Welcome to our dedicated page for SSB BANCORP news (Ticker: SSBP), a resource for investors and traders seeking the latest updates and insights on SSB BANCORP stock.
SSB Bancorp, Inc. operates as the holding company for SSB Bank, a Pennsylvania-chartered stock savings bank serving individuals and small businesses in Allegheny County and nearby Pittsburgh-area markets. Company news centers on unaudited consolidated financial results, including loan and deposit trends, interest income and expense, market-rate effects, mortgage loan production, merchant and credit card processing fees, and funding sources such as Federal Home Loan Bank advances. Updates also cover authorized common stock repurchase programs, including open-market or privately negotiated purchases and Rule 10b5-1 trading plan activity.
SSB Bancorp, Inc. (OTC: SSBP) reported its unaudited financial results for the four months ending April 30, 2022. Total assets grew by $9.6 million to $244.5 million, driven by a $13.6 million increase in deposits. Net earnings rose to $422,000 ($0.20 per share), compared to $253,000 ($0.12 per share) last year. Interest and fee income increased by 8.57% to $3.15 million, while interest expense decreased by 22.6% to $689,000. However, noninterest income fell by 22.2% to $337,000, primarily due to reduced mortgage loan production.
SSB Bancorp reported a net earnings decrease to $1.1 million for the year ended December 31, 2021, equating to $0.51 per basic share, from $1.4 million or $0.66 per share in 2020. Key factors include a $1.1 million decline in loan sales gains and an increase in noninterest expenses of $689,000. Total assets rose to $234.9 million, while net loans increased by $31.8 million. The bank maintained a well-capitalized status under regulatory guidelines.