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GADSDEN, Ala., May 14, 2024 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company (the “Bank”), announced net income of approximately $340,000, or $0.45 per basic and $0.44 per diluted share, for the quarter ended March 31, 2024, as compared to net income of approximately $462,000, or $0.61 per basic and $0.60 per diluted share, for the quarter ended March 31, 2023. The Company announced that for the nine-month period ended March 31, 2024, the Company recorded net income of approximately $1,177,000, or $1.55 per basic and $1.53 per diluted share, as compared to net income of approximately $1,693,000, or $2.23 per basic and $2.21 per diluted share, for the nine-month period ended March 31, 2023. The Company’s fiscal year ends June 30, 2024.

Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net interest margins decreased approximately $20,000, or 1.04%, during the quarter as compared to the same period in 2023. The decrease in the net interest margin before provision for credit losses for the quarter was primarily attributable to an increase in total interest income of approximately $234,000 offset by an increase in total interest expense of approximately $254,000. For the three-month periods ended March 31, 2024, and March 31, 2023, the Company did not make a provision for loan and lease losses. For the quarter ended March 31, 2024, total non-interest income increased approximately $60,000, or 45.8%, while total non-interest expense increased approximately $205,000, or 14.7%, as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $68,000 offset in part by a decrease in customer services fees of approximately $8,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $90,000, professional service expense of approximately $37,000, other operating expense of approximately $31,000, data processing expense of approximately $23,000, and occupancy expense of approximately $22,000.

For the nine-months ended March 31, 2024, net interest income decreased approximately $261,000, or 4.3%, as compared to the same period in 2023. During the nine-month periods ended March 31, 2024, and 2023, respectively, the Company did not make a provision for credit losses. For the nine-months ended March 31, 2024, total non-interest income increased approximately $107,000, or 28.5%, while total non-interest expense increased approximately $544,000, or 13.3%, as compared to the same period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $126,000, offset in part by a decrease in customer service fees of approximately $19,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $311,000, data processing expenses of approximately $76,000, and occupancy expense of approximately $57,000, offset in part by a decrease in professional service expense of approximately $7,000.