SouthPoint Bancshares Announces Q2 2021 Earnings

Rhea-AI Summary

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.

Positive

• Net income increased by 77.5% year-over-year to $4,626,561.
• Earnings per share rose to $2.16, up from $1.30.
• Total assets grew 18.3% to $632.6 million compared to last year.
• Total loans increased by 11.5% to $480.6 million year-over-year.
• Home mortgage division net income increased by 70.8% to $2,514,000.

Negative

• None.

SouthPoint Bancshares, Inc. (SOUB), the parent company of SouthPoint Bank, announced the bank’s second quarter earnings. The bank incurred a net income of $4,626,561, or $2.16 per share, for the second quarter year-to-date ended June 30, 2021, as compared to a net income of $2,604,965, or $1.30 per share, for the second quarter year-to-date ended June 30, 2020. Pre-tax and pre-provision income was $7,107,494 as of June 30, 2021 compared to $3,942,699 on June 30, 2020.

“We have had an outstanding start to the year in all facets of our bank’s business,” said Steve Smith, Chairman, President and CEO. “We look forward to the next half of the year.”

Total assets in June 2021 grew to $632.6 million from $535 million in June 2020, while total loans grew to $480.6 million from $430.4 million in June 2020.

The home mortgage division grew net income to $2,514,000 year-to-date ended June 30, 2021 from $1,470,000 year-to-date ended June 30, 2020.

The unaudited second 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/20210809005127/en/

FAQ

What were the second quarter earnings results for SOUB in 2021?

SOUB reported a net income of $4,626,561, or $2.16 per share for Q2 2021.

How did SOUB's total assets change year-over-year?

Total assets increased to $632.6 million in June 2021 from $535 million in June 2020.

What is the net income growth for SOUB's home mortgage division?

The home mortgage division's net income grew to $2,514,000 year-to-date for 2021, up from $1,470,000 for the same period in 2020.

What was the pre-tax and pre-provision income for SOUB in Q2 2021?

Pre-tax and pre-provision income for SOUB was $7,107,494 as of June 30, 2021.