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Security Bancorp, Inc. Announces Second Quarter Earnings

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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.

Positive
  • 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
Negative
  • 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 $1.0 million, or $2.77 per share, compared to $859,000, or $2.30 per share, for the same quarter last year. For the nine months ended September 30, 2024, the Company’s net income was $2.9 million or $7.84 per share, compared to $2.4 million, or $6.52 per share, for the same period in 2023.

For the three months ended September 30, 2024, net interest income increased $359,000, or 14.3%, to $2.9 million from $2.5 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net interest income increased $838,000, or 11.4%, to $8.2 million from $7.3 million for the nine months ended September 30, 2023. The increase in net interest income for the three and nine months ended September 30, 2024 was primarily the result of increases in loan balances and interest income on loans that was partially offset by a smaller increase in interest expense. Net interest income after provision for loan losses for the three months ended September 30, 2024 was $2.8 million, an increase of $357,000, or 14.6%, from $2.5 million for the same period in the previous year. For the nine months ended September 30, 2024, net interest income after provision for loan losses increased $857,000, or 12.0%, to $8.0 million from $7.2 million for the same period in 2023. The primary reason for the increase during the three and nine months ended September 30, 2024 was an increase in net interest income.

Non-interest income for the three months ended September 30, 2024 increased to $635,000 compared to $410,000 for the three months ended September 30, 2023. Non-interest income for the nine months ended September 30, 2024 increased to $1.6 million compared to $1.2 million for the same period of the prior year. The increase in non-interest income was primarily attributed to incentive income related to the Bank’s card processing contracts.

Non-interest expense for the three months ended September 30, 2024 was $2.0 million, an increase of $341,000, or 20.0%, from $1.7 million for the same period of the prior year. For the nine months ended September 30, 2024, non-interest expense was $5.6 million, an increase of $501,000, or 9.8%, compared to the same period in 2023. The increase for the three and nine months ended September 30, 2024 was primarily due to an increase in consulting fee expense related to renegotiation of the Bank’s data processing contracts.

The Company’s consolidated assets were $346.6 million at September 30, 2024, compared to $324.4 million at December 31, 2023. The $22.1 million, or 6.8%, increase in assets was a result of an increase loans receivable, net.   Loans receivable, net, increased $26.8 million, or 11.4%, to $262.2 million at September 30, 2024 from $235.4 million at December 31, 2023. The increase in loans receivable was primarily attributable to an increase in residential mortgage and commercial real estate loans.

For the three months ended September 30, 2024 the provision for loan losses was $65,000 compared to $63,000 for the same period in 2023. The provision for loan losses was $164,000 for the nine months ended September 30, 2024 compared to $183,000 in the comparable period in 2023, a decrease of $19,000.

Non-performing assets decreased $359,000, or 98.9%, to $4,000 at September 30, 2024 from $363,000 at December 31, 2023. The decrease is attributable to a decline in non-performing loans and the sale of $139,000 of 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 $2.6 million at September 30, 2024 was adequate to absorb known and inherent risks in the loan portfolio. At September 30, 2024, the ratio of the allowance for loan losses to non-performing assets was 63,750.0% compared to 664.19% at December 31, 2023.

Investment and mortgage-backed securities available-for-sale at September 30, 2024 increased $1.3 million, or 2.8%, to $47.1 million from $45.8 million at December 31, 2023. The increase was due to purchases of investment securities that was partially offset by maturities of investment securities and paydowns. There were no investment and mortgage-backed securities held-to-maturity at September 30, 2024 and December 31, 2023.

Deposits increased $15.1 million, or 5.2%, to $304.9 million at September 30, 2024 from $289.8 million at December 31, 2023. The increase was primarily attributable to increases in certificates of deposit.  

Stockholders’ equity increased $3.7 million or 11.7% to $34.8 million, or 10.05% of total assets at September 30, 2024 compared to $31.2 million, or 9.6%, of total assets, at December 31, 2023.

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 DATAThree months ended
Sept 30,
Nine months ended
Sept 30,
 2023202420232024
Interest income$4,023$5,085$11,326$14,459
Interest expense1,5092,2123,9786,273
Net interest income2,5142,8737,3488,186
Provision for loan losses6365183164
Net interest income after provision for loan losses2,4512,8087,1658,022
Non-interest income4106351,2331,555
Non-interest expense1,7052,0465,1105,611
Income before income tax expense1,1561,3973,2883,966
Income tax expense2973598501,027
Net income$859$1,038$2,438$2,939
Net Income per share (basic)$2.30$2.77$6.52$7.84
     
FINANCIAL CONDITION DATAAt Sept 30, 2024At December 31, 2023
Total assets$346,585$324,440
Investments and mortgage- backed securities - available for sale47,12545,837
Loans receivable, net262,195235,411
Deposits304,897289,810
Federal Funds Sold3,000-0-
Federal Home Loan Bank Advances-0--0-
Stockholders' equity34,82931,179
Non-performing assets4363
Non-performing assets to total assets0.001%0.11%
Allowance for loan losses2,5502,411
Allowance for loan losses to total loans receivable0.96%1.01%
Allowance for loan losses to non-performing assets63,750.0664.19

FAQ

What was Security Bancorp's (SCYT) net income for Q3 2024?

Security Bancorp reported a net income of $1.0 million, or $2.77 per share, for Q3 2024.

How much did SCYT's loans receivable grow in Q3 2024?

Loans receivable increased by $26.8 million, or 11.4%, to $262.2 million as of September 30, 2024.

What was SCYT's deposit growth as of September 30, 2024?

Deposits increased by $15.1 million, or 5.2%, to $304.9 million compared to December 31, 2023.

How much did SCYT's non-performing assets decrease in Q3 2024?

Non-performing assets decreased by $359,000, or 98.9%, to $4,000 as of September 30, 2024.

SECURITY BANCRP INC TN

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Banks - Regional
Financial Services
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United States of America
McMinnville