The Southern Banc Company, Inc. Announces Third Quarter Earnings

Nachrichtenquelle: globenewswire
06.05.2020, 18:31  |  110   |   |   

GADSDEN, Ala., May 06, 2020 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company announced net income of approximately $73,000, or $0.10 per basic and diluted share, for the quarter ended March 31, 2020, as compared to net income of approximately $110,000, or $0.14 per basic and diluted share, for the quarter ended March 31, 2019.  For the nine-month period ended March 31, 2020 the Company recorded net income of approximately $274,000, as compared to net income of approximately $370,000 for the nine-month period ended March 31, 2019.

Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest margins decreased approximately $44,000 or (3.9%) during the quarter as compared to the same period in 2019.  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 $48,000, offset by an increase in total interest income of approximately $4,000.  For the three months ended March 31, 2020 the Company recorded no provision for loan and lease losses as compared to a provision of approximately $8,000 for the same period in 2019.  Net interest income after provision for loan and lease losses decreased approximately $37,000, or (3.3%) for the quarter ended March 31, 2020, as compared to the same quarter in 2019.  For the quarter ended March 31, 2020, total non-interest income increased approximately $29,000, or 82.1% while total non-interest expense increased approximately $41,000, or 4.0% as compared to the same three-month period in 2019.  The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $18,000 and an increase in customer service fees of approximately $10,000.  The increase in non-interest expense was primarily attributable to an increase in data processing expenses of approximately $61,000, offset in part by decreases in professional service expenses of approximately $12,000 and salaries and employee benefits of approximately $6,000.

For the nine-months ended March 31, 2020, net interest income decreased approximately $114,000 or (3.3%).  Provision for loan and lease losses increased approximately $37,000 or 464% during the nine-month period as compared to the same period in 2019.  Net interest income after provision for loan and lease losses decreased approximately $151,000 or (4.3%) for the nine-months ended March 31, 2020, as compared to the same period in 2019.  For the nine-months ended March 31, 2020, total non-interest income increased approximately $54,000 or 47.5% while total non-interest expense increased approximately $26,000 or 0.9% as compared to the same period in 2019.  The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $33,000 and an increase in customer service fees of approximately $20,000.  The increase in non-interest expense was primarily attributable to increases in data processing expenses of approximately $76,000, occupancy expenses of approximately $10,000, offset in part by a decrease in other professional service expenses of approximately $49,000. 

The Company’s total assets at March 31, 2020 were approximately $98.4 million, as compared to $97.7 million at June 30, 2019.  Total stockholders’ equity was approximately $12.3 million at March 31, 2020 or 12.5% 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)

    March 31,     June 30,
    2020       2019  
           
           
ASSETS          
CASH AND CASH EQUIVALENTS  $ 20,270     $ 17,696  
SECURITIES AVAILABLE FOR SALE, at fair value    21,593       18,567  
           
FEDERAL HOME LOAN BANK STOCK   174       177  
           
LOANS RECEIVABLE, net of allowance for loan losses
  of $895 and $974, respectively 
  53,931       58,874  
PREMISES AND EQUIPMENT, net    756       783  
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE   164       193  
PREPAID EXPENSES AND OTHER ASSETS   1,521       1,416  
           
TOTAL ASSETS  $ 98,408     $ 97,705  
           
           
LIABILITIES          
DEPOSITS $ 83,689     $ 82,342  
FHLB ADVANCES   0       2,000  
OTHER LIABILITIES   2,430       1,603  
           
TOTAL LIABILITIES   86,119       85945  
           
           
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, 44,506 and 39,260 shares at cost,
  Respectively
  (754 )       (706 )
 Retained earnings     7,552          7,278  
 Treasury stock, at cost,
  648,664 shares
    (8,825 )       (8,825 )
 Accumulated other comprehensive income     400          113  
 TOTAL STOCKHOLDERS’ EQUITY     12,289         11,760  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 98,408     $  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
    March 31,     March 31,
                     
    2020
(Unaudited)
    2019     2020
(Unaudited)
  2019
                     
INTEREST INCOME:                    
Interest and fees on loans $ 1,198   $ 1,193   $ 3,686 $ 3,684
Interest and dividends on securities   103     112     311   335
Other interest income   64     57     221   126
Total interest income   1,366     1,362     4,218    4,145
                     
INTEREST EXPENSE:                    
Interest on deposits   280     213     845   597
Interest on borrowings   1     15     4   57
Total interest expense   281     228     849   654
Net interest income before provision for loan losses   1,085     1,134      3,369   3,491
Provision for loan losses   0     8     45   8
Net interest income after provision for loan losses   1,085     1,126      3,324   3,483
                     
NON-INTEREST INCOME:                    
Fees and other non-interest income   37     23     110   81
Net gain on sale of securities   1     0     1   0
Miscellaneous income   26     12     57   33
Total non-interest income   64     35     168   114
                     
NON-INTEREST EXPENSE:                    
Salaries and employee benefits   587     581     1,764   1,732
Office building and equipment expenses   61     60     184   174
Professional Services Expense   96     108     322   370
Data Processing Expense   181     120     456   381
Net loss on sale of securities   0     0     0   0
Other operating expense   124     143     390   441
Total non-interest expense   1,049     1,012     3,116   3,098
Income before income taxes     100       149       376     499
                     
PROVISION FOR INCOME TAXES     27       39       102     129
Net Income $   73    $   110   $   274  $   370
                     
LOSS PER SHARE:                    
Basic $  0.10   $   0.14   $   0.36 $   0.48
Diluted $   0.10   $   0.14   $   0.36 $   0.48
                     
DIVIDENDS DECLARED PER SHARE $  ---   $  ---   $ --- $   ---
                     
AVERAGE SHARES OUTSTANDING:                    
Basic    761,596      766,826      764,998    766,826
Diluted    763,627      766,826      766,063    766,826


Contact: Gates Little
(256) 543-3860

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