Business
CORRECTION: The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings
CORRECTION: The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings.
About this update from Southern Banc Company, Inc. (the)
[{"type":"text","content":"\n GADSDEN, Ala., Aug. 23, 2023 (GLOBE NEWSWIRE) -- In a release issued under the same headline on August 22, 2023 at 16:37 ET by The Southern Banc Company, Inc. (OTCBB: SRNN), a figure was incorrect in the first table. The “Accumulated other comprehensive income / (loss)” figure has been changed from 3,533 to (3,533). The corrected release follows: 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 fiscal year-end audit) of operations for the fourth quarter and year ended June 30, 2023: For the three months ended June 30, 2023, the Company reported net income of approximately $784,000, or $1.03 per basic and $1.02 per diluted share as compared to net income of approximately $571,000, or $0.76 per basic and $0.75 per diluted share, for the three months ended June 30, 2022. For the fiscal year ended June 30, 2023, the Company recorded net income of approximately $2,477,000, or $3.26 per basic and $3.23 per diluted share, as compared to net income of approximately $1,736,000, or $2.29 per basic and diluted share, for the fiscal year ended June 30, 2022. For the three months ended June 30, 2023, net interest income before provision for loan losses increased approximately $404,000, or 21.57% as compared to the same period in 2022. The increase in net interest income for the three-month period was primarily attributable to an increase in interest and fees on loans in the amount of approximately $569,000 or 32.00%, an increase in other interest income of approximately $86,000, or 966.29%, offset in part by an increase in interest on deposits of approximately $225,000, or 208.15%. For the three months ended June 30, 2023, interest paid on deposits and borrowings increased approximately $242,000 as compared to the same period in 2022. The current interest rate environment continues to have an impact on the bank’s lending and deposit activities. For the fiscal year ended June 30, 2023, total interest income increased approximately $2,137,000, or 30.20% while total interest expenses increased approximately $455,000, or 96.93%. The increase in interest income for the fiscal year ended June 30, 2023 was primarily attributable to an increase...