Southern First Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012
January 22, 2013 at 09:36 am
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Southern First Bancshares, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest income of $8.817 million compared to $8.799 million a year ago. Net interest income was $6.780 million compared to $6.111 million a year ago. Income before provision for income taxes was $1.674 million compared to $0.566 million a year ago. Net income available to common shareholders was $0.929 million or $0.21 per diluted share compared to $0.152 million or $0.04 per diluted share a year ago. Return on average assets was 0.57% compared to 0.23% a year ago. Return on average equity was 6.99% compared to 2.79% a year ago.
For the year, the company reported interest income of $34.698 million compared to $35.142 million a year ago. Net interest income was $25.996 million compared to $23.288 million a year ago. Income before provision for income taxes was $5.695 million compared to $2.921 million a year ago. Net income available to common shareholders was $2.758 million or $0.63 per diluted share compared to $0.944 million or $0.22 per diluted share a year ago. Return on average assets was 0.64% compared to 0.43% a year ago. Return on average equity was 7.66% compared to 5.12% a year ago.
Loan charge-offs for the quarter were $1.2 million and related primarily to two commercial loans and one residential property. During the fourth quarter of 2012, the company recorded $1.1 million in net charge-offs, or 0.69% of average loans on an annualized basis.
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.
Southern First Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012