Southern States Bancshares, Inc. reported a net income of $34.9 million for the fiscal year ending December 31, 2024, marking a 9.1% increase from the previous year's net income of $32.0 million. The company's return on average assets (ROAA) decreased to 1.31% from 1.44%, while return on average equity (ROAE) also fell to 14.39% from 16.16%. Basic earnings per share rose to $3.72, up from $3.63 in 2023. The net interest margin was reported at 3.61%, down from 3.81% in the prior year, despite a 14.5% increase in net interest income, which reached $91.7 million, driven by a significant rise in loan volumes.
The company experienced substantial growth in its loan portfolio, with net loans increasing by $342.1 million, or 18.2%, to $2.2 billion as of December 31, 2024. Deposits also saw a notable rise, growing by $393.1 million, or 19.5%, to $2.4 billion. This growth was attributed to the acquisition of Century Bank of Georgia, completed on July 31, 2024, which added two new offices and expanded the company's footprint in Georgia. The acquisition resulted in goodwill of $16.3 million and was a key strategic move to enhance market presence.
Operationally, Southern States Bancshares reported a total employee count of 209 as of December 31, 2024, with a focus on maintaining a strong workforce to support its growth strategy. The company has emphasized its commitment to customer service and community engagement, which it believes will help sustain its competitive position in the banking sector. The filing also noted that the company is subject to extensive regulatory requirements, which could impact its operations and profitability.
Looking ahead, Southern States Bancshares expressed optimism about its growth trajectory, supported by its strategic initiatives and market expansion efforts. However, the company acknowledged potential risks, including interest rate fluctuations and economic conditions that could affect loan performance and overall financial health. The management remains focused on maintaining adequate capital levels and liquidity to navigate these challenges effectively.
About Southern States Bancshares, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.