Southern States Bancshares(US:SSBK) Newsfilterยท2025-01-21 12:00Financial Performance - Southern States Bancshares reported net income of $11.2 million, or $1.11 diluted earnings per share, for Q4 2024, an increase from $7.4 million in Q3 2024 and $8.9 million in Q4 2023 [2][6][26] - Core net income for Q4 2024 was $10.5 million, or $1.04 diluted core earnings per share, compared to $8.7 million in Q3 2024 and $7.3 million in Q4 2023 [2][6][26] - The company achieved a full-year net income of $34.9 million, reflecting strong operational execution and customer service [3] Net Interest Income and Margin - Net interest income for Q4 2024 was $25.1 million, up 3.3% from $24.2 million in Q3 2024 and up 22.8% from $20.4 million in Q4 2023 [4][5][25] - The net interest margin for Q4 2024 was 3.66%, slightly up from 3.65% in Q3 2024, primarily due to cost savings from lower-cost core deposits replacing higher-cost brokered deposits [4][5][6] Loan and Credit Quality - Gross loans reached $2.2 billion at December 31, 2024, an increase of 1.2% from Q3 2024 and 18.1% year-over-year [13][14] - Nonperforming loans totaled $6.5 million, or 0.29% of gross loans, down from $7.9 million (0.36%) in Q3 2024 and up from $1.2 million (0.06%) in Q4 2023 [15][30] - The provision for credit losses was $72,000 for Q4 2024, significantly lower than $2.6 million in Q3 2024 [16] Deposits - Total deposits were $2.4 billion at December 31, 2024, a slight decrease from $2.4 billion in Q3 2024 but an increase from $2.0 billion in Q4 2023 [19] - Noninterest-bearing deposits increased by 5.3% from Q3 2024 and 31.4% year-over-year [19] Capital Ratios - As of December 31, 2024, the Tier 1 capital ratio was 8.67%, and the total capital ratio was 14.73% [20][30] - Total stockholders' equity increased to $279.9 million from $271.4 million at September 30, 2024, driven by strong earnings growth [20]