South Street Financial Corp. Announces Annual Earnings

Business Wire, Dec 15, 1998

ALBEMARLE, N.C.--(BUSINESS WIRE)--Dec. 15, 1998--South Street Financial Corp., the holding company of Home Savings Bank of Albemarle, SSB, Albemarle, North Carolina, announced today consolidated earnings of $2,359,000 or $0.59 per share before the required accounting treatment of the company's management recognition plan (MRP).

After the recognition of MRP expenses associated as required by generally accepted accounting principles, the company earned a net income of $763,000 on a consolidated basis. Earnings for the year were also impacted by a special dividend of $6.00 per share paid to shareholders which reduced available funds for investment by $28,058,000.

South Street Financial Corp. is traded on the Nasdaq National Market under the symbol of SSFC.