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The Southern Banc Company, Inc. Announces Third Quarter Earnings

GADSDEN, Ala., May 14, 2024 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company (the 鈥淏ank鈥�), announced net income of approximately $340,000, or $0.45 per basic and $0.44 per diluted share, for the quarter ended March 31, 2024, as compared to net income of approximately $462,000, or $0.61 per basic and $0.60 per diluted share, for the quarter ended March 31, 2023. The Company announced that for the nine-month period ended March 31, 2024, the Company recorded net income of approximately $1,177,000, or $1.55 per basic and $1.53 per diluted share, as compared to net income of approximately $1,693,000, or $2.23 per basic and $2.21 per diluted share, for the nine-month period ended March 31, 2023. The Company鈥檚 fiscal year ends June 30, 2024.

Gates Little, President and Chief Executive Officer of the Company stated that the Company鈥檚 net interest margins decreased approximately $20,000, or 1.04%, during the quarter as compared to the same period in 2023. The decrease in the net interest margin before provision for credit losses for the quarter was primarily attributable to an increase in total interest income of approximately $234,000 offset by an increase in total interest expense of approximately $254,000. For the three-month periods ended March 31, 2024, and March 31, 2023, the Company did not make a provision for loan and lease losses. For the quarter ended March 31, 2024, total non-interest income increased approximately $60,000, or 45.8%, while total non-interest expense increased approximately $205,000, or 14.7%, as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $68,000 offset in part by a decrease in customer services fees of approximately $8,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $90,000, professional service expense of approximately $37,000, other operating expense of approximately $31,000, data processing expense of approximately $23,000, and occupancy expense of approximately $22,000.

For the nine-months ended March 31, 2024, net interest income decreased approximately $261,000, or 4.3%, as compared to the same period in 2023. During the nine-month periods ended March 31, 2024, and 2023, respectively, the Company did not make a provision for credit losses. For the nine-months ended March 31, 2024, total non-interest income increased approximately $107,000, or 28.5%, while total non-interest expense increased approximately $544,000, or 13.3%, as compared to the same period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $126,000, offset in part by a decrease in customer service fees of approximately $19,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $311,000, data processing expenses of approximately $76,000, and occupancy expense of approximately $57,000, offset in part by a decrease in professional service expense of approximately $7,000.

The Company鈥檚 total assets on March 31, 2024, were approximately $107.0 million, as compared to $108.6 million at June 30, 2023. Total stockholders鈥� equity was approximately $14.0 million on March 31, 2024, or 13.05% of total assets as compared to approximately $12.1 million on June 30, 2023 or approximately 11.16% 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 that conducts factoring activities. Common stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol 鈥淪RNN鈥�.

Certain statements in this release contain 鈥渇orward-looking statements鈥� 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 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渆stimate,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渢arget,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渃ontinue,鈥� or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management鈥檚 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鈥檚 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)

THE SOUTHERN BANC COMPANY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollar Amounts in Thousands, except per share data)

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Contact: Gates Little
(256) 543-3860