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SouthPoint Bancshares has successfully merged with Merchants Financial Services, creating a combined entity with over $1.0 billion in total assets and $0.9 billion in deposits. The merger expands SouthPoint's banking franchise from Birmingham, Alabama, to include additional locations in Cullman, Hanceville, and Arab. SouthPoint Bank will continue to operate under its name while incorporating Merchants Bank of Alabama as a division. This strategic merger aims to enhance market presence and service offerings.
SouthPoint Bancshares, Inc. (SOUB) reported a net income of
SouthPoint Bancshares, Inc. (SOUB) and Merchants Financial Services, Inc. announced a definitive merger agreement. The transaction includes 50% cash and 50% SouthPoint stock. This merger will enhance SouthPoint's banking presence by adding locations in Cullman, Hanceville, and Arab, targeting an asset total of approximately $1.0 billion and $895 million in deposits. Merchants Bank will operate as a division of SouthPoint Bank, with key leadership changes following the merger. The deal is expected to be accretive to earnings in 2022 and requires shareholder and regulatory approvals.
SouthPoint Bancshares, Inc. (SOUB) reported a robust second quarter for 2021, achieving a net income of $4,626,561 ($2.16 per share), up significantly from $2,604,965 ($1.30 per share) in Q2 2020. Pre-tax and pre-provision income also rose to $7,107,494, compared to $3,942,699 last year. Total assets grew to $632.6 million from $535 million, and total loans increased to $480.6 million from $430.4 million year-over-year. The home mortgage division saw net income rise to $2,514,000 from $1,470,000 year-to-date.
SouthPoint Bancshares, Inc. (SOUB) reported a significant increase in first-quarter earnings for 2021, posting a net income of $2,087,105 ($1.04 per share), compared to $988,188 ($0.49 per share) in Q1 2020. The bank's pre-tax income also rose to $4,782,481 from $2,651,162 year-over-year. Total assets grew to $608 million from $446.9 million, while total loans increased to $457 million from $343.6 million. Notably, the home mortgage division's net income surged by 231% to $1,272,000, up from $384,000 in the previous year.
SouthPoint Bancshares, Inc. (SOUB) reported a net income of $7,389,468, or $3.68 per share, for the year ended December 31, 2020, reflecting a significant increase from $4,917,759 or $2.46 per share in 2019. Earnings per share rose by 50%, with pre-tax income increasing 80%. The mortgage division saw a 290% rise in net income, contributing to a total asset increase of 38.1%.
SouthPoint Bank successfully completed 650 loans worth $73 million during the first round of the Paycheck Protection Program, demonstrating strong community engagement amidst the pandemic.
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