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The Southern Banc Company, Inc. Announces Second Quarter Earnings

GADSDEN, Ala., Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced a net income of approximately $140,000 or $0.18 per basic and diluted share, for the quarter ended December 31, 2020, as compared to a net income of approximately $75,000 or $0.10 per basic and diluted share, for the quarter ended December 31, 2019. For the six months ended December 31, 2020, the Company recorded net income of approximately $169,000 or $0.22 per basic and diluted share, as compared to net income of approximately $201,000, or $0.26 per basic and diluted share for the six months ended December 31, 2019.

Gates Little, President and Chief Executive Officer of the Company, stated that the Company’s net interest margins increased approximately $15,000 during the quarter as compared to the same period in 2019. Net interest income before provision for loan losses for the quarter ended December 31, 2020 was approximately $1.14 million as compared to approximately $1.12 million for the quarter ended December 31, 2019, an increase of approximately $15,000, or 1.3%. The increase in the net interest margin before provision for loan losses for the quarter was primarily attributable to a decrease in total interest expense of approximately $62,000, offset by a decrease in total interest income of approximately $47,000. For the three months ended December 31, 2020 the Company recorded a provision for loan and lease losses of approximately $41,000 as compared to a provision of approximately $38,000 for the same period in 2019. Net interest income after provision for loan and lease losses increased approximately $12,000 or 1.1% for the quarter ended December 31, 2020, as compared to the same quarter in 2019. For the quarter ended December 31, 2020, total non-interest income increased approximately $32,000, or 48.3% while total non-interest expense decreased approximately $44,000 or (4.2%) as compared to the same three-month period in 2019. The increase in non-interest income was primarily attributable to gains of approximately $39,000 related to our leasing and mortgage lending activities, offset in part by a decrease in customer service fees of approximately $8,000 or (18.1%). The decrease in non-interest expense was primarily attributable to decreases in salaries and benefits of approximately $80,000 and professional service expense of approximately $22,000 offset in part by an increase in data processing expenses of approximately $22,000.

The Company’s total assets at December 31, 2020 were $111.8 million, as compared to $103.3 million at June 30, 2020. Total stockholders’ equity was approximately $12.5 million at December 31, 2020 or 11.2% of total assets as compared to approximately $12.3 million at June 30, 2020 or approximately 12.0% of total assets.

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.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollar Amounts in Thousands)
 
    December 31,     June 30,
    2020
    2020
    (Unaudited)      
           
ASSETS
         
           
CASH AND CASH EQUIVALENTS $ 17,099     $ 25,766  
               
SECURITIES AVAILABLE FOR SALE, at fair value   35,639       25,874  
           
FEDERAL HOME LOAN BANK STOCK   174       174  
           
LOANS RECEIVABLE, net  of allowance for loan losses              
of $829 and $895, respectively   56,579       49,105  
PREMISES AND EQUIPMENT, net   700       736  
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE   281       224  
PREPAID EXPENSES AND OTHER ASSETS   1,294       1,423  
           
TOTAL ASSETS $ 111,766     $ 103,302  
           
LIABILITIES

         
DEPOSITS $ 92,597     $ 88,766  
FHLB ADVANCES   0       0  
OTHER LIABILITIES   6,657       2,188  
           
TOTAL LIABILITIES   99,254       90,954  
           
STOCKHOLDERS' EQUITY:          
Preferred stock, par value $.01 per share              
500,000 shares authorized; shares issued
and outstanding-- none
  0       0  
Common stock, par value $.01 per share,              
3,500,000 authorized, 1,454,750 shares issued   15       15  
Additional paid-in capital   13,917       13,906  
Shares held in trust, 45,243 and 44,506 shares at cost,              
respectively   (761 )     (754 )
Retained earnings   7,761       7,592  
Treasury stock, at cost              
648,664 shares   (8,825 )     (8,825 )
Accumulated other comprehensive income   405       414  
               
TOTAL STOCKHOLDERS’ EQUITY   12,512       12,348  
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 111,766     $ 103,302  
           

                            

THE SOUTHERN BANC COMPANY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollar Amounts in Thousands, except per share data)
           
    Three Months Ended     Year-to-Date
    December 31,     December 31,
                     
    2020
(Unaudited)
    2019     2020
(Unaudited)
  2019

                     
INTEREST INCOME:
                   
                     
Interest and fees on loans $ 1,212   $ 1,236   $ 2,261 $ 2,488
Interest and dividends on securities   146     100     295   207
Other interest income   2     72     5   157
                     
Total interest income   1,360     1,408     2,561   2,852
                     
INTEREST EXPENSE:                    
Interest on deposits   222     284     480   565
Interest on borrowings   0     0     0   4
Total interest expense   222     284     480   569
Net interest income before provision                    
for loan losses   1,138     1,124     2,081   2,283
Provision for loan losses   41     38     41   44
Net interest income after provision
                   
for loan losses   1,097     1,085     2,040   2,239
                     
NON-INTEREST INCOME:                    
Fees and other non-interest income   35     43     63   73
Miscellaneous income   62     23     92   31
Total non-interest income   97     66     155   104
                     
NON-INTEREST EXPENSE:                    
Salaries and employee benefits   512     592     1,058   1,177
Office building and equipment expenses   61     62     120   123
Professional Services Expense   102     124     190   226
Data Processing Expense   169     147     314   276
Other operating expense   159     123     281   266
      Total non-interest expense   1,003     1,048     1,963   2,068
                     
Income before income taxes   191     103     232   275
                     
PROVISION FOR INCOME TAXES   51     28     63   74
                     
Net Income $ 140   $ 75   $ 169 $ 201
                     
LOSS PER SHARE:                    
Basic $ 0.18   $ 0.10   $ 0.22 $ 0.26
Diluted $ 0.18   $ 0.10   $ 0.22 $ 0.26
                     
DIVIDENDS DECLARED PER SHARE $ ---   $ ---   $ --- $ ---
                     
AVERAGE SHARES OUTSTANDING:                    
Basic   764,146     766,826     764,146   766,826
Diluted   764,146     766,826     764,146   766,826
                     

Contact:
Gates Little
(256) 543-3860