The Southern Banc Company, Inc. Announces First Quarter Earnings

(OTCID: SRNN) The Southern Banc Company, Inc., the holding company for The Southern Bank Company, reported net income of approximately $762,000, or $1.00 per basic share and $0.99 per diluted share, for the quarter ended September 30, 2026. This compares to net income of approximately $188,000, or $0.25 per basic and diluted share, for the quarter ended September 30, 2025. Gates Little, President and Chief Executive Officer, stated that net interest income increased by approximately $842,000, or 37.34%, during the quarter compared to the same period in 2025. Total interest income for the three months ended September 30, 2026 increased by approximately $851,000, or 28.93%, compared to the same period in 2025. Total interest expense increased by approximately $9,000, or 1.31%, for the three months ended September 30, 2026, compared to the same period in 2025. There was no provision for credit losses for the quarter ended September 30, 2026, compared to approximately $76,000 for the three months ended September 30, 2025. Total non-interest income decreased by approximately $13,000, or (8.84%), while total non-interest expense increased by approximately $130,000, or 6.28%, compared to the same three-month period in 2025. The decrease in non-interest income was primarily due to a decrease in miscellaneous income of approximately $11,000, or (9.40%). The increase in non-interest expense was mainly due to increases in other operating expenses of approximately $85,000, or 37.12%, and salaries and benefits of approximately $69,000, or 5.16%, partially offset by a decrease in professional service expenses of approximately $27,000, or (12.80%). As of September 30, 2026, the company’s total assets were $132.3 million, compared to $131.8 million at June 30, 2026. Total stockholders’ equity was approximately $18.4 million at September 30, 2026, or 13.89% of total assets, compared to approximately $18.4 million at June 30, 2026, or approximately 13.97% of total assets. Cash and cash equivalents were $9,396,000 at September 30, 2026, compared to $19,184,000 at June 30, 2026. Securities available for sale at fair value were $43,262,000 at September 30, 2026, and $43,424,000 at June 30, 2026. Loans receivable, net of allowance for loan losses, were $75,379,000 at September 30, 2026, and $65,358,000 at June 30, 2026. Deposits totaled $103,117,000 at September 30, 2026, compared to $104,341,000 at June 30, 2026. Other liabilities were $10,833,000 at September 30, 2026, and $9,012,000 at June 30, 2026. The company had 1,454,750 shares of common stock issued, with 760,175 average basic shares outstanding and 766,439 average diluted shares outstanding for the quarter ended September 30, 2026. No dividends were declared per share for the quarter. The Bank operates four offices in Gadsden, Albertville, Guntersville, and Centre, Alabama, and a loan production office in Birmingham, AL. The stock trades on the OTC Basic Market under the symbol “SRNN”.