Bank reports record income
Third Century Bancorp, the holding company for Mutual Savings Bank, announced a record level of net income of $272,000 for the quarter that ended Sept. 30, compared to net income of $219,000 for the same period last year.
Mutual is a Johnson County-based bank that was founded in 1890 and has its main office in Franklin and branches in the city, Nineveh and Trafalgar.
The gain was mostly due to an increase in net interest income.
“This level of earnings is important for our bank as it reflects the effort from a focused group of bankers, not only striving to provide a fair return to shareholders, but working to help our customers achieve their goals, President and CEO David A. Coffey said. "Equally important is that earnings have been achieved by focusing on solid banking fundamentals.”
The net income was a 24 percent over the same period in 2017.
Looking at year-to-date, net income increased $162,000, or 29 percent, from the same time period in 2017.
Total assets increased by $6.8 million to $157.8 million due to an increase in loans and total deposits.
Stockholders’ equity increased by $245,000 during the nine-month period.
Credit union gives to southside high school
Indiana Members Credit Union gave $2,496 to Roncalli High School as part of an ongoing school spirit debit card program.
Every time a Roncalli-themed card is used as a signature-based transaction, Roncalli High School benefits.
The card is available for issue to members at the credit union’s southside branch, 5047 Madison Ave., Indianapolis.
