Business
Third Century Bancorp Releases Record Earnings for the Quarter and Nine-Months Ended September 30, 2021
Third Century Bancorp Releases Record Earnings for the Quarter and Nine-Months Ended September 30, 2021.
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 $784,000 for the quarter ended September 30, 2021, or $0.66 per basic and diluted share, compared to net income of $532,000 for the quarter ended September 30, 2020, or $0.45 per basic and diluted share.\n\nDavid A. Coffey, President and CEO stated, “Our earnings and related metrics reflect the success of another quarter. The financial information reflects how we continued business as usual, in unprecedented times, and found additional ways to positively impact earnings.” Coffey further stated, “Regardless of what the numbers reflect, it isn’t lost on me that none of it is possible without a terrific team. It is the people who do the work and tell our story. We are blessed to have a team of dedicated professionals that strive to live our mission statement: Make dreams come true. Surpass expectations. Be the first choice for all financial needs.” Coffey concluded, “Our team is looking forward to concluding our year in a positive manner for our stakeholders.”\n\nFor the quarter ended September 30, 2021, net income increased $252,000, or 47.37%, to $784,000 as compared to $532,000 for the same period in the prior year. The increase in net income for the three-month period ended September 30, 2021 was driven primarily as a result of the $165,000, or 10.61%, increase in net interest income and a $165,000, or 8.90%, decrease in non-interest expense as compared to the same period in the prior year. The increase in net interest income was due to a combination of an increase in interest income and a decrease in interest expense due to increases in average assets largely due to an increase in the average balance of investment securities and decreases in average rates paid on liabilities primarily as a result of a decrease in average rates paid on deposits in the current low interest rate environment. Non-interest expense decreased as a result of a $170,000, or 14.25% decrease in personnel expenses. In addition, the increase in net income was supported by a decrease of $91,000, or 100.00%, in provision for loan losses as compared to the same period in the prior year. The increase in net income was partially offset by a $112,000, or...