-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BKZQwgv3oIOmW1VSQyg2AnRqieh/PbXvESSPvZzLwb4bMliJTk4V0gzJGkWh+SYK pPBm8HksFqbR6dwmFeaLZQ== 0001140361-06-011651.txt : 20060814 0001140361-06-011651.hdr.sgml : 20060814 20060814093231 ACCESSION NUMBER: 0001140361-06-011651 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060814 DATE AS OF CHANGE: 20060814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHCREST FINANCIAL GROUP INC CENTRAL INDEX KEY: 0001279756 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 580601113 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51287 FILM NUMBER: 061027122 BUSINESS ADDRESS: STREET 1: 108 SOUTH CHURCH STREET CITY: THOMASTON STATE: GA ZIP: 30286 BUSINESS PHONE: 706-647-5426 MAIL ADDRESS: STREET 1: 108 SOUTH CHURCH STREET CITY: THOMASTON STATE: GA ZIP: 30286-4104 FORMER COMPANY: FORMER CONFORMED NAME: UPSON BANKSHARES INC DATE OF NAME CHANGE: 20040211 8-K 1 form8k.htm SOUTHCREST FINANCIAL 8-K 8-11-2006 Southcrest Financial 8-K 8-11-2006


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported)
August 11, 2006
 

 
SouthCrest Financial Group, Inc.
 
 
(Exact Name of Registrant as Specified in its Charter)
 


Georgia
 
000-51287
 
58-2256460
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)



600 North Glynn Street, Suite B, Fayetteville, GA
30214
(Address of Principal Executive Offices)
(Zip Code)


Registrant's telephone number, including area code
(770) 461-2781
 

 
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 



 
Item 2.02. Results of Operation and Financial Condition.
 
The purpose of this Current Report on Form 8-K is to file SouthCrest Financial Group, Inc.’s earnings release for the quarter and six months ended June 30, 2006.
 
Item 9.01. Financial Statements and Exhibits.
 
99.1 Press release dated August 11, 2006. (Furnished, but not “filed” for purposes of liability under Section 18 of the Securities Exchange Act of 1934, as amended.)
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


      SOUTHCREST FINANCIAL GROUP, INC.  
           
           
           
Dated:
August 14, 2006
 
By:
/s/ Douglas J. Hertha
 
 
     
Douglas J. Hertha
 
 
     
Senior Vice President, Chief Financial Officer
 
 
EXHIBIT INDEX
 
 
Exhibit No.
 
Description of Exhibit
 
   
 
Press Release dated August 11, 2006
 

EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1


Exhibit 99.1
SouthCrest Financial Group, Inc. Announces Second Quarter Earnings

FAYETTEVILLE, GA, (August 11, 2006) - SouthCrest Financial Group, Inc. (SCSG) reported net income for the quarter ended June 30, 2006 of $1,426,000 or $0.40 per share, compared to $1,358,000 or $0.38 per share for the same quarter a year ago. For the six month period ended June 30, 2006, net income was $2,832,000, or $0.79 per share compared to $2,177,000, or $0.61 per share. All per share amounts are stated on a basic and fully diluted basis.

Total assets at June 30, 2006 were $461.2 million compared to $425.3 million at June 30, 2005, an increase of $35.9 million, or 8.4%. Over the same twelve month period, gross loans (excluding reserves for loan losses) increased 16.2% to $287.5 million while deposits grew 6.7% to $389.2 million.

Return on average assets for the current quarter was 1.26% and was 1.27% for the year to date period ended June 30, 2006.

At June 30, 2006, the allowance for loan losses was 1.31 % of loans compared to 1.26% at December 31, 2005. For the six months ended June 30, 2006, the Company experienced net recoveries of 0.03% compared to net chargeoffs of 0.16% for the same period in 2005. Nonperforming assets increased to $1,526,000 from $1,111,000 at December 31, 2005. Despite the increase in nonperforming assets, the Company’s asset quality indicators compare favorably with historical benchmarks for the industry. At June 30, 2006, nonperforming assets were 0.33% of total assets compared to 0.25% of total assets at December 31, 2005.

In a press release dated July 3, 2006, the Company announced that it declared a dividend of $0.125 per share compared to $0.12 per share for the same period a year ago. The dividend was paid on July 31, 2006 to shareholders of record as of July 17, 2006.

About SouthCrest Financial Group, Inc.

SouthCrest Financial Group, Inc. is the parent company of two bank subsidiaries operating a total of nine branch offices. Bank of Upson, based in Thomaston, Georgia, has two branches in Upson County, three branches in Meriwether County operating as Meriwether Bank & Trust, and one branch in Fayette County operating as SouthCrest Bank. First National Bank of Polk County, based in Cedartown, Georgia, operates three branches in Polk County. SouthCrest is traded on the OTC-Bulletin Board under the symbol “SCSG.”



Forward-Looking Statements
 
This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting SouthCrest’s operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects," or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced SouthCrest’s assumptions, but that are beyond SouthCrest’s control. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) not achieving expected growth, (iii) less favorable than anticipated changes in the national and local business environment and securities markets, (iv) adverse changes in the regulatory requirements affecting SouthCrest, (v) greater competitive pressures among financial institutions in SouthCrest’s markets and (vi) greater loan losses than historic levels. Additional information and other factors that could affect future financial results are included in SouthCrest’s filings with the Securities and Exchange Commission.
 

# # #

 
Contact Information:

SouthCrest Financial Group, Inc.
Doug Hertha, CFO
770-461-2781




SouthCrest Financial Group, Inc.
 
Consolidated Financial Highlights
 
(Unaudited)
 
                           
   
Quarter Ended June 30
 
Six Months Ended June 30
 
   
2006
 
2005
 
% Change
 
2006
 
2005
 
% Change
 
All dollars in thousands except per share data
                     
EARNINGS
                         
Net interest income
 
$
4,624
 
$
4,315
   
7.2
%
$
9,205
 
$
8,461
   
8.8
%
Provision for loan losses
   
133
   
152
   
-12.5
%
 
241
   
273
   
-11.7
%
Noninterest income
   
1,311
   
1,229
   
6.7
%
 
2,479
   
1,749
   
41.7
%
Noninterest expense
   
3,685
   
3,413
   
8.0
%
 
7,230
   
6,814
   
6.1
%
Income taxes
   
691
   
621
   
11.3
%
 
1,381
   
946
   
46.0
%
Net income
   
1,426
   
1,358
   
5.0
%
 
2,832
   
2,177
   
30.1
%
                                       
PER SHARE INFORMATION
                                     
Earnings per share
 
$
0.40
 
$
0.38
   
5.3
%
$
0.79
 
$
0.61
   
29.5
%
Dividends per share
   
0.125
   
0.120
   
4.2
%
 
0.250
   
0.240
   
4.2
%
Book value per share
   
15.43
   
14.67
   
5.2
%
                 
                                       
OPERATING RATIOS (1)
                                     
Net interest margin
   
4.45
%
 
4.47
%
       
4.48
%
 
4.44
%
     
Return on average assets
   
1.26
%
 
1.29
%
       
1.27
%
 
1.05
%
     
Return on average equity
   
10.45
%
 
10.51
%
       
10.51
%
 
8.54
%
     
Efficiency ratio
   
62.09
%
 
61.56
%
       
63.18
%
 
63.03
%
     
Net chargeoffs / average loans
   
0.00
%
 
0.18
%
       
-0.03
%
 
0.16
%
     
                                       
AVERAGE BALANCES
                                     
Loans
 
$
282,696
 
$
237,533
   
19.0
%
$
279,406
 
$
233,226
   
19.8
%
Total earning assets
   
417,095
   
388,666
   
7.3
%
 
414,491
   
384,018
   
7.9
%
Total assets
   
454,372
   
422,135
   
7.6
%
 
451,403
   
417,908
   
8.0
%
Deposits
   
385,893
   
365,303
   
5.6
%
 
381,008
   
361,528
   
5.4
%
Borrowed funds
   
11,137
   
884
   
n/m
   
13,175
   
629
   
n/m
 
Shareholders' equity
   
54,719
   
51,805
   
5.6
%
 
54,343
   
51,388
   
5.8
%

               
As of
         
   
As of June 30,
     
Dec. 31
         
END OF PERIOD BALANCES
 
2006
 
2005
 
% Change
 
2005
 
% Change
 
 
 
Loans
 
$
287,536
 
$
247,503
   
16.2
%
$
276,780
   
3.9
%
 
 
 
Reserve for loan losses
   
3,759
   
3,253
   
15.6
%
 
3,477
   
8.1
%
 
 
 
Total earning assets
   
415,783
   
390,336
   
6.5
%
 
410,897
   
1.2
%
 
 
 
Intangible assets
   
6,503
   
7,325
   
-11.2
%
 
6,913
   
-5.9
%
     
Total assets
   
461,219
   
425,335
   
8.4
%
 
450,848
   
2.3
%
     
Deposits
   
389,176
   
364,871
   
6.7
%
 
377,900
   
3.0
%
     
Borrowed funds
   
10,220
   
3,890
   
n/m
   
15,275
   
-33.1
%
     
Shareholders' equity
   
55,253
   
52,400
   
5.4
%
 
53,456
   
3.4
%
     
                                       
ASSET QUALITY (END OF PERIOD)
                                     
Loans 90 days past due and still accruing
 
$
469
 
$
386
       
$
549
             
Nonaccrual Loans
   
1,032
   
177
         
232
             
Other Real Estate Owned
   
25
   
255
         
330
             
Total nonperforming assets
   
1,526
   
818
         
1,111
             
Nonperforming assets / total assets
   
0.33
%
 
0.19
%
       
0.25
%
           
Allowance for loan losses / total loans
   
1.31
%
 
1.31
%
       
1.26
%
           
                                       
(1) All ratios are annualized.
                                     
n/m - percentage change is not meaningful.
                             
 

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