Southern States Bancshares Reports Strong Q3 2024 Growth

Southern States Bancshares ( (SSBK) ) has shared an update.

Southern States Bancshares, Inc. reported a strong third quarter for 2024, highlighted by a 12.4% increase in net interest income to $24.2 million, largely due to the acquisition of Century Bank. The net interest margin rose to 3.65%, reflecting improved asset yields and lower deposit costs. The company’s strategic growth in loans and deposits, alongside recognition in Piper Sandler’s Sm-All Stars, underscores its robust financial health and commitment to enhancing shareholder value. Core net income was reported at $8.7 million, or $0.89 per diluted share.

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