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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.
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.