Business
Third Century Bancorp Releases Earnings for the Fourth Quarter 2022 and for the Year Ended December 31, 2022
Third Century Bancorp Releases Earnings for the Fourth Quarter 2022 and for the Year Ended December 31, 2022.
About this update from Third Century Bancorp
[{"type":"text","content":"\n(OTCPINK: TDCB) - Third Century Bancorp (“Company”), the holding company for Mutual Savings Bank (“Bank”), announced it recorded net income of $536,000 for the quarter ended December 31, 2022, or $0.46 per basic and diluted share, compared to net income of $634,000 for the quarter ended December 31, 2021, or $0.54 per basic and diluted share. For the year ended December 31, 2022, net income decreased $226,000, or 9.65%, to $2.1 million, or $1.83 per basic share and $1.82 per diluted share, as compared to $2.3 million, or $2.00 per basic share and $1.99 per diluted share, for the year ended December 31, 2021.\n\n“I am pleased with the results we are sharing with our shareholders as we close out 2022. This has been a very challenging year for many reasons. The interest rate increases alone created a banking environment not previously experienced by many working in today’s industry,” commented President and CEO David A. Coffey. “ 2022 was a year of taking advantage of opportunities as they presented themselves. We did just that by issuing $10 million in subordinated debt at Third Century Bancorp in early 2022. In addition, we added quality loan balances on the Mutual Savings Bank balance sheet and purchased an incredibly attractive new location for our Greenwood Branch.” Coffey also added, “Looking ahead, 2023 offers similar economic challenges, but we are looking forward to another year to tell our story which will lead to another successful year for our shareholders.”\n\nCoffey also commented, “Recent banking news may have created concerns about banking in general. I feel it is important that we remind our stakeholders that our bank has operated continuously since 1890. We remain well capitalized and well positioned to continue to serve our customers and community.” Coffey concluded, “While our customers deposits are covered by the FDIC Insurance, up to applicable limits, we remain Johnson County’s only locally based financial institution due to our financial strength, stability, liquidity and ability to navigate turbulent times.”\n\nFor the quarter ended December 31, 2022, net income decreased $98,000, or 15.46%, to $536,000 as compared to $634,000 for the same period in the prior year. The decrease in net income for the three-month...