Third Century Bancorp Releases Earnings for the Quarter Ended March 31, 2021
Third Century Bancorp (TDCB) announced a net income of $414,000 for Q1 2021, a decline of 8.61% from $453,000 in Q1 2020. Earnings per share decreased to $0.35 from $0.38. The drop in net income was primarily due to a 14.87% rise in non-interest expenses, which increased by $228,000. However, non-interest income rose by 28.25% to $688,000, driven by increased gains on mortgage loan sales. Total assets grew 6.82% to $223.8 million. Stockholders' equity fell to $19.9 million, with a decrease in unrealized gains due to rising interest rates.
- Non-interest income increased by $152,000 (28.25%) driven by gains on mortgage loan sales.
- Total assets rose by $14.3 million (6.82%) to $223.8 million.
- Net interest income grew by $30,000 (1.94%) to $1,576,000.
- Net income decreased by $39,000 (8.61%) compared to Q1 2020.
- Non-interest expenses increased by $228,000 (14.87%), primarily from overhead expenses.
- Stockholders' equity decreased by $502,000 due to unrealized losses on securities.
(OTCPINK: TDCB) - Third Century Bancorp (“Company”), the holding company for Mutual Savings Bank (“Bank”), announced it recorded net income of
“Our earnings reflect consistent net income and solid quality asset growth which are the positive result we have achieved from the terrific effort given by our talented staff. I am proud to walk beside this group of bankers who continue to tell our story and how we can help people,” commented David A. Coffey, President and CEO. He also indicated, “We look forward to continuing this momentum during the rest of 2021.”
For the quarter ended March 31, 2021, net income decreased
The increase in net interest income for the quarter ended March 31, 2021 was partially offset by a
Total assets increased
The increase in total loan balances was partially the result of loans originated through the Small Business Administration’s Paycheck Protection Program (“PPP”) in which the Company participated. The Company originated
The allowance for loan losses increased by
Stockholders’ equity was
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street, Trafalgar and Greenwood, Indiana.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
| Condensed Consolidated Statements of Income | |||||||||
| (unaudited, except for periods in the twelve months ended December 31, 2020) | |||||||||
| In thousands, except per share data | |||||||||
Three Months Ended |
|||||||||
March 31, |
|
December 31, |
|
March 31, |
|||||
2021 |
|
2020 |
|
2020 |
|||||
| Selected Consolidated Earnings Data: | |||||||||
| Total Interest Income | $ |
1,795 |
$ |
1,807 |
$ |
1,864 |
|||
| Total Interest Expense |
|
219 |
|
224 |
|
318 |
|||
| Net Interest Income |
|
1,576 |
|
1,583 |
|
1,546 |
|||
| Provision for Losses on Loans |
|
45 |
|
60 |
|
5 |
|||
| Net Interest Income after Provision for Losses on Loans |
|
1,531 |
|
1,523 |
|
1,541 |
|||
| Non-interest Income |
|
690 |
|
784 |
|
538 |
|||
| Non-interest Expense |
|
1,761 |
|
1,954 |
|
1,533 |
|||
| Income Tax Expense |
|
46 |
|
42 |
|
94 |
|||
| Net Income | $ |
414 |
$ |
311 |
$ |
453 |
|||
| Earnings per basic and diluted share | $ |
0.35 |
$ |
0.26 |
$ |
0.38 |
|||
| Condensed Consolidated Balance Sheet | |||||||||
| (unaudited, except for periods ended on or before December 31, 2020) | |||||||||
| In thousands, except per share data | |||||||||
March 31, |
|
December 31, |
|
March 31, |
|||||
2021 |
|
2020 |
|
2020 |
|||||
| Selected Consolidated Balance Sheet Data: | |||||||||
| Assets | |||||||||
| Cash and Due from Banks | $ |
8,402 |
$ |
4,888 |
$ |
5,798 |
|||
| Investment Securities, Available-for-sale, at fair value |
|
66,938 |
|
59,292 |
|
40,320 |
|||
| Loans Held-for-Sale |
|
302 |
|
434 |
|
447 |
|||
| Loans Held-for-Investment |
|
141,715 |
|
138,834 |
|
130,071 |
|||
| Allowance for Loan Losses |
|
1,838 |
|
1,791 |
|
1,454 |
|||
| Net Loans |
|
140,179 |
|
137,477 |
|
129,064 |
|||
| Accrued Interest Receivable |
|
720 |
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FAQ
What were the Q1 2021 earnings results for TDCB?
Third Century Bancorp reported a net income of $414,000, or $0.35 per share, for Q1 2021.
How did TDCB's net income compare to the previous year?
Net income decreased by 8.61% from $453,000 in Q1 2020 to $414,000 in Q1 2021.
What contributed to the increase in non-interest income for TDCB?
The increase in non-interest income was mainly due to a $82,000 gain from mortgage loan sales.
What impact did COVID-19 have on TDCB's financials?
COVID-19 contributed to an increase in the provision for loan losses and concerns about future credit quality.
What was the change in TDCB's total assets from December 2020 to March 2021?
Total assets increased by $14.3 million, or 6.82%, to $223.8 million by March 31, 2021.
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