SFSB, INC. ANNOUNCES EARNINGS FOR
THE 4TH QUARTER OF FISCAL 2004, ITS FIRST QUARTER AS A PUBLIC COMPANY
BEL AIR, MD. – MARCH 16, 2005 - SFSB, INC. (OTCBB: SFBI) today reported
net income for the quarter ended December 31, 2004 of $66,638 as compared to net income of $24,981 for the quarter ended December 31, 2003. The $41,657 or 166.8% increase was primarily due to a $179,992 or 24.4% increase in net interest income to
$1.8 million for the three months ended December 31, 2004. For the year ended December 31, 2004, net income increased by $207,626 or 334.5% to $269,705 as compared to $62,079 for the year ended December 31, 2003. The increase during the year 2004
reflected an increase in the loan portfolio, which growth was funded in large part by deposit growth and borrowings. The growth in net interest income was partially offset by increased operating expenses and income tax expense.
Commenting on the quarter and year end results, President and CEO, Philip E. Logan stated
“I am pleased to report that earnings have increased for the fourth quarter of 2004 and the year ended December 31, 2004. It appears we have turned the corner regarding earnings and by implementing the strategies as outlined in our business
plan, we hope to increase future earnings.”
At December 31, 2004, SFSB,
Inc., had total assets of $160.4 million, a 26.9% increase from total assets of $126.4 million at December 31, 2003. The increase primarily reflected the growth of the loan portfolio and cash from the recent sale of common stock. Loan growth was
funded by increased deposits and borrowings. At December 31, 2004, stockholders’ equity amounted to $22.6 million compared to $10.9 million at December 31, 2003, primarily as a result of the company’s recent conversion and sale of common
SFSB, Inc., headquartered in Bel Air, Maryland is the holding company
of Slavie Federal Savings Bank. The bank is a 104-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 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 www.sec.gov.