The Southern Banc Company, Inc. Reports Preliminary Earnings for the Fourth Quarter

The Southern Banc Company, Inc., which is the holding company for The Southern Bank Company, has reported the preliminary unaudited financial and operational results for the fourth quarter and full year ended June 30, 2020. President and CEO of The Southern Banc Company, Inc., Gates Little issued these results.

For the fourth quarter, Company’s net income was $40,000, or $0.05 per basic and diluted share, a decline of more than half of the net income $95,000, or $0.12 per basic and diluted share reported for the fourth quarter of 2019. While for the fiscal year ended June 30, 2020, the Company’s net income declined to $314,000, or $0.41 per basic and diluted share as compared to fiscal year 2019 net income of $464,000, or $0.61 per basic and diluted share.

The company’s fourth quarter net interest income before the provision for loan losses declined $192,000, or 17.72% compared to prior year same period. While company’s full year interest income declined $106,000 or 1.93% but the interest expenses surged $200,000, or 21.81%. The decrease in last three months net interest income was majorly because of a cut in interest and fees on loans of $118,000, a decline in other interest income amounting to $75,000 or 95.50% in part with the increase in interest and dividends that were liable on securities of amount $15,000.

The Southern Banc Company has plans to issue its full year results and the related audited financial statements in October 2020 after the completion of the year-end audit. It has four full service banking offices that are located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL.

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