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Dec 31, 2023
Southern States Q4 2023 Earnings Report
Southern States Bancshares reported solid earnings, driven by loan and deposit growth, but impacted by funding expense pressure.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $8.9 million, or $0.99 diluted earnings per share, for Q4 2023. The results were highlighted by annualized sequential loan growth of 24.7% and annualized deposit growth of 21.1%. However, the net interest margin decreased by 9 basis points from the prior quarter due to rising interest rates and increased deposit costs.
Net income was $8.9 million, or $0.99 per diluted share.
Core net income was $7.3 million, or $0.81 per diluted share.
Net interest income was $20.4 million, a decrease of $327,000 from the prior quarter.
Net interest margin was 3.69%, down 9 basis points from the prior quarter.
Forward Guidance
Southern States enters the new year with strong capital and liquidity positions, as well as pristine credit quality, putting them in an excellent position to pursue prudent growth in 2024.
Positive Outlook
- Strong capital position
- Strong liquidity position
- Pristine credit quality
- Positioned for prudent growth in 2024
- Active bankers cultivating new business relationships
Challenges Ahead
- Ongoing funding expense pressure
- Elevated interest rates
- Increased deposit costs
- Net interest margin declined nine basis points from the prior quarter
- Rising rates and growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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