Security Bancorp, Inc. Announces First Quarter Earnings
April 23 2007 - 10:44AM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the first quarter ended March 31, 2007. The Company is
the holding company for Security Federal Savings Bank of
McMinnville, Tennessee (�Bank�). Net income for the three months
ended March 31, 2007 was $352,000, or $0.77 per share, compared to
$324,000, or $0.77 per share, for the same quarter last year. Net
interest income after provision for loan losses for the three
months ended March 31, 2007 increased 13.4% to $1.4 million from
$1.2 million for the same period last year. The increase in net
interest income was attributable to the increase in interest rates
over the previous year. Non-interest income for the three months
ended March 31, 2007 was $479,000 compared to $475,000 for the same
quarter of 2006. The small increase was attributable to an increase
in service charge income on deposit accounts. Non-interest expense
for the three months ended March 31, 2007 was $1.3 million compared
to $1.2 million for the same quarter of 2006. The 11.7% increase
was primarily a result of an increase in data processing and
personnel expenses. The data processing increase is the result of
an accrual of expected conversion expenses related to a new
processing system. Consolidated assets of the Company increased
8.1% to $151.5 million at March 31, 2007 from $140.2 million at
December 31, 2006. Loans receivable, net, increased 1.1% from $91.6
million at December 31, 2006 to $92.7 million at March 31, 2007.
The increase in consolidated assets was primarily funded by the
increases in public funds held at the Bank. The provision for loan
losses decreased to $32,000 for the three months ended March 31,
2007 from $70,000 for the same quarter last year. Non-performing
assets decreased from $260,000 at December 31, 2006 to $97,000 at
March 31, 2007. Non-performing assets to total assets were 0.06% at
March 31, 2007, compared to 0.19% at December 31, 2006. Investment
and mortgage-backed securities available-for-sale increased from
$27.8 million at December 31, 2006 to $36.2 million at March 31,
2007 as a result of purchasing government securities to secure the
public funds mentioned above. Deposits increased $1.6 million from
$108.0 million at December 31, 2006 to $109.7 million at March 31,
2007. The 1.5% increase was primarily attributable to an increase
in certificates of deposits. Stockholders� equity at March 31, 2007
was $13.9 million, or 9.2% of total assets, compared to $13.5
million, or 9.6% or total assets, at December 31, 2006. 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 March 31, � 2007�
2006� Interest Income $2,398� $2,071� Interest Expense 971� 771�
Provision for loan losses 32� 70� Net interest income after
provision for loan losses 1,395� 1,230� Non-Interest income 479�
475� Non-Interest expense 1,297� 1,161� Income before income tax
expense 577� 544� Income tax expense 225� 220� Net income $352�
$324� � FINANCIAL CONDITION DATA At March 31, 2007 At December 31,
2006 Total Assets $151,536� $140,242� Investments and mortgage
backed securities available for sale 36,225� 27,845� Investments
and mortgage backed securities held to maturity 0� 0� Loans
receivable, net 92,681� 91,628� Deposits 109,684� 108,043� FHLB
advances 3,000� 3,000� Stockholders' equity 13,898� 13,499�
Non-performing assets 97� 260� Non-performing assets to total
assets 0.06% 0.19% Allowance for loan losses 1,163� 1,166�
Allowance for loan losses to total loans rec, net 1.24% 1.26%
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