The Southern Banc Company, Inc. Announces First Quarter

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Nov 4, 2016 at 2:00 PM

The Southern Banc Company, Inc. Announces First Quarter Earnings

GADSDEN, Ala., Nov. 04, 2016 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN ), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced a net loss of approximately $106,000, or ($0.14) per basic and diluted share, for the quarter ended September 30, 2016, as compared to a net loss of approximately $105,000, or ($0.14) per basic and diluted share, for the quarter ended September 30, 2015.

Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest margins improved during the quarter as compared to the same period in 2015. Net interest income before provision for loan losses for the quarter ended September 30, 2016 was approximately $858,000 as compared to approximately $727,000 for the quarter ended September 30, 2015, an increase of approximately $131,000 or 17.9%. The improvement in the net interest margin before provision for loan losses for the quarter was primarily attributable to an increase in total interest income of approximately $122,000 and a decrease in total interest expense of approximately $9,000. Provision for loan and lease losses increased approximately $26,000 during the quarter as compared to the same period in 2015. Net interest income after provision for loan and lease losses increased approximately $105,000, or 15.6% for the quarter ended September 30, 2016, as compared to the same quarter in 2015. For the quarter ended September 30, 2016, total non-interest income increased approximately $6,000 or 17.4% while total non-interest expense increased approximately $112,000 or 12.9% as compared to the same three month period in 2015. The increase in non-interest income was primarily attributable to a net gain on the sale of securities of approximately $23,000 offset in part by a decrease in miscellaneous income of approximately $17,000. The increase in non-interest expense was primarily attributable to an increase in salaries and benefits of approximately $66,000 from additions to sales staff, professional service expenses of approximately $22,000, data processing expenses of approximately $5,000 and other operating expenses of approximately $17,000.

The Company’s total assets at September 30, 2016 were $95.1 million, as compared to $97.8 million at June 30, 2016. Total stockholders’ equity was approximately $13.0 million at September 30, 2016 or 13.6% of total assets as compared to approximately $13.2 million at June 30, 2016 or approximately 13.5% of total assets.

The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market on the OTC Pink Marketplace^® under the symbol “SRNN”.

Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

(Selected financial data attached)

THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands)

		September 30,				June 30,
			2016				2016


ASSETS

CASH AND CASH EQUIVALENTS	$		3,557		$		1,463

SECURITIES AVAILABLE FOR SALE, at fair value			33,449				36,103

FEDERAL HOME LOAN BANK STOCK			218				388

LOANS RECEIVABLE, net of allowance for loan losses of $844 and $551, respectively			55,127				57,121
PREMISES AND EQUIPMENT, net			795				811
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE			192				247
PREPAID EXPENSES AND OTHER ASSETS			1,787				1,754

TOTAL ASSETS	$		95,125		$		97,887


LIABILITIES

DEPOSITS	$		78,211		$		78,771
FHLB ADVANCES			3,000				5,190
OTHER LIABILITIES			933				727

TOTAL LIABILITIES			82,144				84,688


STOCKHOLDERS' EQUITY: Preferred stock, par value $.01 per share 500,000 shares authorized, shares issued and outstanding-- none			0				0
Common stock, par value $.01 per share, 3,500,000 authorized, 1,454,750 shares issued			15				15
Additional paid-in capital			13,887				13,887
Shares held in trust, at cost, 32,643 shares			(640	)			(640	)
Retained earnings			8,060				8,166
Treasury stock, at cost, 648,664 shares			(8,825	)			(8,825	)
Accumulated other comprehensive income			484				596

TOTAL STOCKHOLDERS’ EQUITY			12,981				13,199

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$		95,125		$		97,887

THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data)

		Three Months Ended
		September 30,

			2016				2015
		(Unaudited)				(Unaudited)
INTEREST INCOME:

Interest and fees on loans	$		851		$		649
Interest and dividends on securities			197				277
Other interest income			6				6

Total interest income			1,054				932

INTEREST EXPENSE:
Interest on deposits			187				187
Interest on borrowings			9				18
Total interest expense			196				205
Net interest income before provision for loan losses			858				727
Provision for loan losses			86				60
Net interest income after provision for loan losses			772				667

NON-INTEREST INCOME:
Fees and other non-interest income			18				18
Net gain on sale of securities			23				0
Miscellaneous income			4				21
Total non-interest income			45				39

NON-INTEREST EXPENSE:
Salaries and employee benefits			558				492
Office building and equipment expenses			63				61
Professional Services Expense			94				72
Data Processing Expense			118				113
Other operating expense			154				137
Total non-interest expense			987				875
Loss before income tax benefit			(170	)			(169	)

INCOME TAX BENEFIT			(64	)			(64	)
Net Loss	$		(106	)	$		(105	)

LOSS PER SHARE:
Basic	$		(0.14	)	$		(0.14	)
Diluted	$		(0.14	)	$		(0.14	)

DIVIDENDS DECLARED PER SHARE	$		0.00		$		0.00

AVERAGE SHARES OUTSTANDING:
Basic			773,443				773,443
Diluted			773,443				773,443

Contact: Gates Little (256) 543-3860

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Tenera Care's Tech Triumph: Halving Falls with Simplicity

Every once in a while, a piece of tech comes along that makes you sit up and say, ‘Now that’s a game-changer!’ And with the recent rave reviews, Tenera Care seems to hit just that sweet spot for folks in the senior living game. By handing Dublin Glenn Memory Care the gold in the KISS category at the 2026 McKnight's Technology Awards, it’s clear the industry is...

Anixa Expands Global Footprint with Aussie Patent

Breaking New Ground in Cancer Immunotherapy Today feels like a pivotal day for Anixa Biosciences. Their announcement about securing a patent in Australia for their trailblazing breast cancer vaccine is like planting a flag on new, promising territory. This is no minor step; it's a strategic leap for the company as it strengthens its intellectual grip on the global...

NACD Honors Top Board Leaders with 2026 Awards

Celebrating Boardroom Mavericks at NACD Gala September 2026 has brought some sparkling recognition to the elites guiding today's corporate governance landscapes. The National Association of Corporate Directors (NACD) has announced their Directorship 100 honorees, tipping their hats to stellar individuals firing on all cylinders in the boardroom. Who's Getting the Nod?...

Lawsuit Targets Electrical Consultants' Labor Practices

Trouble Brews at Electrical Consultants, Inc. Right on the heels of a long workday, some employees of Electrical Consultants, Inc. seem to be getting a double whammy. The company is tangled up in a class action lawsuit lodged by the well-known Blumenthal Nordrehaug Bhowmik De Blouw LLP. This ain't your everyday grievance, folks; we're talking meal and rest period...

Nature-Based Solutions: The Economic And Community Impact

Harnessing Nature to Boost Economies You ever stop to think about how nature itself might just be the best investment? Well, the Walton Family Foundation surely does, betting big on nature-based solutions. Their latest initiative, 'Human Nature,' is shedding light on how these solutions aren't just saving ecosystems — they're fortifying economies and enriching...

Molex's VersaBeam Mini Pushes AI Data Center Limits

Game-Changer for AI Data Centers? Across the tech landscape, space is a premium, and Molex's new VersaBeam Mini arrives like a hail Mary in the fourth quarter. In AI data centers, squeezing down every single component counts—especially when optical density's in play. What we're seeing here is a potential paradigm shift. A 3x density improvement from a tiny 3.5 x 9 mm...

Navigating AI's New Era: Dresner's 2026 Findings

Big Insights in the AI World of 2026 Well folks, if there's one thing making waves in the boardrooms this year, it's AI. Dresner Advisory Services just threw down a gauntlet for companies with their fresh batch of reports focused on the dizzying world of AI. They ripped right into it, exploring how firms can bag a heap of benefits and deal with the hurdles that come with...

Lititz Mutual Embraces AI with Guidewire ProNavigator

It's not every day you see a company like Lititz Mutual making moves in the artificial intelligence (AI) arena. Based out of Lititz, Pennsylvania, this insurance firm has decided to shake things up with Guidewire's ProNavigator AI assistant. Forging New Paths in Insurance Lititz Mutual is set to inject some serious tech into their operations. The goal? Make life easier...

Spencer Peterman Hosts Eco-Friendly Wood Bowl Sale

Just when you think you've seen it all in the world of craftsmanship, along comes a dynamo like Spencer Peterman. For over 25 years, he's been turning what others discard into treasures. Fallen trees? Most folks see firewood. Spencer sees a future masterpiece. And now, he’s rolling out the welcome mat for his loyal customers with a special sale that runs until December...

U.N. Leaders Converge at NYSE, Forus Soars to $3B Valuation

A Busy Morning at the NYSE with Key Guests and Global Events In a world where high-stakes diplomacy and roaring market bells go hand in hand, today brings the U.S. Secretary of State, Marco Rubio, to the New York Stock Exchange. With the 81st Session of the United Nations General Assembly shaking up the Big Apple, the city finds itself at the intersection of politics and...