Southern States Bancshares First Quarter 2024 Earnings: Beats Expectations

In This Article:

Southern States Bancshares (NASDAQ:SSBK) First Quarter 2024 Results

Key Financial Results

  • Revenue: US$20.9m (up 3.6% from 1Q 2023).

  • Net income: US$8.12m (up 5.8% from 1Q 2023).

  • Profit margin: 39% (in line with 1Q 2023).

  • EPS: US$0.91 (up from US$0.88 in 1Q 2023).

earnings-and-revenue-growth
earnings-and-revenue-growth

All figures shown in the chart above are for the trailing 12 month (TTM) period

Southern States Bancshares Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%.

Looking ahead, revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 3.5% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on Southern States Bancshares' balance sheet health.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.