Welcome to our dedicated page for Southern Banc Co news (Ticker: SRNN), a resource for investors and traders seeking the latest updates and insights on Southern Banc Co stock.
Southern Banc Co (SRNN) maintains an 80+ year legacy as a northeastern Alabama banking institution serving individuals and businesses. This dedicated news hub provides investors and stakeholders with essential updates on financial developments, strategic initiatives, and community-focused banking solutions.
Access timely reports on earnings announcements, leadership changes, and regulatory filings alongside insights into the Altline working capital platform's expansion. Our curated collection features press releases about commercial lending programs, regional economic partnerships, and financial technology implementations.
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The Southern Banc Company (OTCBB: SRNN) reported Q2 FY2025 results with net income of $369,000 ($0.49 per basic share) for the quarter ended December 31, 2024, compared to $471,000 ($0.62 per basic share) in the same period last year. Net interest income before loan loss provisions increased 9.96% to $2.213 million, driven by higher interest income of $430,000, partially offset by increased interest expenses of $230,000.
For the six months ended December 31, 2024, net income was $545,000 ($0.72 per basic share), down from $837,000 ($1.10 per basic share) year-over-year. The company recorded a $442,000 provision for loan losses in the six-month period, compared to no provision in the previous year. Total assets reached $117.0 million, with stockholders' equity at $15.5 million (13.2% of total assets).
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.
