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Southern States Bancshares, Inc. Announces Fourth Quarter 2024 Financial Results

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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) ha riportato risultati solidi per il quarto trimestre del 2024, con un utile netto di 11,2 milioni di dollari, ovvero 1,11 dollari per azione diluita, rispetto ai 7,4 milioni di dollari del terzo trimestre 2024 e agli 8,9 milioni di dollari del quarto trimestre 2023. L'azienda ha raggiunto un margine di interesse netto del 3,66% e un rapporto di efficienza del 46,67%.

Tra i punti salienti ci sono i ricavi da interessi netti di 25,1 milioni di dollari, in aumento del 3,3% rispetto al terzo trimestre 2024, e una crescita dei prestiti del 4,9% su base annua rispetto al trimestre precedente. I depositi totali, esclusi i depositi mediati, sono aumentati del 6,2% su base annua, mentre i depositi mediati sono diminuiti del 22,7%. La qualità del credito è rimasta forte, con prestiti non performanti che rappresentano solo lo 0,29% del totale dei prestiti.

L'azienda ha completato l'acquisizione di Century Bank nell'agosto 2024, ampliando la sua presenza in Georgia, in particolare nel mercato metropolitano di Atlanta. L'integrazione è stata completata, risultando in 15 filiali a servizio completo e due uffici di produzione prestiti in Alabama e Georgia.

Southern States Bancshares (NASDAQ: SSBK) informó resultados sólidos para el cuarto trimestre de 2024, con un ingreso neto de 11.2 millones de dólares, o 1.11 dólares por acción diluida, en comparación con 7.4 millones de dólares en el tercer trimestre de 2024 y 8.9 millones de dólares en el cuarto trimestre de 2023. La compañía logró un margen de interés neto del 3.66% y una ratio de eficiencia del 46.67%.

Los aspectos destacados incluyen ingresos por intereses netos de 25.1 millones de dólares, un aumento del 3.3% con respecto al tercer trimestre de 2024, y un crecimiento de préstamos del 4.9% anualizado trimestre a trimestre. Los depósitos totales, excluyendo los depósitos intermediaros, crecieron un 6.2% anualizado, mientras que los depósitos intermediaros disminuyeron un 22.7%. La calidad del crédito se mantuvo fuerte, con préstamos en dificultades representando solo el 0.29% del total de préstamos.

La compañía completó la adquisición de Century Bank en agosto de 2024, ampliando su presencia en Georgia, particularmente en el mercado metropolitano de Atlanta. La integración se ha completado, resultando en 15 sucursales de servicio completo y dos oficinas de producción de préstamos en Alabama y Georgia.

Southern States Bancshares (NASDAQ: SSBK)는 2024년 4분기 강력한 실적을 보고했으며, 순이익이 1,120만 달러, 즉 희석 주당 1.11 달러를 기록했습니다. 이는 2024년 3분기 740만 달러 및 2023년 4분기 890만 달러와 비교됩니다. 회사는 순이자 마진이 3.66%에 효율성 비율이 46.67%에 도달했습니다.

주요 요소로는 순이자 수익이 2,510만 달러로, 2024년 3분기 대비 3.3% 증가했으며, 연간 기준으로 분기 대비 대출 성장률이 4.9%였습니다. 중개 예금을 제외한 총 예금은 연간 기준으로 6.2% 증가했으며, 중개 예금은 22.7% 감소했습니다. 신용 품질은 강력하게 유지되었으며, 부실 대출은 총 대출의 0.29%에 불과했습니다.

회사는 2024년 8월 센추리 뱅크의 인수를 완료하여 조지아, 특히 애틀랜타 도시 시장에서의 존재감을 확대했습니다. 통합이 완료되어 Alabama와 Georgia에 총 15개의 완전 서비스 지점과 2개의 대출 생산 사무소가 생겼습니다.

Southern States Bancshares (NASDAQ: SSBK) a rapporté de solides résultats pour le quatrième trimestre 2024, avec un revenu net de 11,2 millions de dollars, soit 1,11 dollar par action diluée, comparativement à 7,4 millions de dollars au T3 2024 et 8,9 millions de dollars au T4 2023. La société a atteint une marge d'intérêt nette de 3,66% et un ratio d'efficacité de 46,67%.

Parmi les points clés, on note un revenu d'intérêts nets de 25,1 millions de dollars, en hausse de 3,3% par rapport au T3 2024, et une croissance des prêts de 4,9% en hausse annuelle d'un trimestre à l'autre. Les dépôts totaux, hors dépôts intermédiés, ont augmenté de 6,2% sur une base annualisée, tandis que les dépôts intermédiés ont diminué de 22,7%. La qualité du crédit est restée forte, avec des prêts non performants représentant seulement 0,29% du total des prêts.

La société a complété l'acquisition de Century Bank en août 2024, élargissant sa présence en Géorgie, en particulier sur le marché métropolitain d'Atlanta. L'intégration a été finalisée, aboutissant à 15 agences de services complets et deux bureaux de production de prêts en Alabama et en Géorgie.

Southern States Bancshares (NASDAQ: SSBK) hat im vierten Quartal 2024 starke Ergebnisse berichtet, mit einem Nettogewinn von 11,2 Millionen Dollar, bzw. 1,11 Dollar pro verwässerter Aktie, im Vergleich zu 7,4 Millionen Dollar im Q3 2024 und 8,9 Millionen Dollar im Q4 2023. Das Unternehmen erzielte einen Nettozinssatz von 3,66% und eine Effizienzquote von 46,67%.

Zu den Hauptpunkten gehören Zinserträge von 25,1 Millionen Dollar, was einem Anstieg von 3,3% im Vergleich zu Q3 2024 entspricht, und einem jährlichen Wachstum der Kredite von 4,9% im Quartalsvergleich. Die Gesamtindizes, ohne die gehandelten Einlagen, stiegen um 6,2% jährlich, während die gehandelten Einlagen um 22,7% zurückgingen. Die Kreditqualität bleibt stark, mit notleidenden Krediten, die lediglich 0,29% der Gesamtkredite ausmachen.

Das Unternehmen hat im August 2024 die Übernahme der Century Bank abgeschlossen und damit seine Präsenz in Georgia, insbesondere im Großraum Atlanta, ausgeweitet. Die Integration wurde abgeschlossen, was zu 15 vollwertigen Filialen und zwei Kreditproduktionsbüros in Alabama und Georgia führte.

Positive
  • Record quarterly net income of $11.2 million, up 51.4% from Q3 2024
  • Strong net interest margin of 3.66%, up from 3.65% in Q3 2024
  • Robust loan growth of 4.9% annualized quarter-over-quarter
  • Core deposit growth of 6.2% annualized, excluding brokered deposits
  • Excellent credit quality with NPLs at only 0.29% of total loans
  • Efficient operations with 46.67% efficiency ratio
Negative
  • Slight year-over-year decrease in net interest margin from 3.69% to 3.66%
  • Noninterest expense increased 34.5% year-over-year to $13.1 million
  • Nonperforming loans increased year-over-year from $1.2M to $6.5M

Insights

The Q4 2024 results showcase robust financial performance with net income reaching $11.2 million ($1.11 per diluted share), marking a substantial increase from $7.4 million in Q3 2024. The net interest margin held steady at 3.66%, demonstrating resilient core earnings despite market pressures.

Key strengths include the efficiency ratio of 46.67% and strong loan growth at 4.9% annualized. The reduction in brokered deposits by 22.7% while growing core deposits indicates improved funding mix and cost management. Credit quality remains excellent with NPLs at just 0.29% of total loans.

The Century Bank acquisition has been successfully integrated, expanding the footprint in Georgia's high-growth markets. The tangible benefits are evident in the ROAE of 16.13% and ROATCE of 18.87%, indicating efficient capital deployment.

Southern States' market positioning has strengthened considerably through strategic expansion and organic growth. The bank's presence across 15 full-service branches and two loan production offices in Alabama and Georgia creates a robust platform in economically vibrant Southeastern markets.

The deposit composition shows healthy trends with noninterest-bearing deposits increasing to 23.86% of total deposits, up from 21.70% year-over-year. This improvement in deposit mix, coupled with reduced reliance on brokered deposits, suggests enhanced competitive positioning and customer relationships.

The bank's capital ratios remain strong with CET1 at 9.84%, providing ample capacity for continued growth while maintaining regulatory buffers. The successful integration of Century Bank positions SSBK for continued market share gains in attractive metropolitan markets.

Fourth Quarter 2024 Performance and Operational Highlights

  • Net income of $11.2 million, or $1.11 per diluted share
  • Core net income(1) of $10.5 million, or $1.04 per diluted share(1)
  • Pretax pre-provision core net income(1) of $14.0 million
  • Net interest income of $25.1 million, an increase of $804,000 from the prior quarter
  • Net interest margin (“NIM”) of 3.66%, up 1 basis point from the prior quarter
  • Return on average assets (“ROAA”) of 1.55%; return on average stockholders’ equity (“ROAE”) of 16.13%; and return on average tangible common equity (“ROATCE”)(1) of 18.87%
  • Core ROAA(1) of 1.45%; and core ROATCE(1) of 17.67%
  • Efficiency ratio of 46.67%; and core efficiency ratio of 47.78%
  • Linked-quarter loans grew 4.9% annualized
  • Linked-quarter total deposits, excluding brokered deposits, grew 6.2% annualized
  • Linked-quarter brokered deposits declined (22.7)%

ANNISTON, Ala., Jan. 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 $11.2 million, or $1.11 diluted earnings per share, for the fourth quarter of 2024. This compares to net income of $7.4 million, or $0.76 diluted earnings per share, for the third quarter of 2024, and net income of $8.9 million, or $0.99 diluted earnings per share, for the fourth quarter of 2023. The Company reported core net income of $10.5 million, or $1.04 diluted core earnings per share, for the fourth quarter of 2024. This compares to core net income of $8.7 million, or $0.89 diluted core earnings per share, for the third quarter of 2024, and core net income of $7.3 million, or $0.81 diluted core earnings per share, for the fourth quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures”).

CEO Commentary
Mark Chambers, Chief Executive Officer and President of Southern States Bancshares, Inc., said “We are proud to report record net income of $11.2 million for the fourth quarter and $34.9 million for the full year, a testament to our team's diligent execution and superior customer service. Our strong operating results reflect our continued consistent growth supported by a healthy net interest margin of 3.66% for the fourth quarter, coupled with an efficiency ratio of 46.67%.”
     
“We remain firmly committed to prudently managing our franchise for sustainable growth across our dynamic footprint. That starts with maintaining excellent credit quality and strong capital levels.  Disciplined underwriting is critical to our success, and at year end, nonperforming loans accounted for just 0.29% of total loans.’’
     
“In August 2024, we completed the acquisition of Century Bank and have now seamlessly integrated its customers and team members into our organization. It enhances our presence in Georgia, especially in the high-growth Atlanta metro market, and elevates our position as a premier Southeastern community bank. With 15 full-service branches and two loan production offices across the vibrant economies in Alabama and Georgia, we have substantially expanded and strengthened Southern States Bank’s community banking platform, which we believe sets us up to deliver resilient growth and shareholder returns in 2025.”


Net Interest Income and Net Interest Margin
    
 Three Months Ended % Change December 31, 2024 vs.
December 31,
2024		 September 30,
2024		 December 31,
2023		 September 30,
2024		 December 31,
2023
 (Dollars in thousands)    
          
Average interest-earning assets$   2,722,907   $   2,645,388   $   2,195,381   2.9 % 24.0 %
Net interest income$        25,050   $        24,246   $        20,404   3.3 % 22.8 %
Net interest margin 3.66 %  3.65 %  3.69 %                1 bps               (3) bps
          

Net interest income for the fourth quarter of 2024 was $25.1 million, an increase of 3.3% from $24.2 million for the third quarter of 2024. The increase was substantially due to a decrease in higher-cost brokered deposits as a result of calls and repayments at maturity and replaced with less expensive core deposits.

Relative to the fourth quarter of 2023, net interest income increased $4.6 million, or 22.8%. The increase was mainly driven by significant organic growth, coupled with the acquisition of Century Bank on July 31, 2024.

Net interest margin for the fourth quarter of 2024 was 3.66%, compared to 3.65% for the third quarter of 2024. The slight increase was primarily due to cost savings attributed to calls and repayments at maturity on higher-cost brokered deposits.

Relative to the fourth quarter of 2023, net interest margin decreased slightly from 3.69%. The decrease was primarily the result of the decrease in interest rates. The acquisition of Century Bank resulted in a positive impact to the net interest margin, effectively helping to reduce the cost of interest-bearing liabilities.


Noninterest Income
    
 Three Months Ended % Change December 31, 2024 vs.
December 31,
2024		 September 30,
2024		 December 31,
2023		 September 30,
2024		 December 31,
2023
 (Dollars in thousands)    
          
Service charges on deposit accounts$                565 $                532  $                441 6.2% 28.1%
Swap fees (expense)                     17                      (9)                      70 288.9% (75.7)%
SBA/USDA fees                     89                    179                       70 (50.3)% 27.1%
Mortgage origination fees                     55                    112                       87 (50.9)% (36.8) 
Net gain on securities                     25                      75                       98 (66.7)% (74.5)%
Employee retention credit (“ERC”)                1,154                      —                       — N/A  N/A 
Other operating income                1,085                    868                  2,352 25.0% (53.9)%
   Total noninterest income$             2,990 $             1,757  $             3,118 70.2% (4.1)%
          

Noninterest income for the fourth quarter of 2024 was $3.0 million, an increase of 70.2% from $1.8 million for the third quarter of 2024. The Company applied for the Voluntary Disclosure Program (“VDP”) associated with the ERC program during the third quarter of 2023 and received approval during the fourth quarter of 2024. The fourth quarter of 2024 included $1.2 million in ERC as a participant in the program.

Relative to the fourth quarter of 2023, noninterest income decreased 4.1% from $3.1 million. The fourth quarter of 2023 included a $1.9 million fee related to the early payoff of a $12.0 million purchased loan. As this was unusually large and atypical for the Bank, it was recorded as noninterest income instead of interest income, which would have impacted the net interest margin. The fourth quarter of 2024 included the $1.2 million in ERC discussed earlier. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the fourth quarter of 2024.


Noninterest Expense
    
 Three Months Ended % Change December 31, 2024 vs.
December 31,
2024		 September 30,
2024		 December 31,
2023		 September 30,
2024		 December 31,
2023
 (Dollars in thousands)    
          
Salaries and employee benefits$             7,002 $             6,876 $             5,739 1.8% 22.0%
Equipment and occupancy expenses                   851                    814                    681 4.5% 25.0%
Data processing fees                   960                    781                    639 22.9% 50.2%
Regulatory assessments                   441                    414                    355 6.5% 24.2%
Professional fees related to ERC                   236                      —                      — N/A  N/A 
Merger-related expenses                     —                 1,511                      — N/A  N/A 
Other operating expenses                3,584                 3,291                 2,303 8.9% 55.6%
   Total noninterest expenses$           13,074 $           13,687 $             9,717 (4.5) % 34.5%
          

Noninterest expense for the fourth quarter of 2024 was $13.1 million, a decrease of 4.5% from $13.7 million for the third quarter of 2024. The third quarter of 2024 included merger-related expenses of $1.5 million, of which $961,000 was not deductible for taxes, as a result of the acquisition of Century Bank. The fourth quarter of 2024 included professional fees paid to a third party related to ERC, along with an overall increase in noninterest expense as a result of the full-quarter recognition of the acquisition of Century Bank.

Relative to the fourth quarter of 2023, noninterest expense increased 34.5% from $9.7 million. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest expense during the fourth quarter of 2024.


Loans and Credit Quality
    
 Three Months Ended % Change December 31, 2024 vs.
December 31,
2024		 September 30,
2024		 December 31,
2023		 September 30,
2024		 December 31,
2023
(Dollars in thousands)    
          
Gross loans$   2,233,244  $   2,205,747  $   1,890,677  1.2% 18.1%
Unearned income           (6,675)            (6,536)            (6,169) 2.1% 8.2%
Loans, net of unearned income (“Loans”)      2,226,569        2,199,211        1,884,508  1.2% 18.2%
Average loans, net of unearned (“Average loans”)$   2,205,892  $   2,134,318  $   1,814,484  3.4% 21.6%
          
Nonperforming loans (“NPL”)$          6,533  $          7,868  $          1,177  (17.0)% 455.1%
Provision for credit losses$               72  $          2,583  $          2,579  (97.2)% (97.2)%
Allowance for credit losses (“ACL”)$        28,338  $        28,061  $        24,378  1.0% 16.2%
Net (recoveries) charge-offs$           (205) $             350  $             382  158.6% 153.7%
NPL to gross loans 0.29%  0.36%  0.06%    
Net (recoveries) charge-offs to average loans(1) (0.04)%  0.07%  0.08%    
ACL to loans 1.27%  1.28%  1.29%    
          
(1)   Ratio is annualized.         
          

Loans, net of unearned income, were $2.2 billion at December 31, 2024, up $27.4 million from September 30, 2024 and up $342.1 million from December 31, 2023. The linked-quarter increase in loans was primarily attributable to new business growth across our footprint. The year-over-year increase in loans was primarily attributable the new business growth across our footprint, coupled with the acquisition of Century Bank, which resulted in additional loans of $131.7 million at December 31, 2024.

Nonperforming loans totaled $6.5 million, or 0.29% of gross loans, at December 31, 2024, compared with $7.9 million, or 0.36% of gross loans, at September 30, 2024, and $1.2 million, or 0.06% of gross loans, at December 31, 2023. The $1.3 million net decrease in nonperforming loans from September 30, 2024 was primarily attributable to a significant commercial and industrial loan being paid down. The $5.4 million net increase in nonperforming loans from December 31, 2023, was primarily attributable to a significant commercial and industrial loan, which has since been paid down, and a commercial real estate loan being placed on nonaccrual status.

The Company recorded a provision for credit losses of $72,000 for the fourth quarter of 2024, compared to $2.6 million for the third quarter of 2024. Provision in the third quarter of 2024 included a $1.7 million provision as a result of the acquisition of Century Bank as well as additional provisions based on growth.

Net recoveries for the fourth quarter of 2024 were $205,000, or (0.04)% of average loans on an annualized basis, compared to net charge-offs of $350,000, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, and net charge-offs of $382,000, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2023. The net recoveries received in the fourth quarter of 2024 were primarily related to a pool of consumer loans charged-off in the third quarter. The charge-offs recorded during the third quarter of 2024 were substantially related to a purchased pool of consumer loans for which the borrower filed for bankruptcy. The loan was fully charged-off as of September 30, 2024.

The Company’s allowance for credit losses was 1.27% of total loans and 433.77% of nonperforming loans at December 31, 2024, compared with 1.28% of total loans and 356.65% of nonperforming loans at September 30, 2024. Allowance for credit losses on unfunded commitments was $1.4 million at December 31, 2024.



Deposits
    
 Three Months Ended % Change December 31, 2024 vs.
December 31,
2024		 September 30,
2024		 December 31,
2023		 September 30,
2024		 December 31,
2023
 (Dollars in thousands)    
          
Noninterest-bearing deposits$      575,357  $      546,282  $      437,959  5.3% 31.4%
Interest-bearing deposits      1,835,940        1,874,264        1,580,230  (2.0)% 16.2%
   Total deposits$   2,411,297  $   2,420,546  $   2,018,189  (0.4)% 19.5%
          
Uninsured deposits$      760,141  $      735,676  $      615,651  3.3% 23.5%
Uninsured deposits to total deposits and accrued interest on deposits 31.50%  30.37%  30.51%    
Noninterest deposits to total deposits 23.86%  22.57%  21.70%    
          

Total deposits were $2.4 billion at December 31, 2024, down slightly from $2.4 billion at September 30, 2024 and up from $2.0 billion at December 31, 2023. The $9.2 million decrease in total deposits in the fourth quarter from the previous quarter was primarily due to a $44.1 million decrease in brokered deposits due to calls and maturation, partially offset by an increase of $29.1 million in noninterest-bearing deposits. Total brokered deposits were $150.0 million at December 31, 2024, compared to $194.2 million at September 30, 2024. Excluding brokered deposits, total deposits increased $34.9 million in the fourth quarter of 2024.


Capital
      
 December 31,
2024		 September 30,
2024		 December 31,
2023
Company Bank Company Bank Company Bank
           
Tier 1 capital ratio to average assets8.67% 11.45% 8.64% 11.48% 8.99% 12.01%
Risk-based capital ratios:           
  Common equity tier 1 (“CET1”) capital ratio9.84% 12.99% 9.36% 12.43% 9.20% 12.30%
  Tier 1 capital ratio9.84% 12.99% 9.36% 12.43% 9.20% 12.30%
  Total capital ratio14.73% 14.18% 14.18% 13.59% 14.29% 13.45%
            

As of December 31, 2024, total stockholders’ equity was $279.9 million, up from $271.4 million at September 30, 2024. The increase of $8.5 million was substantially due to strong earnings growth, partially offset by an increase in accumulated other comprehensive losses resulting from changes in the value of available for sale securities.

About Southern States Bancshares, Inc.

Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

Forward-Looking Statements

This press release 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 certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

Contact Information
     
Lynn Joyce   Margaret Boyce
(205) 820-8065   (310) 622-8247
ljoyce@ssbank.bank   ssbankir@finprofiles.com


SELECT FINANCIAL DATA
(Dollars in thousands, except share and per share amounts)
          
 Three Months Ended Twelve Months Ended
December 31,
2024		 September 30,
2024		 December 31,
2023		 December 31,
2024		 December 31,
2023
         
Results of Operations         
Interest income$        44,977  $        45,068  $        36,172  $      169,781  $      132,260 
Interest expense           19,927             20,822             15,768             78,074             52,148 
Net interest income           25,050             24,246             20,404             91,707             80,112 
Provision for credit losses                  72               2,583               2,579               4,957               6,090 
Net interest income after provision           24,978             21,663             17,825             86,750             74,022 
Noninterest income             2,990               1,757               3,118               7,390               8,874 
Noninterest expense           13,074             13,687               9,717             48,548             41,876 
Income tax expense             3,696               2,380               2,330             10,724               9,068 
Net income$        11,198  $          7,353  $          8,896  $        34,868  $        31,952 
Core net income(1)$        10,484  $          8,675  $          7,289  $        36,339  $        31,190 
          
Share and Per Share Data         
Shares issued and outstanding      9,889,260        9,882,350        8,841,349        9,889,260        8,841,349 
Weighted average shares outstanding:         
Basic      9,940,221        9,608,868        8,864,734        9,357,336        8,809,590 
Diluted    10,061,735        9,725,884        9,021,358        9,503,994        9,038,004 
Earnings per share:         
Basic$            1.13  $            0.76  $            1.00  $            3.72  $            3.63 
Diluted               1.11                 0.76                 0.99                 3.67                 3.53 
  Core - diluted(1)               1.04                 0.89                 0.81                 3.82                 3.45 
Book value per share             28.30               27.46               24.31               28.30               24.31 
Tangible book value per share(1)             24.04               23.38               22.30               24.04               22.30 
Cash dividends per common share               0.09                 0.09                 0.09                 0.36                 0.36 
          
Performance and Financial Ratios         
ROAA 1.55%  1.05%  1.53%  1.31%  1.44%
ROAE 16.13%  11.89%  17.02%  14.39%  16.16%
Core ROAA(1) 1.45%  1.24%  1.26%  1.36%  1.41%
ROATCE(1) 18.87%  13.35%  18.62%  16.10%  17.78%
Core ROATCE(1) 17.67%  15.74%  15.26%  16.78%  17.35%
NIM 3.66%  3.65%  3.69%  3.61%  3.81%
NIM - FTE(1) 3.67%  3.66%  3.71%  3.63%  3.82%
Net interest spread 2.64%  2.66%  2.73%  2.62%  2.92%
Yield on loans 7.03%  7.21%  6.91%  7.12%  6.70%
Yield on interest-earning assets 6.57%  6.78%  6.54%  6.69%  6.29%
Cost of interest-bearing liabilities 3.93%  4.12%  3.81%  4.07%  3.37%
Cost of funds(2) 3.09%  3.31%  3.03%  3.27%  2.63%
Cost of interest-bearing deposits 3.83%  4.03%  3.66%  3.96%  3.19%
Cost of total deposits 2.96%  3.19%  2.86%  3.13%  2.44%
Noninterest deposits to total deposits 23.86%  22.57%  21.70%  23.86%  21.70%
Core deposits to total deposits 87.90%  86.30%  83.70%  87.90%  83.70%
Uninsured deposits to total deposits and accrued interest on deposits 31.50%  30.37%  30.51%  31.50%  30.51%
Total loans to total deposits 92.34%  90.86%  93.38%  92.34%  93.38%
Efficiency ratio 46.67%  52.79%  41.48%  49.04%  47.35%
Core efficiency ratio(1) 47.78%  46.96%  45.78%  46.66%  46.74%
          

(1)  See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)   Includes total interest-bearing liabilities and noninterest deposits.

SELECT FINANCIAL DATA
(Dollars in thousands)
          
 Three Months Ended Twelve Months Ended
December 31,
2024		 September 30,
2024		 December 31,
2023		 December 31,
2024		 December 31,
2023
         
Financial Condition (ending)         
Total loans$   2,226,569  $   2,199,211  $   1,884,508  $   2,226,569  $   1,884,508 
Total securities         216,481           217,692           198,632           216,481           198,632 
Total assets      2,849,264        2,841,440        2,446,663        2,849,264        2,446,663 
Total noninterest bearing deposits         575,357           546,282           437,959           575,357           437,959 
Total core deposits(1)      2,119,491        2,088,993        1,689,266        2,119,491        1,689,266 
Total deposits      2,411,297        2,420,546        2,018,189        2,411,297        2,018,189 
Total borrowings         131,224           121,083           183,673           131,224           183,673 
Total liabilities      2,569,375        2,570,070        2,231,699        2,569,375        2,231,699 
Total shareholders’ equity         279,889           271,370           214,964           279,889           214,964 
          
Financial Condition (average)         
Total loans$   2,205,892  $   2,134,318  $   1,814,484  $   2,061,604  $   1,711,006 
Total securities         228,213           223,750           209,074           217,943           200,047 
Total other interest-earning assets         288,802           287,320           171,823           257,533           192,433 
Total interest-bearing assets      2,722,907        2,645,388        2,195,381        2,537,080        2,103,486 
Total assets      2,875,981        2,777,215        2,303,398        2,664,353        2,211,742 
Total noninterest-bearing deposits         552,898           490,450           420,019           470,376           436,571 
Total interest-bearing deposits      1,893,906        1,874,861        1,502,348        1,783,493        1,422,453 
Total deposits      2,446,804        2,365,311        1,922,367        2,253,869        1,859,024 
Total borrowings         121,356           134,035           140,790           136,788           126,853 
Total interest-bearing liabilities      2,015,262        2,008,896        1,643,138        1,920,281        1,549,306 
Total shareholders’ equity         276,250           246,081           207,324           242,224           197,680 
          
Asset Quality         
Nonperforming loans$          6,533  $          7,868  $          1,177  $          6,533  $          1,177 
Other real estate owned (“OREO”)$                —    $               33  $               33  $                —    $               33 
Nonperforming assets (“NPA”)$          6,533  $          7,901  $          1,210  $          6,533  $          1,210 
Net (recovery) charge-offs to average loans(2)(0.04) %  0.07%  0.08%  0.05%  0.03%
Provision for credit losses to average loans(2) 0.01%  0.48%  0.56%  0.24%  0.36%
ACL to loans 1.27%  1.28%  1.29%  1.27%  1.29%
ACL to gross loans 1.27%  1.27%  1.29%  1.27%  1.29%
ACL to NPL 433.77%  356.65%  2071.20%  433.77%  2071.20%
NPL to loans 0.29%  0.36%  0.06%  0.29%  0.06%
NPL to gross loans 0.29%  0.36%  0.06%  0.29%  0.06%
NPA to gross loans and OREO 0.29%  0.36%  0.06%  0.29%  0.06%
NPA to total assets 0.23%  0.28%  0.05%  0.23%  0.05%
          
Regulatory and Other Capital Ratios         
Total shareholders’ equity to total assets 9.82%  9.55%  8.79%  9.82%  8.79%
Tangible common equity to tangible assets(3) 8.47%  8.25%  8.12%  8.47%  8.12%
Tier 1 capital ratio to average assets 8.67%  8.64%  8.99%  8.67%  8.99%
Risk-based capital ratios:         
  CET1 capital ratio 9.84%  9.36%  9.20%  9.84%  9.20%
  Tier 1 capital ratio 9.84%  9.36%  9.20%  9.84%  9.20%
  Total capital ratio 14.73%  14.18%  14.29%  14.73%  14.29%
          

(1)   We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.
(2)   Ratio is annualized.
(3)  See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.


    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     (Dollars in thousands)
      
 December 31,
2024		 September 30,
2024		 December 31,
2023
(Unaudited) (Unaudited) (Audited)
     
Assets     
Cash and due from banks$                    27,321  $                    24,225  $                    19,710 
Interest-bearing deposits in banks                     153,833                       182,559                       134,846 
Federal funds sold                       79,080                         71,072                         96,095 
Total cash and cash equivalents                     260,234                       277,856                       250,651 
      
Securities available for sale, at fair value                     196,870                       198,076                       179,000 
Securities held to maturity, at amortized cost                       19,611                         19,616                         19,632 
Other equity securities, at fair value                         3,697                           3,733                           3,649 
Restricted equity securities, at cost                         4,441                           4,418                           5,684 
Loans held for sale                            404                              415                              450 
      
Loans, net of unearned income                  2,226,569                    2,199,211                    1,884,508 
Less allowance for credit losses                       28,338                         28,061                         24,378 
Loans, net                  2,198,231                    2,171,150                    1,860,130 
      
Premises and equipment, net                       32,048                         32,319                         26,426 
Accrued interest receivable                       10,111                          10,114                           8,711 
Bank owned life insurance                       39,431                         39,159                         29,884 
Annuities                       16,772                         16,843                         15,036 
Foreclosed assets                              —                                33                                33 
Goodwill                       33,176                         30,980                         16,862 
Core deposit intangible                         8,939                           9,338                              899 
Other assets                       25,299                         27,390                         29,616 
      
Total assets$               2,849,264  $               2,841,440  $               2,446,663 
      
Liabilities and Stockholders' Equity     
Liabilities:     
Deposits:     
Noninterest-bearing$                  575,357  $                  546,282  $                  437,959 
Interest-bearing                  1,835,940                    1,874,264                    1,580,230 
Total deposits                  2,411,297                    2,420,546                    2,018,189 
      
Other borrowings                       17,979                           7,976                         26,994 
FHLB advances                       22,000                         22,000                         70,000 
Subordinated notes                       91,245                         91,107                         86,679 
Accrued interest payable                         2,172                           2,214                           1,519 
Other liabilities                       24,682                         26,227                         28,318 
      
Total liabilities                  2,569,375                    2,570,070                    2,231,699 
Stockholders' equity:     
Common stock                       49,821                         49,684                         44,479 
Capital surplus                     106,637                       106,046                         78,361 
Retained earnings                     134,075                       123,783                       102,523 
Accumulated other comprehensive loss                        (7,936)                         (5,866)                         (8,379)
Unvested restricted stock                          (567)                           (723)                           (466)
Vested restricted stock units                        (2,141)                         (1,554)                         (1,554)
      
Total stockholders' equity                     279,889                       271,370                       214,964 
      
Total liabilities and stockholders' equity$               2,849,264  $               2,841,440  $               2,446,663 
            


    CONSOLIDATED STATEMENTS OF INCOME
   (Dollars in thousands, except per share amounts)
          
 Three Months Ended Twelve Months Ended
December 31,
2024		 September 30,
2024		 December 31,
2023		 December 31,
2024		 December 31,
2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Interest income:         
Loans, including fees$            38,972 $            38,690  $            31,613 $          146,712 $          114,662
Taxable securities                 2,237                  2,205                   1,986                  8,462                  6,806
Nontaxable securities                    248                     243                      230                     952                     977
Other interest and dividends                 3,520                  3,930                   2,343                13,655                  9,815
Total interest income               44,977                45,068                 36,172              169,781              132,260
          
Interest expense:         
Deposits               18,223                18,990                 13,869                70,630                45,368
Other borrowings                 1,704                  1,832                   1,899                  7,444                  6,780
Total interest expense               19,927                20,822                 15,768                78,074                52,148
          
Net interest income               25,050                24,246                 20,404                91,707                80,112
Provision for credit losses                      72                  2,583                   2,579                  4,957                  6,090
Net interest income after provision for credit losses               24,978                21,663                 17,825                86,750                74,022
          
Noninterest income:         
Service charges on deposit accounts                    565                     532                      441                  2,022                  1,790
Swap fees (expense)                      17                       (9)                       70                       27                     691
SBA/USDA fees                      89                     179                        70                     391                     344
Mortgage origination fees                      55                     112                        87                     356                     533
Net gain on securities                      25                       75                        98                     108                     555
Employee retention credit                 1,154                       —                        —                  1,162                       —
Other operating income                 1,085                     868                   2,352                  3,324                  4,961
Total noninterest income                 2,990                  1,757                   3,118                  7,390                  8,874
          
Noninterest expenses:         
Salaries and employee benefits                 7,002                  6,876                   5,739                26,221                25,665
Equipment and occupancy expenses                    851                     814                      681                  3,021                  2,776
Data processing fees                    960                     781                      639                  3,070                  2,528
Regulatory assessments                    441                     414                      355                  1,590                  1,198
     Professional fees related to ERC                    236                       —                        —                     236                       —
     Merger-related expenses                      —                  1,511                        —                  1,511                       —
     Other operating expenses                 3,584                  3,291                   2,303                12,899                  9,709
Total noninterest expenses               13,074                13,687                   9,717                48,548                41,876
          
Income before income taxes               14,894                  9,733                 11,226                45,592                41,020
          
Income tax expense                 3,696                  2,380                   2,330                10,724                  9,068
          
Net income$            11,198 $              7,353  $              8,896 $            34,868 $            31,952
          
Basic earnings per share$                1.13 $                0.76  $                1.00 $                3.72 $                3.63
          
Diluted earnings per share$                1.11 $                0.76  $                0.99 $                3.67 $                3.53
                


AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)
                  
 Three Months Ended
December 31,
2024		 September 30,
2024		 December 31,
2023
Average
Balance		 Interest Yield/Rate Average
Balance		 Interest Yield/Rate Average
Balance		 Interest Yield/Rate
Assets:                 
Interest-earning assets:                 
Loans, net of unearned income(1)$2,205,892  $38,972 7.03% $2,134,318  $38,690 7.21% $1,814,484   $31,613 6.91%
Taxable securities      181,456        2,237 4.90%       177,164        2,205 4.95%      163,537        1,986 4.82%
Nontaxable securities        46,757           248 2.11%         46,586           243 2.08%        45,537           230 2.00%
Other interest-earnings assets      288,802        3,520 4.85%       287,320        3,930 5.44%      171,823        2,343 5.41%
Total interest-earning assets   2,722,907      44,977 6.57%    2,645,388      45,068 6.78%  2,195,381      36,172 6.54%
Allowance for credit losses      (28,280)           (27,253)          (22,666)    
Noninterest-earning assets      181,354            159,080           130,683     
Total Assets$2,875,981      $2,777,215      $2,303,398      
                  
Liabilities and Stockholders’ Equity:                 
Interest-bearing liabilities:                 
Interest-bearing transaction accounts$     94,039  $       27 0.12% $     95,040  $       30 0.13% $    86,163  $       23 0.11%
Savings and money market accounts   1,112,679      10,279 3.68%    1,042,661      10,264 3.92%      885,548        8,445 3.78%
Time deposits      687,188        7,917 4.58%       737,160        8,696 4.69%      530,637        5,401 4.04%
FHLB advances        22,000           300 5.42%         36,130           455 5.01%        52,076           645 4.92%
Other borrowings        99,356        1,404 5.63%         97,905        1,377 5.59%        88,714        1,254 5.61%
Total interest-bearing liabilities$2,015,262  $19,927 3.93% $2,008,896  $20,822 4.12% $1,643,138   $15,768 3.81%
                  
Noninterest-bearing liabilities:                 
Noninterest-bearing deposits$   552,898      $   490,450      $  420,019     
Other liabilities        31,571              31,788             32,917     
Total noninterest-bearing liabilities      584,469            522,238           452,936     
Stockholders’ Equity      276,250            246,081           207,324     
Total Liabilities and Stockholders’ Equity$2,875,981      $2,777,215      $2,303,398      
                  
Net interest income  $25,050     $24,246     $20,404  
Net interest spread(2)    2.64%     2.66%     2.73%
Net interest margin(3)    3.66%     3.65%     3.69%
Net interest margin - FTE(4)(5)    3.67%     3.66%     3.71%
Cost of funds(6)    3.09%     3.31%     3.03%
Cost of interest-bearing deposits    3.83%     4.03%     3.66%
Cost of total deposits    2.96%     3.19%     2.86%
  1. Includes nonaccrual loans.
  2. Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.
  3. Net interest margin is a ratio of net interest income to average interest earning assets for the same period.
  4. Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest earning assets for the same period. It assumes a 24.0% tax rate.
  5. Refer to “Reconciliation of Non-GAAP Financial Measures”.
  6. Includes total interest-bearing liabilities and noninterest deposits.
AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)
            
 Twelve Months Ended
December 31,
2024		 December 31,
2023
Average
Balance		 Interest Yield/Rate Average
Balance		 Interest Yield/Rate
Assets:           
Interest-earning assets:           
Loans, net of unearned income(1)$   2,061,604  $146,712 7.12% $   1,711,006  $114,662 6.70%
Taxable securities         171,878          8,462 4.92%          152,707          6,806 4.46%
Nontaxable securities           46,065             952 2.07%            47,340             977 2.06%
Other interest-earnings assets         257,533        13,655 5.30%          192,433          9,815 5.10%
Total interest-earning assets      2,537,080      169,781 6.69%       2,103,486      132,260 6.29%
Allowance for credit losses         (26,302)              (21,233)    
Noninterest-earning assets         153,575               129,489     
Total Assets$   2,664,353      $   2,211,742     
            
Liabilities and Stockholders’ Equity:           
Interest-bearing liabilities:           
Interest-bearing transaction accounts$        90,252  $        105 0.12% $        90,231  $         82 0.09%
Savings and money market accounts         997,349        38,576 3.87%          851,351        28,124 3.30%
Time deposits         695,892        31,949 4.59%          480,871        17,162 3.57%
FHLB advances           39,847          2,006 5.03%            39,830          1,848 4.64%
Other borrowings           96,941          5,438 5.61%            87,023          4,932 5.67%
Total interest-bearing liabilities$   1,920,281  $   78,074 4.07% $   1,549,306  $   52,148 3.37%
            
Noninterest-bearing liabilities:           
Noninterest-bearing deposits$      470,376      $      436,571     
Other liabilities           31,472                 28,185     
Total noninterest-bearing liabilities         501,848               464,756     
Stockholders’ Equity         242,224               197,680     
Total Liabilities and Stockholders’ Equity$   2,664,353      $   2,211,742     
            
Net interest income  $   91,707     $   80,112  
Net interest spread(2)    2.62%     2.92%
Net interest margin(3)    3.61%     3.81%
Net interest margin - FTE(4)(5)    3.63%     3.82%
Cost of funds(6)    3.27%     2.63%
Cost of interest-bearing deposits    3.96%     3.19%
Cost of total deposits    3.13%     2.44%
  1. Includes nonaccrual loans.
  2. Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.
  3. Net interest margin is a ratio of net interest income to average interest earning assets for the same period.
  4. Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest earning assets for the same period. It assumes a 24.0% tax rate.
  5. Refer to “Reconciliation of Non-GAAP Financial Measures”.
  6. Includes total interest-bearing liabilities and noninterest deposits.
LOAN COMPOSITION
(Dollars in thousands)
            
 December 31,
2024		 September 30,
2024		 December 31,
2023
Amount % of gross Amount % of gross Amount % of gross
           
Real estate mortgages:           
Construction and development$    238,634  10.7% $    245,275  11.1% $    242,960  12.9%
Residential       315,092  14.1%        293,150  13.3%        224,603  11.9%
Commercial    1,352,084  60.6%     1,344,554  61.0%     1,144,867  60.5%
Commercial and industrial       315,854  14.1%        310,540  14.1%        269,961  14.3%
Consumer and other        11,580  0.5%         12,228  0.5%           8,286  0.4%
   Gross loans    2,233,244  100.0%     2,205,747  100.0%     1,890,677  100.0%
Unearned income         (6,675)            (6,536)            (6,169)  
   Loans, net of unearned income    2,226,569        2,199,211        1,884,508   
Allowance for credit losses       (28,338)          (28,061)          (24,378)  
     Loans, net$2,198,231    $2,171,150    $1,860,130   


DEPOSIT COMPOSITION
(Dollars in thousands)
            
 December 31,
2024		 September 30,
2024		 December 31,
2023
Amount % of total Amount % of total Amount % of total
           
            
Noninterest-bearing transaction$    575,357 23.8% $    546,282 22.5% $    437,959 21.7%
Interest-bearing transaction    1,128,959 46.8%     1,124,706 46.5%        946,347 46.9%
Savings        52,472 2.2%         53,565 2.2%         35,412 1.7%
Time deposits, $250,000 and under       512,717 21.3%        558,600 23.1%        500,406 24.8%
Time deposits, over $250,000       141,792 5.9%        137,393 5.7%         98,065 4.9%
     Total deposits$2,411,297 100.0% $2,420,546 100.0% $2,018,189 100.0%
                  


Nonperfoming Assets
(Dollars in thousands)
      
 December 31,
2024		 September 30,
2024		 December 31,
2023
     
     
Nonaccrual loans$             6,434  $             7,803  $             1,017 
Past due loans 90 days or more and still accruing interest                     99                       65                     160 
Total nonperforming loans                6,533                  7,868                  1,177 
OREO                     —                         33                       33 
Total nonperforming assets$             6,533  $             7,901  $             1,210 
      
Financial difficulty modification loans – nonaccrual(1)                   600                     622                     907 
Financial difficulty modification loans – accruing                1,055                  1,071                  1,095 
Financial difficulty modification loans$             1,655  $             1,693  $             2,002 
      
Allowance for credit losses$           28,338  $           28,061  $           24,378 
Loans, net of unearned income at the end of the period$      2,226,569  $      2,199,211  $      1,884,508 
Gross loans outstanding at the end of period$      2,233,244  $      2,205,747  $      1,890,677 
Total assets$      2,849,264  $      2,841,440  $      2,446,663 
Allowance for credit losses to nonperforming loans 433.77%  356.65%  2071.20%
Nonperforming loans to loans, net of unearned income 0.29%  0.36%  0.06%
Nonperforming loans to gross loans 0.29%  0.36%  0.06%
Nonperforming assets to gross loans and OREO 0.29%  0.36%  0.06%
Nonperforming assets to total assets 0.23%  0.28%  0.05%
      
Nonaccrual loans by category:     
Real estate mortgages:     
Construction & Development$                415     $                  —    $                  —   
Residential Mortgages                   559                        522                     252 
Commercial Real Estate Mortgages                2,097                     2,155                     765 
Commercial & Industrial                3,363                     5,126                       —   
Consumer and other                     —                          —                         —   
         Total$             6,434     $             7,803  $             1,017 

(1)   Financial difficulty modifications loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.


Allowance for Credit Losses
(Dollars in thousands)
          
 Three Months Ended Twelve Months Ended
December 31,
2024		 September 30,
2024		 December 31,
2023		 December 31,
2024		 December 31, 2023
         
Average loans, net of unearned income$   2,205,892  $   2,134,318  $   1,814,484  $   2,061,604  $   1,711,006 
Loans, net of unearned income      2,226,569        2,199,211        1,884,508        2,226,569        1,884,508 
Gross loans      2,233,244        2,205,747        1,890,677        2,233,244        1,890,677 
Allowance for credit losses at beginning of the period           28,061             25,828             22,181             24,378             20,156 
Impact of adoption of ASC 326                   —                       —                       —                       —                (1,285)
Charge-offs:         
Construction and development                   —                       —                       —                       —                        3 
Residential                   —                       —                       —                      11                     —   
Commercial                   —                    119                     —                    157                     —   
Commercial and industrial                   —                    384                  424               1,210                  686 
Consumer and other                   —                       —                        2                    25                      8 
Total charge-offs                   —                    503                  426               1,403                  697 
Recoveries:         
Construction and development                   —                       —                       —                       —                       —   
Residential                    7                    13                      4                    34                    41 
Commercial                   —                       —                       —                       —                       —   
Commercial and industrial                196                  139                    39                  367                    54 
Consumer and other                    2                      1                      1                      5                    19 
Total recoveries                205                  153                    44                  406                  114 
Net (recoveries) charge-offs$            (205) $             350  $             382  $             997  $             583 
          
Provision for credit losses$               72  $          2,583  $          2,579  $          4,957  $          6,090 
Balance at end of the period$        28,338  $        28,061  $        24,378  $        28,338  $        24,378 
          
Allowance for credit losses on unfunded commitments at beginning of the period$          1,405  $          1,206  $          1,524   $          1,239  $               —   
Impact of adoption of ASC 326                  —                      —                      —                      —                 1,285 
Day 2 impact from acquisition                  —                    199                    —                    199                    —   
Credit for credit losses on unfunded commitments                  —                      —                  (285)                 (33)                 (46)
Balance at the end of the period$          1,405  $          1,405  $          1,239  $          1,405  $          1,239 
          
Allowance to loans, net of unearned income 1.27%  1.28%  1.29%  1.27%  1.29%
Allowance to gross loans 1.27%  1.27%  1.29%  1.27%  1.29%
Net (recoveries) charge-offs to average loans, net of unearned income(1) (0.04)%  0.07%  0.08%  0.05%  0.03%
Provision for credit losses to average loans, net of unearned income(1) 0.01%  0.48%  0.56%  0.24%  0.36%

(1)   Ratio is annualized.


Reconciliation of Non-GAAP Financial Measures

Noninterest Expense

In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)
          
 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:  Professional fees related to ERC                236                     —                       —                    236                     —   
Add:  Wire fraud loss                   —                       —                       —                 1,155                     —   
Add:  Merger-related expenses                   —                 1,511                     —                 1,511                     —   
Add:  Net OREO loss (gain)                    3                     —                   (154)                    —                   (156)
Less: Employee retention credit             1,154                     —                       —                 1,162                     —   
Less: Fee received on early loan payoff                   —                       —                 1,863                     —                 1,863 
Less: Net gain on securities                  25                    75                    98                  108                  555 
Less: Tax effect               (226)                 114                 (508)                 161                 (241)
Core net income$        10,484  $          8,675  $          7,289  $        36,339  $        31,190 
Average assets$   2,875,981  $   2,777,215  $   2,303,398  $   2,664,353  $   2,211,742 
Core return on average assets  1.45 %   1.24 %   1.26 %   1.36 %   1.41 %
          
Net income$        11,198  $          7,353  $          8,896  $        34,868  $        31,952 
Add:  One-time retirement related expenses                   —                       —                       —                       —                 1,571 
Add:  Professional fees related to ERC                236                     —                       —                    236                     —   
Add:  Wire fraud loss                   —                       —                       —                 1,155                     —   
Add:  Merger-related expenses                   —                 1,511                     —                 1,511                     —   
Add:  Net OREO loss (gain)                    3                     —                   (154)                    —                   (156)
Add:  Provision                  72               2,583               2,579               4,957               6,090 
Less: Employee retention credit             1,154                     —                       —                 1,162                     —   
Less: Fee received on early loan payoff                   —                       —                 1,863                     —                 1,863 
Less: Net gain on securities                  25                    75                    98                  108                  555 
Add:  Income taxes             3,696               2,380               2,330             10,724               9,068 
Pretax pre-provision core net income$        14,026  $        13,752  $        11,690  $        52,181  $        46,107 
Average assets$   2,875,981  $   2,777,215  $   2,303,398  $   2,664,353  $   2,211,742 
Pretax pre-provision core return on average assets  1.94 %   1.97 %   2.01 %   1.96 %   2.08 %
          
Net interest income$        25,050  $        24,246     $        20,404     $        91,707     $        80,112    
Add:  Fully-taxable equivalent adjustments(1)                  66                    75                       99                     288                     312    
Net interest income - FTE$        25,116  $        24,321      $        20,503      $        91,995      $        80,424     
          
Net interest margin 3.66%  3.65%  3.69%  3.61%  3.81%
Effect of fully-taxable equivalent adjustments(1) 0.01%  0.01%  0.02%  0.02%  0.01%
Net interest margin - FTE  3.67 %   3.66 %   3.71 %   3.63 %   3.82 %
          
Total stockholders' equity$      279,889  $      271,370  $      214,964  $      279,889  $      214,964 
Less:  Intangible assets           42,115             40,318             17,761             42,115             17,761 
Tangible common equity$      237,774  $      231,052  $      197,203  $      237,774  $      197,203 
          
(1)  Assumes a 24.0% tax rate.
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)
          
  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        9,725,884        9,021,358        9,503,994        9,038,004 
Diluted core earnings per share$            1.04  $            0.89  $            0.81  $            3.82  $            3.45 
          
Common shares outstanding at year or period end      9,889,260        9,882,350        8,841,349        9,889,260        8,841,349 
Tangible book value per share$          24.04  $          23.38  $          22.30  $          24.04  $          22.30 
          
Total assets at end of period$   2,849,264  $   2,841,440  $   2,446,663  $   2,849,264  $   2,446,663 
Less:  Intangible assets           42,115             40,318             17,761             42,115             17,761 
Adjusted assets at end of period$   2,807,149  $   2,801,122  $   2,428,902  $   2,807,149  $   2,428,902 
Tangible common equity to tangible assets  8.47 %   8.25 %   8.12 %   8.47 %   8.12 %
          
Total average shareholders equity$      276,250  $      246,081  $      207,324  $      242,224  $      197,680 
Less:  Average intangible assets           40,177             26,884             17,809             25,653             17,932 
Average tangible common equity$      236,073  $      219,197  $      189,515  $      216,571  $      179,748 
Net income to common shareholders$        11,198  $          7,353  $          8,896  $        34,868  $        31,952 
Return on average tangible common equity  18.87 %   13.35 %   18.62 %   16.10 %   17.78 %
Average tangible common equity$      236,073  $      219,197  $      189,515  $      216,571  $      179,748 
Core net income$        10,484  $          8,675  $          7,289  $        36,339   $        31,190 
Core return on average tangible common equity  17.67 %   15.74 %   15.26 %   16.78 %   17.35 %
          
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 
Less: Employee retention credit             1,154                     —                       —                 1,162                     —   
Less: Fee received on early loan payoff                   —                       —                 1,863                     —                 1,863 
Less: Net gain on securities                  25                    75                    98                  108                  555 
Operating revenue$        26,861  $        25,928  $        21,561  $        97,827  $        86,568 
          
Expenses:         
Total noninterest expense$        13,074  $        13,687  $          9,717  $        48,548  $        41,876 
Less: One-time retirement related expenses                   —                       —                       —                       —                 1,571 
Less: Professional fees related to ERC                236                     —                       —                    236                     —   
Less: Wire fraud loss                   —                       —                       —                 1,155                     —   
Less: Merger-related expenses                   —                 1,511                     —                 1,511                     —   
Less: Net OREO loss (gain)                    3                     —                   (154)                    —                   (156)
Less: Loss on sale of branches                   —                       —                       —                       —                       —   
Adjusted noninterest expenses$        12,835  $        12,176  $          9,871     $        45,646  $        40,461 
Core efficiency ratio  47.78 %   46.96 %   45.78 %   46.66 %   46.74 %

FAQ

What was Southern States Bancshares (SSBK) Q4 2024 earnings per share?

SSBK reported earnings of $1.11 per diluted share in Q4 2024, compared to $0.76 in Q3 2024 and $0.99 in Q4 2023.

How much did SSBK's net interest margin change in Q4 2024?

SSBK's net interest margin increased to 3.66% in Q4 2024, up 1 basis point from 3.65% in Q3 2024.

What was SSBK's loan growth rate in Q4 2024?

SSBK's loans grew at an annualized rate of 4.9% in Q4 2024 compared to Q3 2024.

How did SSBK's credit quality perform in Q4 2024?

SSBK maintained strong credit quality with nonperforming loans at 0.29% of total loans as of December 31, 2024.

What was the impact of Century Bank acquisition on SSBK's operations?

The Century Bank acquisition added $131.7 million in loans and expanded SSBK's presence in Georgia, particularly in the Atlanta metro market.

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Southern States Bancshares, Inc. Common

NASDAQ:SSBK

SSBK Rankings

#3494 Ranked by Market Cap
#1781 Ranked by Dividends

SSBK Latest News

Jan 15, 2025
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend of $0.09 per Share
Oct 21, 2024
Southern States Bancshares, Inc. Announces Third Quarter 2024 Financial Results
Oct 16, 2024
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend of $0.09 per Share
Aug 1, 2024
Southern States Bancshares Completes Acquisition of CBB Bancorp
Jul 22, 2024
Southern States Bancshares, Inc. Announces Second Quarter 2024 Financial Results

SSBK Stock Data

332.28M
8.34M
15.05%
52.43%
0.42%
Banks - Regional
State Commercial Banks
Link
United States of America
ANNISTON