Southern First Reports Results for Fourth Quarter of 2011; Announces 10% Stock Dividend
January 24, 2012
GREENVILLE, SC – January 24, 2011 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, N.A. (also doing business as Greenville First Bank), today announced that net income for the fourth quarter of 2011 was $440 thousand compared to $441 thousand for the fourth quarter of 2010. After dividends paid to the US Treasury on preferred stock, net income available to the common shareholders was $152 thousand compared to $157 thousand for the fourth quarter of 2010. For the year ended December 31, 2011, net income was $2.1 million and net income to common shareholders was $944 thousand. In comparison, net income for the year ended December 31, 2010 was $890 thousand and the net loss to common shareholders was $235 thousand.
2011 Fourth Quarter and Year-end Highlights
- Net income remains flat at $440 thousand for the 4th quarter and improved to $2.1 million for the year
- Net interest margin for the 4th quarter increased to 3.36% compared to 3.03% in the prior year
- Loan balances increased for the quarter and ended the year at $598.6 million compared to $572.4 million at year end 2010
- Core deposit balances increased $18.5 million during the 4th quarter and $56.5 million for the year
- Nonperforming assets, while increasing for the quarter, improved to 1.82% at year end compared to 2.03% at year end 2010
“We are excited about our accomplishments during the fourth quarter as we continue to build positive momentum heading into 2012,” stated Art Seaver, the company’s CEO.
“Based on this momentum, we are pleased to announce a 10% stock dividend for our shareholders and believe that this will improve the overall liquidity of their investment in SFST.” Shareholders of record on February 3, 2012 will receive the additional shares on February 17, 2012, with fractional shares paid in cash. The earnings per share and book value per share amounts for all periods presented have been adjusted to reflect the 10% stock dividend.
About Southern First Bancshares
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company consists of Southern First Bank, N.A., the 7th largest bank headquartered in South Carolina; which also does business as Greenville First Bank, N.A. in Greenville County. Since 1999 Southern First Bancshares has been providing financial services and now operates in six locations in the Greenville and Columbia markets of South Carolina. Southern First Bancshares has assets of approximately $768 million and its stock is traded under the symbol SFST in the NASDAQ Global Market. More information can be found at www.southernfirst.com.
