Southern States Bancshares, Inc. reported net income of $11.2 million, or $1.11 diluted earnings per share, for the fourth quarter of 2024. This represents a significant increase from $7.4 million, or $0.76 diluted earnings per share, in the third quarter of 2024, and $8.9 million, or $0.99 diluted earnings per share, in the fourth quarter of 2023.
Net interest income for the fourth quarter reached $25.1 million, a 3.3% increase from the previous quarter and a 22.8% rise year-over-year, driven by organic growth and the Century Bank acquisition. The net interest margin slightly expanded to 3.66% from 3.65% in the third quarter, primarily due to cost savings from managing higher-cost brokered deposits.
Asset quality improved, with nonperforming loans totaling $6.5 million, or 0.29% of gross loans, at December 31, 2024, down from $7.9 million, or 0.36%, at September 30, 2024. The provision for credit losses decreased substantially to $72,000 for the quarter, compared to $2.6 million in the third quarter of 2024, reflecting improved credit metrics.
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