Welcome to our dedicated page for Southern States Bancshares Common news (Ticker: SSBK), a resource for investors and traders seeking the latest updates and insights on Southern States Bancshares Common stock.
Southern States Bancshares, Inc. Common (symbol: SSBK) is a full-service community banking institution dedicated to providing exceptional banking products and services to both businesses and individuals. Known as the 'common sense bank,' it leverages its deep understanding of local markets to offer tailored financial solutions through its seasoned professionals.
With a strong presence in Alabama and Georgia, Southern States Bank operates seven branches in total. The Alabama locations include Anniston, Birmingham, Huntsville, Opelika, and Sylacauga, while the Georgia branches are situated in Carrollton and Columbus. As a member of the FDIC and an equal housing lender, the bank prides itself on reliability and customer trust.
The bank's core business encompasses three primary portfolio segments: Real Estate, Commercial and Industrial, and Consumer and Other. These segments enable Southern States Bank to provide a comprehensive range of deposit, loan, and other banking-related services that cater to diverse financial needs.
Recent milestones for Southern States Bancshares include strong performance and operational achievements in the second, third, and fourth quarters of 2023. The latest updates highlight the bank's net interest income, net interest margin, and other critical financial metrics. Southern States Bank continues to focus on maintaining a positive net interest spread and effective net interest margins, which are significant indicators of its financial health.
For more detailed financial information and the latest updates, stakeholders can refer to the company's performance highlights and reconciliation of non-GAAP financial measures. Contact information for key personnel is also available for further inquiries.
Southern States Bancshares, Inc. (NASDAQ: SSBK) reported its third quarter 2024 financial results, with a net income of $7.4 million, or $0.76 per diluted share, compared to $8.2 million, or $0.90 per diluted share, in the previous quarter. The company’s core net income was $8.7 million, or $0.89 per diluted share.
Key highlights include:
- Net interest income of $24.2 million, a 12.4% increase from Q2 2024.
- Net interest margin of 3.65%, up 9 basis points from Q2 2024.
- Loan growth of 36.3% annualized, and deposit growth of 44.8% annualized.
- Completion of CBB Bancorp acquisition on August 1, 2024.
Noninterest income rose to $1.8 million, a 28.4% increase from Q2. Noninterest expense increased to $13.7 million, up 19.9% from Q2, mainly due to merger-related expenses.
Loans were $2.2 billion, up 9.1% from Q2. Nonperforming loans increased to $7.9 million. Total deposits were $2.4 billion, up 11.3% from Q2. The company’s total stockholders’ equity was $271.4 million, up from $230.6 million in Q2.
Southern States Bancshares (NASDAQ: SSBK) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be payable on November 15, 2024 to shareholders of record as of November 1, 2024. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
Southern States Bancshares (NASDAQ: SSBK) has completed its acquisition of CBB Bancorp, the holding company for Century Bank of Georgia. The merger, effective July 31, 2024, enhances Southern States' presence in Georgia, particularly in the high-growth Atlanta metro market. This strategic move positions Southern States Bank as a premier Southeastern community bank, expanding its network to 15 full-service branches and two loan production offices across Alabama and Georgia.
Former CBB Bancorp shareholders can elect to receive either 1.550 shares of Southern States common stock or $45.63 in cash per share, subject to a 10% cash consideration limit. Southern States' CEO, Mark A. Chambers, expressed enthusiasm about integrating Century Bank's leadership and team, highlighting the bank's solid core deposit base and strong liquidity position.
Southern States Bancshares (NASDAQ: SSBK) reported Q2 2024 net income of $8.2 million, or $0.90 per diluted share. Core net income was $9.1 million, or $1.00 per diluted share. Key highlights include:
- Net interest income: $21.6 million, up 3.6% from Q1 2024
- Net interest margin: 3.56%, down 3 basis points from Q1 2024
- ROAA: 1.29%; ROAE: 14.55%; ROATCE: 15.79%
- Loans grew 10.3% annualized from Q1 2024
- Total deposits grew 12.6% annualized from Q1 2024
- Efficiency ratio: 49.78%; core efficiency ratio: 44.75%
The company maintained strong profitability metrics and experienced balanced loan and deposit growth across its major lending areas. Southern States is preparing to close its acquisition of CBB Bancorp on August 1, which is expected to strengthen its platform and expand its presence in Georgia markets.
Southern States Bancshares (NASDAQ: SSBK) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be payable on August 12, 2024 to shareholders of record as of July 31, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
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