Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

NOTE W – QUARTERLY FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

	Interest Income		Net Interest Income		Provision for Loan Losses		Net Income		Earnings Per Share
									Basic		Fully Diluted
2011
First Quarter	$	4,866	$	3,863	$	125	$	748	$	.32	$	.32
Second Quarter		4,822		3,871		375		762		.33		.33
Third Quarter		4,944		4,027		375		887		.38		.38
Fourth Quarter		5,046		4,166		175		1,005		.43		.43
2010
First Quarter	$	5,209	$	4,040	$	200	$	702	$	.30	$	.30
Second Quarter		5,122		4,013		150		803		.35		.35
Third Quarter		5,249		4,149		425		870		.38		.38
Fourth Quarter		5,135		4,043		600		723		.31		.31

SELECTED FINANCIAL DATA

(in thousands, except per share data)

	Year Ended December 31
	2011			2010			2009			2008			2007
Total interest income	$	19,678		$	20,715		$	21,938		$	25,929			23,544
Net interest income		15,927			16,245			16,538			17,740			14,906
Provision for loan losses		1,050			1,375			2,725			5,080			745
Net income		3,402			3,098			1,936			813			4,133
Per share data
Basic earnings per share		1.46			1.34			.84			.36			2.29
Diluted earnings per share		1.46			1.34			.84			.36			2.28
Cash dividends		.22			.20			.20			.80			.80
Balance sheet data:
Gross loans		332,804			309,524			333,079			335,310			335,978
Deposits		420,511			409,901			380,905			394,043			399,169
Other borrowings		7,751			10,079			10,832			12,492			14,753
Common stock subject to repurchase		1,296			1,399			945			728			2,029
Equity		51,865			47,843			45,734			44,416			44,219
Total assets		509,220			493,880			462,409			474,996			480,178
Return on average assets		.68	%		.65	%		.41	%		.17	%		1.18	%
Return on average equity (1)		6.80			6.56			4.29			1.77			12.72
Dividend payout ratio (2)		15.23			15.11			24.13			227.33			36.90
Average equity to average assets (1)		9.96			9.87			9.66			9.59			9.27

(1) Average equity used in the above table excludes common stock subject to repurchase obligation but includes average unrealized appreciation or depreciation on securities available for sale.

(2) Dividends declared divided by net income.

COMMON STOCK MARKET PRICES AND DIVIDENDS

The Company’s common stock is regularly quoted on the OTC Bulletin Board (OTCBB) under the symbol SOMC.OB. The bid prices described below are quotations reflecting inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions. As of March 9, 2012, there were 2,376,724 shares of Southern common stock issued and outstanding held by 410 holders of record.

The following table sets forth the range of high and low bid information and dividends declared for the Company’s two most recent fiscal years:

	2010						2011
					Cash Dividends Declared						Cash Dividends Declared
	Closing Price						Closing Price
Quarter Ended	High		Low				High		Low
March 31	$	11.00	$	9.60	$	.05	$	13.25	$	12.00	$	.05
June 30		12.25		10.50		.05		12.85		11.90		.05
September 30		12.40		11.30		.05		12.69		11.80		.05
December 31		13.50		11.75		.05		12.55		11.05		.07

There are restrictions that currently limit the Company’s ability to pay cash dividends. Information regarding dividend payment restrictions is described in Note Q to the consolidated financial statements.