In This Story
Southern States Bancshares Inc. (SSBK-9.36%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net income of $34.9 million, compared to $32.0 million for the previous year. This increase is attributed to a substantial rise in net interest income and a decrease in provision for credit losses.
Net interest income for the year was $91.7 million, up from $80.1 million in the previous year. This increase was driven by a growth in average loans outstanding and a higher average loan yield.
Noninterest income decreased to $7.4 million from $8.9 million, primarily due to a decline in other operating income and swap fees.
Noninterest expenses rose to $48.5 million from $41.9 million, with increases in other operating expenses and merger-related expenses.
Total assets increased to $2.8 billion, up from $2.4 billion at the end of the previous year, with loans, net of unearned income, rising to $2.2 billion.
Deposits grew to $2.4 billion, with noninterest-bearing deposits comprising 23.8% of total deposits.
The company completed the acquisition of Century Bank, which contributed to the growth in assets and deposits.
Southern States Bancshares Inc. reported a return on average assets of 1.31% and a return on average equity of 14.39% for the year.
The company maintained capital ratios above regulatory requirements, with a total capital ratio of 14.73% at the company level and 14.18% at the bank level.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.