MCMINNVILLE, Tenn., April 29, 2011 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. (OTCBB:SCYT) today announced consolidated earnings for the first quarter ended March 31, 2011. The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee ("Bank").
Net income for the three months ended March 31, 2011 was $215,000, or $0.56 per share, compared to $169,000, or $0.44 per share, for the same quarter last year.
Net interest income after provision for loan losses for the three months ended March 31, 2011 increased 5.4% to $1.1 million from $1.0 million for the same period last year. The increase in net interest income was primarily attributable to the decrease in interest expense paid on Federal Home Loan Bank advances and other borrowings.
Non-interest income for the three months ended March 31, 2011 was $537,000 compared to $512,000 for the same quarter of 2010, an increase of 4.9%.
Non-interest expense for the three months ended March 31, 2011 remained relatively the same at $1.3 million compared to the same quarter of 2010.
Consolidated assets of the Company increased 6.0% to $161.8 million at March 31, 2011 from $152.6 million at December 31, 2010. Loans receivable, net, decreased 0.8% from $115.8 million at December 31, 2010 to $114.9 million at March 31, 2011. The increase in consolidated assets was primarily attributable to an increase in public funds.
The provision for loan losses was $60,000 for the three months ended March 31, 2011, a decrease of 4.8% from $63,000 for the same quarter last year.
Investment and mortgage-backed securities available-for-sale increased 26.2% from $16.7 million at December 31, 2010 to $21.1 million at March 31, 2011. The increase is a result of the purchase of securities using excess cash created by additional deposits and payments on loan balances.
Deposits increased $4.1 million from $128.6 million at December 31, 2010 to $132.7 million at March 31, 2011. The 3.2% increase was primarily attributable to an increase in commercial checking and money market accounts.
Stockholders' equity at March 31, 2011 increased $293,000, or 2.0%, from $14.4 million at December 31, 2010 to $14.7 million at March 31, 2011, and was 9.1% 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.
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SECURITY BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands) |
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OPERATING DATA |
Three months ended March 31, |
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| 2011 | 2010 | |||||||
| Interest income | $1,579 | $1,626 | ||||||
| Interest expense | 444 | 543 | ||||||
| Provision for loan losses | 60 | 63 | ||||||
| Net interest income after provision for loan losses | 1,075 | 1,020 | ||||||
| Non-interest income | 537 | 512 | ||||||
| Non-interest expense | 1,253 | 1,248 | ||||||
| Income before income tax expense | 359 | 284 | ||||||
| Income tax expense | 144 | 115 | ||||||
| Net income | $215 | $169 | ||||||
| FINANCIAL CONDITION DATA | At March 31, 2011 | At December 31, 2010 | ||||||
| Total assets | $161,812 | $152,627 | ||||||
| Investments and mortgage backed securities - available for sale | 21,106 | 16,722 | ||||||
| Investments and mortgage backed securities - held to maturity | -0- | -0- | ||||||
| Loans receivable, net | 114,900 | 115,808 | ||||||
| Deposits | 132,742 | 128,647 | ||||||
| FHLB advances | 6,854 | 7,107 | ||||||
| Stockholders' equity | 14,735 | 14,442 | ||||||
| Non-performing assets | 1,851 | 964 | ||||||
| Non-performing assets to total assets | 1.15% | 0.64% | ||||||
| Allowance for loan losses | 1,350 | 1,325 | ||||||
| Allowance for loan losses to total loans receivable | 1.17% | 1.13% | ||||||