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Security Bancorp, Inc. Announces Second
Quarter Earnings |
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Security
Bancorp, Inc. ("The Company") (OTCBB “SCYT”) today announced
consolidated earnings for the second quarter of its fiscal year
ended December 31, 2008. The Company is the holding company for
Security Federal Savings Bank of McMinnville, Tennessee
(“Bank”).
Net
income for the three months ended June 30, 2008 was $433,000, or
$0.99 per share, compared to $368,000, or $0.86 per share, for
the same quarter last year. For the six months ended June 30,
2008, the Company’s net income was $930,000, or $2.14 per share,
compared to $720,000, or $1.69 per share, for the same period in
2007.
Net interest
income after provision for loan losses for the three months
ended June 30, 2008 decreased 6.0% to $1.4 million from $1.5
million for the same period last year. For the six months
ended June 30, 2008, net interest income decreased 4.7% to $2.8
million from $2.9 million for the comparable period in 2007. The
decrease in net interest income was attributable to the decrease
in interest rates during the quarter and six months ended June
30, 2008.
Non-interest income for the three months ended June 30, 2008 was
$497,000 compared to $485,000 for the same quarter of 2007, an
increase of 2.5%. For the six months ended June 30, 2008,
non-interest income increased 5.1% to $970,000 from $923,000 for
the comparable period in 2007. The increases during the quarter
and the six months ended June 30, 2008 were attributable to
increases in the trust service fee income and the gains on sales
of loans.
Non-interest
expense for the three months ended June 30, 2008 was $1.2
million compared to $1.4 million for the same quarter of 2007, a
decrease of 13.6%. For the six months ended June 30, 2008,
non-interest expense decreased 13.2% to $2.4 million from $2.7
million for the comparable period in 2007. The decreases during
the quarter and the six months ended June 30, 2008 were
primarily a result of a decrease in data processing fees and
consulting fees related to the 2007 system conversion.
Consolidated
assets of the Company were $139.9 million at June 30, 2008,
compared to $144.2 million at December 31, 2007. The decrease
in assets is attributable to a decrease in public funds held in
deposits at the Bank and a corresponding reduction in the Bank
investment securities. Loans receivable, net, increased from
$97.2 million at December 31, 2007 to $100.4 million at June 30,
2008. The 3.3% increase in loans receivable was primarily a
result of an increase in commercial secured loans.
The provision
for loan losses decreased 14.3% to $30,000 for the three months
ended June 30, 2008 from $35,000 for the same quarter last
year. For the six months ended June 30, 2008, the provision for
loan losses decreased 9.0% to $61,000 from $67,000 for the same
period in 2007. Non-performing assets increased 7.8% from
$525,000 at December 31, 2007 to $566,000 at June 30, 2008.
Non-performing assets to total assets were 0.40% at June 30,
2008, compared to 0.36% at December 31, 2007.
Investment and
mortgage-backed securities available-for-sale decreased from
$31.4 million at December 31, 2007 to $25.5 million at June 30,
2008. The 18.8% decrease was a result of the maturities and
calls of securities.
Deposits
increased $5.9 million, or 5.7%, from $104.0 million at December
31, 2007 to $109.9 million at June 30, 2008. The increase was
primarily attributable to an increase in commercial checking
account balances.
Stockholders’ equity at June 30, 2008 was $15.4 million, or
11.0% of total assets, compared to $14.9 million, or 10.4% of
total assets, at December 31, 2007.
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)
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OPERATING
DATA |
Three months
ended June 30
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Six
months ended June 30 |
| |
2008 |
2007 |
2008 |
2007 |
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Interest
Income |
$2,162 |
$2,571 |
$4,447 |
$5,031 |
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Interest
Expense |
729 |
1,043 |
1,576 |
2,015 |
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Provision
for loan loss |
30 |
35 |
61 |
67 |
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Net interest
income after provision for loan loss |
1,403 |
1,493 |
2,810 |
2,949 |
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Non-Interest
income |
497 |
485 |
970 |
923 |
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Non-Interest
expense |
1,204 |
1,394 |
2,358 |
2,716 |
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Income
before income tax expense |
696 |
584 |
1,422 |
1,156 |
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Income tax
expense |
263 |
216 |
492 |
436 |
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Net income |
$433 |
$368 |
$930 |
$720 |

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FINANCIAL CONDITION DATA |
at
6/30/2008 |
at
12/31/2007 |
| Total
assets |
$139,941 |
$144,248 |
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Investments and mortgage backed securities available for
sale |
25,521 |
31,431 |
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Investments and mortgage backed securities held to
maturity |
-0- |
-0- |
| Loans
receivable, net |
100,375 |
97,191 |
| Deposits |
109,908 |
103,988 |
| FHLB
advances |
3,000 |
7,000 |
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Stockholder's equity |
15,429 |
14,940 |
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Non-performing assets |
566 |
525 |
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Non-performing assets to total assets |
0.40% |
0.36% |
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Allowance for loan losses |
1,133 |
1,198 |
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Allowance for loan losses to total loans receivable, net |
1.12% |
1.22% |
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data released
30 July 2008 |
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Dividends
Announced |
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Security Bancorp, Inc.'s
Board of Directors has declared an annual cash dividend of $1.00
per share on the Corporation’s outstanding common stock. The
cash dividend will be payable on July 1, 2008 to shareholders of
record as of the close of business on June 2, 2008. Security
Bancorp, Inc. is the holding company for Security Federal
Savings Bank of McMinnville, TN, a federally-chartered savings
bank headquartered in McMinnville, Tennessee. At March 31, 2008,
the Corporation had total assets of $141.7 million and
stockholders’ equity of $15.4 million.
For more information, please review the
Security Bancorp 2007 Annual Report or contact Security
Federal Savings Bank at 931-473-4483.
data released
16 May 2008
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Security Bancorp, Inc. Announces First
Quarter Earnings |
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Security
Bancorp, Inc. (OTCBB “SCYT”) today announced consolidated
earnings for the first quarter ended March 31, 2008. The
Company is the holding company for Security Federal Savings Bank
of McMinnville, Tennessee (“Bank”).
Net income for the three
months ended March 31, 2008 was $496,000, or $1.16 per share,
compared to $352,000, or $0.83 per share, for the same quarter
last year.
Net interest income after
provision for loan losses for the three months ended March 31,
2008 decreased 3.5% to $1.4 million from $1.5 million for the
same period last year. The decrease in net interest income was
attributable to the decrease in interest rates during the
quarter.
Non-interest
income for the three months ended March 31, 2008 was $473,000
compared to $438,000 for the same quarter of 2007. The 8.0%
increase was primarily attributable to an increase in trust
service fees and gains on loans sold.
Non-interest
expense for the three months ended March 31, 2008 was $1.2
million compared to $1.3 million for the same quarter of 2007.
The 12.8% decrease was primarily a result of a decrease in data
processing expenses. The data processing conversion was
completed in 2007.
Consolidated
assets of the Company decreased 1.8% to $141.7 million at March
31, 2008 from $144.2 million at December 31, 2007. Loans
receivable, net, increased 0.5% from $97.2 million at December
31, 2007 to $97.7 million at March 31, 2008. The decrease in
consolidated assets was primarily attributable to a decrease in
public funds held at the Bank.
The provision
for loan losses was $31,000 for the three months ended March 31,
2008, compared to $32,000 for the same quarter last year.
Non-performing assets increased 13.3% from $525,000 at December
31, 2007 to $595,000 at March 31, 2008. Non-performing assets
to total assets were 0.42% at March 31, 2008, compared to 0.36%
at December 31, 2007.
Investment and
mortgage-backed securities available-for-sale decreased 1.6%
from $31.4 million at December 31, 2007 to $30.9 million at
March 31, 2008 as a result of the maturities of securities.
Deposits decreased $754,000
from $104.0 million at December 31, 2007 to $103.2 million at
March 31, 2008. The 0.73% decrease was primarily attributable
to a decrease in certificates of deposit.
Stockholders’ equity at March 31, 2008 was $15.4 million, or
10.9% of total assets, compared to $14.9 million, or 10.4% or
total assets, at December 31, 2007.
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)
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OPERATING
DATA |
Three months
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ended
March 31 |
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2008 |
2007 |
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Interest
Income |
$2,284 |
$2,460 |
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Interest
Expense |
847 |
971 |
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Provision
for loan loss |
31 |
32 |
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Net interest
income after provision for loan loss |
1,406 |
1,457 |
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Non-Interest
income |
473 |
438 |
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Non-Interest
expense |
1,154 |
1,323 |
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Income
before income tax expense |
725 |
572 |
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Income tax
expense |
229 |
220 |
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Net income |
$496 |
$352 |

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FINANCIAL CONDITION DATA |
at
3/31/2008 |
at
12/31/2007 |
| Total
assets |
$141,670 |
$144,248 |
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Investments and mortgage backed securities available for
sale |
30,942 |
31,431 |
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Investments and mortgage backed securities held to
maturity |
-0- |
-0- |
| Loans
receivable, net |
97,717 |
97,191 |
| Deposits |
103,234 |
103,988 |
| FHLB
advances |
3,000 |
7,000 |
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Stockholder's equity |
15,433 |
14,940 |
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Non-performing assets |
595 |
525 |
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Non-performing assets to total assets |
0.42% |
0.36% |
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Allowance for loan losses |
1,097 |
1,198 |
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Allowance for loan losses to total loans receivable, net |
1.11% |
1.22% |
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data released
28 April 2008 |
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Security Bancorp, Inc. Releases 2007 Annual Report |
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Security Bancorp, Inc., the holding company of Security Federal
Savings Bank, recently released the 2007 Annual Report.
Please click here or on
one of the links below to read the report.
posted 21 April 2008 |
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2007 Annual Report |
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(requires Adobe Acrobat) |
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Security Bancorp, Inc. Releases 2006 Annual Report |
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Security Bancorp, Inc., the holding company of Security Federal
Savings Bank, recently released the 2006 Annual Report.
Please click here or on
one of the links below to read the report.
posted 3 April 2007 |
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2006 Annual Report |
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(requires Adobe Acrobat) |
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Equal Housing
Lender |
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