Third Century Bancorp Releases Earnings for the Quarter Ended June 30, 2025
'We continue to see the benefits of the work our staff is performing every day. Calls, connections, and customer service levels that exceed expectations have helped us to continue to see the improvements we were forecasting for 2025,' said David A. Coffey, President and CEO. 'Our year-to-date earnings have seen a nice lift over the 2024 financials and key metrics. He concluded by stating, 'As we enter the second half of 2025, we remain focused on delivering results for our stakeholders, even in the face of uncertainty with both short-term and long-term interest rates. Regardless, our team will continue to take the steps needed to achieve our financial goals.'
For the quarter ended June 30, 2025, net income increased $146,000, or 64.34%, to $374,000 as compared to $228,000 for the same period in the prior year. The increase in net income for the three-month period ended June 30, 2025 was driven primarily from a $286,000 increase in net interest income as compared to the same period in the prior year. Net interest income increased to $2.17 million for the three months ended June 30, 2025, due to an increase in total interest income of $177,000, or 4.60%, to $4.03 million for the three-month period ended June 30, 2025, as compared to $3.95 million for the same period for the prior year. The increase in total interest income was due to an increase in average loan balances as well as higher average yields on interest earning assets. Further contributing to net interest margin expansion, there was a decrease in total interest expense of $109,000, or 5.53%, to $1.86 million for the three-month period ended June 30, 2025, compared to $1.97 million for the same period for the prior year. The decrease in total interest expense was the result of lower retail deposit costs.
The provision for credit losses during the current quarter was $30,000 compared to a provision expense of $0 for the same quarter last year due to higher gross loan balances at quarter end.
Non-interest income increased by $27,000, or 7.99%, to $360,000 for the quarter ended June 30, 2025, as compared to $333,000 for the same period in the prior year. The increase in non-interest income occurred due to increased fee and service charge income. Non-interest expense increased by $43,000, or 2.13%, to $2.07 million for the quarter ended June 30, 2025, as compared to $2.01 million for the same period in the prior year, due primarily to increases in utilities, including network and internet costs, professional services, and other contractual vendor expenses.
For the six-months ended June 30, 2025, net income increased $266,000, or 47.66%, to $823,000 as compared to $558,000 for the same period in the prior year. Net interest income increased to $4.28 million for the six-months ended June 30, 2025, due to a decrease in total interest expense of $147,000, or 3.83%, to $3.67 million for the six-month period ended June 30, 2025, as compared to $3.84 million for the same period for the prior year. The decrease in total interest expense was due to lower funding costs of both retail deposits and wholesale funding. Complementing the decrease in total interest expense was an increase in total interest income of $291,000, or 3.79%, to $7.97 million for the six-month period ended June 30, 2025, compared to $7.68 million for the same period for the prior year. The increase in total interest income was the result of higher average yields on interest earning assets and higher average loan balances. The provision reversal for credit losses during the first half of 2025 was ($13,000) compared to provision expense of $2,000 for the same period last year due to the ongoing strength of our credit quality and net recoveries for the period. Non-interest income increased by $63,000, or 9.48%, to $727,000 for the six-months ended June 30, 2025, as compared to $664,000 for the same period in the prior year. The increase in non-interest income occurred due to increased service fee income and income on other assets as compared to the same period for the prior year. Non-interest expense increased by $93,000, or 2.32%, to $4.09 million for the six-months ended June 30, 2025, as compared to $4.00 million for the same period in the prior year due to increased occupancy costs, outside consultant fees, and advertising expenses.
Total assets increased $10.05 million to $322.43 million at June 30, 2025, compared to $312.38 million at December 31, 2024. This increase was due primarily to higher levels of cash which increased by $8.55 million or 92.94% since December 31, 2024 and higher total loans. The increase in cash was due to growth in retail deposits and additional borrowings. Gross loans held for investment rose by $3.54 million to $211.98 million at June 30, 2025 compared to $208.44 million at December 31, 2024. Total deposits were $244.40 million at June 30, 2025, up from $240.99 million at December 31, 2024. FHLB advances increased by $7.0 million or 13.73% to $58.0 million at June 30, 2025. At June 30, 2025, the weighted average rate of all FHLB advances was 3.66% compared to 3.81% at December 31, 2024, and the weighted average maturity was 4.10 years at June 30, 2025 compared to 4.20 years at December 31, 2024.
Stockholders' equity was $9.23 million at June 30, 2025, compared to $9.46 million at December 31, 2024 and $9.43 million at June 30, 2024. Stockholders' equity decreased due to increases in net unrealized loss of $935,000 during the six months ended June 30, 2025, as a result of the decrease in the fair value of our available- for-sale-securities due to the worsening in the forward rate curve compared to our portfolio at year end. The available-for-sale securities are investments in government sponsored mortgage-backed securities as well as investments in municipal bonds, which provide cash flow for business purposes. Quarterly average equity as a percentage of average assets decreased to 2.97% at June 30, 2025 compared to 3.27% at December 31, 2024.
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, Trafalgar and Greenwood, Indiana.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like 'believe,' 'expect,' 'anticipate,' 'estimate' and 'intend' or future or conditional verbs such as 'will,' 'would,' 'should,' 'could' or 'may.' Certain factors that could cause actual results to differ materially from expected results include inflation, tariffs, changes in the interest rate environment, changes in general economic conditions, geopolitical conflicts, public health issues, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations, or events.
(Unaudited)
In thousands, except per share data
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2025
2025
2024
2025
2024
Selected Consolidated Earnings Data:
Total Interest Income
$
4,025
$
3,945
$
3,848
$
7,970
$
7,679
Total Interest Expense
1,859
1,830
1,968
3,689
3,836
Net Interest Income
2,166
2,115
1,881
4,281
3,844
Provision/(Credit) for Losses on Loans
30
(43
)
-
(13
)
2
Net Interest Income after Provision for Losses on Loans
2,136
2,158
1,881
4,294
3,842
Non-Interest Income
360
367
333
727
664
Non-Interest Expense
2,074
2,014
2,031
4,089
3,996
Income Tax Expense
48
62
(45
)
109
(48
)
Net Income
$
374
$
449
$
228
$
823
$
558
Earnings Per Share - basic
$
0.32
$
0.38
$
0.19
$
0.70
$
0.47
Earnings Per Share - diluted
$
0.32
$
0.38
$
0.19
$
0.70
$
0.47
Condensed Consolidated Balance Sheet
(Unaudited)
In thousands, except per share data
June 30,
December 31,
June 30,
2025
2024
2024
Selected Consolidated Balance Sheet Data:
Assets
Cash and Due from Banks
$
17,751
$
9,200
$
18,174
Investment Securities, Available-for-Sale, at Fair Value
70,053
72,739
76,270
Investment Securities, Held-to-Maturity
2,950
2,950
2,950
Loans Held-for-Sale
451
67
690
Loans Held-for-Investment
211,983
208,438
198,961
Allowance for Credit Losses
2,953
2,962
2,976
Net Loans Held-for-Investment
209,029
205,477
195,985
Accrued Interest Receivable
1,483
1,524
1,528
Other Assets
20,709
20,419
20,874
Total Assets
$
322,427
$
312,376
$
316,471
Liabilities
Noninterest-Bearing Deposits
$
39,697
$
40,362
$
39,895
Interest-Bearing Deposits
204,706
200,626
202,624
Total Deposits
244,403
240,988
242,520
FHLB Advances and Other Borrowings
58,000
51,000
53,500
Subordinated Notes, Net of Issuances Costs
9,798
9,785
9,771
Accrued Interest Payable
509
527
773
Accrued Expenses and Other Liabilities
492
618
478
Total Liabilities
313,202
302,918
307,042
Stockholders' Equity
Common Stock
11,475
11,480
11,505
Retained Earnings
12,125
11,418
10,838
Accumulated Other Comprehensive Gain/(Loss)
(14,375
)
(13,440
)
(12,915
)
Total Stockholders' Equity
9,225
9,457
9,428
Total Liabilities and Stockholders' Equity
$
322,427
$
312,376
$
316,471
Three Months Ended Six Months Ended
dollar figures are in thousands, except per share data
June 30,
March 31,
June 30,
June 30,
June 30,
2025
2025
2024
2025
2024
Selected Financial Ratios and Other Data (Unaudited):
Interest Rate Spread During Period
2.47%
2.42%
2.09%
2.44%
2.12%
Net Yield on Interest-Earning Assets
5.37%
5.30%
5.19%
5.34%
5.12%
Non-Interest Expense, Annualized, to Average Assets
2.62%
2.57%
2.60%
2.59%
2.53%
Return on Average Assets, Annualized
0.47%
0.57%
0.29%
0.52%
0.35%
Return on Average Equity, Annualized
15.93%
19.06%
11.03%
17.50%
12.78%
Average Equity to Assets
2.97%
3.00%
2.64%
2.99%
2.76%
Average Net Loans
$
206,742
$
205,319
$
195,685
$
206,049
$
194,776
Average Net Securities
73,591
75,214
78,971
74,398
80,692
Average Other Interest-Earning Assets
19,421
17,111
22,009
18,272
24,719
Total Average Interest-Earning Assets
299,754
297,644
296,665
298,719
300,188
Average Total Assets
316,307
314,008
312,570
315,178
315,998
Average Noninterest-Bearing Deposits
$
40,591
$
40,085
$
40,568
$
40,339
$
41,371
Average Interest-Bearing Deposits
202,739
203,273
205,295
203,004
205,758
Average Total Deposits
243,330
243,357
245,863
243,344
247,128
Average Wholesale Funding
53,495
50,533
48,764
52,022
49,934
Average Interest-Bearing Liabilities
256,234
253,806
254,059
255,027
255,692
Avg. Interest-Earnings Assets to Avg. Interest-Bearings Liabilities
116.98%
117.27%
116.77%
117.13%
117.40%
Average equity
$
9,392
$
9,431
$
8,254
$
9,411
$
8,726
Non-Performing Loans to Gross Loans Held-for-Investment
0.83%
0.86%
0.00%
0.83%
0.00%
Allowance for Credit Losses to Total Loans Outstanding
1.39%
1.41%
1.49%
1.39%
1.49%
Allowance for Credit Losses to Non-Performing Loans
168.75%
165.29%
-
168.75%
-
Net Loan Chargeoff/(Recovery) to Avg. Total Loans Outstanding
0.00%
0.00%
0.00%
0.00%
0.00%
Effective Income Tax Rate
11.29%
12.07%
-24.85%
11.72%
-9.48%
Tangible Book Value Per Share
$
7.89
$
8.57
$
8.02
$
7.89
$
8.02
Market Closing Price at the End of Quarter
$
8.52
$
9.15
$
6.94
$
8.52
$
6.94
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