NASDAQ$SSBK
Southern States Bancshares · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Southern States Bancshares, Inc. announced Q1 2024 financial results.
Southern States Bancshares, Inc. reported a net income of $8.1 million, or $0.90 per diluted share, for the first quarter of 2024, compared to $7.7 million, or $0.85 per diluted share, for the first quarter of 2023. Net interest income increased by 2.1% from the previous quarter, and total loans grew by 17.2% annualized.
- Net income was $8.1 million, or $0.90 per diluted share.
- Core net income was $8.1 million, or $0.90 per diluted share.
- Net interest income increased to $20.8 million, up $435,000 from the prior quarter.
- Loans grew by 17.2% annualized from the prior quarter.
Headline financials
Revenue & EPS history
Southern States · Revenue · Quarterly
$22.1M
Revenue by segment
Southern States · $2.22M total across 5 segments · Q3 2023
- Other operating income$1.09M—49.2%
- Swap (expenses) fees$453K—20.4%
- Service charges on deposit accounts$442K—19.9%
- Mortgage origination fees$158K—7.1%
- SBA/USDA fees$74K—3.3%
Forward guidance
Southern States is well-positioned to drive further growth, and the acquisition of CBB Bancorp will fortify the deposit base and provide a platform for loan growth in new markets.
Tailwinds
- Continued strong lending activity in the first quarter.
- Total loans grew by 17.2% annualized from the prior quarter.
- Non-performing loans as a percentage of the total portfolio was just 0.18%.
- Total non-brokered deposits grew by 7.1% annualized.
- Net interest income expanded by 2.1%.
Headwinds
- Funding expenses remained elevated amid the higher-for-longer interest rate environment.
- Continued pressure on the net interest margin.
- Noninterest income decreased 29.0% from Q1 2023.
- The decrease was primarily due to a realized net loss on securities during the first quarter of 2024 compared to a net gain on securities during the first quarter of 2023.
- Total brokered deposits were $291.0 million at March 31, 2024.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 5 quarterly earnings reports · overlaid with Q1 2024
+1.7%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+4.8%
Avg return
30 days after
75%
15 / 20 earnings
Positive
+10.0%
Q2 2024
Best reaction
-4.0%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2025 | +3.0% | +1.8% | +1.9% | |
| Q4 2025 | -1.6% | -4.0% | -4.7% | |
| Q3 2024 | -0.7% | -0.7% | +15.0% | |
| Q2 2024 | +10.0% | +12.3% | +0.1% | |
| Q1 2024 | +2.3% | +1.7% | +11.7% | |
| Q4 2023 | -0.2% | — | — | |
| Q3 2023 | +1.4% | — | — | |
| Q2 2023 | +7.3% | — | — | |
| Q1 2023 | -4.0% | — | — | |
| Q4 2022 | +0.9% | — | — | |
| Q3 2022 | +2.3% | — | — | |
| Q2 2022 | -0.5% | — | — | |
| Q1 2021 | +3.6% | — | — | |
| Q1 2022 | +0.2% | — | — | |
| Q4 2020 | +2.1% | — | — | |
| Q4 2021 | +0.6% | — | — | |
| Q3 2020 | +0.5% | — | — | |
| Q3 2021 | +2.0% | — | — | |
| Q2 2020 | +1.8% | — | — | |
| Q2 2021 | +1.8% | — | — | |
| Q1 2020 | — | — | — |
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