Financial Performance - Net income for the three months ended March 31, 2023, was $7,671 thousand, representing a 68.8% increase from $4,557 thousand for the same period in 2022[22]. - Comprehensive income for the same period was $8,873,000, compared to a loss of $1,311,000 in the prior year[24]. - Basic earnings per share for Q1 2023 were $0.87, up from $0.51 in Q1 2022, representing a growth of 70.6%[22]. - Net income for Q1 2023 was $7.7 million, down from $10.6 million in Q4 2022 and up from $4.6 million in Q1 2022[181]. - Annualized return on average assets (ROAA) was 1.51% for Q1 2023, compared to 2.11% in Q4 2022 and 1.03% in Q1 2022[185]. - Annualized return on average equity (ROAE) was 16.67% for Q1 2023, down from 23.77% in Q4 2022 and up from 10.43% in Q1 2022[185]. Interest Income and Expenses - Total interest income rose to $28,699 thousand for Q1 2023, up 80.9% from $15,872 thousand in Q1 2022, driven primarily by increased loan income[22]. - Net interest income after provision for credit losses was $18,365 thousand for Q1 2023, compared to $13,954 thousand in Q1 2022, marking a 31.5% increase[22]. - Net interest income decreased by $1.3 million, or 6.4%, to $19.5 million in Q1 2023 from $20.9 million in Q4 2022, but increased by $4.9 million, or 33.4%, from $14.7 million in Q1 2022[185]. - The increase in interest income was primarily driven by a $12.8 million increase, or 80.8%, in interest income, partially offset by a $7.9 million increase, or 651.5%, in interest expense[196]. Asset and Deposit Growth - Total assets increased to $2,135,622 thousand as of March 31, 2023, compared to $2,045,204 thousand at December 31, 2022, reflecting a growth of approximately 4.4%[18]. - Total deposits increased to $1,789,491 thousand as of March 31, 2023, up from $1,720,743 thousand at December 31, 2022, indicating a growth of approximately 4.0%[18]. - The company experienced a net increase in deposits of $68,748,000 during the quarter, contrasting with a decrease of $14,612,000 in the same period last year[30]. - Loans, net of unearned income, increased by $58.2 million, or 3.7%, to $1.6 billion as of March 31, 2023, compared to December 31, 2022[185]. Credit Losses and Provisions - The provision for credit losses was $1,181 thousand for Q1 2023, compared to $700 thousand in Q1 2022, reflecting a 68.6% increase[22]. - The allowance for credit losses decreased slightly to $19,855 thousand as of March 31, 2023, from $20,156 thousand at December 31, 2022[18]. - The allowance for credit losses as a percentage of gross loans was 1.20% at March 31, 2023, compared to 1.18% at March 31, 2022[198]. - The provision for credit losses for the three months ended March 31, 2023, was $1.2 million, up from $700,000 in the same period in 2022[197]. Noninterest Expenses - Noninterest expenses totaled $10,158 thousand for Q1 2023, an increase of 9.3% from $9,290 thousand in Q1 2022[22]. - Salaries and employee benefits accounted for $6.311 million in Q1 2023, up from $5.725 million in Q1 2022, reflecting an increase of $586,000[208]. - Total noninterest expense increased from $9.290 million in Q1 2022 to $10.158 million in Q1 2023[208]. Stockholder Equity and Share Repurchase - The company reported a total stockholders' equity of $189,663 thousand as of March 31, 2023, compared to $181,719 thousand at December 31, 2022, reflecting an increase of approximately 4.4%[19]. - The company repurchased $575,000 worth of common stock under its stock repurchase program during the quarter[30]. - The company announced a share repurchase program extension for an additional $10.0 million effective until December 31, 2023[179]. Securities and Fair Value - Total securities available for sale as of March 31, 2023, amounted to $163,550,000, down from $155,544,000 at December 31, 2022[86]. - The fair value of total securities decreased to $179,669,000 as of March 31, 2023, from $170,909,000 at December 31, 2022[87]. - The total unrealized losses on securities available for sale were $13,388,000 as of March 31, 2023[86]. - The fair value of U.S. Treasury securities as of March 31, 2023, is $8,758,000, with no Level 1 assets and $8,758,000 classified under Level 2[161]. Management and Governance - Mark Chambers was appointed as Chief Executive Officer on May 1, 2023, succeeding Stephen Whatley[180]. - The company operates through thirteen offices in Alabama and Georgia, providing a range of banking services[177].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 10-K Commission File Number: 001-40727 615 Quintard Ave., Anniston, AL 36201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (256) 241-1092 Securities registered pursuant to Section 12(b) of the Act: _____________________________ | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, $5.00 par ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40727 _____________________________ Southern States Ban ...

Q3 2022 Investor Presentation October 2022 Forward-Looking Statements 2 Important Notices and Disclaimers 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 are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: June 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40727 _____________________________ Southern States Bancshar ...

Q2 2022 Investor Presentation July 25, 2022 Forward-Looking Statements 2 Important Notices and Disclaimers 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 are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs an ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Southern States Bancshares, Inc. (Exact name of registrant as specified in its charter) _____________________________ Alabama 26-2518085 _____________________________ FORM 10-Q _____________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Excha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 10-K Commission File Number: 001-40727 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (256) 241-1092 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, $5.00 par value | SSBK | The Nasdaq Stock Market, LLC | | Securities register ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40727 _____________________________ Southern States Ban ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: June 30, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40727 _____________________________ Southern States Bancshar ...