Southern States Bancshares (SSBK) Q4 2024 earnings summary

Executive summary

• Achieved record net income of $11.2M ($1.11/diluted share) for Q4 2024, up from $7.4M in Q3 and $8.9M in Q4 2023.

• Core net income was $10.5M ($1.04/diluted share), reflecting strong operational performance.

• Completed Century Bank acquisition in August 2024, expanding presence in Georgia and the Atlanta metro market.

• Full-year net income reached $34.9M, highlighting consistent growth and execution.

Financial highlights

• Net interest income rose to $25.1M, up 3.3% sequentially and 22.8% year-over-year, driven by organic growth and the Century Bank acquisition.

• Net interest margin was 3.66%, up 1 bp from Q3 but down 3 bps from Q4 2023.

• Noninterest income was $3.0M, up 70.2% sequentially due to a $1.2M Employee Retention Credit (ERC); down 4.1% year-over-year due to a large one-time fee in Q4 2023.

• Noninterest expense was $13.1M, down 4.5% sequentially (Q3 included $1.5M merger expenses), up 34.5% year-over-year due to the acquisition.

• Efficiency ratio improved to 46.67% from 52.79% in Q3.

Outlook and guidance

• Management expects resilient growth and strong shareholder returns in 2025, supported by expanded footprint and disciplined credit quality.

• Cautions regarding forward-looking statements and industry uncertainties.