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Mar 31, 2024
Southern States Q1 2024 Earnings Report
Southern States Bancshares, Inc. announced Q1 2024 financial results.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $8.1 million, or $0.90 per diluted share, for the first quarter of 2024, compared to $7.7 million, or $0.85 per diluted share, for the first quarter of 2023. Net interest income increased by 2.1% from the previous quarter, and total loans grew by 17.2% annualized.
Net income was $8.1 million, or $0.90 per diluted share.
Core net income was $8.1 million, or $0.90 per diluted share.
Net interest income increased to $20.8 million, up $435,000 from the prior quarter.
Loans grew by 17.2% annualized from the prior quarter.
Revenue by Segment
Forward Guidance
Southern States is well-positioned to drive further growth, and the acquisition of CBB Bancorp will fortify the deposit base and provide a platform for loan growth in new markets.
Positive Outlook
- Continued strong lending activity in the first quarter.
- Total loans grew by 17.2% annualized from the prior quarter.
- Non-performing loans as a percentage of the total portfolio was just 0.18%.
- Total non-brokered deposits grew by 7.1% annualized.
- Net interest income expanded by 2.1%.
Challenges Ahead
- Funding expenses remained elevated amid the higher-for-longer interest rate environment.
- Continued pressure on the net interest margin.
- Noninterest income decreased 29.0% from Q1 2023.
- The decrease was primarily due to a realized net loss on securities during the first quarter of 2024 compared to a net gain on securities during the first quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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