Business
The Southern Banc Company, Inc. Announces First Quarter Earnings
The Southern Banc Company, Inc. Announces First Quarter Earnings.
About this update from Southern Banc Company, Inc. (the)
[{"type":"text","content":"\r\n\r\n \r\n \r\n The Southern Banc Company, Inc. Announces First Quarter Earnings\r\n \r\n \r\n\r\n\r\nThe Southern Banc Company, Inc. Announces First Quarter Earnings\r\n\r\n\r\n\r\n\r\n\r\nGADSDEN, Ala., Nov. 06, 2025 (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 $188,000, or $0.25 per basic and diluted share, for the quarter ended September 30, 2025, as compared to a net income of approximately $176,000, or $0.23 per basic and diluted share, for the quarter ended September 30, 2024. Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest income increased approximately $105,000 or 4.88% during the quarter as compared to the same period in 2024. For the three months ending September 30, 2025, total interest income increased by approximately $147,000 or 5.24% as compared to the same period in 2024. Total interest expense increased approximately $42,000 or 6.44% for the three-months ended September 30, 2025, as compared to the same period in 2024. During the three months ending September 30, 2025, provisions for credit losses were approximately $76,000 as compared to approximately $373,000 for the three-months ended September 30, 2024. For the quarter ending September 30, 2025, total non-interest income decreased approximately by $1,000 or (0.77%), while total non-interest expense increased approximately by $384,000 or 22.77% as compared to the same three-month period in 2024. The decrease in non-interest income was primarily attributable to a decrease in customer service fees of approximately $5,000 or (15.92%) offset in part by an increase in miscellaneous fees of approximately $4,000 or 3.93%. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $312,000 or 30.47% largely related to an increase in staff; occupancy expenses of approximately $4,000 or 4.59%, professional service expenses of approximately $10,000 or 5.13%, and data processing expenses of approximately $14,000 or 7.75%.          The Company’s total assets at September 30, 2025 were $127.2 million, as compared to $...