SouthPoint Bancshares Announces Q1 2021 Earnings

Rhea-AI Summary

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.

Positive

• Net income increased 111% year-over-year to $2,087,105.
• Earnings per share grew to $1.04 from $0.49.
• Pre-tax and pre-provision income rose to $4,782,481.
• Total assets grew to $608 million, up from $446.9 million.
• Total loans increased to $457 million, compared to $343.6 million.
• Home mortgage division's net income surged 231% to $1,272,000.

Negative

• None.

SouthPoint Bancshares, Inc. (SOUB), the parent company of SouthPoint Bank, announced the bank’s first quarter earnings at its annual shareholder meeting. The bank incurred a net income of $2,087,105, or $1.04 per share, for the first quarter year-to-date ended March 31, 2021, as compared to a net income of $988,188, or $0.49 per share, for the first quarter year-to-date ended March 31, 2020. Pre-tax and pre-provision income was $4,782,481 as of March 31, 2021 compared to $2,651,162 on March 31, 2020.

Total assets in March 2021 grew to $608 million from $446.9 million in March 2020, while total loans grew to $457 million from $343.6 million in March 2020.

The home mortgage division grew net income 231 percent to $1,272,000 year-to-date in March 2021 from $384,000 year-to-date in March 2020.

The unaudited first quarter 2021 financials can be found on SouthPoint Bank’s website at www.southpoint.bank/investors.

About SouthPoint Bancshares, Inc.:

SouthPoint Bancshares, Inc. is the parent company of SouthPoint Bank. SouthPoint was founded in 2005 in Birmingham, Alabama to create a local community bank dedicated to superior customer service for its customers. The bank has assets of approximately $608 million and has five bank branches in Birmingham, Vestavia Hills, Gardendale, Trussville and Wilsonville. The bank also operates a full-service mortgage division with six branches throughout the state of Alabama.

Forward-Looking Statements:

Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210507005539/en/

FAQ

What was SouthPoint Bancshares' net income for the first quarter of 2021?

SouthPoint Bancshares reported a net income of $2,087,105 for the first quarter of 2021.

How much did SouthPoint Bancshares' earnings per share increase in Q1 2021?

Earnings per share increased to $1.04 in Q1 2021, up from $0.49 in Q1 2020.

What were the total assets of SouthPoint Bancshares in March 2021?

Total assets grew to $608 million in March 2021.

How much did the home mortgage division earn in the first quarter of 2021?

The home mortgage division earned $1,272,000 in the first quarter of 2021, a 231% increase from the previous year.