Security Bancorp (PK) (USOTC:SCYT)
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Security Bancorp, Inc. (OTCBB:SCYT) today announced
consolidated earnings for the first quarter ended March 31, 2006. The
Company is the holding company for Security Federal Savings Bank of
McMinnville, Tennessee ("Bank").
Net income for the three months ended March 31, 2006 was $324,000,
or 79 cents per share, compared to $275,000, or 65 cents per share,
for the same quarter last year.
Net interest income after provision for loan losses for the three
months ended March 31, 2006 increased 20.4% to $1.2 million from $1.0
million for the same period last year. The increase in net interest
income was attributable to the increase in interest rates during the
quarter.
Non-interest income for the three months ended March 31, 2006 was
$490,000 compared to $465,000 for the same quarter of 2005. The 5.4%
increase was attributable to an increase in the gain on sale of loans.
Non-interest expense for the three months ended March 31, 2006 was
$1.1 million compared to $1.0 million for the same quarter of 2005.
The 13.3% increase was primarily a result of an increase in data
processing and personnel expenses.
Consolidated assets of the Company increased 5.8% to $141.7
million at March 31, 2006 from $133.9 million at December 31, 2005.
Loans receivable, net, decreased .9% from $88.6 million at December
31, 2005 to $87.8 million at March 31, 2006. The increase in
consolidated assets was primarily funded by the increases in
government deposits held at the Bank.
The provision for loan losses increased to $70,000 for the three
months ended March 31, 2006 from $58,000 for the same quarter last
year. Non-performing assets decreased from $660,000 at December 31,
2005 to $ 439,000 at March 31, 2006. Non-performing assets to total
assets were 0.31% at March 31, 2006, compared to 0.49% at December 31,
2005.
Investment and mortgage-backed securities available-for-sale
increased from $27.9 million at December 31, 2005 to $36.3 million at
March 31, 2006 as a result of purchasing government securities to
secure the governmental deposits mentioned above.
Investment and mortgage-backed securities held-to-maturity
remained the same from December 31, 2005 to March 31, 2006.
Deposits increased $772,000 from $105.9 million at December 31,
2005 to $106.7 million at March 31, 2006. The increase was primarily
attributable to an increase in certificates of deposits.
Stockholders' equity at March 31, 2006 was $12.3 million, or 8.7%
of total assets, compared to $12.0 million, or 8.9% or 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-
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SECURITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited) (dollars in thousands)
----------------------------------------------------------------------
Three months ended
OPERATING DATA March 31,
--------------------------------------------------- ------------------
2006 2005
--------------------------------------------------- -------- ---------
Interest Income $2,056 $1,612
--------------------------------------------------- -------- ---------
Interest Expense 771 545
--------------------------------------------------- -------- ---------
Provision for loan losses 70 58
--------------------------------------------------- -------- ---------
Net interest income after provision for loan losses 1,215 1,009
--------------------------------------------------- -------- ---------
Non-Interest income 490 465
--------------------------------------------------- -------- ---------
Non-Interest expense 1,161 1,025
--------------------------------------------------- -------- ---------
Income before income tax expense 544 449
--------------------------------------------------- -------- ---------
Income tax expense 220 174
--------------------------------------------------- -------- ---------
Net income $324 $275
--------------------------------------------------- -------- ---------
At March 31, At December 31,
FINANCIAL CONDITION DATA 2006 2005
----------------------------------- ---------------- -----------------
Total Assets $141,649 $133,854
----------------------------------- ---------------- -----------------
Investments and mortgage backed
securities available for sale 36,315 27,966
----------------------------------- ---------------- -----------------
Investments and mortgage backed
securities held to maturity 1 1
----------------------------------- ---------------- -----------------
Loans receivable, net 87,858 88,652
----------------------------------- ---------------- -----------------
Deposits 106,672 105,900
----------------------------------- ---------------- -----------------
FHLB advances 3,000 3,000
----------------------------------- ---------------- -----------------
Stockholders' equity 12,327 12,021
----------------------------------- ---------------- -----------------
Non-performing assets 439 660
----------------------------------- ---------------- -----------------
Non-performing assets to total
assets 0.31% 0.49%
----------------------------------- ---------------- -----------------
Allowance for loan losses 1,013 1,022
----------------------------------- ---------------- -----------------
Allowance for loan losses to total
loans rec, net 1.14% 1.14%
----------------------------------- ---------------- -----------------
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