February 4th, 2012
(TDCB.OB) Mutual Savings Bank Reports Net Loss of 2.1 Million
Posted on 17. Mar, 2011 by PublicWire
(PublicWire.com News Release) Robert D. Heuchan, President and CEO of Third Century Bancorp (OTCBB: TDCB), the holding company of Mutual Savings Bank, announced that for the year ended December 31, 2010, the company reported a net loss of $2.1 million compared with a net loss of $233,000 for the year ended December 31, 2009.
The net losses reported in 2010 and 2009 primarily resulted from the recorded provisions for loan losses of $3.2 million and $1.4 million, respectively. The provision in 2010 was primarily due to the write-off of $1.3 million in commercial participation loans and the effects of the on-going economic downturn, particularly as they relate to weaknesses in commercial real estate loans. In evaluating the adequacy of loan loss allowances, management considers factors such as delinquency trends, portfolio composition, past loss experience and other factors such as general economic conditions, which deteriorated dramatically during the fourth quarter of 2008 and continued to deteriorate throughout the first half of 2010. For the year ended December 31, 2010, Mutual Savings Bank charged-off loans, net of recoveries, of $1.9 million which represents an increase of $1.1 million, or 150.21%, from the year ended December 31, 2009. Of the $1.9 million charged-off for the year ended December 31, 2010, $1.7 million was the result of losses in the Bank’s commercial real estate portfolio. At December 31, 2010, management classified approximately $10.4 million in loans as impaired in the calculation of the allowance for loan losses compared to $5.0 million identified as of December 31, 2009. At December 31, 2010 and 2009, the Bank’s nonperforming assets as a percentage of total assets was 11.18% and 4.38%, respectively.
Other income decreased $335,000, or 25.95%, to $956,000 in 2010 from $1.3 million in 2009. The primary reason for the decrease in other income was the decrease of $152,000, or 52.05%, in net gains on loans sold into the secondary market to $140,000 for the year ended December 31, 2010 as compared to $292,000 for the year ended December 31, 2009. In 2010, Mutual Savings Bank sold $9.7 million of loans into the secondary market as compared to $14.2 million of such sales in 2009.
General, administrative and other expenses (non-interest expense) increased $589,000 or 11.12% to $5.9 million during 2010 from $5.3 million during 2009. The increase in non-interest expense was primarily due to two events. First, at December 31, 2010, the Bank performed an evaluation of goodwill recorded on its books and determined it to be fully impaired. As a result, the Bank recorded an impairment of $239,000 to fully write off goodwill. Second, the Bank closed its Franklin Central branch in June 2010 and listed the property for sale. The Bank obtained an appraisal on the property to determine its market value. The appraised value for the Franklin Central branch was less than value recorded on the Bank’s books. As a result, the Bank recorded a loss on assets held for sale of $471,000.
Total assets decreased $10.6 million to $118.2 million at December 31, 2010 from $128.8 million at December 31, 2009, a decrease of 8.26%. The decrease in assets was primarily the result of a decrease in net loans receivable of $12.6 million, or 11.75%, to $94.9 million at December 31, 2010 from $107.6 million at December 31, 2009. During 2010, one-to-four family residential mortgages declined $5.2 million, or 11.37%, and land development and construction loans decreased $4.9 million, or 33.47%. During 2010, many consumers refinanced their one-to-four family residential mortgages into lower fixed-rate loan products with longer maturities, which were subsequently sold by the Bank on the secondary market. In addition, the demand for land development and construction loans diminished due to the decline in housing demand and the overall economy. The allowance for loan losses increased to $3.5 million at December 31, 2010 from $2.1 million at December 31, 2009. The Bank increased the provision for loan losses based on a review of the structure of the current loan portfolio, the loans charged-off in 2010 and continued concerns about the economy.
Deposits decreased to $89.0 million at December 31, 2010 from $94.0 million at December 31, 2009, a decrease of $5.0 million or 5.37%. Time deposits decreased $5.9 million, or 16.43%, to $30.1 million at December 31, 2010 from $36.0 million at December 31, 2009. Demand deposits increased $1.1 million, or 9.18%, to $12.9 million at December 31, 2010 from $11.8 million at December 31, 2009.
Federal Home Loan Bank advances and other borrowings decreased $3.5 million, or 20.00%, to $14.0 million at December 31, 2010 from $17.5 million at December 31, 2009. The Bank repaid $3.5 million in Federal Home Loan Bank during 2010.
Stockholders’ equity decreased $2.1 million to $14.9 million at December 31, 2009 from $17.0 million at December 31, 2009. Equity as a percentage of assets decreased 0.55% to 12.63% at December 31, 2010 compared to 13.18% at December 31, 2009. The Company previously announced that the Board of Directors has suspended quarterly dividend payments until the Company achieves an acceptable level of earnings performance.
About Mutual Savings Bank
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 and the Franklin United Methodist Community, as well as in Edinburgh, Nineveh and Trafalgar, Indiana.
Mutual Savings Bank Trading Symbols
Mutual Savings Bank trades Over The Counter As TDCB (OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB)
About PublicWire.com
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OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB
The symbols “OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB” reflect the variety of methods Mutual Sacings Bank list their stock as, and were valid at the time of original publication of this press release.
(PublicWire.com News Release) Robert D. Heuchan, President and CEO of Third Century Bancorp (OTCBB: TDCB), the holding company of Mutual Savings Bank, announced that for the year ended December 31, 2010, the company reported a net loss of $2.1 million compared with a net loss of $233,000 for the year ended December 31, 2009.
The net losses reported in 2010 and 2009 primarily resulted from the recorded provisions for loan losses of $3.2 million and $1.4 million, respectively. The provision in 2010 was primarily due to the write-off of $1.3 million in commercial participation loans and the effects of the on-going economic downturn, particularly as they relate to weaknesses in commercial real estate loans. In evaluating the adequacy of loan loss allowances, management considers factors such as delinquency trends, portfolio composition, past loss experience and other factors such as general economic conditions, which deteriorated dramatically during the fourth quarter of 2008 and continued to deteriorate throughout the first half of 2010. For the year ended December 31, 2010, Mutual Savings Bank charged-off loans, net of recoveries, of $1.9 million which represents an increase of $1.1 million, or 150.21%, from the year ended December 31, 2009. Of the $1.9 million charged-off for the year ended December 31, 2010, $1.7 million was the result of losses in the Bank’s commercial real estate portfolio. At December 31, 2010, management classified approximately $10.4 million in loans as impaired in the calculation of the allowance for loan losses compared to $5.0 million identified as of December 31, 2009. At December 31, 2010 and 2009, the Bank’s nonperforming assets as a percentage of total assets was 11.18% and 4.38%, respectively.
Other income decreased $335,000, or 25.95%, to $956,000 in 2010 from $1.3 million in 2009. The primary reason for the decrease in other income was the decrease of $152,000, or 52.05%, in net gains on loans sold into the secondary market to $140,000 for the year ended December 31, 2010 as compared to $292,000 for the year ended December 31, 2009. In 2010, Mutual Savings Bank sold $9.7 million of loans into the secondary market as compared to $14.2 million of such sales in 2009.
General, administrative and other expenses (non-interest expense) increased $589,000 or 11.12% to $5.9 million during 2010 from $5.3 million during 2009. The increase in non-interest expense was primarily due to two events. First, at December 31, 2010, the Bank performed an evaluation of goodwill recorded on its books and determined it to be fully impaired. As a result, the Bank recorded an impairment of $239,000 to fully write off goodwill. Second, the Bank closed its Franklin Central branch in June 2010 and listed the property for sale. The Bank obtained an appraisal on the property to determine its market value. The appraised value for the Franklin Central branch was less than value recorded on the Bank’s books. As a result, the Bank recorded a loss on assets held for sale of $471,000.
Total assets decreased $10.6 million to $118.2 million at December 31, 2010 from $128.8 million at December 31, 2009, a decrease of 8.26%. The decrease in assets was primarily the result of a decrease in net loans receivable of $12.6 million, or 11.75%, to $94.9 million at December 31, 2010 from $107.6 million at December 31, 2009. During 2010, one-to-four family residential mortgages declined $5.2 million, or 11.37%, and land development and construction loans decreased $4.9 million, or 33.47%. During 2010, many consumers refinanced their one-to-four family residential mortgages into lower fixed-rate loan products with longer maturities, which were subsequently sold by the Bank on the secondary market. In addition, the demand for land development and construction loans diminished due to the decline in housing demand and the overall economy. The allowance for loan losses increased to $3.5 million at December 31, 2010 from $2.1 million at December 31, 2009. The Bank increased the provision for loan losses based on a review of the structure of the current loan portfolio, the loans charged-off in 2010 and continued concerns about the economy.
Deposits decreased to $89.0 million at December 31, 2010 from $94.0 million at December 31, 2009, a decrease of $5.0 million or 5.37%. Time deposits decreased $5.9 million, or 16.43%, to $30.1 million at December 31, 2010 from $36.0 million at December 31, 2009. Demand deposits increased $1.1 million, or 9.18%, to $12.9 million at December 31, 2010 from $11.8 million at December 31, 2009.
Federal Home Loan Bank advances and other borrowings decreased $3.5 million, or 20.00%, to $14.0 million at December 31, 2010 from $17.5 million at December 31, 2009. The Bank repaid $3.5 million in Federal Home Loan Bank during 2010.
Stockholders’ equity decreased $2.1 million to $14.9 million at December 31, 2009 from $17.0 million at December 31, 2009. Equity as a percentage of assets decreased 0.55% to 12.63% at December 31, 2010 compared to 13.18% at December 31, 2009. The Company previously announced that the Board of Directors has suspended quarterly dividend payments until the Company achieves an acceptable level of earnings performance.
About Mutual Savings Bank
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 and the Franklin United Methodist Community, as well as in Edinburgh, Nineveh and Trafalgar, Indiana.
Mutual Savings Bank Trading Symbols
Mutual Savings Bank trades Over The Counter As TDCB (OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB)
About PublicWire.com
PublicWire.com is a Small Cap Financial Press Release Company that uses a variety of cutting edge methods to syndicate your Small Cap Press Release to various news and information outlets. Our press releases have consitantly placed the Small Cap Companies we work with on the first result page of major search engines such as Google, Bing, and Yahoo. We work exclusively with Pinksheet and Over The Counter (PK and OTCBB) Companies to ensure maximum exposure for their Press Releases.
To maximize your OTCBB / Pinksheet / Small Cap Company Press Release, call us directly at 407-218-7446.
OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB
The symbols “OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB” reflect the variety of methods Mutual Sacings Bank list their stock as, and were valid at the time of original publication of this press release.
(ECRY.OB)eCrypt Technologies, Inc. Secures 2 Million Dollars Pursuant To Financial Agreement
Posted on 15. Jul, 2010 by PublicWire in Finance
(PublicWire.com Press Release)eCrypt Technologies, Inc. (OTCBB: ECRY) is pleased to announce it has secured USD$2 million pursuant to a financing agreement signed in April. To date, eCrypt Technologies, Inc. (the “Company”) has received $400,000.
The financing is in exchange for issuing restricted common stock.
“We’re very pleased to have secured the financing as it allows the Company to ensure its 2010 operational goals can be initiated. We took the first step when we launched a national ad campaign with a 30-second commercial that aired on CNBC, and is available for viewing on YouTube and on the Company’s website,” commented Brad Lever, CEO of eCrypt. “It also allows us to continue our research and development to allow eCrypt to stay at the forefront of wireless security as the world increasingly turns to wireless apps.” eCrypt’s signature software affords users complete security on their BlackBerry(R) smartphones by opening a secure “tunnel” for communication between two users, with unique keys that are not stored on any servers. BlackBerry smartphones are the flagship product of Research in Motion (NASDAQ: RIMM).
ECRY.OB, ECRY.OTCBB, ECRY
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(PNCKF.OB) Pure Nickel Inc. Release Video On Major Exploration Project: MAN, Alaska
Posted on 13. Jul, 2010 by PublicWire in Finance
(PublicWire.com Press Release)Pure Nickel Inc. (TSX: NIC, OTCBB: PNCKF) today issued a Social Media Release through Canada News Wire, which includes a video on Pure Nickel’s major exploration project, MAN, Alaska.
MAN Alaska
Two drills are currently operating with the 2010 summer drilling program expected to complete approximately 8,000 metres. Additional geophysical surveys are being conducted simultaneously and are being used to further define target selection.
The property is currently under a joint venture agreement with ITOCHU Corporation of Tokyo. On March 25, 2010 ITOCHU exercised its right to vest a 30% interest in the property in consideration for having funded US $6.5 million on exploration over the past two years, committing to a US $7.5 million budget for 2010, and paying a US $500,000 vesting fee.
To see Pure Nickel’s video on the MAN property click here: http://www.youtube.com/watch?v=OA4DobC1Rbg
PNCKF.OB, PNCKF.OTCBB, PNCKF
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(AUAYF.PK)Adanac Molybdenum Corporation Gets Creditor Protection Extended
Posted on 02. Jul, 2010 by PublicWire in Finance
(PublicWire.com Press Release)Adanac Molybdenum Corporation (”Adanac” or the “Company”) (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) announced that its application of June 30, 2010 to the Supreme Court of British Columbia (the “Court”) for an Order under the Companies’ Creditors Arrangement Act (”CCAA”) to extend its creditor protection has been successful, allowing the Company to continue to restructure and continue to stay all claims and actions against the Company and its assets. The June 30, 2010 Order extends the stay period under CCAA until October 29, 2010, at which time the matter will be reviewed by the Court.
AUAYF.PK, AUAYF.PINKSHEETS, AUAYF
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(VHGI.OB)VHGI Holdings, Inc. Engages Geologist To Complete Gold Mining Engineering Report
Posted on 30. Jun, 2010 by PublicWire in Finance
(PublicWire.com Press Release) VHGI Holdings, Inc. (OTC Bulletin Board: VHGI) through its wholly-owned operating subsidiary VGHI Gold is pleased to announce that a geologist has been engaged to complete a 43-101 engineering report for the company’s two gold mining prospects in Northern Arizona; Treasure Gulch and Sun Gold. The 43-101 engineering report will be completed by Dan Stage who was previously retained by Western Sierra Mining, the former owners of the two subject properties and therefore already has intimate knowledge of the leases.
Mr. Stage, has a Bachelor of Science in Geology from the University of Washington with a minor in physics and oceanography. In addition, he is a Nevada Professional Geologist, National Instrument 43-101 Certified by the Canadian Institute of Mining and is a Certified Environmental Manager, State of Nevada EM-1737.
“We are now entering stage two of this project and hope to have this report completed within 45 days. With the completion of this report and the planned hiring of a mining operator and engineer we can now begin to set our plans for starting the mining operations,” said Mr. Jim Renfro President of VHGI Gold, adding “it is our expectation to have the mines in operation and in production prior to the end of the 2010.”
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VHGI.OB, VHGI.OTCBB, VHGI
USPR.OB)U.S. Precious Metals, Inc. Accounces Results Of Final Assay On Holes
Posted on 29. Jun, 2010 by PublicWire in Finance
(PublicWire.com Press Release) U.S. Precious Metals, Inc. (OTCBB: USPR) (”USPR” or the “Company”) Chairman and Chief Executive officer, Michael Jack Kugler announced today that the Company has received final assay results on holes LS10-001 and LS10-002 at the La Sabila Project in southern Michoacan. The Company has completed a total of 8 drill holes in the current drilling campaign and is in the process of drilling hole LS10-009. Initial review of drill holes LS10-003 through LS10-008 show consistent mineralized intercepts but we will have more detailed information once we have received assay results for those holes. We also found that, LS10-005 intercepted significant mineralization at 211 meters and 231 meters, deeper than previously observed.
Results from hole LS10-001 show significant intercepts beginning at 16.6 meters (54 feet) with a grade of 14.4 gpt (0.42 opt) gold, 72.7 gpt (2.1 opt) silver and 1.74% copper. Drill hole LS 10-001 intercepted a total of 10.7 meters (see the Table below for the mineralized intercepts) grading 1.52 gpt (0.044 opt) gold, 36.1 gpt (1.05 opt) silver and 0 .744% copper. Drill hole LS10-002 intercepted mineralized material at 2.1 meters (7 feet) with a grade of 29.46 gpt (0.859 opt) gold, 42.6 gpt (1.24 opt) silver and 0.482% copper. LS10-002 intercepted a total of 8.7 meters of 5.42 gpt (0.158 opt) gold, 15.9 gpt (0.46 opt) silver and 0.344% copper. Both holes were drilled in the same location south of the Main Zone and within east-west trending quartz sulfide veins.
Mr. Kugler said, “We have completed 4,000 meters of the planned 2010 10,000 meter drilling program. With continued success of the drilling we plan to extend the drilling program into 2011 with another 10,000 meters.” The drilling company is maintaining a drilling rate of 75 meters per day while USPR has expanded its campaign to include the construction of new roads and drilling pads, maintenance of existing roads, and construction of new drill sites. USPR is also continuing surface exploration. Dave Burney, President and Chief Geologist of USPR states that the Company “has identified and is investigating additional significant exposed oxidized quartz sulfide veins. Some of these veins contain solid runs of high grade mineralization. This find is consistent with our belief that the property has excellent potential.” Mr. Burney also stated that the Company is in the process of completing its laboratory, which will enable it to complete on-site assay work on exploration samples and move forward on metallurgical testing in the core lab. Our independent assayer, ALS Chemex, will continue to assay our core samples.
Mike Floersch is the qualified person as defined by National Instrument 43-101 and supervised the preparation of the technical information in this release.
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USPR.OB, USPR.OTCBB, USPR
(ASWRF.OB) Anglo Swiss Resources Inc. Receives Drill Permits For British Columbia
Posted on 28. Jun, 2010 by PublicWire in Finance
(PublicWire.com Press Release)Anglo Swiss Resources Inc. reports that it has received the first of five drill permits and commenced its Phase 1 drilling on its 160 square kilometer Nelson Mining Camp located in south-eastern British Columbia. This first permit consists of 1,050 metres of diamond drilling and down-hole pulse EM on the Gold Hill and Silver Lynx areas. In total approximately 5,000 metres of diamond drilling and 24 line kilometers of IP surveys on the Nelson Camp have been submitted amongst the five mineral exploration permit applications.
The first Phase 1 drill holes will be located to intersect the Gold Hill airborne EM anomaly, which consists of a northwest trending conductor with a strike length of approximately 4.2 km. This conductor is in close proximity with several gold-silver prospects occurring along its strike length, including the past producing Gold Hill mine near the center and the May & Jennie prospect at the north end.
The remaining Phase 1 drill holes will be targeted within the southern portion of the Silver Lynx conductive area, which consists of a 6 kms NNW trending zone comprised of up to 13 conductive bodies inferred from the results of Anglo’s Aerotem III and VTEM airborne surveys completed earlier this year. The conductive bodies are broadly coincident with three massive to semi-massive sulfide showings that have returned significant values in zinc, lead, copper and silver. The three showings are located on the south side of Rover Creek, adjacent to the southern end of the Silver Lynx conductive area. The best result is a grab sample from a waste dump below the main showing that returned 24.59% Zn, 22.35% Pb, 0.21% Cu and 556.4 g/t Ag. All previous drilling has been focused on the south side of Rover Creek in the immediate area of the showings but away from the recently delineated conductive bodies.
Presently, and concurrent with the initial diamond drilling program a comprehensive program of prospecting, surface geochemistry and geological mapping is on-going to further refine drill targets in this prospective district.
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ASWRF.OB, ASWRF.OTCBB, ASWRF
(CGFIA.OB)Colorado Goldfields Inc. Receives Orders Totalling Over Nine Million
Posted on 25. Jun, 2010 by PublicWire in Finance
(PublicWire.com Press Release)Colorado Goldfields Inc. (OTCBB: CGFIA) announced today that in addition to the $6.1 million of preliminary purchase orders announced on Tuesday, June 22nd, the Company has received additional preliminary purchase orders totaling $3 million for custom gold ore milling from active mines in southwestern Colorado. Initial gold ore flow to Colorado Goldfields is now estimated to be approximately 300 tons per day by these orders, and represents $9.1 million in revenue in the first 12 months of operations, generating a projected $4.8 million in net profits for the Company.
“Total estimated ore flow of 300 tons per day corresponds perfectly with our operations model. Cash proceeds from these purchase orders would commence within 45 days of reactivation of The Pride of the West Mill. Once again we have clearly demonstrated ‘proof of concept,’ which is most gratifying,” stated C. Stephen Guyer, CFO of Colorado Goldfields.
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