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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.
Southern States
Southern States
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.