An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Third Century Bancorp, the holding company for Mutual Savings Bank, reported unaudited net income of $330,000 for the quarter ended March 31, 2024, marking a 3.45% increase from the previous year. The company highlighted the impact of loan repricing and higher rates, offset by increased funding costs. Total interest income rose by 25.03%, while total interest expense surged by 81.54%, affecting net interest income, which slightly decreased. Non-interest expenses decreased by 1.60%, and non-interest income increased by 13.36%. Total assets remained stable, with a shift in the asset mix. Stockholders' equity saw a slight decrease from the previous quarter but was up from the prior year. Mutual Savings Bank, established in 1890 and based in Indiana, aims to maintain credit quality and efficiency in a challenging interest rate environment.
Third Century Bancorp, la società di controllo per Mutual Savings Bank, ha riferito un utile netto non revisionato di 330.000 dollari per il trimestre concluso il 31 marzo 2024, segnando un aumento del 3,45% rispetto all'anno precedente. La società ha evidenziato l'impatto del riprezzamento dei prestiti e dell'aumento dei tassi, compensato da un aumento dei costi di finanziamento. Il reddito totale da interessi è aumentato del 25,03%, mentre le spese totali per interessi sono schizzate del 81,54%, influenzando il reddito netto da interessi, che è leggermente diminuito. Le spese non interessi sono diminuite dell'1,60% e i redditi non interessi sono aumentati del 13,36%. Gli asset totali sono rimasti stabili, con un cambiamento nel mix di asset. Il patrimonio netto degli azionisti ha visto una lieve diminuzione rispetto al trimestre precedente, ma è aumentato rispetto all'anno precedente. Mutual Savings Bank, fondata nel 1890 e con sede in Indiana, mira a mantenere la qualità del credito e l'efficienza in un ambiente di tassi di interesse sfidante.
Third Century Bancorp, la compañía matriz de Mutual Savings Bank, reportó un ingreso neto no auditado de $330,000 para el trimestre que terminó el 31 de marzo de 2024, marcando un aumento del 3.45% en comparación con el año anterior. La compañía destacó el impacto de la revalorización de los préstamos y las tasas más altas, contrarrestado por un aumento en los costos de financiamiento. El ingreso total por intereses aumentó un 25.03%, mientras que el gasto total por intereses se incrementó en un 81.54%, afectando al ingreso neto por intereses, que disminuyó ligeramente. Los gastos no interes aumentaron en un 1.60% y los ingresos no provenientes de intereses aumentaron en un 13.36%. Los activos totales permanecieron estables, con un cambio en la mezcla de activos. El patrimonio de los accionistas experimentó una ligera disminución desde el trimestre anterior, pero aumentó en comparación con el año anterior. Mutual Savings Bank, establecida en 1890 y ubicada en Indiana, busca mantener la calidad del crédito y la eficiencia en un entorno de tasas de interés desafiante.
Third Century Bancorp, Mutual Savings Bank의 모회사로, 2024년 3월 31일로 끝난 분기에 330,000달러의 미감사 순이익을 보고했으며, 이는 전년 대비 3.45% 증가한 수치입니다. 회사는 대출 재가격 책정과 높은 이자율의 영향을 강조했으나, 자금 조달 비용의 증가로 상쇄되었습니다. 총 이자 수익은 25.03% 증가했으며, 총 이자 비용은 81.54% 급증하여 순이자 수익에 영향을 미쳤습니다. 비이자 비용은 1.60% 감소했고, 비이자 수익은 13.36% 증가했습니다. 총 자산은 안정적으로 유지되었으며, 자산 구성에서 변화가 있었습니다. 주주의 자본은 전 분기 대비 소폭 감소했지만, 전년 대비해서는 증가했습니다. 1890년에 설립되어 인디애나에 본사를 둔 Mutual Savings Bank는 어려운 이자율 환경에서 신용 품질과 효율성을 유지하려고 합니다.
Third Century Bancorp, la société mère de Mutual Savings Bank, a rapporté un bénéfice net non audit de 330 000 dollars pour le trimestre se terminant le 31 mars 2024, ce qui représente une augmentation de 3,45 % par rapport à l'année précédente. La société a souligné les répercussions de la revalorisation des prêts et des taux plus élevés, compensées par une hausse des coûts de financement. Le revenu total d'intérêts a augmenté de 25,03 %, tandis que les dépenses totales d'intérêts ont bondi de 81,54 %, affectant le revenu net d'intérêts qui a légèrement diminué. Les dépenses non liées aux intérêts ont diminué de 1,60 %, et les revenus non liés aux intérêts ont augmenté de 13,36 %. Les actifs totaux sont restés stables, avec un changement dans la composition des actifs. Les capitaux propres des actionnaires ont connu une légère baisse par rapport au trimestre précédent mais ont augmenté par rapport à l'année précédente. Mutual Savings Bank, établie en 1890 et basée dans l'Indiana, vise à maintenir la qualité du crédit et l'efficacité dans un environnement de taux d'intérêt difficile.
Third Century Bancorp, die Muttergesellschaft der Mutual Savings Bank, berichtete über ein ungeprüftes Nettoeinkommen von 330.000 Dollar für das Quartal, das am 31. März 2024 endete, was einem Anstieg von 3,45% gegenüber dem Vorjahr entspricht. Das Unternehmen hob die Auswirkungen der Kreditpreisanpassung und höherer Zinssätze hervor, die durch gestiegene Finanzierungskosten ausgeglichen wurden. Das Gesamtzinseinkommen stieg um 25,03%, während die Gesamtzinsausgaben um 81,54% sprunghaft anstiegen, was das Nettozinseinkommen leicht beeinträchtigte. Die Nichtzinsausgaben sanken um 1,60%, und die Nichtzinseinnahmen stiegen um 13,36%. Die Gesamtaktiva blieben stabil, mit einer Verschiebung in der Vermögensstruktur. Das Eigenkapital der Aktionäre verzeichnete gegenüber dem Vorquartal einen leichten Rückgang, war jedoch gegenüber dem Vorjahr gestiegen. Die 1890 gegründete und in Indiana ansässige Mutual Savings Bank zielt darauf ab, in einem herausfordernden Zinsumfeld Kreditqualität und Effizienz zu wahren.
Positive
Unaudited net income for the quarter ended March 31, 2024, was $330,000, a 3.45% increase from the previous year.
Total interest income rose by 25.03%, while total interest expense surged by 81.54%, impacting net interest income, which slightly decreased.
Non-interest expenses decreased by 1.60%, and non-interest income increased by 13.36%.
Total assets remained stable, with a shift in the asset mix.
Stockholders' equity saw a slight decrease from the previous quarter but was up from the prior year.
Mutual Savings Bank, established in 1890 and based in Indiana, aims to maintain credit quality and efficiency in a challenging interest rate environment.
Negative
None.
FRANKLIN, Ind.--(BUSINESS WIRE)--
(OTCPINK: TDCB) - Third Century Bancorp (“Company”), the holding company for Mutual Savings Bank (“Bank”), announced it recorded unaudited net income of $330,000 for the quarter ended March 31, 2024, or $0.28 per basic and diluted share, compared to net income of $319,000 for the quarter ended March 31, 2023, or $0.27 per basic and diluted share.
“Our first quarter earnings reflect a continued improvement in several quarterly earnings. Repricing of loans, and the addition of loans at higher rates, benefited our bank. However, our earnings continue to feel the impact of higher funding costs,” said David A. Coffey, President and CEO. Coffey continued, “Moving into the rest of 2024, our focus will be to maintain our credit quality, which is among the best of the community banks in Indiana. We will remain engaged in pursuing our strategies to be a more efficient community bank and we will continue our efforts to pursue lower cost funding to positively impact our net-interest margin.” Coffey concluded, “While we have high expectations for our bank in what will be a tough interest rate environment, our team is laser focused on achieving a successful year.”
For the quarter ended March 31, 2024, net income increased $11,000, or 3.45%, to $330,000 as compared to $319,000 for the same period in the prior year. Net interest income decreased slightly to $2.0 million for the three months ended March 31,2024 due to an increase in total interest expense of $839,000, or 81.54%, to $1,868,000 for the three-month period ended March 31, 2024 as compared to $1,029,000 for the same period for the prior year. The increase in total interest expense was due to the increase in funding costs of both retail deposits and wholesale funding. Offsetting the increase in total interest expense was an increase in total interest income of $767,000, or 25.03% to $3,831,000 for the three-month period ended March 31, 2024 compared to $3,064,000 for the same period for the prior year. The increase in total interest income was the result of higher average yields on interest earning assets and higher average loan balances. The provision for loan losses during the quarter was $28,000, or 93.33%, lower than the same quarter last year due to the strength of credit quality and zero non-performing loans for several quarters. Non-interest expense decreased by $32,000, or 1.60%, to $1,965,000 for the quarter ended March 31, 2024 as compared to $1,997,000 for the same period in the prior year due to cost savings in personnel and advertising expenses. Non-interest income increased by $39,000, or 13.36%, to $331,000 for the quarter ended March 31, 2024 as compared to $292,000 for the same period in the prior year. The increase in non-interest income occurred due to a higher volume of loan sales compared to the same period for the prior year.
Total assets remained flat at $312.9 million at both March 31, 2024 and December 31, 2023. However, the asset mix shifted at quarter end primarily due to a $3.7 million, or 27.37%, increase in cash and due from banks to $17.2 million at March 31, 2024. Loans held for investment were substantially unchanged at $196.8 million at March 31, 2024 as compared to $196.7 million at December 31,2023. Total investments decreased $2.99 million, or 3.59% to $80.33 million at March 31, 2024 compared to $83.32 million at December 31, 2023. Total deposits were $249.4 million at March 31, 2024, up from $246.1 million as of December 31, 2023. As of March 31, 2023, the weighted average rate of all FHLB advances was 3.40% compared to 3.72% at December 31, 2023, and total FHLBI advance balances were down $13.0 million, or 27.96% to $33.5 million at March 31, 2024 compared to $46.5 million at December 31, 2023.
Stockholders’ equity was $9.12 million at March 31, 2024, up from $8.68 million at March 31, 2023 and down from $9.51 million at December 31, 2023. Stockholders’ equity decreased during the quarter largely due to dividend payouts but increased from the prior year quarter end due to lower net unrealized losses in our available-for-sale-securities portfolio. The available-for-sale securities are investments in government sponsored mortgage-backed securities as well as investments in municipal bonds, which provided cash flow for business purposes. Average equity as a percentage of assets decreased to 2.61% at March 31, 2024 compared to 2.74% at December 31, 2023.
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 inflation, changes in the interest rate environment, changes in general economic conditions, geopolitical conflicts, public health issues, 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)
In thousands, except per share data
Three Months Ended
March 31,
December 31,
March 31,
2024
2023
2023
Selected Consolidated Earnings Data:
Total Interest Income
$
3,831
$
3,663
$
3,064
Total Interest Expense
1,868
1,707
1,029
Net Interest Income
1,963
1,956
2,035
Provision for Losses on Loans
2
27
30
Net Interest Income after Provision for Losses on Loans
1,961
1,929
2,005
Non-Interest Income
331
189
292
Non-Interest Expense
1,965
1,889
1,997
Income Tax Expense
(3
)
(23
)
(19
)
Net Income
$
330
$
252
$
319
Earnings Per Share - basic
$
0.28
$
0.22
$
0.27
Earnings Per Share - diluted
$
0.28
$
0.22
$
0.27
Condensed Consolidated Balance Sheet
(Unaudited)
In thousands, except per share data
March 31,
December 31,
March 31,
2024
2023
2023
Selected Consolidated Balance Sheet Data:
Assets
Cash and Due from Banks
$
17,157
$
13,470
$
4,562
Investment Securities, Available-for-Sale, at Fair Value
77,377
80,367
82,354
Investment Securities, Held-to-Maturity
2,950
2,950
3,000
Loans Held-for-Sale
155
552
-
Loans Held-for-Investment
196,832
196,722
184,491
Allowance for Credit Losses
2,975
2,972
2,830
Net Loans
194,012
194,302
181,661
Accrued Interest Receivable
1,408
1,547
1,264
Other Assets
20,015
20,269
18,152
Total Assets
$
312,919
$
312,905
$
290,993
Liabilities
Noninterest-Bearing Deposits
$
41,904
$
43,692
$
46,567
Interest-Bearing Deposits
207,482
202,426
189,878
Total Deposits
249,386
246,118
236,445
FHLB Advances and Other Borrowings
43,500
46,500
34,860
Subordinated Notes, Net of Issuances Costs
9,764
9,758
9,737
Accrued Interest Payable
497
485
171
Accrued Expenses and Other Liabilities
651
536
1,100
Total Liabilities
303,798
303,397
282,313
Stockholders' Equity
Common Stock
11,493
11,480
11,445
Retained Earnings
10,668
10,338
9,950
Accumulated Other Comprehensive Loss
(13,040
)
(12,310
)
(12,715
)
Total Stockholders' Equity
9,121
9,508
8,680
Total Liabilities and Stockholders' Equity
$
312,919
$
312,905
$
290,993
Three Months Ended
dollar figures are in thousands, except per share data
March 31,
December 31,
March 31,
2024
2023
2023
Selected Financial Ratios and Other Data (Unaudited):
Interest Rate Spread During Period
2.14
%
2.26
%
2.50
%
Net Yield on Interest-Earning Assets
5.04
%
5.04
%
4.31
%
Non-Interest Expense, Annualized, to Average Assets
2.49
%
2.51
%
3.03
%
Return on Average Assets, Annualized
0.42
%
0.34
%
0.48
%
Return on Average Equity, Annualized
16.01
%
12.23
%
15.53
%
Average Equity to Assets
2.61
%
2.74
%
3.11
%
Average Net Loans
$
194,173
$
193,190
$
178,599
Average Net Securities
82,413
81,084
86,497
Average Other Interest-Earning Assets
27,430
16,583
18,970
Total Average Interest-Earning Assets
304,015
290,858
284,066
Average Total Assets
316,113
300,494
264,016
Average Noninterest-Bearing Deposits
$
42,188
$
43,147
$
43,442
Average Interest-Bearing Deposits
206,220
196,655
198,726
Average Total Deposits
248,408
239,802
242,168
Average Wholesale Funding
51,104
49,279
27,964
Average Interest-Bearing Liabilities
257,325
245,934
226,690
Avg. Interest-Earnings Assets to Avg. Interest-Bearings Liabilities
118.14
%
118.27
%
125.31
%
Average equity
$
8,245.26
$
8,243.00
$
8,219.00
Non-Performing Loans to Total Loans
0.00
%
0.00
%
0.00
%
Allowance for Credit Losses to Total Loans Outstanding
1.51
%
1.51
%
1.53
%
Allowance for Credit Losses to Non-Performing Loans
0.00
%
0.00
%
0.00
%
Net Loan Chargeoffs/(Recoveries) to Avg. Total Loans Outstanding
David A. Coffey, President and CEO
S. Paul Arab, SVP and CFO
Tel. 317-736-7151
Source: Third Century Bancorp
FAQ
What was Third Century Bancorp's net income for the quarter ended March 31, 2024?
Third Century Bancorp reported an unaudited net income of $330,000 for the quarter ended March 31, 2024.
How did Third Century Bancorp's net income in the first quarter of 2024 compare to the same period in the previous year?
Third Century Bancorp's net income for the first quarter of 2024 increased by 3.45% compared to the same period in the previous year.
What factors contributed to the increase in total interest income for Third Century Bancorp?
The increase in total interest income was due to higher average yields on interest-earning assets and higher average loan balances for Third Century Bancorp.
How did non-interest expenses change for Third Century Bancorp in the quarter ended March 31, 2024?
Non-interest expenses for Third Century Bancorp decreased by 1.60% in the quarter ended March 31, 2024.
What was the change in stockholders' equity for Third Century Bancorp from March 31, 2023, to March 31, 2024?
Stockholders' equity for Third Century Bancorp increased from $8.68 million at March 31, 2023, to $9.12 million at March 31, 2024.
