SSB Bancorp, Inc Reports Unaudited Consolidated Financial Results For the Three Months and Nine Months Ended September 30, 2022

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PITTSBURGH, PA / ACCESSWIRE / November 2, 2022 / SSB Bancorp, Inc (OTC PINK:SSBP - news) (the "Company"), the holding company for SSB Bank (the "Bank"), today announced the Company's unaudited, consolidated results of operations for the three months and nine months ended September 30, 2022.

Total assets increased $11.6 million to $246.6 million at September 30, 2022, from $234.9 million at December 31, 2021. The increase in assets was due to an increase in deposits of $17.2 million. Net loans increased by $3.3 million over the same period. Cash and cash equivalents increased by $7.0 million, while the remaining cash was used to pay down Paycheck Protection Program Liquidity Facility advances.

Net earnings for the nine months ended September 30, 2022, was $864,000 or $0.40 per basic and diluted share, compared to net earnings of $749,000 or $0.34 per basic and diluted share for the comparable nine months of the prior year.

Total interest and fee income increased by $451,000, or 6.7%, when comparing the results of the nine months ended September 30, 2022, with the nine months ended September 30, 2021. This is due to the increase in average interest-earning assets from $220.8 million to $223.2 million as well as the increase in yield from 4.09% to 4.31% when comparing the two periods.

Interest expense decreased by $50,000, or 2.7%, to $1.8 million in the nine months ended September 30, 2022, from $1.9 million in the nine months ended September 30, 2021. The decrease in interest expense is due to the decrease in interest expense on certificates of deposit, a decrease of $290,000. Additionally, the cost of borrowings decreased by $82,000 due to the decrease in average borrowings of $10.4 million when comparing the two periods. Interest expense on all non-maturity account types increased by $322,000 when comparing the two periods, offsetting the decrease in cost of certificates and borrowings.

Noninterest income has dropped by $198,000, or 19.1% to $836,000 from $1.0 million when comparing the nine months ended September 30, 2022, with the nine months ended September 30, 2021. With the rise in market interest rates, mortgage loan production has decreased, and has resulted in a decrease in gain on sale of loans of $468,000 when comparing the two periods. Offsetting this decrease is the increase in payment processing sponsorship fees of $224,000 when comparing the two periods.

Noninterest expense increased by $239,000 or 5.2% to $4.9 million. This was mainly due to increases in salaries and benefits, occupancy, and data processing when comparing the nine months ended September 30, 2022 with the nine months ended September 30, 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.