Security Bancorp, Inc. reports bank holding company developments tied to Security Federal Savings Bank of McMinnville, Tennessee. News commonly covers consolidated earnings, basic earnings per share, loan growth, deposit funding, stockholders’ equity, and changes in interest-bearing deposits and Federal funds sold.
Company updates also discuss credit quality measures such as non-performing assets, delinquent and classified loans, allowance for loan losses, and provision for credit losses. Recurring announcements include annual cash dividends on common stock and operating details for the Tennessee state-chartered financial institution serving the McMinnville market.
Security Bancorp, Inc. (SCYT) reported a net income of $627,000, or $1.72 per share, for the second quarter of 2021, up from $516,000, or $1.36 per share a year ago. For the six months, net income rose to $1.3 million, or $3.56 per share, compared to $1.1 million last year. However, net interest income fell by 2.7% to $3.6 million. Non-interest income rose significantly, reaching $608,000 for the quarter, attributed to increased loan sales. Total assets increased by 9% to $284.3 million, while deposits rose by 13.5% to $252.4 million.
Security Bancorp, Inc. (SCYT) reported consolidated earnings of $671,000, or $1.84 per share, for Q1 2021, up from $580,000, or $1.52 per share, in Q1 2020. Total interest income declined 14.6% to $2.1 million due to lower loan interest rates, while net interest income dropped 7% to $1.8 million. Non-interest income surged 66.7% to $687,000, driven by increased mortgage activity. Assets rose 4.7% to $273 million, with deposits climbing 8.7% to $241.6 million. Non-performing assets decreased 52.7% to $139,000, indicating improved loan performance.