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) announced the appointment of three new directors, boosting its independent board to eight members and the total to thirteen. The new directors—Jonathan Hinton, Christine Hunsaker, and Andy Cummings—bring extensive experience in business, finance, and real estate. Their addition aims to enhance leadership depth as the bank expands its operations in key Southern markets, particularly in Atlanta, which has been a focal point of growth. Each new director also joins the Southern States Bank Board, contributing valuable insights as the company continues its growth trajectory.
Southern States Bancshares reported strong fourth-quarter 2022 results with net income of $10.6 million ($1.18 per diluted share), a significant increase from $6.7 million in Q3 2022 and $4.1 million in Q4 2021. Core net income was $8.1 million ($0.90 per diluted share). The bank's net interest income rose to $20.9 million, up 7.5% from the prior quarter, driven by an increased net interest margin of 4.38%, a gain of 23 basis points. Loans grew by 18.1% annualized in Q4 and 27.7% for the year, while noninterest income surged 243.8% to $4.6 million.
Southern States Bancshares, Inc. (NASDAQ: SSBK) has declared a cash dividend of $0.09 per share on its common stock. This dividend will be payable on February 16, 2023, to shareholders of record as of February 3, 2023. The announcement highlights the company’s commitment to returning value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, providing a range of banking services across 13 branches in Alabama and Georgia, as well as two loan production offices in Atlanta. This dividend reflects the company’s financial health and confidence in its future growth.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the completion of a private placement of $40 million in 7.00% Fixed-to-Floating Rate Subordinated Notes due 2032. These notes will enhance the company's capital structure and allow it to leverage market opportunities. The initial interest rate is set at 7.00% per annum, with a reset period starting October 26, 2027. The net proceeds will be used for general corporate purposes. The offering reflects strong market confidence in the company’s performance, as stated by CEO Stephen Whatley.
In the third quarter of 2022, Southern States Bancshares (SSBK) reported a net income of $6.7 million ($0.75 per diluted share), reflecting a significant increase from $5.2 million in Q2 2022. Core net income also rose to $6.8 million ($0.77 per diluted share).
Loan growth was robust at 26.3% annualized, with total loans reaching $1.5 billion. Net interest income surged 18.8% from the prior quarter, driven by rising interest rates and increased interest-earning assets.
However, noninterest income fell 4.6% from Q2, primarily due to higher losses on securities.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on November 16, 2022, to shareholders of record as of November 3, 2022. This decision reflects the company’s ongoing commitment to providing value to its shareholders. Southern States operates through its subsidiary, Southern States Bank, offering various banking services across 13 branches in Alabama and Georgia.
Southern States Bancshares reported a strong second quarter of 2022, achieving net income of $5.2 million or $0.59 per diluted share, a rise from $4.6 million in Q1 2022. The company experienced an impressive 36.8% annualized loan growth quarter-over-quarter, driving net interest income up by 11.7% to $16.4 million. The net interest margin also improved to 3.84%, up 31 basis points. However, total stockholders’ equity slightly decreased to $167.9 million due to market conditions impacting securities portfolio values.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on August 17, 2022, to shareholders recorded by August 4, 2022. This decision reflects the company's dedication to delivering value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, which provides a comprehensive range of banking services across 15 branches in Alabama and Georgia.
Southern States Bancshares, Inc. (NASDAQ: SSBK) has extended its exchange offer for up to $48 million of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The offer, initially set to expire on June 23, 2022, is now extended to June 30, 2022. As of June 22, 2022, $18 million, or 37.5%, of the outstanding notes have been tendered for exchange. The terms of the exchange offer remain unchanged, as detailed in the prospectus dated May 25, 2022.
Talladega's First Bank of Alabama (FBA) announced its agreement to acquire the Heflin and Ranburne branches of Anniston's Southern States Bank (NASDAQGS: SSBK). This acquisition will enhance FBA's market presence in East Central Alabama, providing a 32% share of Cleburne County's bank deposits. Post-transaction, FBA is projected to have assets exceeding $920 million and operate twelve branches in the region. Regulatory approvals are pending, with completion expected in the second half of 2022.
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