Welcome to our dedicated page for SSB BANCORP news (Ticker: SSBP), a resource for investors and traders seeking the latest updates and insights on SSB BANCORP stock.
SSB Bancorp, Inc. (OTCQX: SSBP), the parent company of SSB Bank, has been a cornerstone of local personal and business banking in Pittsburgh since 1922. As a Pennsylvania-chartered stock savings bank, SSB Bank caters to individuals and small businesses primarily in Allegheny County and neighboring regions through its main and branch offices located in Pittsburgh. Offering a comprehensive suite of financial services, SSB Bank is dedicated to community-oriented banking solutions.
SSB Bank's Core Services
- Personal Banking: Savings accounts, checking accounts, mortgages, personal loans, and credit cards.
- Business Banking: Business checking and savings accounts, commercial loans, and merchant services.
- Online Services: Robust online and mobile banking platforms that ensure convenience and security for all customers.
Recent Achievements and Financial Highlights
In October 2023, SSB Bancorp announced an initiative to repurchase up to 49,489 shares of its outstanding common stock, representing approximately 5% of shares owned by stockholders other than SSB Bancorp, MHC. This repurchase program is subject to Federal Reserve approval and market conditions.
For the three months ended September 30, 2023, SSB Bancorp reported substantial growth, with a total asset increase of $39.6 million, reaching $290.8 million. This growth stemmed from a $38.0 million increase in deposits and a $1.0 million net increase in Federal Home Loan Bank advances, which were converted into net increases in loans and deposits across various categories.
Financial performance for the three months showed net earnings of $626,000, or $0.29 per share, a significant rise from the $248,000, or $0.12 per share, reported in the same period in 2022. This growth was driven by a 49.6% increase in total interest and fee income and a notable 74.4% rise in noninterest income, primarily due to increased credit card processing fees.
Strategic Focus and Community Engagement
SSB Bank is committed to enhancing its service offerings through continuous development in data processing and by engaging in community-centric development programs. A notable example includes an additional Neighborhood Assistance Program contribution that benefits local community partners while providing the bank with tax credits.
As an equal housing lender and member of the FDIC, SSB Bank emphasizes transparent and fair lending practices. The bank also maintains a strong social media presence, governed by a detailed privacy policy accessible at SSB Bank Social Media Policy.
For more information, or to speak with one of SSB Bank's friendly staff members, please contact:
J. Daniel Moon, IV
President and Chief Executive Officer
(412) 837-6955
For investor relations and financial inquiries, contact:
Ben Contrucci
CFO
(412) 837-6955
bcontrucci@ssbpgh.com
SSB Bancorp, Inc. reported its unaudited consolidated results for the year ended December 31, 2022, showing total assets rose by $16.2 million to $251.2 million.
Net earnings increased to $1.3 million, equating to $0.62 per share, up from $1.1 million or $0.51 the previous year. Total interest and fee income increased by 10.8% to $10 million, driven by higher average interest-earning assets and yield. However, noninterest income fell by 12.7% due to decreased mortgage loan production.
Despite an increase in interest expense by 16.8%, noninterest expense grew by 3.2%.
SSB Bancorp (OTC PINK:SSBP) announced its unaudited financial results for the year ending December 31, 2022. The Company reported a growth in total assets by $16.1 million, reaching $251.1 million, primarily driven by a $21.2 million increase in deposits. Additionally, net loans rose by 6.9%, totaling $13.5 million. Net earnings increased by 16.5% to $1.289 million from $1.106 million in 2021, reflecting an increase of approximately $183,000. A detailed analysis of different business lines and year-over-year changes will be released soon.
SSB Bancorp (OTC PINK:SSBP) reported its unaudited financial results for the nine months ending September 30, 2022. Total assets grew by $11.6 million to $246.6 million, driven by a $17.2 million increase in deposits. Net earnings rose to $864,000 or $0.40 per share, up from $749,000 or $0.34 per share year-over-year. Interest income increased by 6.7%, attributed to higher average interest-earning assets and yield. However, noninterest income fell by 19.1%, largely due to reduced mortgage loan production. Noninterest expenses increased by 5.2%, mainly from salaries and benefits.
On August 11, 2022, SSB Bancorp (OTC PINK:SSBP) reported its unaudited financial results for the six months ending June 30, 2022. Total assets grew by $4.7 million to $239.7 million, driven by an $8.9 million increase in deposits. Net loans fell by $1.8 million due to early Paycheck Protection Program repayments. The company reported net earnings of $617,000 ($0.29 per share), up from $378,000 ($0.17 per share) the previous year. Interest income rose by 9.1%, while noninterest income fell by 22.4%, attributed to reduced mortgage loan production.
SSB Bancorp, Inc. (OTC: SSBP) reported its unaudited financial results for the four months ending April 30, 2022. Total assets grew by $9.6 million to $244.5 million, driven by a $13.6 million increase in deposits. Net earnings rose to $422,000 ($0.20 per share), compared to $253,000 ($0.12 per share) last year. Interest and fee income increased by 8.57% to $3.15 million, while interest expense decreased by 22.6% to $689,000. However, noninterest income fell by 22.2% to $337,000, primarily due to reduced mortgage loan production.
SSB Bancorp reported a net earnings decrease to $1.1 million for the year ended December 31, 2021, equating to $0.51 per basic share, from $1.4 million or $0.66 per share in 2020. Key factors include a $1.1 million decline in loan sales gains and an increase in noninterest expenses of $689,000. Total assets rose to $234.9 million, while net loans increased by $31.8 million. The bank maintained a well-capitalized status under regulatory guidelines.
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