Southern First Bancshares Inc. (SFST, Financial) filed Quarterly Report for the period ended 2010-06-30.
Southern First Bancshares Inc. has a market cap of $19.8 million; its shares were traded at around $6.3 with and P/S ratio of 0.52. Southern First Bancshares Inc. had an annual average earning growth of 2.7% over the past 5 years.
Our net income was $113,000 and $843,000 for the six months ended June 30, 2010 and 2009, respectively, a decrease of $730,000, or 86.6%. The decrease in net income resulted primarily from a $2.0 million increase in the provision for loan losses, partially offset by a $1.1 million gain on sale of investment securities. In addition, net interest income increased by $298,000 and noninterest income, excluding the gain on sale of investment securities, increased by $118,000 while income tax expense decreased by $451,000. Offsetting these increases in income, was a $726,000 increase in noninterest expenses. After our dividend payment to the US Treasury as preferred shareholder, the net loss to common shareholders for the first six months was $560,000. Our efficiency ratio, excluding the gain on sale of investments and real estate owned activity, was 75.7% for the six months ended June 30, 2010 compared to 71.7% for the same period in 2009. The higher efficiency ratio relates primarily to the additional administrative costs associated with our new regional headquarters in Columbia, South Carolina.
Our level of net interest income is determined by the level of earning assets and the management of our net interest margin. For each of the three month periods ended June 30, 2010 and 2009 our net interest income was $4.9 million. Our average earning assets increased $25.8 million during the three months ended June 30, 2010 compared to the average for the three months ended June 30, 2009, while our interest bearing liabilities increased only $18.7 million. The increase in average earning assets is primarily related to a $13.9 million increase in our average loans and a $10.0 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $42.6 million increase in interest bearing deposits, partially offset by a $23.9 million decrease in notes payable and other borrowings.
Our net interest income was $9.7 million and $9.4 million for the six month periods ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010, our average earning assets increased $23.8 million and our average interest bearing liabilities increased $14.1 million compared to the six months ended June 30, 2009. The increase in average earning assets is primarily related to a $13.5 million increase in our average loans and a $9.9 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $34.9 million increase in interest bearing deposits, partially offset by a $20.8 million decrease in notes payable and other borrowings.
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Southern First Bancshares Inc. has a market cap of $19.8 million; its shares were traded at around $6.3 with and P/S ratio of 0.52. Southern First Bancshares Inc. had an annual average earning growth of 2.7% over the past 5 years.
Highlight of Business Operations:
Our net income was $94,000 and $355,000 for the three months ended June 30, 2010 and 2009, respectively, a decrease of $261,000, or 73.5%. The decrease in net income resulted primarily from a $1.3 million increase in the provision for loan losses, partially offset by a $1.1 million gain on sale of investment securities. In addition, net interest income decreased by $22,000; noninterest income, excluding the gain on sale of investment securities, decreased by $22,000; noninterest expenses increased by $147,000 and our income tax expense decreased by $167,000. After our dividend payment to the US Treasury as preferred shareholder, the net loss to common shareholders for the second quarter of 2010 was $238,000. Our efficiency ratio, excluding the gain on sale of investments and real estate owned activity, was 76.0% for the three months ended June 30, 2010 compared to 72.9% for the same period in 2009. The deterioration in the efficiency ratio relates primarily to the additional administrative costs associated with our new regional headquarters in Columbia, South Carolina.Our net income was $113,000 and $843,000 for the six months ended June 30, 2010 and 2009, respectively, a decrease of $730,000, or 86.6%. The decrease in net income resulted primarily from a $2.0 million increase in the provision for loan losses, partially offset by a $1.1 million gain on sale of investment securities. In addition, net interest income increased by $298,000 and noninterest income, excluding the gain on sale of investment securities, increased by $118,000 while income tax expense decreased by $451,000. Offsetting these increases in income, was a $726,000 increase in noninterest expenses. After our dividend payment to the US Treasury as preferred shareholder, the net loss to common shareholders for the first six months was $560,000. Our efficiency ratio, excluding the gain on sale of investments and real estate owned activity, was 75.7% for the six months ended June 30, 2010 compared to 71.7% for the same period in 2009. The higher efficiency ratio relates primarily to the additional administrative costs associated with our new regional headquarters in Columbia, South Carolina.
Our level of net interest income is determined by the level of earning assets and the management of our net interest margin. For each of the three month periods ended June 30, 2010 and 2009 our net interest income was $4.9 million. Our average earning assets increased $25.8 million during the three months ended June 30, 2010 compared to the average for the three months ended June 30, 2009, while our interest bearing liabilities increased only $18.7 million. The increase in average earning assets is primarily related to a $13.9 million increase in our average loans and a $10.0 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $42.6 million increase in interest bearing deposits, partially offset by a $23.9 million decrease in notes payable and other borrowings.
Our net interest income was $9.7 million and $9.4 million for the six month periods ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010, our average earning assets increased $23.8 million and our average interest bearing liabilities increased $14.1 million compared to the six months ended June 30, 2009. The increase in average earning assets is primarily related to a $13.5 million increase in our average loans and a $9.9 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $34.9 million increase in interest bearing deposits, partially offset by a $20.8 million decrease in notes payable and other borrowings.
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