Southern States Bancshares

Southern States Bancshares, Inc. is a bank holding company, which engages in the provision of community banking services. The firm offers deposit, loan, and other banking-related products and services to businesses and individuals through its subsidiary Southern States Bank. The company was founded on August 23, 2007 and is headquartered in Anniston, AL.

Earnings data Q2 2021

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Third Quarter 2024 Performance and Operational Highlights Net income of $7.4 million, or $0.76 per diluted share Core net income(1) of $8.7 million, or $0.89 per diluted share(1) Core pretax pre-provision net income(1) of $13.8 million Net interest income of $24.2 million, an increase of $2.7 million from the prior quarter Net interest margin (“NIM”) of 3.65%, up 9 basis points from the prior quarter NIM of 3.66% on a fully-taxable equivalent basis (“NIM - FTE”)(1) Return on average assets (“ROAA”) of 1.05%; return on average stockholders' equity (“ROAE”) of 11.89%; and return on average tangible common equity (“ROATCE”)(1) of 13.35% Core ROAA(1) of 1.24%; and core ROATCE(1) of 15.74% Efficiency ratio of 52.79%; and core efficiency ratio of 46.96% Linked-quarter loans grew 36.3% annualized; and legacy loans grew 10.3% annualized Linked-quarter total deposits grew 44.8% annualized Linked-quarter total deposits, excluding brokered deposits, grew 71.5% annualized; and legacy total deposits, excluding brokered deposits grew 9.6% 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.

Southern States Bancshares, Inc. Announces Third Quarter 2024 Financial Results

ANNISTON, Ala., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on November 15, 2024 to shareholders of record as of November 1, 2024.

Southern States Bancshares, Inc. Announces Quarterly Cash Dividend of $0.09 per Share

ANNISTON, Ala., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”), the holding company for Southern States Bank, announced today the completion of its previously announced acquisition of CBB Bancorp (“CBB Bancorp”), the holding company for Century Bank of Georgia (“Century Bank”). Effective July 31, 2024, CBB Bancorp has been merged with and into Southern States, with Southern States surviving, and Century Bank has been merged with and into Southern States Bank, with Southern States Bank surviving.

Southern States Bancshares Completes Acquisition of CBB Bancorp

Second Quarter 2024 Performance and Operational Highlights Net income of $8.2 million, or $0.90 per diluted share Core net income (1) of $9.1 million, or $1.00 per diluted share (1) Net interest income of $ 21.6 million, an increase of $ 740,000 from the prior quarter Net interest margin (“NIM”) of 3.56% , down 3 basis points from the prior quarter NIM of 3.57% on a fully-taxable equivalent basis (“NIM - FTE”) (1) Return on average assets (“ROAA”) of 1.29%; return on average stockholders' equity (“ROAE”) of 14.55%; and return on average tangible common equity (“ROATCE”)(1) of 15.79% Core ROAA (1) of 1.43% ; and core ROATCE (1) of 17.44% Efficiency ratio of 49.78% ; and core efficiency ratio of 44.75% Linked-quarter loans grew 10.3% annualized Linked-quarter total deposits grew 12.6% annualized Linked-quarter total deposits, excluding brokered deposits, grew 15.2% 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.

Southern States Bancshares, Inc. Announces Second Quarter 2024 Financial Results

ANNISTON, Ala., July 17, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on August 12, 2024 to shareholders of record as of July 31, 2024.

Southern States Bancshares, Inc. Announces Quarterly Cash Dividend of $0.09 Per Share

First Quarter 2024 Performance and Operational Highlights Net income of $8.1 million, or $0.90 per diluted share Core net income (1) of $8.1 million, or $0.90 per diluted share (1) Net interest income of $20.8 million, an increase of $ 435,000 from the prior quarter Net interest margin (“NIM”) of 3.59% , down 10 basis points from the prior quarter NIM of 3.60% on a fully-taxable equivalent basis (“NIM - FTE”) (1) Return on average assets (“ROAA”) of 1.33% ; return on average stockholders' equity (“ROAE”) of 14.87% ; and return on average tangible common equity (“ROATCE”) (1) of 16.17% Core ROAA (1) of 1.34% ; and core ROATCE (1) of 16.19% Efficiency ratio of 46.90% Linked-quarter loan growth of 17.2% annualized Linked-quarter total deposit s grew 18.3% annualized Linked-quarter total deposits, excluding brokered deposits, grew 7.1% 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.

Southern States Bancshares, Inc. Announces First Quarter 2024 Financial Results

ANNISTON, Ala., March 21, 2024 (GLOBE NEWSWIRE) -- 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 announced the retirement of Chief Operating Officer Jack Swift, effective May 31, 2024.

Southern States Bancshares Announces Retirement of COO Jack Swift

ANNISTON, Ala. and CARTERSVILLE, Ga., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”), the holding company for Southern States Bank, and CBB Bancorp (“CBB Bancorp”), the holding company for Century Bank of Georgia (“Century Bank”), announced today the signing of a definitive merger agreement under which Southern States would acquire CBB Bancorp. Upon completion, Southern States expects to merge CBB Bancorp with and into Southern States, with Southern States as the surviving entity. Century Bank of Georgia would similarly be merged with and into Southern States Bank with Southern States Bank surviving. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval.

Southern States Bancshares to Enhance Georgia Franchise With Acquisition of CBB Bancorp

Fourth Quarter 2023 Performance and Operational Highlights Core net income (1) of $7.3 million, or $0.81 per diluted share (1) Net income of $8.9 million, or $0.99 per diluted share Net interest income of $20.4 million, a decrease of $ 327,000 from the prior quarter Net interest margin (“NIM”) of 3.69% , down 9 basis points from the prior quarter NIM of 3.71% on a fully-taxable equivalent basis (“NIM - FTE”) (1) Return on average assets (“ROAA”) of 1.53% ; return on average stockholders' equity (“ROAE”) of 17.02% ; and return on average tangible common equity (“ROATCE”) (1) of 18.62% Core ROAA (1) of 1.26% ; and core ROATCE (1) of 15.26% Efficiency ratio of 41.48% ; and core efficiency ratio of 45.78% Linked-quarter loan growth was 24.7% annualized Linked-quarter total deposits grew 21.1% annualized Linked-quarter total deposits, excluding brokered deposits, grew 8.9% 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.

Southern States Bancshares, Inc. Announces Fourth Quarter 2023 Financial Results

ANNISTON, Ala., Dec. 20, 2023 (GLOBE NEWSWIRE) -- 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 announced that its Board of Directors has approved the renewal of the Company's $10.0 million stock repurchase program, which currently expires on December 31, 2023. The renewed stock repurchase program (the “Program”) authorizes the Company to repurchase up to $10.0 million of its common stock from January 1, 2024 through December 31, 2024.

Southern States Bancshares, Inc. Announces Renewal of $10.0 Million Stock Repurchase Program

Third Quarter 2023 Performance and Operational Highlights Core net income ( 1) of $9.6 million, or $1.06 per diluted share (1) Net income of $6.6 million, or $0.73 per diluted share Net interest income of $ 20.7 million, an increase of $ 1.3 million from the prior quarter Net interest margin (“NIM”) of 3.78% , up 5 basis points from the prior quarter NIM of 3.79% on a fully-taxable equivalent basis (“NIM - FTE”) ( 1) Return on average assets (“ROAA”) of 1.15% ; return on average stockholders' equity (“ROAE”) of 12.96% ; and return on average tangible common equity (“ROATCE”) ( 1) of 14.21% Core ROAA ( 1) of 1.66% ; and core ROATCE (1) of 20.50% Efficiency ratio of 48.01% ; and core efficiency ratio of 42.79% Linked-quarter loan growth was 13.3% annualized Linked-quarter total deposits declined 1.5% annualized, primarily due to a reduction in brokered deposits Linked-quarter total deposits, excluding brokered deposits, increased 4.2% annualized from the prior quarter (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.

Southern States Bancshares, Inc. Announces Third Quarter 2023 Financial Results

Second Quarter 2023 Performance and Operational Highlights Net income of $8.8 million, or $0.98 per diluted share Core net income (1) of $7.1 million, or $0.79 per diluted share (1)              Net interest income of $ 19.4 million, a decrease of $ 114,000 from the prior quarter Net interest margin (“NIM”) of 3.73% , down 34 basis points from the prior quarter NIM of 3.74% on a fully-taxable equivalent basis (“NIM - FTE”) (1)  Return on average assets (“ROAA”) of 1.60% ; return on average stockholders' equity (“ROAE”) of 18.15% ; and return on average tangible common equity (“ROATCE”) (1) of 20.01% Core ROAA (1) of 1.29% ; and core ROATCE (1) of 16.13% Efficiency ratio of 51.00% Linked-quarter loan growth was 17.4% annualized Linked-quarter total deposit growth was 30.1% annualized and 20.7% annualized, net of brokered deposits Repurchased $405,000 of common stock, representing 19,202 shares at an average price of $21.07 during the quarter     (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.

Southern States Bancshares, Inc. Announces Second Quarter 2023 Financial Results

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Southern States Bancshares, Inc. (SSBK) came out with quarterly earnings of $0.80 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.53 per share a year ago.

Southern States Bancshares, Inc. (SSBK) Q1 Earnings and Revenues Top Estimates

First Quarter 2023 Performance and Operational Highlights Net income of $7.7 million, or $0.85 per diluted share Core net income(1) of $7.3 million, or $0.80 per diluted share(1) Net interest income of $19.5 million, a decrease of $1.3 million from the prior quarter Net interest margin (“NIM”) of 4.07%, down 31 basis points from the prior quarter NIM of 4.09% on a fully-taxable equivalent basis (“NIM - FTE”)(1) Return on average assets (“ROAA”) of 1.51%; return on average stockholders' equity (“ROAE”) of 16.67%; and return on average tangible common equity (“ROATCE”)(1) of 18.45% Core ROAA(1) of 1.44%; and core ROATCE(1) of 17.51% Efficiency ratio of 48.79% Linked-quarter loan growth was 14.9% annualized Linked-quarter deposit growth was 16.2% annualized Repurchased $575,000 of common stock, representing 24,000 shares at an average price of $23.95 during the quarter (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.

Southern States Bancshares, Inc. Announces First Quarter 2023 Financial Results

Southern States Bancshares (SSBK) renews $10 million share repurchase plan. This, along with regular dividend payments, will continue to enhance its shareholders' value.

Southern States Bancshares (SSBK) Renews Share Buyback Plan

ANNISTON, Ala., March 07, 2023 (GLOBE NEWSWIRE) -- 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 announced that its Board of Directors has approved the renewal of the Company's stock repurchase program.

Southern States Bancshares, Inc. Announces Renewal of $10.0 million Stock Repurchase Program

ANNISTON, Ala., Feb. 22, 2023 (GLOBE NEWSWIRE) -- 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 announced the appointment of three new directors, increasing the total number of independent directors to eight and the total number of directors to thirteen. Each new director also joined the Board of Southern States Bank.

Southern States Bancshares, Inc. Announces Appointment of Three Directors, Deepening Board Experience in High-Growth Atlanta Region

Southern States Bancshares, Inc. (SSBK) delivered earnings and revenue surprises of 12.50% and 23.72%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

Southern States Bancshares, Inc. (SSBK) Surpasses Q4 Earnings and Revenue Estimates

Fourth Quarter 2022 Performance and Operational Highlights

Southern States Bancshares, Inc. Announces Fourth Quarter 2022 Financial Results

Southern States Bancshares, Inc. (SSBK) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Can Southern States Bancshares, Inc. (SSBK) Run Higher on Rising Earnings Estimates?

ANNISTON, Ala., Oct. 26, 2022 (GLOBE NEWSWIRE) -- 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”), announced today the completion of a private placement of $40 million in aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”) to certain “accredited investors,” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified institutional buyers,” as defined in Rule 144A under the Securities Act.

Southern States Bancshares, Inc. Announces Completion of $40 Million Subordinated Notes Offering

Southern States Bancshares, Inc. (SSBK) delivered earnings and revenue surprises of 20.31% and 12.90%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Southern States Bancshares, Inc. (SSBK) Surpasses Q3 Earnings and Revenue Estimates

Southern States Bancshares, Inc. Announces Third Quarter 2022 Financial Results

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News for Southern States Bancshares Stock (SSBK)