Financial Performance - Net income for the three months ended March 31, 2025, was $10,351,000, an increase of 27.5% compared to $8,119,000 for the same period in 2024[20]. - Total interest income rose to $43,164,000, up 11.8% from $38,736,000 year-over-year[18]. - Net interest income after provision for credit losses increased to $24,104,000, compared to $19,603,000 in the prior year, reflecting a growth of 22.7%[18]. - Noninterest income totaled $1,653,000, a 30.4% increase from $1,268,000 in the same quarter last year[18]. - Basic earnings per share for Q1 2025 were $1.04, compared to $0.91 in Q1 2024, representing a 14.3% increase[18]. - The company reported a net cash provided by operating activities of $9,610,000, down from $11,396,000 in the previous year[25]. Asset and Deposit Growth - Total assets increased to $2,851,145 thousand as of March 31, 2025, compared to $2,848,254 thousand at December 31, 2024, reflecting a growth of 0.1%[15]. - Total deposits reached $2,425,631 thousand, a rise of 0.6% from $2,411,297 thousand at the end of the previous quarter[15]. - The net increase in deposits was $14,334,000, a significant decrease compared to $91,609,000 in the same quarter of 2024[25]. - Cash and cash equivalents at the end of the period were $229,375,000, down from $237,123,000 year-over-year[25]. - Interest-bearing deposits increased to $1,892,411 thousand, up 3.1% from $1,835,940 thousand[16]. Credit Quality and Allowance for Credit Losses - The company reported an allowance for credit losses of $28,876 thousand, slightly up from $28,338 thousand, reflecting a 1.9% increase[15]. - The allowance for credit losses was $28,876,000 as of March 31, 2025, compared to $28,338,000 at the end of 2024, indicating a slight increase in provisions for potential loan losses[93]. - The provision for credit losses for the first quarter of 2025 was $775,000, compared to $1,236,000 for the same period in 2024[111]. - The risk category analysis as of March 31, 2025, shows that the majority of loans are classified as "Pass," indicating strong credit quality across the portfolio[101]. Mergers and Acquisitions - The company completed the acquisition of CBB Bancorp on July 31, 2024, merging it with its subsidiary, resulting in the acquisition of $334,622 in assets, including $127,871 in loans and $308,747 in deposits[69]. - The total consideration paid for the acquisition included 961,920 shares of common stock valued at $31,474 and $3,150 in cash, totaling $34,624[70]. - The acquisition resulted in goodwill of $16,313, with no impairment recorded as of March 31, 2025[72]. Regulatory Capital and Compliance - The Company and the Bank believe they are well capitalized, with Tier 1 capital ratios of 9.14% and 11.99% respectively as of March 31, 2025, exceeding minimum requirements[148]. - The Company reported total capital to risk-weighted assets ratio of 15.06% as of March 31, 2025, above the minimum requirement of 10.50%[148]. - The Company qualifies for the Community Bank Leverage Ratio framework, which requires a Tier 1 leverage ratio greater than 9.00%[147]. Market Presence and Strategy - The company operates multiple branches across Alabama and Georgia, enhancing its market presence[27]. - The company is focused on executing its growth strategy, including potential mergers and acquisitions, to enhance market presence[11]. - The company is currently navigating various risks including credit risk management and regulatory compliance as outlined in their forward-looking statements[11].

Financial Performance - Net income for Q1 2025 was $10.4 million, or $1.03 diluted earnings per share, compared to $11.2 million, or $1.11 diluted EPS in Q4 2024, and $8.1 million, or $0.90 diluted EPS in Q1 2024[4]. - Core net income for Q1 2025 was $10.3 million, or $1.03 diluted core EPS, compared to $10.5 million, or $1.04 diluted core EPS in Q4 2024, and $8.1 million, or $0.90 diluted core EPS in Q1 2024[6]. - Net income for the three months ended March 31, 2025, was $10,351 thousand, compared to $11,198 thousand for the previous quarter and $8,119 thousand for the same period last year, reflecting a decrease of 7.6% quarter-over-quarter but an increase of 27.5% year-over-year[35]. - Core net income for the three months ended March 31, 2025, was $10,334 thousand, compared to $8,128 thousand for the same period last year, reflecting a year-over-year increase of 27.1%[51]. - Basic earnings per share for the first quarter of 2025 was $1.04, down from $1.13 in the previous quarter but up from $0.91 in the same quarter last year, reflecting a year-over-year increase of 14.3%[35]. - Diluted core earnings per share for the quarter was $1.03, up from $0.90 in the same quarter last year, representing a growth of 14.4%[53]. Income and Margin - Net interest income for Q1 2025 was $24.9 million, a decrease of 0.7% from $25.1 million in Q4 2024, but an increase of 19.4% from $20.8 million in Q1 2024[8]. - Net interest margin for Q1 2025 was 3.75%, up 9 basis points from 3.66% in Q4 2024, and up from 3.59% in Q1 2024[9]. - The net interest income after provision for credit losses was $24,104 thousand for the three months ended March 31, 2025, compared to $24,978 thousand in the previous quarter and $19,603 thousand in the same quarter last year, reflecting a year-over-year increase of 22.7%[35]. - Net interest income for the period was $24,879 thousand, up from $20,839 thousand a year ago, indicating a growth of 19.6%[51]. - The company reported a net interest spread of 2.76% for the period[38]. Loans and Credit Quality - Nonperforming loans totaled $7.2 million, or 0.32% of gross loans, at March 31, 2025, compared to $6.5 million, or 0.29% at December 31, 2024, and $3.4 million, or 0.17% at March 31, 2024[16]. - The provision for credit losses was $775,000 for Q1 2025, compared to $72,000 in Q4 2024, reflecting loan growth and qualitative economic factors[17]. - 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[15]. - Nonperforming loans (NPL) increased to $7,175 thousand as of March 31, 2025, from $6,533 thousand at December 31, 2024, and $3,446 thousand at March 31, 2024, indicating a year-over-year increase of 108.1%[30]. - The provision for credit losses was $775 thousand, significantly lower than $1,236 thousand in the same quarter last year, showing a decrease of 37.2%[46]. - The allowance for credit losses to nonperforming loans ratio stood at 402.45%[44]. Deposits and Assets - Total deposits as of March 31, 2025, were $2.4 billion, a 0.6% increase from $2.4 billion at December 31, 2024, and a 15.0% increase from $2.1 billion at March 31, 2024[20]. - Total deposits rose to $2,425,631 thousand as of March 31, 2025, from $2,411,297 thousand at December 31, 2024, and $2,109,798 thousand at March 31, 2024, marking a year-over-year growth of 15.0%[33]. - Total assets reached $2,851,145 thousand as of March 31, 2025, slightly up from $2,848,254 thousand at December 31, 2024, and significantly higher than $2,510,975 thousand at March 31, 2024, indicating a year-over-year increase of 13.5%[33]. - Interest-bearing deposits increased by $56.5 million in the first quarter of 2025, while noninterest-bearing deposits decreased by $42.1 million[20]. Capital and Efficiency - The Tier 1 capital ratio to average assets improved to 9.14% as of March 31, 2025, up from 8.67% at December 31, 2024[21]. - The common equity tier 1 (CET1) capital ratio was 10.18% as of March 31, 2025, compared to 9.84% at December 31, 2024[21]. - The efficiency ratio for the first quarter of 2025 was 46.42%, slightly improved from 46.67% in the previous quarter[27]. - The tangible common equity to tangible assets ratio improved to 8.84% from 8.23% year-over-year[52]. - The core efficiency ratio improved to 46.42% from 46.90% year-over-year, reflecting better operational efficiency[52]. Strategic Developments - Southern States Bancshares, Inc. announced a merger with FB Financial Corporation, which has $13 billion in total assets, aimed at expanding capabilities and enhancing customer experience[5]. - The acquisition of Century Bank on July 31, 2024, contributed to both loan growth and additional noninterest income in Q1 2025[12]. - The company operates 15 branches in Alabama and Georgia, along with two loan production offices in Atlanta, indicating ongoing market presence and expansion[22]. - The company plans to continue focusing on market expansion and enhancing its product offerings in the upcoming quarters[40].

First Quarter 2025 Performance and Operational Highlights ANNISTON, Ala., April 21, 2025 (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 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 quar ...

Core Viewpoint - FB Financial Corporation and Southern States Bancshares, Inc. have entered into a definitive merger agreement, with Southern States to be merged into FB Financial, enhancing FB Financial's market presence and growth potential in key areas [1][3][6]. Company Overview - FB Financial Corporation is headquartered in Nashville, Tennessee, operating through its subsidiary FirstBank, with 77 branches and approximately $13.2 billion in total assets as of December 31, 2024 [10]. - Southern States Bancshares, Inc. is based in Anniston, Alabama, with 15 branches and two loan production offices, reporting total assets of $2.8 billion, loans of $2.2 billion, and deposits of $2.4 billion as of December 31, 2024 [2][11]. Merger Details - Southern States' shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock, valuing the transaction at approximately $381 million based on FB Financial's stock price of $47.05 as of March 28, 2025 [4][5]. - The merger is expected to close in late Q3 or early Q4 of 2025, pending regulatory approvals and shareholder consent [6]. Leadership and Integration - Key executives from Southern States, including President and CEO Mark A. Chambers and CFO Lynn J. Joyce, will take significant roles in the combined company, ensuring continuity and integration of operations [3][6]. Market Strategy - The merger aligns with FB Financial's growth strategy, targeting community and metropolitan markets in Alabama and Georgia, which are consistent with its expansion goals [2][3].

Acquisition and Expansion - The company completed the acquisition of Century Bank of Georgia on July 31, 2024, expanding its presence in Georgia with two new offices[31] - Southern States focuses on organic growth and acquisitions, recently acquiring Century Bank[146] - Southern States may pursue strategic acquisitions to expand its business, but such acquisitions require regulatory approval[177] Employee and Workforce - As of December 31, 2024, the company had a total of 209 employees, with 206 classified as full-time[43] - Approximately 25% of the company's employees own stock, reflecting a commitment to employee engagement and retention[47] - The company has a strong focus on human capital management, fostering a diverse and inclusive workforce[44] Regulatory Environment - The company is subject to extensive regulation by the Federal Reserve and the Alabama State Banking Department, impacting its operational practices[55] - Southern States must obtain prior approval from the Federal Reserve for acquisitions exceeding 5% of voting stock of a bank[67] - The Community Reinvestment Act requires banks to meet the credit needs of local communities, impacting merger and acquisition approvals[90] - Southern States has not elected to operate as a financial holding company, limiting its engagement in non-banking activities[68] - The Federal Reserve may require a bank holding company to divest subsidiaries if they pose significant risks to financial safety[70] - Poor examination ratings can restrict a bank's ability to grow, acquire new businesses, or pay dividends[71] - The federal banking agencies adopted a final rule to modernize CRA regulations, effective January 1, 2026, with new metrics-based evaluations for bank performance[93] - Small and intermediate banks are exempt from new data requirements that apply to banks with assets of at least $2.0 billion, while large banks with assets over $10.0 billion face additional data requirements[93] - The Dodd-Frank Act permanently increased the maximum amount of deposit insurance to $250,000 per depositor, impacting the company's regulatory environment[113] - The Bank Merger Act requires regulatory approval for bank mergers and acquisitions, considering factors such as CRA performance and anti-money laundering effectiveness[100] - The company is subject to various laws and regulations regarding anti-money laundering, and deficiencies could result in significant liabilities[180] Financial Performance and Risks - The company’s principal sources of income include interest and fees from loans, with principal expenses being interest on deposits and employee compensation[32] - Southern States' profitability is significantly affected by interest rate fluctuations, with net interest income being the primary source of earnings[127] - The company faces risks related to credit quality, particularly from borrowers failing to meet loan obligations, which could adversely impact financial results[136] - Southern States' allowance for estimated credit losses may not be sufficient to cover actual loan losses, potentially leading to negative impacts on net income and capital[142] - The narrowing of interest rate spreads could adversely affect Southern States' results of operations and financial condition[133] - Adverse economic conditions in Southern States' operating markets could negatively impact growth rates and loan repayment abilities[134] - The company is subject to regulatory reviews that may require increases in the allowance for estimated credit losses, affecting financial condition[144] - The potential for increased FDIC deposit insurance assessments could negatively impact earnings and limit business opportunities[164] - The company faces risks related to credit quality in its loan portfolio, which could adversely impact financial performance[155] Capital and Liquidity - The company maintains a capital surplus equal to at least 20% of its capital, complying with Alabama law[64] - The capital requirements include a minimum common equity tier 1 capital ratio of 4.5% and a total capital ratio of 8%[75] - A capital conservation buffer of 2.5% is required above the minimum risk-based capital ratios to avoid restrictions on capital distributions[76] - Southern States is classified as a "small bank holding company" with less than $3.0 billion in total consolidated assets, evaluated at the bank level[77] - Institutions classified as "well capitalized" must maintain a total risk-based capital ratio of 10% or greater[80] - The Bank must maintain a minimum common equity tier 1 capital ratio of 7% to avoid limits on capital distributions, including dividends[170] - The company may need to raise additional capital in the future to meet regulatory requirements, which could be dilutive to stockholders[167] Competition and Market Conditions - The financial services industry is highly competitive, with significant competition from both community banks and larger financial institutions[172] - Southern States' acquisition strategy may be hindered by intense competition from larger banking organizations[148] - The company may face increased competition for deposits as interest rates rise, potentially leading to higher funding costs[229] Technology and Cybersecurity - Technological advancements are crucial for Southern States' competitiveness, but the company may have fewer resources than its competitors for such investments[176] - Southern States relies heavily on third-party vendors for transaction processing, including general ledger and loan processing systems[210] - The company faces increased risks related to cyber-attacks and unauthorized access due to the growing use of online banking services[211] - Any cyber-attack or information security breach could lead to significant reputational damage and potential liability, adversely affecting financial performance[212] Stock and Market Dynamics - The company issued $48.0 million in 3.50% Fixed-to-Floating Rate Subordinated notes due 2032 and $40.0 million in 7.0% Fixed-to-Floating Rate Subordinated notes due 2032[187] - The company assumed $4.7 million in 3.50% Fixed-to-Floating Rate Subordinated notes due 2031 as a result of the acquisition of Century Bank[188] - The company has a stock repurchase program authorized for up to $10.0 million through December 31, 2024, with an extension for another $10.0 million until December 31, 2025[203] - The company’s stock price may be affected by the existence of its stock repurchase program, potentially increasing volatility[204] - Future sales of substantial amounts of common stock could adversely affect the market price and the company's ability to raise capital[184] - The market price of Southern States' common stock may be highly volatile, influenced by various economic and operational factors[182] Economic Influences - Southern States' financial condition is influenced by fiscal and monetary policies, with inflation potentially increasing operating costs and deflation affecting loan quality[214] - Changes in interest rates and the yield curve significantly impact Southern States' profitability, particularly net interest income[227] - A steeper yield curve could enhance net interest income opportunities, while a flattening yield curve may pressure net interest margins[227] - The accuracy of financial statements is contingent on the reliability of information from customers and counterparties, which could impact financial reporting[216] - Changes in accounting standards may materially affect how Southern States records and reports its financial condition and results of operations[222]

Financial Performance - Net income for Q4 2024 was $11.2 million, or $1.11 diluted earnings per share, compared to $7.4 million, or $0.76 per diluted share in Q3 2024, and $8.9 million, or $0.99 per diluted share in Q4 2023[4] - Core net income for Q4 2024 was $10.5 million, or $1.04 diluted core earnings per share, up from $8.7 million, or $0.89 per diluted core earnings per share in Q3 2024[5] - Net income for the three months ended December 31, 2024, was $11,198 million, a significant increase from $8,896 million in the same period of 2023, representing a growth of 25.0%[32] - Basic earnings per share for the three months ended December 31, 2024, were $1.13, compared to $1.00 in the same period of 2023, reflecting a 13.0% increase[32] - Core net income for the twelve months ended December 31, 2024, was $36,339 thousand, up from $31,190 thousand in the previous year, representing a year-over-year growth of 16.9%[53] - Core net income for Q4 2024 reached $10,484 million, up 20.5% from $8,675 million in Q3 2024 and 43.1% from $7,289 million in Q4 2023[55] Income and Revenue - Net interest income increased to $25.1 million in Q4 2024, a 3.3% increase from $24.2 million in Q3 2024, and a 22.8% increase from $20.4 million in Q4 2023[7] - Total interest income for the three months ended December 31, 2024, was $44,977 million, an increase from $36,172 million in the same period of 2023, representing a growth of 24.5%[32] - Net interest income for Q4 2024 was $25,050 million, up 3.3% from $24,246 million in Q3 2024 and 22.4% from $20,404 million in Q4 2023[55] - Total noninterest income for Q4 2024 was $3.0 million, a 70.2% increase from $1.8 million in Q3 2024, primarily due to $1.2 million from the Employee Retention Credit[10] - Noninterest income totaled $2,990 million for the three months ended December 31, 2024, compared to $3,118 million in the same period of 2023, indicating a decrease of 4.1%[32] Asset Quality - Nonperforming loans decreased to $6.5 million, or 0.29% of gross loans, down from $7.9 million, or 0.36% in Q3 2024[15] - The provision for credit losses was $72,000 in Q4 2024, significantly lower than $2.6 million in Q3 2024, reflecting improved credit quality[16] - Net recoveries for Q4 2024 were $205,000, or (0.04)% of average loans, compared to net charge-offs of $350,000, or 0.07% in Q3 2024[17] - Nonperforming loans decreased to $6,533, a decrease from $7,868 in the previous year, showing a reduction of 17.0%[45] - The allowance for credit losses was 1.27% of total loans and 433.77% of nonperforming loans as of December 31, 2024[18] Capital and Equity - Total stockholders' equity increased to $279.9 million as of December 31, 2024, up from $271.4 million at September 30, 2024[20] - The Tier 1 capital ratio to average assets was 8.67% as of December 31, 2024, compared to 8.64% at September 30, 2024[20] - The Tier 1 capital ratio stood at 9.84%, an increase from 9.20% in the previous year, indicating stronger capital adequacy[27] - Total shareholders' equity increased to $279,889 thousand, up from $214,964 thousand, showing a growth of 30.2% year-over-year[27] Efficiency and Ratios - The efficiency ratio for Q4 2024 was 46.67%, indicating strong operational efficiency[5] - The efficiency ratio improved to 46.67% in Q4 2024 from 52.79% in Q3 2024[25] - Core efficiency ratio improved to 47.78% in Q4 2024, compared to 46.96% in Q3 2024 and 45.78% in Q4 2023[55] - Return on average tangible common equity increased to 18.87% in Q4 2024, up from 13.35% in Q3 2024 and 18.62% in Q4 2023[55] Loans and Deposits - Gross loans increased to $2.2 billion, up 1.2% from Q3 2024 and up 18.1% from $1.9 billion in Q4 2023, driven by new business growth and the acquisition of Century Bank[14] - Total deposits were $2.4 billion at December 31, 2024, down 0.4% from $2.4 billion at September 30, 2024, but up 19.5% from $2.0 billion at December 31, 2023[19] - Total loans increased to $2,226,569 thousand, up from $1,884,508 thousand year-over-year, representing a growth of 18.1%[27] - Total deposits amounted to $2,411,297 thousand, a rise from $2,018,189 thousand, reflecting a growth of 19.4% year-over-year[27] Acquisitions and Growth - The company completed the acquisition of Century Bank in August 2024, enhancing its presence in the Atlanta metro market[6] - Total assets reached $2,849,264 thousand, compared to $2,446,663 thousand in the previous year, marking an increase of 16.4%[27] - Average tangible common equity increased to $236,073 million in Q4 2024, up from $219,197 million in Q3 2024 and $189,515 million in Q4 2023[55]

Financial Performance - Southern States Bancshares reported net income of $11.2 million, or $1.11 diluted earnings per share, for Q4 2024, an increase from $7.4 million in Q3 2024 and $8.9 million in Q4 2023 [2][6][26] - Core net income for Q4 2024 was $10.5 million, or $1.04 diluted core earnings per share, compared to $8.7 million in Q3 2024 and $7.3 million in Q4 2023 [2][6][26] - The company achieved a full-year net income of $34.9 million, reflecting strong operational execution and customer service [3] Net Interest Income and Margin - Net interest income for Q4 2024 was $25.1 million, up 3.3% from $24.2 million in Q3 2024 and up 22.8% from $20.4 million in Q4 2023 [4][5][25] - The net interest margin for Q4 2024 was 3.66%, slightly up from 3.65% in Q3 2024, primarily due to cost savings from lower-cost core deposits replacing higher-cost brokered deposits [4][5][6] Loan and Credit Quality - Gross loans reached $2.2 billion at December 31, 2024, an increase of 1.2% from Q3 2024 and 18.1% year-over-year [13][14] - Nonperforming loans totaled $6.5 million, or 0.29% of gross loans, down from $7.9 million (0.36%) in Q3 2024 and up from $1.2 million (0.06%) in Q4 2023 [15][30] - The provision for credit losses was $72,000 for Q4 2024, significantly lower than $2.6 million in Q3 2024 [16] Deposits - Total deposits were $2.4 billion at December 31, 2024, a slight decrease from $2.4 billion in Q3 2024 but an increase from $2.0 billion in Q4 2023 [19] - Noninterest-bearing deposits increased by 5.3% from Q3 2024 and 31.4% year-over-year [19] Capital Ratios - As of December 31, 2024, the Tier 1 capital ratio was 8.67%, and the total capital ratio was 14.73% [20][30] - Total stockholders' equity increased to $279.9 million from $271.4 million at September 30, 2024, driven by strong earnings growth [20]

Core Viewpoint - Southern States Bancshares, Inc. has declared a cash dividend of $0.09 per share on its common stock, payable on February 14, 2025, to shareholders of record as of February 3, 2025 [1]. Company Overview - Southern States Bancshares, Inc. is headquartered in Anniston, Alabama, and operates primarily through its wholly-owned subsidiary, Southern States Bank [2]. - Southern States Bank is a full-service community banking institution offering a variety of deposit, loan, and other banking-related products and services to businesses and individuals [2]. - The Bank operates fifteen branches in Alabama and Georgia, along with two loan production offices in Atlanta [2].

Financial Performance - Net income for the three months ended September 30, 2024, was $7,353,000, compared to $6,629,000 for the same period in 2023, representing an increase of 10.9%[16] - Net income for the nine months ended September 30, 2024, was $23,670,000, compared to $23,056,000 for the same period in 2023, reflecting an increase of 2.66%[21] - Comprehensive income for the three months ended September 30, 2024, was $9,820,000, compared to $4,302,000 for the same period in 2023, reflecting a substantial increase[17] - Net income for the three months ended September 30, 2024, was $8,986, up from $8,006 in the prior year, representing a growth of 12.25%[82] - The Company reported a total of $71,962 in net income for the nine months ended September 30, 2024, compared to $67,311 for the same period in 2023, marking an increase of 3.93%[82] Asset Growth - Total assets increased to $2,841,440 thousand as of September 30, 2024, compared to $2,446,663 thousand at December 31, 2023, reflecting a growth of approximately 16%[11] - Loans, net of unearned income, rose to $2,199,211 thousand, up from $1,884,508 thousand, representing an increase of about 17%[11] - Total deposits reached $2,420,546 thousand, a significant increase from $2,018,189 thousand, marking a growth of approximately 20%[11] - Stockholders' equity increased to $271,370 thousand from $214,964 thousand, indicating a growth of around 26%[12] - The bank-owned life insurance increased to $39,159 thousand from $29,884 thousand, reflecting a growth of approximately 31%[11] Credit Losses and Provisions - The allowance for credit losses was $28,061 thousand as of September 30, 2024, compared to $24,378 thousand at the end of 2023, reflecting a rise of about 15%[11] - The company reported a provision for credit losses of $2,583,000 for the three months ended September 30, 2024, compared to $773,000 for the same period in 2023, indicating a rise in credit loss provisions[15] - The allowance for credit losses on off-balance sheet financial instruments was $1,405 thousand at September 30, 2024, up from $1,239 thousand at December 31, 2023, reflecting an increase of about 13.4%[49] - The allowance for credit losses increased to $28,061 as of September 30, 2024, up from $24,378 at December 31, 2023, reflecting a provision for credit losses of $4,885 during the period[125] Income and Expenses - Total interest income for the three months ended September 30, 2024, was $45,068,000, up from $35,204,000 in the same period last year, reflecting a growth of 27.9%[15] - Net interest income after provision for credit losses for the three months ended September 30, 2024, was $21,663,000, compared to $19,958,000 for the same period in 2023, an increase of 8.5%[15] - Total noninterest income for the three months ended September 30, 2024, was $1,757,000, compared to a loss of $2,894,000 in the same period last year, indicating a significant recovery[15] - Total noninterest expenses for the three months ended September 30, 2024, were $13,687,000, compared to $8,569,000 for the same period in 2023, an increase of 59.5%[15] Shareholder Information - The company reported a total of 9,882,350 common shares issued and outstanding as of September 30, 2024, compared to 8,841,349 shares at December 31, 2023[12] - Basic earnings per share for the three months ended September 30, 2024, were $0.76, compared to $0.75 for the same period in 2023, showing a slight increase[15] - Basic earnings per common share was $0.76 for Q3 2024, down from $0.91 in Q2 2024 but up from $0.75 in Q3 2023[205] Securities and Investments - As of September 30, 2024, total securities available for sale amounted to $206,002,000, with a fair value of $198,076,000, compared to $190,322,000 and $179,000,000 respectively as of December 31, 2023[86] - The total unrealized losses for securities available for sale increased to $8,903,000 as of September 30, 2024, from $11,598,000 as of December 31, 2023[86] - The total securities held to maturity as of September 30, 2024, was $19,616,000, with a fair value of $16,902,000, compared to $19,632,000 and $16,233,000 as of December 31, 2023[88] - The fair value of U.S. Treasury securities decreased to $8,979,000 as of September 30, 2024, from $8,772,000 as of December 31, 2023[86] Capital Ratios - The Company believes they are well capitalized as of September 30, 2024, exceeding minimum capital ratios[162] - The Company's Tier 1 capital to average assets ratio is 8.64%, exceeding the required adequacy amount of 4.00%[165] - The Company's CET 1 capital to risk-weighted assets ratio stands at 9.36%, above the required minimum of 7.00%[165] - The Company's total capital to risk-weighted assets ratio is 14.18%, significantly higher than the required 10.50%[165] Loan Portfolio - The total loan portfolio as of September 30, 2024, amounts to $2,205,747,000, a decrease from $2,421,753,000 in 2023[113] - The company reported a gross loan amount of $2,205,747 million, with commercial loans making up 61.0% of the total[97] - The residential mortgage segment saw an increase in loans to $293,150 million, representing 13.3% of the total loan portfolio[97] - The total amount of substandard loans is $150,000, which decreased from $4,346,000 in 2023, indicating a significant reduction[113] Cash Flow - Net cash provided by operating activities was $28,583,000, down from $31,486,000 in the previous year, indicating a decrease of 9.06%[21] - Net cash used in investing activities was $(26,208,000), significantly improved from $(207,300,000) in the prior year[21] - Net cash provided by financing activities totaled $24,830,000, a decrease from $223,495,000 in the previous year[23] Risk Management - The company’s risk management process includes regular monitoring of credit quality and trends in the loan portfolio segments[106] - The company does not believe any of the debt securities are credit impaired, as issuers continue to make timely principal and interest payments[96]

Financial Performance - Net income for Q3 2024 was $7.4 million, or $0.76 per diluted share, compared to $8.2 million, or $0.90 per diluted share in Q2 2024[2] - Core net income for Q3 2024 was $8.7 million, or $0.89 per diluted share, down from $9.1 million, or $1.00 per diluted share in Q2 2024[2] - Basic earnings per share for Q3 2024 were $0.76, compared to $0.91 in Q2 2024 and $0.75 in Q3 2023[23] - Net income for September 2024 was $7,353 thousand, a decrease of 10.3% from $8,198 thousand in June 2024 but an increase of 10.9% from $6,629 thousand in September 2023[27] - Core net income for September 2024 was $8,675 thousand, down from $9,058 thousand in June 2024, reflecting a decrease of 4.2%[27] - The return on average assets (ROAA) for September 2024 was 1.05%, down from 1.29% in June 2024, indicating a decline in profitability[28] - Core return on average assets was 1.24% for the three months ended September 30, 2024, down from 1.43% in the prior year[36] Income and Expenses - Net interest income increased by 12.4% to $24.2 million in Q3 2024, largely due to the acquisition of Century Bank[3] - Noninterest income for Q3 2024 was $1.8 million, an increase of 28.4% from $1.4 million in Q2 2024, driven by the acquisition of Century Bank[8] - Noninterest expense for Q3 2024 was $13.7 million, a 19.9% increase from $11.4 million in Q2 2024, including $1.5 million in merger-related expenses[10] - Total noninterest expense increased to $13,687,000 from $11,411,000, reflecting a rise of 19.9%[37] - Adjusted noninterest expenses were $12,176,000, compared to $10,259,000, representing an increase of 18.7%[37] Asset and Deposit Growth - Total assets reached $2,841,440 thousand, compared to $2,296,527 thousand in the previous year, marking an increase of 23.7%[25] - Total deposits grew 44.8% annualized linked-quarter, with legacy total deposits excluding brokered deposits growing 9.6% annualized[2] - Total deposits reached $2.4 billion at September 30, 2024, up from $2.2 billion at June 30, 2024, and $1.9 billion at September 30, 2023[17] - Total deposits rose to $2,420,546 thousand, a 11.2% increase from $1,916,401 thousand year-over-year[25] - The company reported a 31.3% increase in noninterest-bearing deposits, totaling $546.3 million at September 30, 2024[17] Loan Performance - As of September 30, 2024, net loans were $2.2 billion, an increase of $183.8 million from June 30, 2024, and $425.1 million from September 30, 2023[12] - Total loans increased to $2,199,211 thousand, up from $1,774,148 thousand year-over-year, representing a growth of 23.9%[25] - Nonperforming loans totaled $7.9 million, or 0.36% of gross loans, up from $3.8 million (0.19%) at June 30, 2024, and $1.1 million (0.06%) at September 30, 2023[13] - The provision for credit losses was $2.6 million for Q3 2024, compared to $1.1 million in Q2 2024, including a $1.7 million provision related to the acquisition[14] Capital and Equity - Total stockholders' equity increased to $271.4 million, up from $230.6 million at June 30, 2024, primarily due to the issuance of $31.5 million in common stock for the acquisition[18] - Total shareholders' equity improved to $271,370 thousand, compared to $201,924 thousand, showing a growth of 34.3%[25] - The Tier 1 capital ratio remained stable at 9.36%, compared to 9.32% in the previous year, indicating strong capital adequacy[25] Efficiency and Ratios - The efficiency ratio improved to 52.79%, with a core efficiency ratio of 46.96%[2] - The efficiency ratio for September 2024 was 52.79%, compared to 49.78% in June 2024, indicating a decline in operational efficiency[28] - Return on average tangible common equity (ROATCE) was 13.35% for Q3 2024[2] - Diluted core earnings per share decreased to $0.89 from $1.00, representing a decline of 11%[37] Acquisition Impact - The acquisition of Century Bank was completed on August 1, 2024, enhancing the company's platform for loan and deposit growth in Georgia markets[3] - The acquisition of Century Bank contributed an additional $131.7 million in loans and $304.4 million in deposits as of September 30, 2024[12][17]