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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. (“Company”) (OTCBB: SCYT) today announced consolidated earnings for the second quarter of its fiscal year ended December 31, 2010. The Company is the bank holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).
Net income for the three months ended June 30, 2010 was $226,000, or $0.58 per share, compared to $180,000, or $0.45 per share, for the same quarter last year. For the six months ended June 30, 2010, the Company’s net income was $395,000, or $1.02 per share, compared to $424,000, or $1.07 per share, for the same period in 2009.
Net interest income after provision for loan losses for the three months ended June 30, 2010 remained relatively unchanged at $1.1 million, compared to the same period in 2009. For the six months ended June 30, 2010, net interest income decreased 3.0% to $2.1 million from $2.2 million for the comparable period in 2009. The decrease in net interest income was attributable to the maturity and payoffs of loans during the first six months of 2010 as well as the maturity and repricing of investments.
Non-interest income for the three months ended June 30, 2010 was $534,000 compared to $510,000 for the same quarter of 2009, an increase of 4.7%. For the six months ended June 30, 2010, non-interest income increased $43,000, or 4.3%, to $1.05 million from $1.0 million for the comparable period in 2009. The increases during the quarter and the six months ended June 30, 2010 were primarily attributable to increases in trust service fees.
Non-interest expense for the three months ended June 30, 2010 was $1.2 million compared to $1.3 million for the same quarter of 2009, a decrease of 3.4%. For the six months ended June 30, 2010, non-interest expense increased $24,000, or 1.0%, to $2.49 million from $2.47 million for the comparable period in 2009. The increases during the quarter and the six months ended June 30, 2010 were primarily a result of an increase in data processing costs and trust service expenses.
Consolidated assets of the Company were $149.6 million at June 30, 2010, compared to $147.1 million at December 31, 2009. The 1.7% increase in assets is attributable to an increase in cash balances as a result of deposit increases during the six months ended June 30, 2010. Loans receivable, net, decreased from $115.9 million at December 31, 2009 to $115.2 million at June 30, 2010. The 0.6% decrease in loans receivable was attributable to the net effect of maturities and payoffs during the year.
The provision for loan losses remained the same at $64,000 for the three months ended June 30, 2010 compared to the same period in the prior year. For the six months ended June 30, 2010, the provision for loan losses increased 12.4% to $127,000 from $113,000 for the same period in 2009. Non-performing assets increased 8.0% from $788,000 at December 31, 2009 to $851,000 at June 30, 2010. Non-performing assets to total assets were 0.57% at June 30, 2010, compared to 0.54% at December 31, 2009.
Investment and mortgage-backed securities available-for-sale decreased 1.4% to $12.3 million at June 30, 2010, compared to $12.5 million at December 31, 2009.
Deposits increased $3.7 million, or 3.3%, from $113.5 million at December 31, 2009 to $117.2 million at June 30, 2010. The increase was primarily attributable to an increase in savings and certificates of deposit accounts.
Stockholders’ equity at June 30, 2010 was $14.4 million, or 9.6% of total assets, compared to $14.0 million, or 9.5% of total assets, at December 31, 2009.
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) Three months ended Six months ended OPERATING DATA June 30, June 30, 2010 2009 2010 2009 Interest income $1,679 $1,722 $3,305 $3,449 Interest expense 531 572 1,074 1,166 Provision for loan losses 64 64 127 113 Net interest income after provision for loan losses 1,084 1,086 2,104 2,170 Non-interest income 534 510 1,046 1,003 Non-interest expense 1,246 1,290 2,494 2,470 Income before income tax expense 372 306 656 703 Income tax expense 146 126 261 279 Net income $226 $180 $395 $424 FINANCIAL CONDITION DATA At June 30, 2010 At December 31, 2009 Total assets $149,572 $147,116 Investment and mortgage backed securities available-for-sale 12,302 12,470 Investment and mortgage backed securities held-to-maturity -0- -0- Loans receivable, net 115,216 115,854 Deposits 117,231 113,538 FHLB advances 12,609 13,023 Stockholders' equity 14,417 14,038 Non-performing assets 851 788 Non-performing assets to total assets 0.57% 0.54% Allowance for loan losses 1,195 1,163 Allowance for loan losses to total loans receivable 1.03% 0.99%
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