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Article: New South Bancshares Achieves Record Annual Earnings.
- Article from:
- PR Newswire
- Article date:
- February 28, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BIRMINGHAM, Ala. -- New South Bancshares, Inc. (the "Company") reported net income of $12.2 million for 2001 compared to $10.1 million in 2000. The 21% increase in net income reflects the increased loan origination activity the Company generated in 2001. For the fourth quarter, net income was $3.4 million in 2001 compared to $2.4 million for the comparable period in 2000.
"2001 was an outstanding year for our Company," said Rob Couch, President. "We achieved many milestones during the year, including record loan production and increasing our return on equity above 20%." Return on average equity increased to 21.1% in 2001 from 19.9% in 2000, while the Company's ...
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