Southern States Bancshares, Inc. - SSBK STOCK NEWS

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.