Wed, Aug 14, 6:28 PM (153 days ago)
Southern States Bancshares, Inc. reported a net income of $8.2 million for Q2 2024, a slight decrease from $8.8 million in Q2 2023. Key performance metrics include a return on average assets (ROAA) of 1.29% and return on average equity (ROAE) of 14.55%. The net interest margin decreased to 3.56%, down from 3.73% in Q2 2023, despite a rise in net interest income to $21.6 million, driven by a $310.7 million increase in average loans. Total loans grew to $2.0 billion, with a notable 2.6% increase from Q1 2024. Noninterest income fell to $1.4 million, primarily due to the absence of the prior year's $5.1 million employee retention credit. Noninterest expenses decreased to $11.4 million, attributed to lower salaries and benefits, while the provision for credit losses was $1.1 million, reflecting growth in loans and economic factors. Total assets rose to $2.6 billion, with deposits increasing to $2.2 billion. The firm also completed a merger with CBB Bancorp on July 31, 2024, enhancing its market presence. The allowance for credit losses increased to $25.8 million, indicating a proactive approach to credit risk management amid economic uncertainties.