2008-08-15 09:14:00
BEL AIR, Md., Aug. 15 /EMWNews/ -- SFSB, INC. (OTC Bulletin Board: SFBI) today reported net income for the quarter ended June 30, 2008 of $142,000 or $0.05 diluted earnings per share as compared to a net loss of $38,000 for the quarter ended June 30, 2007. The increase in earnings was primarily due to a $146,000 increase in interest income and a $24,000 increase in non-interest income, while we had a decrease of $77,000 in interest expense for the three months ended June 30, 2008 as compared to the three months ended June 30, 2007. These improvements were partially offset by a $51,000 increase in non-interest expenses. The increase in net interest income during the second quarter of 2008 is primarily a result of an increase in higher yielding commercial real estate loans. Non-interest income increased primarily as a result of an increase in fee income from commissions earned through a financial services operation established mid-year 2007. For the six months ended June 30, 2008, net income was $184,000 as compared to a net loss of $48,000 for the six months ended June 30, 2007. At June 30, 2008, SFSB, Inc., had total assets of $177.3 million, compared to $172.2 million at December 31, 2007. Stockholders' equity amounted to $21.6 million as of June 30, 2008 as compared to $21.8 million at December 31, 2007. The increase in assets is primarily due to an increase in our loan portfolio, primarily attributable to an increase in commercial real estate loans, which is part of a strategic effort to increase the percentage of commercial real estate loans to residential loans to improve our net interest margin.
SFSB, Inc., headquartered in Bel Air, Maryland is the holding company of Slavie Federal Savings Bank. The bank is a 108 year old federally chartered, FDIC-insured thrift serving the Baltimore Metropolitan area and surrounding counties in Maryland. The bank offers a wide variety of financial services and products throughout its market area. The bank maintains a website at http://www.slavie.com. SFSB, INC. UNAUDITED CONDENSED STATEMENTS OF INCOME (In thousands except per share data) Three Months Ended Six Months Ended June 30 June 30 2008 2007 2008 2007 Interest income $2,469 $2,323 $4,881 $4,625 Interest expense 1,443 1,520 2,954 3,044 Net interest income 1,026 803 1,927 1,581 Provision for loan losses 38 149 74 182 Net interest income after provision for loan losses 988 654 1,853 1,399 Non-interest income 129 105 212 172 Non-interest expenses 867 816 1,749 1,634 Income (loss) before income taxes 250 (57) 316 (63) Income tax (benefit) provision 108 (19) 132 (15) Net income (loss) 142 (38) 184 (48) Basic earnings (loss) per share 0.05 (0.01) 0.07 (0.02) Diluted earnings (loss) per share 0.05 (0.01) 0.07 (0.02) SFSB, INC UNAUDITED SELECTED FINANCIAL DATA (In thousands) June 30 December 31 2008 2007 Total assets $177,262 $172,244 Cash and cash equivalents 1,535 1,277 Investment securities 10,462 11,942 Loans receivable-net 154,170 147,744 Deposits 122,071 114,098 Total borrowings 31,000 34,000 Total stockholders' equity 21,619 21,769
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