Southern First Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2016
January 24, 2017 at 07:31 pm IST
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Southern First Bancshares, Inc. reported unaudited earnings results for the fourth quarter and full year ended of December 31, 2016. For the quarter, the company reported net income available to the common shareholders of $3.3 million, or $0.49 per diluted share compared to net income available to common shareholders of $2.9 million, or $0.43 per diluted share, for the fourth quarter of 2015. Return on average assets increased to 1.00% compared to 0.93% for the same period a year ago. Net interest income was $11,299,000 compared to $10,131,000 a year ago. Income before provision for income taxes was $5,142,000 compared to $4,236,000 a year ago.
For the year ended December 31, 2016, the company’s net income to common shareholders was $13.0 million, or $1.94 per diluted share compared to net income available to common shareholders for the year ended December 31, 2015 was $10.2 million, or $1.55 per diluted share. Net interest income was $42,999,000 compared to $38,529,000 a year ago. Income before provision for income taxes was $20,369,000 compared to $15,536,000 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.