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Stock impact report

Third Century Bancorp Releases Earnings for the Quarter and Year Ended December 31, 2023 [Yahoo! Finance]

Third Century Bancorp (TDCB) 
Company Research Source: Yahoo! Finance
Bank ("Bank"), announced it recorded unaudited net income of $252,000 for the quarter ended December 31, 2023, or $0.22 per basic and diluted share, compared to net income of $536,000 for the quarter ended December 31, 2022, or $0.46 per basic diluted share. In addition, the Company recorded net income of $1,018,000 for the year ended December 31, 2023, or $0.88 per basic and diluted share, compared to net income of $2,116,000 for the year ended December 31, 2022, or $1.83 per basic and $1.82 per diluted share. "Two primary factors impacted our earnings for the year. First, higher funding costs. Due to the movement in the Fed Funds rate and market competitive deposit rates, the costs of funding our quality loan growth was significant. Second, due to higher residential mortgage loan interest rates, our non-interest income continued to run below our desired levels. Higher rates led to low levels of residential loan originations causing residential loan sales on the secondary market to Show less Read more
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