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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 $95,000, or $(0.12) per basic and diluted share, for the quarter ended December 31, 2013, as compared to a net loss of approximately $139,000, or $(0.18) per basic and diluted share, for the quarter ended December 31, 2012. For the six month period ended December 31, 2013, the company recorded a net loss of approximately $182,000, or $(0.23) per basic and diluted share, as compared to a net loss of approximately $181,000, or $(0.23) per basic and diluted share, for the six month period ended December 31, 2012.
Gates Little, President and Chief Executive Officer of the Company, stated that the Company’s net interest income increased approximately $86,000, or 17.4% during the three month period ended December 31, 2013 as compared to the same period in 2012. Net interest income for the six month period was approximately $1.1 million for the six month period end December 31, 2013 and 2012. The increase in the net interest margin for the six month period was primarily attributable to a decrease in total interest income of approximately $52,000, or (3.3%), and a decrease in total interest expense of approximately $99,000, or 20.8%. For the six month period ended December 31, 2013, total non-interest income increased approximately $23,000, or 10.8%, while total non-interest expense increased approximately $120,000, or 7.8%, as compared to the same six month period in 2012. The increase in non-interest income was primarily attributable to increases in fee income attributable to the bank’s factoring operation offset in part by a decrease in the gain on the sale of securities available for sale of approximately $42,000 and customer service fees of approximately $8,000. The increase in non-interest expense was primarily attributable to an increase in salaries and employee benefits relating to staff increases of approximately $86,000, professional service expense of approximately $19,000 and data processing expenses of approximately $25,000.
The Company’s total assets at December 31, 2013 were approximately $93.9 million, as compared to $95.6 million at June 30, 2013. Total stockholders’ equity was approximately $14.2 million, or 15.2% of total assets, at December 31, 2013 as compared to approximately $14.9 million, or 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) December 31, June 30, 2013 2013 ASSETS CASH AND CASH EQUIVALENTS $ 2,861 $ 4,049 SECURITIES AVAILABLE FOR SALE, at fair value 58,066 62,435SECURITIES HELD TO MATURITY, at amortized cost, fair value of $8 and $14, respectively
7 13 FEDERAL HOME LOAN BANK (FHLB) STOCK 544 454LOANS AND LEASES RECEIVABLE, net of allowance for loan losses of $365
29,605 25,823 PREMISES AND EQUIPMENT, net 853 811 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 384 335 PREPAID EXPENSES AND OTHER ASSETS 1,601 1,685 TOTAL ASSETS $ 93,921 $ 95,605 LIABILITIES DEPOSITS $ 71,355 $ 73,158 FHLB ADVANCES 8,313 7,313 OTHER LIABILITIES 21 212 TOTAL LIABILITIES 79,689 80,683STOCKHOLDERS' 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 10,018 10,200Treasury stock, at cost, 648,664 shares
(8,825 ) (8,825 ) Accumulated other comprehensive (loss) (223 ) 216TOTAL STOCKHOLDERS’ EQUITY
14,232 14,922TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
93,921 $ 95,605 THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data) Three Months Ended Six Months Ended December 31, December 31, 2013 2012 2013 2012 INTEREST INCOME: Interest and fees on loans $ 399 $ 393 $ 776 $ 802 Interest and dividends on securities 364 334 730 754 Other interest income 6 7 10 12Total interest income
769 7341,516
1,568
INTEREST EXPENSE:
Interest on deposits 170 217 354 443 Interest on borrowings 19 23 40 50 Total interest expense 189 240 394 493Net interest income before provision for loan losses
580 4941,122
1,075
Provision for loan losses 0 0 0 44Net interest income after provision for loan losses
580 4941,122
1,031
NON-INTEREST INCOME:
Fees and other non-interest income 23 28 48 56 Gain on sale of securities 0 0 0 41 Miscellaneous income 106 64 191 119 Total non-interest income 129 92 239 216NON-INTEREST EXPENSE:
Salaries and employee benefits 527 475 977 892 Office building and equipment expenses 56 51 108 109 Professional Services Expense 76 85 169 150 Data Processing Expense 93 80 184 159 Other operating expense 110 116 214 223 Total non-interest expense 862 807 1,652 1,533 Income / (loss) before income taxes (153 ) (221 ) (291 ) (286 )PROVISION / (BENEFIT) FOR INCOME TAXES
(58 ) (82 ) (109 ) (105 )Net Income / (Loss)
$
(95 )$
(139 )$
(182 )$
(181 )EARNINGS / (LOSS) PER SHARE:
Basic
$
(0.12
)
$
(0.18
)
$
(0.23
)
$
(0.23 ) Diluted $ (0.12 ) $ (0.18 ) $ (0.23 ) $ (0.23 )DIVIDENDS DECLARED PER SHARE
$
---
$
---
$
---$
--- AVERAGE SHARES OUTSTANDING: Basic 773,443 780,318 776,357 780,318 Diluted 773,443 780,318 776,357 780,318
The Southern Banc Company, Inc.Gates Little, 256-543-3860
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