Southern Connecticut Bancorp Inc (SSE, Financial) filed Quarterly Report for the period ended 2012-06-30.
Southern Connecticut Bancorp Inc. has a market cap of $3 million; its shares were traded at around $1.1 with and P/S ratio of 0.4.
The Company s average total interest earning assets were $120.7 million during the six months ended June 30, 2012 compared to $136.5 million for the same period in 2011, a decrease of $15.8 million or 11.6%. The decrease in average interest earning assets of $15.8 million during the six months ended June 30, 2012 was comprised of decreases in average balances of loans of $15.0 million as well as decreases in average balances of short-term and other investments of $1.5 million, which were partially offset by increases in investments of $700,000.
The increase in net interest income during the second quarter of 2012 reflected a $31.0 million decrease in average interest bearing liabilities to $87.6 million in the second quarter of 2012 from $118.6 million in the second quarter of 2011; favorable decreases in rates on interest bearing liabilities to 1.25% for the three months ended June 30, 2012 from 1.77% for the same period in 2011; and an increase in the yields on interest earning assets to 5.50% for the three months ended June 30, 2012 from 5.45% in the same period of 2011. The combined effects of these favorable changes were partially offset by a $16.4 million decrease in total average interest earning asset balances to $118.3 million for the three months ended June 30, 2012 from $134.7 million for the same period of 2011. Interest income from interest earning assets in the second quarter of 2012 when compared to the same period in 2011 decreased by $215,000 because of a $216,000 decrease due to volume considerations, which was partially offset by a $1,000 increase due to favorable changes in interest rates. Variances in the cost of interest bearing liabilities during the three months ended June 30, 2012 in comparison to the same period in 2011 were due to decreased rate considerations of $112,000 and decreased volume considerations of $140,000.
The decrease in net interest income during the first six months of 2012 reflected a $15.8 million decrease in total average interest earning asset balances to $120.7 million for the six months ended June 30, 2012 compared to $136.5 million for the same period of 2011 and a decrease in the yields on interest earning assets to 5.29% for the six months ended June 30, 2012 from 5.42% in the same period of 2011. The combined effects of these unfavorable changes were partially offset by favorable decreases in rates on interest bearing liabilities to 1.30% for the six months ended June 30, 2012 from 1.80% for the same period in 2011 as well as a $22.4 million decrease in average interest bearing liabilities to $92.8 million for the first six months of 2012 from $115.2 million for the first six months of 2011. Overall, the decrease in net interest income attributed to volume changes was $216,000, which was partially offset by a net increase attributed to interest rate changes of $151,000. Interest income from interest earning assets in the first six months of 2012 when compared to the same period in 2011 decreased by $493,000 because of the combined effects of a $57,000 decrease due to a decline in interest rates and a $436,000 decrease due to volume considerations. Variances in the cost of interest bearing liabilities during the six months ended June 30, 2012 in comparison to the same period in 2011 were due to decreased rate considerations of $208,000 and decreased volume considerations of $220,000.
Total noninterest income increased $54,000 to $311,000 for the six months ended June 30, 2012 from $258,000 for the same period in 2011. This increase was primarily due to loan prepayment fees of $45,000 and a $10,000 increase in fair value of a derivative financial instrument recognized during the six months ended June 30, 2012, with no such revenue in the same period in 2011, as well as a $36,000 increase in other noninterest income for the six months ended June 30, 2012 compared to the same period of 2011. The combined effect of these favorable changes were partially offset by a $37,000 decrease in service charges and fees due to changes in business practices of customers of the Bank during the six months ended June 30, 2012 as compared to the same period in 2011.
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Southern Connecticut Bancorp Inc. has a market cap of $3 million; its shares were traded at around $1.1 with and P/S ratio of 0.4.
Highlight of Business Operations:
The Company s average total interest earning assets were $118.3 million during the quarter ended June 30, 2012 compared to $134.7 million for the same period in 2011, a decrease of $16.4 million or 12.2%. The decrease in average interest earning assets of $16.4 million during the quarter ended June 30, 2012 was comprised of decreases in average balances of loans of $14.3 million, decreases in average balances of short-term and other investments of $2.0 million and a $188,000 decrease in investments.The Company s average total interest earning assets were $120.7 million during the six months ended June 30, 2012 compared to $136.5 million for the same period in 2011, a decrease of $15.8 million or 11.6%. The decrease in average interest earning assets of $15.8 million during the six months ended June 30, 2012 was comprised of decreases in average balances of loans of $15.0 million as well as decreases in average balances of short-term and other investments of $1.5 million, which were partially offset by increases in investments of $700,000.
The increase in net interest income during the second quarter of 2012 reflected a $31.0 million decrease in average interest bearing liabilities to $87.6 million in the second quarter of 2012 from $118.6 million in the second quarter of 2011; favorable decreases in rates on interest bearing liabilities to 1.25% for the three months ended June 30, 2012 from 1.77% for the same period in 2011; and an increase in the yields on interest earning assets to 5.50% for the three months ended June 30, 2012 from 5.45% in the same period of 2011. The combined effects of these favorable changes were partially offset by a $16.4 million decrease in total average interest earning asset balances to $118.3 million for the three months ended June 30, 2012 from $134.7 million for the same period of 2011. Interest income from interest earning assets in the second quarter of 2012 when compared to the same period in 2011 decreased by $215,000 because of a $216,000 decrease due to volume considerations, which was partially offset by a $1,000 increase due to favorable changes in interest rates. Variances in the cost of interest bearing liabilities during the three months ended June 30, 2012 in comparison to the same period in 2011 were due to decreased rate considerations of $112,000 and decreased volume considerations of $140,000.
The decrease in net interest income during the first six months of 2012 reflected a $15.8 million decrease in total average interest earning asset balances to $120.7 million for the six months ended June 30, 2012 compared to $136.5 million for the same period of 2011 and a decrease in the yields on interest earning assets to 5.29% for the six months ended June 30, 2012 from 5.42% in the same period of 2011. The combined effects of these unfavorable changes were partially offset by favorable decreases in rates on interest bearing liabilities to 1.30% for the six months ended June 30, 2012 from 1.80% for the same period in 2011 as well as a $22.4 million decrease in average interest bearing liabilities to $92.8 million for the first six months of 2012 from $115.2 million for the first six months of 2011. Overall, the decrease in net interest income attributed to volume changes was $216,000, which was partially offset by a net increase attributed to interest rate changes of $151,000. Interest income from interest earning assets in the first six months of 2012 when compared to the same period in 2011 decreased by $493,000 because of the combined effects of a $57,000 decrease due to a decline in interest rates and a $436,000 decrease due to volume considerations. Variances in the cost of interest bearing liabilities during the six months ended June 30, 2012 in comparison to the same period in 2011 were due to decreased rate considerations of $208,000 and decreased volume considerations of $220,000.
Total noninterest income increased $54,000 to $311,000 for the six months ended June 30, 2012 from $258,000 for the same period in 2011. This increase was primarily due to loan prepayment fees of $45,000 and a $10,000 increase in fair value of a derivative financial instrument recognized during the six months ended June 30, 2012, with no such revenue in the same period in 2011, as well as a $36,000 increase in other noninterest income for the six months ended June 30, 2012 compared to the same period of 2011. The combined effect of these favorable changes were partially offset by a $37,000 decrease in service charges and fees due to changes in business practices of customers of the Bank during the six months ended June 30, 2012 as compared to the same period in 2011.
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