Third Century Bancorp, the holding company of Mutual Savings Bank, has reported a net income amounted to $240,000, for the year ended December 31, 2007, a decrease of 47.48% from $457,000, reported for the same period in 2006.
Third Century has reported that the decrease in net income for the year ended December 31, 2007 as compared to last year was primarily due to a decrease of $159,000 or 3.37% in net interest income and a decrease of $45,000 or 4.90% in other income.
Total assets decreased $4 million at December 31, 2007 to $129.4 million from $133.5 million at December 31, 2006. Meanwhile, deposits also decreased to $87.2 million in 2007 from $88.6 million last year, a decrease of $1.4 million or 1.53%.
Robert Heuchan, president and CEO of Third Century Bancorp, said: The decision by the board of the directors of the company to deregister was made after careful consideration of the advantages and disadvantages of being a public company and the high costs and demands on management’s time arising from compliance with the many SEC and Sarbanes-Oxley requirements. We believe deregistration will be a significant benefit to the company by reducing the expenses of being a public company.