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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.
