AG真人官方

Third Century Bancorp Releases Earnings for the Quarter and Year Ended December 31, 2024

FRANKLIN, Ind.--(BUSINESS WIRE)-- (OTCPINK: TDCB) - Third Century Bancorp (鈥淐ompany鈥�), the holding company for Mutual Savings Bank (鈥淏ank鈥�), announced it recorded unaudited net income of $492,000 for the quarter ended December 31, 2024, or $0.42 per basic and diluted share, compared to net income of $252,000 for the quarter ended December 31, 2023, or $0.22 per basic and diluted share. In addition, the Company recorded net income of $1,312,000 for the year ended December 31, 2024, or $1.13 per basic and diluted share, compared to net income of $1,018,000 for the year ended December 31, 2023, or $0.88 per basic and diluted share.

鈥淥ur decrease in personnel expenses and our increase in non-interest income were two of the areas that helped us exceed our financial projections for 2024. We feel this improved performance over 2023 is exciting for our company,鈥� stated David A. Coffey, President and CEO. Coffey concluded, 鈥淐ommunity banking in our competitive market is very challenging, yet very rewarding. Our bank, Mutual Savings Bank, turns 135 years old in 2025. After 135 years, we are the only locally based community bank in Johnson County, Indiana. We are proud of serving this community for so many years and look forward to another successful year.鈥�

For the quarter ended December 31, 2024, net income increased $240,000, or 95.31%, to $492,000 as compared to $252,000 for the same period in the prior year. The increase in net income for the three-month period ended December 31, 2024 was driven primarily from the $196,000 increase in non-interest income and the $70,000 decrease in non-interest expense as compared to the same period in the prior year. Net interest income increased to $2,023,000 for the three months ended December 31, 2024, due to an increase in total interest income of $326,000, or 8.90%, to $3,989,000 for the three-month period ended December 31, 2024, as compared to $3,663,000 for the same period for the prior year. The increase in total interest income was due to an increase in average loan balances as well as higher average yields on interest earning assets. O铿�setting the increase in total interest income was an increase in total interest expense of $259,000, or 15.19%, to $1,966,000 for the three-month period ended December 31, 2024, compared to $1,707,000 for the same period for the prior year. The increase in total interest expense was the result of higher fundings costs for retail deposits. The provision for credit losses during the current quarter was $35,000 compared to a provision of $27,000 for the same quarter last year. Non-interest income increased by $196,000, or 103.65%, to $385,000 for the quarter ended December 31, 2024, as compared to $189,000 for the same period in the prior year. The increase in non-interest income occurred due to a higher volume of residential loan sales compared to the same period for the prior year. Non-interest expense decreased by $70,000, or 3.72%, to $1,819,000 for the quarter ended December 31, 2024, as compared to $1,889,000 for the same period in the prior year, due primarily to decreased personnel expenses.

For the year ended December 31, 2024, net income increased $294,000, or 28.88%, to $1,312,000 as compared to $1,018,000 for the year ended December 31, 2023. The increase in net income for the year ended December 31, 2024, was due to several factors including lower credit loss provision expense, increased non-interest income, and reduced non-interest expense. Net interest income decreased by $123,000 or 1.54% to $7,847,000 for the year ended December 31,2024 as compared to $7,970,000 for the prior year. Net interest income decreased due to an increase in total interest expense of $2,211,000, or 39.26%, to $7,842,000 for the year ended December 31, 2024, as compared to $5,631,000 for the prior year. The increase in total interest expense was largely due to the increased costs of retaining retail deposits. Offsetting the increase in total interest expense was an increase in total interest income of $2,088,000, or 15.35%, to $15,689,000 for the year ended December 31, 2024 as compared to $13,601,000 for the prior year. The increase in total interest income was due to the increased levels of average loans with higher average loan yields in 2024 as compared to 2023. The provision for credit losses during 2024 was a credit of $15,000 compared to a provision of $238,000 for 2023. Non-interest income increased by $182,000, or 15.94%, to $1,324,000 for the year ended December 31, 2024 as compared to $1,142,000 for the prior year. The increase was largely due to increases in 1-4 family loan sales on the secondary market as well as increased service charges and other income. Non-interest expense decreased by $115,000, or 1.44%, to $7,850,000 for the year ended December 31, 2024 as compared to $7,965,000 for the prior year. The decrease in non-interest expenses was primarily due to cost-cutting measures and reduced personnel expenses.

The allowance for credit losses at December 31, 2024 decreased by $10,000, or 0.34%, to $3.0 million from December 31, 2023. The decrease was due to the strong credit quality of the loan portfolio, shifting pool balances, and changes to qualitative factors in the current expected credit loss (CECL) model. The allowance for credit losses totaled 1.42% of total loans as of December 31, 2024, compared to 1.51% of total loans as of December 31, 2023. Nonperforming loans totaled $1.8 million or 0.88% of total loans as of December 31, 2024, and consists of a single participation loan, as compared to $0 or 0.00% of total loans as of the end of December 31, 2023.

Total assets decreased $530,000 to $312.4 million at December 31, 2024 compared to $312.9 million at December 31, 2023. This decrease was due primarily to a reduction in cash of $4.3 million or 31.70% which funded an increase of $11.7 million, or 5.96%, in loans held for investment to $208.4 million at December 31, 2024. Total deposits were $241.0 million at December 31, 2024, down from $246.1 million at December 31, 2023. FHLB advances increased $4.5 million or 9.68% to $51.0 million at December 31,2024. At December 31, 2024, the weighted average rate of all FHLB advances was 3.81% compared to 3.73% at December 31, 2023, and the weighted average maturity was 4.2 years at December 31, 2024 compared to 3.6 years at December 31, 2023.

Stockholders鈥� equity was $9.46 million at December 31, 2024, compared to $9.51 million at December 31, 2023 and $8.02 million at December 31, 2022. Stockholders鈥� equity decreased due to an increase in net unrealized loss of $1,130,000 during the year ended December 31, 2024 as a result of the decrease in the fair value of our available- for-sale-securities due to the worsening in the forward rate curve compared to our portfolio at year end 2023. The available-for-sale securities are investments in government sponsored mortgage-backed securities as well as investments in municipal bonds, which provide cash 铿俹w for business purposes. Stockholders鈥� equity was also increased by net income of $1,312,000 and decreased by dividends of $232,000. Quarterly average equity as a percentage of average assets increased to 3.27% at December 31, 2024 compared to 2.74% at December 31, 2023.

Founded in 1890, Mutual Savings Bank is a full-service 铿乶ancial institution based in Johnson County, Indiana. In addition to its main o铿僣e at 80 East Je铿�erson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street, Trafalgar and Greenwood, Indiana.

This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渆stimate鈥� and 鈥渋ntend鈥� or future or conditional verbs such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渟hould,鈥� 鈥渃ould鈥� or 鈥渕ay.鈥� Certain factors that could cause actual results to di铿�er materially from expected results include in铿俛tion, changes in the interest rate environment, changes in general economic conditions, geopolitical conflicts, public health issues, legislative and regulatory changes that adversely a铿�ect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to re铿俥ct changes in belief, expectations, or events.

听

View source version on businesswire.com:

David A. Co铿�ey, President and CEO

S. Paul Arab, SVP and CFO

80 East Je铿�erson Street Franklin, IN 46131

Tel. 317-736-7151

Fax 317-736-1726

Source: Third Century Bancorp