Security Bancorp (PK) (USOTC:SCYT)
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Security Bancorp, Inc. (OTCBB:"SCYT") today announced
consolidated earnings for the third quarter ended September 30, 2005.
The Company is the holding company for Security Federal Savings Bank
of McMinnville, Tennessee ("Bank").
Net income for the three months ended September 30, 2005 was
$333,000, or 79 cents per share, compared to $241,000, or 58 cents per
share, for the same quarter last year.
Net interest income after provision for loan losses for the three
months ended September 30, 2005 increased 17.2% to $1.1 million from
$962,000 for the same period a year ago. 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 September 30, 2005
was $506,000 compared to $476,000 for the same quarter last year. The
6.3% increase was attributable to an increase in service charges on
deposit accounts.
Non-interest expense for the three months ended September 30, 2005
was $1.1 million compared to $1.0 million for the same quarter last
year. The 4.5% increase was primarily a result of additional costs
associated with hiring of new personnel and increases in data
processing costs.
Consolidated assets of the Company increased 21.8% to $133.9
million at September 30, 2005 from $109.9 million at December 31,
2004. Loans receivable, net, increased 2.6% from $85.7 million at
December 31, 2004 to $87.9 million at September 30, 2005. The increase
in consolidated assets was primarily a result of government accounts
obtained by the Bank.
The provision for loan losses increased 25.0% to $70,000 for the
three months ended September 30, 2005 from $56,000 for the three
months ended September 30, 2004. Non-performing assets increased 21.8%
from $509,000 at December 31, 2004 to $620,000 at September 30, 2005.
Non-performing assets to total assets were 0.46% at December 31, 2004
and remained unchanged at September 30, 2005.
Investment and mortgage-backed securities available-for-sale
increased from $13.1 million at December 31, 2004 to $30.0 million at
September 30, 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 $3,000 at September 30,
2005 as a result of the repayment of principal on mortgage-backed
securities.
Deposits increased $15.1 million from $92.2 million at December
31, 2004 to $107.3 million at September 30, 2005. The increase was
primarily attributable to an increase in certificates of deposit and
money market accounts.
Stockholders' equity at September 30, 2005 was $11.6 million, or
8.7% 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 Nine Months
OPERATING DATA ended ended
September 30, September 30,
-------------------------------------- --------------- ---------------
2004 2005 2004 2005
-------------------------------------- ------- ------- ------- -------
Interest Income $1,435 $1,866 $4,196 $5,215
-------------------------------------- ------- ------- ------- -------
Interest Expense 417 669 1,218 1,847
-------------------------------------- ------- ------- ------- -------
Provision for loan losses 56 70 166 187
-------------------------------------- ------- ------- ------- -------
Net interest income after provision
for loan losses 962 1,127 2,812 3,181
-------------------------------------- ------- ------- ------- -------
Non-Interest income 476 506 1,209 1,458
-------------------------------------- ------- ------- ------- -------
Non-Interest expense 1,037 1,084 2,903 3,155
-------------------------------------- ------- ------- ------- -------
Income before income tax expense 401 549 1,118 1,484
-------------------------------------- ------- ------- ------- -------
Income tax expense 160 216 451 586
-------------------------------------- ------- ------- ------- -------
Net income $241 $333 $667 $898
-------------------------------------- ------- ------- ------- -------
-------------------------------------- ------- ------- ------- -------
FINANCIAL CONDITION DATA At September At December 31,
30, 2005 2004
-------------------------------------- --------------- ---------------
-------------------------------------- --------------- ---------------
Total Assets $133,930 $109,948
-------------------------------------- --------------- ---------------
Investments and mortgage-backed
securities available for sale 30,016 13,171
-------------------------------------- --------------- ---------------
Investments and mortgage-backed
securities held to maturity 3 7
-------------------------------------- --------------- ---------------
Loans receivable, net 87,921 85,657
-------------------------------------- --------------- ---------------
Deposits 107,314 92,241
-------------------------------------- --------------- ---------------
FHLB advances 3,000 3,000
-------------------------------------- --------------- ---------------
Stockholders' equity 11,670 11,038
-------------------------------------- --------------- ---------------
Non-performing assets 620 509
-------------------------------------- --------------- ---------------
Non-performing assets to total assets 0.46% 0.46%
-------------------------------------- --------------- ---------------
Allowance for loan losses 1,007 1,028
-------------------------------------- --------------- ---------------
Allowance for loan losses to total
loans rec, net 1.15% 1.20%
-------------------------------------- --------------- ---------------
*T