Security Bancorp, Inc. Announces Fourth Quarter Earnings
March 26 2007 - 10:54AM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the fourth quarter 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 December 31, 2006 was $440,000, or $1.03 per share, compared
to $355,000, or $0.85 per share, for the same quarter the previous
year. Net income for the year ended December 31, 2006 was $1.6
million, or $3.90 per share, compared to $1.2 million or $3.08 per
share, for the same period a year ago. Net interest income after
provision for loan losses for the three months ended December 31,
2006 increased 18.1% to $1.3 million from $1.1 million for the same
period the prior year. Net interest income after provision for loan
losses for the year ended December 31, 2006 increased to $5.5
million compared to $4.6 million for the same period a year ago.
The increase in net interest income was attributable to the
increase in total interest income offset to a lesser degree by an
increase in total interest expense. Non-interest income for the
three months ended December 31, 2006 was $516,000 compared to
$500,000 for the same quarter of 2005. The 3.2% increase for the
quarter was primarily attributable to an increase in trust service
fee income. Non-interest income for the year ended December 31,
2006 remained at $1.8 million, unchanged from the comparable period
in 2006. Non-interest expense for the three months ended December
31, 2006 was $1.1 million compared to $1.0 million for the same
quarter of 2005. Non-interest expense for the year ended December
31, 2006 increased to $4.7 million compared to $4.3 million for the
same period a year ago. The increase was primarily a result of
salary increases and increased occupancy expenses. Consolidated
assets of the Company increased 4.77% to $140.2 million at December
31, 2006 from $133.8 million at December 31, 2005. Loans
receivable, net, increased 3.3% from $88.6 million at December 31,
2005 to $91.6 million at December 31, 2006. The increase in
consolidated assets was primarily a result of an increase in
deposits and commercial loans. The provision for loan losses
increased to $65,000 for the three months ended December 31, 2006
from $59,000 for the three months ended December 31, 2005.
Non-performing assets decreased from $660,000 at December 31, 2005
to $260,000 at December 31, 2006. Non-performing assets to total
assets were 0.19% at December 31, 2006, compared to 0.49% at
December 31, 2005. Investments and mortgage-backed securities
available-for-sale decreased from $28.0 million at December 31,
2005 to $27.8 million at December 31, 2006. Investments and
mortgage-backed securities held-to-maturity decreased from $1,000
at December 31, 2005 to zero at December 31, 2006 as a result of
the repayment of principal on mortgage-backed securities. Deposits
increased $2.1 million from $105.9 million at December 31, 2005 to
$108.0 million at December 31, 2006. The increase was primarily
attributable to an increase in certificates of deposit.
Stockholders� equity at December 31, 2006 was $13.5 million, or
9.6% of total assets, compared to $12.0 million, or 8.9% 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) Three months ended
Year ended OPERATING DATA December 31, December 31, � 2006� 2005�
2006� 2005� Interest income $2,304� $1,917� $9,147� $7,432�
Interest expense 899� 723� 3,371� 2,568� Provision for loan losses
65� 59� 261� 247� Net interest income after provision for loan
losses 1,340� 1,135� 5,515� 4,617� Non-Interest income 516� 500�
1,813� 1,762� Non-Interest expense 1,137� 1,055� 4,741� 4,335�
Income before income tax expense 719� 580� 2,587� 2,044� Income tax
expense 279� 225� 990� 791� Net income $440� $355� $1,597� $1,253�
� � � � � � FINANCIAL CONDITION DATA At December 31, 2006 At
December 31, 2005 � � � Total Assets $140,242� $133,855�
Investments and mortgage-backed securities available for sale
27,845� 27,966� Investments and mortgage-backed securities held to
maturity 0� 1� Loans receivable, net 91,628� 88,652� Deposits
108,043� 105,900� FHLB advances 3,000� 3,000� Stockholders' equity
13,499� 12,021� Non-performing assets 260� 660� Non-performing
assets to total assets 0.19% 0.49% Allowance for loan losses 1,166�
1,022� Allowance for loan losses to total loans receivable, net
1.26% 1.14%
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