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The Southern Banc Company, Inc. (SRNN) reports recurring earnings and balance-sheet updates as the holding company for The Southern Bank Company, an Alabama community bank with full-service offices in Gadsden, Albertville, Guntersville and Centre and a loan production office in Birmingham.
Company news centers on quarterly and fiscal-year net income, per-share results, assets, stockholders’ equity, non-interest income and other bank operating measures. Updates also identify the bank’s historical roots as First Federal Savings and Loan Association of Gadsden and the over-the-counter trading status of the company’s common stock.
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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%.