SSB Bancorp, Inc Reports Unaudited Financial Results For the Four Months Ended April 30, 2022
PITTSBURGH, May 31, 2022 /PRNewswire/ - SSB Bancorp, Inc (OTC: SSBP – news) (the "Company"), the holding company for SSB Bank (the "Bank"), today announced the Company's unaudited, consolidated results of operations for the four months ended April 30, 2022.
Total assets increased
Net earnings for the four months ended April 30, 2022, was
Total interest and fee income increased by
Interest expense decreased
Noninterest income has dropped by
Noninterest expense increased by
This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects", "believes", "anticipates", "intends" and similar expressions.
Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expected or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes.
Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements.
SSB Bancorp, Inc. and Subsidiary | |||||||||||
Consolidated Financial Highlights | |||||||||||
(Unaudited - Dollars in thousands, except per share amounts) | |||||||||||
For the four months ended April 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Data: | |||||||||||
Total interest and dividend income | $ | 3,150 | $ | 2,901 | |||||||
Total interest expense | 689 | 890 | |||||||||
Net interest income | 2,461 | 2,011 | |||||||||
Net Provision for loan losses | 107 | 62 | |||||||||
Adoption of ASU 2016-13 | (7) | - | |||||||||
Net interest income after provision for | 2,361 | 1,949 | |||||||||
loan losses | |||||||||||
Total noninterest income | 336 | 433 | |||||||||
Total noninterest expense | 2,147 | 2,064 | |||||||||
Earnings before income taxes | 550 | 318 | |||||||||
Income taxes | 128 | 65 | |||||||||
Net earnings | $ | 422 | $ | 253 | |||||||
Per Share Data: | |||||||||||
Earnings per share, basic | $ | 0.20 | $ | 0.12 | |||||||
Earnings per share, diluted | 0.20 | 0.12 | |||||||||
Dividends per share | - | - | |||||||||
Weighted average shares - basic | 2,139,932 | 2,182,924 | |||||||||
Weighted average shares - diluted | 2,150,041 | 2,195,712 | |||||||||
At April 30, | At December 31, | ||||||||||
2022 | 2021 | ||||||||||
Financial Condition Data: | |||||||||||
Total assets | $ | 244,516 | $ | 234,943 | |||||||
Cash and cash equivalents | 29,621 | 15,920 | |||||||||
Federal Home Loan Bank Stock, at cost | 5,091 | 4,982 | |||||||||
Loans receivable, net | 192,095 | 196,598 | |||||||||
Deposits | 196,511 | 182,913 | |||||||||
Federal Home Loan Bank advances | 19,250 | 19,250 | |||||||||
Paycheck Protection Program Liquidity Facility advances | 4,370 | 8,627 | |||||||||
Total stockholders' equity | 23,420 | 23,160 |
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SOURCE SSB Bancorp, Inc.