The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings
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.
La Southern Banc Company (OTCBB: SRNN) ha annunciato i risultati preliminari non verificati per il quarto trimestre e l'anno fiscale 2024. Per il quarto trimestre, l'utile netto è stato di $424,000 ($0.56 per azione ordinaria), in calo rispetto a $784,000 nel quarto trimestre del 2023. L'utile netto per l'anno fiscale 2024 è stato di $1,602,000 ($2.11 per azione ordinaria), rispetto ai $2,474,000 del 2023. L'entrata netta da interessi del quarto trimestre è diminuita del 10.52% rispetto all'anno precedente, mentre il reddito non da interessi è aumentato dell'8.5%. Le spese non da interessi sono aumentate del 17.82% nel quarto trimestre. Le attività totali al 30 giugno 2024 ammontavano a $113.1 milioni, in aumento rispetto ai $108.6 milioni del 2023. Il patrimonio netto totale degli azionisti è aumentato a $14.5 milioni (12.79% delle attività) dai $12.1 milioni (11.16% delle attività) del 2023.
La Southern Banc Company (OTCBB: SRNN) anunció resultados preliminares no auditados para el cuarto trimestre y el año fiscal 2024. Para el cuarto trimestre, el ingreso neto fue de $424,000 ($0.56 por acción básica), disminuyendo de $784,000 en el cuarto trimestre de 2023. El ingreso neto del año fiscal 2024 fue de $1,602,000 ($2.11 por acción básica), en comparación con $2,474,000 en 2023. El ingreso neto por intereses del cuarto trimestre disminuyó un 10.52% en comparación con el año anterior, mientras que el ingreso no relacionado con intereses aumentó un 8.5%. Los gastos no relacionados con intereses aumentaron un 17.82% en el cuarto trimestre. Los activos totales al 30 de junio de 2024 fueron de $113.1 millones, en comparación con $108.6 millones en 2023. El patrimonio total de los accionistas aumentó a $14.5 millones (12.79% de los activos) desde los $12.1 millones (11.16% de los activos) en 2023.
Southern Banc Company(OTCBB: SRNN)는 2024년 4분기 및 회계연도에 대한 예비 감사되지 않은 결과를 발표했습니다. 4분기 동안 순이익은 $424,000($0.56 per 주식당)으로, 2023년 4분기의 $784,000에서 감소했습니다. 2024년 회계연도의 순이익은 $1,602,000($2.11 per 주식당)으로, 2023년의 $2,474,000과 비교됩니다. 4분기 순이자 수익은 전년 대비 10.52% 감소했으며, 비이자 수익은 8.5% 증가했습니다. 비이자 비용은 4분기에 17.82% 증가했습니다. 2024년 6월 30일 현재 총 자산은 $113.1백만으로, 2023년의 $108.6백만에서 증가했습니다. 총 주주 자본은 2023년의 $12.1백만(자산의 11.16%)에서 $14.5백만(자산의 12.79%)으로 증가했습니다.
La Southern Banc Company (OTCBB: SRNN) a annoncé des résultats préliminaires non vérifiés pour le quatrième trimestre et l'exercice fiscal 2024. Pour le quatrième trimestre, le bénéfice net s'élevait à $424,000 ($0.56 par action ordinaire), en baisse par rapport à $784,000 au quatrième trimestre de 2023. Le bénéfice net pour l'exercice fiscal 2024 était de $1,602,000 ($2.11 par action ordinaire), comparé à $2,474,000 en 2023. Les revenus nets d'intérêts pour le quatrième trimestre ont diminué de 10.52% par rapport à l'année précédente, tandis que les revenus non liés aux intérêts ont augmenté de 8.5%. Les dépenses non liées aux intérêts ont augmenté de 17.82% au quatrième trimestre. Les actifs totaux au 30 juin 2024 s'élevaient à $113.1 millions, contre $108.6 millions en 2023. Les capitaux propres totaux des actionnaires ont augmenté à $14.5 millions (12.79% des actifs) contre $12.1 millions (11.16% des actifs) en 2023.
Die Southern Banc Company (OTCBB: SRNN) hat vorläufige unaudited Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 bekannt gegeben. Für das 4. Quartal betrug der Nettogewinn $424,000 ($0.56 pro Stammaktie), was einem Rückgang von $784,000 im 4. Quartal 2023 entspricht. Der Nettogewinn für das Geschäftsjahr 2024 betrug $1,602,000 ($2.11 pro Stammaktie), im Vergleich zu $2,474,000 im Jahr 2023. Die Nettozinseinnahmen im 4. Quartal gingen im Jahresvergleich um 10.52% zurück, während die Nichterträge um 8.5% stiegen. Die Nichtzinsaufwendungen stiegen im 4. Quartal um 17.82%. Die Gesamtaktiva zum 30. Juni 2024 betrugen $113.1 Millionen, ein Anstieg von $108.6 Millionen im Jahr 2023. Das gesamte Eigenkapital der Aktionäre stieg auf $14.5 Millionen (12.79% der Aktiva) von $12.1 Millionen (11.16% der Aktiva) im Jahr 2023.
- Total assets increased from $108.6 million to $113.1 million year-over-year
- Stockholders' equity improved from 11.16% to 12.79% of assets
- Non-interest income increased by 8.5% in Q4 and 22.46% for the fiscal year
- Q4 net income decreased from $784,000 to $424,000 year-over-year
- Fiscal year net income declined from $2,474,000 to $1,602,000
- Q4 net interest income decreased by 10.52% compared to the same period in 2023
- Non-interest expenses increased by 17.82% in Q4 and 14.43% for the fiscal year
- Provisions for loan losses of $155,000 were recorded in Q4 2024, compared to none in 2023
GADSDEN, Ala., Aug. 15, 2024 (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, 2024:
- For the three months ended June 30, 2024, the Company reported net income of approximately
$424,000 , or$0.56 per basic and$0.55 per diluted share as compared to net income of approximately$784,000 , or$1.03 per basic and$1.02 per diluted share, for the three months ended June 30, 2023. - For the fiscal year ended June 30, 2024, the Company recorded net income of approximately
$1,602,000 , or$2.11 per basic and$2.09 per diluted share, as compared to net income of approximately$2,474,000 , or$3.26 per basic and$3.24 per diluted share, for the fiscal year ended June 30, 2023. - For the three months ended June 30, 2024, net interest income decreased approximately
$240,000 , or (10.52% ) as compared to the same period in 2023. The decrease in net interest income for the three-month period was primarily attributable to an increase in interest and fees on loans in the amount of approximately$133,000 or5.65% , an increase in other interest income of approximately$55,000 , or57.44% , offset in part by an increase in interest on deposits of approximately$270,000 , or81.08% . For the three months ended June 30, 2024, the Company recorded approximately$155,000 in provisions for loan losses as compared to the same period in 2023. For the three months ended June 30, 2024, total interest paid on deposits and borrowings increased approximately$250,000 , or71.02% as compared to the same period in 2023. The current interest rate environment continues to have an impact on the bank’s lending and deposit activities. - For the fiscal year ended June 30, 2024, net interest income decreased approximately
$346,000 , or (4.17% ) as compared to fiscal year 2023. The decrease in net interest income for the fiscal year ended June 30, 2024, was primarily attributable to an increase in interest and fees on loans of approximately$510,000 or6.17% , an increase in other interest income of approximately$230,000 or100.44% , offset in part by an increase in interest on deposits of approximately$1,175,000 , or143.19% as compared to fiscal year 2023. For the fiscal year ended June 30, 2024, the Company recorded approximately$155,000 in provisions for loan losses as compared to no provision in 2023. For the fiscal year ended June 30, 2024, total interest paid on deposits and borrowings increased approximately$1,071,000 , or115.56% . - For the three months ended June 30, 2024, non-interest income increased approximately
$13,000 , or8.5% as compared to the same period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately$25,000 , or21.5% offset in part by a decrease in customer service fees of approximately$12,000 , or (24.91% ). - For the fiscal year ended June 30, 2024, non-interest income increased approximately
$120,000 , or22.46% as compared to fiscal year 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately$151,000 , or40.78% offset in part by a decrease in customer service fees of approximately$31,000 , or (18.66% ). - For the three months ended June 30, 2024, total non-interest expenses increased approximately
$251,000 , or17.82% , as compared to the same three-month period in 2023. The increase in non-interest expense for the three-month period was primarily attributable to increases in salaries and benefits of approximately$157,000 , or17.78% , office occupancy expenses of approximately$21,000 , or29.30% , professional services of approximately$56,000 , or52.01% , and other operating expenses of approximately$21,000 , or13.38% , offset in part by decreases in data processing expenses of approximately$4,000 , or (1.41% ). - For the fiscal year ended June 30, 2024, total non-interest expenses increased approximately
$795,000 , or14.43% , as compared to fiscal year 2023. The increase in total non-interest expense for the fiscal year was primarily attributable to increases in salary and benefit expenses of approximately$468,000 , or14.01% , other operating expenses of approximately$129,000 , or19.46% , professional services expenses of approximately$49,000 , or9.06% , data processing expenses of approximately$73,000 , or10.46% , and office occupancy expenses of approximately$77,000 , or27.69% . - The Company’s total assets on June 30, 2024, were approximately
$113.1 million as compared to$108.6 million at June 30, 2023. Total stockholders’ equity was approximately$14.5 million , or12.79% of assets and$12.1 million , or11.16% of assets at June 30, 2024 and 2023, respectively.
The unaudited financial information for the three and twelve months ended June 30, 2024, 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 2024, 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, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Audited) | ||||||
| ASSETS | |||||||
| CASH AND CASH EQUIVALENTS | $ | 12,632 | $ | 8,745 | |||
| SECURITIES AVAILABLE FOR SALE, at fair value | 37,912 | 40,425 | |||||
| FEDERAL HOME LOAN BANK (FHLB) STOCK | 120 | 98 | |||||
| LOANS RECEIVABLE, net of allowance for loan losses of | 58,199 | 55,356 | |||||
| PREMISES AND EQUIPMENT, net | 1,133 | 858 | |||||
| ACCRUED INTEREST AND DIVIDENDS RECEIVABLE | 934 | 782 | |||||
| PREPAID EXPENSES AND OTHER ASSETS | 2,166 | 2,367 | |||||
| TOTAL ASSETS | $ | 113,096 | $ | 108,631 | |||
| LIABILITIES | |||||||
| DEPOSITS | $ | 92,250 | $ | 90,952 | |||
| FHLB ADVANCES AND OTHER BORROWED MONEY | 0 | 0 | |||||
| OTHER LIABILITIES | 6,380 | 5,557 | |||||
| TOTAL LIABILITIES | 98,630 | 96,609 | |||||
| STOCKHOLDERS' EQUITY: | |||||||
| Preferred stock, par value $.01 per share 500,000 shares authorized; no shares issued and outstanding | - | - | |||||
| 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 | 13,943 | 13,938 | |||||
| Shares held in trust, 46,454 and 44,829 shares at cost, respectively | (772 | ) | (752 | ) | |||
| Retained earnings | 13,884 | 12,280 | |||||
| Treasury stock, at cost, 648,664 shares | (8,825 | ) | (8,825 | ) | |||
| Accumulated other comprehensive income / (loss) | (3,779 | ) | (4,534 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 14,466 | 12,122 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 113,096 | $ | 108,631 | |||
| 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, | ||||||||||
| 2024 (Unaudited) | 2023 (Unaudited) | 2024 (Unaudited) | 2023 (Audited) | ||||||||
| INTEREST INCOME: | |||||||||||
| Interest and fees on loans | $ | 2,480 | $ | 2,347 | $ | 8,764 | $ | 8,254 | |||
| Interest and dividends on securities | 166 | 188 | 717 | 732 | |||||||
| Other interest income | 150 | 95 | 460 | 230 | |||||||
| Total interest income | 2,796 | 2,630 | 9,941 | 9,216 | |||||||
| INTEREST EXPENSE: | |||||||||||
| Interest on deposits | 603 | 333 | 1,995 | 820 | |||||||
| Interest on borrowings | 0 | 20 | 1 | 105 | |||||||
| Total interest expense | 603 | 353 | 1,996 | 925 | |||||||
| Net interest income before provision for loan losses | 2,192 | 2,277 | 7,945 | 8,291 | |||||||
| Provision for loan losses | 155 | 0 | 155 | 0 | |||||||
| Net interest income after provision for loan losses | 2,037 | 2,277 | 7,790 | 8,291 | |||||||
| NON-INTEREST INCOME: | |||||||||||
| Fees and other non-interest income | 34 | 46 | 135 | 166 | |||||||
| Gain / (loss) on sale of securities, net | 0 | 0 | 0 | 0 | |||||||
| Miscellaneous income | 142 | 117 | 523 | 372 | |||||||
| Total non-interest income | 176 | 163 | 658 | 538 | |||||||
| NON-INTEREST EXPENSE: | |||||||||||
| Salaries and employee benefits | 1,036 | 879 | 3,808 | 3,287 | |||||||
| Equipment and Occupancy expenses | 91 | 70 | 355 | 280 | |||||||
| Professional Services Expense | 163 | 107 | 583 | 535 | |||||||
| Data Processing Expense | 189 | 193 | 769 | 696 | |||||||
| Other operating expense | 186 | 165 | 793 | 717 | |||||||
| Total non-interest expense | 1,665 | 1,414 | 6,308 | 5,515 | |||||||
| Income before income taxes | 548 | 1,026 | 2,140 | 3,313 | |||||||
| PROVISION FOR INCOME TAXES | 124 | 242 | 538 | 839 | |||||||
| Net Income | $ | 424 | $ | 784 | $ | 1,602 | $ | 2,474 | |||
| EARNINGS PER SHARE: | |||||||||||
| Basic | $ | 0.56 | $ | 1.03 | $ | 2.11 | $ | 3.26 | |||
| Diluted | $ | 0.55 | $ | 1.02 | $ | 2.09 | $ | 3.24 | |||
| DIVIDENDS DECLARED PER SHARE | $ | --- | $ | --- | $ | --- | $ | --- | |||
| AVERAGE SHARES OUTSTANDING: | |||||||||||
| Basic | 759,632 | 761,374 | 760,456 | 758,651 | |||||||
| Diluted | 765,895 | 768,306 | 767,318 | 763,064 | |||||||
Contact: Gates Little
(256) 543-3860
FAQ
What was SRNN's net income for Q4 2024?
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