Southern First Bancshares, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 26, 2016 at 09:04 am EST
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Southern First Bancshares, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported interest income of $12.147 million against $10.560 million a year ago. Net interest income was $10.131 million against $8.834 million a year ago. Income before provision for income taxes was $4.236 million against $2.911 million a year ago. Net income available to common shareholders was $2.853 million or $0.43 per diluted share against $1.766 million or $0.30 per diluted share a year ago. Book value per share as on December 31, 2015 $14.98 against $13.34 as on December 31, 2014. Total revenue was $12.166 million against $10.567 million a year ago. Return on average assets was 0.93% against 0.78% a year ago. Return on average equity was 12.11% against 9.46% a year ago.
For the year, the company reported interest income of $46.030 million against $39.948 million a year ago. Net interest income was $38.529 million against $33.040 million a year ago. Income before provision for income taxes was $15.536 million against $9.738 million a year ago. Net income available to common shareholders was $10.167 million or $1.55 per diluted share against $5.710 million or $1.10 per diluted share a year ago.
For the fourth quarter, the company reported net loans charged-off of $0.439 million or 0.17% of average loans, annualized against $0.453 million, or 0.21% of average loans, annualized a year ago.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015