Southern Banc posts higher Q3 profit as interest income rises

SOUTHERN BANC CO INC(THE)

SOUTHERN BANC CO INC(THE)

SRNN

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Overview

  • US regional bank's fiscal Q3 net income rose yr/yr on higher net interest income

  • Company's non-interest income fell and non-interest expenses rose in fiscal Q3

  • Increase in expenses mainly due to higher salaries and data processing costs


Outlook

  • Company did not provide specific guidance or outlook for future periods


Result Drivers

  • HIGHER INTEREST INCOME - Increase in total interest income was a primary driver of higher net interest income in Q3

  • LOWER INTEREST EXPENSE - Decrease in total interest expense contributed to higher net interest income

  • LOWER PROVISION FOR LOAN LOSSES - Provision for loan and lease losses fell to $57,000 from $99,000 yr/yr, supporting net income growth


Company press release: ID:nGNX4YD197


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$363,000

Q3 Pretax Profit

$490,000


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