Southern States Bancshares, Inc. reported net income of $10.4 million, or $1.03 diluted earnings per share, for the first quarter of 2025. This compares to $11.2 million, or $1.11 diluted earnings per share, in the fourth quarter of 2024, and $8.1 million, or $0.90 diluted earnings per share, in the first quarter of 2024.
Net interest income for the first quarter was $24.9 million, a slight decrease of 0.7% from the fourth quarter of 2024, but a 19.4% increase from the first quarter of 2024. The net interest margin expanded to 3.75% in Q1 2025, up from 3.66% in Q4 2024 and 3.59% in Q1 2024.
Nonperforming loans increased to $7.2 million, or 0.32% of gross loans, at March 31, 2025, up from $6.5 million, or 0.29%, at December 31, 2024. The company recorded a provision for credit losses of $775,000 for the first quarter of 2025, a notable increase from $72,000 in the prior quarter.
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