Security Federal Savings Bank

Security Bancorp, Inc. Announces Third Quarter Earnings

Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”) today announced consolidated earnings for the third quarter of its fiscal year ended December 31, 2011. The Company is the bank holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).

Net income for the three months ended September 30, 2011 was $298,000, or $0.78 per share, compared to $227,000, or $0.59 per share, for the same quarter last year. For the nine months ended September 30, 2011, the Company’s net income was $789,000, or $2.05 per share, compared to $622,000, or $1.60 per share, for the same period in 2010.

Net interest income after provision for loan losses for the three months ended September 30, 2011 increased slightly to $1.2 million, compared to $1.1 million the same period in 2010. For the nine months ended September 30, 2011, net interest income increased 6.0% to $3.4 million from $3.2 million for the comparable period in 2010. The increase in net interest income was primarily attributable to the decrease in interest expense of $340,000 primarily due to the repayment of Federal Home Loan Bank advances.

Non-interest income for the three months ended September 30, 2011 was $563,000 compared to $505,000 for the same quarter of 2010, an increase of $58,000, or 11.5%. For the nine months ended September 30, 2011, non-interest income increased $178,000, or 12.3%, to $1.6 million from $1.4 million for the comparable period in 2010. The increases during the quarter and the nine months ended September 30, 2011 were primarily attributable to increases in deposit fee income and trust service fees.

Non-interest expense for the three months ended September 30, 2011 was unchanged at $1.2 million compared to the same period in 2010. For the nine months ended September 30, 2011, non-interest expense increased $84,000, or 2.3%, to $3.7 million from $3.6 million for the comparable period in 2010. The increase in non-interest expense during nine months ended September 30, 2011 was the result of an increase in data processing costs, trust service expenses and other operating expenses.

Consolidated assets of the Company were $157.0 million at September 30, 2011, compared to $152.6 million at December 31, 2010. The $4.4 million, or 2.9%, increase in assets is attributable to an increase in investment and cash balances which resulted from deposit increases during the nine months ended September 30, 2011. Loans receivable, net, increased from $115.8 million at December 31, 2010 to $116.2 million at September 30, 2011. The $367,000, or 0.3%, increase in loans receivable was attributable to an increase in consumer loans and residential real estate offset by an increase in the allowance for loan losses. Non-performing assets increased by $590,000, or 61.2%, to $1.6 million at September 30, 2011 from $964,000 at December 31, 2010.

The provision for loan losses increased slightly from $66,000 for the three months ended September 30, 2010 to $73,000 for the same period of 2011. Similarly, the provision for loan losses increased slightly to $198,000 for the nine months ended September 30, 2011 from $193,000 for the same period in 2010.

Investment and mortgage-backed securities available-for-sale increased $4.4 million, or 26.6%, to $21.2 million at September 30, 2011, compared to $16.7 million at December 31, 2010. The increase in investment and mortgage-backed securities available-for-sale is a result of investments purchased using funds provided by the increase in deposits.

Deposits increased $7.5 million, or 5.8%, to $136.1 million at September 30, 2011 from $128.6 million at December 31, 2010. The increase was primarily attributable to an increase in commercial checking, savings accounts and certificates of deposit.

Stockholders’ equity increased $542,000 or 3.8% to $15.0 million at September 30, 2011 compared to $14.4 million at December 31, 2010. At September 30, 2011, stockholders’ equity was 9.5% of total assets, unchanged from December 31, 2010.

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 Sept 30		Nine months ended Sept 30
	2011	2010	2011	2010
Interest Income	$1,632	$1,677	$4,838	$4,982
Interest Expense	401	529	1,263	1,603
Provision for loan loss	73	66	198	193
Net interest income after provision for loan loss	1,158	1,082	3,377	3,186
Non-Interest income	563	505	1,624	1,446
Non-Interest expense	1,215	1,212	3,685	3,601
Income before income tax expense	506	375	1,316	1,031
Income tax expense	208	148	527	409
Net income (loss)	$298	$227	$789	$622

FINANCIAL CONDITION DATA	at 9/30/2011	at 12/31/2010
Total assets	$157,016	$152,627
Investments and mortgage backed securities available for sale	21,166	16,722
Investments and mortgage backed securities held to maturity	-0-	-0-
Loans receivable, net	116,175	115,808
Deposits	136,122	128,647
FHLB advances	3,344	7,107
Stockholder's equity	14,984	14,442
Non-performing assets	1,554	964
Non-performing assets to total assets	0.99%	0.64%
Allowance for loan losses	1,488	1,325
Allowance for loan losses to total loans receivable, net	1.26%	1.13%

data released 31 October 2011

Security Bancorp, Inc. Announces Second Quarter Earnings

Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”) today announced consolidated earnings for the second quarter of its fiscal year ended December 31, 2011. The Company is the bank holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).

Net income for the three months ended June 30, 2011 was $275,000, or $0.71 per share, compared to $226,000, or $0.58 per share, for the same quarter last year. For the six months ended June 30, 2011, the Company’s net income was $491,000, or $1.28 per share, compared to $395,000, or $1.02 per share, for the same period in 2010.

Net interest income after provision for loan losses for the three months ended June 30, 2011 remained relatively unchanged at $1.1 million, compared to the same period in 2010. For the six months ended June 30, 2011, net interest income increased 5.5% to $2.2 million from $2.1 million for the comparable period in 2010. The increase in net interest income was primarily attributable to the reduction in interest expense due to the payoff of Federal Home Loan Bank advances.

Non-interest income for the three months ended June 30, 2011 was $556,000 compared to $496,000 for the same quarter of 2010, an increase of 12%. For the six months ended June 30, 2011, non-interest income increased $85,000, or 8.7%, to $1.1 million from $976,000 for the comparable period in 2010. The increases during the quarter and the six months ended June 30, 2011 were primarily attributable to increases in deposit fee income and trust service fees.

Non-interest expense for the three months ended June 30, 2011 was unchanged at $1.2 million compared to the same period in 2010. For the six months ended June 30, 2011, non-interest expense increased $46,000, or 1.9%, to $2.5 million from $2.4 million for the comparable period in 2010. The increase in non-interest expense during six months ended June 30, 2011 was the result of an increase in data processing costs, trust service expenses and FDIC insurance premiums.

Consolidated assets of the Company were $159.8 million at June 30, 2011, compared to $152.6 million at December 31, 2010. The 4.7% increase in assets is attributable to an increase in investment and cash balances which resulted from deposit increases during the six months ended June 30, 2011. Loans receivable, net, increased from $115.8 million at December 31, 2010 to $116.9 million at June 30, 2011. The 0.9% increase in loans receivable was attributable to an increase in commercial lines of credit. Non-performing assets increased to $1.7 million at June 30, 2011 from $964,000 at December 31, 2010.

The provision for loan losses increased slightly from $64,000 for the three months ended June 30, 2010 to $65,000 for the same period of 2011. The provision for loan losses decreased to $125,000 for the six months ended June 30, 2011 from $127,000 for the same period in 2010.

Investment and mortgage-backed securities available-for-sale increased 28.7% to $21.5 million at June 30, 2011, compared to $16.7 million at December 31, 2010.

Deposits increased $7.4 million, or 5.8%, from $128.6 million at December 31, 2010 to $136.1 million at June 30, 2011. The increase was primarily attributable to an increase in commercial checking, NOW accounts and money market accounts.

Stockholders’ equity increased $683,000 or 4.7% to $15.1 million, or 9.5% of total assets at June 30, 2011 compared to $14.4 million, also 9.5% of total assets, at December 31, 2010.

Safe-Harbor Statement

SECURITY BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited) (dollars in thousands)

OPERATING DATA	Three months ended June 30		Six months ended June 30
	2011	2010	2011	2010
Interest Income	$1,626	$1,679	$3,206	$3,305
Interest Expense	418	531	862	1,074
Provision for loan loss	65	64	125	127
Net interest income after provision for loan loss	1,143	1,084	2,219	2,104
Non-Interest income	556	496	1,061	976
Non-Interest expense	1,249	1,208	2,470	2,424
Income before income tax expense	450	372	810	656
Income tax expense	175	146	319	261
Net income	$275	$226	$491	$395

FINANCIAL CONDITION DATA	at 6/30/2011	at 12/31/2010
Total assets	$159,763	$152,627
Investments and mortgage backed securities available for sale	21,514	16,722
Investments and mortgage backed securities held to maturity	-0-	-0-
Loans receivable, net	116,905	115,808
Deposits	136,064	128,647
FHLB advances	6,600	7,107
Stockholder's equity	15,125	14,442
Non-performing assets	1,743	964
Non-performing assets to total assets	1.09%	0.64%
Allowance for loan losses	1,409	1,325
Allowance for loan losses to total loans receivable, net	1.19%	1.13%

data released 3 August 2011

Security Bancorp, Inc. Announces First Quarter Earnings

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

SECURITY BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited) (dollars in thousands)

OPERATING DATA	Three months	ended March 31
	2011	2010
Interest Income	$1,579	$1,626
Interest Expense	444	543
Provision for loan loss	60	63
Net interest income after provision for loan loss	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 3/31/2011	at 12/31/2010
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
Stockholder's 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, net	1.17%	1.13%

data released 29 April 2011

Security Bancorp, Inc. Releases 2010 Annual Report

Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2010 Annual Report. Please click here or on one of the links below to read the report.

posted 13 May 2011