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Southern Community’s net income down 17 percent

October 19th, 2007 · No Comments

Southern Community Financial Corp. (NASDAQ: SCMF) in Winston-Salem, the holding company that owns Southern Community Bank and Trust, reported on Oct. 18 that net income declined by 17 percent to $1.7 million in the third quarter of 2007 compared with the third quarter of 2006.

Diluted earnings decreased 17 percent to 10 cents a share and fell two cents short of the average forecast of analysts surveyed by Zacks Investment Research. The report came out after markets had closed Thursday. At midday today Southern Community’s share price was down 2.8 percent from Thursday’s close.

The bank stated that income from loans rose 8 percent in the quarter to almost $11 million, while income from fees declined 5 percent to $2.5 million.

The bank said it had reduced its loan-loss provision by 21 percent in the quarter to $575,000.

Nonperforming loans declined 26 percent to $2.2 million.

The bank had total assets of $1.55 billion on Sept. 30, up $28.5 million from June 30.

Southern Community Bank and Trust opened for business in November 1996 in Winston-Salem with one office and 13 employees. Since then, it has expanded to more than 200 employees in a growing network of banking offices across the Piedmont Triad. The company has Surry County offices at 2010 Community Drive and 255 E. Independence Boulevard in Mount Airy, 201 W. Kapp in Dobson and 616 S. Key St. in Pilot Mountain.

Tags: Finance

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