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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 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).
For the fiscal year ending June 30, 2022, The Southern Banc Company (OTCBB: SRNN) reported a net income of approximately $1.736 million, or $2.29 per share, significantly up from $478,000, or $0.63 per share in 2021. Q4 net income also rose to $571,000 from $171,000 year-on-year. Notably, net interest income surged 55.52% to approximately $669,000 driven by increased loan fees and decreased interest expenses. Total assets reached $114 million, and total stockholders’ equity stood at $10.6 million as of June 30, 2022. The company anticipates releasing audited results in October 2022.
The Southern Banc Company, Inc. (OTCBB: SRNN) reported a significant increase in net income for Q1 2022, totaling approximately $472,000, or $0.62 per share, compared to $138,000, or $0.18 per share, in Q1 2021. For the nine-month period ending March 31, 2022, net income rose to approximately $1,165,000 from $307,000 in the previous year. Key factors included a 50.4% increase in net interest margins and a 54.5% boost in non-interest income. However, non-interest expenses also rose by 16.4%. Total assets reached approximately $114.6 million, and stockholders' equity was about $11.2 million.
The Southern Banc Company, Inc. (OTCBB: SRNN) reported a net income of approximately $451,000 or $0.59 per share for Q4 2021, a significant increase from $140,000 or $0.18 per share in Q4 2020. For the six months ended December 31, 2021, net income was about $694,000 or $0.91 per share, up from $169,000 or $0.22 per share in the same period last year. Net interest income before loan losses reached $1.66 million, up 46.24% year-over-year, driven by increased interest income and reduced expenses. Total assets stood at $112.1 million.
The Southern Banc Company (OTCBB: SRNN) reported a net income of $242,982 or $0.32 per share for Q3 2021, up from $28,984 or $0.04 per share in Q3 2020. Net interest margins increased by 41.51% to $391,327, driven by a 21.99% rise in total interest income to $264,036 and a 49.35% reduction in interest expenses. Total assets decreased to $110.7 million, while stockholders' equity rose to 11.31% of total assets. Non-interest income surged by 91.65%, but non-interest expenses increased by 16.27%.
Gates Little, CEO of The Southern Banc Company, reported preliminary unaudited results for Q4 and FY 2021. The company reported a net income of $171,000 or $0.22 per share for Q4, up from $40,000 or $0.05 per share in Q4 2020. For FY 2021, net income was $478,000 or $0.63 per share, compared to $314,000 or $0.41 per share in FY 2020. Total assets reached $112.4 million, an increase from $103.3 million in the previous year. Significant increases in net interest income were noted, influenced by higher loan activity and decreased interest on deposits.
The Southern Banc Company (OTCBB: SRNN) reported a net income of approximately $138,000 for Q1 2021, up from $73,000 in Q1 2020, equating to $0.18 per share. For the nine-month period, net income increased to $307,000 from $274,000 a year prior. The company's net interest margins rose by 6.4%, driven by a decrease in total interest expense by $115,000. Non-interest income increased by 14.1%, while non-interest expenses decreased slightly. Total assets grew to $111.4 million as of March 31, 2021, with total stockholders' equity at $11.9 million.
The Southern Banc Company (OTCBB: SRNN) reported a net income of approximately $140,000, or $0.18 per share, for Q4 2020, up from $75,000, or $0.10 per share, in Q4 2019. For the six-month period ending December 31, 2020, net income was approximately $169,000, or $0.22 per share, down from $201,000, or $0.26 per share in the previous year. The Company’s net interest income rose by 1.3% to $1.14 million. Non-interest income surged by 48.3%, while total non-interest expenses decreased by 4.2%. Total assets increased to $111.8 million, with stockholders’ equity at approximately $12.5 million.
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