Security Bancorp, Inc. Announces First Quarter Earnings
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.
Net income increased to $984,000 from $758,000 year-over-year.
Net interest income rose by 7.6% to $2.6 million.
Total interest income increased by 30.0% to $4.5 million.
Non-interest income grew by 25.0% to $515,000.
Consolidated assets increased by 3.7% to $336.3 million.
Non-performing assets decreased by 26.4% to $267,000.
Stockholders' equity was $32.1 million.
The increase in interest expense was primarily due to higher interest rates on deposits.
Non-performing assets decreased, but this decline was primarily due to a decrease in non-performing loans.
MCMINNVILLE, Tenn., May 03, 2024 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. (OTCBB “SCYT”) (“Company”) today announced consolidated results for the first quarter ended March 31, 2024. The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).
Net income for the three months ended March 31, 2024 was
For the three months ended March 31, 2024, net interest income increased
The provision for credit losses was
Non-interest income for the three months ended March 31, 2024 was
Non-interest expense for the three months ended March 31, 2024 remained relatively unchanged at
The Company’s consolidated assets increased
Non-performing assets decreased
Investments and mortgage-backed securities available-for-sale increased
Deposits increased
Stockholders’ equity at March 31, 2024 was
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 ,financial market conditions and other uncertainties.
Contact: | Michael D. Griffith |
President & Chief Executive Officer | |
(931) 473-4483 | |
SECURITY BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands) | ||||
OPERATING DATA | Three months ended March 31, | |||
2024 | 2023 | |||
Interest income | ||||
Interest expense | 1,964 | 1,103 | ||
Net interest income | 2,551 | 2,370 | ||
Provision for credit losses | 51 | 60 | ||
Net interest income after provision for credit losses | 2,500 | 2,310 | ||
Non-interest income | 515 | 412 | ||
Non-interest expense | 1,691 | 1,703 | ||
Income before income tax expense | 1,324 | 1,019 | ||
Income tax expense | 340 | 261 | ||
Net income | ||||
Net Income per share (basic) | ||||
FINANCIAL CONDITION DATA | At March 31, 2024 | At December 31, 2023 | ||
Total assets | ||||
Investments and mortgage-backed securities - available for sale | 50,266 | 45,837 | ||
Loans receivable, net | 238,715 | 235,411 | ||
Deposits | 300,585 | 289,810 | ||
Federal Home Loan Bank Advances | -0- | -0- | ||
Stockholders' equity | 32,086 | 31,179 | ||
Non-performing assets | 267 | 363 | ||
Non-performing assets to total assets | ||||
Allowance for loan losses | 2,444 | 2,411 | ||
Allowance for loan losses to total loans receivable | ||||
Allowance for loan losses to non-performing assets | 915.36 | 664.19 |
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