The Southern Banc Company, Inc. Announces Second Quarter Earnings

Nachrichtenquelle: globenewswire
07.02.2020, 22:17  |  125   |   |   

GADSDEN, Ala., Feb. 07, 2020 (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 income of approximately $75,000, or $0.10 per basic and diluted share, for the quarter ended December 31, 2019, as compared to a net income of approximately $133,000, or $0.17 per basic and diluted share, for the quarter ended December 31, 2018.  For the six months ended December 31, 2019, the Company recorded net income of approximately $201,000, or $0.26 per basic and diluted share, as compared to net income of approximately $259,000, or $0.34 per basic and diluted share for the six months ended December 31, 2018.

Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest margins decreased during the quarter as compared to the same period in 2018. Net interest income before provision for loan losses for the quarter ended December 31, 2019 was approximately $1.1 million as compared to approximately $1.2 million for the quarter ended December 31, 2018, a decrease of approximately $58,000, or (4.9%).  The decrease in the net interest margin before provision for loan losses for the quarter was primarily attributable to an increase in total interest expense of approximately $62,000, offset by an increase in total interest income of approximately $4,000.  For the three months ended December 31, 2019 the Company recorded a  provision for loan and lease losses of approximately $38,000 as compared to no provision for the same period in 2018.  Net interest income after provision for loan and lease losses decreased approximately $96,000, or (8.1%) for the quarter ended December 31, 2019, as compared to the same quarter in 2018.  For the quarter ended December 31, 2019, total non-interest income increased approximately $27,000, or 68.1% while total non-interest expense increased approximately $8,000, or 0.8% as compared to the same three month period in 2018.  The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $14,000, or 160.5% and an increase in customer service fees of approximately $13,000, or 41.6%.  The increase in non-interest expense was primarily attributable to an increase in salaries and benefits of approximately $17,000, data processing expenses of approximately $16,000 and occupancy expense of approximately $4,000 offset in part by a decrease in professional service expense of approximately $23,000. 

The Company’s total assets at December 31, 2019 were $98.5 million, as compared to $97.7 million at June 30, 2019.  Total stockholders’ equity was approximately $11.9 million at December 31, 2019 or 12.1% of total assets as compared to approximately $11.8 million at June 30, 2019 or approximately 12.0% of total assets.

The Bank has four full service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL. The stock of The Southern Banc Company, Inc. is listed on the OTC Bulletin Board 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)

    December 31,     June 30,
    2019     2019
           
           
ASSETS

         
CASH AND CASH EQUIVALENTS $ 22,462     $ 17,696  
               
SECURITIES AVAILABLE FOR SALE, at fair value   16,925       18,566  
           
FEDERAL HOME LOAN BANK STOCK   177       177  
           
LOANS RECEIVABLE, net of allowance for loan losses
  of $895 and $974, respectively
  56,498       58,874  
PREMISES AND EQUIPMENT, net   764       783  
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE   181       193  
PREPAID EXPENSES AND OTHER ASSETS   1,526       1,416  
           
TOTAL ASSETS $ 98,533     $ 97,705  
           
           
LIABILITIES
         
           
DEPOSITS $ 84,444     $ 82,342  
FHLB ADVANCES   0       2,000  
OTHER LIABILITIES   2,179       1,603  
               
TOTAL LIABILITIES   86,623       85,945  
           
           
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   13,896       13,887  
Shares held in trust, 44,297 and 39,260 shares at cost,
   respectively
  (752 )     (706 )
Retained earnings   7,479       7,278  
Treasury stock, at cost,
   648,664 shares
  (8,825 )     (8,825 )
Accumulated other comprehensive income   97       111  
               
TOTAL STOCKHOLDERS’ EQUITY   11,910       11,760  
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 98,533     $ 97,705  
             

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

    Three Months Ended     Year-to-Date
    December 31,     December 31,
                       
    2019
(Unaudited)
    2018     2019
(Unaudited)
    2018

                       
INTEREST INCOME:
                     
                       
Interest and fees on loans $ 1,236   $ 1,247   $ 2,488   $ 2,491
Interest and dividends on securities   100     109     207     223
Other interest income   71     47     157     70
                       
Total interest income   1,407     1,403     2,852     2,784
                       
INTEREST EXPENSE:                      
Interest on deposits   284     202     564     388
Interest on borrowings   0     19     5     43
Total interest expense   284     221     569     431
Net interest income before provision for loan losses   1,123     1,182     2,283     2,353
Provision for loan losses   38     0     45     0
Net interest income after provision for loan losses   1,085     1,182     2,238     2,353
                       
NON-INTEREST INCOME:                      
Fees and other non-interest income   43     28     74     63
Miscellaneous income   23     11     30     15
Total non-interest income   66     39     104     78
                       
NON-INTEREST EXPENSE:                      
Salaries and employee benefits   592     561     1,177     1,172
Office building and equipment expenses   62     58     123     113
Professional Services Expense   124     147     225     263
Data Processing Expense   147     130     276     261
Other operating expense   123     145     266     272
Total non-interest expense   1,048     1,041     2,067     2,081
                       
Income before income taxes   103     180     275     350
                       
PROVISION FOR INCOME TAXES   28     47     74     91
                       
Net Income $ 75   $ 133   $ 201   $ 259
                       
LOSS PER SHARE:                      
Basic $ 0.10   $ 0.17   $ 0.26   $ 0.34
Diluted $ 0.10   $ 0.17   $ 0.26   $ 0.34
                       
DIVIDENDS DECLARED PER SHARE $ ---   $ ---   $ ---   $ ---
                       
AVERAGE SHARES OUTSTANDING:                      
Basic   766,498     766,826     766,662     766,826
Diluted   767,358     766,826     767,244     766,826
                       

Contact: Gates Little
             (256) 543-3860

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