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Security Bancorp, Inc. Announces Second Quarter Earnings

MCMINNVILLE, Tenn., Aug. 02, 2016 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. (“Company”) (OTCBB:SCYT), the holding company for Security Federal Savings Bank of McMinnville, Tennessee, today announced consolidated earnings for the second quarter of its fiscal year ended December 31, 2016.

Net income for the three months ended June 30, 2016 was $323,000, or $0.84 per share, compared to $268,000, or $0.69 per share, for the same quarter last year. For the six months ended June 30, 2016, the Company’s net income was $645,000, or $1.67 per share, compared to $628,000, or $1.63 per share, for the same period in 2015.

For the three months ended June 30, 2016 and 2015, net interest income remained unchanged at $1.4 million.  For the six months ended June 30, 2016, net interest income increased $157,000, or 5.8%, to $2.9 million from $2.7 million for the same period in 2015.  The increase in net interest income for the six months ended June 30, 2016 was primarily the result of an increase in interest income on loans and investments as well as a reduction in the interest expense on customer deposits.  Net interest income after provision for loan losses for the three months ended June 30, 2016 was $1.4 million, an increase of $138,000, or 10.9%, from the same period in the previous year.  For the six months ended June 30, 2016, net interest income after provision for loan losses increased $283,000, or 11.2%, to $2.8 million from $2.5 million for the same period in 2015.  The primary reason for this increase during the three and six months ended June 30, 2016 was an increase in net interest income as well as a decrease in the provision for loan losses.

Non-interest income for the three months ended June 30, 2016 was $447,000 compared to $422,000 for the same quarter of 2015, an increase of $25,000, or 5.9%.   For the six months ended June 30, 2016, non-interest income was $894,000, reflecting a decrease of $26,000, or 2.8%, compared to $920,000 for the same period in 2015. The decreases during the quarter and the six months ended June 30, 2016 were primarily attributable to a decrease in the income from financial services offset by an increase in the gains on sales of loans.

Non-interest expense for the three months ended June 30, 2016 was $1.4 million, an increase of $89,000, or 7.1%, from $1.3 million for the same period in 2015.  For the six months ended June 30, 2016, non-interest expense was $2.7 million, an increase of $202,000, or 8.1%, from $2.5 million for the same period in 2015.  The increases during the three and six months ended June 30, 2016 are attributable to increases in employee expense and occupancy expense.

Consolidated assets of the Company were $192.1 million at June 30, 2016, compared to $187.3 million at December 31, 2015.  The $4.8 million, or 2.6%, increase in assets is primarily attributable to an increase in loans which were funded by deposit growth and an increase in repurchase agreements.  Loans receivable, net, increased $2.7 million, or 2.1%, to $128.6 million at June 30, 2016 from $125.9 million at December 31, 2015.  The increase in loans receivable was primarily attributable to an increase in commercial real estate loans.

The provision for loan losses decreased $63,000, or 65.0%, to $34,000 for the three months ended June 30, 2016 from $97,000 for the comparable period in 2015.  The provision for loan losses was $68,000 for the six months ended June 30, 2016 compared to $194,000 in the comparable period in 2015, a decrease of $126,000, or 65.0%. The decrease in the provision during the three and six months ended June 30, 2016 is the result of improved asset quality.

Non-performing assets decreased $820,000, or 41.0%, to $1.2 million at June 30, 2016 from $2.0 million at December 31, 2015.  The decrease is attributable to a reduction in non-accrual loans. Based on its analysis of delinquent loans, non-performing loans and classified loans, management believes that the Company’s allowance for loan losses of $1.3 million at June 30, 2016 was adequate to absorb known and inherent risks in the loan portfolio at that date.  At June 30, 2016 the allowance for loan losses to non-performing assets was 113.72% compared to 64.96% at December 31, 2015.

Investment and mortgage-backed securities available-for-sale increased $544,000, or 1.4%, to $38.7 million at June 30, 2016, compared to $38.2 million at December 31, 2015.  The increase is attributable to the purchase of investments funded by deposit growth. There were no investment and mortgage-backed securities held-to-maturity at June 30, 2016 and December 31, 2015.

Deposits increased $1.9 million, or 1.1%, to $164.5 million at June 30, 2016 from $162.7 million at December 31, 2015.  The increase was primarily attributable to increases in NOW accounts and savings accounts offset by a decrease in certificates of deposit. The balance in repurchase agreements was $6.6 million at June 30, 2016 compared to $4.8 million at December 31, 2015, reflecting an increase of $1.8 million, or 37.2%.

Stockholders’ equity increased $995,000, or 5.4%, to $19.3 million, or 10.1% of total assets at June 30, 2016 compared to $18.3 million, or 9.8%, of total assets, at December 31, 2015.

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.


OPERATING DATA Three months ended
 June 30,
 
Six months ended
June 30,
 
    2016     2015     2016     2015  
Interest income $ 1,625   $ 1,555   $ 3,249   $ 3,101  
Interest expense   189     194     378     387  
Net interest income   1,436     1,361     2,871     2,714  
Provision for loan losses   34     97     68     194  
Net interest income after provision for loan losses   1,402     1,264     2,803     2,520  
Non-interest income   447     422     894     920  
Non-interest expense   1,350     1,261     2,700     2,498  
Income before income tax expense   499     425     997     942  
Income tax expense   176     157     352     314  
Net income $ 323   $ 268   $ 645   $ 628  
Net income per share $ 0.84   $ 0.69   $ 1.67   $ 1.63  

FINANCIAL CONDITION DATA
At June 30, 2016 At December 31, 2015
Total assets $ 192,076   $ 187,256  
Investment and mortgage backed securities available-for-sale   38,725     38,181  
Loans receivable, net   128,572     125,874  
Deposits   164,515     162,653  
Repurchase agreements   6,573     4,792  
Stockholders' equity   19,339     18,344  
Non-performing assets   1,181     2,001  
Non-performing assets to total assets   0.61 %   1.07 %
Allowance for loan losses   1,343     1,300  
Allowance for loan losses to total loans receivable   1.03 %   1.02 %
Allowance for loan losses to non-performing assets   113.72 %   64.96 %

 

Contact: Joe Pugh
President & Chief Executive Officer
(931) 473-4483