Business
The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings
The Southern Banc Company, Inc. Announces Preliminary Fourth 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 Preliminary Fourth Quarter Earnings\r\n \r\n \r\n\r\n\r\nThe Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings\r\n\r\n\r\n\r\n\r\n\r\nGADSDEN, Ala., Aug. 15, 2025 (GLOBE NEWSWIRE) -- 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, 2025: \r\n For the three months ended June 30, 2025, the Company reported net income of approximately $140,000, or $0.18 per basic and diluted share as compared to net income of approximately $424,000, or $0.56 per basic and $0.55 per diluted share, for the three months ended June 30, 2024.  \r\n For the fiscal year ended June 30, 2025, the Company recorded net income of approximately $915,000, or $1.20 per basic and diluted share, as compared to net income of approximately $1,602,000, or $2.11 per basic and $2.09 per diluted share, for the fiscal year ended June 30, 2024.  \r\n For the three months ended June 30, 2025, net interest income increased approximately $78,000, or 12.90% as compared to the same period in 2024. 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 $2,000 or 0.11%, an increase in interest on securities of approximately $42,000, or 24.87%, an increase in other interest income of approximately $111,000, or 74.69%. During the three-month period interest on deposits increased approximately $78,000, or 12.90%. For the three months ended June 30, 2025, the Company recorded approximately $249,000 in provisions for loan losses as compared to $155,000 for the same period in 2024.  \r\n For the fiscal year ended June 30, 2025, net interest income increased approximately $892,000, or 11.23% as compared to fiscal year 2024. The increase in net interest income for the fiscal year ended June 30, 2025, was primarily attributable to an increase in interest and fees on loans of approximately $1,266,000 or 14.45%, an increase in interest on securities of approximately $59,000, or 8.4%, and an increase in other interest...