Gates Little, President and Chief Executive Officer of the Company stated that the Company's net interest income increased approximately $105,000 or 4.88% during the quarter as compared to the same period in 2024. For the three months ending September 30, 2025, total interest income increased by approximately $147,000 or 5.24% as compared to the same period in 2024. Total interest expense increased approximately $42,000 or 6.44% for the three-months ended September 30, 2025, as compared to the same period in 2024. During the three months ending September 30, 2025, provisions for credit losses were approximately $76,000 as compared to approximately $373,000 for the three-months ended September 30, 2024. For the quarter ending September 30, 2025, total non-interest income decreased approximately by $1,000 or (0.77%), while total non-interest expense increased approximately by $384,000 or 22.77% as compared to the same three-month period in 2024. The decrease in non-interest income was primarily attributable to a decrease in customer service fees of approximately $5,000 or (15.92%) offset in part by an increase in miscellaneous fees of approximately $4,000 or 3.93%. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $312,000 or 30.47% largely related to an increase in staff; occupancy expenses of approximately $4,000 or 4.59%, professional service expenses of approximately $10,000 or 5.13%, and data processing expenses of approximately $14,000 or 7.75%. The Company's total assets at September 30, 2025 were $127.2 million, as compared to $124.0 million at June 30, 2025. Total stockholders' equity was approximately $17.2 million at September 30, 2025, or 13.51% of total assets, as compared to approximately $16.7 million at June 30, 2025, or approximately 13.48% of total assets.
The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama and a loan production office located in Birmingham, AL. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol "SRNN".
Certain statements in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "estimate," "anticipate," "believe," "target," "plan," "project," "continue," or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company's financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
(Selected financial data on following pages)
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands)
September 30,
June 30,
2025
2025
Unaudited
Audited
ASSETS
CASH AND CASH EQUIVALENTS
$
25,599
$
25,208
SECURITIES AVAILABLE FOR SALE, at fair value
43,354
39,327
FEDERAL HOME LOAN BANK STOCK
125
125
LOANS RECEIVABLE, net of allowance for loan losses of $1,136 and $1,839
54,655
55,794
PREMISES AND EQUIPMENT, net
983
1,007
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE
918
869
PREPAID EXPENSES AND OTHER ASSETS
1,538
1,706
TOTAL ASSETS
$
127,172
$
124,036
