Southern States Bancshares(US:SSBK)2024-07-23 16:00Financial Performance - Net income for Q2 2024 was $8,198 thousand, slightly up from $8,119 thousand in Q1 2024, but down from $16,427 thousand in Q2 2023[10] - Core net income increased to $9,058,000 from $8,128,000, representing a rise of 11.43% year-over-year[20] - Net income for the quarter was $8,198,000, compared to $8,119,000 in the previous quarter, reflecting a growth of 0.97%[20] - Net interest income for Q2 2024 was $21,579 thousand, a 3.6% increase from $20,839 thousand in Q1 2024 and an 11.0% increase from $19,432 thousand in Q2 2023[3] - Net interest income reached $21,579,000, up from $20,839,000, which is a growth of 3.54%[20] - Core net income for the second quarter of 2024 was $9.06 million, up from $8.13 million in the first quarter of 2024, representing a 11.5% increase[21] Interest Income and Margin - Total interest income for Q2 2024 reached $41,007 thousand, up 6.5% from $38,736 thousand in Q1 2024 and 27.3% from $32,185 thousand in Q2 2023[10] - Net interest margin decreased to 3.56% in Q2 2024 from 3.59% in Q1 2024, primarily due to a rise in the cost of interest-bearing deposits[4] - Total interest-earning assets increased to $2,440,425 thousand with a net interest income of $21,579 thousand, reflecting a net interest margin of 3.56%[11] - Total interest-earning assets rose to $2,388,397 million, with a net interest margin of 3.57% for the current period, down from 3.89% a year ago[13] Noninterest Income and Expenses - Total noninterest income was $1,368 thousand, reflecting a 7.9% increase from $1,268 thousand in Q1 2024 but an 80.1% decrease from $6,862 thousand in Q2 2023[5] - Total noninterest expenses increased to $11,411 thousand in Q2 2024, compared to $10,375 thousand in Q1 2024 and $13,432 thousand in Q2 2023[10] - Noninterest expense for Q2 2024 was $11.4 million, a 10.0% increase from the previous quarter, including a $1.2 million wire fraud loss[43] - Noninterest income decreased by 80.1% from $6.9 million in Q2 2023, largely due to the absence of nonrecurring income from the IRS[42] Loans and Credit Quality - Loans, net of unearned income, amounted to $2,015,434 thousand, up from $1,965,149 thousand in Q1 2024 and $1,716,512 thousand in Q2 2023[9] - Nonperforming loans totaled $3,784 million, an increase from $1,010 million in the same quarter last year, indicating a significant rise in credit risk[15] - The allowance for credit losses increased to $25,828 million, compared to $21,385 million a year earlier, showing a proactive approach to managing potential loan defaults[15] - The provision for credit losses for the second quarter of 2024 was $1.1 million, a slight decrease from $1.2 million in the first quarter of 2024[23] Assets and Equity - Total assets reached $2,572,011 thousand, up from $2,510,975 thousand in Q1 2024 and $2,277,803 thousand in Q2 2023[9] - Stockholders' equity increased to $230,581 thousand from $222,881 thousand in Q1 2024 and $197,250 thousand in Q2 2023[9] - Total stockholders' equity increased to $230.6 million at June 30, 2024, up from $222.9 million at March 31, 2024, primarily due to earnings growth[27] Future Outlook - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[10] - Forward-looking statements indicate potential growth and strategic acquisitions, including the acquisition of Century Bank of Georgia[30] - The addition of CBB Bancorp is expected to close on August 1, enhancing loan and deposit growth in Georgia markets[46]