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Southern States Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $7.4 million, compared to $6.6 million in the same quarter the previous year.
Net interest income increased to $24.2 million from $20.7 million in the previous year, driven by a rise in average loans outstanding and loan yields.
Provision for credit losses was $2.6 million, up from $773,000 in the previous year, influenced by the acquisition of Century Bank.
Noninterest income was $1.8 million, compared to a loss of $2.9 million in the previous year, with the prior year affected by a $5.1 million IRS payment related to the Employee Retention Credit.
Noninterest expense increased to $13.7 million from $8.6 million, primarily due to merger-related expenses and increased salaries and benefits.
Total assets grew to $2.8 billion, a 16.1% increase from December 31, 2023, with loans and deposits showing significant growth.
The acquisition of Century Bank was completed on July 31, 2024, contributing to the increases in loans and deposits.
The allowance for credit losses was $28.1 million, representing 1.27% of gross loans, compared to 1.25% in the previous year.
Nonperforming loans increased to $7.9 million from $1.1 million at the end of 2023, with the increase attributed to a few significant loans being placed on nonaccrual status.
Total stockholders' equity increased to $271.4 million, up from $215.0 million at the end of 2023, supported by earnings growth and the issuance of common stock for the acquisition.
The filing also discusses liquidity management, capital resources, and interest rate risk management strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Southern States Bancshares Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.