BEL AIR, Md., April 1, 2008 /PRNewswire-FirstCall/ -- SFSB, INC.
(OTC Bulletin Board: SFBI) today reported net income for the quarter ended
December 31, 2007 of $124,000 or $.04 diluted earnings per share as compared
to net income of $68,000 for the quarter ended December 31, 2006. The
increase in earnings was primarily due to an $89,000 increase in interest
income and a $55,000 increase in non-interest income for the three months
ended December 31, 2007 as compared to the three months ended December 31,
2006. These were offset by a $55,000 increase in non-interest expense, a
$29,000 increase in the income tax provision and a $4,000 increase in interest
expense. The increase of net income for the fourth quarter is primarily a
result of an increase in higher yielding commercial loan originations. Non-
interest income increased as a result of selling residential loan originations
and an increase in fee income from commissions earned through a financial
services operation established in mid-year.
For the twelve months ended December 31, 2007, earnings increased to
$103,000 or $.04 diluted earnings per share as compared to $18,000 for the
twelve months ended December 31, 2006.
At December 31, 2007, SFSB, Inc., had total assets of $172.2 million,
compared to $174.2 million at December 31, 2006. The decline in assets is
primarily due to decreases in our cash and cash equivalents, investment
securities - held to maturity and mortgage backed securities - held to
maturity. During the twelve-month period we used cash, the proceeds of a
matured investment and the principal repayments of the mortgage backed
securities to pay off $5.0 million in borrowings.
At December 31, 2007, stockholders' equity amounted to $21.8 million
compared to $22.4 million at December 31, 2006. This decrease was primarily
the result of the purchase of $914,000 in additional Treasury stock. The
decrease in equity also reflects a $23,000 increase in accumulated other
comprehensive loss (resulting from unrealized losses on investments available
for sale, net of tax), partially offset by net income of $103,000 and stock
based compensation of $171,000.
SFSB, Inc., headquartered in Bel Air, Maryland is the holding company of
Slavie Federal Savings Bank. The bank is a 106 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
www.slavie.com.
SFSB, INC.
AUDITED CONDENSED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Twelve Months
Ended Ended
December 31 December 31
2007 2006 2007 2006
Interest income $2,422 $2,335 $9,414 $9,091
Interest expense 1,543 1,539 6,137 5,467
Net interest income 879 796 3,277 3,624
Provision for loan losses 36 36 244 376
Net interest income after
provision for loan losses 843 760 3,033 3,248
Non-interest income 157 102 434 277
Non-interest expenses 804 749 3,286 3,482
Income before income tax
provision 196 113 181 43
Income tax provision 72 45 78 25
Net income $124 $68 $103 $18
Basic earnings per share .04 .02 .04 .01
Diluted earnings per share .04 .02 .04 .01
SFSB, INC
AUDITED SELECTED FINANCIAL DATA
(In thousands)
December 31 December 31
2007 2006
Total assets $172,244 $174,225
Cash and cash 1,277 2,851
equivalents
Investment securities 11,942 12,526
Loans receivable-net 147,744 147,118
Deposits 114,098 111,823
Total borrowings 34,000 39,000
Total stockholders' equity 21,769 22,365
SOURCE SFSB, Inc.