GADSDEN, Ala., Nov. 15, 2024 (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 $176,000, or $0.23 per basic and diluted share, for the quarter ended September 30, 2024, as compared to a net income of approximately $367,000, or $0.48 per basic and diluted share, for the quarter ended September 30, 2023.

Gates Little, President and Chief Executive Officer of the Company stated that the Company's net interest income decreased approximately $95,000 or (5.06%) during the quarter as compared to the same period in 2023. For the three-months ended September 30, 2024, total interest income increased by approximately $536,000 or 23.65% as compared to the same period in 2023. Total interest expense increased approximately $256,000 or 65.79% for the three-months ended September 30, 2024, as compared to the same period in 2023. During the three-months ended September 30, 2024, provisions for credit losses was approximately $373,000 compared to no provisions for the three-months ended September 30, 2023. For the quarter ended September 30, 2024, total non-interest income increased approximately by $3,000 or 2.10%, while total non-interest expense increased approximately by $167,000 or 10.93% as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to increases in miscellaneous income of approximately $4,000 or 3.72% offset in part by a decrease in customer service fees of approximately $1,000 or (2.79%). The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $119,000 or 13.09%; occupancy expenses of approximately $8,000 or 9.26%, professional service expenses of approximately $74,000 or 58.41%, offset in part by decreases in other operating expenses of approximately $32,000 or (14.50%) and data processing expenses of approximately $2,000 or (1.60%).

        

The Company's total assets at September 30, 2024 were $113.5 million, as compared to $113.0 million at June 30, 2024. Total stockholders' equity was approximately $15.7 million at September 30, 2024, or 13.82% of total assets, as compared to approximately $14.5 million at June 30, 2024, or approximately 12.80% of total assets.

The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama and a loan production office located in Birmingham, AL. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market 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 on following pages) THE SOUTHERN BANC COMPANY, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(Dollar Amounts in Thousands)   September 30,  June 30,  2024

  2024

  Unaudited  AuditedASSETS     CASH AND CASH EQUIVALENTS$12,426  $12,632 SECURITIES AVAILABLE FOR SALE, at fair value 38,539   37,912 FEDERAL HOME LOAN BANK STOCK 120   120 LOANS RECEIVABLE, net of allowance for loan losses     of $1,483 and $1,160 58,742   58,199 PREMISES AND EQUIPMENT, net 1,098   1,133 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 913   934 PREPAID EXPENSES AND OTHER ASSETS 1,698   2,124       TOTAL ASSETS$113,536  $113,054       LIABILITIES     DEPOSITS$91,098  $92,250 OTHER LIABILITIES 6,748   6,338 TOTAL LIABILITIES 97,846   98,588       STOCKHOLDERS' EQUITY:     Preferred stock, par value $.01 per share     500,000 shares authorized; no shares issued     and outstanding -   - Common stock, par value $.01 per share,     3,500,000 authorized, 1,454,750 shares issued 15   15 Additional paid-in capital 13,945   13,943 Shares held in trust, 46,454 at cost (772)  (772)Retained earnings 14,060   13,884 Treasury stock, at cost, 648,664 shares (8,825)  (8,825)Accumulated other comprehensive (loss) income (2,733)  (3,779)TOTAL STOCKHOLDERS' EQUITY 15,690   14,466 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$113,536  $113,054               

THE SOUTHERN BANC COMPANY, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Dollar Amounts in Thousands, except per share data)   Three Months Ended  September 30,  2024  2023  (Unaudited)  (Unaudited)INTEREST INCOME:     Interest and fees on loans$2,474 $1,966Interest and dividends on securities 166  185Other interest income 155  108Total interest income 2,795  2,260      INTEREST EXPENSE:     Interest on deposits 645  389Interest on borrowings -  -Total interest expense 645  389Net interest income before provision 2,150  1,871for loan losses     Provision for loan losses 373  -Net interest income after provision 1,777  1,871for loan losses           NON-INTEREST INCOME:     Fees and other non-interest income 35  36Net gain on sale of securities -  -Miscellaneous income 113  109Total non-interest income 148  145      NON-INTEREST EXPENSE:     Salaries and employee benefits 1,025  906Office building and equipment expenses 94  86Professional Services Expense 201  127Data Processing Expense 182  184Other operating expense 185  217Total non-interest expense 1,687  1,521Income before income tax expense 238  496INCOME TAX EXPENSE 62  129Net Income$176 $367      INCOME PER SHARE:     Basic$0.23 $0.48Diluted 0.23  0.48DIVIDENDS DECLARED PER SHARE$- $-      AVERAGE SHARES OUTSTANDING:     Basic 759,632  761,257Diluted 765,236  768,861       Contact: Gates Little                

(256) 543-3860

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