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Company Overview
Southern States Bancshares, Inc. is a community bank that has cemented its reputation by providing personalized and comprehensive financial services to both individuals and local businesses across Alabama and Georgia. As an FDIC member and equal housing lender, the bank operates with a dedicated philosophy on customer service, operational prudence, and transparent banking practices. Recognized for its commitment to the community, Southern States Bancshares employs seasoned professionals who understand the nuances of local economies and the unique needs of their customers. Keywords such as community banking, deposit services, and loan products are integral to its operational identity, reflecting a model based on both trust and deep industry knowledge.
Business Model and Service Portfolio
Southern States Bancshares, Inc. delivers a full spectrum of financial services that include a broad range of deposit accounts, lending products, and various banking-related services. The company’s business model is characterized by its three distinct portfolio segments: Real Estate, which includes mortgage lending and property-related financing; Commercial and Industrial, focusing on tailored banking solutions for local businesses and enterprises; and Consumer and Other, which addresses everyday banking needs and personal loans. This diversified structure ensures that the institution maintains a balanced revenue stream while addressing market-specific demands. Its operational strategies are deeply intertwined with the principles of personalized service, risk management, and a thorough understanding of local market dynamics.
Local Presence and Community Impact
One of the distinguishing characteristics of Southern States Bancshares is its robust local presence. With multiple branch locations in key communities throughout Alabama and Georgia, the bank is well‐positioned to nurture enduring relationships with its clientele. The emphasis on personal interaction and community focus ensures that customers receive tailored advice and services that consider the local economic climate and individual circumstances. This approach not only fosters loyalty but also reinforces the bank’s role as a vital community participant, facilitating growth and stability in the financial well‐being of its customers.
Operational Excellence and Industry Expertise
The institution prides itself on its operational excellence, which is evident in the way it harmonizes traditional community banking values with modern financial solutions. Southern States Bancshares integrates a detailed understanding of local and regional financial trends into its day-to-day operations. The bank consistently applies a comprehensive risk management framework that is crucial in safeguarding customer assets and maintaining regulatory compliance. Its adherence to transparent financial practices, including the reconciliation of non-GAAP measures to GAAP standards, demonstrates its commitment to both clarity and accountability. This operational discipline is a testament to the expertise of its management team and reinforces the bank's authoritative stance within the community banking sector.
Competitive Positioning in the Financial Sector
In a competitive landscape that includes both large national banks and other community-focused financial institutions, Southern States Bancshares differentiates itself through a clear emphasis on localized service and operational agility. Unlike larger banks that often rely on broad-based, impersonal approaches, this institution emphasizes learned, nuanced customer engagement. Its strategic portfolio segmentation allows the bank to offer specialized services which are in tune with market demands. By focusing on quality over quantity, it creates value through deep community ties and a personalized banking experience that resonates with local demographics and market trends.
Diverse Portfolio and Value Proposition
The diversified nature of Southern States Bancshares' service offerings provides a solid foundation for meeting various financial needs. The real estate segment supports local property financing, while the commercial and industrial category is tailored for small to medium enterprises seeking working capital and expansion financing. The consumer segment is dedicated to personal banking needs ranging from checking and savings accounts to loans that assist in day-to-day financial management. This multi-segment approach not only mitigates risk by spreading exposure across various market sectors but also cements its reputation as a full-service bank committed to comprehensive financial solutions.
Expert Insights and Trustworthiness
Southern States Bancshares, Inc. embodies a blend of traditional banking principles with judicious operational strategies that are central to community banking. Its robust framework for risk management and fiscal discipline is evident in the transparent reconciliation processes used in its financial reporting. The bank’s ongoing commitment to tailoring its services to meet local market demands has enabled it to sustain a trustworthy relationship with its customers. Through periodic performance overviews and operational highlights, the management continues to demonstrate an expert grasp of the financial sector, thereby reinforcing the institution's reputation for trustworthiness and industry insight.
Service Methodology and Community-oriented Approach
At the heart of the institution’s business model is an unwavering focus on customer-centric service. The bank’s professionals are not remote employees but integral members of the communities they serve, ensuring that every financial solution is underpinned by local insight and personal attention. This community-centric methodology reinforces core banking values such as trust, accessibility, and personalized care, ensuring that every client receives the comprehensive support necessary to navigate today’s financial challenges. This method of operation, far from being generic, stands as a well-defined differentiation point in a sector where personal relationships and local economic insights are paramount.
Conclusion
In summary, Southern States Bancshares, Inc. encapsulates the essence of community banking by delivering a well-balanced mix of deposit, loan, and comprehensive financial services through a diversified portfolio model. Its deep ties to the communities within Alabama and Georgia, combined with a specialization in strategic portfolio segmentation, set the institution apart in a competitive landscape. By emphasizing personalized support, operational excellence, and transparent financial practices, the bank establishes its authority and trustworthiness in the regional financial market. Designed to meet the needs of modern banking clients while maintaining the warmth and accessibility of traditional financial services, Southern States Bancshares stands as a notable, reliable institution in the realm of community banking, continuously delivering value and tailored banking solutions to its clients.
Southern States Bancshares (NASDAQ: SSBK) has announced a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be paid on May 12, 2025 to shareholders who are recorded as stockholders as of May 1, 2025. The announcement comes from the holding company of Southern States Bank, an Alabama state-chartered commercial bank.
FB Financial (NYSE: FBK) and Southern States Bancshares have announced a definitive merger agreement, with Southern States merging into FB Financial. The transaction is valued at approximately $381 million, with Southern States shareholders receiving 0.800 shares of FB Financial common stock for each Southern States share.
Southern States, headquartered in Anniston, Alabama, brings 15 branches across Alabama and Georgia, plus two loan production offices in Atlanta MSA. As of December 31, 2024, Southern States reported total assets of $2.8 billion, loans of $2.2 billion, and deposits of $2.4 billion.
The merger is expected to close in late Q3 or early Q4 2025, subject to regulatory and shareholder approvals. Southern States' President and CEO Mark A. Chambers and CFO Lynn J. Joyce will take meaningful roles in the combined company, and one Southern States Director will join FB Financial's Board.
FB Financial (NYSE: FBK) and Southern States Bancshares (NASDAQ: SSBK) announced a definitive merger agreement where Southern States will merge into FB Financial. The deal values Southern States at approximately $381 million, with shareholders receiving 0.800 shares of FB Financial stock for each Southern States share.
Southern States, headquartered in Anniston, Alabama, brings 15 branches across Alabama and Georgia, plus two loan production offices in Atlanta MSA. As of December 31, 2024, Southern States reported $2.8 billion in total assets, $2.2 billion in loans, and $2.4 billion in deposits.
The merger is expected to close in late Q3 or early Q4 2025, subject to regulatory and shareholder approvals. Southern States' CEO Mark Chambers and CFO Lynn Joyce will take meaningful roles in the combined company, and one Southern States Director will join FB Financial's Board.
Southern States Bancshares (NASDAQ: SSBK) reported strong fourth quarter 2024 results with net income of $11.2 million, or $1.11 per diluted share, compared to $7.4 million in Q3 2024 and $8.9 million in Q4 2023. The company achieved a net interest margin of 3.66% and an efficiency ratio of 46.67%.
Key highlights include net interest income of $25.1 million, up 3.3% from Q3 2024, and loans growth of 4.9% annualized quarter-over-quarter. Total deposits, excluding brokered deposits, grew 6.2% annualized, while brokered deposits declined 22.7%. Credit quality remained strong with nonperforming loans at just 0.29% of total loans.
The company completed the acquisition of Century Bank in August 2024, expanding its presence in Georgia, particularly in the Atlanta metro market. The integration has been completed, resulting in 15 full-service branches and two loan production offices across Alabama and Georgia.
Southern States Bancshares (NASDAQ: SSBK) has announced that its Board of Directors declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be paid on February 14, 2025, to shareholders of record as of February 3, 2025. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
Southern States Bancshares, Inc. (NASDAQ: SSBK) reported its third quarter 2024 financial results, with a net income of $7.4 million, or $0.76 per diluted share, compared to $8.2 million, or $0.90 per diluted share, in the previous quarter. The company’s core net income was $8.7 million, or $0.89 per diluted share.
Key highlights include:
- Net interest income of $24.2 million, a 12.4% increase from Q2 2024.
- Net interest margin of 3.65%, up 9 basis points from Q2 2024.
- Loan growth of 36.3% annualized, and deposit growth of 44.8% annualized.
- Completion of CBB Bancorp acquisition on August 1, 2024.
Noninterest income rose to $1.8 million, a 28.4% increase from Q2. Noninterest expense increased to $13.7 million, up 19.9% from Q2, mainly due to merger-related expenses.
Loans were $2.2 billion, up 9.1% from Q2. Nonperforming loans increased to $7.9 million. Total deposits were $2.4 billion, up 11.3% from Q2. The company’s total stockholders’ equity was $271.4 million, up from $230.6 million in Q2.
Southern States Bancshares (NASDAQ: SSBK) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be payable on November 15, 2024 to shareholders of record as of November 1, 2024. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
Southern States Bancshares (NASDAQ: SSBK) has completed its acquisition of CBB Bancorp, the holding company for Century Bank of Georgia. The merger, effective July 31, 2024, enhances Southern States' presence in Georgia, particularly in the high-growth Atlanta metro market. This strategic move positions Southern States Bank as a premier Southeastern community bank, expanding its network to 15 full-service branches and two loan production offices across Alabama and Georgia.
Former CBB Bancorp shareholders can elect to receive either 1.550 shares of Southern States common stock or $45.63 in cash per share, subject to a 10% cash consideration limit. Southern States' CEO, Mark A. Chambers, expressed enthusiasm about integrating Century Bank's leadership and team, highlighting the bank's solid core deposit base and strong liquidity position.
Southern States Bancshares (NASDAQ: SSBK) reported Q2 2024 net income of $8.2 million, or $0.90 per diluted share. Core net income was $9.1 million, or $1.00 per diluted share. Key highlights include:
- Net interest income: $21.6 million, up 3.6% from Q1 2024
- Net interest margin: 3.56%, down 3 basis points from Q1 2024
- ROAA: 1.29%; ROAE: 14.55%; ROATCE: 15.79%
- Loans grew 10.3% annualized from Q1 2024
- Total deposits grew 12.6% annualized from Q1 2024
- Efficiency ratio: 49.78%; core efficiency ratio: 44.75%
The company maintained strong profitability metrics and experienced balanced loan and deposit growth across its major lending areas. Southern States is preparing to close its acquisition of CBB Bancorp on August 1, which is expected to strengthen its platform and expand its presence in Georgia markets.
Southern States Bancshares (NASDAQ: SSBK) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be payable on August 12, 2024 to shareholders of record as of July 31, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
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