NASDAQ$SSBK
Southern States Bancshares · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Southern States Bancshares, Inc. reported net income for Q4 2022.
Southern States Bancshares, Inc. reported a net income of $10.6 million, or $1.18 per diluted share, for the fourth quarter of 2022. Net interest income increased to $20.9 million, and the net interest margin was 4.38%. The company completed the sale of two branches, resulting in a $2.4 million net gain.
- Net income was $10.6 million, or $1.18 per diluted share.
- Core net income was $8.1 million, or $0.90 per diluted share.
- Net interest income increased to $20.9 million.
- Completed the sale of two branches, resulting in a $2.4 million net gain.
Headline financials
Revenue & EPS history
Southern States · Revenue · Quarterly
$25.5M
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 cautiously optimistic about the economic environment heading into 2023 and is focused on prudent lending and expense management to drive risk-adjusted returns for shareholders.
Tailwinds
- Talented bankers identified compelling opportunities throughout 2022, driving strong new business development.
- The company maintained underwriting discipline and excellent credit quality.
- Loan growth was 18.1% annualized in the fourth quarter and 27.7% for the full year.
- Increased net interest margin fueled the expansion of fourth-quarter net interest income.
- Long-term commitment to prudent, selective lending and proactive expense management give confidence in navigating the changing landscape.
Headwinds
- Mindful of the slowing economic environment heading into 2023.
- Lagging impact of rising interest rates on deposit costs.
- Decrease in nonperforming loans in the fourth quarter was primarily attributable to one commercial real estate loan that was moved back to accruing status.
- The $46.3 million decrease in total deposits in the fourth quarter was substantially due to the sale of two branches in October, which resulted in a $66.0 million reduction in total deposits.
- The provision was primarily due to changes in our qualitative economic factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 5 quarterly earnings reports
+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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