Third Century Bancorp reports recurring earnings and dividend updates as the Indiana corporation and parent company of Mutual Savings Bank. Mutual Savings Bank is a full-service financial institution founded in 1890 and based in Johnson County, Indiana, with banking offices in Franklin, Trafalgar, and Greenwood.
Company news commonly covers net income, earnings per share, loan and deposit growth, net interest income and margin, non-interest income from service charges and Trust Department fees, credit-loss provisions, funding costs, tangible book value, and board-declared cash dividends.
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Third Century Bancorp (TDCB) reported a net income of $536,000 for Q4 2022, reflecting a 15.46% decline compared to $634,000 in Q4 2021. For the full year, net income decreased by 9.65% to $2.1 million, primarily due to a significant reduction in non-interest income, down 46.62% year-over-year. Despite challenges from rising interest rates, net interest income rose by 14.07%. Total assets increased by 16.12% to $280.5 million, driven by a 19.24% rise in loans. However, stockholders' equity dropped to $8.0 million from $21.5 million, impacted by unrealized losses in securities. TDCB remains well-capitalized to navigate economic challenges.
Third Century Bancorp (OTCPINK: TDCB) announced a dividend of $0.10 per share, with a record date of March 15, 2023, and payable date on April 4, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders. Founded in 1890, the parent company of Mutual Savings Bank operates primarily in Indiana, with branches in Franklin, Trafalgar, and Greenwood. The dividend payout aims to strengthen investor confidence and illustrate the bank's financial stability.