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Sep 30, 2022
Southern States Q3 2022 Earnings Report
Net income increased, driven by loan growth and rising interest rates.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $6.7 million, or $0.75 per diluted share for Q3 2022, compared to a net income of $5.2 million for the previous quarter. The increase was fueled by robust annualized loan growth and an increase in net interest income.
Linked-quarter loan growth was 26.3% annualized.
Net interest margin increased to 4.15%, up 31 basis points from the prior quarter.
Return on average assets was 1.35%, and return on average stockholders’ equity was 15.42%.
The efficiency ratio improved to 48.94% from 54.19% for the prior quarter.
Forward Guidance
This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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