Security Bancorp, Inc. Announces First Quarter Earnings
06 May 2009 - 6:09AM
Business Wire
Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated
earnings for the first quarter ended March 31, 2009. The Company is
the holding company for Security Federal Savings Bank of
McMinnville, Tennessee (�Bank�).
Net income for the three months ended March 31, 2009 was
$244,000, or $0.61 per share, compared to $496,000, or $1.16 per
share, for the same quarter last year.
Net interest income after provision for loan losses for the
three months ended March 31, 2009 decreased 22.9% to $1.1 million
from $1.4 million for the same period last year. The decrease in
net interest income was attributable to the decrease in interest
rates during the previous quarter.
Non-interest income for the three months ended March 31, 2009
was $493,000 compared to $473,000 for the same quarter of 2008. The
4.2% increase was primarily attributable to an increase in the
gains on loans sold as a result of mortgage refinance activity.
Non-interest expense for the three months ended March 31, 2009
was virtually unchanged at $1.2 million for the first quarter of
2008 and 2009.
Consolidated assets of the Company decreased 0.3% to $134.4
million at March 31, 2009 from $134.8 million at December 31, 2008.
Loans receivable, net, increased 0.6% from $106.6 million at
December 31, 2008 to $107.2 million at March 31, 2009. The decrease
in consolidated assets was primarily attributable to a decrease in
public funds held at the Bank.
The provision for loan losses was $49,000 for the three months
ended March 31, 2009, compared to $31,000 for the same quarter last
year. This increase is primarily 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 decreased 21.7% from $957,000 at December 31, 2008 to
$749,000 at March 31, 2009. Non-performing assets to total assets
were 0.56% at March 31, 2009, compared to 0.71% at December 31,
2008.
Investment and mortgage-backed securities available-for-sale
decreased 13.8% from $14.6 million at December 31, 2008 to $12.5
million at March 31, 2009 as a result of the maturities of
securities.
Deposits increased $820,000 from $109.2 million at December 31,
2008 to $110.0 million at March 31, 2009. The 0.75% increase was
primarily attributable to an increase in money market and savings
account balances.
Stockholders� equity at March 31, 2009 remained virtually
unchanged from December 31, 2008 at $13.9 million, or 10.3% 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 ended
March 31,
� �
2009 �
2008 Interest Income � $1,727 � $2,284
Interest Expense � 594 � 847 Provision for loan losses � 49 � 31
Net interest income after provision for loan losses � 1,084 � 1,406
Non-Interest income � 493 � 473 Non-Interest expense � 1,180 �
1,154 Income before income tax expense � 397 � 725 Income tax
expense � 153 � 229 Net income � $244 � $496 � � � � � � � � �
FINANCIAL CONDITION DATA � At March 31, 2009 � At December 31, 2008
Total Assets � $134,376 � $134,790 Investments and mortgage backed
securities available for sale � 12,548 � 14,562 Investments and
mortgage backed securities held to maturity � -0- � -0- Loans
receivable, net � 107,200 � 106,600 Deposits � 110,057 � 109,237
FHLB advances � 5,758 � 6,000 Stockholders' equity � 13,903 �
13,857 Non-performing assets � 749 � 957 Non-performing assets to
total assets � 0.56% � 0.71% Allowance for loan losses � 1,091 �
1,146 Allowance for loan losses to total loans rec, net � 1.01% �
1.06% �
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