NASDAQ$SSBK
Southern States Bancshares · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Southern States' financial performance was solid, marked by growth in key areas and strategic investments.
Southern States Bancshares reported a net income of $8.2 million, or $0.90 per diluted share, for the second quarter of 2024. The company saw growth in net interest income, loans, and deposits, alongside effective expense management. The acquisition of CBB Bancorp is expected to further strengthen the platform and drive future growth.
- Net income reached $8.2 million, with diluted earnings per share at $0.90.
- Net interest income increased to $21.6 million, driven by higher yields on interest-earning assets.
- Loans and total deposits experienced annualized growth of 10.3% and 12.6%, respectively.
- The company's efficiency ratio improved to 44.75% due to effective expense management.
Headline financials
Revenue & EPS history
Southern States · Revenue · Quarterly
$22.9M
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 Bancshares is set to enhance its market presence and financial strength through strategic acquisitions and continued focus on customer relationships. The company aims to capitalize on growth opportunities while maintaining a prudent approach to risk management and capital preservation.
Tailwinds
- Anticipated closing of CBB Bancorp acquisition on August 1 to strengthen the platform.
- Expected synergies from the CBB Bancorp acquisition to drive loan and deposit growth.
- Expansion into growing and attractive Georgia markets through the CBB Bancorp acquisition.
- Commitment to a 'Customer First' mindset to benefit customers, employees, and shareholders.
- Strong and durable foundation with high levels of capital reserves and robust credit quality.
Headwinds
- Potential risks associated with integrating CBB Bancorp post-acquisition.
- Exposure to economic cycles that may impact loan and deposit growth.
- Possible increase in the cost of interest-bearing deposits due to competition.
- Decrease in swap fees due to reduced participation in swap transactions.
- Incurrence of a $1.2 million wire fraud loss, indicating a need for improved procedural safeguards.
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 Q2 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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro