BIRMINGHAM, Ala.–(BUSINESS WIRE)–SouthPoint Bancshares, Inc. (SOUB), the parent company of SouthPoint Bank, announced a net income of $4,998,209, or $2.50 per share, for the year ended December 31, 2019, as compared to a net income $4,362,733, or $2.18 per share, for the year ended December 31, 2018.
“We had another record year in 2019 continuing the momentum from the last five years,” said Steve Smith, Chairman, President and CEO.
Earnings per share were up 13 percent, while pre-tax income was up 18 percent over 2018.
Declining interest rates during the year boosted home mortgage production. The mortgage division increased after tax earnings from $737,000 to $1,348,000 from 2018 to 2019, an increase of 82.9 percent.
“Our performance in the home mortgage area is significantly better than the median community bank in Alabama when measured by percentage of non-interest income to our total assets produced by the team and their business model,” said Smith.
From 2018 to 2019, the bank grew 12.4 percent from $365.1 million to $410.1 million. The home mortgage division opened a new branch in Alexander City, AL, and the bank plans to continue to grow.
“Our entire team is focused on growing the bank in a safe and sound manner. Over time, we will consistently add value to our shares with our existing business model. We will attempt to find partners in the community bank space that could enhance our franchise and increase our growth rate,” said Smith.
The 2019 audited financial statements along with the shareholder report 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 $410 million and has four bank branches in Birmingham, Gardendale, Trussville and Wilsonville. The bank also operates a full-service mortgage division with six branches throughout the state of Alabama.
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.
AVP – Marketing
For Investor Relations