Southern First Bancshares, Inc. (SFST) has reported a 25.89 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.43 million, or $0.51 a share in the quarter, compared with $2.73 million, or $0.41 a share for the same period last year.
Revenue during the quarter grew 17.90 percent to $13.07 million from $11.09 million in the previous year period. Net interest income for the quarter rose 10.59 percent over the prior year period to $10.88 million. Non-interest income for the quarter rose 42.04 percent over the last year period to $3.02 million.
Southern First Bancshares has made provision of $0.82 million for loan losses during the quarter, down 5.71 percent from $0.88 million in the same period last year.
Net interest margin improved 1 basis points to 3.63 percent in the quarter from 3.62 percent in the last year period. Efficiency ratio for the quarter improved to 56.13 percent from 57.44 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"This was an outstanding quarter for Southern First with excellent growth and earnings performance. We are also excited to have introduced our new Raleigh team and to begin building client relationships in the Triangle region," stated Art Seaver, the Company’s chief executive officer.
Assets outpace liabilities growth
Total assets stood at $1,289.75 million as on Sep. 30, 2016, up 9.90 percent compared with $1,173.56 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,173.68 million as on Sep. 30, 2016, up 8.42 percent from $1,082.51 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,099.62 million as on Sep. 30, 2016, up 12.22 percent compared with $ 979.87 million on Sep. 30, 2015. Deposits stood at $1,045.08 million as on Sep. 30, 2016, up 10.72 percent compared with $943.92 million on Sep. 30, 2015. Loans to deposits ratio was 106.60 percent for the quarter, up from 105.22 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $222.16 million or 21.26 percent of total deposits on Sep. 30, 2016, compared with $173.60 million or 18.39 percent of total deposits on Sep. 30, 2015.
Investments stood at $73.62 million as on Sep. 30, 2016, up 2.42 percent or $1.74 million from year-ago. Shareholders equity stood at $106.02 million as on Sep. 30, 2016, up 16.44 percent or $14.97 million from year-ago.
Return on average assets moved up 13 basis points to 1.08 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity increased 111 basis points to 13.10 percent in the quarter from 11.99 percent in the last year period.
Nonperforming assets moved down 23.90 percent or $2.35 million to $7.49 million on Sep. 30, 2016 from $9.84 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.58 percent in the quarter, down from 0.84 percent in the last year period.
Book value per share was $16.61 for the quarter, up 13.92 percent or $2.03 compared to $14.58 for the same period last year.
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