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.

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