--- title: "Third Century Bancorp Releases Earnings for the Quarter Ended March 31, 2026" type: "News" locale: "en" url: "https://longbridge.com/en/news/283047161.md" description: "Third Century Bancorp reported a net income of $605,000 for Q1 2026, up 34.72% from $449,000 in Q1 2025. Earnings per share rose to $0.52, driven by a $324,000 increase in net interest income, totaling $2.44 million. Total assets increased to $349.34 million, with deposits rising to $282.17 million. Stockholders' equity grew to $14.24 million, reflecting retained earnings and improved securities value. The bank's performance highlights strong credit quality and effective expense management, according to CEO David A. Coffey." datetime: "2026-04-16T19:57:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283047161.md) - [en](https://longbridge.com/en/news/283047161.md) - [zh-HK](https://longbridge.com/zh-HK/news/283047161.md) --- # Third Century Bancorp Releases Earnings for the Quarter Ended March 31, 2026 **Third Century Bancorp Releases Earnings for the Quarter Ended March 31, 2026** (OTCID: TDCB)-Third Century Bancorp (“Company”), the holding company for Mutual Savings Bank (“Bank”), announced it recorded unaudited net income of $605,000 for the quarter ended March 31, 2026, or $0.52 per basic and diluted share, compared to net income of $449,000 for the quarter ended March 31, 2025, or $0.38 per basic and diluted share. “I am pleased with our first quarter results and the progress we continue to make. Three key actions drove this success: growth in core earnings through a steady increase in net interest income, strong credit quality with no non‑performing loans, and continued expense control while reducing our use of higher‑cost wholesale funding,” stated David A. Coffey, President and CEO. Coffey added, “These actions delivered solid results for our stockholders, including net income of $605 thousand, earnings per share of $0.52, and tangible book value per share increasing to $12.27. These results reflect the strength of our community banking model and the commitment of our team to serving our customers and communities while building long‑term value for our stockholders.” For the quarter ended March 31, 2026, net income increased $156,000, or 34.72%, to $605,000 as compared to $449,000 for the same period in the prior year. The increase in net income for the three-month period ended March 31, 2026, was driven primarily as a result of a $324,000 increase in net interest income as compared to the same period in the prior year. Net interest income increased to $2.44 million for the three months ended March 31, 2026, due to an increase in total interest income of $387,000, or 9.82%, to $4.33 million for the three-month period ended March 31, 2026, as compared to $3.95 million for the same period for the prior year. The increase in total interest income was due to increases in average loan balances and average cash balances. Partially offsetting the increase in total interest income was an increase in total interest expense of $63,000, or 3.47%, to $1.89 million for the three-month period ended March 31, 2026, as compared to the same period for the prior year. The increase in total interest expense was the result of higher average retail deposit balances. The provision reversal for credit losses during the current quarter was $23,000 compared to a provision reversal of $43,000 for the same quarter last year due to higher gross loan balances at quarter end. Non-interest income for the quarter ended March 31, 2026, increased by $7,000, or 1.93%, to $374,000, as compared to $367,000 for the same period in the prior year. The increase in non-interest income occurred due to increased Trust revenue, loan fees, and service charge income as compared to the same period in the prior year. Non-interest expense increased by $143,000, or 7.10%, to $2,157,000 as compared to $2,014,000 for the same period in the prior year, due primarily to increased advertising and personnel expenses. Total assets increased $156,000 to $349.34 million at March 31, 2026, compared to $349.19 million at December 31, 2025. This increase was due primarily to higher levels of cash which increased by $1.10 million or 3.24% since December 31, 2025. The increase in cash was due to growth in retail deposits. Gross loans held for investment fell by $1.26 million to $220.23 million at March 31, 2026, compared to $221.49 million at December 31, 2025. Total deposits were $282.17 million at March 31, 2026, up from $280.09 million at December 31, 2025. FHLB advances decreased by $3.0 million or 6.67% to $42.0 million at March 31, 2026, from $45.0 million at December 31, 2025. As of March 31, 2026, the weighted average rate of all FHLB advances was 3.71% compared to 3.75% at December 31, 2025, and the weighted average maturity was 3.72 years at March 31, 2026, compared to 3.97 years at December 31, 2025. Stockholders’ equity was $14.24 million at March 31, 2026, compared to $13.17 million at December 31, 2025. Stockholders’ equity increased due to retained net income for the quarter as well as a decrease in net unrealized loss of $522,000 during the three months ended March 31, 2026, as a result of the increase in the fair value of our available- for-sale-securities due to the improvement in the forward rate curve compared to our portfolio at prior year end. The available-for-sale securities are investments in government sponsored mortgage-backed securities as well as investments in municipal bonds, which provide cash flow for business purposes. Quarterly average equity as a percentage of average assets increased to 4.02% at March 31, 2026, compared to 3.69% at December 31, 2025. 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, Trafalgar and Greenwood, Indiana. This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include inflation, tariffs, changes in the interest rate environment, changes in general economic conditions, geopolitical conflicts, public health issues, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations, or events. **Condensed Consolidated Statements of Income** (Unaudited) in thousands, except per share data **Three Months Ended** March 31, December 31, March 31, 2026 2025 2025 **Selected Consolidated Earnings Data:** Total Interest Income $ 4,332 $ 4,352 $ 3,945 Total Interest Expense 1,893 1,965 1,830 Net Interest Income 2,439 2,387 2,115 Provision/(Credit) for Losses (23 ) 190 (43 ) Net Interest Income after Provision for Losses 2,462 2,197 2,158 Non-Interest Income 374 597 367 Non-Interest Expense 2,157 2,186 2,014 Income Tax Expense 74 58 62 Net Income $ 605 $ 550 $ 449 Earnings Per Share - basic $ 0.52 $ 0.47 $ 0.38 Earnings Per Share - diluted $ 0.52 $ 0.47 $ 0.38 **Condensed Consolidated Balance Sheet** (Unaudited) In thousands, except per share data March 31, December 31, March 31, 2026 2025 2025 **Selected Consolidated Balance Sheet Data:** **Assets** Cash and Due from Banks $ 34,963 $ 33,865 $ 14,229 Investment Securities, Available-for-Sale, at Fair Value 72,821 72,118 71,829 Investment Securities, Held-to-Maturity 2,950 2,950 2,950 Loans Held-for-Sale 613 Loans Held-for-Investment 220,229 221,485 205,961 Allowance for Credit Losses 3,133 3,157 2,914 Net Loans Held-for-Investment 217,095 218,327 203,047 Accrued Interest Receivable 1,461 1,641 1,346 Other Assets 20,055 20,287 20,094 **Total Assets** $ 349,344 $ 349,188 $ 314,109 **Liabilities** Noninterest-Bearing Deposits $ 45,455 $ 46,543 $ 40,897 Interest-Bearing Deposits 236,720 233,543 204,487 Total Deposits 282,174 280,086 245,384 FHLB Advances and Other Borrowings 42,000 45,000 48,000 Subordinated Notes, Net of Issuances Costs 9,819 9,812 9,792 Accrued Interest Payable 379 472 433 Accrued Expenses and Other Liabilities 732 645 482 **Total Liabilities** 335,104 336,016 304,091 **Stockholders' Equity** Common Stock 11,473 11,475 11,475 Retained Earnings 13,603 13,056 11,867 Accumulated Other Comprehensive Gain/(Loss) (10,836 ) (11,358 ) (13,323 ) **Total Stockholders' Equity** 14,240 13,173 10,018 **Total Liabilities and Stockholders' Equity** $ 349,344 $ 349,188 $ 314,109 **Three Months Ended** dollar figures are in thousands, except per share data March 31, December 31, March 31, 2026 2025 2025 **Selected Financial Ratios and Other Data (Unaudited):** Interest Rate Spread During Period 2.49 % 2.48 % 2.42 % Net Yield on Interest-Earning Assets 5.21 % 5.33 % 5.30 % Net Interest Margin During Period, Annualized 2.93 % 2.92 % 2.84 % Non-Interest Expense, Annualized, to Average Assets 2.47 % 2.54 % 2.57 % Return on Average Assets, Annualized 0.69 % 0.64 % 0.57 % Return on Average Equity, Annualized 17.23 % 17.33 % 19.06 % Average Equity to Assets 4.02 % 3.69 % 3.00 % Average Net Loans $ 217,353 $ 213,412 $ 205,319 Average Net Securities 76,321 74,922 75,214 Average Other Interest-Earning Assets 39,014 38,225 17,111 Total Average Interest-Earning Assets 332,689 326,560 297,644 Average Total Assets 349,371 344,011 314,008 Average Noninterest-Bearing Deposits $ 45,533 $ 44,809 $ 40,085 Average Interest-Bearing Deposits 233,823 225,140 203,273 Average Total Deposits 279,356 269,949 243,357 Average Wholesale Funding 44,933 50,446 50,533 Average Interest-Bearing Liabilities 278,757 275,586 253,806 Avg. Interest-Earnings Assets to Avg. Interest-Bearings Liabilities 119.35 % 118.50 % 117.27 % Average equity $ 14,057 $ 12,684 $ 9,431 Non-Performing Loans to Gross Loans Held-for-Investment 0.00 % 0.17 % 0.86 % Allowance for Credit Losses to Total Loans Outstanding 1.42 % 1.43 % 1.41 % Allowance for Credit Losses to Non-Performing Loans 851.47 % 858.01 % 165.29 % Net Loan Chargeoff/(Recovery) to Avg. Total Loans Outstanding 0.00 % \-0.01 % 0.00 % Effective Income Tax Rate 10.84 % 9.48 % 12.07 % Tangible Book Value Per Share $ 12.27 $ 11.27 $ 8.57 Market Closing Price at the End of Quarter $ 13.85 $ 9.35 $ 9.15 Price-to-Tangible Book Value 112.92 % 82.94 % 106.72 % David A. Coffey, President and CEO S. Paul Arab, SVP and CFO 80 East Jefferson Street Franklin, IN 46131 Tel. 317-736-7151 Fax 317-736-1726 View source version on businesswire.com: https://www.businesswire.com/news/home/20260416767774/en/ ### Related Stocks - [TBBK.US](https://longbridge.com/en/quote/TBBK.US.md) - [IROQ.US](https://longbridge.com/en/quote/IROQ.US.md) ## Related News & Research - [HONEYWELL REAFFIRMS 2026 OUTLOOK AHEAD OF HONEYWELL AEROSPACE SPIN-OFF; INITIATES 2026 OUTLOOK FOR HONEYWELL TECHNOLOGIES | HON Stock News](https://longbridge.com/en/news/289035994.md) - [Prologis to Announce Second Quarter 2026 Results July 16, 2026 | PLD Stock News](https://longbridge.com/en/news/288770029.md) - [Tecnoglass declares $0.15 quarterly dividend for Q2 2026](https://longbridge.com/en/news/289315293.md) - [8 big takeaways from Apple's WWDC 2026 event](https://longbridge.com/en/news/289107553.md) - [Gamehaus Holdings Inc. 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