The Southern Banc Company, Inc. Announces Second Quarter Earnings
The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company announced a net loss of approximately $139,000, or $(0.18) per basic and diluted share, for the quarter ended December 31, 2012, as compared to a net loss of approximately $16,000, or $(0.02) per basic and diluted share, for the quarter ended December 31, 2011. For the six month period ended December 31, 2012, the company recorded a net loss of approximately $181,000, or $(0.23) per basic and diluted share, as compared to a net loss of approximately $32,000, or $(0.04) per basic and diluted share, for the six month period ended December 31, 2011.
Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest income decreased approximately $99,000, or (16.6%) during the three month period ended December 31, 2012 as compared to the same period in 2011. Net interest income for the six month period ended December 31, 2012 was approximately $1.1 million and approximately $1.2 million for the six month period in 2011. The decrease in the net interest margin for the six month period was primarily attributable to a decrease in total interest income of approximately $98,000, or (5.8%), and an increase in total interest expense of approximately $16,000, or 3.28%. For the six month period ended December 31, 2012, total non-interest income increased approximately $17,000, or 8.5%, while total non-interest expense increased approximately $115,000, or 8.1%, as compared to the same six month period in 2011. The increase in non-interest income was primarily attributable to increases in fee income attributable to the bank’s factoring operation and customer service fees offset by a decrease in the gain on the sale of securities available for sale. The increase in non-interest expense was primarily attributable to an increase in salaries and employee benefits relating to staff increases and data processing expenses, offset in part by a decrease in professional service expense.
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