The Southern Bank Company announced a net loss of approximately $69,000, or $0.09 per basic and diluted share, for the third quarter ended March 31, 2015.
Article continues below
The Southern Banc Company, Inc. is the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama.
This compares to a net loss of approximately $84,000, or $0.11 per basic and diluted share, for the quarter ended March 31, 2014.
Gates Little, president and chief executive officer of the company stated that the company's net interest margins declined during the quarter ended March 31, 2015 as compared to the same period in 2014.
Net interest income for the quarter ended March 31, 2015 was approximately $607,000 as compared to approximately $655,000 for the quarter ended March 31, 2014, a decrease of approximately $48,000 or 7.29%.
The decrease in the net interest margin for the quarter was primarily attributable to a decrease in total interest income of approximately $35,000 and an increase in total interest expense of approximately $13,000. For the nine months ended March 31, 2015, net interest income decreased approximately $7,000 or 0.35%.
During the quarter ended March 31, 2015 total non-interest income increased approximately $119,000 or 392.74% while total non-interest expense increased approximately $6,000 or 0.70% as compared to the same nine month period in 2014.
The increase in non-interest income for the quarter was primarily attributable to a bond penalty received of approximately $117,000. For the three and nine month periods ended March 31, 2015 non-interest expenses increased approximately $6,000 and $87,000, respectively.
The increase in non-interest expenses was primarily attributable to increases in occupancy, equipment, professional services, data processing and other operating expenses.
The Company's total assets at March 31, 2015 were $97.3 million, as compared to $94.3 million at June 30, 2014. Total stockholders' equity was approximately $14.7 million at March 31, 2015 or 15.1% of total assets as compared to approximately $14.7 million at June 30, 2014 or approximately 15.6% of total assets. ■