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Mar 31, 2023
Southern States Q1 2023 Earnings Report
Southern States Bancshares, Inc. reported net income and growth in loans and deposits for Q1 2023.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $7.7 million, or $0.85 per diluted share, for the first quarter of 2023. The company experienced growth in both loans and deposits, and improved upon capital levels despite volatility in the banking industry.
Net income was $7.7 million, or $0.85 per diluted share.
Core net income was $7.3 million, or $0.80 per diluted share.
Net interest income amounted to $19.5 million, a decrease of $1.3 million from the prior quarter.
Linked-quarter loan growth was 14.9% annualized and deposit growth was 16.2% annualized.
Southern States
Southern States
Forward Guidance
Southern States Bancshares is closely monitoring the fallout from recent regional bank failures, emphasizing its focus on traditional banking services and maintaining a robust balance sheet and conservative underwriting principles.
Positive Outlook
- Continued to drive strong earnings.
- Grew both loans and deposits.
- Improved upon already strong capital levels.
- Confident in ability to strategically manage deposit balances.
- Focused on selectively growing loan portfolio while carefully managing asset quality and exercising disciplined expense management.
Challenges Ahead
- Deposit betas accelerated in the first quarter.
- Continued to see a moderate deposit mix shift from noninterest-bearing to interest-bearing deposits.
- Impacting net interest margin.
- Recent volatility in the industry.
- Increased competition for funding.