Exhibit 99.1
SFSB, INC. ANNOUNCES EARNINGS FOR THE 4TH QUARTER OF FISCAL 2005
BEL AIR, Md., Feb. 2 /PRNewswire-FirstCall/ -- SFSB, INC. (OTC Bulletin
Board: SFBI) today reported net income for the quarter ended December 31, 2005
of $58,000 or $.02 diluted earnings per share as compared to net income of
$67,000 for the quarter ended December 31, 2004. The $9,000 decrease was
primarily due to a $105,000 or 12.73% increase in non-interest expense for the
three months ended December 31, 2005 as compared to the three months ended
December 31, 2004. These expenses were offset by a $69,000 or 7.52% increase in
net interest income and a $13,000 or 26.53% increase in non- interest income for
the three months ended December 31, 2005 as compared to the three months ended
December 31, 2004. The decrease of net income is due, primarily, as a result of
the increase in non-interest expenses associated with the growth of the bank,
non-cash compensation expenses and the additional costs related to being a
public company.
For the twelve months ended December 31, 2005, net income remained
relatively unchanged at $269,000 or $.09 diluted earnings per share as compared
to $270,000 for the twelve months ended December 31, 2004.
At December 31, 2005, SFSB, Inc., had total assets of $171.0 million,
compared to $160.4 million at December 31, 2004. At December 31, 2005,
stockholders' equity amounted to $22.8 million compared to $22.6 million at
December 31, 2004. This increase was primarily the result of the profit for the
twelve months ended December 31, 2005.
SFSB, Inc., headquartered in Bel Air, Maryland is the holding company of
Slavie Federal Savings Bank. The bank is a 105-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.
The statements in this press release that are not historical facts
constitute "forward-looking statements" as defined by Federal Securities laws.
Such statements are subject to risks and uncertainties that could cause actual
results to differ materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties include, but are
not limited to, changes in interest rates and changes in economic, competitive,
governmental, regulatory, technological and other factors that may affect SFSB,
Inc. specifically or the banking industry generally. Forward-looking statements
speak only as of the date they are made. SFSB, Inc. will not update
forward-looking statements to reflect factual assumptions, circumstances or
events that have changed after a forward-looking statement was made. For further
information, please refer to SFSB, Inc.'s filings with the U.S. Securities and
Exchange Commission and available at their web site http://www.sec.gov.
SFSB, INC.
UNAUDITED CONDENSED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31 December 31
------------------- -------------------
2005 2004 2005 2004
-------- -------- -------- --------
Interest income 2,113 1,764 7,720 6,517
Interest expense 1,126 846 3,795 3,075
Net interest income 987 918 3,925 3,442
Provision for loan losses 13 14 58 50
Net interest income after
provision for loan losses 974 904 3,867 3,392
Non-interest income 62 49 234 78
Non-interest expenses 930 825 3,651 3,008
Income before income tax provision 106 128 450 462
Income tax provision 48 61 181 192
Net income 58 67 269 270
Basic earnings per share .02 - .09 -
Diluted earnings per share .02 - .09 -
SFSB, INC.
UNAUDITED SELECTED FINANCIAL DATA
(In thousands)
December 31 December 31
2005 2004
------------- -------------
Total assets 171,097 160,433
Cash and cash equivalents 1,342 15,597
Investment securities 12,151 11,976
Loans receivable - net 144,609 117,900
Deposits 109,623 109,711
Total borrowings 36,000 26,500
Total stockholders' equity 22,803 22,620
SOURCE SFSB, Inc.
-0- 02/02/2006
/CONTACT: Charles E. Wagner, Jr., Executive Vice President and Corporate
Secretary, SFSB, +1-443-265-5570 or c.wagner@slavie.com/
/Web site: http://www.slavie.com /
(SFBI)