Southern Community Financial Corporation Amends Results for the Fourth Quarter and Full Year 2010
March 24 2011 - 4:15PM
Marketwired
Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ:
SCMFO) today reported fourth quarter and full year 2010 results of
net loss available to common shareholders of $11.5 million and
$25.7 million, respectively. These results differ from the amounts
disclosed in the January 31, 2011 earnings release due to
management's determination that the valuation allowance for the
deferred tax assets be increased by $8.6 million. For further
discussion on this matter, see Note 14 Income Taxes to the
financial statements included in the Company's Annual Report on
Form 10-K filed today.
About Southern Community Financial
Corporation
Southern Community Financial Corporation is headquartered in
Winston-Salem, North Carolina and is the holding company of
Southern Community Bank and Trust, a community bank with twenty-two
banking offices throughout North Carolina.
Southern Community Financial Corporation's common stock and
trust preferred securities are listed on the NASDAQ Global Select
Market under the trading symbols SCMF and SCMFO, respectively.
Additional information about Southern Community is available on our
website at www.smallenoughtocare.com or by email at
investor.relations@smallenoughtocare.com.
For additional information: F. Scott Bauer Chairman/CEO James
Hastings Executive Vice President/CFO (336) 768-8500
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