Security Bancorp, Inc. Announces First Quarter Earnings
May 03 2010 - 2:28PM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the first quarter ended March 31, 2010. The Company is
the holding company for Security Federal Savings Bank of
McMinnville, Tennessee (“Bank”).
Net income for the three months ended March 31, 2010 was
$169,000, or $0.44 per share, compared to $244,000, or $0.61 per
share, for the same quarter last year.
Net interest income after provision for loan losses for the
three months ended March 31, 2010 decreased 5.9% to $1.0 million
from $1.1 million for the same period last year. The decrease in
net interest income was primarily attributable to the decrease in
investment income during the first quarter.
Non-interest income for the three months ended March 31, 2010
was $512,000 compared to $528,000 for the same quarter of 2009. The
3.0% decrease was due to a decrease in the gains on loans sold as a
result of less mortgage refinance activity.
Non-interest expense for the three months ended March 31, 2010
was virtually unchanged at $1.2 million for the first quarter of
2009 and 2010.
Consolidated assets of the Company increased 0.5% to $147.9
million at March 31, 2010 from $147.1 million at December 31, 2009.
Loans receivable, net, decreased 2.4% from $115.9 million at
December 31, 2009 to $113.1 million at March 31, 2010. The increase
in consolidated assets was primarily attributable to an increase in
investments due to an increase in customer deposits.
The provision for loan losses was $63,000 for the three months
ended March 31, 2010, compared to $49,000 for the same quarter last
year. This 29.0% increase is attributable to an increase in the
amount of the monthly provision as a result of management’s
concerns regarding the state of the local economy. Non-performing
assets increased 4.4% from $788,000 at December 31, 2009 to
$823,000 at March 31, 2010. Non-performing assets to total assets
were 0.56% at March 31, 2010, compared to 0.54% at December 31,
2009.
Investment and mortgage-backed securities available-for-sale
increased 15.5% from $12.5 million at December 31, 2009 to $14.4
million at March 31, 2010 as a result of the purchase of
securities.
Deposits increased $3.6 million from $113.5 million at December
31, 2009 to $117.1 million at March 31, 2010. The 3.1% increase was
primarily attributable to an increase in certificates of deposit
balances.
Stockholders’ equity at March 31, 2010 increased from $14.0
million at December 31, 2009 to $14.2 million at March 31, 2010,
and was 9.6% of total assets.
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,
2010 2009
Interest income $1,626 $1,727 Interest expense
543 594 Provision for loan losses 63
49 Net interest income after provision for loan
losses 1,020 1,084 Non-interest income
512 528 Non-interest expense 1,248
1,215 Income before income tax expense 284 397
Income tax expense 115 153 Net income
$169 $244
FINANCIAL CONDITION DATA
At March 31, 2010 At December 31, 2009 Total assets
$147,923 $147,116 Investments and mortgage backed securities
- available for sale 14,399 12,470 Investments and
mortgage backed securities - held to maturity -0- -0-
Loans receivable, net 113,068 115,854 Deposits
117,107 113,538 FHLB advances 12,858 13,023
Stockholders' equity 14,228 14,038 Non-performing
assets 823 788 Non-performing assets to total assets
0.56% 0.54% Allowance for loan losses 1,194
1,163 Allowance for loan losses to total loans receivable,
net 1.05% 0.99%
Security Bancorp (PK) (USOTC:SCYT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Security Bancorp (PK) (USOTC:SCYT)
Historical Stock Chart
From Jul 2023 to Jul 2024