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Southern Community Financial Notes Quarterly Net Income of $554,000.
Byline: Brian Louis
Apr. 24--Southern Community Financial Corp. said yesterday that first-quarter net income totaled $554,000, or 6 cents a diluted share, down from $588,000, or 7 cents a diluted share, in the year-earlier period.
The company blamed the drop in net income on the decline in interest rates in 2001 and a one-time gain of $190,000 included in the results of the year-ago period.
Southern Community, based in Winston-Salem, is the parent company of Southern Community Bank and Trust.
The company said that operating income rose 18.8 percent in the three months ended Mar. 31.
"We are pleased with our results this quarter …
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