Southern States Bancshares Inc
Southern States Bancshares — Q4 2024 Earnings Presentation
22 slides from Southern States Bancshares's earnings presentation, Jan 22, 2025
Slide 1: Q4 2024 Investor Presentation
Q4 2024 Investor Presentation January 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. / Q4 '24 Financial Highlights
3 | Source: Company Documents; financial data as of the three months ended 12/31/24 unless otherwise noted 1. Please refer to non-U.S. GAAP reconciliation in the appendix 2. Annualized Q4 ‘24 Financial Highlights Southern States Bancshares (Nasdaq: SSBK) was founded in August 2007 and priced its IPO
Slide 4: Dominant Bank in Small Market; Competitive Player in Large Metropolitan Areas
4 | 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 5: 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 6: Profitability and Per Share Data
Profitability1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Income $8,896 $8,119 $8,198 $7,353 $11,198 Core Net Income $7,289 $8,128 $9,058 $8,675 $10,484 ROAA 1.53% 1.33% 1.29% 1.05% 1.55% Core ROAA 1.26% 1.34% 1.43% 1.24% 1.45% ROAE 17.02% 14.87% 14.55% 11.89% 16.13% ROATCE 18.62% 16.17% 15.79% 13.
Slide 7: Net Income & EPS
7 | Net Income & EPS Source: Company Documents; data as of 12/31/24 Net Income (D ol la rs in t ho us an ds ) Net Income & EPS Net income for the 4Q 2024 of $11.2 million, or $1.13 per share and $1.11 per diluted share Key Earnings Ratios 18.62% 16.17% 15.79% 13.35% 18.87% 15.26% 16.19% 17.44% 15.74
Slide 8: Net Interest Income and Net Interest Margin
$15.8 $17.9 $19.4 $20.8 $19.9 $36.2 $38.7 $41.0 $45.0 $45.0 4Q23 1Q24 2Q24 3Q24 4Q24 Interest Expense Interest Income 8 | Source: Company Documents; data as of 12/31/24 Net Interest Income and Net Interest Margin Net Interest Income Net Interest Margin (D ol la rs in m ill io ns ) $20.4 $20.8 $21.6
Slide 9: Noninterest Expense and Efficiency
9 | Noninterest Expense Noninterest Expense and Efficiency (D ol la rs in t ho us an ds ) Noninterest Expense $9,717 $10,375 $11,411 $13,687 $13,074 $9,871 $10,375 $10,259 $12,176 $12,835 41.5% 46.9% 49.8% 52.8% 46.7% 45.8% 46.9% 44.8% 47.0% 47.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
Slide 10: Deposit Portfolio
$367.6 $394.1 $432.1 $501.8 $504.5 $230.9 $291.0 $288.3 $194.2 $150.0 $438.0 $416.7 $416.1 $546.3 $575.3 $82.5 $88.4 $82.8 $96.8 $90.2 $863.8 $885.7 $923.9 $1,027.9 $1,038.8 $35.4 $33.9 $32.5 $53.6 $52.5 $2,018.2 $2,109.8 $2,175.7 $2,420.5 $2,411.3 4Q23 1Q24 2Q24 3Q24 4Q24 Time Deposits Brokered Dep
Slide 11: Loan Portfolio
11 | Loan Portfolio Gross Loans by Type1 - $2.2B 31% 29% 14% 11% 14% 1%Owner-Occupied CRE Nonowner-Occupied CRE Commercial & Industrial Construction & Development Residential Consumer & Other Interest Rate: Fixed 47% Variable 53% Loan Composition 4Q24 Concentration Highlights 4Q24 $576.7 $605.1 $628
Slide 12: Office Building Loan Portfolio
12 | Office Building Loan Portfolio Office Building Loans $213.0M $74.1 $80.7 $82.7 $88.8 $92.3 $104.0 $112.3 $113.9 $120.8 $115.2 $13.7 $5.2 $8.1 $6.3 $5.5 0 50 100 150 200 4Q23 1Q24 2Q24 3Q24 4Q24 Owner-Occupied CRE Nonowner-Occupied CRE Construction & Development $191.8 $204.7 $215.9 $198.2 $213.
Slide 13: Asset Quality: Allowance and NCOs
$1,210 $3,479 $3,817 $7,901 $6,533 0.05% 0.14% 0.15% 0.28% 0.23% -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 Nonperforming Assets NPAs/Total Assets (D ol la rs in m ill io ns ) 13 | Allowance and N
Slide 14: Risk-Based Capital & Leverage Ratios
14 | Risk-Based Capital & Leverage Ratios Capital Tangible Book Value & Stock Price $29.28 $25.92 $27.14 $30.73 $33.31 $22.30 $23.07 $23.91 $23.38 $24.04 0.00 6.00 12.00 18.00 24.00 30.00 36.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 4Q23 1Q24 2Q24 3Q24 4Q24 Stock price Tangible Book Value 1.3
Slide 15: Growth History
$704 $840 $1,030 $1,250 $1,587 $1,885 $2,227 2018 2019 2020 2021 2022 2023 2024 $776 $951 $1,140 $1,556 $1,721 $2,018 $2,411 2018 2019 2020 2021 2022 2023 2024 $888 $1,095 $1,333 $1,783 $2,045 $2,447 $2,849 2018 2019 2020 2021 2022 2023 2024 Total Deposits ($M) Total Loans ($M) $7.7 $5.6 $12.1 $18.6
Slide 16: Building Shareholder Value: Our Strategic Focus
16 | Building Shareholder Value Maintain focus on strong, profitable organic growth without compromising our credit quality Further develop and grow our core deposit franchise Expand into new markets by hiring commercial bankers Focus on high growth markets and further expand our Atlanta franchise E
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Slide 18: Non-GAAP Financial Measures Reconciliations
18 | Non-GAAP Financial Measures Reconciliations Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income $ 11,198 $ 7,353 $ 8,896 $ 34,868 $ 31,952 Add: One-time retirement related expenses — — — — 1,571 Add: Profes
Slide 19: Non-GAAP Financial Measures Reconciliations
19 | Non-GAAP Financial Measures Reconciliations Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income $ 11,198 $ 7,353 $ 8,896 $ 34,868 $ 31,952 Add: One-time retirement related expenses — — — — 1,571 Add: Profes
Slide 20: Non-GAAP Financial Measures Reconciliations
20 | Non-GAAP Financial Measures Reconciliations 1. Assumes a 24.0% tax rate Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net interest income $ 25,050 $ 24,246 $ 20,404 $ 91,707 $ 80,112 Add: Fully-taxable equivalen
Slide 21: Non-GAAP Financial Measures Reconciliations
21 | Non-GAAP Financial Measures Reconciliations Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Core net income $ 10,484 $ 8,675 $ 7,289 $ 36,339 $ 31,190 Diluted weighted average shares outstanding 10,061,735 9,725,8
Slide 22: Non-GAAP Financial Measures Reconciliations
22 | Non-GAAP Financial Measures Reconciliations Three Months Ended Twelve Months Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net interest income $ 25,050 $ 24,246 $ 20,404 $ 91,707 $ 80,112 Add: Noninterest income 2,990 1,757 3,118 7,390 8,874 Le
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