December 7, 2022

SSB Bancorp Announces Unaudited Consolidated Financial Results for the Three Months and Six Months Ended June 30, 2022

SSB Bancorp, Inc Reports Unaudited Consolidated Financial Results for the Three Months and Six Months Ended June 30, 2022Press release | 08/12/2022

PITTSBURGH, Pa./ACCESSWIRE/August 11, 2022/ SSB Bancorp, Inc (OTC PINK: SSBP) (the “Company”), the holding company of SSB Bank (the “Bank”), today announced the Company’s unaudited consolidated results of operations for the three months and the six months ended June 30, 2022.

Total assets increased by $4.7 million to $239.7 million as of June 30, 2022 from $234.9 million as of December 31, 2021. The increase in assets is attributable to an increase deposits of $8.9 million. Net loans decreased by $1.8 million during the same period due to paycheck protection program loan prepayments totaling $7.2 million.

Net earnings for the six months ended June 30, 2022 were $617,000 or $0.29 per share basic and diluted, compared to net earnings of $378,000 or $0.17 per share basic and diluted for the six comparable months of the previous year.

Total interest and commission income increased by $387,000, or 9.1%, when comparing results for the six months ended June 30, 2022 to those for the six months ended June 30, 2021. by the increase in average interest-earning assets from $217.8 million to $222.7 million as well as the increase in yield from 3.92% to 4.18% when comparing the two periods.

Interest expense decreased $224,000, or 17.2%, to $1.1 million for the six months ended June 30, 2022 from $1.3 million for the six months ended June 30, 2022. June 30, 2021. The decrease in interest expense is due to the decrease in interest expense on certificates of deposit, a decrease of $233,000. In addition, the cost of borrowings decreased by $80,000 due to the decrease in average borrowings of $8.8 million compared to the two periods.

Non-interest income fell $84,000, or 22.4%, from $735,000 to $539,000 when comparing the six months ended June 30, 2022 to the six months ended June 30, 2021. With the increase in market interest rates, mortgage production decreased and resulted in a lower gain on sale of loans of $338,000 comparing the two periods. This decrease is offset by the increase in sponsorship fees for payment processing of $124,000 when comparing the two periods.

Non-interest expense increased by $106,000 or 3.4% to $3.2 million. This is mainly due to the increase in occupancy, professional fees and marketing when comparing the six months ended June 20, 2022 with the six months ended June 30, 2021.

This press 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, their expected results and its future performance. Forward-looking statements are preceded by words 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 actual results, performance and achievements of the Company being materially different from those expected or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, but are not limited to, general economic conditions, including changes in market interest rates and changes in federal government monetary and fiscal policies; 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 or on behalf of the Company. The Company assumes no obligation to update any forward-looking statements.

SSB Bancorp, Inc. and its subsidiary
Consolidated Financial Highlights
(in thousands of dollars, except per share amounts)

For the three months ended June 30, For the six months ended June 30,
2022 2021 2022 2021
(unaudited) (unaudited)

Operating data:

Total interest and dividend income

$ 2,360 $ 2,134 $ 4,655 $ 4,268

Total interest expense

566 621 1,079 1,304

Net interest income

1,794 1,513 3,576 2,964

Allowance for loan losses

27 80 122 132

Adoption of ASU 2016-13

(seven )

Net interest income after provision for

1,767 1,433 3,461 2,832

loan losses

Total non-interest income

291 375 539 735

Total non-interest expense

1,567 1,544 3,194 3,088

Profit before income taxes

491 264 806 479

Income taxes

106 41 190 101

net profit

$ 385 $ 223 $ 616 $ 378

Data per share:

Earnings per share, basic

$ 0.18 $ 0.10 $ 0.29 $ 0.17

Earnings per share, diluted

0.18 0.10 0.29 0.17

Dividends per share

Weighted Average Equity – Basic

2,141,653 2,185,315 2,140,640 2,183,888

Weighted average shares – diluted

2,148,014 2,203,039 2,148,869 2,198,298
As of June 30, As of December 31,
2022 2021

Data on the financial situation:

Total assets

$ 239,688 $ 234,943

Cash and cash equivalents

22,594 15,920

Shares of Federal Home Loan Bank, at cost

5,118 4,982

Loans receivable, net

194,831 196,598


191,835 182,913

Advances from the Federal Home Loan Bank

19,350 19,250

Paycheck Protection Program Liquidity Facility Advances

3,671 8,627

Full shareholder equity

23,531 23,160

THE SOURCE: SSB Bancorp, Inc.

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SSB Bancorp Inc. published this content on August 12, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 12, 2022 2:04:08 PM UTC.

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