SouthPoint Bancshares Announces Q3 2021 Earnings

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- SouthPoint Bancshares, Inc. (SOUB), the parent company of SouthPoint Bank, announced the bank’s second quarter earnings. The bank incurred a net income of $8,325,994, or $4.12 per share, for the third quarter year-to-date ended September 30, 2021, as compared to a net income of $5,306,489, or $2.65 per share, for the third quarter year-to-date ended September 30, 2020. Pre-tax and pre-provision income was $12,249,730 as of September 30, 2021 compared to $7,985,302 on September 30, 2020.

Total assets in September 2021 grew to $671.1 million from $557 million in September 2020, while total loans grew to $537.3 million from $434.2 million in September 2020.

The unaudited third quarter 2021 financials can be found on SouthPoint Bank’s website at www.southpoint.bank/investors.

About SouthPoint Bancshares, Inc:

SouthPoint Bancshares, Inc. is the parent company of SouthPoint Bank. SouthPoint was founded in 2005 in Birmingham, Alabama to create a local community bank dedicated to superior customer service for its customers. The bank has assets of approximately $671 million and has five bank branches in Birmingham, Vestavia Hills, Gardendale, Trussville and Wilsonville. The bank also operates a full-service mortgage division with six branches throughout the state of Alabama.

Forward-Looking Statements:

Certain statements in this 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 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.

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For Media

Mackenzie Brown

AVP – Marketing

mbrown@southpoint.bank

205-637-2309

For Investor Relations

Jeanne Noto

Investor Relations

jnoto@southpoint.bank

205-503-5018

Source: SouthPoint Bancshares, Inc.