News Column

The Southern Banc Company Reports 2nd Quarter Earnings

February 21, 2014

The Southern Banc Company, Inc., the holding company for The Southern Bank Company, announced a net loss of approximately $95,000, or $(0.12) per basic and diluted share, for the quarter ended December 31, 2013, as compared to a net loss of approximately $139,000, or $(0.18) per basic and diluted share, for the quarter ended December 31, 2012.

In a release on February 18, the Company noted that for the six month period ended December 31, 2013, the company recorded a net loss of approximately $182,000, or $(0.23) per basic and diluted share, as compared to a net loss of approximately $181,000, or $(0.23) per basic and diluted share, for the six month period ended December 31, 2012.

Gates Little, President and Chief Executive Officer of the Company, stated that the Company's net interest income increased approximately $86,000, or 17.4 percent during the three month period ended December 31, 2013 as compared to the same period in 2012. Net interest income for the six month period was approximately $1.1 million for the six month period end December 31, 2013 and 2012. The increase in the net interest margin for the six month period was primarily attributable to a decrease in total interest income of approximately $52,000, or (3.3 percent), and a decrease in total interest expense of approximately $99,000, or 20.8 percent. For the six month period ended December 31, 2013, total non-interest income increased approximately $23,000, or 10.8 percent, while total non- interest expense increased approximately $120,000, or 7.8 percent, as compared to the same six month period in 2012. The increase in non-interest income was primarily attributable to increases in fee income attributable to the bank's factoring operation offset in part by a decrease in the gain on the sale of securities available for sale of approximately $42,000 and customer service fees of approximately $8,000. The increase in non-interest expense was primarily attributable to an increase in salaries and employee benefits relating to staff increases of approximately $86,000, professional service expense of approximately $19,000 and data processing expenses of approximately $25,000.

The Company's total assets at December 31, 2013 were approximately $93.9 million, as compared to $95.6 million at June 30, 2013. Total stockholders' equity was approximately $14.2 million, or 15.2 percent of total assets, at December 31, 2013 as compared to approximately $14.9 million, or 15.6 percent of total assets, at June 30, 2013.

The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama.

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