Security Bancorp, Inc. Announces Second Quarter Earnings
Security Bancorp (SCYT) reported strong financial results for Q3 2024. Net income reached $1.0 million ($2.77 per share), up from $859,000 ($2.30 per share) in Q3 2023. Net interest income increased 14.3% to $2.9 million. The company's consolidated assets grew 6.8% to $346.6 million, driven by an 11.4% increase in loans receivable to $262.2 million. Deposits rose 5.2% to $304.9 million, while stockholders' equity improved 11.7% to $34.8 million. Non-performing assets significantly decreased by 98.9% to $4,000.
Security Bancorp (SCYT) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. L'utile netto ha raggiunto 1,0 milioni di dollari (2,77 dollari per azione), in aumento rispetto ai 859.000 dollari (2,30 dollari per azione) del terzo trimestre del 2023. Il reddito netto da interessi è aumentato del 14,3% a 2,9 milioni di dollari. Gli attivi consolidati dell'azienda sono cresciuti del 6,8% a 346,6 milioni di dollari, trainati da un incremento dell'11,4% nei prestiti da incassare, che hanno raggiunto i 262,2 milioni di dollari. I depositi sono aumentati del 5,2% a 304,9 milioni di dollari, mentre il patrimonio netto degli azionisti è migliorato dell'11,7% a 34,8 milioni di dollari. Gli attivi non performanti sono significativamente diminuiti del 98,9% a 4.000 dollari.
Security Bancorp (SCYT) reportó sólidos resultados financieros para el tercer trimestre de 2024. El ingreso neto alcanzó 1.0 millones de dólares (2.77 dólares por acción), un aumento respecto a 859,000 dólares (2.30 dólares por acción) en el tercer trimestre de 2023. Los ingresos netos por intereses aumentaron un 14.3% a 2.9 millones de dólares. Los activos consolidados de la empresa crecieron un 6.8% a 346.6 millones de dólares, impulsados por un incremento del 11.4% en los préstamos por cobrar a 262.2 millones de dólares. Los depósitos aumentaron un 5.2% a 304.9 millones de dólares, mientras que el patrimonio de los accionistas mejoró un 11.7% a 34.8 millones de dólares. Los activos no rentables disminuyeron significativamente un 98.9% a 4,000 dólares.
Security Bancorp (SCYT)는 2024년 3분기에 강력한 재무 결과를 발표했습니다. 순이익은 100만 달러 (주당 2.77달러)로 2023년 3분기의 859,000달러 (주당 2.30달러)에서 증가했습니다. 순이자 수익은 14.3% 증가하여 290만 달러에 달했습니다. 회사의 총자산은 6.8% 증가하여 3억 4660만 달러에 도달했으며, 이는 대출금 수취액이 11.4% 증가하여 2억 6220만 달러에 이른 데 기인합니다. 예금은 5.2% 증가하여 3억 490만 달러에 이르렀고, 주주 자본은 11.7% 증가하여 3480만 달러에 개선되었습니다. 부실 자산은 98.9% 급감하여 4,000달러가 되었습니다.
Security Bancorp (SCYT) a annoncé de solides résultats financiers pour le troisième trimestre 2024. Le revenu net a atteint 1,0 million de dollars (2,77 dollars par action), en hausse par rapport à 859 000 dollars (2,30 dollars par action) au troisième trimestre 2023. Le revenu net d'intérêts a augmenté de 14,3 % pour atteindre 2,9 millions de dollars. Les actifs consolidés de l'entreprise ont crû de 6,8 % pour atteindre 346,6 millions de dollars, soutenus par une augmentation de 11,4 % des prêts à recevoir pour atteindre 262,2 millions de dollars. Les dépôts ont augmenté de 5,2 % pour atteindre 304,9 millions de dollars, tandis que les capitaux propres des actionnaires ont progressé de 11,7 % pour atteindre 34,8 millions de dollars. Les actifs non performants ont considérablement diminué de 98,9 % pour s'établir à 4 000 dollars.
Security Bancorp (SCYT) hat für das dritte Quartal 2024 starke Finanzergebnisse veröffentlicht. Das Nettoeinkommen erreichte 1,0 Millionen US-Dollar (2,77 US-Dollar pro Aktie), ein Anstieg gegenüber 859.000 US-Dollar (2,30 US-Dollar pro Aktie) im dritten Quartal 2023. Die Zinserträge stiegen um 14,3% auf 2,9 Millionen US-Dollar. Die konsolidierten Vermögenswerte des Unternehmens wuchsen um 6,8% auf 346,6 Millionen US-Dollar, bedingt durch einen Anstieg der Forderungen aus Krediten um 11,4% auf 262,2 Millionen US-Dollar. Die Einlagen stiegen um 5,2% auf 304,9 Millionen US-Dollar, während das Eigenkapital der Aktionäre um 11,7% auf 34,8 Millionen US-Dollar verbessert wurde. Die notleidenden Vermögenswerte sanken signifikant um 98,9% auf 4.000 US-Dollar.
- Net income increased 16.4% YoY to $1.0 million in Q3 2024
- Net interest income grew 14.3% to $2.9 million
- Loans receivable increased 11.4% to $262.2 million
- Non-performing assets decreased 98.9% to $4,000
- Stockholders' equity improved 11.7% to $34.8 million
- Non-interest expense increased 20% to $2.0 million due to consulting fees
MCMINNVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”), the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”), today announced its consolidated earnings for the third quarter of its fiscal year ended December 31, 2024.
Net income for the three months ended September 30, 2024 was
For the three months ended September 30, 2024, net interest income increased
Non-interest income for the three months ended September 30, 2024 increased to
Non-interest expense for the three months ended September 30, 2024 was
The Company’s consolidated assets were
For the three months ended September 30, 2024 the provision for loan losses was
Non-performing assets decreased
Investment and mortgage-backed securities available-for-sale at September 30, 2024 increased
Deposits increased
Stockholders’ equity increased
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.
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 Sept 30, | Nine months ended Sept 30, | ||
2023 | 2024 | 2023 | 2024 | |
Interest income | ||||
Interest expense | 1,509 | 2,212 | 3,978 | 6,273 |
Net interest income | 2,514 | 2,873 | 7,348 | 8,186 |
Provision for loan losses | 63 | 65 | 183 | 164 |
Net interest income after provision for loan losses | 2,451 | 2,808 | 7,165 | 8,022 |
Non-interest income | 410 | 635 | 1,233 | 1,555 |
Non-interest expense | 1,705 | 2,046 | 5,110 | 5,611 |
Income before income tax expense | 1,156 | 1,397 | 3,288 | 3,966 |
Income tax expense | 297 | 359 | 850 | 1,027 |
Net income | ||||
Net Income per share (basic) | ||||
FINANCIAL CONDITION DATA | At Sept 30, 2024 | At December 31, 2023 | ||
Total assets | ||||
Investments and mortgage- backed securities - available for sale | 47,125 | 45,837 | ||
Loans receivable, net | 262,195 | 235,411 | ||
Deposits | 304,897 | 289,810 | ||
Federal Funds Sold | 3,000 | -0- | ||
Federal Home Loan Bank Advances | -0- | -0- | ||
Stockholders' equity | 34,829 | 31,179 | ||
Non-performing assets | 4 | 363 | ||
Non-performing assets to total assets | ||||
Allowance for loan losses | 2,550 | 2,411 | ||
Allowance for loan losses to total loans receivable | ||||
Allowance for loan losses to non-performing assets | 63,750.0 | 664.19 |
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