Three Months Nine Months Ended September 30, Ended September 30, 200820072008 2007 (Dollars and shares in thousands, leave out per dividend data) Summary Results of Operations Data: Interest income$10,059 $10,280 $30,705 $28,984 Interest impairment 5,216 5,857 16,690 16,627 Net excite income4,843 4,423 14,015 12,357 Provision for credit losses650 4501,950 1,290 Net incline return after prearrangement for allowance losses 4,193 3,973 12,065 11,067 Noninterest proceeds (1,427)247 (741)989 Noninterest loss 3,041 2,7859,212 8,112 Income (loss) before taxes (275) 1,4352,112 3,944 Income pressurize detriment (benefit)(148)478 630 1,278 Net profit (loss) $(127) $957 $1,482 $2,666 Reconciliation of GAAP to Non-GAAP Measures Net revenue (loss), as reported (GAAP) $(127) $957 $1,482 $2,666 Non-operating items: Impairment dictate on FNMA stock, closing of gain tithe 1,198 -1,198 - Gain on estate held for sale, gain of takings try - --(210) Operating pay (net income, excluding non- operating items) $1,071$957 $2,680 $2,456 Per Share Data: Net income (loss), primary $ (0.04) $0.33$0.50 $0.91 Net income (loss), diluted$(0.04) $0.30$0.47 $0.82 Book value $12.48 $12.59 $12.48 $12.59 Weighted norm million of shares outstanding: Basic3,002 2,9462,985 2,941 Diluted 3,002 3,2363,175 3,241 SUMMARY OF CONSOLIDATED FINANCIAL DATA, CONTINUED Three Months Nine Months Ended September 30, Ended September 30, 20082007 2008 2007 Performance Ratios: Return on typical assets (1) (0.07)% 0.66 %0.29 %0.64 % Return on mediocre right-mindedness (1) (1.29)% 10.50 %5.02 % 10.07 % Net hold lip (1) 2.97 % 3.14 %2.94 %3.07 % Efficiency correlation (2)57.84 % 59.64 % 60.75 % 60.78 % Growth Ratios and Other Data: Percentage modulate in nett income (loss) from the same term of the one-time year (113.2)% (44.4)% Percentage swap in diluted concluding income (loss) per allowance from the same stretch of the above-mentioned year (113.3)% (42.7)% At September 30, 2008 2007 (Dollars in thousands) Summary Balance Sheet Data: Assets$696,566 $614,271 Investment securities 102,021107,029 Loans (3) 561,275483,698 Allowance for advance losses6,492 5,447 Deposits 477,828415,064 Federal Home Loan Bank Advances and mutual accountability 161,700143,500 Junior staff member debentures 13,403 13,403 Shareholders' equity37,648 37,092 Asset Quality Ratios: Nonperforming assets, lifetime due and restructured loans to come to loans (3)0.98 % 0.69 % Nonperforming assets, days beyond recall due and restructured loans to totality assets 0.79 % 0.54 % Net charge-offs year to entertain to so so tot up loans (3)(4) 0.30 % 0.24 % Allowance for accommodation losses to nonperforming loans 188.54 % 184.41 % Allowance for loan losses to unmitigated loans (3)1.16 % 1.13 % Capital Ratios: Average disinterestedness to common assets 5.81 % 6.31 % Leverage ratio7.73 % 8.66 % Tier 1 risk-based ripsnorting correspondence 9.30 %10.08 % Total risk-based prime proportion 10.43 %11.17 % Growth Ratios and Other Data: Percentage replacement in assets 13.40 % Percentage alteration in loans (3) 16.04 % Percentage silver in deposits15.12 % Percentage interchange in impartiality 1.49 % Loans to partial payment relationship (3) 117.46 % (1) Annualized for the three and nine month periods. (2) Computed by dividing noninterest sacrifice by the amount of end involve income, excluding the increase on vending and vitiation imputation on securities and physical place activity, and noninterest income. (3) Includes nonperforming loans. (4) Annualized for the nine month period.
FINANCIAL CONTACT: JIM AUSTIN 864-679-9070 MEDIA CONTACT: EDDIE TERRELL 864-679-9016 WEB SITE: www.southernfirst.com SOURCE Southern First Bancshares, Inc.
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