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Dec 31, 2024
Southern States Q4 2024 Earnings Report
Southern States Bancshares, Inc. reported record net income and consistent growth supported by a healthy net interest margin and efficiency ratio.
Key Takeaways
Southern States Bancshares, Inc. reported a net income of $11.2 million, or $1.11 diluted earnings per share, for the fourth quarter of 2024. The company's performance was driven by consistent growth and a healthy net interest margin of 3.66%, coupled with an efficiency ratio of 46.67%.
Net income reached $11.2 million, translating to $1.11 per diluted share.
Core net income amounted to $10.5 million, or $1.04 per diluted share.
Net interest income totaled $25.1 million, showing an increase of $804,000 from the previous quarter.
Net interest margin stood at 3.66%, marking a 1 basis point increase from the prior quarter.
Forward Guidance
The company has substantially expanded and strengthened Southern States Bank’s community banking platform, which it believes sets it up to deliver resilient growth and shareholder returns in 2025.
Positive Outlook
- Maintaining excellent credit quality
- Maintaining strong capital levels
- Expanded presence in Georgia
- Strengthened community banking platform
- Delivering resilient growth and shareholder returns in 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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