Southern States Bancshares Inc
Southern States Bancshares — Q1 2025 Earnings Presentation
22 slides from Southern States Bancshares's earnings presentation, Apr 22, 2025
Slide 1: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation April 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 ar
Slide 3: Overview of Southern States Bancshares, Inc. - Q1 '25 Financial Highlights
3 | Source: Company Documents; financial data as of the three months ended 3/31/25 unless otherwise noted 1. Please refer to non-U.S. GAAP reconciliation in the appendix 2. Annualized Q1 ‘25 Financial Highlights Southern States Bancshares (Nasdaq: SSBK) was founded in August 2007 and priced its IPO
Slide 4: Recent News – SSBK Merger with FB Financial
4 | On March 31, Southern States Bancshares entered into a definitive merger agreement to merge with FB Financial (NYSE:FBK) Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock The combined company will be well positioned to ca
Slide 5: Dominant Bank in Small Market; Competitive Player in Large Metropolitan Areas
5 | Branches (15) Legend Huntsville Birmingham Montgomery Columbus Atlanta Alabama Georgia 65 85 75 Anniston Auburn 20 85 75 85 65 65 59 Tuscaloosa LPOs (2) Mobile Savannah Macon Valdosta Augusta Dominant Bank in Small Market; Competitive Player in Large Metropolitan Areas
Slide 6: Robust Market Dynamics
$62.3 $69.2 $72.8 $88.1 $93.1 $70.7 $83.3 Columbus MSA Auburn- Opelika MSA Birmingham MSA Huntsville MSA Atlanta MSA Southeast Average National Average 1.6% 1.9% 4.7% 5.9% 6.6% 3.2% 2.1% Birmingham MSA Columbus MSA Atlanta MSA Huntsville MSA Auburn- Opelika MSA Southeast Average National Average Col
Slide 7: Profitability
Profitability1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Income $8,119 $8,198 $7,353 $11,198 $10,351 Core Net Income $8,128 $9,058 $8,675 $10,484 $10,334 ROAA 1.33% 1.29% 1.05% 1.55% 1.48% Core ROAA 1.34% 1.43% 1.24% 1.45% 1.47% ROAE 14.87% 14.55% 11.89% 16.13% 14.67% ROATCE 16.17% 15.79% 13.35% 1
Slide 8: Net Income & EPS
8 | Net Income & EPS Source: Company Documents; data as of 3/31/25 Net Income (D ol la rs in t ho us an ds ) Net Income & EPS Net income for Q1 2025 of $10.4 million, or $1.04 per share and $1.03 per diluted share Key Earnings Ratios 16.17% 15.79% 13.35% 18.87% 17.19%16.19% 17.44% 15.74% 17.67% 17.1
Slide 9: Net Interest Income and Net Interest Margin
$17.9 $19.4 $20.8 $19.9 $18.3 $38.7 $41.0 $44.0 $45.0 $43.2 1Q24 2Q24 3Q24 4Q24 1Q25 Interest Expense Interest Income 9 | Source: Company Documents; data as of 3/31/25 Net Interest Income and Net Interest Margin Net Interest Income Net Interest Margin (D ol la rs in m ill io ns ) $24.9 $20.8 $21.6 $
Slide 10: Noninterest Expense and Efficiency
10 | Noninterest Expense Noninterest Expense and Efficiency (D ol la rs in t ho us an ds ) Noninterest Expense $10,375 $11,411 $13,687 $13,074 $12,306 $10,375 $10,259 $12,176 $12,835 $12,306 46.9% 49.8% 52.8% 46.7% 46.4% 46.9% 44.8% 47.0% 47.8% 46.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80
Slide 11: Deposit Portfolio
$394.1 $432.1 $501.8 $504.5 $491.1 $291.0 $288.3 $194.2 $150.0 $162.5 $416.7 $416.1 $546.3 $575.3 $533.2 $88.4 $82.8 $96.8 $90.2 $96.0 $885.7 $923.9 $1,027.9 $1,038.8 $1,088.0 $33.9 $32.5 $53.6 $52.5 $54.8 $2,109.8 $2,175.7 $2,420.5 $2,411.3 $2,425.6 1Q24 2Q24 3Q24 4Q24 1Q25 Time Deposits Brokered D
Slide 12: Loan Portfolio
12 | Loan Portfolio Gross Loans by Type1 - $2.3B 30% 29% 15% 11% 14% 1%Owner-Occupied CRE Nonowner-Occupied CRE Commercial & Industrial Construction & Development Residential Consumer & Other Interest Rate: Fixed 46% Variable 54% Loan Composition Concentration Highlights $605.1 $628.1 $680.7 $696.5
Slide 13: Office Building Loan Portfolio
13 | Office Building Loan Portfolio Office Building Loans $220.6M $80.7 $82.7 $88.8 $92.3 $95.3 $112.3 $113.9 $120.8 $115.2 $121.1 $5.2 $8.1 $6.3 $5.5 $4.2 $198.2 $204.7 $215.9 $213.0 $220.6 0 50 100 150 200 1Q24 2Q24 3Q24 4Q24 1Q25 Owner-Occupied CRE Nonowner-Occupied CRE Construction & Development
Slide 14: Asset Quality: Nonperforming Assets, Allowance and NCOs
$1,210 $3,479 $3,817 $7,901 $6,533 $7,175 0.05% 0.14% 0.15% 0.28% 0.23% 0.25% -0.10% 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% -$500 $500 $1,500 $2,500 $3,500 $4,500 $5,500 $6,500 $7,500 $8,500 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Nonperforming Assets NPAs/Total Assets (D ol la rs in m ill io ns ) 14
Slide 15: Risk-Based Capital & Leverage Ratios
15 | Risk-Based Capital & Leverage Ratios Capital Tangible Book Value & Stock Price $25.92 $27.14 $30.73 $33.31 $35.75 $23.07 $23.91 $23.38 $24.04 $25.04 0.00 6.00 12.00 18.00 24.00 30.00 36.00 42.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 1Q24 2Q24 3Q24 4Q24 1Q25 Stock price Tangible Bo
Slide 16: Growth History
$840 $1,030 $1,250 $1,587 $1,885 $2,227 $2,260 2019 2020 2021 2022 2023 2024 1Q25 $951 $1,140 $1,556 $1,721 $2,018 $2,411 $2,426 2019 2020 2021 2022 2023 2024 1Q25 $1,095 $1,333 $1,783 $2,045 $2,447 $2,849 $2,851 2019 2020 2021 2022 2023 2024 1Q25 Total Deposits ($M) Total Loans ($M) $5.6 $12.1 $18.
Slide 17: Appendix
Appendix 17 |
Slide 18: Non-GAAP Financial Measures Reconciliations
18 | Non-GAAP Financial Measures Reconciliations March 31, December 31, March 31, 2025 2024 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)
Slide 19: Non-GAAP Financial Measures Reconciliations
19 | Non-GAAP Financial Measures Reconciliations March 31, December 31, March 31, 2025 2024 2024 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 —
Slide 20: Non-GAAP Financial Measures Reconciliations
20 | Non-GAAP Financial Measures Reconciliations 1. Assumes a 24.0% tax rate March 31, December 31, March 31, 2025 2024 2024 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
Slide 21: Non-GAAP Financial Measures Reconciliations
21 | Non-GAAP Financial Measures Reconciliations March 31, December 31, March 31, 2025 2024 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 p
Slide 22: Non-GAAP Financial Measures Reconciliations
22 | Non-GAAP Financial Measures Reconciliations March 31, December 31, March 31, 2025 2024 2024 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 $
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