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 $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.
Contacts
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