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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Security Bancorp Inc (PK) | USOTC:SCYT | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 60.00 | 57.00 | 62.00 | 0.00 | 13:53:56 |
From Jul 2019 to Jul 2024
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated earnings for the first quarter ended March 31, 2009. The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).
Net income for the three months ended March 31, 2009 was $244,000, or $0.61 per share, compared to $496,000, or $1.16 per share, for the same quarter last year.
Net interest income after provision for loan losses for the three months ended March 31, 2009 decreased 22.9% to $1.1 million from $1.4 million for the same period last year. The decrease in net interest income was attributable to the decrease in interest rates during the previous quarter.
Non-interest income for the three months ended March 31, 2009 was $493,000 compared to $473,000 for the same quarter of 2008. The 4.2% increase was primarily attributable to an increase in the gains on loans sold as a result of mortgage refinance activity.
Non-interest expense for the three months ended March 31, 2009 was virtually unchanged at $1.2 million for the first quarter of 2008 and 2009.
Consolidated assets of the Company decreased 0.3% to $134.4 million at March 31, 2009 from $134.8 million at December 31, 2008. Loans receivable, net, increased 0.6% from $106.6 million at December 31, 2008 to $107.2 million at March 31, 2009. The decrease in consolidated assets was primarily attributable to a decrease in public funds held at the Bank.
The provision for loan losses was $49,000 for the three months ended March 31, 2009, compared to $31,000 for the same quarter last year. This increase is primarily 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 decreased 21.7% from $957,000 at December 31, 2008 to $749,000 at March 31, 2009. Non-performing assets to total assets were 0.56% at March 31, 2009, compared to 0.71% at December 31, 2008.
Investment and mortgage-backed securities available-for-sale decreased 13.8% from $14.6 million at December 31, 2008 to $12.5 million at March 31, 2009 as a result of the maturities of securities.
Deposits increased $820,000 from $109.2 million at December 31, 2008 to $110.0 million at March 31, 2009. The 0.75% increase was primarily attributable to an increase in money market and savings account balances.
Stockholders’ equity at March 31, 2009 remained virtually unchanged from December 31, 2008 at $13.9 million, or 10.3% 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 endedMarch 31,
2009 2008 Interest Income $1,727 $2,284 Interest Expense 594 847 Provision for loan losses 49 31 Net interest income after provision for loan losses 1,084 1,406 Non-Interest income 493 473 Non-Interest expense 1,180 1,154 Income before income tax expense 397 725 Income tax expense 153 229 Net income $244 $496 FINANCIAL CONDITION DATA At March 31, 2009 At December 31, 2008 Total Assets $134,376 $134,790 Investments and mortgage backed securities available for sale 12,548 14,562 Investments and mortgage backed securities held to maturity -0- -0- Loans receivable, net 107,200 106,600 Deposits 110,057 109,237 FHLB advances 5,758 6,000 Stockholders' equity 13,903 13,857 Non-performing assets 749 957 Non-performing assets to total assets 0.56% 0.71% Allowance for loan losses 1,091 1,146 Allowance for loan losses to total loans rec, net 1.01% 1.06%
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