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22.05.12

Total consolidated assets at December 31, 2011 were $509.2 million compared to $493.9 million at December 31, 2010.

Southern provided $1,050,000 for loan losses in 2011, with an allowance for loan losses at December 31, 2011 of $5,412,000, or 1.63% of loans. This compared to provision for loan losses expense of $1,375,000 for 2010, with an allowance for loan losses at December 31, 2010 of $5,694,000, or 1.84% of loans. The decrease in the provision for loan losses resulted primarily from reduced net loan charge-offs and a reduction in specific reserves on impaired loans. Net charge-offs for 2011 were at the lowest level in four years totaling $1,332,000, or .40% of loans, down from $1,756,000, or .55% of loans in 2010.

Source: MarketWatch (press release)