Security Bancorp, Inc. Announces Second Quarter Earnings
July 30 2007 - 10:13AM
Business Wire
Security Bancorp, Inc. (�Company�) (OTCBB:SCYT) today announced
consolidated earnings for the second quarter of its fiscal year
ended December 31, 2007. The Company is the holding company for
Security Federal Savings Bank of McMinnville, Tennessee (�Bank�).
Net income for the three months ended June 30, 2007 was $368,000,
or $0.86 per share, compared to $421,000, or $1.01 per share, for
the same quarter last year. For the six months ended June 30, 2007,
the Company�s net income was $720,000, or $1.69 per share, compared
to $745,000, or $1.78 per share, for the same period in 2006. Net
interest income after provision for loan losses for the three
months ended June 30, 2007 increased 8.9% to $1.4 million from $1.3
million for the same period last year. For the six months ended
June 30, 2007, net interest income increased 11.7% to $2.8 million
from $2.5 million for the comparable period in 2006. The increase
in net interest income was attributable to the increase in loan
balances during the quarter and the six months ended June 30, 2007.
Non-interest income for the three months ended June 30, 2007 was
$514,000 compared to $502,000 for the same quarter of 2006, an
increase of 2.4%. For the six months ended June 30, 2007,
non-interest income increased 0.1% to $993,000 from $992,000 for
the comparable period in 2006. The increases during the quarter and
the six months ended June 30, 2007 was attributable to an increase
in the trust and loan servicing fee income and deposit service
charges and fees. Non-interest expense for the three months ended
June 30, 2007 was $1.4 million compared to $1.1 million for the
same quarter of 2006, an increase of 18.2%. For the six months
ended June 30, 2007, non-interest expense increased 14.5% to $2.7
million from $2.3 million for the comparable period in 2006. The
increases during the quarter and the six months ended June 30, 2007
were primarily a result of an increase in data processing fees
attributable to a system conversion. The new processing system was
installed during the quarter and put into service on June 18, 2007.
Consolidated assets of the Company were $144.1 million at June 30,
2007, compared to $140.2 million at December 31, 2006. Loans
receivable, net, increased from $91.6 million at December 31, 2006
to $92.6 million at June 30, 2007. The 1.1% increase in loans
receivable was primarily a result of an increase in commercial real
estate loans. The provision for loan losses decreased 43.5% to
$35,000 for the three months ended June 30, 2007 from $62,000 for
the same quarter last year. Non-performing assets decreased 27.7%
from $260,000 at December 31, 2006 to $188,000 at June 30, 2007.
Non-performing assets to total assets were 0.13% at June 30, 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 $33.2 million at June 30, 2007. The
19.3% increase was a result of the purchase of securities pledged
against public funds. Deposits increased $2.0 million, or 1.9%,
from $108.0 million at December 31, 2006 to $110.0 million at June
30, 2007. The increase was primarily attributable to an increase in
commercial checking account balances. Stockholders� equity at June
30, 2007 was $14.3 million, or 9.9% of total assets, compared to
$13.5 million, or 9.6% of 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) Three months ended
Six months ended OPERATING DATA June 30, June 30, � 2007 2006 2007
2006 Interest income $2,518 $2,226 $4,916 $4,282 Interest expense
1,043 842 2,014 1,613 Provision for loan losses 35 62 67 132 Net
interest income after provision for loan losses 1,440 1,322 2,835
2,537 Non-interest income 514 502 993 992 Non-interest expense
1,358 1,149 2,655 2,318 Income before income tax expense 596 675
1,173 1,211 Income tax expense 228 254 453 466 Net income $368 $421
$720 $745 � � � � � � FINANCIAL CONDITION DATA At June 30, 2007 At
December 31, 2006 Total assets $144,111 $140,242 Investment and
mortgage backed securities available-for-sale 33,222 27,845
Investment and mortgage backed securities held-to-maturity 0 0
Loans receivable, net 92,607 91,628 Deposits 110,084 108,043 FHLB
advances 3,000 3,000 Stockholders' equity 14,272 13,499
Non-performing assets 188 260 Non-performing assets to total assets
0.13% 0.19% Allowance for loan losses 1,172 1,166 Allowance for
loan losses to total loans receivable 1.25% 1.26%
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