SouthPoint Bancshares Announces Q3 2021 Earnings

Rhea-AI Summary

SouthPoint Bancshares, Inc. (SOUB) reported a net income of $8,325,994, or $4.12 per share, for the third quarter of 2021, up from $5,306,489, or $2.65 per share, in the same period in 2020. Total assets surged to $671.1 million from $557 million year-over-year, while total loans increased to $537.3 million from $434.2 million. The bank's pre-tax and pre-provision income also rose to $12,249,730 compared to $7,985,302 in 2020.

Positive

• Net income increased by 57% from the previous year.
• Total assets grew by 20.4% year-over-year.
• Total loans also increased significantly by 23.7%.

Negative

• None.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- SouthPoint Bancshares, Inc. (SOUB), the parent company of SouthPoint Bank, announced the bank’s second quarter earnings. The bank incurred a net income of $8,325,994, or $4.12 per share, for the third quarter year-to-date ended September 30, 2021, as compared to a net income of $5,306,489, or $2.65 per share, for the third quarter year-to-date ended September 30, 2020. Pre-tax and pre-provision income was $12,249,730 as of September 30, 2021 compared to $7,985,302 on September 30, 2020.

Total assets in September 2021 grew to $671.1 million from $557 million in September 2020, while total loans grew to $537.3 million from $434.2 million in September 2020.

The unaudited third 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 $671 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/20211117006070/en/

For Media

Mackenzie Brown

AVP – Marketing

mbrown@southpoint.bank

205-637-2309

For Investor Relations

Jeanne Noto

Investor Relations

jnoto@southpoint.bank

205-503-5018

Source: SouthPoint Bancshares, Inc.

FAQ

What were SouthPoint Bancshares' earnings for Q3 2021?

SouthPoint Bancshares reported a net income of $8,325,994, or $4.12 per share for Q3 2021.

How much did SouthPoint's total assets increase in 2021?

Total assets increased to $671.1 million in September 2021 from $557 million in September 2020.

What is the stock symbol for SouthPoint Bancshares?

The stock symbol for SouthPoint Bancshares is SOUB.

What was the pre-tax income for SouthPoint Bancshares in Q3 2021?

The pre-tax and pre-provision income was $12,249,730 as of September 30, 2021.

How did SouthPoint's loan volumes change from 2020 to 2021?

Total loans grew to $537.3 million in September 2021, an increase from $434.2 million in September 2020.