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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.
Third Century Bancorp (TDCB) reported a net income of $784,000 for Q3 2021, significantly up from $532,000 in Q3 2020, marking a 47.37% increase. Earnings per share rose to $0.66 from $0.45. The growth was driven by a $165,000 boost in net interest income and a $165,000 reduction in non-interest expenses, particularly due to lower personnel costs. Total assets rose 14.16% to $239.3 million, largely fueled by a 19.36% increase in total deposits. However, non-interest income decreased by 10.66% compared to the previous year.
Third Century Bancorp, parent company of Mutual Savings Bank, announced a dividend of $0.09 per share on August 19, 2021, for shareholders of record on September 15, 2021. The payable date for the dividend is October 4, 2021. The bank, founded in 1890, operates with $230 million in assets as of June 30, 2021, and has locations in Franklin, Trafalgar, and Greenwood, Indiana.
Third Century Bancorp (TDCB) announced a $0.09 per share dividend for shareholders of record as of June 15, 2021. The dividend will be payable on July 2, 2021. As of March 31, 2021, Mutual Savings Bank, which TDCB is the parent company of, reported $224 million in assets. This financial institution, established in 1890, has multiple branches in Indiana including Franklin, Trafalgar, and Greenwood.
Third Century Bancorp (TDCB) announced a net income of $414,000 for Q1 2021, a decline of 8.61% from $453,000 in Q1 2020. Earnings per share decreased to $0.35 from $0.38. The drop in net income was primarily due to a 14.87% rise in non-interest expenses, which increased by $228,000. However, non-interest income rose by 28.25% to $688,000, driven by increased gains on mortgage loan sales. Total assets grew 6.82% to $223.8 million. Stockholders' equity fell to $19.9 million, with a decrease in unrealized gains due to rising interest rates.
Third Century Bancorp (TDCB) reported a net income of $311,000 for Q4 2020, a slight decline from $321,000 in Q4 2019. For the full year, net income rose to $1,772,000, up 78.45% from $993,000 in 2019. Notable highlights include a 145.87% increase in non-interest income, largely due to gains from mortgage loan sales. Total assets increased by 19.06% to $209.6 million, driven by a significant rise in investment securities. Despite the successes, non-interest expenses rose by 34.39%, impacting the quarterly net income. The company anticipates future loan loss provisions could increase due to COVID-19 impacts.
Third Century Bancorp (TDCB) announced a $0.08 per share dividend on February 25, 2021, for shareholders of record as of March 15, 2021. The payable date is set for April 2, 2021. As of December 31, 2020, Mutual Savings Bank, the company's subsidiary, boasts $209 million in assets. Founded in 1890, the bank operates several branches in Indiana, including locations in Franklin, Trafalgar, and Greenwood.
Third Century Bancorp has launched a stock repurchase program to buy back up to 50,000 shares, representing approximately 5% of its outstanding common stock. This program is effective until December 8, 2021, and shares may be repurchased in open market or private transactions. The timing and quantity of repurchases will depend on market conditions and the company’s financial performance. Founded in 1890, the company operates Mutual Savings Bank in Indiana, offering full-service financial solutions.