The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings

Nachrichtenquelle: globenewswire
21.08.2020, 21:28  |  117   |   |   

GADSDEN, Ala., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Gates Little, President and Chief Executive Officer of The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company, announced preliminary unaudited results (subject to audit adjustments following the fiscal year-end audit) of operations for the fourth quarter and year ended June 30, 2020:

  • For the three months ended June 30, 2020, the Company reported net income of approximately $40,000, or $0.05 per basic and diluted share as compared to net income of approximately $95,000, or $0.12 per basic and diluted share, for the three months ended June 30, 2019. 
     
  • For the fiscal year ended June 30, 2020, the Company recorded net income of approximately $314,000, or $0.41 per basic and diluted share, as compared to net income of approximately $464,000, or $0.61 per basic and diluted share, for the fiscal year ended June 30, 2019.
     
  • For the three months ended June 30, 2020, net interest income before provision for loan losses decreased approximately $192,000, or (17.72%) as compared to the same period in 2019. The decrease in net interest income for the three-month period was primarily attributable to a decrease in interest and fees on loans in the amount of approximately $118,000, a decrease in other interest income of approximately $75,000 or (95.50%) offset in part by an increase in interest and dividends on securities of approximately $15,000.  The decrease in interest and fees on loans was primarily attributable to a decrease in factoring activity from some large clients, and a decrease in loans and leases outstanding.  The decrease in other interest income was primarily attributable to interest income earned on overnight funds in a falling rate environment. In addition, the COVID pandemic had a significant impact total interest income for the quarter. For the three months ended June 30, 2020, interest paid on deposits and borrowings increased approximately $14,000 as compared to the same period in 2019. Total deposits during the quarter increased approximately $5 million.
     
  • For the fiscal year ended June 30, 2020, interest income decreased approximately $106,000 or (1.93%) while interest expenses increased approximately $200,000, or 21.81%. The decrease in interest income for the fiscal year ended June 30, 2020 was primarily attributable to a decrease in interest and fees on loans and a decrease in interest and dividends on securities. For the fiscal year ended June 30, 2020 other interest income increased approximately $20,000 or 9.72% due to an increase in interest on overnight funds. For the fiscal year ended June 30, 2020, interest on deposits increased approximately $261,000, or 30.60% while interest expense on borrowings decreased approximately $61,000 or (93.20%). For the fiscal year ended June 30, 2020 provision for loan losses increased approximately $25,000, or 124.53% from approximately $20,000 for fiscal year 2019 to $44,000 for fiscal year 2020.
     
  • For the fiscal year ended June 30, 2020, non-interest income increased approximately $225,000, or 132.30% from $170,000 for fiscal year 2019 to $395,000 for fiscal year 2020.  The increase in non-interest income was primarily attributable to a net gain on the sale of securities available for sale of approximately $91,000, an increase in miscellaneous income of approximately $118,000 or 237.98% and an increase in customer service fees of approximately $16,000 or 12.97%.
     
  • For the three months ended June 30, 2020 total non-interest expenses increased approximately $72,000, or 7.26%, as compared to the same three-month period in 2019.  The increase in non-interest expense for the three-month period was primarily attributable to increases in professional service expenses of approximately $53,000, or 65.97%, data processing expenses of approximately $26,000 or 21.03%, occupancy expenses of approximately $11,000 or 18.02% and an increase in salaries and benefits of approximately $4,000, or 0.70%.
     
  • For the fiscal year ended June 30, 2020, total non-interest expenses increased approximately $98,000, or 2.41%, as compared to fiscal year 2019.  The increase in non-interest expense for the fiscal year was primarily attributable to increases in data processing service expenses of approximately $101,000, or 20.11%, professional services expense of approximately $4,000, or 0.92%, salary and benefit expenses of approximately $2,300, or 0.10%, occupancy expenses of approximately $20,000 or 8.74% offset in part by a decrease in other operating expenses of approximately $30,000 or (5.5%).

The Company’s total assets at June 30, 2020 was approximately $103.4 million as compared to $97.7 million at June 30, 2019.  Total stockholders’ equity was approximately $12.4 million, or 12.00% of assets and $11.8 million, or 12.00% of assets at June 30, 2020 and 2019, respectively.

The unaudited financial information for the three and twelve months ended June 30, 2020 has been prepared on the same basis as our audited financial information and includes, in the opinion of management, all adjustments necessary to present the data for such periods.  The Company expects to release its final year end results and its related audited financial statements in October 2020, following completion of the year-end audit. Historical results are not necessarily indicative of future results. 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.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollar Amounts in Thousands)

    June 30,     June 30,
    2020     2019
    (Unaudited)      
           
ASSETS

 
         
CASH AND CASH EQUIVALENTS  $ 25,766     $ 17,697  
SECURITIES AVAILABLE FOR SALE, at fair value                                        25,972       18,567  
FEDERAL HOME LOAN BANK (FHLB) STOCK   174       177  
           
LOANS AND LEASES RECEIVABLE,
net of allowance for loan losses of $895 and $974, respectively         
  49,138       58,874  
PREMISES AND EQUIPMENT, net    736       783  
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE   224       193  
PREPAID EXPENSES AND OTHER ASSETS   1,422       1,416  
           
TOTAL ASSETS   $ 103,432     $ 97,705  
           
           
LIABILITIES

 
         
DEPOSITS $ 88,766     $ 82,341  
FHLB ADVANCES   0       2,000  
OTHER LIABILITIES   2,245       1,603  
           
TOTAL LIABILITIES   91,011       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,
    806,086 shares outstanding
  15       15  
 Additional paid-in capital   13,907       13,887  
 Shares held in trust,
    44,506 shares at cost
                 (754 )                    (706 )
 Retained earnings   7,592       7,277  
 Treasury stock, at cost,
    648,664 shares
               (8,825 )                  (8,825 )
 Accumulated other comprehensive income / (loss)   486       112  
 

TOTAL STOCKHOLDERS’ EQUITY
  12,421       11,760  
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 

$
103,432     $ 97,705  
           


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

                                                                                                                  Three Months Ended     Year Ended
    June 30,     June 30,
                     
    2020
(Unaudited)
    2019     2020
(Unaudited)
  2019
                     
INTEREST INCOME:

 
                   
  Interest and fees on loans $ 1,029   $ 1,147   $ 4,716 $ 4,831
  Interest and dividends on securities   127     112     437   447
  Other interest income   3     78     224   204
 

             Total interest income
  1,159     1,337      

5,377
   

5,482
 

INTEREST EXPENSE:
                   
  Interest on deposits   269     247     1,114   853
  Interest on borrowings   0     8     4   65
              Total interest expense   269     255     1,118   918
               Net interest income before provision
               for loan losses
  890     1,082      

4,259
   

4,564
  Provision for loan losses   0     12     44   19
              Net interest income after provision
                  for loan losses
  890     1,070      

4,215
   

4,545
 

NON-INTEREST INCOME:
                   
   Fees and other non-interest income   26     30     136   120
   Gain / (loss) on sale of securities, net   91     0     91   0
   Miscellaneous income   111     26     168   50
   Total non-interest income   227     56     395   170
 

NON-INTEREST EXPENSE:
                   
  Salaries and employee benefits   597     593     2,361   2,359
  Equipment and Occupancy expenses   70     59     254   233
  Professional Services Expense   133     80     455   451
  Data Processing Expense   148     123     605   504
  Other operating expense   116     137     506   535
                         Total non-interest expense   1,064     992     4,180   4,082
 INCOME BEFORE INCOME TAXES   53     134              
           429
           
           633
   Provision for income taxes              
           13
               
           39
               115              169
NET INCOME (LOSS) $ 40   $ 95   $          
           314
$          
           464
INCOME (LOSS) PER SHARE:
              Basic
 

 

$
       0.05   $        0.12    

 

$
       0.41  

 

$
       0.61
              Diluted $        0.05   $        0.12   $        0.41 $        0.61
DIVIDENDS DECLARED PER SHARE $         ---   $         ---    

$
         ---  

$
         ---
                     
AVERAGE SHARES OUTSTANDING:                    
              Basic    766,826      766,826      766,826    766,826
              Diluted    766,826      766,826      766,826    766,826

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