Business
Third Century Bancorp Releases Unaudited Earnings for the Quarter and Six-months Ended June 30, 2022
Third Century Bancorp Releases Unaudited Earnings for the Quarter and Six-months Ended June 30, 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 $574,000 for the quarter ended June 30, 2022, or $0.50 per basic share and $0.49 per diluted share, compared to net income of $508,000 for the quarter ended June 30, 2021, or $0.43 per basic and diluted share.\n\nDavid A. Coffey, President and CEO stated, “We often note that when one area of loan demand slows, other areas increase. This is what continued to occur during the last three months. Commercial loan activity was terrific.” Coffey continued, “While we continue to see strong growth, our overall strong capital levels position us to continue to take advantage of opportunities in our market.”\n\nFor the quarter ended June 30, 2022, net income increased $66,000, or 12.99%, to $574,000 as compared to $508,000 for the same period in the prior year. The increase in net income for the three-month period ended June 30, 2022 was driven primarily as a result of the $306,000, or 18.50%, increase in net interest income as compared to the same period in the prior year. The increase in net interest income was due primarily to a $386,000, or 20.73%, increase in interest income as compared to the same period in the prior year due to growth in average assets. The increase in interest income was partially offset by an $80,000, or 38.46%, increase in interest expense as compared to the same period in the prior year.\n\nThe increase in net income for the quarter ended June 30, 2022 was partially supported by the $45,000 decrease in the provision for loan losses compared to the same period in 2021. The decrease in provision expense was due to the improving economic conditions since the beginning of the COVID-19 pandemic. The Company had net charge-offs during the quarter ended June 30, 2022 of $2,000 and a net recovery during the quarter ended June 30, 2021 of $2,000.\n\nFor the six-months ended June 30, 2022, net income increased $19,000, or 2.06%, to $941,000 as compared to $922,000 for the six-months ended June 30, 2021. The increase in net income for the six-month period ended June 30, 2022 was driven primarily as a result of the $479,000, or 14.83%, increase in net interest income as compared to the same six-month period in the prior year. The increa...