SECURITY CAPITAL CORP/MS - FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

x	QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED:	March 31, 2011
	-------------------------

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER:	000-50224
	------------------

SECURITY CAPITAL CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

MISSISSIPPI	64-0681198
(STATE OF INCORPORATION)	(I. R. S. EMPLOYER IDENTIFICATION NO.)

295 HIGHWAY 6 WEST/ P. O. BOX 690
BATESVILLE, MISSISSIPPI	38606
--------------------------------------------------------	----------------------------------------------------------
(ADDRESS OF PRINCIPAL	(ZIP CODE)
EXECUTIVE OFFICES)

662-563-9311

(ISSUER’S TELEPHONE NUMBER, INCLUDING AREA CODE)

NONE

(FORMER NAME, ADDRESS AND FISCAL YEAR, IF CHANGED SINCE LAST REPORT

INDICATE BY CHECK MARK WHETHER THE ISSUER: (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS.

[ X ] YES [ ] NO

INDICATE BY CHECK MARK WHETHER THE REGISTRANT IS A LARGE ACCELERATED FILER, AN ACCELERATED FILER OR A NON-ACCELERATED FILER. SEE DEFINITION OF “ACCELERATED FILER AND LARGE ACCELERATED FILER” IN RULE 12B-2 OF THE EXCHANGE ACT. (CHECK ONE):

LARGE ACCELERATED FILER [ ] ACCELERATED FILER [ X ] NON-ACCELERATED FILER [ ]

INDICATE BY CHECK MARK WHETHER THE REGISTRANT IS A SHELL COMPANY (AS DEFINED IN RULE 12B-2 OF THE EXCHANGE ACT.)

[ ] YES [ X ] NO

INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER’S CLASSES OF COMMON STOCK AS OF MARCH 31, 2011.

TITLE	OUTSTANDING
COMMON STOCK, $5.00 PAR VALUE	2,883,209

SECURITY CAPITAL CORPORATION

FORM 10-Q

FIRST QUARTER 2011 INTERIM FINANCIAL STATEMENTS

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements

	Consolidated Balance Sheets
	March 31, 2011 (unaudited) and December 31, 2010

	Consolidated Statements of Income
	Three months ended March 31, 2011 and 2010 (unaudited)

	Consolidated Statements of Comprehensive Income
	Three months ended March 31, 2011 and 2010 (unaudited)

	Consolidated Statements of Cash Flows
	Three months ended March 31, 2011 and 2010 (unaudited)

	Notes to Consolidated Financial Statements (unaudited)

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.	Quantitative and Qualitative Disclosures about Market Risk

Item 4.	Controls and Procedures


PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings

Item 1A.	Risk Factors

Item 2.	Changes in Securities

Item 3.	Defaults upon Senior Securities

Item 4.	Submission of Matters to a Vote of Security Holders

Item 5.	Other Information

Item 6.	Exhibits and Reports on Form 8-K

PART 1 – FINANCIAL INFORMATION

ITEM NO. 1

CONSOLIDATED FINANCIAL STATEMENTS

SECURITY CAPITAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollar amounts presented in thousands)
	(Unaudited)
	Mar. 31,			Dec. 31,
	2011			2010
ASSETS
Cash and due from banks	$	16,523		$	14,822
Interest-bearing deposits with banks		955			442
Total cash and cash equivalents		17,478			15,264
Federal funds sold		38,270			31,270
Certificates of deposit with other banks		1,538			1,778
Securities available-for-sale		131,353			124,447
Securities held-to-maturity, estimated fair value of		43,667			33,095
$43,379 in 2011 and $32,541 in 2010
Securities, other		1,933			1,933
Total securities		176,953			159,475
Loans, less allowance for loan losses of
$4,809 in 2011 and $4,477 in 2010		241,751			243,287
Interest receivable		3,038			2,902
Premises and equipment		22,679			22,922
Other real estate		19,809			20,272
Intangible assets		3,874			3,874
Cash surrender value of life insurance		6,716			6,650
Customers' liability acceptances		1,126			1,142
Other assets		3,260			3,646
Total Assets	$	536,492		$	512,482
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Noninterest-bearing deposits	$	77,616		$	74,022
Time deposits of $100,000 or more		75,639			80,885
Other interest-bearing deposits		279,826			253,836
Total deposits		433,081			408,743
Interest payable		267			419
Acceptances outstanding		1,126			1,142
Borrowed funds		25,290			26,970
Other liabilities		3,997			3,295
Total Liabilities		463,761			440,569

Shareholders' equity:
Preferred stock - $1,000 par value, 25,000 shares
authorized, 17,910 shares issued		17,805			17,742
Common stock - $5 par value, 10,000,000 shares
authorized, 2,890,811 shares issued		14,454			14,454
Surplus		38,518			40,733
Retained earnings (deficit)		461			(2,214	)
Accumulated other comprehensive income		1,531			1,236
Treasury stock, at par, 7,602 shares		(38	)		(38	)
Total Shareholders' Equity		72,731			71,913
Total Liabilities and Shareholders' Equity	$	536,492		$	512,482

SECURITY CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollar amounts presented in thousands)
	(Unaudited)
	For the three months
	ended March 31,
	2011			2010
INTEREST INCOME
Interest and fees on loans	$	3,468		$	3,701
Interest and dividends on securities		1,148			1,135
Federal funds sold		18			10
Other		1			27
Total interest income		4,635			4,873

INTEREST EXPENSE
Interest on deposits		604			862
Interest on borrowings		175			189
Total interest expense		779			1,051

Net Interest Income		3,856			3,822

Provision for loan losses		430			276
Net interest income after provision
for loan losses		3,426			3,546

OTHER INCOME
Service charges on deposit accounts		971			1,044
Trust Department income		224			231
Other income		399			219
Total other income		1,594			1,494

OTHER EXPENSES
Salaries and employee benefits		2,519			2,623
Occupancy expense		563			603
Other operating expense		1,346			1,188
Total other expenses		4,428			4,414

INCOME BEFORE PROVISION
FOR INCOME TAXES		592			626

PROVISION (BENEFIT) FOR INCOME TAXES		(36	)		11

NET INCOME		628			615
Preferred Dividends		(167	)		(289	)

NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS	$	461		$	326

BASIC NET INCOME PER COMMON SHARE	$	0.16		$	0.11


SECURITY CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollar amounts presented in thousands)

	(Unaudited)
	For the three months
	ended March 31,
		2011		2010

Net income		$	628	$	615

Other comprehensive income, net of tax:

Unrealized holding gains/(losses)			295		585

Comprehensive Income		$	923	$	1,200

SECURITY CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts presented in thousands)
	(Unaudited)
	Three months ended
	March 31,
	2011			2010

CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$	628		$	615
Adjustments to reconcile net income to
net cash provided by operating activities:
Provision for loan losses		430			276
Amortization of premiums and discounts on securities, net		429			379
Depreciation and amortization		302			305
FHLB stock dividend		(1	)		(2	)
(Gain) loss on sale/disposal of other assets, net		(34	)		(18	)
Changes in:
Interest receivable		(136	)		81
Cash value of life insurance, net		(66	)		(56	)
Other assets		436			(55	)
Interest payable		(152	)		(112	)
Other liabilities		496			832
Net cash provided by operating activities		2,332			2,245

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of securities available-for-sale		(12,626	)		(32,161	)
Proceeds of maturities and calls of securities available-for-sale		5,847			11,962
Purchase of securities held-to-maturity		(13,278	)		-
Proceeds of maturities and calls of securities held-to-maturity		2,620			245
Additions to premises and equipment		(27	)		(8	)
Proceeds from sale of other assets		808			464
Changes in:
Loans		730			3,055
Federal funds sold		(7,000	)		(17,450	)
Certificates of deposits with other banks		240			-
Net cash used in investing activities		(22,686	)		(33,893	)

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on preferred stock		(90	)		(229	)
Changes in:
Deposits		24,338			33,474
Repayment of debt		(2,044	)		(2,194	)
Proceeds from issuance of debt		364			382
Net cash provided by financing activities		22,568			31,433

Net increase (decrease) in cash and cash equivalents		2,214			(215	)

Cash and cash equivalents at beginning of period		15,264			17,045

Cash and cash equivalents at end of period	$	17,478		$	16,830

Supplemental Disclosures of Cash Flow Information

Cash paid during the period for:
Interest	$	931		$	1,163
Income taxes		-			-

Non-cash activities:
Transfer of loans to other real estate and repossessed inventory	$	422		$	723

SECURITY CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included. Operating results for the three months ended March 31, 2011, are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. For further information, please refer to the Company’s Form 10-K filed March 15, 2011, which includes the consolidated financial statements and footnotes for the year ended December 31, 2010.

NOTE B – SUMMARY OF ORGANIZATION

Security Capital Corporation (the “Company”) was incorporated September 16, 1982, under the laws of the State of Mississippi for the purpose of acquiring First Security Bank and serving as a one-bank holding company.

First Security Bank (the “Bank” or the “subsidiary Bank”) and Batesville Security Building Corporation are wholly-owned subsidiaries of the Company.

First Security Bank was originally chartered under the laws of the State of Mississippi on October 25, 1951, and engages in a wide range of commercial banking activities and emphasizes its local management, decision-making and ownership. The Bank offers a full range of banking services designed to meet the basic financial needs of its customers. These services include checking accounts, NOW accounts, money market deposit accounts, savings accounts, certificates of deposit, and individual retirement accounts. The Bank also offers a wide range of personal and corporate trust services and commercial, agricultural, mortgage and personal loans. First Security Bank has branch locations in the following Mississippi communities: Batesville, Pope, Sardis, Como, Crenshaw, Tunica, Hernando, Marks, Olive Branch, Robinsonville, Southaven and Barton.

Batesville Security Building Corporation, the non-bank subsidiary, was chartered under the laws of the State of Mississippi on June 23, 1971, generally, to deal in and manage real estate and personal property.

NOTE C – SECURITIES

A summary of amortized cost and estimated fair value of securities available-for-sale and securities held-to-maturity at March 31, 2011 and December 31, 2010, follows:

Securities
Amortized Cost and Fair Values

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2011
Securities available-for-sale:
U. S. Government agencies	$	27,659	$	43	$	100	$	27,602
Mortgage-backed securities		40,615		1,629		64		42,180
State and local political subdivisions		60,635		1,190		269		61,556
Other equity securities		4		11		-		15

	$	128,913	$	2,873	$	433	$	131,353

Securities held-to-maturity:
U. S. Government agencies	$	35,221	$	17	$	421	$	34,817
State and local political subdivisions		8,446		119		3		8,562
	$	43,667	$	136	$	424	$	43,379

December 31, 2010
Securities available-for-sale:
U. S. Government agencies	$	21,242	$	51	$	143	$	21,150
Mortgage-backed securities		41,733		1,688		112		43,309
State and local political subdivisions		59,497		929		451		59,975
Other equity securities		4		9		-		13

	$	122,476	$	2,677	$	706	$	124,447

Securities held-to-maturity:
U. S. Government agencies	$	25,578	$	5	$	600	$	24,983
State and local political subdivisions		7,517		84		43		7,558
	$	33,095	$	89	$	643	$	32,541

The details concerning securities classified as available-for-sale and held-to-maturity with unrealized losses as of March 31, 2011 and December 31, 2010, were as follows:

Securities
Unrealized Losses < and > 12 Months

Available-for-Sale


	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
March 31, 2011
U. S. Government
agencies	$	17,217	$	101	$	-	$	-	$	17,217	$	101
Mortgage-backed
securities		11,830		63		-		-		11,830		63
State and local political
subdivisions		9,619		199		1,717		70		11,336		269
	$	38,666	$	363	$	1,717	$	70	$	40,383	$	433

December 31, 2010
U. S. Government
agencies	$	8,924	$	143	$	-	$	-	$	8,924	$	143
Mortgage-backed
securities		11,524		112		-		-		11,524		112
State and local political
subdivisions		17,202		369		1,236		82		18,438		451
	$	37,650	$	624	$	1,236	$	82	$	38,886	$	706

Held-to-Maturity

	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
March 31, 2011
U. S. Government
agencies	$	29,786	$	421	$	-	$	-	$	29,786	$	421
State and local political
subdivisions		503		3		-		-		503		3
	$	30,289	$	424	$	-	$	-	$	30,289	$	424

December 31, 2010
U. S. Government
agencies	$	19,675	$	600	$	-	$	-	$	19,675	$	600
State and local political
subdivisions		2,144		43		-		-		2,144		43
	$	21,819	$	643	$	-	$	-	$	21,819	$	643

NOTE D - LOANS

Loans
Major Classifications

Major classifications of loans were as follows:
	March 31,			December 31,
	2011			2010
	(In thousands)

Commercial, financial and agricultural	$	36,450		$	33,347
Real estate - construction and development		58,544			56,673
Real estate - mortgage		129,387			134,964
Installment loans to individuals		20,793			20,186
Other		1,386			2,594
		246,560			247,764
Less allowance for loan losses		(4,809	)		(4,477	)
	$	241,751		$	243,287

Transactions in the allowance for loan losses were as follows:

	Three Months Ended March 31,
	2011			2010
	(In thousands)
Balance at beginning of period	$	4,477		$	4,352
Provision for loan losses		430			276
Loans charged-off		(300	)		(711	)
Recoveries on loans previously charged-off		202			226
Balance at end of period	$	4,809		$	4,143

The following table provides the ending balances in the Company’s loans and allowance for loan losses, broken down by portfolio segment as of March 31, 2011 and December 31, 2010. The table also provides additional detail as to the amount of our loans and allowance that corresponds to individual versus collective impairment evaluation. The impairment evaluation corresponds to the Company’s systematic methodology for estimating its Allowance for Loan Losses.

March 31, 2011
			Installment		Commercial,
			and		Financial
	Real Estate		Other		and Agriculture		Total
	(In thousands)
Loans
Individually evaluated	$	43,586	$	28	$	1,075	$	44,689
Collectively evaluated		144,345		22,151		35,375		201,871
Total	$	187,931	$	22,179	$	36,450	$	246,560

Allowance for Loan Losses
Individually evaluated	$	3,280	$	1	$	11	$	3,292
Collectively evaluated		1,076		235		206		1,517
Total	$	4,356	$	236	$	217	$	4,809

December 31, 2010
			Installment		Commercial,
			and		Financial
	Real Estate		Other		and Agriculture		Total
	(In thousands)
Loans
Individually evaluated	$	44,284	$	28	$	950	$	45,262
Collectively evaluated		147,359		22,752		32,391		202,502
Total	$	191,643	$	22,780	$	33,341	$	247,764

Allowance for Loan Losses
Individually evaluated	$	2,870	$	1	$	8	$	2,879
Collectively evaluated		1,136		215		247		1,598
Total	$	4,006	$	216	$	255	$	4,477

At March 31, 2011, and December 31, 2010, loans lines of $250,000 and greater, rated substandard or lower, were analyzed for impairment. The following is a summary comparison of the analysis for impairment.

	March 31,		December 31,
	2011		2010
	(In thousands)
Loans analyzed for impairment
without a valuation allowance	$	25,464,559	$	28,171,248
Loans analyzed for impairment
with a valuation allowance		19,224,857		17,090,793
Total impaired loans	$	44,689,416	$	45,262,041
Valuation allowance related to impaired loans	$	3,292,000	$	2,879,000

The following table provides additional detail of loans lines of $250,000 and greater, rated substandard or lower which were analyzed for impairment and reflects the breakdown according to class as of March 31, 2011, and December 31, 2010. The recorded investment included in the following table represents customer balances net of any partial charge-offs recognized on the loans, net of any deferred fees and costs. As a majority of these loans at March 31, 2011, and December 31, 2010, are on nonaccrual status, recorded investment excludes any insignificant amount of accrued interest receivable on loans 90 days or more past due and still accruing. The unpaid balance represents the recorded balance prior to any partial charge-offs.

March 31, 2011
							Average		Interest
							Recorded		Income
	Recorded		Unpaid		Related		Investment		Recognized
	Investment		Balance		Allowance		YTD		YTD
	(In thousands)
Loans analyzed for
impairment with
no related allowance:
Commercial, financial, and agricultural	$	772	$	772	$	-	$	761	$	10
Real estate-construction and development		17,163		17,163		-		17,262		171
Real estate-mortgage		7,530		7,530		-		7,474		86
Installment loans and other		-		-		-		-		-
Total	$	25,465	$	25,465	$	-	$	25,497	$	267
Loans analyzed for
impairment with
a related allowance:
Commercial, financial, and agricultural	$	283	$	303	$	11	$	319	$	3
Real estate-construction and development		12,687		12,687		2,085		12,486		65
Real estate-mortgage		6,226		6,502		1,195		6,000		32
Installment loans and other		28		28		1		28		-
Total	$	19,224	$	19,520	$	3,292	$	18,833	$	100
Total loans analyzed for
impairment:
Commercial, financial, and agricultural	$	1,055	$	1,075	$	11	$	1,080	$	13
Real estate-construction and development		29,850		29,850		2,085		29,748		236
Real estate-mortgage		13,756		14,032		1,195		13,474		118
Installment loans and other		28		28		1		28		-
Total Impaired Loans	$	44,689	$	44,985	$	3,292	$	44,330	$	367

December 31, 2010
							Average		Interest
							Recorded		Income
	Recorded		Unpaid		Related		Investment		Recognized
	Investment		Balance		Allowance		YTD		YTD
	(In thousands)
Impaired loans with
no related allowance:
Commercial, financial, and agricultural	$	623	$	623	$	-	$	580	$	29
Real estate-construction and development	$	17,886	$	17,886		-		20,360		762
Real estate-mortgage	$	9,662	$	9,662		-		9,759		377
Installment loans and other	$	-	$	-		-		-		-
Total	$	28,171	$	28,171			$	30,699	$	1,168
Impaired loans with
a related allowance:
Commercial, financial, and agricultural	$	327	$	347	$	8	$	338	$	12
Real estate-construction and development	$	12,030	$	12,030		1,667		10,788		364
Real estate-mortgage	$	4,706	$	4,982		1,203		4,784		192
Installment loans and other	$	28	$	28		1		31		1
Total	$	17,091	$	17,387	$	2,879	$	15,941	$	569
Total Impaired Loans
Commercial, financial, and agricultural	$	950	$	970	$	8	$	918	$	41
Real estate-construction and development		29,916		29,916		1,667		31,148		1,126
Real estate-mortgage		14,368		14,644		1,203		14,543		569
Installment loans and other		28		28		1		31		1
Total Impaired Loans	$	45,262	$	45,558	$	2,879	$	46,640	$	1,737

The following table summarizes by class the Company’s loans classified as past due in excess of 30 days or more in addition to those loans classified as non-accrual:

March 31, 2011
			90 Days +
		30-89	Past Due
	Days Past		and Still		Non-Accrual		Total		Total
	Due		Accruing		Loans		Past Due		Loans
	(In thousands)

Commercial, financial	$	762	$	-	$	276	$	1,038	$	36,450
and agricultural
Real estate - construction
and development		722		-		4,626		5,348		58,544
Real estate - mortgage		3,247		-		4,633		7,880		129,387
Installment loans to individuals		688		-		87		775		20,793
Other		14		1		-		15		1,386
Total	$	5,433	$	1	$	9,622	$	15,056	$	246,560

December 31, 2010
			90 Days +
		30-89	Past Due
	Days Past		and Still		Non-Accrual		Total		Total
	Due		Accruing		Loans		Past Due		Loans
	(In thousands)

Commercial, financial	$	238	$	29	$	326	$	593	$	33,347
and agricultural
Real estate - construction
and development		1,016		-		3,856		4,872		56,673
Real estate - mortgage		2,070		-		5,237		7,307		134,964
Installment loans to individuals		842		-		165		1,007		20,186
Other		67		34		-		101		2,594
Total	$	4,233	$	63	$	9,584	$	13,880	$	247,764

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company uses the following definitions for risk ratings, which are consistent with the definitions used in supervisory guidance:

Special Mention: Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans.

As of March 31, 2011, and December 31, 2010, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

March 31, 2011
	Real Estate				Installment
	Commercial &		Real Estate		and		Financial
	Development		Mortgage		Other		and Agriculture		Total
	(In thousands)
Pass	$	16,181	$	101,386	$	21,071	$	27,229	$	165,867
Special Mention		11,742		11,131		614		7,653		31,140
Substandard		30,621		16,876		494		1,570		49,561
Doubtful		-		-		-		-		-
Subtotal		58,544		129,393		22,179		36,452		246,568
Less: Unearned
Discount		-		6		-		2		8
Loans, net of
unearned discount	$	58,544	$	129,387	$	22,179	$	36,450	$	246,560

December 31, 2010

Real Estate

Installment

Commercial,

Commercial &

Real Estate

and

Financial

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SECURITY CAPITAL CORP/MS - FORM 10-Q - May 9, 2011