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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, 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 endedMarch 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%
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