The Southern Banc Company, Inc. Announces First Quarter Earnings

GADSDEN, Ala., Nov. 12, 2026 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCID: SRNN) (“the Company”), the holding company for The Southern Bank Company (“the Bank”), formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced net income of approximately $762,000, or $1.00 per basic and $0.99 per diluted share, for the quarter ended September 30, 2026, compared to a 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 of the Company stated that the Company’s net interest income increased approximately $842,000, or 37.34%, during the quarter, compared to the same period in 2025. For the three months ending September 30, 2026, total interest income increased by approximately $851,000, or 28.93%, compared to the same period in 2025. Total interest expense increased 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. For the quarter ending September 30, 2026, total non-interest income decreased approximately by $13,000, or (8.84%), while total non-interest expense increased approximately by $130,000, or 6.28%, compared to the same three-month period in 2025. The decrease in non-interest income was primarily attributable to a decrease in miscellaneous income of approximately $11,000, or (9.40%). The increase in non-interest expense was primarily attributable to increases in other operating expenses of approximately $85,000, or 37.12%, and salaries and benefits of approximately $69,000, or 5.16%, offset in part by a decrease in professional service expenses of approximately $27,000, or (12.80%). The Company’s total assets at September 30, 2026 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.