Business
Third Century Bancorp Releases Earnings for the Quarter Ended June 30, 2023
Third Century Bancorp Releases Earnings for the Quarter Ended June 30, 2023.
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 $175,000 for the quarter ended June 30, 2023, or $0.15 per basic and diluted share, compared to net income of $574,000 for the quarter ended June 30, 2022, or $0.50 per basic and $0.49 per diluted share.\n\n\n“While our net income declined in the second quarter due to the rising interest rate environment, we continued to have solid growth in higher yielding loans,” stated David A. Coffey, President and CEO. “Even though funding costs have increased, this will put us in good position when this rate environment changes. Even in a tough rate environment, we are pursuing our mission, which is: Make dreams come true. Surpass expectations. Be the first choice for financial needs.” Coffey concluded, “As I have stated before, this current economic cycle is challenging for all financial institutions due to the yield curve. However, we continue to manage our business and seek customer relationship opportunities that will allow us to remain a strong community bank in the communities we serve.”\n\n\nFor the quarter ended June 30, 2023, net income decreased $399,000, or 69.51%, to $175,000 as compared to $574,000 for the same period in the prior year. The decrease in net income for the three-month period ended June 30, 2023 was driven primarily as a result of the $254,000, or 44.64%, decrease in non-interest income as compared to the same period in the prior year and an increase in non-interest expense of $162,000 or 8.50%, as compared to the same period in the prior year. The decrease in non-interest income was due to a decrease in gains on the sale of one-to-four-family residential mortgage loans sold to Freddie Mac of $62,000, or 68.55% for the quarter ended June 30, 2023 as compared to the same period in the prior year. The increase in non-interest expense was due to an increase of $63,000, or 5.38%, in personnel expenses for the quarter ended June 30, 2023 as compared to the same period in the prior year. The increase in non-interest expense and decrease in non-interest income was partially offset by an increase of $55,000, or 2.81%, in net interest income for the quarter ended June 30, 2023 as compared to the same period in the prior ...