Security Bancorp, Inc. Announces Third Quarter Earnings – QNT Press Release


McMinnville, Tennessee, November 8, 2021 (Global News Service)-Security Bancorp, Inc. (the “Company”), the holding company of the Safe Federal Reserve Bank of McMinnville, Tennessee (OTC code: “SCYT” ) Today announced its consolidated earnings for the third quarter of the fiscal year ending December 31, 2021.

Net income for the three months ended September 30, 2021 was US$671,000 or US$1.79 per share, compared to US$561,000 or US$1.50 per share in the same period last year. For the nine months ended September 30, 2021, the company’s net income was US$2 million or US$5.26 per share, compared to US$1.7 million or US$4.38 per share in the same period in 2020.

For the three months ended September 30, 2021, net interest income increased slightly from US$1.8 million in the same period in 2020 to US$1.9 million. The increase in net interest income for the three months ended September 30, 2021 was due to the decrease in interest rates due to the cost of the current quarter. For the nine months ended September 30, 2021, net interest income remained unchanged compared to the same period in 2020 at $5.5 million. Net interest income after deducting loan loss provisions for the three months ended September 30, 2021 was US$1.8 million, an increase of US$83,000 or 4.8% over the same period last year. For the nine months ended September 30, 2021, net interest income after deducting loan loss provisions decreased by 56,000 yuan, or 1.0%, to 5.3 million yuan from 5.4 million yuan in the same period in 2020. The main reason for the increase in the three months ended September 30 January 2021 was that the decrease in interest income was offset by the decrease in interest expenses.

Non-interest income for the three months ended September 30, 2021 was US$693,000, compared to US$565,000 for the same period in 2020, an increase of US$128,000. Non-interest income for the nine months ended September 30, 2021 was US$2 million, compared with US$1.4 million in the same period last year, an increase of US$548,000. The increase in the three and nine months ended September 30, 2021 was mainly due to the increase in mortgage loan issuance and the increase in loan sales revenue due to the increase in financial service fees.

Non-interest expenses for the three months ended September 30, 2021 were US$1.6 million, compared to US$1.5 million for the same period in 2020. Non-interest expenses for the nine months ended September 30, 2021 were US$1.6 million or US$4.7 million, an increase of US$49,000 over the same period in 2020. The reason for the increase in non-interest expenses is the increase in data processing costs and FDIC insurance premiums.

As of September 30, 2021, the company’s consolidated assets were US$289.3 million, compared with US$260.8 million as of December 31, 2020. The increase in assets by USD 28.5 million, or 10.9%, was due to interest-bearing deposits, investments and loans receivable. Net loan receivables increased from US$174.9 million on December 31, 2020 to US$180.4 million on September 30, 2021, an increase of US$5.5 million, or 3.1%. The increase in loan receivables was attributable to the increase in commercial real estate loans.

For the three months ended September 30, 2021, the loan loss reserve was US$60,000, the same as in the same period in 2020. The loan loss reserve for the nine months ended September 30, 2021 was US$180,000, compared to US$140,000 for the comparable period in 2020, an increase of US$40,000.

Non-performing assets decreased from US$294,000 on December 31, 2020 to US$233,000 on September 30, 2021, or 20.7%. The decrease was due to the decrease in non-performing loans. Based on the analysis of delinquent loans, non-performing loans, and classified loans, management believes that the company’s loan loss reserve as at September 30, 2021 is US$2 million, which is sufficient to absorb the known and inherent risks in the loan portfolio on that day. On September 30, 2021, the reserve ratio for non-performing asset loans was 848.07%, compared with 609.46% on December 31, 2020.

On September 30, 2021, available-for-sale investment and mortgage-backed securities increased by US$10 million, or 27.0%, to US$47.3 million, compared with US$37.2 million on December 31, 2020. Customer deposit balance. As of September 30, 2021 and December 31, 2020, there were no held-to-maturity investments and mortgage-backed securities.

Deposits increased by USD 34.8 million from USD 222.4 million on December 31, 2020, or USD 257.2 million on September 30, 2021, an increase of 15.7%. This increase is mainly due to the increase in consumer and business checking accounts, savings and certificate of deposit balances. As a result of the transfer of these balances to commercial checking accounts, the balance of the repurchase agreement was reduced from $7.7 million on December 31, 2020 to a zero balance on September 30, 2021.

As of September 30, 2021, shareholders’ equity increased by US$1.3 million, or 5.0%, to US$27.6 million, representing 9.5% of total assets, compared with US$26.3 million as of December 31, 2020, representing 10.1% of total assets.

Safe Harbor Statement

Certain matters in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may involve, including expectations of the business environment in which the company operates and forecasts of future performance. These forward-looking statements are based on current management expectations and therefore may involve risks and uncertainties. Due to various factors, including but not limited to the general business environment, interest rates, competitive conditions, regulatory changes and other risks.

touch:
Joe H.P
President and Chief Executive Officer
(931) 473-4483

Safe Bank Co., Ltd.
Comprehensive financial highlights
(Unaudited) (in thousands of U.S. dollars)
Operating data End of three months
September 30,
End of nine months
September 30,

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