Southern States Bancshares, Inc. Stock Price, News & Analysis

Southern States Bancshares, Inc. (SSBK) reported net income of $7.7 million, or $0.85 per diluted share, for Q1 2023, down from $10.6 million, or $1.18 per diluted share in Q4 2022. Core net income was $7.3 million, or $0.80 per diluted share. Net interest income decreased to $19.5 million, a drop of 6.4% from the previous quarter, with a net interest margin of 4.07%, down 31 basis points. Loan growth was strong at 14.9% annualized, and total deposits increased by 4.0% quarter-over-quarter, reaching $1.8 billion. Noninterest income fell 61.2% due to previous quarter gains not repeated. Capital ratios remained robust, with a Tier 1 capital ratio of 9.00%.

Southern States Bancshares, Inc. (NASDAQ: SSBK), based in Anniston, Alabama, has declared a cash dividend of $0.09 per share on its common stock. This dividend will be paid on May 16, 2023, to shareholders on record as of May 3, 2023. The company operates primarily through its wholly-owned subsidiary, Southern States Bank, which provides various banking services through its branches in Alabama and Georgia.

Southern States Bancshares has renewed its stock repurchase program, authorizing up to $10 million of its common stock. The initial program, launched in 2022, successfully repurchased 345,502 shares at an average price of $21.29, totaling $7.4 million. As of March 7, 2023, no shares have been repurchased this year. The renewed program will continue until December 31, 2023, with purchases dependent on various market factors. The company is under no obligation to repurchase shares and may suspend the program without notice.

Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the appointment of three new directors, boosting its independent board to eight members and the total to thirteen. The new directors—Jonathan Hinton, Christine Hunsaker, and Andy Cummings—bring extensive experience in business, finance, and real estate. Their addition aims to enhance leadership depth as the bank expands its operations in key Southern markets, particularly in Atlanta, which has been a focal point of growth. Each new director also joins the Southern States Bank Board, contributing valuable insights as the company continues its growth trajectory.

Southern States Bancshares reported strong fourth-quarter 2022 results with net income of $10.6 million ($1.18 per diluted share), a significant increase from $6.7 million in Q3 2022 and $4.1 million in Q4 2021. Core net income was $8.1 million ($0.90 per diluted share). The bank's net interest income rose to $20.9 million, up 7.5% from the prior quarter, driven by an increased net interest margin of 4.38%, a gain of 23 basis points. Loans grew by 18.1% annualized in Q4 and 27.7% for the year, while noninterest income surged 243.8% to $4.6 million.

Southern States Bancshares, Inc. (NASDAQ: SSBK) has declared a cash dividend of $0.09 per share on its common stock. This dividend will be payable on February 16, 2023, to shareholders of record as of February 3, 2023. The announcement highlights the company’s commitment to returning value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, providing a range of banking services across 13 branches in Alabama and Georgia, as well as two loan production offices in Atlanta. This dividend reflects the company’s financial health and confidence in its future growth.