Message #1 From:
NewsBot Date: August 12, 2005 07:37:00 AM
TDCB News CORRECTING and REPLACING Third Century Bancorp Releases Earnings
FRANKLIN, Ind.--(BUSINESS WIRE)--Aug. 12, 2005--In the tables "Selected Consolidated Financial Data" the Dividend Payout Ratio for the three months ended June 30, 2005 should read 109.30 (sted 1,264.62) and the Dividend Payout Ratio for the six months ended June 30, 2005 should read 65.80 (sted 791.29).
The corrected release reads:
THIRD CENTURY BANCORP RELEASES EARNINGS
Robert D. Heuchan, President and CEO of Third Century Bancorp (OTCBB:TDCB), the holding company of Mutual Savings Bank, announced that for the quarter ended June 30, 2005, net income amounted to $121,000, a decrease of 52.36% from the earnings for the quarter ended June 30, 2004. For the six months ended June 30, 2005, net income amounted to $201,000, a decrease of 45.97% from earnings for the six months ended June 30, 2004.
The decrease in the quarterly, as well as year-to-date, earnings is primarily due to increased salaries and employee benefits. The addition of staff to meet the increased regulatory demands required of a public company led to the increased expense. Salaries and employee benefits increased $169,000, or 31.47%, from $537,000 for the quarter ended June 30, 2004 to $706,000 for the quarter ended June 30, 2005. For the six months ended June 30, 2005, salaries and employee benefits increased $358,000 to $1.4 million, or 32.60%, from $1.1 million for the six months ended June 30, 2004.
Total assets increased $624,000 at June 30, 2005 to $126.8 million from $126.2 million at December 31, 2004. The increase in assets was primarily due to growth in loans outstanding of $5.1 million, or 5.17%, from $98.8 million at December 31, 2004 to $104.0 million at June 30, 2005.
Deposits increased to $87.3 million at June 30, 2005 from $86.4 million at December 31, 2004, an increase of $898,000, or 1.04%. Savings, NOW and money market deposits outstanding increased $3.8 million, 9.34%, from December 31, 2004, while demand deposits and time deposits declined $2.6 million, or 23.07%, and $233,000, or 0.66%, respectively.
On April 29, 2005, Mutual Savings Bank closed its branch at the Indiana Masonic Home, 690 State Street, Franklin, Indiana. On May 1, 2005, the Bank froze the multi-employer defined benefit pension plan as a cost-control measure for the future.
Forward-looking statements made herein reflect management's expectation as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of the company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the bank operates branches in Franklin at 1124 North Main Street, in the Franklin United Methodist Community, as well as in Nineveh and Trafalgar, Indiana.
Selected Consolidated Financial Data
At June 30, At December 31,
2005 2004
--------------- ---------------
Selected Consolidated Financial
Condition Data: (In Thousands)
Total Amount of:
Assets $126,787 $126,163
Loans Receivable-Net 103,935 98,822
Cash and Cash Equivalents 6,417 12,057
Interest-bearing time deposits 300 200
Investment Securities 11,750 10,455
Deposits 87,306 86,408
FHLB Advances and Other Borrowings 16,000 16,500
Shareholders' Equity-Net 22,904 22,833
For the three months ended June 30,
-----------------------------------
2005 2004
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(In Thousands, Except Share Data)
Selected Consolidated Earnings
Data:
Total Interest Income $ 1,711 $ 1,475
Total Interest Expense 525 461
Net Interest Income 1,186 1,014
Provision for Losses on Loans (20) 12
Net Interest Income After Provision
for Losses on Loans 1,206 1,002
Total Other Income 184 293
General, Administrative and Other
Expenses 1,189 904
Income Tax Expense 80 137
Net Income 121 254
Earnings per Share .08 n/a
Selected Financial Ratios and Other
Data:
Interest Rate Spread During Period 3.35% 3.69%
Net Yield on Interest-Earning
Assets 3.86 3.90
Return on Average Assets 0.39 0.91
Return on Average Equity 2.10 17.31
Equity to Assets 18.06 18.10
Average Interest-Earning Assets to
Average Interest-Bearing
Liabilities 130.01 111.90
Non-Performing Assets to Total
Assets 0.08 0.27
Allowance for Loan Losses to Total
Loans Outstanding 0.93 1.01
Net Charge-Offs to Average Total
Loans Outstanding 0.00 0.04
General, Administrative and Other
Expense to Average Assets 0.95 0.81
Effective income tax rate 39.80 35.04
Dividend Payout Ratio 109.30 n/a
Number of Full Service Offices 5 6
For the six months ended June 30,
---------------------------------
2005 2004
---------------- ----------------
(In Thousands, Except Share Data)
Selected Consolidated Earnings Data:
Total Interest Income $ 3,352 $ 2,950
Total Interest Expense 998 927
Net Interest Income 2,354 2,023
Provision for Losses on Loans (20) 24
Net Interest Income After Provision
for Losses on Loans 2,374 1,999
Total Other Income 352 494
General, Administrative and Other
Expenses 2,393 1,878
Income Tax Expense 132 243
Net Income 201 372
Earnings per Share .13 n/a
Selected Financial Ratios and Other
Data:
Interest Rate Spread During Period 3.35% 3.77%
Net Yield on Interest-Earning Assets 3.84 3.94
Return on Average Assets 0.64 1.35
Return on Average Equity 3.49 10.58
Equity to Assets 18.06 18.10
Average Interest-Earning Assets to
Average Interest-Bearing Liabilities 129.70 109.84
Non-Performing Assets to Total Assets 0.08 0.27
Allowance for Loan Losses to Total
Loans Outstanding 0.93 1.01
Net Charge-Offs to Average Total
Loans Outstanding 0.01 0.08
General, Administrative and Other
Expense to Average Assets 1.91 1.71
Effective income tax rate 39.64 39.51
Dividend Payout Ratio 65.80 n/a
Number of Full Service Offices 5 6
