Security Bancorp (PK) (USOTC:SCYT)
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Security Bancorp, Inc. (OTCBB:SCYT) today announced
consolidated earnings for the fourth quarter ended December 31, 2005.
The Company is the holding company for Security Federal Savings Bank
of McMinnville, Tennessee ("Bank").
Net income for the three months ended December 31, 2005 was
$355,000, or 85 cents per share, compared to $233,000, or 56 cents per
share, for the same quarter the previous year.
Net interest income after provision for loan losses for the three
months ended December 31, 2005 increased 16.6% to $1.1 million from
$973,000 for the same period the prior 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 December 31, 2005
was $500,000 compared to $530,000 for the same quarter of 2004. The
5.7% decrease was attributable to changes made in the Bank's Overdraft
Privilege program.
Non-interest expense for the three months ended December 31, 2005
was $1.0 million compared to $1.1 million for the same quarter of
2004. The 6.0% decrease was primarily a result of a reduction in data
processing and occupancy expenses.
Consolidated assets of the Company increased 21.7% to $133.8
million at December 31, 2005 from $109.9 million at December 31, 2004.
Loans receivable, net, increased 3.5% from $85.6 million at December
31, 2004 to $88.6 million at December 31, 2005. The increase in
consolidated assets was primarily a result of government accounts
obtained by the Bank.
The provision for loan losses decreased to $59,000 for the three
months ended December 31, 2005 from $70,000 for the three months ended
December 31, 2004. Non-performing assets increased from $509,000 at
December 31, 2004 to $660,000 at December 31, 2005. Non-performing
assets to total assets were 0.49% at December 31, 2005, compared to
0.46% at December 31, 2004.
Investment and mortgage-backed securities available-for-sale
increased from $13.1 million at December 31, 2004 to $27.9 million at
December 31, 2005 as a result of purchasing government securities to
secure the governmental deposits mentioned above.
Investment and mortgage-backed securities held-to-maturity
decreased from $7,000 at December 31, 2004 to $1,000 at December 31,
2005 as a result of the repayment of principal on mortgage-backed
securities.
Deposits increased $13.7 million from $92.2 million at December
31, 2004 to $105.9 million at December 31, 2005. The increase was
primarily attributable to an increase in certificates of deposit and
checking accounts.
Stockholders' equity at December 31, 2005 was $12.0 million, or
8.9% of total assets, compared to $11.0 million, or 10.0% or total
assets, at December 31, 2004.
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-
*T
SECURITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited) (dollars in thousands)
----------------------------------------------------------------------
Three months ended Year ended
OPERATING DATA December 31, December 31,
---------------------------------- ----------------- -----------------
2005 2004 2005 2004
---------------------------------- -------- -------- -------- --------
Interest income $1,917 $1,495 $7,432 $5,969
---------------------------------- -------- -------- -------- --------
Interest expense 723 452 2,568 1,670
---------------------------------- -------- -------- -------- --------
Provision for loan losses 59 70 247 236
---------------------------------- -------- -------- -------- --------
Net interest income after
provision for loan losses 1,135 973 4,617 4,063
---------------------------------- -------- -------- -------- --------
Non-Interest income 500 530 1,762 1,611
---------------------------------- -------- -------- -------- --------
Non-Interest expense 1,055 1,123 4,335 4,201
---------------------------------- -------- -------- -------- --------
Income before income tax expense 580 380 2,044 1,473
---------------------------------- -------- -------- -------- --------
Income tax expense 225 147 791 573
---------------------------------- -------- -------- -------- --------
Net income $355 $233 $1,253 $900
---------------------------------- -------- -------- -------- --------
-------------------------------------- --------------- ---------------
At December 31, At December 31,
FINANCIAL CONDITION DATA 2005 2004
-------------------------------------- --------------- ---------------
-------------------------------------- --------------- ---------------
Total Assets $133,855 $109,948
-------------------------------------- --------------- ---------------
Investments and mortgage-backed
securities available for sale 27,966 13,171
-------------------------------------- --------------- ---------------
Investments and mortgage-backed
securities held to maturity 1 7
-------------------------------------- --------------- ---------------
Loans receivable, net 88,652 85,658
-------------------------------------- --------------- ---------------
Deposits 105,900 92,241
-------------------------------------- --------------- ---------------
FHLB advances 3,000 3,000
-------------------------------------- --------------- ---------------
Stockholders' equity 12,021 11,038
-------------------------------------- --------------- ---------------
Non-performing assets 660 509
-------------------------------------- --------------- ---------------
Non-performing assets to total assets 0.49% 0.46%
-------------------------------------- --------------- ---------------
Allowance for loan losses 1,022 1,028
-------------------------------------- --------------- ---------------
Allowance for loan losses to total
loans receivable, net 1.14% 1.19%
-------------------------------------- --------------- ---------------
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