Southern States Bancshares, Inc. reported net income of $7.4 million, or $0.76 diluted earnings per share, for the third quarter of 2024. This compares to $8.2 million, or $0.90 diluted earnings per share, in the second quarter of 2024, and $6.6 million, or $0.73 diluted earnings per share, in the third quarter of 2023.
Net interest income for the quarter increased to $24.2 million, a 12.4% rise from the second quarter of 2024 and a 17.0% increase from the third quarter of 2023, largely driven by the acquisition of Century Bank. The net interest margin for the third quarter of 2024 was 3.65%, an increase from 3.56% in the prior quarter.
Nonperforming loans totaled $7.9 million, or 0.36% of gross loans, at September 30, 2024, up from $3.8 million, or 0.19% of gross loans, at June 30, 2024. The company recorded a provision for credit losses of $2.6 million for the quarter, which included a $1.7 million 'Day 2' provision related to the Century Bank acquisition.
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