Southern Banc Q1 net income rises on higher interest income
SRNN•Southern Banc's Q1 net income was $762,000, while net interest income rose 37.3% year over year. The bank recorded no provision for credit losses, compared with $76,000 a year earlier.
1. Quarterly results
Southern Banc reported Q1 net income of $762,000 and income before income tax expense of $1.03 million. Net interest income increased 37.3% year over year as higher total interest income outpaced a small increase in interest expense.
2. Other income and costs
The bank recorded no provision for credit losses, compared with $76,000 in the prior-year period. Non-interest income declined, mainly because of lower miscellaneous income, while non-interest expense rose due to higher operating and personnel costs. The company provided no specific financial guidance for upcoming quarters or the full year.
