Current Financial Data


Security Bancorp, Inc. Announces First Quarter Earnings

    Security Bancorp, Inc. (OTCBB “SCYT”) (“Company”) today announced consolidated earnings for the first quarter of its fiscal year ended December 31, 2014.  The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).

    Net income for the three months ended March 31, 2014 was $293,000, or $0.76 per share, compared to $225,000, or $0.58 per share, for the same quarter last year.

    For the three months ended March 31, 2014, net interest income increased by $94,000, or 7.9%, to $1.3 million from $1.2 million for the same period the previous year.  Total interest income increased by $22,000, or 1.5%, during the three months ended March 31, 2014, but remained at $1.5 million, unchanged from the comparable period in 2013.  The increase in total interest income for the three months ended March 31, 2014 was primarily attributable to loan growth during the quarter.  Total interest expense decreased $72,000, or 25.7%, to $208,000 for the three months ended March 31, 2014 from $280,000 for the same period in 2013.  The decrease in interest expense is due to the re-pricing of deposits.  Net interest income after provision for loan losses for the three months ended March 31, 2014 increased by $91,000, or 8.3%, to $1.2 million from $1.1 million the same period the previous year.

    Non-interest income for the three months ended March 31, 2014 was $515,000 compared to $545,000 for the same quarter of 2013, a decrease of $30,000, or 5.5%.  The decrease was attributable to a decline in the gains on sale of loans due to a lower volume of residential lending.

    Non-interest expense for the three months ended March 31, 2014 decreased $36,000, or 2.8%, to $1.2 million from $1.3 million for the same period in 2013.

    Consolidated assets of the Company increased $13.5 million, or 8.5%, to $172.6 million at March 31, 2014 from $159.1 million at December 31, 2013.  Loans receivable, net, increased $6.4 million, or 5.3%, to $126.9 million at March 31, 2014 from $120.4 million at December 31, 2013.  The increase in consolidated assets was primarily attributable to an increase in loans on commercial real estate.

    The provision for loan losses was $93,000 for the three months ended March 31, 2014, an increase of $3,000, or 3.3%, from $90,000 for the same quarter last year.

    Non-performing assets decreased $379,000, or 24.9%, to $1.1 million at March 31, 2014 from $1.5 million at December 31, 2013.  The decrease is attributable to the sales of other real estate owned. Based on its analysis of delinquent loans, non-performing loans and classified loans, management believes that the Company’s allowance for loan losses of $1.3 million at March 31, 2014 is adequate to absorb known and inherent risks in the loan portfolio at that date. At March 31, 2014 the allowance for loan losses to non-performing assets was 112.45% compared to 79.34% at December 31, 2013.

    Investments and mortgage-backed securities available-for-sale increased $218,000, or 0.99%, to $22.3 million at March 31, 2014 from $22.1 million at December 31, 2013.  The increase is a result of the purchase of securities.

    Deposits increased $4.2 million, or 3.0%, to $143.0 million at March 31, 2014 from $138.8 million at December 31, 2013.  The increase was primarily attributable to an increase in savings accounts and NOW accounts.

    Stockholders’ equity at March 31, 2014 was $16.9 million, or 9.8% of total assets, compared to $16.6 million, or 10.4% of total assets at December 31, 2013.

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
  2014 2013
Interest Income $1,490 $1,468
Interest Expense 208 280
Net Interest Income 1,282 1,188
Provision for loan loss 93 90
Net interest income after provision for loan loss 1,189 1,098
Non-Interest income 515 545
Non-Interest expense 1,243 1,279
Income before income tax expense 461 364
Income tax expense 168 139
Net income $293 $225
Net income per share $0.76 $0.58

FINANCIAL CONDITION DATA at 3/31/2014 at 12/31/2013
Total assets $172,606 $159,107
Investments and mortgage backed securities available for sale 22,291 22,073
Investments and mortgage backed securities held to maturity -0- -0-
Loans receivable, net 126,860 120,448
Deposits 142,993 138,798
Repurchase agreements 11,519 2,588
Stockholder's equity 16,914 16,579
Non-performing assets 1,141 1,520
Non-performing assets to total assets 0.66% 0.96%
Allowance for loan losses 1,283 1,206
Allowance for loan losses to total loans receivable 1.0% 0.99%
Allowance for loan losses to non-performing assets 112.45% 79.34%
     
data released 5 May 2014

Security Bancorp, Inc. Releases 2013 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2013 Annual Report.  Please click here or on one of the links below to read the report.

posted July 2014

2013 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2012 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2012 Annual Report.  Please click here or on one of the links below to read the report.

data released 17 April 2013

2012 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2011 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2011 Annual Report.  Please click here or on one of the links below to read the report.

posted 24 May 2012

2011 Annual Report

(requires Adobe Acrobat or Adobe Reader)

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

2010 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2009 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2009 Annual Report.  Please click here or on one of the links below to read the report.

posted 18 May 2010

2009 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2008 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2008 Annual Report.  Please click here or on one of the links below to read the report.

posted 17 April 2009

2008 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2007 Annual Report
    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

2007 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2006 Annual Report
    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

2006 Annual Report

(requires Adobe Acrobat or Adobe Reader)

Security Bancorp, Inc. Releases 2005 Annual Report
    Security Bancorp, Inc., the holding company of Security Federal Savings Bank, recently released the 2005 Annual Report.  Please click here or on one of the links below to read the report.

posted 14 April 2006

2005 Annual Report

(requires Adobe Acrobat or Adobe Reader)

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