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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 |
Gates Little, President and Chief Executive Officer of The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company announced preliminary unaudited results (subject to audit adjustments following the year-end audit) of operations for the fourth quarter and year ended June 30, 2014:
The Company’s total assets at June 30, 2014 were approximately $94.3 million, as compared to $95.6 million at June 30, 2013. Total stockholders’ equity was approximately $14.7 million, or 15.6% of assets and $14.9 million, or 15.6% of assets at June 30, 2014 and 2013, respectively.
The unaudited financial information at or for the three and 12 months ended June 30, 2014 and 2013, has been prepared on the same basis as our audited financial information and includes, in the opinion of management, all adjustments necessary to present the data for such periods. The Company currently expects to release its final year end results and make available its related audited financial statements in October 2014 following completion of the year end audit. Historical results are not necessarily indicative of future results.
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.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollar Amounts in Thousands)
June 30, June 30, 2014 2013 (Unaudited) ASSETS CASH AND CASH EQUIVALENTS $ 3,777 $ 4,049 SECURITIES AVAILABLE FOR SALE, at fair value 53,525 62,435SECURITIES HELD TO MATURITY, at amortized cost, fair value of $6 and $14, respectively
5 13 FEDERAL HOME LOAN BANK (FHLB) STOCK 407 454LOANS AND LEASES RECEIVABLE, net of allowance for loan losses of $272 and $265, respectively
33,715 25,823 PREMISES AND EQUIPMENT, net 828 811 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 291 335 PREPAID EXPENSES AND OTHER ASSETS 1,709 1,685 TOTAL ASSETS $ 94,257 $ 95,605 LIABILITIES DEPOSITS $ 72,058 $ 73,158 FHLB ADVANCES 7,156 7,313 OTHER LIABILITIES 339 212 TOTAL LIABILITIES 79,553 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 9,934 10,200
Treasury stock, at cost, 648,664 shares
(8,825 ) (8,825 ) Accumulated other comprehensive income 333 216TOTAL STOCKHOLDERS’ EQUITY
14,704 14,922TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
94,257 $ 95,605THE SOUTHERN BANC COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollar Amounts in Thousands, except per share data)
Three Months Ended Year Ended June 30, June 30, 2014(Unaudited)
2013 2014(Unaudited)
2013 INTEREST INCOME: Interest and fees on loans $ 402 $ 309 $ 1,582 $ 1,477 Interest and dividends on securities 339 361 1,419 1,469 Other interest income 4 3 20 20Total interest income
745 6733,021
2,966
INTEREST EXPENSE:
Interest on deposits 156 197 677 842 Interest on borrowings 17 19 75 89 Total interest expense 173 216 752 931Net interest income before provision for loan losses
572 4572,269
2,035
Provision for loan losses 0 0 0 36Net interest income after provision for loan losses
572 4572,269
1,999
NON-INTEREST INCOME:
Fees and other non-interest income 23 85 110 165 Gain on sale of securities, net 177 0 161 94 Miscellaneous income 93 69 348 309 Total non-interest income 293 154 619 568NON-INTEREST EXPENSE:
Salaries and employee benefits 464 445 1,990 1,751 Office building and equipment expenses 61 53 228 216 Professional Services Expense 140 98 378 324 Data Processing Expense 94 88 373 334 Other operating expense 120 112 360 460 Total non-interest expense 879 796 3,329 3,085 Loss before income taxes(14
)
(185 ) (441 ) (518 )BENEFIT FOR INCOME TAXES
(14 ) (94 ) (176 ) (216 )Net Loss
$
(0 )$
(91 )$
(265 )$
(302
)
LOSS PER SHARE: Basic $ (0.00 ) $ (0.12 ) $ (0.34 ) $ (0.39 ) Diluted $ (0.00 ) $ (0.12 ) $ (0.34 ) $ (0.39 )DIVIDENDS DECLARED PER SHARE
$
---$
---
$
---
$
--- AVERAGE SHARES OUTSTANDING: Basic 773,443 780,318 774,912 780,318 Diluted 773,443 780,318 774,912 780,318
The Southern Banc Company, Inc.Gates Little, 256-543-3860
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