Southfirst Bkshr (AMEX:SZB)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Southfirst Bkshr Charts. Click Here for more Southfirst Bkshr Charts.](/p.php?pid=staticchart&s=A%5ESZB&p=8&t=15)
SouthFirst Bancshares, Inc. (AMEX:SZB) (the "Company "),
today announced net income of $24,449 for the three months ended
December 31, 2005, representing a decrease of $97,726, or 79.9%, when
compared to the same period during fiscal year 2005. Further, basic
earnings per weighted average common share, based on 708,885 shares
outstanding for the three-month period ended December 31, 2005, and
709,406 shares outstanding for the three-month period ended December
31, 2004, was $0.03 and $0.17, respectively.
Sandra H. Stephens, CEO, commented that "the decrease in our
three-month earnings is primarily the result of a decrease in net
interest income, before provision for loan losses, of approximately
$120,000 and a decrease in non-interest income for the three month
period ended December 31, 2005." Ms Stephens further stated,
"Non-interest income decreased approximately $23,000, which was
attributable to a decrease in fees generated from the sale of loans
due to decreased loan production in a rising rate environment. This
was partially offset by a decrease in non-interest expense of
approximately $14,000, which resulted from a decrease in compensation
and benefits, data processing and legal fees."
Ms. Stephens additionally commented, "Pension & Benefit Trust
Company continues to contribute non-interest income through the
generation of fees from its trust and retirement plan services.
Management is striving to improve the Company's core earnings by
addressing additional expense reductions in combination with our
continued efforts in generating additional income from our banking
operations and other wholly-owned subsidiaries."
In addition, Ms. Stephens stated that "the Company, as previously
announced, declared a regular dividend of $0.10 per share for our
fiscal quarter ended December 31, 2005. This dividend is payable on
February 20, 2006 to shareholders of record on February 4, 2006. This
is the forty-fifth consecutive quarterly dividend to be declared by
the Company since the consummation, on February 13, 1995, of the
Company's initial public offering of shares of its common stock.
SouthFirst Bancshares, Inc. is a thrift holding company that owns
all of the outstanding shares of stock of SouthFirst Bank, formerly
known as First Federal of the South with offices located in Sylacauga,
Talladega, Clanton and Birmingham.
Please contact Sandra H. Stephens, Chief Executive Officer, at
(256) 245-4365, with any questions or requests for additional
information.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
Certain statements in the 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 for
2005 and beyond 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.