Atlantic Southern Financial Group, Inc. Reports Record First Quarter Net Earnings
17 Abril 2007 - 8:21PM
PR Newswire (US)
MACON, Ga., April 17 /PRNewswire-FirstCall/ -- Atlantic Southern
Financial Group, Inc. (NASDAQ:ASFN) today announced record
financial results for the first quarter of 2007. Compared with the
first quarter of 2006, the Company achieved a 78% increase in net
earnings and a 22% increase in diluted earnings per share. For the
first quarter of 2007, net earnings increased to $1,883,000
compared to $1,060,000 a year earlier. Diluted earnings per share
increased to $0.44 from $0.36 a year ago. Mark Stevens, President
& CEO, stated, "The first quarter produced record earnings and
growth. Our corporate strategy of balancing earnings and growth
continues to be successful. Our highly motivated management team
and employees are responsible for our success and remain committed
to our 'Core of Excellence' philosophy throughout our
organization." "We now operate fourteen retail banking centers in
eight Georgia counties and added a loan production office in
fast-growing Lowndes County, Georgia during the first quarter. We
are formulating plans to expand our Lowndes County presence and
presently have two parcels of land under contract to construct full
service branches", Stevens said. On January 31, 2007, the Company
completed the acquisition of First Community Bank of Georgia, a
community bank with approximately $69.3 million in assets, $50
million in loans and $58.6 million in deposits located in the
Middle Georgia cities of Roberta, Lizella, and Byron. For the
quarter ending March 31, 2007, the Company's balance sheet includes
balances from the First Community acquisition and the statement of
earnings includes two months of operations from those three
branches. At March 31, 2007, total gross loans were $628.0 million,
up $95 million or 18%, from December 31, 2006. This increase is
partly due to $50.0 million in loans from the Company's acquisition
of First Community. "Strong loan demand continues to drive our
earnings. Loan demand remains robust in all markets and credit
quality remains a top priority for our organization", Stevens said.
The Company's assets grew by 16% and ended the quarter at
$781,078,000 compared to $671,075,000 at December 31, 2006. On
April 16, 2007, the Company began trading on the NASDAQ Global
Market under the symbol "ASFN." "This will take us to a new level
as we seek to improve the liquidity of our stock. We think this is
a positive step for our shareholders as we continue to remain
focused on increasing shareholder value by balancing growth and
earnings", Stevens said. About Atlantic Southern Financial Group,
Inc. and Atlantic Southern Bank With headquarters in Macon,
Georgia, Atlantic Southern Financial Group, Inc., operates eight
banking locations in the middle Georgia markets of Macon and Warner
Robins and six locations in the coastal markets of Savannah,
Darien, Brunswick and St. Simons Island, Georgia and a loan
production office in Valdosta, Georgia. The Company specializes in
commercial real estate and small business lending. Safe Harbor This
news release contains forward-looking statements, as defined by
Federal Securities Laws, including statements about financial
outlook and business environment. These statements are provided to
assist in the understanding of a future financial performance and
such performance involves risks and uncertainties that may cause
actual results to differ materially from those in such statements.
Any such statements are based on current expectations and involve a
number of risks and uncertainties. For a discussion of factors that
may cause such forward-looking statements to differ materially from
actual results, please refer to the section entitled "Forward-
Looking Statements" in Atlantic Southern Financial Group, Inc.'s
annual report filed on Form 10-K with the Securities and Exchange
Commission. DATASOURCE: Atlantic Southern Financial Group, Inc
CONTACT: Mark Stevens, +1-478-757-8181, Web site:
http://www.atlanticsouthernbank.com/
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