Southern States Bancshares(US:SSBK) Globenewswire·2025-04-21 12:00Core Insights - Southern States Bancshares, Inc. reported a net income of $10.4 million, or $1.03 diluted earnings per share, for Q1 2025, a decrease from $11.2 million in Q4 2024 but an increase from $8.1 million in Q1 2024 [2][6][28] - The company is in the process of merging with FB Financial Corporation, which is expected to enhance its capabilities and customer experience [3][4] Financial Performance - Core net income for Q1 2025 was $10.3 million, or $1.03 diluted core earnings per share, compared to $10.5 million in Q4 2024 and $8.1 million in Q1 2024 [2][6] - Net interest income was $24.9 million, a decrease of 0.7% from $25.1 million in Q4 2024 but an increase of 19.4% from $20.8 million in Q1 2024 [6][7][8] - The net interest margin improved to 3.75%, up 9 basis points from Q4 2024 and 16 basis points from Q1 2024 [5][9][28] Noninterest Income and Expenses - Noninterest income for Q1 2025 was $1.7 million, a decrease of 44.7% from $3.0 million in Q4 2024 but an increase of 30.4% from $1.3 million in Q1 2024 [10][11] - Noninterest expenses decreased by 5.9% to $12.3 million from $13.1 million in Q4 2024, but increased by 18.6% from $10.4 million in Q1 2024 [12][13][14] Loans and Credit Quality - Gross loans increased to $2.3 billion, up 1.5% from Q4 2024 and 15.0% from Q1 2024, driven by new business growth and the acquisition of Century Bank [15][16] - Nonperforming loans totaled $7.2 million, or 0.32% of gross loans, an increase from $6.5 million (0.29%) in Q4 2024 and $3.4 million (0.17%) in Q1 2024 [16][19] - The provision for credit losses was $775,000 for Q1 2025, significantly higher than $72,000 in Q4 2024, reflecting loan growth and economic factors [17][18] Deposits and Capital - Total deposits were $2.4 billion, stable compared to $2.4 billion in Q4 2024 and up from $2.1 billion in Q1 2024, with a notable increase in interest-bearing deposits [20][21] - The Tier 1 capital ratio was 9.14% as of March 31, 2025, compared to 8.67% at the end of 2024, indicating improved capital strength [21][28]