SSB Bancorp, Inc Reports Preliminary Unaudited Consolidated Financial Results

Rhea-AI Summary

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.

Positive

• Total assets increased by $16.1 million to $251.1 million.
• Deposits increased by $21.2 million.
• Net loans grew by 6.9%, totaling $13.5 million.
• Net earnings increased by 16.5% to $1.289 million.

Negative

• None.

PITTSBURGH, PA / ACCESSWIRE / January 17, 2023 / SSB Bancorp, Inc (OTC PINK:SSBP - news) (the "Company"), the holding company for SSB Bank (the "Bank"), today announced the Company's unaudited, consolidated results of operations for year ending 2022. This does not replace the quarter end and year-end comparisons.

Total assets increased $16.1 million in the year to $251.1 million at December 31, 2022. The increase in assets was due to an increase in deposits of $21.2 million. Net loans increased $13.5 million or 6.9%.

Net earnings for the year ended December 31, 2022, was $1.289M as compared to $1.106M at year end 2021, an increase of 16.5% or approximately $183,000.00.

A more detailed analysis will be provided in the coming weeks to break down the different business lines and the changes year over year.

Contact information:

Ben Contrucci - bcontrucci@ssbpgh.com
Dan Moon - danmoon@ssbpgh.com
April Miller - amiller@ssbpgh.com
Phone: 412-837-6955

SOURCE: SSB Bancorp, Inc.

View source version on accesswire.com:
https://www.accesswire.com/735536/SSB-Bancorp-Inc-Reports-Preliminary-Unaudited-Consolidated-Financial-Results

FAQ

What were the net earnings of SSB Bancorp for the year 2022?

SSB Bancorp's net earnings for the year 2022 were $1.289 million, an increase of 16.5% from $1.106 million in 2021.

How much did total assets increase for SSB Bancorp in 2022?

Total assets for SSB Bancorp increased by $16.1 million, reaching $251.1 million at the end of 2022.

What is the percentage increase in net loans for SSB Bancorp in 2022?

Net loans for SSB Bancorp increased by 6.9%, amounting to $13.5 million.

When will SSB Bancorp provide a detailed analysis of its financial results?

SSB Bancorp plans to provide a more detailed analysis of its financial results in the coming weeks.