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Southern Banc Company Inc (OTCMKTS:SRNN) Net Interest Margins Improve Modestly In 2Q

Southern Banc Company Inc (OTCMKTS:SRNN) President and CEO, Gates Little, said that its net interest margins witnessed an improved margin in the second quarter compared to the year-ago quarter. The company attributed the slight improvement in the net interest margin to an increase in its total interest income besides a drop in interest costs.

Southern Banc Company Inc (OTCMKTS:SRNN) said that its total assets at the end of the fourth quarter were $95.5 million, slightly up from $94.3 million at the end of the fiscal year 2014. Similarly, its total shareholders’ equity was about $14.6 million or 15.3% of total assets. In comparison, the company had approximately $14.7 million at the end of fiscal year 2014 or about 15.6% of its total assets.

2Q Results

The company suffered a net loss of $146,000 or a loss of 19 cents a share in the second quarter. The loss was wider than a net loss of $95,000 or a loss of 12 cents a share in the year-ago quarter.

Southern Banc Company Inc (OTCMKTS:SRNN)’s total net interest income rose 2.1% to $887,000 from $869,000 in the previous year quarter. Its total non-interest income suffered a loss of $15,000 compared to total non-interest income of $28,000 in the same quarter last year. The company’s net interest income, before loan losses provision, rose 2.7% to approximately $699,000 from approximately $681,000 during the period under review.

Six-Month Results

The company’ loss was widened to $285,000 or a loss of 37 cents a share from $182,000 or a loss of 23 cents a share in 2013. Its total interest income rose 1% to $1.712 million from $1.696 million in the previous year. Its total non-interest income slackened to $59 million from $60 million in the prior year.

Southern Banc Company Inc (OTCMKTS:SRNN) ended the December quarter with cash and cash equivalents of $788,000, sharply down from $3.78 million in the previous year period. Similarly, securities available for sale dipped to $49.94 million from $53.53 million in the year-ago six-month period.

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