Welcome to our dedicated page for Southern States Bancshares news (Ticker: SSBK), a resource for investors and traders seeking the latest updates and insights on Southern States Bancshares stock.
Southern States Bancshares, Inc. (SSBK) delivers community-focused banking services across Alabama and Georgia through its diversified financial solutions. This news hub provides investors and stakeholders with essential updates about this FDIC-insured institution.
Track key developments including quarterly earnings disclosures, regulatory filings, and strategic initiatives shaping regional banking. Our curated collection features press releases on loan portfolio expansions, leadership appointments, and community reinvestment programs.
Discover timely updates about SSBK's three core operational segments: real estate financing for local property markets, commercial lending supporting small businesses, and consumer banking services tailored to individual needs. All content undergoes strict verification to ensure accuracy and relevance.
Bookmark this page for direct access to Southern States Bancshares' official communications and third-party analysis. Regularly updated information helps stakeholders monitor the bank's performance within evolving regional economic conditions.
In the third quarter of 2022, Southern States Bancshares (SSBK) reported a net income of $6.7 million ($0.75 per diluted share), reflecting a significant increase from $5.2 million in Q2 2022. Core net income also rose to $6.8 million ($0.77 per diluted share).
Loan growth was robust at 26.3% annualized, with total loans reaching $1.5 billion. Net interest income surged 18.8% from the prior quarter, driven by rising interest rates and increased interest-earning assets.
However, noninterest income fell 4.6% from Q2, primarily due to higher losses on securities.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on November 16, 2022, to shareholders of record as of November 3, 2022. This decision reflects the company’s ongoing commitment to providing value to its shareholders. Southern States operates through its subsidiary, Southern States Bank, offering various banking services across 13 branches in Alabama and Georgia.
Southern States Bancshares reported a strong second quarter of 2022, achieving net income of $5.2 million or $0.59 per diluted share, a rise from $4.6 million in Q1 2022. The company experienced an impressive 36.8% annualized loan growth quarter-over-quarter, driving net interest income up by 11.7% to $16.4 million. The net interest margin also improved to 3.84%, up 31 basis points. However, total stockholders’ equity slightly decreased to $167.9 million due to market conditions impacting securities portfolio values.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on August 17, 2022, to shareholders recorded by August 4, 2022. This decision reflects the company's dedication to delivering value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, which provides a comprehensive range of banking services across 15 branches in Alabama and Georgia.
Southern States Bancshares, Inc. (NASDAQ: SSBK) has extended its exchange offer for up to $48 million of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The offer, initially set to expire on June 23, 2022, is now extended to June 30, 2022. As of June 22, 2022, $18 million, or 37.5%, of the outstanding notes have been tendered for exchange. The terms of the exchange offer remain unchanged, as detailed in the prospectus dated May 25, 2022.
Talladega's First Bank of Alabama (FBA) announced its agreement to acquire the Heflin and Ranburne branches of Anniston's Southern States Bank (NASDAQGS: SSBK). This acquisition will enhance FBA's market presence in East Central Alabama, providing a 32% share of Cleburne County's bank deposits. Post-transaction, FBA is projected to have assets exceeding $920 million and operate twelve branches in the region. Regulatory approvals are pending, with completion expected in the second half of 2022.
Southern States Bancshares (SSBK) reported net income of $4.6 million or $0.50 diluted earnings per share for Q1 2022, up from $4.1 million in Q4 2021 but down from $5.7 million in Q1 2021. Core net income was $4.8 million or $0.53 per diluted core share. The company achieved a 19.4% annualized loan growth linked-quarter and implemented a $10 million stock repurchase program, purchasing approximately 287,000 shares. Noninterest income fell 23.9% from Q4 2021, while total loans increased to $1.3 billion.
Southern States Bancshares (NASDAQ: SSBK) declared a cash dividend of $0.09 per share, payable on May 16, 2022, to shareholders of record as of May 4, 2022. The company operates through its subsidiary, Southern States Bank, providing a range of banking products and services in Alabama and Georgia, with 15 branches and a loan production office in Atlanta. This dividend declaration reflects the company's ongoing commitment to returning value to its shareholders.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the appointment of Mark Chambers to its board of directors and as CEO of Southern States Bank. Chambers, who has been President since 2019, brings extensive experience from his previous roles at Wachovia Bank and Aliant Bank. Chairman and CEO Stephen Whatley expressed confidence in Chambers' leadership, highlighting his contributions and expertise as essential for the company's growth strategy. Southern States Bancshares operates 15 branches in Alabama and Georgia, focusing on community banking services.
Southern States Bancshares (NASDAQ: SSBK) announced a stock repurchase program, allowing for the buyback of up to $10 million of its common stock.
The program will be active until December 31, 2022 and purchases may be made on the open market or privately negotiated transactions, depending on various factors such as market conditions and corporate requirements.
This initiative is expected to enhance shareholder value, demonstrating the company's confidence in its financial performance.
FAQ
What is the current stock price of Southern States Bancshares (SSBK)?
What is the market cap of Southern States Bancshares (SSBK)?
