(OTCBB: TDCB) - Robert D. Heuchan, President and CEO of Third
Century Bancorp, the holding company of Mutual Savings Bank,
announced net income of $60,000 for the quarter ended March 31,
2013, or $0.05 per share. This compares with net income of $113,000
for the quarter ended March 31, 2012, or $0.09 per share.
The decrease of $53,000 in net income for the first quarter of
2013 as compared to the first quarter of 2012 was primarily due to
a $68,000 gain on sale of real estate owned recorded during the
first quarter of 2012. This was offset by a decrease of $37,000 or
3.35% in non-interest expenses which totaled $1.1 million for the
quarters ended March 31, 2013 and 2012. The Bank continues to
improve its operating efficiencies resulting in lower operating
costs.
The provision for loan losses decreased $22,000 to $9,000 from
$31,000. Management considers factors such as delinquency trends,
portfolio composition, past loss experience and other factors such
as general economic conditions. For the quarter ended March 31,
2013, Mutual Savings Bank charged-off loans, net of recoveries, of
$64,000 compared to $598,000 for the quarter ended March 31, 2012,
which represents a decrease in the level of charge offs of
$534,000, or 89.22%. At March 31, 2013, non-performing assets
totaled $6.4 million, or 5.15% of total assets, and included $5.7
million of non-performing loans. At December 31, 2012,
non-performing assets totaled $6.9 million, or 5.40% of total
assets, and included $6.2 million of non-performing loans. The
decrease in non-performing loans was a result of increased
collection and loan monitoring efforts. Loans are considered
non-performing when one or more of the following occur: borrowers
fail to make scheduled payments causing loans to become delinquent
by 90 days or more; borrowers default on original loan terms and
the Bank restructures such loans; or, Management classifies loans
as “substandard” in regards to full repayment according to loan
agreements.
Total assets decreased $2.7 million to $125.1 million at March
31, 2013 from $127.8 million at December 31, 2012, a decrease
of 2.13%. The decrease in assets was primarily due to the repayment
of $2.0 million in Federal Home Loan Bank advances which matured
during the first quarter of 2013.
Deposits decreased $864,000 to $89.9 million at March 31, 2013
from $90.8 million at December 31, 2012. Demand deposits increased
$252,000 or 1.62% to $15.8 million at March 31, 2013. Savings, NOW
and money market savings deposits decreased $754,000 or 1.59%, to
$46.6 million and time deposits decreased $361,000 or 1.29% to
$27.5 million at March 31, 2013.
Federal Home Loan Bank advances and other borrowings decreased
$2.0 million or 9.30% to $19.5 million at March 31, 2013 from $21.5
million at December 31, 2012. At March 31, 2013 the weighted
average rate of all Federal Home Loan Bank advances was 2.11%
compared to 2.22% at December 31, 2012 and the weighted average
maturity was 3.77 years at March 31, 2013 compared with 3.1 years
at December 31, 2012.
Stockholders’ equity increased $60,000 to $15.3 million at March
31, 2013 from $15.2 million at December 31, 2012. Equity as a
percentage of assets decreased 0.15% to 12.23% at March 31, 2013
compared to 12.38% at December 31, 2012. The Company previously
announced that the Board of Directors has suspended quarterly
dividend payments until the Company achieves an acceptable and
sustained level of earnings performance.
Founded in 1890, Mutual Savings Bank is a full-service financial
institution based in Johnson County, Indiana. In addition to its
main office at 80 East Jefferson Street, Franklin, Indiana, the
bank operates branches in Franklin at 1124 North Main Street and
the Franklin United Methodist Community, as well as in Edinburgh,
Nineveh and Trafalgar, Indiana.
Selected Consolidated Financial
Data
At March 31, At December 31,
2013 2012 Selected
Consolidated Financial Condition Data:
(In Thousands)
Assets $ 125,059 $ 127,786 Loans receivable-net 97,052 96,964 Cash
and cash equivalents 9,679 13,363 Interest-earning time deposits
5,456 4,465 Investment securities 5,791 5,863 Deposits 89,957
90,821 FHLB advances and other borrowings 19,500 21,500
Stockholders’ equity-net 15,292 15,232
For the
Three Months Ended March 31, 2013
2012 (Dollars In Thousands, Except Share
Data) Selected Consolidated Earnings Data: Total
interest income $ 1,210 $ 1,316 Total interest expense
181 215 Net interest
income 1,029 1,101 Provision of losses on loans
9 31 Net interest
income after provision for losses on loans 1,020 1,070 Total other
income 175 252 General, administrative and other expenses 1,095
1,132 Income tax expense
40
77 Net income
60
113 Earnings per share basic $ 0.05 $
0.09 Earnings per share diluted $ 0.05 $ 0.09
Selected
Financial Ratios and Other Data: Interest rate spread during
period 3.22 % 3.65 % Net yield on interest-earning assets 3.41 3.84
Return on average assets 0.19 0.38 Return on average equity 1.57
2.97 Equity to assets 12.23 12.38
Average interest-earning assets to average
interest-bearing liabilities
131.71 125.52 Non-performing assets to total assets 5.15 6.89
Allowance for loan losses to total loans outstanding 2.21 2.60
Allowance for loan losses to non-performing loans 38.61 33.47
Net charge-offs (recoveries) to average
total loans outstanding
0.07 0.02 General, administrative and other expense to average
assets 0.87 0.94 Effective income tax rate 40.00 40.53
Number of full service offices 6 6 Tangible book value per share $
12.00 $ 10.78 Market closing price at end of quarter $ 2.25 $ 2.25
Price as a percentage of tangible book value 18.75 % 20.88 %
Third Century Bancorp (PK) (USOTC:TDCB)
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