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Sep 30, 2024
Southern States Q3 2024 Earnings Report
Southern States' financial performance for Q3 2024 was announced, highlighted by net income, core net income, and net interest income increases.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $7.4 million, or $0.76 per diluted share, for the third quarter of 2024. The company's net interest income increased by 12.4% to $24.2 million, and net interest margin rose by 9 basis points to 3.65%. The completion of the CBB Bancorp acquisition on August 1 contributed to these results.
Net income was $7.4 million, or $0.76 per diluted share.
Core net income reached $8.7 million, or $0.89 per diluted share.
Net interest income increased by $2.7 million from the prior quarter, totaling $24.2 million.
Net interest margin increased by 9 basis points from the prior quarter, reaching 3.65%.
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.