Southern States Bancshares, Inc. ( (SSBK) ) has released its Q1 earnings. Here is a breakdown of the information Southern States Bancshares, Inc. presented to its investors.
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Southern States Bancshares, Inc., headquartered in Anniston, Alabama, operates as a bank holding company through its subsidiary, Southern States Bank, offering a range of banking services primarily in the southeastern United States.
In the first quarter of 2025, Southern States Bancshares reported a net income of $10.4 million, translating to $1.03 per diluted share. This performance reflects a slight decrease from the previous quarter but an improvement compared to the same period last year.
Key financial highlights include a net interest income of $24.9 million, a net interest margin of 3.75%, and a return on average assets of 1.48%. The company also saw a 6.1% annualized growth in loans and a 2.4% increase in deposits. Notably, noninterest income decreased by 44.7% from the previous quarter, while noninterest expenses saw a reduction of 5.9%.
Looking ahead, Southern States Bancshares is poised for a merger with FB Financial Corporation, which is expected to enhance its capabilities and expand its geographical reach. The company remains committed to maintaining strong customer relationships and prudent risk management practices.