Third Century Bancorp Releases Earnings for the Quarter Ended September 30, 2024
“Our Third Century Bancorp financial performance for 2024 is on track with where we planned. We anticipated continued pressure on the net interest margin due to higher funding costs,” stated David A. Coffey, President and CEO. “With the FED action to lower the FED Funds target, we anticipate this translating in a positive way to our income statement.” Coffey concluded, “The Johnson County market is very competitive and has always been. However, as the only community bank located in
For the quarter ended September 30, 2024, net income decreased
For the nine-months ended September 30, 2024, net income increased
For the nine-month period ended September 30, 2024, the allowance for credit losses totaled
Non-interest income decreased by
Total assets rose to
Stockholders’ equity was
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in
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 | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | Sept 30, | Sept 30, | ||||||||||||||||
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Selected Consolidated Earnings Data: | ||||||||||||||||||||
Total Interest Income | $ |
4,021 |
|
$ |
3,848 |
|
$ |
3,492 |
|
$ |
11,700 |
|
$ |
9,477 |
|
|||||
Total Interest Expense |
|
2,040 |
|
|
1,968 |
|
|
1,529 |
|
|
5,876 |
|
|
3,924 |
|
|||||
Net Interest Income |
|
1,980 |
|
|
1,881 |
|
|
1,963 |
|
|
5,824 |
|
|
5,553 |
|
|||||
Provision/(Credit) for Losses on Loans |
|
(52 |
) |
|
- |
|
|
35 |
|
|
(50 |
) |
|
211 |
|
|||||
Net Interest Income after Provision for Losses on Loans |
|
2,032 |
|
|
1,881 |
|
|
1,928 |
|
|
5,874 |
|
|
5,342 |
|
|||||
Non-Interest Income |
|
386 |
|
|
333 |
|
|
346 |
|
|
1,050 |
|
|
1,414 |
|
|||||
Non-Interest Expense |
|
2,146 |
|
|
2,031 |
|
|
2,010 |
|
|
6,143 |
|
|
6,076 |
|
|||||
Income Tax Expense |
|
10 |
|
|
(45 |
) |
|
(7 |
) |
|
(38 |
) |
|
(86 |
) |
|||||
Net Income | $ |
262 |
|
$ |
228 |
|
$ |
271 |
|
$ |
819 |
|
$ |
766 |
|
|||||
Earnings Per Share - basic | $ |
0.22 |
|
$ |
0.19 |
|
$ |
0.23 |
|
$ |
0.70 |
|
$ |
0.66 |
|
|||||
Earnings Per Share - diluted | $ |
0.22 |
|
$ |
0.19 |
|
$ |
0.23 |
|
$ |
0.70 |
|
$ |
0.65 |
|
Condensed Consolidated Balance Sheet |
|||||||||||||
(Unaudited) | |||||||||||||
In thousands, except per share data | |||||||||||||
September 30, | December 31, | September 30, | |||||||||||
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||||
Selected Consolidated Balance Sheet Data: | |||||||||||||
Assets | |||||||||||||
Cash and Due from Banks | $ |
19,351 |
|
$ |
13,470 |
|
$ |
8,068 |
|
||||
Investment Securities, Available-for-Sale, at Fair Value |
|
76,132 |
|
|
80,367 |
|
|
76,842 |
|
||||
Investment Securities, Held-to-Maturity |
|
2,950 |
|
|
2,950 |
|
|
2,950 |
|
||||
Loans Held-for-Sale |
|
834 |
|
|
552 |
|
|
- |
|
||||
Loans Held-for-Investment |
|
206,293 |
|
|
196,722 |
|
|
191,968 |
|
||||
Allowance for Credit Losses |
|
2,928 |
|
|
2,972 |
|
|
2,947 |
|
||||
Net Loans |
|
203,365 |
|
|
194,302 |
|
|
189,021 |
|
||||
Accrued Interest Receivable |
|
1,385 |
|
|
1,547 |
|
|
1,298 |
|
||||
Other Assets |
|
20,451 |
|
|
20,269 |
|
|
21,083 |
|
||||
Total Assets | $ |
324,468 |
|
$ |
312,905 |
|
$ |
299,262 |
|
||||
Liabilities | |||||||||||||
Noninterest-Bearing Deposits | $ |
40,739 |
|
$ |
43,692 |
|
$ |
43,003 |
|
||||
Interest-Bearing Deposits |
|
207,341 |
|
|
202,426 |
|
|
187,492 |
|
||||
Total Deposits |
|
248,080 |
|
|
246,118 |
|
|
230,495 |
|
||||
FHLB Advances and Other Borrowings |
|
53,500 |
|
|
46,500 |
|
|
51,500 |
|
||||
Subordinated Notes, Net of Issuances Costs |
|
9,778 |
|
|
9,758 |
|
|
9,751 |
|
||||
Accrued Interest Payable |
|
793 |
|
|
485 |
|
|
364 |
|
||||
Accrued Expenses and Other Liabilities |
|
893 |
|
|
536 |
|
|
1,105 |
|
||||
Total Liabilities |
|
313,044 |
|
|
303,397 |
|
|
293,215 |
|
||||
Stockholders' Equity | |||||||||||||
Common Stock |
|
11,510 |
|
|
11,480 |
|
|
11,467 |
|
||||
Retained Earnings |
|
11,042 |
|
|
10,338 |
|
|
10,143 |
|
||||
Accumulated Other Comprehensive Gain/(Loss) |
|
(11,128 |
) |
|
(12,310 |
) |
|
(15,563 |
) |
||||
Total Stockholders' Equity |
|
11,423 |
|
|
9,508 |
|
|
6,047 |
|
||||
Total Liabilities and Stockholders' Equity | $ |
324,468 |
|
$ |
312,905 |
|
$ |
299,262 |
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||
dollar figures are in thousands, except per share data | ||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Selected Financial Ratios and Other Data (Unaudited): | ||||||||||||||||||||
Interest Rate Spread During Period |
|
2.13 |
% |
|
2.09 |
% |
|
2.34 |
% |
|
2.12 |
% |
|
2.20 |
% |
|||||
Net Yield on Interest-Earning Assets |
|
5.30 |
% |
|
5.19 |
% |
|
4.78 |
% |
|
5.18 |
% |
|
4.38 |
% |
|||||
Non-Interest Expense, Annualized, to Average Assets |
|
2.69 |
% |
|
2.60 |
% |
|
2.66 |
% |
|
2.58 |
% |
|
2.78 |
% |
|||||
Return on Average Assets, Annualized |
|
0.33 |
% |
|
0.29 |
% |
|
0.36 |
% |
|
0.34 |
% |
|
0.35 |
% |
|||||
Return on Average Equity, Annualized |
|
10.61 |
% |
|
11.03 |
% |
|
13.15 |
% |
|
11.99 |
% |
|
11.55 |
% |
|||||
Average Equity to Assets |
|
3.09 |
% |
|
2.64 |
% |
|
2.73 |
% |
|
2.87 |
% |
|
3.03 |
% |
|||||
Average Net Loans | $ |
199,422 |
|
$ |
195,685 |
|
$ |
189,897 |
|
$ |
196,336 |
|
$ |
185,054 |
|
|||||
Average Net Securities |
|
79,135 |
|
|
78,971 |
|
|
82,795 |
|
|
80,169 |
|
|
87,603 |
|
|||||
Average Other Interest-Earning Assets |
|
24,987 |
|
|
22,009 |
|
|
19,314 |
|
|
24,809 |
|
|
15,610 |
|
|||||
Total Average Interest-Earning Assets |
|
303,544 |
|
|
296,665 |
|
|
292,006 |
|
|
301,314 |
|
|
288,267 |
|
|||||
Average Total Assets |
|
319,355 |
|
|
312,570 |
|
|
302,142 |
|
|
317,125 |
|
|
291,877 |
|
|||||
Average Noninterest-Bearing Deposits | $ |
40,366 |
|
$ |
40,568 |
|
$ |
42,464 |
|
$ |
41,033 |
|
$ |
43,122 |
|
|||||
Average Interest-Bearing Deposits |
|
204,469 |
|
|
205,295 |
|
|
190,553 |
|
|
205,325 |
|
|
193,659 |
|
|||||
Average Total Deposits |
|
244,834 |
|
|
245,863 |
|
|
233,017 |
|
|
246,358 |
|
|
236,781 |
|
|||||
Average Wholesale Funding |
|
53,500 |
|
|
48,764 |
|
|
59,670 |
|
|
51,131 |
|
|
45,804 |
|
|||||
Average Interest-Bearing Liabilities |
|
257,969 |
|
|
254,059 |
|
|
250,223 |
|
|
256,456 |
|
|
239,463 |
|
|||||
Avg. Interest-Earnings Assets to Avg. Interest-Bearings Liabilities |
|
117.67 |
% |
|
116.77 |
% |
|
116.70 |
% |
|
117.49 |
% |
|
120.38 |
% |
|||||
Average equity | $ |
9,866.80 |
|
$ |
8,253.62 |
|
$ |
8,243.00 |
|
$ |
9,108.87 |
|
$ |
8,842.00 |
|
|||||
Non-Performing Loans to Total Loans |
|
0.87 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.87 |
% |
|
0.00 |
% |
|||||
Allowance for Credit Losses to Total Loans Outstanding |
|
1.41 |
% |
|
1.49 |
% |
|
1.54 |
% |
|
1.41 |
% |
|
1.54 |
% |
|||||
Allowance for Credit Losses to Non-Performing Loans |
|
162.68 |
% |
|
- |
|
|
- |
|
|
162.68 |
% |
|
- |
|
|||||
Net Loan Chargeoffs/(Recoveries) to Avg. Total Loans Outstanding |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
Effective Income Tax Rate |
|
3.71 |
% |
|
-24.85 |
% |
|
-2.65 |
% |
|
-4.89 |
% |
|
-12.65 |
% |
|||||
Tangible Book Value Per Share | $ |
9.71 |
|
$ |
8.02 |
|
$ |
5.11 |
|
$ |
9.71 |
|
$ |
5.11 |
|
|||||
Market Closing Price at the End of Quarter | $ |
7.32 |
|
$ |
6.94 |
|
$ |
7.75 |
|
$ |
7.32 |
|
$ |
7.75 |
|
|||||
Price-to-Tangible Book Value |
|
75.38 |
% |
|
86.59 |
% |
|
151.71 |
% |
|
75.38 |
% |
|
151.71 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030057501/en/
David A. Coffey, President and CEO
S. Paul Arab, SVP and CFO
Tel. 317-736-7151
Source: Third Century Bancorp