Southern First Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 27, 2015 at 10:27 am
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Southern First Bancshares, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported interest income of $10,560,000 against $9,363,000 a year ago. Net interest income was $8,834,000 against $7,649,000 a year ago. Income before provision for income taxes was $2,911,000 against $2,040,000 a year ago. Net income was $1,983,000 against $1,439,000 a year ago. Net income available to common shareholders was $1,766,000 against $1,248,000 a year ago. Diluted earnings per share were $0.30 against diluted earnings per share of $0.27 a year ago. Book value per common share was $11.66 against $11.66 a year ago. Return on average assets was 0.78% against 0.65% a year ago. Return on average equity was 9.46% against 8.65% a year ago.
For the year, the company reported interest income of $39,948,000 against $36,118,000 a year ago. Net interest income was $33,040,000 against $29,021,000 a year ago. Income before provision for income taxes was $9,738,000 against $5,695,000 a year ago. Net income was $6,625,000 against $5,120,000 a year ago. Net income available to common shareholders was $5,710,000 against $4,369,000 a year ago. Diluted earnings per share were $1.10 against diluted earnings per share of $0.98 a year ago. Return on average assets was 0.74% against 0.65% a year ago. Return on average equity was 9.86% against 8.80% a year ago. The increase in noninterest income during the three and twelve month periods ended
December 31, 2014 relates primarily to increases in loan fee income and other income, as well as a $230,000 gain on sale of investment securities which occurred during the second quarter of 2014.
Southern First Bancshares, Inc. is a bank holding company. The Companyâs primary business is to serve as the holding company for Southern First Bank (the Bank). The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the Federal Deposit Insurance Corporation (the FDIC), and providing commercial, consumer and mortgage loans to the general public. The Company, through the Bank, provides a range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time, and savings deposits; lending services; automated teller machine (ATM) processing and mortgage banking services. In addition to deposit and loan services, it offer other bank services such as Internet banking, cash management, safe deposit boxes, direct deposit, automatic drafts, bill payment and mobile banking services. The Bank has approximately eight retail offices.