PITTSBURGH, April 13, 2022 /PRNewswire/ -- SSB Bancorp, Inc (OTC: SSBP – news) (the "Company"), the holding company for SSB Bank (the "Bank"), today announced the Company's consolidated results of operations for the year ended December 31, 2021.

Net earnings for the year ended December 31, 2021, was $1.1 million or $0.51 per basic share and $0.50 per diluted share, compared to net earnings of $1.4 million or $0.66 per basic and diluted share for the comparable prior year.  Net earnings for the year ended December 31, 2021, were impacted by a decrease in gain on sales of loans of $1.1 million due to compressed margins when compared with the prior year.  Also, noninterest expense was higher in 2021 due to an increase in salaries and employee benefits of $689,000 when comparing the year ended December 31, 2021, with the prior year.  The increase in salaries and employee benefits is attributed to the addition two mortgage loan officers, one management position, and other staff.

Total assets increased by $975,000 to $234.9 million at December 31, 2021, compared to $234.0 million at December 31, 2020.  Cash and cash equivalents decreased by $28.3 million over the period and was converted into loans, driving net loans to increase by $31.8 over the same period.  The Bank was considered well-capitalized under applicable regulatory capital guidelines at December 31, 2021.  The Bank had no other real estate owned at December 31, 2021.

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects", "believes", "anticipates", "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expected or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements.

SSB Bancorp, Inc. and Subsidiary

Consolidated Financial Highlights

(Audited - Dollars in thousands, except per share amounts)










For the Years Ended December 31,



2021


2020

Operating Data:






Total interest and dividend income

$

9,095


$

8,465

Total interest expense


2,412



3,270

Net interest income


6,683



5,195

Provision for loan losses


477



530

Net interest income after provision for


6,206



4,665

     loan losses






Total noninterest income


1,400



2,315

Total noninterest expense


6,267



5,059

Earnings before income taxes


1,339



1,921

Income taxes


233



491







Net earnings

$

1,106


$

1,430







Per Share Data:






Earnings per share, basic

$

0.51


$

0.66

Earnings per share, diluted


0.50



0.66

Dividends per share


-



-

Weighted average shares - basic


2,183,054



2,176,263

Weighted average shares - diluted


2,196,991



2,176,263

















At December 31,



2021


2020

Financial Condition Data:






Total assets

$

234,943


$

233,968

Cash and cash equivalents


15,920



44,237

Federal Home Loan Bank Stock, at cost


4,982



4,318

Loans receivable, net


196,598



164,802

Deposits


182,913



171,455

Federal Home Loan Bank advances


19,250



24,250

Paycheck Protection Program Liquidity Facility advances


8,627



14,272

Total stockholders' equity


23,160



22,535

 




For the Years Ended December 31,





2021


2020


Capital Ratios (1):






Total capital to risk-weighted assets

12.09

%

13.41

%

Tier 1 capital to risk-weighted assets

11.03



12.33


Common equity tier 1 capital to risk-weighted assets

11.03



12.33


Tier 1 capital to total assets

8.71



8.71








Asset Quality Ratios:






Allowance for loan losses as a percentage of






          total loans

0.96



0.99


Allowance for loan losses as a percentage of






          non-performing loans

34.22



46.99


Net charge-offs to average outstanding

0.11



0.04


          loans during the year






Non-performing loans as a percent of gross loans

2.81



2.11


Non-performing assets as a percent of total assets

2.38



1.50








Other Data:






Number of offices

2



2










(1) Capital ratios are for SSB Bank.














Performance Ratios:







Return on average assets


0.49

%

0.65

%

Return on average stockholders' equity


5.06



6.73


Interest rate spread


2.91



2.40


Net interest margin


3.03



2.52


Noninterest expense to average assets


2.57



2.22


Efficiency ratio


0.82



0.72


Average interest-earning assets to


134.12



107.39


     average interest-bearing liabilities







Average stockholders' equity to average assets


9.60



9.65


 

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SOURCE SSB Bancorp, Inc.