Security Bancorp, Inc. Announces Unaudited Consolidated Earnings for the First Quarter Ended March 31, 2018
Security Bancorp, Inc. announced unaudited consolidated earnings for the first quarter ended March 31, 2018. For the quarter, net income was $504,000, or $1.30 per share, compared to $385,000, or $1.00 per share, for the same quarter last year. Net interest income increased by $123,000, or 7.9%, to $1.7 million from $1.6 million for the comparable period in 2017. Total interest income was $1.9 million for the three months ended March 31, 2018 compared to $1.7 million for the same period in the previous year. The increase of $205,000, or 11.8%, was primarily attributable to an increase in interest income from loans and investments. Net interest income after provision for loan losses increased by $122,000, or 8.0%, to $1.6 million from $1.5 million the same period the previous year.