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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 third quarter of its fiscal year ended December 31, 2009. The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).
Net income for the three months ended September 30, 2009 was $261,000, or $0.66 per share, compared to a net loss of $816,000, or $1.87 per share, for the same quarter the previous year. The loss during the quarter ended September 30, 2008 was primarily attributable to a pre-tax other-than-temporary impairment (“OTTI”) charge of $1.9 million relating to the considerable reduction in the fair value of the Company’s investment in Federal National Mortgage Association (“Fannie Mae”) preferred stock. Fannie Mae’s preferred stock significantly decreased in value when the U.S. Treasury placed Fannie Mae into conservatorship under the authority of the Federal Housing Financing Agency in September 2008. For the nine months ended September 30, 2009, the Company’s net income was $685,000, or $1.73 per share, compared to $114,000, or $0.27 per share, for the same period in 2008. Net income for the nine months ended September 30, 2008 also reflects the reduction in the fair value of the Company’s investment in Fannie Mae preferred stock.
Net interest income after provision for loan losses for the three months ended September 30, 2009 decreased $311,000, or 22.2%, to $1.1 million from $1.4 million for the same period last year. For the nine months ended September 30, 2009, net interest income decreased $951,000, or 22.6%, to $3.3 million from $4.2 million for the comparable period in 2008. The decrease in net interest income was attributable to the maturity and repricing of loans at lower rates during the first nine months of 2009.
Non-interest income for the three months ended September 30, 2009 was $538,000 compared to $441,000 for the same quarter of 2008, an increase of 22%. For the nine months ended September 30, 2009, non-interest income increased 9.2% to $1.5 million from $1.4 million for the comparable period of 2008. The increases during the quarter and nine months ended September 30, 2009 were attributable to the increase in volume of new and refinanced mortgage loans processed by the Bank’s mortgage banking division.
Non-interest expense for the three months ended September 30, 2009 decreased $1.8 million to $1.2 million compared to $3.0 million for the same quarter of 2008. For the nine months ended September 30, 2009, non-interest expense decreased $1.7 million to $3.7 million from $5.4 million for the comparable period in 2008. The decreases during the quarter and the nine months ended September 30, 2009 were attributable to the pre-tax OTTI charge of $1.9 million taken during the quarter ended September 30, 2008 and significant impact of the reduction in the fair value of the Company’s investment in Fannie Mae preferred stock during 2008. Other factors contributing to the net change in non-interest expense during the nine months ended September 30, 2009 were the increases in occupancy expenses as a result of the opening of the Bank’s new branch and the increase in FDIC assessments.
Consolidated assets of the Company were $145.9 million at September 30, 2009, compared to $134.8 million at December 31, 2008. The 8.2% increase in assets is attributable to an increase in loans receivable. Loans receivable, net, increased $8.5 million to $115.1 million at September 30, 2009 from $106.6 million at December 31, 2008. The 8.0% increase in loans receivable was primarily a result of an increase in commercial real estate loans and one to four family mortgage loans.
The provision for loan losses increased 25% to $45,000 for the three months ended September 30, 2009 from $36,000 for the same quarter last year. For the nine months ended September 30, 2009, the provision for loan losses increased 62.9% to $158,000 from $97,000 for the same period in 2008. Management determined to increase the provision for loan losses during 2009 in light of the continuing decline in the national and local economies. However, non-performing assets decreased 19.4% to $771,000 at September 30, 2009 from $957,000 at December 31, 2008. Non-performing assets to total assets were 0.53% at September 30, 2009, compared to 0.71% at December 31, 2008.
Investment and mortgage-backed securities available-for-sale remained relatively unchanged at $14.6 million at September 30, 2009 and December 31, 2008.
Deposits increased $4.7 million, or 4.3%, to $114.0 million at September 30, 2009 from $109.2 million at December 31, 2008. The increase was primarily attributable to an increase in certificate of deposit account balances.
Stockholders’ equity at September 30, 2009 was $13.9 million, or 9.5% of total assets, compared to $13.9 million, or 10.3% of total assets, at December 31, 2008.
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 DATAThree months endedSept 30,
Nine months endedSept 30,
2009 2008 2009 2008 Interest income $1,728 $2,105 $5,177 $6,552 Interest expense 591 666 1,757 2,242 Provision for loan losses 45 36 158 97 Net interest income after provision for loan losses 1,092 1,403 3,262 4,213 Non-interest income 538 441 1,541 1,411 Non-interest expense 1,199 3,032 3,669 5,390 Income (loss) before income tax expense 431 (1,188) 1,134 234 Income (loss) tax expense (benefit) 170 (372) 449 120 Net income (loss) $261 $(816) $685 $114 FINANCIAL CONDITION DATA At Sept 30, 2009 At December 31, 2008 Total assets $145,858 $134,790 Investment and mortgage backed securities available-for-sale 14,605 14,562 Investment and mortgage backed securities held-to-maturity -0- -0- Loans receivable, net 115,127 106,600 Deposits 113,966 109,237 FHLB advances 13,269 6,000 Stockholders' equity 13,929 13,857 Non-performing assets 771 957 Non-performing assets to total assets 0.53% 0.71% Allowance for loan losses 1,132 1,146 Allowance for loan losses to total loans receivable 0.97% 1.06%
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