Southern States Bancshares (SSBK) investor relations material

Executive summary

• Q1 2025 net income was $10.4M ($1.04 per share), up 27.5% year-over-year but down from $11.2M in Q4 2024; core net income was $10.3M ($1.03 per diluted share).

• Announced definitive merger agreement with FB Financial, valuing SSBK at $381M, expected to close late Q3 or early Q4 2025; shareholders to receive 0.800 FBK shares per SSBK share.

• Completed Century Bank acquisition in July 2024, expanding Georgia market presence and contributing to growth.

• CEO highlighted improved net interest margin, lower noninterest expense, and strong credit quality.

• Assets reached $2.85B, loans $2.26B, and deposits $2.43B as of March 31, 2025.

Financial highlights

• Net interest income was $24.9M, up 19.4% year-over-year but down 0.7% sequentially; net interest margin improved to 3.75%.

• Noninterest income rose 30.4% year-over-year to $1.7M; noninterest expense increased 18.6% to $12.3M, mainly from salaries and acquisition costs.

• Efficiency ratio improved to 46.42%, reflecting disciplined expense management.

• Annualized loan growth was 6.1% and deposit growth 2.4% compared to Q4 2024.

• Tangible book value per share increased to $25.04.

Outlook and guidance

• Merger with FB Financial expected to enhance market presence, capabilities, and financial strength; closing anticipated in Q3/Q4 2025.

• Management continues to focus on organic growth, disciplined M&A, and maintaining asset quality and capital adequacy.