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).

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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