Southern First Bancshares Inc. (SFST, Financial) filed Quarterly Report for the period ended 2010-09-30.
Southern First Bancshares Inc. has a market cap of $20.2 million; its shares were traded at around $6.558 with and P/S ratio of 0.5. Southern First Bancshares Inc. had an annual average earning growth of 2.7% over the past 5 years.
Our net income was $450,000 and $1.3 million for the nine months ended September 30, 2010 and 2009, respectively, a decrease of $817,000, or 64.5%. The decrease in net income resulted primarily from a $2.2 million increase in the provision for loan losses and $450,000 impairment charge on an investment security, partially offset by a $1.1 million gain on sale of investment securities. In addition, net interest income increased by $579,000 and noninterest income, excluding the gain on sale and impairment charge on investment securities, increased by $123,000, while income tax expense decreased by $449,000. Offsetting these increases in income was a $457,000 increase in noninterest expenses. After our dividend payments to the US Treasury as our preferred shareholder, the net loss to common shareholders for the first nine months of 2010 was $555,000. Our efficiency ratio, excluding the gain on sale of investments, impairment charge, and real estate owned activity, was 70.7% for the nine months ended September 30, 2010 compared to 70.8% for the same period in 2009. The efficiency ratio remained virtually unchanged for the nine months ended September 30, 2010 compared the same period in 2009 as the increase in net interest income for the 2010 period was offset by additional general and administrative expenses during the same time period.
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 September 30, 2010 and 2009 our net interest income was $5.2 million and $5.0 million, respectively. Our average earning assets increased $10.5 million during the three months ended September 30, 2010 compared to the average for the three months ended September 30, 2009, while our interest bearing liabilities increased only $2.8 million due to the majority of our deposit growth being in non-interest bearing liabilities. The increase in average earning assets is primarily related to a $10.0 million increase in our average loans while the increase in average interest-bearing liabilities is related to a $42.7 million increase in interest bearing deposits, partially offset by a $39.9 million decrease in notes payable and other borrowings.
Our net interest income was $14.9 million and $14.3 million for the nine month periods ended September 30, 2010 and 2009, respectively. During the nine months ended September 30, 2010, our average earning assets increased $19.3 million and our average interest bearing liabilities increased only $10.3 million compared to the nine months ended September 30, 2009 due to the majority of our deposit growth being in non-interest bearing liabilities. The increase in average earning assets is primarily related to a $12.3 million increase in our average loans and a $7.9 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $37.5 million increase in interest bearing deposits, partially offset by a $27.2 million decrease in notes payable and other borrowings.
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Southern First Bancshares Inc. has a market cap of $20.2 million; its shares were traded at around $6.558 with and P/S ratio of 0.5. 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 $337,000 and $424,000 for the three months ended September 30, 2010 and 2009, respectively, a decrease of $87,000, or 20.5%. The decrease in net income resulted primarily from a $190,000 increase in the provision for loan losses and a $450,000 impairment charge on an investment security, partially offset by a $281,000 increase in net interest income and a $269,000 decrease in noninterest expenses. After our dividend payment to the US Treasury as our preferred shareholder, net income to common shareholders for the third quarter of 2010 was $5,000. Our efficiency ratio, excluding the gain on sale of investments, impairment charge, and real estate owned activity, was 61.7% for the three months ended September 30, 2010 compared to 69.1% for the same period in 2009. The improvement in the efficiency ratio relates primarily to the increase in net interest income and decrease in compensation costs during the third quarter 2010.Our net income was $450,000 and $1.3 million for the nine months ended September 30, 2010 and 2009, respectively, a decrease of $817,000, or 64.5%. The decrease in net income resulted primarily from a $2.2 million increase in the provision for loan losses and $450,000 impairment charge on an investment security, partially offset by a $1.1 million gain on sale of investment securities. In addition, net interest income increased by $579,000 and noninterest income, excluding the gain on sale and impairment charge on investment securities, increased by $123,000, while income tax expense decreased by $449,000. Offsetting these increases in income was a $457,000 increase in noninterest expenses. After our dividend payments to the US Treasury as our preferred shareholder, the net loss to common shareholders for the first nine months of 2010 was $555,000. Our efficiency ratio, excluding the gain on sale of investments, impairment charge, and real estate owned activity, was 70.7% for the nine months ended September 30, 2010 compared to 70.8% for the same period in 2009. The efficiency ratio remained virtually unchanged for the nine months ended September 30, 2010 compared the same period in 2009 as the increase in net interest income for the 2010 period was offset by additional general and administrative expenses during the same time period.
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 September 30, 2010 and 2009 our net interest income was $5.2 million and $5.0 million, respectively. Our average earning assets increased $10.5 million during the three months ended September 30, 2010 compared to the average for the three months ended September 30, 2009, while our interest bearing liabilities increased only $2.8 million due to the majority of our deposit growth being in non-interest bearing liabilities. The increase in average earning assets is primarily related to a $10.0 million increase in our average loans while the increase in average interest-bearing liabilities is related to a $42.7 million increase in interest bearing deposits, partially offset by a $39.9 million decrease in notes payable and other borrowings.
Our net interest income was $14.9 million and $14.3 million for the nine month periods ended September 30, 2010 and 2009, respectively. During the nine months ended September 30, 2010, our average earning assets increased $19.3 million and our average interest bearing liabilities increased only $10.3 million compared to the nine months ended September 30, 2009 due to the majority of our deposit growth being in non-interest bearing liabilities. The increase in average earning assets is primarily related to a $12.3 million increase in our average loans and a $7.9 million increase in federal funds sold, while the increase in average interest-bearing liabilities is related to a $37.5 million increase in interest bearing deposits, partially offset by a $27.2 million decrease in notes payable and other borrowings.
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