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Southern States Bancshares, Inc. Common - SSBK STOCK NEWS

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.

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Southern States Bancshares (SSBK) reported net income of $4.6 million or $0.50 diluted earnings per share for Q1 2022, up from $4.1 million in Q4 2021 but down from $5.7 million in Q1 2021. Core net income was $4.8 million or $0.53 per diluted core share. The company achieved a 19.4% annualized loan growth linked-quarter and implemented a $10 million stock repurchase program, purchasing approximately 287,000 shares. Noninterest income fell 23.9% from Q4 2021, while total loans increased to $1.3 billion.

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Southern States Bancshares (NASDAQ: SSBK) declared a cash dividend of $0.09 per share, payable on May 16, 2022, to shareholders of record as of May 4, 2022. The company operates through its subsidiary, Southern States Bank, providing a range of banking products and services in Alabama and Georgia, with 15 branches and a loan production office in Atlanta. This dividend declaration reflects the company's ongoing commitment to returning value to its shareholders.

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Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the appointment of Mark Chambers to its board of directors and as CEO of Southern States Bank. Chambers, who has been President since 2019, brings extensive experience from his previous roles at Wachovia Bank and Aliant Bank. Chairman and CEO Stephen Whatley expressed confidence in Chambers' leadership, highlighting his contributions and expertise as essential for the company's growth strategy. Southern States Bancshares operates 15 branches in Alabama and Georgia, focusing on community banking services.

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Southern States Bancshares (NASDAQ: SSBK) announced a stock repurchase program, allowing for the buyback of up to $10 million of its common stock.

The program will be active until December 31, 2022 and purchases may be made on the open market or privately negotiated transactions, depending on various factors such as market conditions and corporate requirements.

This initiative is expected to enhance shareholder value, demonstrating the company's confidence in its financial performance.

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Southern States Bancshares (NASDAQ: SSBK) has successfully completed a private placement of $48 million in 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The funds will support general corporate purposes, enhance capital and liquidity, and allow for temporary repayment of existing borrowings. The notes, maturing on February 7, 2032, feature an initial interest rate of 3.50% and will reset quarterly starting February 7, 2027. These notes qualify as Tier 2 capital as per regulatory requirements.

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Southern States Bancshares reported a net income of $4.1 million or $0.44 per diluted share for Q4 2021, down from $4.9 million in Q3 2021. Excluding PPP loans, linked quarter loan growth was 40.9%. The net interest income rose to $14.1 million, a 3.3% increase from Q3 2021. However, noninterest income decreased by 30.2% to $1.8 million. The nonperforming loans improved to 0.16% of gross loans, while total deposits reached $1.6 billion, reflecting a steady growth trajectory.

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Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on February 15, 2022 to shareholders on record as of February 3, 2022. This decision reflects the company's ongoing commitment to return value to its shareholders. Southern States Bancshares, based in Anniston, Alabama, operates through Southern States Bank, offering a range of financial services with 15 branches in Alabama and Georgia.

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Southern States Bancshares reported strong financial results for the third quarter of 2021, with net income of $4.9 million ($0.58 per diluted share), up from $3.9 million in Q2 2021. Core net income reached $4.0 million ($0.48 per diluted share). Loan growth was robust at 17.3% annualized (24.5% excluding PPP loans). Net interest income increased 5.8% quarter-over-quarter to $13.6 million, while noninterest income rose 22.7% to $2.5 million. However, total nonperforming loans rose to 0.29% of gross loans. Overall, the company maintains a positive growth outlook.

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Southern States Bancshares, Inc. (NASDAQ: SSBK) has announced a cash dividend of $0.09 per share, payable on November 15, 2021, to shareholders of record as of November 3, 2021. This decision reflects the company's strong financial performance and commitment to enhancing shareholder returns while maintaining sufficient capital for growth. Chairman and CEO Stephen Whatley emphasized the importance of the dividend as part of the company's strategy for total return and effective capital management.

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Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the successful closing of its initial public offering (IPO) on August 19, 2021, with underwriters fully exercising their option to purchase an additional 300,000 shares. At an IPO price of $19.00 per share, this resulted in total proceeds of approximately $21.1 million after expenses. The funds will primarily support corporate growth, including capital liquidity, debt repayment, and potential acquisitions. The offering was managed by Keefe, Bruyette & Woods, Inc. and Truist Securities.

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FAQ

What is the current stock price of Southern States Bancshares Common (SSBK)?

The current stock price of Southern States Bancshares Common (SSBK) is $34.41 as of December 20, 2024.

What is the market cap of Southern States Bancshares Common (SSBK)?

The market cap of Southern States Bancshares Common (SSBK) is approximately 327.8M.

What services does Southern States Bancshares, Inc. offer?

Southern States Bancshares, Inc. offers a range of deposit, loan, and other banking-related services to businesses and individuals through its community banking model.

Where are Southern States Bank's branches located?

The bank has branches in Alabama (Anniston, Birmingham, Huntsville, Opelika, Sylacauga) and Georgia (Carrollton, Columbus).

What are the core business segments of Southern States Bancshares, Inc.?

The core business segments include Real Estate, Commercial and Industrial, and Consumer and Other.

Is Southern States Bancshares, Inc. a member of the FDIC?

Yes, Southern States Bancshares, Inc. is a member of the FDIC and an equal housing lender.

Who can I contact for more information about Southern States Bancshares, Inc.?

You can contact Lynn Joyce at (205) 820-8065 or Kevin Dobbs at (310) 622-8245 for more information.

What recent achievements has Southern States Bancshares, Inc. reported?

The bank has reported strong performance and operational highlights for the second, third, and fourth quarters of 2023, including net interest income and net interest margin indicators.

How does Southern States Bancshares, Inc. maintain its financial health?

The bank focuses on maintaining a positive net interest spread and effective net interest margins, which are key indicators of financial health.

What is the significance of Southern States Bancshares, Inc.'s community banking model?

The community banking model allows the bank to offer personalized and locally relevant financial solutions, enhancing customer trust and service quality.

What performance metrics are highlighted in Southern States Bancshares, Inc.'s reports?

Key metrics include net interest income, net interest margin, and the reconciliation of non-GAAP financial measures to GAAP standards.

Are there any recent news updates from Southern States Bancshares, Inc.?

Yes, the latest news includes updates on the bank's performance for the second, third, and fourth quarters of 2023.

Southern States Bancshares, Inc. Common

Nasdaq:SSBK

SSBK Rankings

SSBK Stock Data

327.78M
8.33M
15.05%
52.72%
0.38%
Banks - Regional
State Commercial Banks
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United States of America
ANNISTON