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Winston-Salem, N.C.-Based Southern Community Financial Increases Income.
Byline: Jane Seccombe
Oct. 18--Southern Community Financial Corp. reported yesterday that third-quarter net income increased 85 percent to $936,000, or 10 cents a diluted share, compared with the corresponding quarter last year.
Southern Community, the parent company of Southern Community Bank and Trust, also finished the quarter with $595 million in total assets, a 35 percent increase on the same time last year.
"We are particularly pleased with the improvement in our net interest margin to 3.49 percent for the third quarter," said F. Scott Bauer, the chairman and chief executive of Southern Community.
"Balance sheet repositioning in …
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