Southern Banc Co (Southern Banc Co) Long-Term Capital Lease Obligation : $0.00 Mil (As of Jun. 2023)

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What is Southern Banc Co Long-Term Capital Lease Obligation?

Southern Banc Co's Long-Term Capital Lease Obligation for the quarter that ended in Jun. 2023 was $0.00 Mil.

Southern Banc Co Long-Term Capital Lease Obligation Historical Data

The historical data trend for Southern Banc Co's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Southern Banc Co Long-Term Capital Lease Obligation Chart

Southern Banc Co Annual Data

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Long-Term Capital Lease Obligation

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Southern Banc Co Semi-Annual Data
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Southern Banc Co (OTCPK:SRNN) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

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Southern Banc Co (Southern Banc Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Southern Banc Co Inc (OTCPK:SRNN) » Definitions » Long-Term Capital Lease Obligation

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Traded in Other Exchanges

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Address

221 South 6th Street, Gadsden, AL, USA, 35901

Website

https://www.sobanco.com

Southern Banc Co Inc provides personal and business banking solutions. It offers banking solutions for every personal banking need including Personal Checking, Mortgage Loans, Consumer Loans, and Home Equity Lines of Credit. The principal business of the Bank consists of accepting deposits from the general public through the Bank's main and branch offices and investing those funds in loans secured by real estate properties, commercial and consumer loans located in the Bank's primary market area, and factoring. The company serves small and medium-sized business customers the United States.

Executives

Fred Taylor	director
Little James B Iii	director
Craig G Cantrell	director
Dowling Thomas F Iii	director
Little James B Jr	director, officer: Vice President
Gates Little	director, officer: President