Security Bancorp (SCYT) reported strong Q1 2025 financial results with net income of $1.0 million ($2.73 per share), up from $984,000 ($2.63 per share) in Q1 2024. Net interest income increased 13.1% to $2.9 million, driven by higher interest income of $5.3 million. Total assets grew 8.9% to $391.8 million, supported by loan portfolio expansion and increased deposits. The bank demonstrated improved asset quality with non-performing assets decreasing 79.9% to $28,000, while maintaining a robust allowance for loan losses of $2.8 million. Customer deposits increased 9.4% to $350.6 million, primarily from commercial interest-bearing accounts and certificates of deposit.
Security Bancorp (SCYT) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 1,0 milioni di dollari (2,73 dollari per azione), in aumento rispetto ai 984.000 dollari (2,63 dollari per azione) del primo trimestre 2024. Il reddito netto da interessi è cresciuto del 13,1% raggiungendo 2,9 milioni di dollari, grazie a un aumento del reddito da interessi pari a 5,3 milioni di dollari. Gli attivi totali sono aumentati dell'8,9% arrivando a 391,8 milioni di dollari, sostenuti dall'espansione del portafoglio prestiti e dall'incremento dei depositi. La banca ha mostrato un miglioramento nella qualità degli attivi con una riduzione del 79,9% degli attivi non performanti a 28.000 dollari, mantenendo al contempo un solido accantonamento per perdite su prestiti di 2,8 milioni di dollari. I depositi dei clienti sono aumentati del 9,4% a 350,6 milioni di dollari, principalmente grazie ai conti commerciali a interesse e ai certificati di deposito.
Security Bancorp (SCYT) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 1,0 millones de dólares (2,73 dólares por acción), frente a 984,000 dólares (2,63 dólares por acción) en el primer trimestre de 2024. El ingreso neto por intereses aumentó un 13,1% hasta 2,9 millones de dólares, impulsado por un mayor ingreso por intereses de 5,3 millones de dólares. Los activos totales crecieron un 8,9% hasta 391,8 millones de dólares, apoyados en la expansión de la cartera de préstamos y el aumento de los depósitos. El banco mostró una mejora en la calidad de los activos con una disminución del 79,9% en los activos no productivos hasta 28,000 dólares, manteniendo una sólida provisión para pérdidas por préstamos de 2,8 millones de dólares. Los depósitos de clientes aumentaron un 9,4% hasta 350,6 millones de dólares, principalmente por cuentas comerciales con intereses y certificados de depósito.
Security Bancorp (SCYT)는 2025년 1분기에 순이익 100만 달러(주당 2.73달러)를 기록하며 2024년 1분기의 984,000달러(주당 2.63달러)에서 증가한 견고한 재무 실적을 보고했습니다. 순이자수익은 13.1% 증가하여 290만 달러에 달했으며, 이는 530만 달러의 이자 수익 증가에 힘입은 결과입니다. 총자산은 대출 포트폴리오 확장과 예금 증가에 힘입어 8.9% 증가한 3억 9,180만 달러를 기록했습니다. 은행은 부실자산이 79.9% 감소하여 28,000달러로 줄어드는 등 자산 품질이 개선되었으며, 280만 달러의 대손충당금도 견고하게 유지했습니다. 고객 예금은 주로 상업용 이자 지급 계좌와 예금증서를 중심으로 9.4% 증가한 3억 5,060만 달러를 기록했습니다.
Security Bancorp (SCYT) a publié de solides résultats financiers pour le premier trimestre 2025 avec un revenu net de 1,0 million de dollars (2,73 dollars par action), en hausse par rapport à 984 000 dollars (2,63 dollars par action) au premier trimestre 2024. Le revenu net d'intérêts a augmenté de 13,1% pour atteindre 2,9 millions de dollars, porté par un revenu d'intérêts plus élevé de 5,3 millions de dollars. Le total des actifs a progressé de 8,9% pour atteindre 391,8 millions de dollars, soutenu par l'expansion du portefeuille de prêts et l'augmentation des dépôts. La banque a montré une amélioration de la qualité des actifs avec une diminution de 79,9% des actifs non performants à 28 000 dollars, tout en maintenant une provision solide pour pertes sur prêts de 2,8 millions de dollars. Les dépôts clients ont augmenté de 9,4% pour atteindre 350,6 millions de dollars, principalement grâce aux comptes commerciaux à intérêt et aux certificats de dépôt.
Security Bancorp (SCYT) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 1,0 Millionen US-Dollar (2,73 US-Dollar pro Aktie), im Vergleich zu 984.000 US-Dollar (2,63 US-Dollar pro Aktie) im ersten Quartal 2024. Das Nettozinseinkommen stieg um 13,1% auf 2,9 Millionen US-Dollar, angetrieben durch höhere Zinserträge von 5,3 Millionen US-Dollar. Die Gesamtaktiva wuchsen um 8,9% auf 391,8 Millionen US-Dollar, unterstützt durch die Erweiterung des Kreditportfolios und erhöhte Einlagen. Die Bank zeigte eine verbesserte Vermögensqualität mit einer Reduzierung notleidender Aktiva um 79,9% auf 28.000 US-Dollar, während sie eine robuste Rückstellung für Kreditausfälle von 2,8 Millionen US-Dollar aufrechterhielt. Die Kundeneinlagen stiegen um 9,4% auf 350,6 Millionen US-Dollar, hauptsächlich durch kommerzielle verzinste Konten und Zertifikate.
Positive
Net income increased to $1.0 million in Q1 2025, up from $984,000 in Q1 2024
Net interest income grew 13.1% to $2.9 million
Total assets increased 8.9% to $391.8 million
Loans receivable expanded 4.7% to $276.3 million
Non-performing assets decreased significantly by 79.9% to $28,000
Customer deposits grew 9.4% to $350.6 million
Negative
Non-interest income decreased 5.6% to $486,000
Non-interest expense increased 19.1% to $2.0 million due to higher professional fees
Interest expense increased by $428,000 due to higher interest-bearing deposits
MCMINNVILLE, Tenn., May 05, 2025 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. (OTCBB “SCYT”) (“Company”) today announced consolidated results for the first quarter ended March 31, 2025. The Company is the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”).
Net income for the three months ended March 31, 2025 was $1.0 million, or $2.73 basic earnings per share, compared to $984,000, or $2.63 basic earnings per share, for the quarter ended March 31, 2024.
For the three months ended March 31, 2025, net interest income increased $335,000, or 13.1%, to $2.9 million from $2.6 million for the same period in 2024. Total interest income increased $763,000, or 16.9%, to $5.3 million for the three months ended March 31, 2025 from $4.5 million for the same period in 2024. Total interest expense increased $428,000 to $2.4 million for the three months ended March 31, 2025 from $2.0 million for the quarter ended March 31, 2024. The increase in interest expense was primarily due to an increase in interest-bearing deposits. Net interest income, after provision for credit losses, for the three months ended March 31, 2025 increased $379,000 to $2.9 million, compared to $2.5 million for the same period in 2024.
The provision for credit losses was $7,000 for the three months ended March 31, 2025, a decrease of $44,000 compared to $51,000 for the three months ended March 31, 2024.
Non-interest income for the three months ended March 31, 2025 was $486,000 compared to $515,000 for the three months ended March 31, 2024, a decrease of $29,000, or 5.6%.
Non-interest expense for the three months ended March 31, 2025 was $2.0 million, an increase of $323,000, or 19.1%, from $1.7 million for the same period in 2024. The increase was primarily due to an increase in professional fees related to the renegotiation of data processing contracts.
The Company’s consolidated total assets increased by $32.1 million, or 8.9%, to $391.8 million at March 31, 2025 from $359.7 million at December 31, 2024. The increase in consolidated assets was due to increases in interest-bearing deposits with banks, Federal funds sold and loans. These asset increases were funded by an increase in customer deposits. Loans receivable, net, increased $12.3 million, or 4.7%, to $276.3 million at March 31, 2025 from $264.1 million at December 31, 2024.
Non-performing assets decreased $111,000, or 79.9%, to $28,000 at March 31, 2025 from $139,000 at December 31, 2024. The decline was primarily attributable to a decrease in real estate owned. Based on our analysis of delinquent loans, non-performing loans and classified loans, we believe that the Company’s allowance for loan losses of $2.8 million at March 31, 2025 is adequate to absorb known and inherent risks in the loan portfolio at that date. The allowance for loan losses at March 31, 2025 represented 9,953.7% of non-performing assets compared to 2,001.69% at December 31, 2024.
Investments and mortgage-backed securities available-for-sale decreased $2.6 million, or 5.8%, to $42.4 million from $45.0 million at December 31, 2024. The decrease was due to the maturity of investments.
Deposits increased $30.1 million, or 9.4%, to $ 350.6 million at March 31, 2025 from $320.5 million at December 31, 2024. The increase in deposits was due to increases in commercial interest-bearing demand deposits as well as certificates of deposit.
Stockholders’ equity at March 31, 2025 was $37.1 million, or 9.5% of total assets, compared to $35.6 million, or 9.9% of total assets at December 31, 2024.
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 ,financial market conditions and other uncertainties.
Contact:
Michael D. Griffith President & Chief Executive Officer (931) 473-4483
SECURITY BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands)
OPERATING DATA
Three months ended March 31,
2025
2024
Interest income
$5,278
$4,515
Interest expense
2,392
1,964
Net interest income
2,886
2,551
Provision for credit losses
7
51
Net interest income after provision for credit losses
2,879
2,500
Non-interest income
486
515
Non-interest expense
2,014
1,691
Income before income tax expense
1,351
1,324
Income tax expense
325
340
Net income
$1,026
$984
Net Income per share (basic)
$2.73
$2.63
FINANCIAL CONDITION DATA
At March 31, 2025
At December 31, 2024
Total assets
$391,786
$359,725
Investments and mortgage-backed securities - available for sale
42,412
45,047
Loans receivable, net
276,348
264,055
Deposits
350,644
320,527
Federal Home Loan Bank Advances
-0-
-0-
Stockholders' equity
37,096
35,609
Non-performing assets
28
139
Non-performing assets to total assets
0.007%
0.04%
Allowance for loan losses
2,787
2,782
Allowance for loan losses to total loans receivable
1.00%
1.04%
Allowance for loan losses to non-performing assets
9,953.6%
2,001.69%
FAQ
What was Security Bancorp's (SCYT) earnings per share in Q1 2025?
Security Bancorp reported basic earnings per share of $2.73 in Q1 2025, compared to $2.63 in Q1 2024.
How much did SCYT's total assets grow in Q1 2025?
Security Bancorp's total assets increased by $32.1 million (8.9%) to $391.8 million at March 31, 2025, from $359.7 million at December 31, 2024.
What was Security Bancorp's deposit growth in Q1 2025?
Deposits increased by $30.1 million (9.4%) to $350.6 million, driven by increases in commercial interest-bearing demand deposits and certificates of deposit.
How did SCYT's loan portfolio perform in Q1 2025?
Loans receivable, net, increased by $12.3 million (4.7%) to $276.3 million, while non-performing assets decreased by 79.9% to $28,000.
What was Security Bancorp's net interest income for Q1 2025?
Net interest income was $2.9 million for Q1 2025, representing a 13.1% increase from $2.6 million in Q1 2024.
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