Southern Banc Q4 net income jumps on higher loan interest
SRNN•Southern Banc’s unaudited fiscal fourth-quarter net income rose sharply year over year to $493,000. Net interest income increased on higher interest and fees from loans and securities, while non-interest income declined.
1. Quarterly results
Southern Banc reported unaudited fiscal fourth-quarter net income of $493,000 and pretax profit of $651,000. Net interest income increased as interest and fees on loans and interest on securities rose; non-interest expense fell, mainly due to reduced salaries, benefits and professional services.
