities available-for-sale
decreased from $28.0 million at December 31, 2005 to $24.9 million
at September 30, 2006. The 11.1% decrease was a result of receiving
the maturities of government securities. Investment and
mortgage-backed securities held-to-maturity decreased from $1,000
at December 31, 2005 to zero at September 30, 2006 as a result of
the principal payments received. Deposits decreased $1.1 million,
or 1.1%, from $105.9 million at December 31, 2005 to $104.8 million
at September 30, 2006. The increase was primarily attributable to a
decrease in commercial checking account balances. Stockholders'
equity at September 30, 2006 was $13.0 million, or 9.7% of total
assets, compared to $12.0 million, or 9.0% of 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
Nine months ended OPERATING DATA Sept. 30, Sept. 30,
----------------------------------------------------------------------
2006 2005 2006 2005
----------------------------------------------------------------------
Interest income $2,235 $1,866 $6,517 $5,215
----------------------------------------------------------------------
Interest expense 859 669 2,472 1,847
----------------------------------------------------------------------
Provision for loan losses 64 70 196 187
----------------------------------------------------------------------
Net interest income after provision for loan losses 1,312 1,127
3,849 3,181
----------------------------------------------------------------------
Non-interest income 530 506 1,522 1,458
----------------------------------------------------------------------
Non-interest expense 1,164 1,084 3,482 3,155
----------------------------------------------------------------------
Income before income tax expense 678 549 1,889 1,484
----------------------------------------------------------------------
Income tax expense 266 216 732 586
----------------------------------------------------------------------
Net income $412 $333 $1,157 $898
----------------------------------------------------------------------
FINANCIAL CONDITION DATA At Sept. 30, 2006 At Dec. 31, 2005
----------------------------------------------------------------------
Total assets $133,865 $133,854
----------------------------------------------------------------------
Investment and mortgage backed securities available-for-sale 24,872
27,966
----------------------------------------------------------------------
Investment and mortgage backed securities held-to-maturity -0- 1
----------------------------------------------------------------------
Loans receivable, net 91,537 88,652
----------------------------------------------------------------------
Deposits 104,784 105,900
----------------------------------------------------------------------
FHLB advances 3,000 3,000
----------------------------------------------------------------------
Stockholders' equity 12,962 12,021
----------------------------------------------------------------------
Non-performing assets 250 660
----------------------------------------------------------------------
Non-performing assets to total assets 0.19% 0.49%
----------------------------------------------------------------------
Allowance for loan losses 1,119 1,022
----------------------------------------------------------------------
Allowance for loan losses to total loans receivable, net 1.21%
1.14%
----------------------------------------------------------------------
*T
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