SECURITY BANCRP INC TN - SCYT STOCK NEWS

Security Bancorp, Inc. (OTCBB: SCYT) reported strong financial results for Q2 2024. Net income rose to $915,000 ($2.45 per share), up from $819,000 ($2.24 per share) in Q2 2023. For the first half of 2024, net income reached $1.9 million ($5.08 per share), compared to $1.6 million ($4.32 per share) in H1 2023.

Key highlights include:

• Net interest income increased 12.1% to $2.8 million in Q2 2024
• Loans receivable, net, grew 7.4% to $252.8 million
• Deposits rose 2.7% to $297.5 million
• Non-performing assets decreased 30.9% to $251,000
• Stockholders' equity increased 6.5% to $33.2 million

The company's growth was primarily driven by increased loans and higher interest rates, partially offset by rising interest expenses.

On May 17, 2024, Security Bancorp announced an annual cash dividend of $1.00 per share for its common stock, payable on July 1, 2024. Shareholders holding stock as of June 3, 2024, will receive this dividend. As of March 31, 2024, the company reported total assets worth $336.3 million and stockholders' equity of $32.1 million. Security Bancorp is headquartered in McMinnville, Tennessee, and operates Security Federal Savings Bank.

Security Bancorp, Inc. announced Q1 earnings with net income of $984,000 and $2.63 basic earnings per share, compared to $758,000, or $2.03 last year. Net interest income increased by 7.6%, totaling $2.6 million. Total interest income rose by 30.0% to $4.5 million. Non-interest income increased by 25.0% to $515,000. Consolidated assets rose by 3.7% to $336.3 million, with loans receivable, net, increasing by 1.4% to $238.7 million. Non-performing assets decreased by 26.4% to $267,000. Stockholders' equity was $32.1 million.

Security Bancorp, Inc. announced its consolidated earnings for Q3 2023. Net income was $859,000, or $2.30 per share, compared to $877,000, or $2.34 per share, for the same quarter last year. Net interest income increased by 2.8% to $2.5 million. Non-interest income decreased to $410,000. Non-interest expense was unchanged at $1.7 million. Consolidated assets increased to $307.3 million. Loans receivable, net, increased by 7.1% to $233.0 million. Non-performing assets increased to $432,000. Deposits increased by 11.4% to $274.7 million. Stockholders' equity increased by 7.5% to $29.3 million.

Security Bancorp, Inc. (SCYT) reported a net income of $877,000, or $2.34 per share, for Q3 2022, an increase from $671,000, or $1.79 per share, year-over-year. For the nine-month period, net income rose to $2.2 million from $2.0 million. Net interest income for Q3 was $2.4 million, up 26.3% year-over-year. However, non-interest income decreased by 34.9% to $451,000. Total assets stood at $291.1 million, a 1.6% decline from the previous year, and stockholders' equity decreased by 7.3% to $26 million.

Security Bancorp reported a net income of $744,000 ($2.03 per share) for Q2 2022, up from $627,000 ($1.72 per share) in Q2 2021. Year-to-date net income remained stable at $1.3 million. Net interest income rose 17.8% to $2.1 million for Q2 due to increased loan balances and rates. However, non-interest income decreased 17.7% for Q2 and 31.0%0.8% to $298.2 million, while stockholders’ equity decreased 3.9% to $27.0 million.