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. (SSBK) reported net income of $7.7 million, or $0.85 per diluted share, for Q1 2023, down from $10.6 million, or $1.18 per diluted share in Q4 2022. Core net income was $7.3 million, or $0.80 per diluted share. Net interest income decreased to $19.5 million, a drop of 6.4% from the previous quarter, with a net interest margin of 4.07%, down 31 basis points. Loan growth was strong at 14.9% annualized, and total deposits increased by 4.0% quarter-over-quarter, reaching $1.8 billion. Noninterest income fell 61.2% due to previous quarter gains not repeated. Capital ratios remained robust, with a Tier 1 capital ratio of 9.00%.
Southern States Bancshares, Inc. (NASDAQ: SSBK), based in Anniston, Alabama, has declared a cash dividend of $0.09 per share on its common stock. This dividend will be paid on May 16, 2023, to shareholders on record as of May 3, 2023. The company operates primarily through its wholly-owned subsidiary, Southern States Bank, which provides various banking services through its branches in Alabama and Georgia.
Southern States Bancshares has renewed its stock repurchase program, authorizing up to $10 million of its common stock. The initial program, launched in 2022, successfully repurchased 345,502 shares at an average price of $21.29, totaling $7.4 million. As of March 7, 2023, no shares have been repurchased this year. The renewed program will continue until December 31, 2023, with purchases dependent on various market factors. The company is under no obligation to repurchase shares and may suspend the program without notice.
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