Southern States Bancshares, Inc. Announces First Quarter 2025 Financial Results
Southern States Bancshares (NASDAQ: SSBK) reported Q1 2025 financial results with net income of $10.4 million, or $1.03 per diluted share, compared to $11.2 million in Q4 2024 and $8.1 million in Q1 2024. Key highlights include:
- Net interest income of $24.9 million, down 0.7% from previous quarter
- Net interest margin improved to 3.75%, up 9 basis points
- Loans grew 6.1% annualized quarter-over-quarter
- Deposits increased 2.4% annualized
The bank maintained strong credit quality with nonperforming loans at 0.32% of gross loans. Total deposits reached $2.4 billion, with an efficiency ratio of 46.42%. The company's merger with FB Financial , announced on March 31, 2024, will expand operations across Tennessee, Kentucky, Alabama, and Georgia.
Southern States Bancshares (NASDAQ: SSBK) ha comunicato i risultati finanziari del primo trimestre 2025 con un utile netto di 10,4 milioni di dollari, pari a 1,03 dollari per azione diluita, rispetto a 11,2 milioni nel quarto trimestre 2024 e 8,1 milioni nel primo trimestre 2024. I punti salienti includono:
- Reddito da interessi netto di 24,9 milioni di dollari, in calo dello 0,7% rispetto al trimestre precedente
- Margine di interesse netto migliorato al 3,75%, in aumento di 9 punti base
- Prestiti cresciuti del 6,1% su base annualizzata trimestre su trimestre
- Depositi aumentati del 2,4% su base annualizzata
La banca ha mantenuto una solida qualità del credito con prestiti in sofferenza pari allo 0,32% dei prestiti lordi. I depositi totali hanno raggiunto i 2,4 miliardi di dollari, con un indice di efficienza del 46,42%. La fusione con FB Financial, annunciata il 31 marzo 2024, espanderà le operazioni in Tennessee, Kentucky, Alabama e Georgia.
Southern States Bancshares (NASDAQ: SSBK) informó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 10,4 millones de dólares, o 1,03 dólares por acción diluida, en comparación con 11,2 millones en el cuarto trimestre de 2024 y 8,1 millones en el primer trimestre de 2024. Los aspectos más destacados incluyen:
- Ingreso neto por intereses de 24,9 millones de dólares, una disminución del 0,7% respecto al trimestre anterior
- Margen neto de interés mejoró a 3,75%, aumentando 9 puntos básicos
- Los préstamos crecieron un 6,1% anualizado trimestre a trimestre
- Los depósitos aumentaron un 2,4% anualizado
El banco mantuvo una sólida calidad crediticia con préstamos morosos en 0,32% de los préstamos brutos. Los depósitos totales alcanzaron los 2,4 mil millones de dólares, con una ratio de eficiencia del 46,42%. La fusión con FB Financial, anunciada el 31 de marzo de 2024, ampliará las operaciones en Tennessee, Kentucky, Alabama y Georgia.
Southern States Bancshares (NASDAQ: SSBK)는 2025년 1분기 재무 실적을 발표하며 순이익 1,040만 달러, 희석 주당 순이익 1.03달러를 기록했습니다. 이는 2024년 4분기 1,120만 달러와 2024년 1분기 810만 달러와 비교됩니다. 주요 내용은 다음과 같습니다:
- 순이자수익 2,490만 달러로 전분기 대비 0.7% 감소
- 순이자마진이 3.75%로 9베이시스 포인트 상승
- 대출은 분기 대비 연율 6.1% 증가
- 예금은 연율 2.4% 증가
은행은 총대출 대비 부실대출 비율 0.32%로 건전한 신용 상태를 유지했습니다. 총 예금은 24억 달러에 달하며, 효율성 비율은 46.42%입니다. 2024년 3월 31일 발표된 FB Financial과의 합병은 테네시, 켄터키, 앨라배마, 조지아 전역으로 사업을 확장할 것입니다.
Southern States Bancshares (NASDAQ : SSBK) a publié ses résultats financiers du premier trimestre 2025 avec un revenu net de 10,4 millions de dollars, soit 1,03 dollar par action diluée, contre 11,2 millions au quatrième trimestre 2024 et 8,1 millions au premier trimestre 2024. Les points clés incluent :
- Produit net d'intérêts de 24,9 millions de dollars, en baisse de 0,7 % par rapport au trimestre précédent
- Marge d'intérêt nette améliorée à 3,75%, en hausse de 9 points de base
- Prêts en croissance de 6,1 % annualisée trimestre sur trimestre
- Dépôts en hausse de 2,4 % annualisée
La banque a maintenu une solide qualité de crédit avec des prêts non performants représentant 0,32 % des prêts bruts. Les dépôts totaux ont atteint 2,4 milliards de dollars, avec un ratio d'efficacité de 46,42 %. La fusion avec FB Financial, annoncée le 31 mars 2024, étendra les opérations dans le Tennessee, le Kentucky, l'Alabama et la Géorgie.
Southern States Bancshares (NASDAQ: SSBK) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 10,4 Millionen US-Dollar bzw. 1,03 US-Dollar pro verwässerter Aktie, im Vergleich zu 11,2 Millionen im vierten Quartal 2024 und 8,1 Millionen im ersten Quartal 2024. Die wichtigsten Punkte sind:
- Nettozinsertrag von 24,9 Millionen US-Dollar, ein Rückgang von 0,7 % gegenüber dem Vorquartal
- Nettozinsmarge verbessert auf 3,75%, ein Anstieg um 9 Basispunkte
- Kredite wuchsen vierteljährlich annualisiert um 6,1 %
- Einlagen stiegen annualisiert um 2,4 %
Die Bank behielt eine starke Kreditqualität bei, mit notleidenden Krediten von 0,32 % der Bruttokredite. Die Gesamteinlagen erreichten 2,4 Milliarden US-Dollar bei einer Effizienzquote von 46,42 %. Die am 31. März 2024 angekündigte Fusion mit FB Financial wird die Geschäftstätigkeit in Tennessee, Kentucky, Alabama und Georgia ausweiten.
- Net interest margin improved by 9 basis points to 3.75%
- Strong loan growth of 6.1% annualized
- Solid deposit growth of 2.4% annualized
- Excellent credit quality with NPLs at only 0.32% of gross loans
- Strong efficiency ratio of 46.42%
- Net income decreased from $11.2M in Q4 2024 to $10.4M in Q1 2025
- Net interest income declined 0.7% quarter-over-quarter
- Noninterest income dropped 44.7% from previous quarter
- Nonperforming loans increased by $642,000 in Q1 2025
- Noninterest-bearing deposits decreased by 7.3% from previous quarter
Insights
SSBK delivered solid Q1 results with improved margins, controlled expenses, and maintained credit quality amid planned merger with FB Financial.
Southern States Bancshares reported $10.4 million in net income for Q1 2025, translating to $1.03 per diluted share. While this represents a slight decrease from Q4 2024's $11.2 million, it marks a healthy 28.4% increase from Q1 2024's $8.1 million.
The bank's net interest margin expanded to 3.75%, up 9 basis points sequentially and 16 basis points year-over-year. This margin improvement came despite total net interest income declining slightly to $24.9 million from $25.1 million in Q4. The margin expansion stems primarily from reduced funding costs and effective deposit management, including the strategic reduction of higher-cost brokered deposits.
Credit quality metrics remain exceptionally strong with nonperforming loans at just 0.32% of gross loans. The allowance for credit losses stands at 1.28% of total loans and covers nonperforming loans by 402%, reflecting conservative risk management. Net charge-offs were minimal at 0.04% of average loans.
The efficiency ratio of 46.42% demonstrates disciplined expense management. The 5.9% sequential decrease in noninterest expenses indicates successful cost control following the Century Bank acquisition.
On the growth front, loans increased 1.5% quarter-over-quarter and 15.0% year-over-year, while deposits grew 0.6% and 15.0% respectively. The capital position remains strong with a CET1 ratio of 10.18%, up from 9.84% in the previous quarter.
SSBK maintains strong pre-merger performance with solid profitability and clean asset quality ahead of FB Financial combination.
Southern States Bancshares is delivering remarkably steady financial performance as it approaches its merger with FB Financial (FirstBank). This $10.4 million quarterly profit demonstrates that SSBK continues operating from a position of strength heading into the combination.
The announced merger with FB Financial represents a significant strategic move that will expand the combined entity's footprint across four Southern states - Tennessee, Kentucky, Alabama, and Georgia. FirstBank's $13 billion asset size will significantly scale up SSBK's operations, which currently has approximately $2.8 billion in assets based on this quarter's balance sheet.
CEO Mark Chambers highlighted the cultural alignment between the organizations, specifically mentioning their shared "customer-centric philosophy" - a critical success factor in bank mergers. The geographic expansion provides complementary market coverage that should create operational synergies while minimizing branch overlap problems.
Particularly notable is SSBK's pristine credit quality heading into the merger, with nonperforming loans at just 0.32% of total loans. This clean loan book minimizes integration risk and potential hidden credit issues that could complicate the combination. The strong capital ratios (CET1 of 10.18%) provide ample cushion for merger-related expenses.
The sequential improvement in net interest margin to 3.75% demonstrates SSBK's core banking operations remain fundamentally sound, likely making the bank an attractive acquisition target for FB Financial in the first place.
First Quarter 2025 Performance and Operational Highlights
- Net income of
$10.4 million, or$1.03 per diluted share - Core net income(1) of
$10.3 million, or$1.03 per diluted share(1) - Pretax pre-provision core net income(1) of
$14.2 million - Net interest income of $24.9 million, a decrease of $171,000 from the prior quarter
- Net interest margin (“NIM”) of
3.75% , up 9 basis points from the prior quarter - Return on average assets (“ROAA”) of
1.48% ; return on average stockholders’ equity (“ROAE”) of14.67% ; and return on average tangible common equity (“ROATCE”)(1) of17.19% - Core ROAA(1) of
1.47% ; and core ROATCE(1) of17.16% - Efficiency ratio of
46.42% - Linked-quarter loans grew
6.1% annualized - Linked-quarter deposits grew
2.4% annualized
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
ANNISTON, Ala., April 21, 2025 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of
As previously disclosed on March 31, 2024, FB Financial Corporation, the parent company of FirstBank, and Southern States, jointly announced their entry into a definitive merger agreement pursuant to which Southern States will be merged with and into FB Financial (the “Merger”).
| CEO Commentary | ||||
| Mark Chambers, President and Chief Executive Officer said, “In the first quarter, we reported net income of | ||||
| “We are embarking on an exciting new chapter for our bank, our customers, our employees and the communities we proudly serve. Joining forces with Nashville-based FB Financial, which has | ||||
| Net Interest Income and Net Interest Margin |
| Three Months Ended | % Change March 31, 2025 vs. | |||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | ||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| Average interest-earning assets | $ | 2,690,714 | $ | 2,722,907 | $ | 2,336,369 | (1.2) % | 15.2 | % | |||||||
| Net interest income | $ | 24,879 | $ | 25,050 | $ | 20,839 | (0.7) % | 19.4 | % | |||||||
| Net interest margin | 3.75 | % | 3.66 | % | 3.59 | % | 9 bps | 16 bps | ||||||||
Net interest income for the first quarter of 2025 was
Relative to the first quarter of 2024, net interest income increased
Net interest margin for the first quarter of 2025 was
Relative to the first quarter of 2024, net interest margin increased from
| Noninterest Income |
| Three Months Ended | % Change March 31, 2025 vs. | |||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | ||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| Service charges on deposit accounts | $ | 564 | $ | 565 | $ | 463 | (0.2) % | 21.8 | % | |||||||
| Swap (expenses) fees | (3 | ) | 17 | 15 | (117.6) % | (120.0) % | ||||||||||
| SBA/USDA fees | 40 | 89 | 64 | (55.1) % | (37.5) % | |||||||||||
| Mortgage origination fees | 80 | 55 | 96 | 45.5 % | (16.7) % | |||||||||||
| Net gain (loss) on securities | 23 | 25 | (12 | ) | (8.0) % | 291.7 | % | |||||||||
| Employee retention credit (“ERC”) | — | 1,154 | — | N/A | N/A | |||||||||||
| Other operating income | 949 | 1,085 | 642 | (12.5) % | 47.8 | % | ||||||||||
| Total noninterest income | $ | 1,653 | $ | 2,990 | $ | 1,268 | (44.7) % | 30.4 | % | |||||||
Noninterest income for the first quarter of 2025 was
Relative to the first quarter of 2024, noninterest income increased
| Noninterest Expense |
| Three Months Ended | % Change March 31, 2025 vs. | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | |||||||||
| (Dollars in thousands) | |||||||||||||
| Salaries and employee benefits | $ | 6,924 | $ | 7,002 | $ | 6,231 | (1.1) % | 11.1 | % | ||||
| Equipment and occupancy expenses | 828 | 851 | 689 | (2.7) % | 20.2 | % | |||||||
| Data processing fees | 909 | 960 | 643 | (5.3) % | 41.4 | % | |||||||
| Regulatory assessments | 429 | 441 | 360 | (2.7) % | 19.2 | % | |||||||
| Professional fees related to ERC | — | 236 | — | N/A | N/A | ||||||||
| Other operating expenses | 3,216 | 3,584 | 2,452 | (10.3) % | 31.2 | % | |||||||
| Total noninterest expenses | $ | 12,306 | $ | 13,074 | $ | 10,375 | (5.9) % | 18.6 | % | ||||
Noninterest expense for the first quarter of 2025 was
Relative to the first quarter of 2024, noninterest expense increased
| Loans and Credit Quality |
| Three Months Ended | % Change March 31, 2025 vs. | ||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | |||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Gross loans | $ | 2,266,740 | $ | 2,233,244 | $ | 1,971,396 | 1.5 | % | 15.0 | % | |||||||
| Unearned income | (6,704 | ) | (6,675 | ) | (6,247 | ) | 0.4 | % | 7.3 | % | |||||||
| Loans, net of unearned income (“Loans”) | 2,260,036 | 2,226,569 | 1,965,149 | 1.5 | % | 15.0 | % | ||||||||||
| Average loans, net of unearned (“Average loans”) | $ | 2,235,194 | $ | 2,205,892 | $ | 1,916,288 | 1.3 | % | 16.6 | % | |||||||
| Nonperforming loans (“NPL”) | $ | 7,175 | $ | 6,533 | $ | 3,446 | 9.8 | % | 108.2 | % | |||||||
| Provision for credit losses | $ | 775 | $ | 72 | $ | 1,236 | 976.4 | % | (37.3) % | ||||||||
| Allowance for credit losses (“ACL”) | $ | 28,876 | $ | 28,338 | $ | 25,144 | 1.9 | % | 14.8 | % | |||||||
| Net charge-offs (recoveries) | $ | 237 | $ | (205 | ) | $ | 470 | 215.6 | % | (49.6) % | |||||||
| NPL to gross loans | 0.32 | % | 0.29 | % | 0.17 | % | |||||||||||
| Net charge-offs (recoveries) to average loans(1) | 0.04 | % | (0.04) % | 0.10 | % | ||||||||||||
| ACL to loans | 1.28 | % | 1.27 | % | 1.28 | % | |||||||||||
| (1) Ratio is annualized. | |||||||||||||||||
Loans, net of unearned income, were
Nonperforming loans totaled
The Company recorded a provision for credit losses of
Net charge-offs for the first quarter of 2025 were
The Company’s allowance for credit losses was
| Deposits |
| Three Months Ended | % Change March 31, 2025 vs. | ||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | |||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Noninterest-bearing deposits | $ | 533,220 | $ | 575,357 | $ | 416,704 | (7.3) % | 28.0 | % | ||||||||
| Interest-bearing deposits | 1,892,411 | 1,835,940 | 1,693,094 | 3.1 | % | 11.8 | % | ||||||||||
| Total deposits | $ | 2,425,631 | $ | 2,411,297 | $ | 2,109,798 | 0.6 | % | 15.0 | % | |||||||
| Uninsured deposits | $ | 760,379 | $ | 760,141 | $ | 610,122 | — | % | 24.6 | % | |||||||
| Uninsured deposits to total deposits and accrued interest on deposits | 31.33 | % | 31.50 | % | 28.92 | % | |||||||||||
| Noninterest deposits to total deposits | 21.98 | % | 23.86 | % | 19.75 | % | |||||||||||
Total deposits were
| Capital |
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Company | Bank | Company | Bank | Company | Bank | ||||||||||||
| Tier 1 capital ratio to average assets | 9.14 | % | 11.99 | % | 8.67 | % | 11.45 | % | 8.79 | % | 11.67 | % | |||||
| Risk-based capital ratios: | |||||||||||||||||
| Common equity tier 1 (“CET1”) capital ratio | 10.18 | % | 13.35 | % | 9.84 | % | 12.99 | % | 9.39 | % | 12.47 | % | |||||
| Tier 1 capital ratio | 10.18 | % | 13.35 | % | 9.84 | % | 12.99 | % | 9.39 | % | 12.47 | % | |||||
| Total capital ratio | 15.06 | % | 14.55 | % | 14.73 | % | 14.18 | % | 14.42 | % | 13.63 | % | |||||
As of March 31, 2025, total stockholders’ equity was
| About Southern States Bancshares, Inc. |
Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.
| Forward-Looking Statements |
This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry and the pending Merger. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.
These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.
| Contact Information | ||||
| Lynn Joyce | Margaret Boyce | |||
| (205) 820-8065 | (310) 622-8247 | |||
| ljoyce@ssbank.bank | ssbankir@finprofiles.com | |||
| SELECT FINANCIAL DATA | |||||||||||
| (Dollars in thousands, except share and per share amounts) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Results of Operations | |||||||||||
| Interest income | $ | 43,164 | $ | 44,977 | $ | 38,736 | |||||
| Interest expense | 18,285 | 19,927 | 17,897 | ||||||||
| Net interest income | 24,879 | 25,050 | 20,839 | ||||||||
| Provision for credit losses | 775 | 72 | 1,236 | ||||||||
| Net interest income after provision | 24,104 | 24,978 | 19,603 | ||||||||
| Noninterest income | 1,653 | 2,990 | 1,268 | ||||||||
| Noninterest expense | 12,306 | 13,074 | 10,375 | ||||||||
| Income tax expense | 3,100 | 3,696 | 2,377 | ||||||||
| Net income | $ | 10,351 | $ | 11,198 | $ | 8,119 | |||||
| Core net income(1) | $ | 10,334 | $ | 10,484 | $ | 8,128 | |||||
| Share and Per Share Data | |||||||||||
| Shares issued and outstanding | 9,922,180 | 9,889,260 | 8,894,794 | ||||||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 9,979,120 | 9,940,221 | 8,913,477 | ||||||||
| Diluted | 10,072,329 | 10,061,735 | 9,043,122 | ||||||||
| Earnings per share: | |||||||||||
| Basic | $ | 1.04 | $ | 1.13 | $ | 0.91 | |||||
| Diluted | 1.03 | 1.11 | 0.90 | ||||||||
| Core - diluted(1) | 1.03 | 1.04 | 0.90 | ||||||||
| Book value per share | 29.25 | 28.30 | 25.06 | ||||||||
| Tangible book value per share(1) | 25.04 | 24.04 | 23.07 | ||||||||
| Cash dividends per common share | 0.09 | 0.09 | 0.09 | ||||||||
| Performance and Financial Ratios | |||||||||||
| ROAA | 1.48 | % | 1.55 | % | 1.33 | % | |||||
| ROAE | 14.67 | % | 16.13 | % | 14.87 | % | |||||
| Core ROAA(1) | 1.47 | % | 1.45 | % | 1.34 | % | |||||
| ROATCE(1) | 17.19 | % | 18.87 | % | 16.17 | % | |||||
| Core ROATCE(1) | 17.16 | % | 17.67 | % | 16.19 | % | |||||
| NIM | 3.75 | % | 3.66 | % | 3.59 | % | |||||
| NIM - FTE(1) | 3.76 | % | 3.67 | % | 3.60 | % | |||||
| Net interest spread | 2.76 | % | 2.64 | % | 2.63 | % | |||||
| Yield on loans | 6.93 | % | 7.03 | % | 7.06 | % | |||||
| Yield on interest-earning assets | 6.51 | % | 6.57 | % | 6.67 | % | |||||
| Cost of interest-bearing liabilities | 3.75 | % | 3.93 | % | 4.04 | % | |||||
| Cost of funds(2) | 2.93 | % | 3.09 | % | 3.27 | % | |||||
| Cost of interest-bearing deposits | 3.64 | % | 3.83 | % | 3.92 | % | |||||
| Cost of total deposits | 2.80 | % | 2.96 | % | 3.12 | % | |||||
| Noninterest deposits to total deposits | 21.98 | % | 23.86 | % | 19.75 | % | |||||
| Core deposits to total deposits | 87.75 | % | 87.90 | % | 81.45 | % | |||||
| Uninsured deposits to total deposits and accrued interest on deposits | 31.33 | % | 31.50 | % | 28.92 | % | |||||
| Total loans to total deposits | 93.17 | % | 92.34 | % | 93.14 | % | |||||
| Efficiency ratio | 46.42 | % | 46.67 | % | 46.90 | % | |||||
| Core efficiency ratio(1) | 46.42 | % | 47.78 | % | 46.90 | % | |||||
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) Includes total interest-bearing liabilities and noninterest deposits.
| SELECT FINANCIAL DATA | |||||||||||
| (Dollars in thousands) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Financial Condition (ending) | |||||||||||
| Total loans | $ | 2,260,036 | $ | 2,226,569 | $ | 1,965,149 | |||||
| Total securities | 218,544 | 216,481 | 197,006 | ||||||||
| Total assets | 2,851,145 | 2,848,254 | 2,510,975 | ||||||||
| Total noninterest bearing deposits | 533,220 | 575,357 | 416,704 | ||||||||
| Total core deposits(1) | 2,128,422 | 2,119,491 | 1,718,333 | ||||||||
| Total deposits | 2,425,631 | 2,411,297 | 2,109,798 | ||||||||
| Total borrowings | 111,382 | 131,224 | 146,773 | ||||||||
| Total liabilities | 2,560,961 | 2,568,365 | 2,288,094 | ||||||||
| Total shareholders’ equity | 290,184 | 279,889 | 222,881 | ||||||||
| Financial Condition (average) | |||||||||||
| Total loans | $ | 2,235,194 | $ | 2,205,892 | $ | 1,916,288 | |||||
| Total securities | 228,396 | 228,213 | 208,954 | ||||||||
| Total other interest-earning assets | 227,124 | 288,802 | 211,127 | ||||||||
| Total interest-bearing assets | 2,690,714 | 2,722,907 | 2,336,369 | ||||||||
| Total assets | 2,841,513 | 2,875,981 | 2,447,278 | ||||||||
| Total noninterest-bearing deposits | 552,746 | 552,898 | 416,141 | ||||||||
| Total interest-bearing deposits | 1,861,387 | 1,893,906 | 1,633,307 | ||||||||
| Total deposits | 2,414,133 | 2,446,804 | 2,049,448 | ||||||||
| Total borrowings | 113,728 | 121,356 | 148,771 | ||||||||
| Total interest-bearing liabilities | 1,975,115 | 2,015,262 | 1,782,078 | ||||||||
| Total shareholders’ equity | 286,126 | 276,250 | 219,622 | ||||||||
| Asset Quality | |||||||||||
| Nonperforming loans | $ | 7,175 | $ | 6,533 | $ | 3,446 | |||||
| Other real estate owned (“OREO”) | $ | — | $ | — | $ | 33 | |||||
| Nonperforming assets (“NPA”) | $ | 7,175 | $ | 6,533 | $ | 3,479 | |||||
| Net charge-offs (recoveries) to average loans(2) | 0.04 | % | (0.04)% | 0.10 | % | ||||||
| Provision for credit losses to average loans(2) | 0.14 | % | 0.01 | % | 0.26 | % | |||||
| ACL to loans | 1.28 | % | 1.27 | % | 1.28 | % | |||||
| ACL to gross loans | 1.27 | % | 1.27 | % | 1.28 | % | |||||
| ACL to NPL | 402.45 | % | 433.77 | % | 729.66 | % | |||||
| NPL to loans | 0.32 | % | 0.29 | % | 0.18 | % | |||||
| NPL to gross loans | 0.32 | % | 0.29 | % | 0.17 | % | |||||
| NPA to gross loans and OREO | 0.32 | % | 0.29 | % | 0.18 | % | |||||
| NPA to total assets | 0.25 | % | 0.23 | % | 0.14 | % | |||||
| Regulatory and Other Capital Ratios | |||||||||||
| Total shareholders’ equity to total assets | 10.18 | % | 9.83 | % | 8.88 | % | |||||
| Tangible common equity to tangible assets(3) | 8.84 | % | 8.47 | % | 8.23 | % | |||||
| Tier 1 capital ratio to average assets | 9.14 | % | 8.67 | % | 8.79 | % | |||||
| Risk-based capital ratios: | |||||||||||
| CET1 capital ratio | 10.18 | % | 9.84 | % | 9.39 | % | |||||
| Tier 1 capital ratio | 10.18 | % | 9.84 | % | 9.39 | % | |||||
| Total capital ratio | 15.06 | % | 14.73 | % | 14.42 | % | |||||
(1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than
(2) Ratio is annualized.
(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
| (Dollars in thousands) | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| (Unaudited) | (Audited) | (Unaudited) | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 25,555 | $ | 27,321 | $ | 20,470 | |||||
| Interest-bearing deposits in banks | 127,430 | 153,833 | 129,917 | ||||||||
| Federal funds sold | 76,390 | 79,080 | 86,736 | ||||||||
| Total cash and cash equivalents | 229,375 | 260,234 | 237,123 | ||||||||
| Securities available for sale, at fair value | 198,938 | 196,870 | 177,379 | ||||||||
| Securities held to maturity, at amortized cost | 19,606 | 19,611 | 19,627 | ||||||||
| Other equity securities, at fair value | 2,754 | 3,697 | 3,638 | ||||||||
| Restricted equity securities, at cost | 4,408 | 4,441 | 5,108 | ||||||||
| Loans held for sale | 1,236 | 404 | 425 | ||||||||
| Loans, net of unearned income | 2,260,036 | 2,226,569 | 1,965,149 | ||||||||
| Less allowance for credit losses | 28,876 | 28,338 | 25,144 | ||||||||
| Loans, net | 2,231,160 | 2,198,231 | 1,940,005 | ||||||||
| Premises and equipment, net | 31,728 | 32,048 | 26,262 | ||||||||
| Accrued interest receivable | 10,432 | 10,111 | 9,561 | ||||||||
| Bank owned life insurance | 39,698 | 39,431 | 30,075 | ||||||||
| Annuities | 16,794 | 16,772 | 15,939 | ||||||||
| Foreclosed assets | — | — | 33 | ||||||||
| Goodwill | 33,176 | 33,176 | 16,862 | ||||||||
| Core deposit intangible | 8,539 | 8,939 | 817 | ||||||||
| Other assets | 23,301 | 24,289 | 28,121 | ||||||||
| Total assets | $ | 2,851,145 | $ | 2,848,254 | $ | 2,510,975 | |||||
| Liabilities and Stockholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 533,220 | $ | 575,357 | $ | 416,704 | |||||
| Interest-bearing | 1,892,411 | 1,835,940 | 1,693,094 | ||||||||
| Total deposits | 2,425,631 | 2,411,297 | 2,109,798 | ||||||||
| Other borrowings | — | 17,979 | 7,997 | ||||||||
| FHLB advances | 20,000 | 22,000 | 52,000 | ||||||||
| Subordinated notes | 91,382 | 91,245 | 86,776 | ||||||||
| Accrued interest payable | 1,585 | 2,172 | 1,805 | ||||||||
| Other liabilities | 22,363 | 23,672 | 29,718 | ||||||||
| Total liabilities | 2,560,961 | 2,568,365 | 2,288,094 | ||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 49,986 | 49,821 | 44,746 | ||||||||
| Capital surplus | 107,480 | 106,637 | 79,282 | ||||||||
| Retained earnings | 143,530 | 134,075 | 109,838 | ||||||||
| Accumulated other comprehensive loss | (7,503 | ) | (7,936 | ) | (8,401 | ) | |||||
| Unvested restricted stock | (1,168 | ) | (567 | ) | (1,030 | ) | |||||
| Vested restricted stock units | (2,141 | ) | (2,141 | ) | (1,554 | ) | |||||
| Total stockholders' equity | 290,184 | 279,889 | 222,881 | ||||||||
| Total liabilities and stockholders' equity | $ | 2,851,145 | $ | 2,848,254 | $ | 2,510,975 | |||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||
| Three Months Ended | ||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Interest income: | ||||||||||
| Loans, including fees | $ | 38,202 | $ | 38,972 | $ | 33,628 | ||||
| Taxable securities | 2,239 | 2,237 | 1,981 | |||||||
| Nontaxable securities | 247 | 248 | 229 | |||||||
| Other interest and dividends | 2,476 | 3,520 | 2,898 | |||||||
| Total interest income | 43,164 | 44,977 | 38,736 | |||||||
| Interest expense: | ||||||||||
| Deposits | 16,689 | 18,223 | 15,906 | |||||||
| Other borrowings | 1,596 | 1,704 | 1,991 | |||||||
| Total interest expense | 18,285 | 19,927 | 17,897 | |||||||
| Net interest income | 24,879 | 25,050 | 20,839 | |||||||
| Provision for credit losses | 775 | 72 | 1,236 | |||||||
| Net interest income after provision for credit losses | 24,104 | 24,978 | 19,603 | |||||||
| Noninterest income: | ||||||||||
| Service charges on deposit accounts | 564 | 565 | 463 | |||||||
| Swap (expenses) fees | (3 | ) | 17 | 15 | ||||||
| SBA/USDA fees | 40 | 89 | 64 | |||||||
| Mortgage origination fees | 80 | 55 | 96 | |||||||
| Net gain (loss) on securities | 23 | 25 | (12 | ) | ||||||
| Employee retention credit | — | 1,154 | — | |||||||
| Other operating income | 949 | 1,085 | 642 | |||||||
| Total noninterest income | 1,653 | 2,990 | 1,268 | |||||||
| Noninterest expenses: | ||||||||||
| Salaries and employee benefits | 6,924 | 7,002 | 6,231 | |||||||
| Equipment and occupancy expenses | 828 | 851 | 689 | |||||||
| Data processing fees | 909 | 960 | 643 | |||||||
| Regulatory assessments | 429 | 441 | 360 | |||||||
| Professional fees related to ERC | — | 236 | — | |||||||
| Other operating expenses | 3,216 | 3,584 | 2,452 | |||||||
| Total noninterest expenses | 12,306 | 13,074 | 10,375 | |||||||
| Income before income taxes | 13,451 | 14,894 | 10,496 | |||||||
| Income tax expense | 3,100 | 3,696 | 2,377 | |||||||
| Net income | $ | 10,351 | $ | 11,198 | $ | 8,119 | ||||
| Basic earnings per share | $ | 1.04 | $ | 1.13 | $ | 0.91 | ||||
| Diluted earnings per share | $ | 1.03 | $ | 1.11 | $ | 0.90 | ||||
| AVERAGE BALANCE SHEET AND NET INTEREST MARGIN | |||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||
| Loans, net of unearned income(1) | $ | 2,235,194 | $ | 38,202 | 6.93 | % | $ | 2,205,892 | $ | 38,972 | 7.03 | % | $ | 1,916,288 | $ | 33,628 | 7.06 | % | |||||||||||
| Taxable securities | 181,788 | 2,239 | 4.99 | % | 181,456 | 2,237 | 4.90 | % | 163,586 | 1,981 | 4.87 | % | |||||||||||||||||
| Nontaxable securities | 46,608 | 247 | 2.15 | % | 46,757 | 248 | 2.11 | % | 45,368 | 229 | 2.03 | % | |||||||||||||||||
| Other interest-earnings assets | 227,124 | 2,476 | 4.42 | % | 288,802 | 3,520 | 4.85 | % | 211,127 | 2,898 | 5.52 | % | |||||||||||||||||
| Total interest-earning assets | $ | 2,690,714 | $ | 43,164 | 6.51 | % | $ | 2,722,907 | $ | 44,977 | 6.57 | % | $ | 2,336,369 | $ | 38,736 | 6.67 | % | |||||||||||
| Allowance for credit losses | (28,430 | ) | (28,280 | ) | (24,313 | ) | |||||||||||||||||||||||
| Noninterest-earning assets | 179,229 | 181,354 | 135,222 | ||||||||||||||||||||||||||
| Total Assets | $ | 2,841,513 | $ | 2,875,981 | $ | 2,447,278 | |||||||||||||||||||||||
| Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing transaction accounts | 95,573 | 20 | 0.09 | % | 94,039 | 27 | 0.12 | % | 85,858 | 26 | 0.12 | % | |||||||||||||||||
| Savings and money market accounts | 1,120,998 | 9,765 | 3.53 | % | 1,112,679 | 10,279 | 3.68 | % | 902,361 | 8,804 | 3.92 | % | |||||||||||||||||
| Time deposits | 644,816 | 6,904 | 4.34 | % | 687,188 | 7,917 | 4.58 | % | 645,088 | 7,076 | 4.41 | % | |||||||||||||||||
| FHLB advances | 20,644 | 275 | 5.40 | % | 22,000 | 300 | 5.42 | % | 53,121 | 655 | 4.96 | % | |||||||||||||||||
| Other borrowings | 93,084 | 1,321 | 5.76 | % | 99,356 | 1,404 | 5.63 | % | 95,650 | 1,336 | 5.62 | % | |||||||||||||||||
| Total interest-bearing liabilities | $ | 1,975,115 | $ | 18,285 | 3.75 | % | $ | 2,015,262 | $ | 19,927 | 3.93 | % | $ | 1,782,078 | $ | 17,897 | 4.04 | % | |||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 552,746 | $ | 552,898 | $ | 416,141 | |||||||||||||||||||||||
| Other liabilities | 27,526 | 31,571 | 29,437 | ||||||||||||||||||||||||||
| Total noninterest-bearing liabilities | $ | 580,272 | $ | 584,469 | $ | 445,578 | |||||||||||||||||||||||
| Stockholders’ Equity | 286,126 | 276,250 | 219,622 | ||||||||||||||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,841,513 | $ | 2,875,981 | $ | 2,447,278 | |||||||||||||||||||||||
| Net interest income | $ | 24,879 | $ | 25,050 | $ | 20,839 | |||||||||||||||||||||||
| Net interest spread(2) | 2.76 | % | 2.64 | % | 2.63 | % | |||||||||||||||||||||||
| Net interest margin(3) | 3.75 | % | 3.66 | % | 3.59 | % | |||||||||||||||||||||||
| Net interest margin - FTE(4)(5) | 3.76 | % | 3.67 | % | 3.60 | % | |||||||||||||||||||||||
| Cost of funds(6) | 2.93 | % | 3.09 | % | 3.27 | % | |||||||||||||||||||||||
| Cost of interest-bearing deposits | 3.64 | % | 3.83 | % | 3.92 | % | |||||||||||||||||||||||
| Cost of total deposits | 2.80 | % | 2.96 | % | 3.12 | % | |||||||||||||||||||||||
(1) Includes nonaccrual loans.
(2) Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.
(3) Net interest margin is a ratio of net interest income to average interest earning assets for the same period.
(4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest earning assets for the same period. It assumes a
(5) Refer to “Reconciliation of Non-GAAP Financial Measures”.
(6) Includes total interest-bearing liabilities and noninterest deposits.
| LOAN COMPOSITION | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||
| Amount | % of gross | Amount | % of gross | Amount | % of gross | |||||||||||||||
| Real estate mortgages: | ||||||||||||||||||||
| Construction and development | $ | 247,264 | 10.9 | % | $ | 238,603 | 10.7 | % | $ | 252,934 | 12.8 | % | ||||||||
| Residential | 317,994 | 14.0 | % | 315,083 | 14.1 | % | 238,702 | 12.1 | % | |||||||||||
| Commercial | 1,356,064 | 59.8 | % | 1,350,091 | 60.4 | % | 1,182,634 | 60.0 | % | |||||||||||
| Commercial and industrial | 333,831 | 14.8 | % | 317,887 | 14.3 | % | 288,701 | 14.7 | % | |||||||||||
| Consumer and other | 11,587 | 0.5 | % | 11,580 | 0.5 | % | 8,425 | 0.4 | % | |||||||||||
| Gross loans | 2,266,740 | 100.0 | % | 2,233,244 | 100.0 | % | 1,971,396 | 100.0 | % | |||||||||||
| Unearned income | (6,704 | ) | (6,675 | ) | (6,247 | ) | ||||||||||||||
| Loans, net of unearned income | 2,260,036 | 2,226,569 | 1,965,149 | |||||||||||||||||
| Allowance for credit losses | (28,876 | ) | (28,338 | ) | (25,144 | ) | ||||||||||||||
| Loans, net | $ | 2,231,160 | $ | 2,198,231 | $ | 1,940,005 | ||||||||||||||
| DEPOSIT COMPOSITION | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Amount | % of total | Amount | % of total | Amount | % of total | ||||||||||||
| Noninterest-bearing transaction | $ | 533,220 | 22.0 | % | $ | 575,357 | 23.8 | % | $ | 416,704 | 19.7 | % | |||||
| Interest-bearing transaction | 1,183,984 | 48.8 | % | 1,128,959 | 46.8 | % | 974,079 | 46.2 | % | ||||||||
| Savings | 54,795 | 2.3 | % | 52,472 | 2.2 | % | 33,909 | 1.6 | % | ||||||||
| Time deposits, | 518,958 | 21.4 | % | 512,717 | 21.3 | % | 584,658 | 27.7 | % | ||||||||
| Time deposits, over | 134,674 | 5.5 | % | 141,792 | 5.9 | % | 100,448 | 4.8 | % | ||||||||
| Total deposits | $ | 2,425,631 | 100.0 | % | $ | 2,411,297 | 100.0 | % | $ | 2,109,798 | 100.0 | % | |||||
| Nonperfoming Assets | |||||||||||
| (Dollars in thousands) | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Nonaccrual loans | $ | 7,175 | $ | 6,434 | $ | 3,446 | |||||
| Past due loans 90 days or more and still accruing interest | — | 99 | — | ||||||||
| Total nonperforming loans | 7,175 | 6,533 | 3,446 | ||||||||
| OREO | — | — | 33 | ||||||||
| Total nonperforming assets | $ | 7,175 | $ | 6,533 | $ | 3,479 | |||||
| Financial difficulty modification loans– nonaccrual(1) | 543 | 600 | 675 | ||||||||
| Financial difficulty modification loans – accruing | 1,029 | 1,055 | 1,283 | ||||||||
| Financial difficulty modification loans | $ | 1,572 | $ | 1,655 | $ | 1,958 | |||||
| Allowance for credit losses | $ | 28,876 | $ | 28,338 | $ | 25,144 | |||||
| Loans, net of unearned income at the end of the period | $ | 2,260,036 | $ | 2,226,569 | $ | 1,965,149 | |||||
| Gross loans outstanding at the end of period | $ | 2,266,740 | $ | 2,233,244 | $ | 1,971,396 | |||||
| Total assets | $ | 2,851,145 | $ | 2,848,254 | $ | 2,510,975 | |||||
| Allowance for credit losses to nonperforming loans | 402.45 | % | 433.77 | % | 729.66 | % | |||||
| Nonperforming loans to loans, net of unearned income | 0.32 | % | 0.29 | % | 0.18 | % | |||||
| Nonperforming loans to gross loans | 0.32 | % | 0.29 | % | 0.17 | % | |||||
| Nonperforming assets to gross loans and OREO | 0.32 | % | 0.29 | % | 0.18 | % | |||||
| Nonperforming assets to total assets | 0.25 | % | 0.23 | % | 0.14 | % | |||||
| Nonaccrual loans by category: | |||||||||||
| Real estate mortgages: | |||||||||||
| Construction & Development | $ | 403 | $ | 415 | $ | — | |||||
| Residential Mortgages | 758 | 559 | 246 | ||||||||
| Commercial Real Estate Mortgages | 2,694 | 2,097 | 2,422 | ||||||||
| Commercial & Industrial | 3,320 | 3,363 | 778 | ||||||||
| Consumer and other | — | — | — | ||||||||
| Total | $ | 7,175 | $ | 6,434 | $ | 3,446 | |||||
(1) Financial difficulty modification loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.
| Allowance for Credit Losses | |||||||||||
| (Dollars in thousands) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Average loans, net of unearned income | $ | 2,235,194 | $ | 2,205,892 | $ | 1,916,288 | |||||
| Loans, net of unearned income | 2,260,036 | 2,226,569 | 1,965,149 | ||||||||
| Gross loans | 2,266,740 | 2,233,244 | 1,971,396 | ||||||||
| Allowance for credit losses at beginning of the period | 28,338 | 28,061 | 24,378 | ||||||||
| Charge-offs: | |||||||||||
| Construction and development | — | — | — | ||||||||
| Residential | — | — | 11 | ||||||||
| Commercial | — | — | 27 | ||||||||
| Commercial and industrial | 331 | — | 442 | ||||||||
| Consumer and other | 2 | — | 15 | ||||||||
| Total charge-offs | 333 | — | 495 | ||||||||
| Recoveries: | |||||||||||
| Construction and development | — | — | — | ||||||||
| Residential | 6 | 7 | 8 | ||||||||
| Commercial | — | — | — | ||||||||
| Commercial and industrial | 89 | 196 | 16 | ||||||||
| Consumer and other | 1 | 2 | 1 | ||||||||
| Total recoveries | 96 | 205 | 25 | ||||||||
| Net charge-offs (recoveries) | $ | 237 | $ | (205 | ) | $ | 470 | ||||
| Provision for credit losses | $ | 775 | $ | 72 | $ | 1,236 | |||||
| Balance at end of the period | $ | 28,876 | $ | 28,338 | $ | 25,144 | |||||
| Allowance for credit losses on unfunded commitments at beginning of the period | $ | 1,405 | $ | 1,405 | $ | 1,239 | |||||
| Provision for credit losses on unfunded commitments | — | — | 49 | ||||||||
| Balance at the end of the period | $ | 1,405 | $ | 1,405 | $ | 1,288 | |||||
| Allowance to loans, net of unearned income | 1.28 | % | 1.27 | % | 1.28 | % | |||||
| Allowance to gross loans | 1.27 | % | 1.27 | % | 1.28 | % | |||||
| Net charge-offs (recoveries) to average loans, net of unearned income(1) | 0.04 | % | (0.04) % | 0.10 | % | ||||||
| Provision for credit losses to average loans, net of unearned income(1) | 0.14 | % | 0.01 | % | 0.26 | % | |||||
(1) Ratio is annualized.
| Reconciliation of Non-GAAP Financial Measures |
In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.
| Reconciliation of Non-GAAP Financial Measures | |||||||||||
| (Dollars in thousands, except share and per share amounts | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Net income | $ | 10,351 | $ | 11,198 | $ | 8,119 | |||||
| Add: Professional fees related to ERC | — | 236 | — | ||||||||
| Add: Net OREO gains | — | 3 | — | ||||||||
| Less: Employee retention related revenue | — | 1,154 | — | ||||||||
| Less: Net gain (loss) on securities | 23 | 25 | (12 | ) | |||||||
| Less: Tax effect | (6 | ) | (226 | ) | 3 | ||||||
| Core net income | $ | 10,334 | $ | 10,484 | $ | 8,128 | |||||
| Average assets | $ | 2,841,513 | $ | 2,875,981 | $ | 2,447,278 | |||||
| Core return on average assets | 1.47 | % | 1.45 | % | 1.34 | % | |||||
| Net income | $ | 10,351 | $ | 11,198 | $ | 8,119 | |||||
| Add: Professional fees related to ERC | — | 236 | — | ||||||||
| Add: Net OREO gains | — | 3 | — | ||||||||
| Add: Provision for credit losses | 775 | 72 | 1,236 | ||||||||
| Less: Employee retention related revenue | — | 1,154 | — | ||||||||
| Less: Net gain (loss) on securities | 23 | 25 | (12 | ) | |||||||
| Add: Income taxes | 3,100 | 3,696 | 2,377 | ||||||||
| Pretax pre-provision core net income | $ | 14,203 | $ | 14,026 | $ | 11,744 | |||||
| Average assets | $ | 2,841,513 | $ | 2,875,981 | $ | 2,447,278 | |||||
| Pretax pre-provision core return on average assets | 2.03 | % | 1.94 | % | 1.93 | % | |||||
| Net interest income | $ | 24,879 | $ | 25,050 | $ | 20,839 | |||||
| Add: Fully-taxable equivalent adjustments(1) | 62 | 66 | 73 | ||||||||
| Net interest income - FTE | $ | 24,941 | $ | 25,116 | $ | 20,912 | |||||
| Net interest margin | 3.75 | % | 3.66 | % | 3.59 | % | |||||
| Effect of fully-taxable equivalent adjustments(1) | 0.01 | % | 0.01 | % | 0.01 | % | |||||
| Net interest margin - FTE | 3.76 | % | 3.67 | % | 3.60 | % | |||||
| Total stockholders' equity | $ | 290,184 | $ | 279,889 | $ | 222,881 | |||||
| Less: Intangible assets | 41,715 | 42,115 | 17,679 | ||||||||
| Tangible common equity | $ | 248,469 | $ | 237,774 | $ | 205,202 | |||||
| (1) Assumes a | |||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||
| (Dollars in thousands, except share and per share amounts | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Core net income | $ | 10,334 | $ | 10,484 | $ | 8,128 | |||||
| Diluted weighted average shares outstanding | 10,072,329 | 10,061,735 | 9,043,122 | ||||||||
| Diluted core earnings per share | $ | 1.03 | $ | 1.04 | $ | 0.90 | |||||
| Common shares outstanding at year or period end | 9,922,180 | 9,889,260 | 8,894,794 | ||||||||
| Tangible book value per share | $ | 25.04 | $ | 24.04 | $ | 23.07 | |||||
| Total assets at end of period | $ | 2,851,145 | $ | 2,848,254 | $ | 2,510,975 | |||||
| Less: Intangible assets | 41,715 | 42,115 | 17,679 | ||||||||
| Adjusted assets at end of period | $ | 2,809,430 | $ | 2,806,139 | $ | 2,493,296 | |||||
| Tangible common equity to tangible assets | 8.84 | % | 8.47 | % | 8.23 | % | |||||
| Total average shareholders equity | $ | 286,126 | $ | 276,250 | $ | 219,622 | |||||
| Less: Average intangible assets | 41,957 | 40,177 | 17,730 | ||||||||
| Average tangible common equity | $ | 244,169 | $ | 236,073 | $ | 201,892 | |||||
| Net income to common shareholders | $ | 10,351 | $ | 11,198 | $ | 8,119 | |||||
| Return on average tangible common equity | 17.19 | % | 18.87 | % | 16.17 | % | |||||
| Average tangible common equity | $ | 244,169 | $ | 236,073 | $ | 201,892 | |||||
| Core net income | $ | 10,334 | $ | 10,484 | $ | 8,128 | |||||
| Core return on average tangible common equity | 17.16 | % | 17.67 | % | 16.19 | % | |||||
| Net interest income | $ | 24,879 | $ | 25,050 | $ | 20,839 | |||||
| Add: Noninterest income | 1,653 | 2,990 | 1,268 | ||||||||
| Less: Employee retention related revenue | — | 1,154 | — | ||||||||
| Less: Net gain (loss) on securities | 23 | 25 | (12 | ) | |||||||
| Operating revenue | $ | 26,509 | $ | 26,861 | $ | 22,119 | |||||
| Expenses: | |||||||||||
| Total noninterest expense | $ | 12,306 | $ | 13,074 | $ | 10,375 | |||||
| Less: Professional fees related to ERC | — | 236 | — | ||||||||
| Less: Net OREO gains | — | 3 | — | ||||||||
| Adjusted noninterest expenses | $ | 12,306 | $ | 12,835 | $ | 10,375 | |||||
| Core efficiency ratio | 46.42 | % | 47.78 | % | 46.90 | % | |||||
FAQ
What were Southern States Bancshares (SSBK) earnings per share in Q1 2025?
How much did SSBK's loan portfolio grow in Q1 2025?
What is Southern States Bancshares' (SSBK) net interest margin in Q1 2025?
What is the status of SSBK's merger with FB Financial ?
