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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Banc Company Inc (PK) | USOTC:SRNN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.90 | 10.50 | 12.00 | 0.00 | 13:40:34 |
The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company announced a net loss of approximately $87,000, or $(0.11) per basic and diluted share, for the quarter ended September 30, 2013, as compared to a net loss of approximately $41,000, or $(0.05) per basic and diluted share, for the quarter ended September 30, 2012.
Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest income decreased approximately $39,000 or (6.7%) during the three month period ended September 30, 2013 as compared to the same period in 2012. The decrease in the net interest income for the three month period was primarily attributable to a decrease in interest and dividends on securities in the amount of approximately $54,000 and a decrease in interest and fees on loans of approximately $32,000 offset in part by a decrease in interest paid on deposits and borrowings of approximately $42,000 and $6,000, respectively. For the three month period ended September 30, 2013, total non-interest income decreased approximately $13,000, or 10.4%, while total non-interest expense increased approximately $66,000, or 9.0%, as compared to the same three month period in 2012. The decrease in non-interest income was primarily attributable to decreases in net gains on sale of securities and customer service fees. The increase in non-interest expense was primarily attributable to an increase in salaries and employee benefits relating to staff increases and an increase in professional service expenses.
The Company’s total assets at September 30, 2013 were approximately $95.5 million, as compared to $95.6 million at June 30, 2013. Total stockholders’ equity was approximately $14.7 million, or approximately 15.4% of total assets, at September 30, 2013 as compared to approximately $14.9 million, or approximately 15.6% of total assets, at June 30, 2013.
The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama. 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.
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands) September 30, June 30, 2013 2013 ASSETS CASH AND CASH EQUIVALENTS
$
3,299
$
4,049
SECURITIES AVAILABLE FOR SALE, at fair value
60,871 62,435SECURITIES HELD TO MATURITY, at amortized cost, fair value of $10 and $14, respectively
9 13 FEDERAL HOME LOAN BANK (FHLB) STOCK 544 454LOANS AND LEASES RECEIVABLE, net of allowance for loan losses of $365 and $365, respectively
28,114 25,823 PREMISES AND EQUIPMENT, net 851 811 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 314 335 PREPAID EXPENSES AND OTHER ASSETS 1,461 1,685 TOTAL ASSETS
$
95,463
$
95,605
LIABILITIES DEPOSITS
$
72,129
$
73,158
FHLB ADVANCES 8,313 7,313 OTHER LIABILITIES 309 212 TOTAL LIABILITIES 80,751 80,683 STOCKHOLDERS' EQUITY:Preferred stock, par value $.01 per share 500,000 shares authorized, shares issued and outstanding-- none
0 0Common stock, par value $.01 per share, 3,500,000 authorized, 1,454,750 shares issued
15 15 Additional paid-in capital 13,887 13,887Shares held in trust, at cost, 32,643 and 25,768 shares, respectively
(640 ) (571 ) Retained earnings 10,113 10,200Treasury stock, at cost, 648,664 shares
(8,825 ) (8,825 ) Accumulated other comprehensive (loss) 162 216TOTAL STOCKHOLDERS’ EQUITY
14,712 14,922TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
95,463
$
95,605
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data) Three Months Ended September 30, 2013 2012 INTEREST INCOME: Interest and fees on loans
$
377
$
409
Interest and dividends on securities 366 421 Other interest income 4 5Total interest income
747 835INTEREST EXPENSE:
Interest on deposits 184 226 Interest on borrowings 21 28 Total interest expense 205 254Net interest income before provision for loan losses
542 581 Provision for loan losses 0 45Net interest income after provision for loan losses
542 536NON-INTEREST INCOME:
Fees and other non-interest income 25 28 Gain on sale of securities 0 42Miscellaneous income
86 54 Total non-interest income 111 124NON-INTEREST EXPENSE:
Salaries and employee benefits 451 417 Office building and equipment expenses 52 58 Professional services expense 93 64 Data processing expense 92 79 Other operating expense 103 107 Total non-interest expense 791 725 Income / (loss) before income taxes (138 ) (65 )PROVISION / (BENEFIT) FOR INCOME TAXES
(51 ) (24 )Net Income / (Loss)
$
(87
)
$
(41
)
EARNINGS / (LOSS) PER SHARE: Basic $ (0.11 ) $ (0.05 ) Diluted
$
(0.11
)
$
(0.05
)
DIVIDENDS DECLARED PER SHARE
$
---
$
---
AVERAGE SHARES OUTSTANDING: Basic 780,318 780,318 Diluted 780,318 780,318
The Southern Banc Company, Inc.Gates Little, 256-543-3860
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