SFSB, Inc. Announces Earnings for the 1st Quarter of Fiscal 200622 May 2006
SFSB, INC. (OTC Bulletin Board: SFBI) today reported net income for the quarter ended March 31, 2006 of $36,000 or $.01 diluted earnings per share as compared to net income of $88,000 for the quarter ended March 31, 2005. The decrease in earnings was primarily due to a $378,000 increase in interest expense and a $76,000 increase in non-interest expenses, partially offset by a $362,000 increase in interest income. The increase in non-interest expenses was the result of the acceleration of depreciation on the leasehold improvements of the Edgewood branch in connection with its closing at a cost of $101,000.
At March 31, 2006, SFSB, Inc. had total assets of $174.0 million as compared to $171.1 million at December 31, 2005. The increase resulted primarily from an increase of $2.6 million cash and cash equivalents and a $714,000 increase in net loans receivable at March 31, 2006. At March 31, 2006, stockholders' equity amounted to $22.4 million compared to $22.8 million at December 31, 2005, the result of the purchase of $422,000 in additional Treasury stock.
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 Baltimore City, Baltimore County and Harford County, 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
March 31
2006 2005
Interest income $2,196 $1,834
Interest expense 1,216 838
Net interest income 980 996
Provision for loan losses 14 19
Net interest income after
provision for loan losses 966 977
Non-interest income 63 50
Non-interest expenses 965 889
Income before income taxes 64 138
Provision for income taxes 28 50
Net income 36 88
Basic earnings per share .01 .03
Diluted earnings per share .01 .03
SFSB, INC.
UNAUDITED SELECTED FINANCIAL DATA
(in thousands)
March 31 December 31
2006 2005
Total assets $174,010 $171,067
Cash and cash equivalents 3,931 1,342
Investment securities 12,220 12,151
Loans receivable-net 145,323 144,609
Deposits 111,208 109,623
Total borrowings 38,000 36,000
Total stockholders' equity 22,455 22,805
Source: prnewswire
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