Southern Connecticut Bancorp Inc (SSE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Southern Connecticut Bancorp Inc has a market cap of $16.72 million; its shares were traded at around $6.2 with and P/S ratio of 2.37.
Total deposits were $138.3 million at September 30, 2010 as compared to total deposits of $117.6 million at December 31, 2009. Non-interest bearing deposits were $30.5 million at September 30, 2010, an increase of $700,000 (2.4%) from $29.8 million at December 31, 2009. Total interest bearing checking, money market and savings deposits increased $4.1 million or 11.0% to $41.5 million at September 30, 2010 from $37.4 million at December 31, 2009. Time deposits increased to $66.3 million at September 30, 2010 from $50.3 million at December 31, 2009, a $16.0 million or 31.8% increase. Included in time deposits at September 30, 2010 and December 31, 2009 was $14.1 million and $14.0 million, respectively, in brokered deposits, which included the Company s placement of $2.9 million and $3.4 million in customer deposits; and purchase of $4.0 million and $3.5 million in brokered certificates of deposit through the CDARS program at September 30, 2010 and December 31, 2009, respectively. The CDARS program offers the Bank both reciprocal and one way swap programs which allow customers to enjoy additional FDIC insurance for deposits that might not otherwise be eligible for FDIC insurance and gives the Bank additional access to funding.
For the quarter ended September 30, 2010, net interest income was $1,432,000 versus $1,026,000 for the same period in 2009. The $406,000 or 39.6% increase was the result of a $356,000 increase in interest income and a $50,000 decrease in interest expense. This net increase was primarily the result of an increase in interest earning assets, as well as favorable changes in rates on both interest earning assets and interest bearing liabilities, partially offset by increased costs attributable to growth in interest bearing liabilities.
The Company s average total interest earning assets were $142.6 million during the quarter ended September 30, 2010 compared to $131.0 million for the same period in 2009, an increase of $11.6 million or 8.9%. The increase in average interest earning assets of $11.6 million was comprised of increases in average balances of loans of $29.3 million and investments of $1.1 million, partially offset by decreases in average balances of short-term and other investments of $18.8 million.
For the nine months ended September 30, 2010, net interest income was $4,124,000 versus $3,024,000 for the same period in 2009. The $1,100,000 or 36.4% increase was the result of a $948,000 increase in interest income and a $152,000 decrease in interest expense. This net increase was primarily the result of an increase in interest earning assets, as well as favorable changes in rates on both interest earning assets and interest bearing liabilities, partially offset by increased costs on interest bearing liabilities. The increase in the yield on average earning assets reflects the growth in the Bank s loan portfolio combined with the impact of reductions in interest income during 2009 related to the increase in non-performing assets.
The Company s average total interest earning assets were $135.7 million during the nine months ended September 30, 2010 compared to $119.9 million for the same period in 2009, an increase of $15.8 million or 13.2%. The increase in average interest earning assets of $15.8 million was comprised of increases in average balances of loans of $27.1 million, partially offset by decreases in average balances of short-term and other investments of $11.2 million.
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Southern Connecticut Bancorp Inc has a market cap of $16.72 million; its shares were traded at around $6.2 with and P/S ratio of 2.37.
Highlight of Business Operations:
The Company s total assets were $156.4 million at September 30, 2010, an increase of $20.8 million from $135.6 million at December 31, 2009. The Bank s net loans receivable increased to $128.0 million at September 30, 2010 from $109.9 million at December 31, 2009, and cash and cash equivalents, including short term investments, increased to $19.8 million as of September 30, 2010 from $17.9 million as of December 31, 2009. Total deposits increased to $138.3 million as of September 30, 2010 from $117.6 million as of December 31, 2009. The increase in deposit liabilities combined with decreases in lower yielding short-term investments funded the growth in net loans receivable and cash and cash equivalents during the nine months ended September 30, 2010.Total deposits were $138.3 million at September 30, 2010 as compared to total deposits of $117.6 million at December 31, 2009. Non-interest bearing deposits were $30.5 million at September 30, 2010, an increase of $700,000 (2.4%) from $29.8 million at December 31, 2009. Total interest bearing checking, money market and savings deposits increased $4.1 million or 11.0% to $41.5 million at September 30, 2010 from $37.4 million at December 31, 2009. Time deposits increased to $66.3 million at September 30, 2010 from $50.3 million at December 31, 2009, a $16.0 million or 31.8% increase. Included in time deposits at September 30, 2010 and December 31, 2009 was $14.1 million and $14.0 million, respectively, in brokered deposits, which included the Company s placement of $2.9 million and $3.4 million in customer deposits; and purchase of $4.0 million and $3.5 million in brokered certificates of deposit through the CDARS program at September 30, 2010 and December 31, 2009, respectively. The CDARS program offers the Bank both reciprocal and one way swap programs which allow customers to enjoy additional FDIC insurance for deposits that might not otherwise be eligible for FDIC insurance and gives the Bank additional access to funding.
For the quarter ended September 30, 2010, net interest income was $1,432,000 versus $1,026,000 for the same period in 2009. The $406,000 or 39.6% increase was the result of a $356,000 increase in interest income and a $50,000 decrease in interest expense. This net increase was primarily the result of an increase in interest earning assets, as well as favorable changes in rates on both interest earning assets and interest bearing liabilities, partially offset by increased costs attributable to growth in interest bearing liabilities.
The Company s average total interest earning assets were $142.6 million during the quarter ended September 30, 2010 compared to $131.0 million for the same period in 2009, an increase of $11.6 million or 8.9%. The increase in average interest earning assets of $11.6 million was comprised of increases in average balances of loans of $29.3 million and investments of $1.1 million, partially offset by decreases in average balances of short-term and other investments of $18.8 million.
For the nine months ended September 30, 2010, net interest income was $4,124,000 versus $3,024,000 for the same period in 2009. The $1,100,000 or 36.4% increase was the result of a $948,000 increase in interest income and a $152,000 decrease in interest expense. This net increase was primarily the result of an increase in interest earning assets, as well as favorable changes in rates on both interest earning assets and interest bearing liabilities, partially offset by increased costs on interest bearing liabilities. The increase in the yield on average earning assets reflects the growth in the Bank s loan portfolio combined with the impact of reductions in interest income during 2009 related to the increase in non-performing assets.
The Company s average total interest earning assets were $135.7 million during the nine months ended September 30, 2010 compared to $119.9 million for the same period in 2009, an increase of $15.8 million or 13.2%. The increase in average interest earning assets of $15.8 million was comprised of increases in average balances of loans of $27.1 million, partially offset by decreases in average balances of short-term and other investments of $11.2 million.
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