Document

First Quarter 2025 Performance and Operational Highlights

•Net income of $10.4 million, or $1.03 per diluted share

•Core net income(1) of $10.3 million, or $1.03 per diluted share(1)

•Pretax pre-provision core net income(1) of $14.2 million

•Net interest income of $24.9 million, a decrease of $171,000 from the prior quarter

•Net interest margin (“NIM”) of 3.75%, up 9 basis points from the prior quarter

•Return on average assets (“ROAA”) of 1.48%; return on average stockholders’ equity (“ROAE”) of 14.67%; and return on average tangible common equity (“ROATCE”)(1) of 17.19%

•Core ROAA(1) of 1.47%; and core ROATCE(1) of 17.16%

•Efficiency ratio of 46.42%

•Linked-quarter loans grew 6.1% annualized

•Linked-quarter deposits grew 2.4% annualized

(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

ANNISTON, Ala., April 21, 2025 – Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $10.4 million, or $1.03 diluted earnings per share, for the first quarter of 2025. This compares to net income of $11.2 million, or $1.11 diluted earnings per share, for the fourth quarter of 2024, and net income of $8.1 million, or $0.90 diluted earnings per share, for the first quarter of 2024. The Company reported core net income of $10.3 million, or $1.03 diluted core earnings per share, for the first quarter of 2025. This compares to core net income of $10.5 million, or $1.04 diluted core earnings per share, for the fourth quarter of 2024, and core net income of $8.1 million, or $0.90 diluted core earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures”).

CEO Commentary

Mark Chambers, President and Chief Executive Officer said, “In the first quarter, we reported net income of $10.4 million and diluted EPS of $1.03, which was supported by a 9 basis point improvement in net interest margin and lower noninterest expense. We're particularly encouraged by the continued improvement in our deposit costs and the exceptionally low level of non-performing loans, which reflects our prudent credit culture and strong risk management."

“We are embarking on an exciting new chapter for our bank, our customers, our employees and the communities we proudly serve. Joining forces with Nashville-based FB Financial, which has $13 billion in total assets and operates as FirstBank, is an ideal combination. We are culturally aligned in our customer-centric philosophy. We are geographically committed to serving vibrant communities in the South, which now includes Tennessee, Kentucky, Alabama, and Georgia. This merger allows us to expand our capabilities, enhance the customer experience, and continue delivering the trusted, relationship-based banking our clients have come to expect. While our name may change, our commitment to our customers and communities remains stronger than ever.”

Net interest income for the first quarter of 2025 was $24.9 million, a decrease of 0.7% from $25.1 million for the fourth quarter of 2024. The decrease was primarily driven by a lower yield on interest-earning assets resulting from lower interest rates on loans and a reduction in other interest-earning assets earning lower interest rates, which was significantly offset by a lower cost of interest-bearing deposits primarily resulting from lower interest rates.


	Three Months Ended						% Change March 31, 2025 vs.
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
	(Dollars in thousands)

Service charges on deposit accounts	$	564	$	565	$	463	(0.2)	%	21.8	%
Swap (expenses) fees	(3)		17		15		(117.6)	%	(120.0)	%
SBA/USDA fees	40		89		64		(55.1)	%	(37.5)	%
Mortgage origination fees	80		55		96		45.5	%	(16.7)	%
Net gain (loss) on securities	23		25		(12)		(8.0)	%	291.7	%
Employee retention credit (“ERC”)	—		1,154		—		N/A		N/A
Other operating income	949		1,085		642		(12.5)	%	47.8	%
Total noninterest income	$	1,653	$	2,990	$	1,268	(44.7)	%	30.4	%


	Three Months Ended						% Change March 31, 2025 vs.
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
	(Dollars in thousands)

Salaries and employee benefits	$	6,924	$	7,002	$	6,231	(1.1)	%	11.1	%
Equipment and occupancy expenses	828		851		689		(2.7)	%	20.2	%
Data processing fees	909		960		643		(5.3)	%	41.4	%
Regulatory assessments	429		441		360		(2.7)	%	19.2	%
Professional fees related to ERC	—		236		—		N/A		N/A
Other operating expenses	3,216		3,584		2,452		(10.3)	%	31.2	%
Total noninterest expenses	$	12,306	$	13,074	$	10,375	(5.9)	%	18.6	%


	Three Months Ended									% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2024		March 31, 2024
	(Dollars in thousands)

Gross loans	$	2,266,740		$	2,233,244		$	1,971,396		1.5	%	15.0	%
Unearned income	(6,704)			(6,675)			(6,247)			0.4	%	7.3	%
Loans, net of unearned income (“Loans”)	2,260,036			2,226,569			1,965,149			1.5	%	15.0	%
Average loans, net of unearned (“Average loans”)	$	2,235,194		$	2,205,892		$	1,916,288		1.3	%	16.6	%

Nonperforming loans (“NPL”)	$	7,175		$	6,533		$	3,446		9.8	%	108.2	%
Provision for credit losses	$	775		$	72		$	1,236		976.4	%	(37.3)	%
Allowance for credit losses (“ACL”)	$	28,876		$	28,338		$	25,144		1.9	%	14.8	%
Net charge-offs (recoveries)	$	237		$	(205)		$	470		215.6	%	(49.6)	%
NPL to gross loans	0.32		%	0.29		%	0.17		%
Net charge-offs (recoveries) to average loans(1)	0.04		%	(0.04)		%	0.10		%
ACL to loans	1.28		%	1.27		%	1.28		%

(1) Ratio is annualized.

Loans, net of unearned income, were $2.3 billion at March 31, 2025, up $33.5 million from December 31, 2024 and up $294.9 million from March 31, 2024. The linked-quarter increase in loans was attributable to new business growth across our footprint. The year-over-year increase in loans was primarily attributable the new business growth across our footprint, coupled with the acquisition of Century Bank, which resulted in additional loans of $134.0 million at March 31, 2025.

Nonperforming loans totaled $7.2 million, or 0.32% of gross loans, at March 31, 2025, compared with $6.5 million, or 0.29% of gross loans, at December 31, 2024, and $3.4 million, or 0.17% of gross loans, at March 31, 2024. The $642,000 net increase in nonperforming loans in the first quarter was primarily attributable to one significant commercial real estate loan being placed on nonaccrual status. The $3.7 million net increase in nonperforming loans from March 31, 2024 was primarily attributable to one significant commercial and industrial loan and the aforementioned commercial real estate loan being placed on nonaccrual status. These increases were partially offset by a commercial and industrial loan that was charged-off.

Net charge-offs for the first quarter of 2025 were $237,000, or 0.04% of average loans on an annualized basis, compared to net recoveries of $205,000, or (0.04)% of average loans on an annualized basis, for the fourth quarter of 2024, and net charge-offs of $470,000, or 0.10% of average loans on an annualized basis, for the first quarter of 2024. The net charge-offs recorded during the first quarter of 2025 were substantially related to a commercial and industrial loan. The net recoveries received in the fourth quarter of 2024 were primarily related to a pool of consumer loans charged-off in the third quarter of 2024. The net charge-offs recorded during the first quarter of 2024 were substantially related to a partial charge-off of the aforementioned pool of consumer loans.


	Three Months Ended									% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2024		March 31, 2024
	(Dollars in thousands)

Noninterest-bearing deposits	$	533,220		$	575,357		$	416,704		(7.3)	%	28.0	%
Interest-bearing deposits	1,892,411			1,835,940			1,693,094			3.1	%	11.8	%
Total deposits	$	2,425,631		$	2,411,297		$	2,109,798		0.6	%	15.0	%

Uninsured deposits	$	760,379		$	760,141		$	610,122		—	%	24.6	%
Uninsured deposits to total deposits and accrued interest on deposits	31.33		%	31.50		%	28.92		%
Noninterest deposits to total deposits	21.98		%	23.86		%	19.75		%

Total deposits were $2.4 billion at March 31, 2025, $2.4 billion at December 31, 2024 and $2.1 billion at March 31, 2024. The $14.3 million increase in total deposits in the first quarter was primarily due to an increase of $56.5 million in interest-bearing deposits, which includes a $12.5 million increase in brokered deposits, partially offset by a $42.1 million decrease in noninterest-bearing deposits. Total brokered deposits were $162.5 million at March 31, 2025, compared to $150.0 million at December 31, 2024.

Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry and the pending Merger. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.


SELECT FINANCIAL DATA
(Dollars in thousands, except share and per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Results of Operations
Interest income	$	43,164		$	44,977		$	38,736
Interest expense	18,285			19,927			17,897
Net interest income	24,879			25,050			20,839
Provision for credit losses	775			72			1,236
Net interest income after provision	24,104			24,978			19,603
Noninterest income	1,653			2,990			1,268
Noninterest expense	12,306			13,074			10,375
Income tax expense	3,100			3,696			2,377
Net income	$	10,351		$	11,198		$	8,119
Core net income(1)	$	10,334		$	10,484		$	8,128

Share and Per Share Data
Shares issued and outstanding	9,922,180			9,889,260			8,894,794
Weighted average shares outstanding:
Basic	9,979,120			9,940,221			8,913,477
Diluted	10,072,329			10,061,735			9,043,122
Earnings per share:
Basic	$	1.04		$	1.13		$	0.91
Diluted	1.03			1.11			0.90
Core - diluted(1)	1.03			1.04			0.90
Book value per share	29.25			28.30			25.06
Tangible book value per share(1)	25.04			24.04			23.07
Cash dividends per common share	0.09			0.09			0.09

Performance and Financial Ratios
ROAA	1.48		%	1.55		%	1.33		%
ROAE	14.67		%	16.13		%	14.87		%
Core ROAA(1)	1.47		%	1.45		%	1.34		%
ROATCE(1)	17.19		%	18.87		%	16.17		%
Core ROATCE(1)	17.16		%	17.67		%	16.19		%
NIM	3.75		%	3.66		%	3.59		%
NIM - FTE(1)	3.76		%	3.67		%	3.60		%
Net interest spread	2.76		%	2.64		%	2.63		%
Yield on loans	6.93		%	7.03		%	7.06		%
Yield on interest-earning assets	6.51		%	6.57		%	6.67		%
Cost of interest-bearing liabilities	3.75		%	3.93		%	4.04		%
Cost of funds(2)	2.93		%	3.09		%	3.27		%
Cost of interest-bearing deposits	3.64		%	3.83		%	3.92		%
Cost of total deposits	2.80		%	2.96		%	3.12		%
Noninterest deposits to total deposits	21.98		%	23.86		%	19.75		%
Core deposits to total deposits	87.75		%	87.90		%	81.45		%
Uninsured deposits to total deposits and accrued interest on deposits	31.33		%	31.50		%	28.92		%
Total loans to total deposits	93.17		%	92.34		%	93.14		%
Efficiency ratio	46.42		%	46.67		%	46.90		%
Core efficiency ratio(1)	46.42		%	47.78		%	46.90		%


SELECT FINANCIAL DATA
(Dollars in thousands)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Financial Condition (ending)
Total loans	$	2,260,036		$	2,226,569		$	1,965,149
Total securities	218,544			216,481			197,006
Total assets	2,851,145			2,848,254			2,510,975
Total noninterest bearing deposits	533,220			575,357			416,704
Total core deposits(1)	2,128,422			2,119,491			1,718,333
Total deposits	2,425,631			2,411,297			2,109,798
Total borrowings	111,382			131,224			146,773
Total liabilities	2,560,961			2,568,365			2,288,094
Total shareholders’ equity	290,184			279,889			222,881

Financial Condition (average)
Total loans	$	2,235,194		$	2,205,892		$	1,916,288
Total securities	228,396			228,213			208,954
Total other interest-earning assets	227,124			288,802			211,127
Total interest-bearing assets	2,690,714			2,722,907			2,336,369
Total assets	2,841,513			2,875,981			2,447,278
Total noninterest-bearing deposits	552,746			552,898			416,141
Total interest-bearing deposits	1,861,387			1,893,906			1,633,307
Total deposits	2,414,133			2,446,804			2,049,448
Total borrowings	113,728			121,356			148,771
Total interest-bearing liabilities	1,975,115			2,015,262			1,782,078
Total shareholders’ equity	286,126			276,250			219,622

Asset Quality
Nonperforming loans	$	7,175		$	6,533		$	3,446
Other real estate owned (“OREO”)	$	—		$	—		$	33
Nonperforming assets (“NPA”)	$	7,175		$	6,533		$	3,479
Net charge-offs (recoveries) to average loans(2)	0.04		%	(0.04)		%	0.10		%
Provision for credit losses to average loans(2)	0.14		%	0.01		%	0.26		%
ACL to loans	1.28		%	1.27		%	1.28		%
ACL to gross loans	1.27		%	1.27		%	1.28		%
ACL to NPL	402.45		%	433.77		%	729.66		%
NPL to loans	0.32		%	0.29		%	0.18		%
NPL to gross loans	0.32		%	0.29		%	0.17		%
NPA to gross loans and OREO	0.32		%	0.29		%	0.18		%
NPA to total assets	0.25		%	0.23		%	0.14		%

Regulatory and Other Capital Ratios
Total shareholders’ equity to total assets	10.18		%	9.83		%	8.88		%
Tangible common equity to tangible assets(3)	8.84		%	8.47		%	8.23		%
Tier 1 capital ratio to average assets	9.14		%	8.67		%	8.79		%
Risk-based capital ratios:
CET1 capital ratio	10.18		%	9.84		%	9.39		%
Tier 1 capital ratio	10.18		%	9.84		%	9.39		%
Total capital ratio	15.06		%	14.73		%	14.42		%


CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

	March 31, 2025		December 31, 2024		March 31, 2024
	(Unaudited)		(Audited)		(Unaudited)

Assets
Cash and due from banks	$	25,555	$	27,321	$	20,470
Interest-bearing deposits in banks	127,430		153,833		129,917
Federal funds sold	76,390		79,080		86,736
Total cash and cash equivalents	229,375		260,234		237,123

Securities available for sale, at fair value	198,938		196,870		177,379
Securities held to maturity, at amortized cost	19,606		19,611		19,627
Other equity securities, at fair value	2,754		3,697		3,638
Restricted equity securities, at cost	4,408		4,441		5,108
Loans held for sale	1,236		404		425

Loans, net of unearned income	2,260,036		2,226,569		1,965,149
Less allowance for credit losses	28,876		28,338		25,144
Loans, net	2,231,160		2,198,231		1,940,005

Premises and equipment, net	31,728		32,048		26,262
Accrued interest receivable	10,432		10,111		9,561
Bank owned life insurance	39,698		39,431		30,075
Annuities	16,794		16,772		15,939
Foreclosed assets	—		—		33
Goodwill	33,176		33,176		16,862
Core deposit intangible	8,539		8,939		817
Other assets	23,301		24,289		28,121

Total assets	$	2,851,145	$	2,848,254	$	2,510,975

Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing	$	533,220	$	575,357	$	416,704
Interest-bearing	1,892,411		1,835,940		1,693,094
Total deposits	2,425,631		2,411,297		2,109,798

Other borrowings	—		17,979		7,997
FHLB advances	20,000		22,000		52,000
Subordinated notes	91,382		91,245		86,776
Accrued interest payable	1,585		2,172		1,805
Other liabilities	22,363		23,672		29,718

Total liabilities	2,560,961		2,568,365		2,288,094

Stockholders' equity:
Common stock	49,986		49,821		44,746
Capital surplus	107,480		106,637		79,282
Retained earnings	143,530		134,075		109,838
Accumulated other comprehensive loss	(7,503)		(7,936)		(8,401)
Unvested restricted stock	(1,168)		(567)		(1,030)
Vested restricted stock units	(2,141)		(2,141)		(1,554)

Total stockholders' equity	290,184		279,889		222,881

Total liabilities and stockholders' equity	$	2,851,145	$	2,848,254	$	2,510,975


CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(Unaudited)		(Unaudited)		(Unaudited)
Interest income:
Loans, including fees	$	38,202	$	38,972	$	33,628
Taxable securities	2,239		2,237		1,981
Nontaxable securities	247		248		229
Other interest and dividends	2,476		3,520		2,898
Total interest income	43,164		44,977		38,736

Interest expense:
Deposits	16,689		18,223		15,906
Other borrowings	1,596		1,704		1,991
Total interest expense	18,285		19,927		17,897

Net interest income	24,879		25,050		20,839
Provision for credit losses	775		72		1,236
Net interest income after provision for credit losses	24,104		24,978		19,603

Noninterest income:
Service charges on deposit accounts	564		565		463
Swap (expenses) fees	(3)		17		15
SBA/USDA fees	40		89		64
Mortgage origination fees	80		55		96
Net gain (loss) on securities	23		25		(12)
Employee retention credit	—		1,154		—
Other operating income	949		1,085		642
Total noninterest income	1,653		2,990		1,268

Noninterest expenses:
Salaries and employee benefits	6,924		7,002		6,231
Equipment and occupancy expenses	828		851		689
Data processing fees	909		960		643
Regulatory assessments	429		441		360
Professional fees related to ERC	—		236		—
Other operating expenses	3,216		3,584		2,452
Total noninterest expenses	12,306		13,074		10,375

Income before income taxes	13,451		14,894		10,496

Income tax expense	3,100		3,696		2,377

Net income	$	10,351	$	11,198	$	8,119

Basic earnings per share	$	1.04	$	1.13	$	0.91

Diluted earnings per share	$	1.03	$	1.11	$	0.90


AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest		Yield/Rate		Average Balance		Interest		Yield/Rate		Average Balance		Interest		Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income(1)	$	2,235,194	$	38,202	6.93	%	$	2,205,892	$	38,972	7.03	%	$	1,916,288	$	33,628	7.06	%
Taxable securities	181,788		2,239		4.99	%	181,456		2,237		4.90	%	163,586		1,981		4.87	%
Nontaxable securities	46,608		247		2.15	%	46,757		248		2.11	%	45,368		229		2.03	%
Other interest-earnings assets	227,124		2,476		4.42	%	288,802		3,520		4.85	%	211,127		2,898		5.52	%
Total interest-earning assets	$	2,690,714	$	43,164	6.51	%	$	2,722,907	$	44,977	6.57	%	$	2,336,369	$	38,736	6.67	%
Allowance for credit losses	(28,430)						(28,280)						(24,313)
Noninterest-earning assets	179,229						181,354						135,222
Total Assets	$	2,841,513					$	2,875,981					$	2,447,278

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts	95,573		20		0.09	%	94,039		27		0.12	%	85,858		26		0.12	%
Savings and money market accounts	1,120,998		9,765		3.53	%	1,112,679		10,279		3.68	%	902,361		8,804		3.92	%
Time deposits	644,816		6,904		4.34	%	687,188		7,917		4.58	%	645,088		7,076		4.41	%
FHLB advances	20,644		275		5.40	%	22,000		300		5.42	%	53,121		655		4.96	%
Other borrowings	93,084		1,321		5.76	%	99,356		1,404		5.63	%	95,650		1,336		5.62	%
Total interest-bearing liabilities	$	1,975,115	$	18,285	3.75	%	$	2,015,262	$	19,927	3.93	%	$	1,782,078	$	17,897	4.04	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits	$	552,746					$	552,898					$	416,141
Other liabilities	27,526						31,571						29,437
Total noninterest-bearing liabilities	$	580,272					$	584,469					$	445,578
Stockholders’ Equity	286,126						276,250						219,622
Total Liabilities and Stockholders’ Equity	$	2,841,513					$	2,875,981					$	2,447,278

Net interest income			$	24,879					$	25,050					$	20,839
Net interest spread(2)					2.76	%					2.64	%					2.63	%
Net interest margin(3)					3.75	%					3.66	%					3.59	%
Net interest margin - FTE(4)(5)					3.76	%					3.67	%					3.60	%
Cost of funds(6)					2.93	%					3.09	%					3.27	%
Cost of interest-bearing deposits					3.64	%					3.83	%					3.92	%
Cost of total deposits					2.80	%					2.96	%					3.12	%


LOAN COMPOSITION
(Dollars in thousands)

	March 31, 2025				December 31, 2024				March 31, 2024
	Amount		% of gross		Amount		% of gross		Amount		% of gross

Real estate mortgages:
Construction and development	$	247,264	10.9	%	$	238,603	10.7	%	$	252,934	12.8	%
Residential	317,994		14.0	%	315,083		14.1	%	238,702		12.1	%
Commercial	1,356,064		59.8	%	1,350,091		60.4	%	1,182,634		60.0	%
Commercial and industrial	333,831		14.8	%	317,887		14.3	%	288,701		14.7	%
Consumer and other	11,587		0.5	%	11,580		0.5	%	8,425		0.4	%
Gross loans	2,266,740		100.0	%	2,233,244		100.0	%	1,971,396		100.0	%
Unearned income	(6,704)				(6,675)				(6,247)
Loans, net of unearned income	2,260,036				2,226,569				1,965,149
Allowance for credit losses	(28,876)				(28,338)				(25,144)
Loans, net	$	2,231,160			$	2,198,231			$	1,940,005


DEPOSIT COMPOSITION
(Dollars in thousands)

	March 31, 2025				December 31, 2024				March 31, 2024
	Amount		% of total		Amount		% of total		Amount		% of total


Noninterest-bearing transaction	$	533,220	22.0	%	$	575,357	23.8	%	$	416,704	19.7	%
Interest-bearing transaction	1,183,984		48.8	%	1,128,959		46.8	%	974,079		46.2	%
Savings	54,795		2.3	%	52,472		2.2	%	33,909		1.6	%
Time deposits, $250,000 and under	518,958		21.4	%	512,717		21.3	%	584,658		27.7	%
Time deposits, over $250,000	134,674		5.5	%	141,792		5.9	%	100,448		4.8	%
Total deposits	$	2,425,631	100.0	%	$	2,411,297	100.0	%	$	2,109,798	100.0	%


Nonperfoming Assets
(Dollars in thousands)

	March 31, 2025			December 31, 2024			March 31, 2024


Nonaccrual loans	$	7,175		$	6,434		$	3,446
Past due loans 90 days or more and still accruing interest	—			99			—
Total nonperforming loans	7,175			6,533			3,446
OREO	—			—			33

Total nonperforming assets	$	7,175		$	6,533		$	3,479

Financial difficulty modification loans– nonaccrual(1)	543			600			675
Financial difficulty modification loans – accruing	1,029			1,055			1,283
Financial difficulty modification loans	$	1,572		$	1,655		$	1,958

Allowance for credit losses	$	28,876		$	28,338		$	25,144
Loans, net of unearned income at the end of the period	$	2,260,036		$	2,226,569		$	1,965,149
Gross loans outstanding at the end of period	$	2,266,740		$	2,233,244		$	1,971,396
Total assets	$	2,851,145		$	2,848,254		$	2,510,975
Allowance for credit losses to nonperforming loans	402.45		%	433.77		%	729.66		%
Nonperforming loans to loans, net of unearned income	0.32		%	0.29		%	0.18		%
Nonperforming loans to gross loans	0.32		%	0.29		%	0.17		%
Nonperforming assets to gross loans and OREO	0.32		%	0.29		%	0.18		%
Nonperforming assets to total assets	0.25		%	0.23		%	0.14		%

Nonaccrual loans by category:
Real estate mortgages:
Construction & Development	$	403		$	415		$	—
Residential Mortgages	758			559			246
Commercial Real Estate Mortgages	2,694			2,097			2,422
Commercial & Industrial	3,320			3,363			778
Consumer and other	—			—			—
Total	$	7,175		$	6,434		$	3,446


Allowance for Credit Losses
(Dollars in thousands)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Average loans, net of unearned income	$	2,235,194		$	2,205,892		$	1,916,288
Loans, net of unearned income	2,260,036			2,226,569			1,965,149
Gross loans	2,266,740			2,233,244			1,971,396
Allowance for credit losses at beginning of the period	28,338			28,061			24,378

Charge-offs:
Construction and development	—			—			—
Residential	—			—			11
Commercial	—			—			27
Commercial and industrial	331			—			442
Consumer and other	2			—			15
Total charge-offs	333			—			495
Recoveries:
Construction and development	—			—			—
Residential	6			7			8
Commercial	—			—			—
Commercial and industrial	89			196			16
Consumer and other	1			2			1
Total recoveries	96			205			25
Net charge-offs (recoveries)	$	237		$	(205)		$	470

Provision for credit losses	$	775		$	72		$	1,236
Balance at end of the period	$	28,876		$	28,338		$	25,144

Allowance for credit losses on unfunded commitments at beginning of the period	$	1,405		$	1,405		$	1,239

Provision for credit losses on unfunded commitments	—			—			49
Balance at the end of the period	$	1,405		$	1,405		$	1,288

Allowance to loans, net of unearned income	1.28		%	1.27		%	1.28		%
Allowance to gross loans	1.27		%	1.27		%	1.28		%
Net charge-offs (recoveries) to average loans, net of unearned income(1)	0.04		%	(0.04)		%	0.10		%
Provision for credit losses to average loans, net of unearned income(1)	0.14		%	0.01		%	0.26		%

In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.


Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Net income	$	10,351		$	11,198		$	8,119

Add: Professional fees related to ERC	—			236			—
Add: Net OREO gains	—			3			—

Less: Employee retention related revenue	—			1,154			—



Less: Net gain (loss) on securities	23			25			(12)
Less: Tax effect	(6)			(226)			3
Core net income	$	10,334		$	10,484		$	8,128
Average assets	$	2,841,513		$	2,875,981		$	2,447,278
Core return on average assets	1.47		%	1.45		%	1.34		%

Net income	$	10,351		$	11,198		$	8,119

Add: Professional fees related to ERC	—			236			—
Add: Net OREO gains	—			3			—
Add: Provision for credit losses	775			72			1,236

Less: Employee retention related revenue	—			1,154			—



Less: Net gain (loss) on securities	23			25			(12)
Add: Income taxes	3,100			3,696			2,377
Pretax pre-provision core net income	$	14,203		$	14,026		$	11,744
Average assets	$	2,841,513		$	2,875,981		$	2,447,278
Pretax pre-provision core return on average assets	2.03		%	1.94		%	1.93		%

Net interest income	$	24,879		$	25,050		$	20,839
Add: Fully-taxable equivalent adjustments(1)	62			66			73
Net interest income - FTE	$	24,941		$	25,116		$	20,912

Net interest margin	3.75		%	3.66		%	3.59		%
Effect of fully-taxable equivalent adjustments(1)	0.01		%	0.01		%	0.01		%
Net interest margin - FTE	3.76		%	3.67		%	3.60		%

Total stockholders' equity	$	290,184		$	279,889		$	222,881
Less: Intangible assets	41,715			42,115			17,679

Tangible common equity	$	248,469		$	237,774		$	205,202

(1) Assumes a 24.0% tax rate.


Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Core net income	$	10,334		$	10,484		$	8,128
Diluted weighted average shares outstanding	10,072,329			10,061,735			9,043,122
Diluted core earnings per share	$	1.03		$	1.04		$	0.90

Common shares outstanding at year or period end	9,922,180			9,889,260			8,894,794
Tangible book value per share	$	25.04		$	24.04		$	23.07

Total assets at end of period	$	2,851,145		$	2,848,254		$	2,510,975
Less: Intangible assets	41,715			42,115			17,679
Adjusted assets at end of period	$	2,809,430		$	2,806,139		$	2,493,296
Tangible common equity to tangible assets	8.84		%	8.47		%	8.23		%

Total average shareholders equity	$	286,126		$	276,250		$	219,622
Less: Average intangible assets	41,957			40,177			17,730
Average tangible common equity	$	244,169		$	236,073		$	201,892
Net income to common shareholders	$	10,351		$	11,198		$	8,119
Return on average tangible common equity	17.19		%	18.87		%	16.17		%
Average tangible common equity	$	244,169		$	236,073		$	201,892
Core net income	$	10,334		$	10,484		$	8,128
Core return on average tangible common equity	17.16		%	17.67		%	16.19		%

Net interest income	$	24,879		$	25,050		$	20,839
Add: Noninterest income	1,653			2,990			1,268

Less: Employee retention related revenue	—			1,154			—



Less: Net gain (loss) on securities	23			25			(12)
Operating revenue	$	26,509		$	26,861		$	22,119

Expenses:
Total noninterest expense	$	12,306		$	13,074		$	10,375

Less: Professional fees related to ERC	—			236			—
Less: Net OREO gains	—			3			—

Adjusted noninterest expenses	$	12,306		$	12,835		$	10,375
Core efficiency ratio	46.42		%	47.78		%	46.90		%


SOUTHERN STATES BANCSHARES, INC.			615 Quintard Avenue / Anniston, AL 36201 / (256) 241-1092