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Southern Banc Company Inc. has been a cornerstone of the northeastern Alabama community for over 80 years, providing exceptional customer service and a wide range of financial services for individuals and businesses. Their offerings include checking accounts, lines of credit, loans, and the innovative Altline platform, catering to businesses nationwide.
The Southern Banc Company (SRNN) reported Q1 2024 net income of $176,000 ($0.23 per share), down from $367,000 ($0.48 per share) in Q1 2023. Net interest income decreased by 5.06%. Total interest income increased by 23.65%, while interest expense rose by 65.79%. The company recorded provisions for credit losses of $373,000 compared to none in the previous year. Non-interest income increased by 2.10%, while non-interest expenses rose by 10.93%. Total assets reached $113.5 million, with stockholders' equity at $15.7 million (13.82% of total assets).
The Southern Banc Company (OTCBB: SRNN) announced preliminary unaudited results for Q4 and fiscal year 2024. For Q4, net income was $424,000 ($0.56 per basic share), down from $784,000 in Q4 2023. Fiscal year 2024 net income was $1,602,000 ($2.11 per basic share), compared to $2,474,000 in 2023. Q4 net interest income decreased by 10.52% year-over-year, while non-interest income increased by 8.5%. Non-interest expenses rose by 17.82% in Q4. Total assets as of June 30, 2024, were $113.1 million, up from $108.6 million in 2023. Total stockholders' equity increased to $14.5 million (12.79% of assets) from $12.1 million (11.16% of assets) in 2023.
The Southern Banc Company, holding company for The Southern Bank, reported third-quarter net income of $340,000, or $0.45 per basic share, for the quarter ending March 31, 2024, down from $462,000, or $0.61 per basic share, in the same quarter in 2023. For the nine-month period ending March 31, 2024, net income was $1,177,000, compared to $1,693,000 in the previous year. The net interest margin decreased by 1.04%, with interest income up by $234,000 and interest expense up by $254,000. Non-interest income rose by 45.8%, while non-interest expense increased by 14.7%. Total assets were $107 million as of March 31, 2024, with stockholders' equity at $14 million. The Southern Bank operates four full-service offices and one loan production office in Alabama.
The Southern Banc Company (OTCBB: SRNN) reported a net income of approximately $612,000 for Q4 2022, equating to $0.81 per basic share, up from $451,000 or $0.60 per share in Q4 2021. For the first half of the fiscal year, net income reached $1,231,000, or $1.63 per basic share, compared to $694,000 or $0.92 per share last year. Notably, net interest income before provisions rose by 20.6% to approximately $2.0 million. Total assets stood at $109.9 million as of December 31, 2022, a decrease from $115.3 million in June 2022.
The Southern Banc Company, Inc. (OTCBB: SRNN) reported a net income of approximately $619,000, or $0.82 per basic share, for Q3 2022, a significant increase from $243,000 or $0.32 per share in Q3 2021. The company's net interest margins rose by 58.71% to $783,000, driven by a 51.91% increase in total interest income. Total assets decreased to $111.4 million from $115.3 million in the prior quarter. Meanwhile, total stockholders’ equity fell to $9.7 million (8.71% of assets) from $10.6 million (9.20% of assets).