Southern States Bancshares, Inc. Common - SSBK STOCK NEWS

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.

Southern States Bancshares (NASDAQ: SSBK) has successfully completed a private placement of $48 million in 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The funds will support general corporate purposes, enhance capital and liquidity, and allow for temporary repayment of existing borrowings. The notes, maturing on February 7, 2032, feature an initial interest rate of 3.50% and will reset quarterly starting February 7, 2027. These notes qualify as Tier 2 capital as per regulatory requirements.

Southern States Bancshares reported a net income of $4.1 million or $0.44 per diluted share for Q4 2021, down from $4.9 million in Q3 2021. Excluding PPP loans, linked quarter loan growth was 40.9%. The net interest income rose to $14.1 million, a 3.3% increase from Q3 2021. However, noninterest income decreased by 30.2% to $1.8 million. The nonperforming loans improved to 0.16% of gross loans, while total deposits reached $1.6 billion, reflecting a steady growth trajectory.

Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on February 15, 2022 to shareholders on record as of February 3, 2022. This decision reflects the company's ongoing commitment to return value to its shareholders. Southern States Bancshares, based in Anniston, Alabama, operates through Southern States Bank, offering a range of financial services with 15 branches in Alabama and Georgia.

Southern States Bancshares reported strong financial results for the third quarter of 2021, with net income of $4.9 million ($0.58 per diluted share), up from $3.9 million in Q2 2021. Core net income reached $4.0 million ($0.48 per diluted share). Loan growth was robust at 17.3% annualized (24.5% excluding PPP loans). Net interest income increased 5.8% quarter-over-quarter to $13.6 million, while noninterest income rose 22.7% to $2.5 million. However, total nonperforming loans rose to 0.29% of gross loans. Overall, the company maintains a positive growth outlook.

Southern States Bancshares, Inc. (NASDAQ: SSBK) has announced a cash dividend of $0.09 per share, payable on November 15, 2021, to shareholders of record as of November 3, 2021. This decision reflects the company's strong financial performance and commitment to enhancing shareholder returns while maintaining sufficient capital for growth. Chairman and CEO Stephen Whatley emphasized the importance of the dividend as part of the company's strategy for total return and effective capital management.

Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the successful closing of its initial public offering (IPO) on August 19, 2021, with underwriters fully exercising their option to purchase an additional 300,000 shares. At an IPO price of $19.00 per share, this resulted in total proceeds of approximately $21.1 million after expenses. The funds will primarily support corporate growth, including capital liquidity, debt repayment, and potential acquisitions. The offering was managed by Keefe, Bruyette & Woods, Inc. and Truist Securities.

Southern States Bancshares, Inc. (NASDAQ: SSBK) has successfully completed its initial public offering (IPO), closing the sale of 996,429 shares from the company and 1,003,571 shares from selling shareholders at $19.00 per share. The offering yielded approximately $15.8 million in net proceeds, intended for general corporate purposes, growth, and potential bank acquisitions. An additional 300,000 shares may be purchased by underwriters, potentially increasing proceeds to around $21.1 million. The stock began trading on NASDAQ on August 12, 2021.

Southern States Bancshares has announced the pricing of its initial public offering (IPO) of 996,429 shares at $19.00 per share, generating estimated net proceeds of approximately $15.8 million. An additional 1,003,571 shares will be offered by selling stockholders. Trading is set to commence on NASDAQ under the symbol SSBK on August 12, 2021, with the offering closing around August 16, 2021. Proceeds will be used for corporate purposes, including growth and potential acquisitions.