The Southern Banc Company, Inc. Reports Earnings Results for the Third Quarter Ended March 31, 2020
May 06, 2020 at 01:31 pm
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The Southern Banc Company, Inc. announced earnings results for the third quarter ended March 31, 2020. For the third quarter, the company announced net interest income was USD 1.085 million compared to USD 1.134 million a year ago. Net income was USD 73,000 compared to USD 110,000 a year ago. Basic earnings per share from continuing operations was USD 0.1 compared to USD 0.14 a year ago. For the nine months, net interest income was USD 3.369 million compared to USD 3.491 million a year ago. Net income was USD 274,000 compared to USD 370,000 a year ago. Basic earnings per share from continuing operations was USD 0.36 compared to USD 0.48 a year ago.
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.
THE SOUTHERN BANC COMPANY, INC. 
