Southern States Bancshares, Inc. ( (SSBK) ) has released its Q4 earnings. Here is a breakdown of the information Southern States Bancshares, Inc. presented to its investors.
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Southern States Bancshares, Inc. is a bank holding company headquartered in Anniston, Alabama, that operates through its subsidiary, Southern States Bank, offering a range of financial services primarily within Alabama and Georgia. The company reported strong fourth-quarter 2024 financial results, with a record net income of $11.2 million, an increase from previous quarters. Key financial highlights include a net interest income of $25.1 million, a net interest margin of 3.66%, and a return on average tangible common equity of 18.87%. The company also saw growth in both loans and core deposits, alongside a decline in brokered deposits.
The company’s acquisition of Century Bank has been completed and integrated, expanding Southern States’ footprint in Georgia, particularly in the Atlanta metro area. This strategic move contributed to the company’s significant growth in loans and deposits, enhancing its community banking platform. Noninterest income saw a substantial increase due to the approval of the Employee Retention Credit, although it slightly decreased compared to the same quarter in the previous year.
Looking forward, Southern States Bancshares remains focused on sustainable growth and maintaining strong credit quality. The company’s management is optimistic about the future, emphasizing disciplined underwriting and strong capital levels as key drivers for continued success in 2025.
