Southern Banc Co. Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2018
November 09, 2018 at 10:31 pm IST
Share
Southern Banc Co. Inc. reported unaudited consolidated earnings results for the first quarter ended September 30, 2018. For the period the company reported total interest income of $1,380,000 compared to $1,332,000 a year ago. Net interest income before provision for loan losses was $1,175,000 compared to $1,137,000 a year ago. Net interest income after provision for loan losses was $1,175,000 compared to $567,000 a year ago. Income before income tax benefit was $170,000 compared to loss of $284,000 a year ago. Net income was $126,000 compared or $0.16 per basic and diluted share to loss of $177,000 or $0.23 per basic and diluted share a year ago. The improvement in the net interest margin before provision for loan losses for the quarter was primarily attributable to an increase in total interest income of approximately $48,000, offset by an increase in total interest expense of approximately $10,000.
The Southern Banc Company, Inc. is a holding company for The Southern Bank Company (the Bank). The Bank is primarily engaged in the business of obtaining funds in the form of various deposit products and investing those funds in mortgage loans or single-family real estate, commercial and consumer loans. The Bank operates from its four offices in the northeast portion of Alabama and originates the majority of its loans in this market area. The Bank also operates a division that conducts accounts receivable management (factoring) of commercial accounts. The Bank offers a range of accounts and services, including checking accounts, home mortgages, home equity loans, auto loans and personal loans. The Bank works with small and medium-sized business customers to offer practical solutions for deposit and borrowing needs. Its business banking services include real estate lending, equipment financing, cash flow management and business checking.