# EDGAR Filing Document

**Accession Number:** 0001689731
**File Stem:** 0001628280-23-001466
**Filing Date:** 2023-1
**Character Count:** 90374
**Document Hash:** ab41fc4d672b57449cbea50c0c477f9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-001466.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001628280-23-001466

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230123

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Southern States Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001689731
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 262518085
- **STATE OF INCORPORATION:** AL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40727
- **FILM NUMBER:** 23547822

**BUSINESS ADDRESS:**
- **STREET 1:** 615 QUINTARD AVENUE
- **CITY:** ANNISTON
- **STATE:** AL
- **ZIP:** 36201
- **BUSINESS PHONE:** 205-820-8065

**MAIL ADDRESS:**
- **STREET 1:** 615 QUINTARD AVENUE
- **CITY:** ANNISTON
- **STATE:** AL
- **ZIP:** 36201

?xml version="1.0" ? ssbk-20230123

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

___________________________

**FORM 8-K**

___________________________

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): January 23, 2023**

___________________________

![ssbk-20230123_g1.jpg](ssbk-20230123_g1.jpg)

**Southern States Bancshares, Inc.**

**(Exact Name of Registrant as Specified in its Charter)**

___________________________

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama** | **001-40727** | **26-2518085** |
| (State or Other Jurisdiction <br>of Incorporation) | (Commission <br>File Number) | (IRS Employer<br> Identification No.) |
| **615 Quintard Ave.** |  |  |
| **Anniston, AL** |  | **36201** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (256) 241-1092**

**Securities registered pursuant to Section 12(b) of the Act:**

___________________________

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **Trading** <br>**<u>Symbols(s)</u>** | **Name of exchange** <br>**<u>on which registered</u>** |
| **Common Stock, $5.00 par value** | **SSBK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The NASDAQ Stock Market LLC** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item. 2.02 Results of Operations and Financial Condition.**

On January 23, 2023, Southern States Bancshares, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2022 (the "Earnings Release"). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report").

The information set forth under Item 7.01 is also furnished pursuant to this Item 2.02

**Item 7.01 Regulation FD Disclosure.**

The Company has prepared a presentation of its results for the fourth quarter ended December 31, 2022 (the "Presentation") to be used from time to time during meetings with members of the investment community. A copy of the Presentation is furnished as Exhibit 99.2 to this Report. The Presentation will also be made available on the Company's investor relations website at ir.southernstatesbank.net under the Presentations section.

The information contained in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit <br>No.** | **Description** |
| 99.1 | <u>[Earnings Release issued January 2](a4q22earningsrelease-final.htm)[3](a4q22earningsrelease-final.htm)[,](a4q22earningsrelease-final.htm)[202](a4q22earningsrelease-final.htm)[3](a4q22earningsrelease-final.htm)[for the Fourth Quarter Ended](a4q22earningsrelease-final.htm)[December 31, 202](a4q22earningsrelease-final.htm)[2](a4q22earningsrelease-final.htm)[.](a4q22earningsrelease-final.htm)</u> |
| 99.2 | <u>[Southern States Bancshares, Inc. Presentation of Results for the Fourth Quarter Ended December 31, 202](ssbk-x4q22investorpresen.htm)[2](ssbk-x4q22investorpresen.htm)[.](ssbk-x4q22investorpresen.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: January 24, 2023 | **SOUTHERN STATES BANCSHARES, INC.** | **SOUTHERN STATES BANCSHARES, INC.** |
|  | By: | /s/ Lynn Joyce |
|  | Name: | Lynn Joyce |
|  | Title: | Senior Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![logob.jpg](logob.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *615 Quintard Avenue / Anniston, AL 36201 / (256) 241-1092*

**Southern States Bancshares, Inc. Announces Fourth Quarter 2022 Financial Results**<br>

---

| |
|:---|
| **Fourth Quarter 2022 Performance and Operational Highlights** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $10.6 million, or $1.18 per diluted share** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Core net income**<sup>(1)</sup> **of $8.1 million, or $0.90 per diluted share**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income of $20.9 million, an increase of $1.4 million from the prior quarter** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin ("NIM") of 4.38%, up 23 basis points from the prior quarter** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• NIM of 4.39% on a fully-taxable equivalent basis ("NIM - FTE")**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average assets ("ROAA") of 2.11%; return on average stockholders' equity ("ROAE") of 23.77%; and return on average tangible common equity ("ROATCE")**<sup>(1)</sup> **of 26.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Core ROAA**<sup>(1)</sup> **of 1.61%; and core ROATCE**<sup>(1)</sup> **of 20.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Efficiency ratio of 40.81%, an improvement from 48.94% for the prior quarter** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Linked-quarter loan growth was 18.1% annualized**<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Linked-quarter deposit growth was 4.6% annualized**<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Completed the sale of two branches resulting in a $2.4 million net gain** |
| (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) The sale of two branches on October 1, 2022 resulted in a $7.3 million reduction in loans and a $66.0 million reduction in deposits. The growth percentages are net of the accounts sold. |

---

ANNISTON, Ala., January 23, 2023 – 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 $10.6 million, or $1.18 diluted earnings per share, for the fourth quarter of 2022. This compares to net income of $6.7 million, or $0.75 diluted earnings per share, for the third quarter of 2022, and net income of $4.1 million, or $0.44 diluted earnings per share, for the fourth quarter of 2021. The Company reported core net income of $8.1 million, or $0.90 diluted core earnings per share, for the fourth quarter of 2022. This compares to core net income of $6.8 million, or $0.77 diluted core earnings per share, for the third quarter of 2022, and core net income of $4.3 million, or $0.47 diluted core earnings per share, for the fourth quarter of 2021 (see "Reconciliation of Non-GAAP Financial Measures").

------

---

| |
|:---|
| **CEO Commentary** |
| *Stephen Whatley, Chairman and Chief Executive Officer of Southern States, said, "We are very pleased with our fourth-quarter and full-year results. Our talented bankers identified compelling opportunities throughout 2022, driving strong new business development. At the same time, we maintained underwriting discipline and excellent credit quality."*  |
| *"We grew loans by 18.1% annualized in the fourth quarter and 27.7% for the full year, culminating a year of robust production across our economically dynamic markets. This growth, combined with an increased net interest margin, fueled the expansion of our fourth-quarter net interest income, which increased by 7.5% from the prior quarter and by 48.2% from the fourth quarter of 2021."* |
| *Mr. Whatley continued. "While our markets are healthy and our clients are cautiously optimistic, we are mindful of the slowing economic environment heading into 2023 and the lagging impact of rising interest rates on deposit costs. Our long-term commitment to prudent, selective lending and proactive expense management give us confidence in our ability to navigate the changing landscape and continue to drive strong risk-adjusted returns for our shareholders."* |
| *"To that end, during the fourth quarter, we completed the sale of two branches as part of an ongoing effort to optimize our physical footprint. The branch sales resulted in a net gain of $2.4 million."* |

---

**Net Interest Income and Net Interest Margin**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |  |  |  |  |
| Average interest-earning assets | $1893069 | $1859104 | $1519490 | 1.8 | % | 24.6 | % |
| Net interest income | $20884 | $19435 | $14096 | 7.5 | % | 48.2 | % |
| Net interest margin | 4.38% | 4.15% | 3.68% | 23 | bps | 70 | bps |

---

Net interest income for the fourth quarter of 2022 was $20.9 million, an increase of 7.5% from $19.4 million for the third quarter of 2022. The increase was primarily attributable to growth, accompanied by an increase in net interest margin.

Relative to the fourth quarter of 2021, net interest income increased $6.8 million, or 48.2%. The increase was substantially the result of growth, accompanied by an increase in net interest margin.

Net interest margin for the fourth quarter of 2022 was 4.38%, compared to 4.15% for the third quarter of 2022. The increase was primarily due to the Company's asset sensitive balance sheet as rates increased.

Relative to the fourth quarter of 2021, net interest margin increased from 3.68%. The increase was primarily due to the Company's asset sensitive balance sheet as rates increased, coupled with the deployment of excess liquidity.

------

**Noninterest Income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2021** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |  |  |
| Service charges on deposit accounts | $431 | $508 | $428 | (15.2)% | 0.7% |
| Swap fees | 2 | 11 | (6) | (81.8)% | (133.3)% |
| SBA/USDA fees | 70 | 95 | 533 | (26.3)% | (86.9)% |
| Mortgage origination fees | 98 | 218 | 269 | (55.0)% | (63.6)% |
| Net gain (loss) on securities | (86) | (143) | (40) | (39.9)% | 115.0% |
| Other operating income | 4088 | 650 | 567 | 528.9% | 621.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $4603 | $1339 | $1751 | 243.8% | 162.9% |

---

Noninterest income for the fourth quarter of 2022 was $4.6 million, an increase of 243.8% from $1.3 million for the third quarter of 2022. The fourth quarter 2022 results included a $2.6 million gain on the sale of two branches and a bank owned life insurance ("BOLI") benefit claim of $774,000. This decrease was partially offset by a decrease in mortgage fees.

Relative to the fourth quarter of 2021, noninterest income increased 162.9% from $1.8 million. The fourth quarter 2022 results included a $2.6 million gain on the sale of two branches and a BOLI benefit claim of $774,000. This increase was partially offset by a decrease in SBA/USDA fees and mortgage fees during the fourth quarter of 2022.

**Noninterest Expense**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2021** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |  |  |
| Salaries and employee benefits | $6738 | $6152 | $5563 | 9.5% | 21.1% |
| Equipment and occupancy expenses | 730 | 764 | 943 | (4.5)% | (22.6)% |
| Data processing fees | 711 | 599 | 563 | 18.7% | 26.3% |
| Regulatory assessments | 165 | 235 | 263 | (29.8)% | (37.3)% |
| Other operating expenses | 2092 | 2487 | 2280 | (15.9)% | (8.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expenses | $10436 | $10237 | $9612 | 1.9% | 8.6% |

---

Noninterest expense for the fourth quarter of 2022 was $10.4 million, an increase of 1.9% from $10.2 million for the third quarter of 2022. The increase was primarily attributable to an increase in salaries and benefits as a result of expense related to the issuance of restricted stock units in a deferred compensation plan. Also included in the fourth quarter of 2022 was $200,000 in expenses associated with the sale of the branches. The increase was partially offset by a decrease in fraud losses as a portion was recovered in the fourth quarter of 2022.

Relative to the fourth quarter of 2021, noninterest expense increased 8.6% from $9.6 million. The increase was primarily attributable to an increase in salaries and benefits as a result of additional incentive accruals based on operating results along with expense related to the issuance of restricted stock units in a deferred compensation plan.

------

**Loans and Credit Quality**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2021** |
| ![logoc.jpg](logoc.jpg) | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |  |  |
| Core loans | $1592707 | $1530129 | $1244914 | 4.1% | 27.9% |
| PPP loans |  |  | 9203 | —% | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross loans | 1592707 | 1530129 | 1254117 | 4.1% | 27.0% |
| Unearned income | (5543) | (5139) | (3817) | 7.9% | 45.2% |
| Loans, net of unearned income ("Loans") | $1587164 | $1524990 | $1250300 | 4.1% | 26.9% |
| Average loans, net of unearned ("Average loans") | $1563255 | $1480735 | $1191688 | 5.6% | 31.2% |
| Nonperforming loans ("NPL") | $2245 | $3950 | $1972 | (43.2)% | 13.8% |
| Provision for loan losses | $1938 | $1663 | $732 | 16.5% | 164.8% |
| Allowance for loan losses ("ALLL") | $20156 | $18423 | $14844 | 9.4% | 35.8% |
| Net charge-offs (recoveries) | $205 | $47 | $(15) | 336.2% | (1466.7)% |
| NPL to gross loans | 0.14% | 0.26% | 0.16% |  |  |
| Net charge-offs (recoveries) to average loans<sup>(1)</sup> | 0.05% | —% | —% |  |  |
| ALLL to loans | 1.27% | 1.21% | 1.19% |  |  |
| (1) Ratio is annualized. |  |  |  |  |  |
| NM = Not meaningful |  |  |  |  |  |

---

Loans, net of unearned income were $1.6 billion at December 31, 2022, up $62.2 million from September 30, 2022 and up $336.9 million from December 31, 2021. The linked-quarter increase in loans was primarily attributable to growth across our footprint.

Nonperforming loans totaled $2.2 million, or 0.14% of gross loans, at December 31, 2022, compared with $4.0 million, or 0.26% of gross loans, at September 30, 2022, and $2.0 million, or 0.16% of gross loans, at December 31, 2021. The $1.7 million net decrease in nonperforming loans in the fourth quarter was primarily attributable to one commercial real estate loan that was moved back to accruing status. The $273,000 net increase in nonperforming loans from December 31, 2021 was primarily attributable to loans being added and removed from nonaccrual status, none of which were significant.

The Company recorded a provision for loan losses of $1.9 million for the fourth quarter of 2022, compared to $1.7 million for the third quarter of 2022. The provision was primarily due to changes in our qualitative economic factors.

Net charge-offs for the fourth quarter of 2022 were $205,000, or 0.05% of average loans, compared to net charge-offs of $47,000, or 0.00% of average loans, for the third quarter of 2022, and net recoveries of $15,000, or 0.00% of average loans, for the fourth quarter of 2021.

The Company's allowance for loan losses was 1.27% of total loans and 897.82% of nonperforming loans at December 31, 2022, compared with 1.21% of total loans and 466.41% of nonperforming loans at September 30, 2022.

------

**Deposits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change December 31, 2022 vs.** | **% Change December 31, 2022 vs.** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2021** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |  |  |
| Noninterest-bearing deposits | $460977 | $499613 | $541546 | (7.7)% | (14.9)% |
| Interest-bearing deposits | 1259766 | 1267479 | 1014905 | (0.6)% | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $1720743 | $1767092 | $1556451 | (2.6)% | 10.6% |

---

Total deposits were $1.7 billion at December 31, 2022, compared with $1.8 billion at September 30, 2022 and $1.6 billion at December 31, 2021. The $46.3 million decrease in total deposits in the fourth quarter was substantially due to the sale of two branches in October, which resulted in a $66.0 million reduction in total deposits. Excluding the sale, total deposits had a net increase of $19.7 million due to a $43.7 million increase in interest-bearing account balances that more than offset a decrease of $24.0 million in noninterest-bearing deposits.

**Capital**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ![logoc.jpg](logoc.jpg) | **December 31,<br>2022** | **December 31,<br>2022** | **September 30,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2021** |
| ![logoc.jpg](logoc.jpg) | **Company** | **Bank** | **Company** | **Bank** | **Company** | **Bank** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |  |
| Tier 1 capital ratio to average assets | 8.82% | 12.17% | 8.44% | 11.49% | 9.74% | 10.44% |
| Risk-based capital ratios: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 ("CET1") capital ratio | 8.82% | 12.17% | 8.73% | 11.89% | 10.35% | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 8.82% | 12.17% | 8.73% | 11.89% | 10.35% | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 14.29% | 13.18% | 12.26% | 12.87% | 11.33% | 12.07% |

---

As of December 31, 2022, total stockholders' equity was $181.7 million, compared with $170.3 million at September 30, 2022. The increase of $11.4 million was substantially due to strong earnings growth.

**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 13 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 the inflationary environment, the COVID-19 pandemic and governmental responses. 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and in other SEC filings 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 business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

---

| | |
|:---|:---|
| **Contact Information** | **Contact Information** |
| Lynn Joyce | Kevin Dobbs |
| (205) 820-8065 | (310) 622-8245 |
| ljoyce@ssbank.bank | ssbankir@finprofiles.com |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** |
| *(In thousands, except share and per share amounts)* | *(In thousands, except share and per share amounts)* | *(In thousands, except share and per share amounts)* | *(In thousands, except share and per share amounts)* | *(In thousands, except share and per share amounts)* | *(In thousands, except share and per share amounts)* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** | **2022** | **2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |
| **<u>Results of Operations</u>** |  |  |  |  |  |
| Interest income | $26706 | $22520 | $15171 | $82850 | $57777 |
| Interest expense | 5822 | 3085 | 1075 | 11512 | 4864 |
| Net interest income | 20884 | 19435 | 14096 | 71338 | 52913 |
| Provision for loan losses | 1938 | 1663 | 732 | 5605 | 2982 |
| Net interest income after provision | 18946 | 17772 | 13364 | 65733 | 49931 |
| Noninterest income | 4603 | 1339 | 1751 | 8677 | 10803 |
| Noninterest expense | 10436 | 10237 | 9612 | 39614 | 36435 |
| Income tax expense<sup>(1)</sup> | 2521 | 2174 | 1445 | 7725 | 5732 |
| Net income | $10592 | $6700 | $4058 | $27071 | $18567 |
| Core net income<sup>(2)</sup> | $8081 | $6806 | $4256 | $24975 | $15956 |
| **<u>Share and Per Share Data</u>** |  |  |  |  |  |
| Shares issued and outstanding | 8706920 | 8705920 | 9012857 | 8706920 | 9012857 |
| Weighted average shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 8707026 | 8693745 | 9012857 | 8774860 | 8198188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 8932585 | 8871116 | 9125872 | 8949669 | 8316536 |
| Earnings per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.22 | $0.77 | $0.45 | $3.08 | $2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.18 | $0.75 | $0.44 | $3.02 | $2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core - diluted<sup>(2)</sup> | $0.90 | $0.77 | $0.47 | $2.79 | $1.92 |
| Book value per share | $20.87 | $19.56 | $19.66 | $20.87 | $19.66 |
| Tangible book value per share<sup>(2)</sup> | $18.79 | $17.48 | $17.62 | $18.79 | $17.62 |
| Cash dividends declared | $0.09 | $0.09 | $0.09 | $0.36 | $0.36 |
| **<u>Performance and Financial Ratios</u>** |  |  |  |  |  |
| ROAA | 2.11% | 1.35% | 0.99% | 1.43% | 1.23% |
| ROAE | 23.77% | 15.42% | 9.15% | 15.55% | 11.80% |
| Core ROAA<sup>(2)</sup> | 1.61% | 1.37% | 1.04% | 1.32% | 1.06% |
| ROATCE<sup>(2)</sup> | 26.49% | 17.24% | 10.22% | 17.37% | 13.38% |
| Core ROATCE<sup>(2)</sup> | 20.21% | 17.51% | 10.72% | 16.02% | 11.50% |
| NIM | 4.38% | 4.15% | 3.68% | 3.99% | 3.78% |
| NIM - FTE<sup>(2)</sup> | 4.39% | 4.17% | 3.70% | 4.01% | 3.80% |
| Net interest spread | 3.84% | 3.86% | 3.54% | 3.68% | 3.63% |
| Yield on loans | 6.05% | 5.37% | 4.75% | 5.27% | 4.89% |
| Yield on interest-bearing assets | 5.60% | 4.81% | 3.96% | 4.64% | 4.13% |
| Cost of interest-bearing liabilities | 1.76% | 0.95% | 0.42% | 0.96% | 0.50% |
| Cost of funds<sup>(3)</sup> | 1.29% | 0.69% | 0.30% | 0.68% | 0.36% |
| Cost of interest-bearing deposits | 1.52% | 0.82% | 0.39% | 0.79% | 0.47% |
| Cost of total deposits | 1.09% | 0.58% | 0.27% | 0.55% | 0.33% |
| Noninterest deposits to total deposits | 26.79% | 28.27% | 34.79% | 26.79% | 34.79% |
| Total loans to total deposits | 92.24% | 86.30% | 80.33% | 92.24% | 80.33% |
| Efficiency ratio | 40.81% | 48.94% | 60.50% | 49.12% | 57.13% |
| Core efficiency ratio<sup>(2)</sup> | 45.98% | 48.94% | 59.07% | 50.97% | 60.13% |

---

(1) Three months ended and year ended December 31, 2022 include a $540,000 investment tax credit.

(2) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

(3) Includes total interest-bearing liabilities and noninterest deposits.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** | **SELECT FINANCIAL DATA** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** | **2022** | **2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |
| **<u>Financial Condition (ending)</u>** |  |  |  |  |  |
| Total loans | $1587164 | $1524990 | $1250300 | $1587164 | $1250300 |
| Total securities | 175196 | 170375 | 151844 | 175196 | 151844 |
| Total assets | 2044866 | 2052725 | 1782592 | 2044866 | 1782592 |
| Total noninterest bearing deposits | 460977 | 499613 | 541546 | 460977 | 541546 |
| Total deposits | 1720743 | 1767092 | 1556451 | 1720743 | 1556451 |
| Total borrowings | 117295 | 93020 | 38448 | 117295 | 38448 |
| Total liabilities | 1863147 | 1882400 | 1605394 | 1863147 | 1605394 |
| Total shareholders' equity | $181719 | $170325 | $177198 | $181719 | $177198 |
| **<u>Financial Condition (average)</u>** |  |  |  |  |  |
| Total loans | $1563255 | $1480735 | $1191688 | $1421376 | $1118386 |
| Total securities | 188765 | 185670 | 140201 | 178755 | 122425 |
| Other interest-earning assets | 141049 | 192699 | 187601 | 187263 | 158243 |
| Total interest-bearing assets | 1893069 | 1859104 | 1519490 | 1787394 | 1399054 |
| Total assets | 1994087 | 1966556 | 1628804 | 1893044 | 1510114 |
| Noninterest-bearing deposits | 477301 | 491917 | 439142 | 496486 | 378868 |
| Interest-bearing deposits | 1216492 | 1207797 | 965457 | 1127637 | 922870 |
| Total deposits | 1693793 | 1699714 | 1404599 | 1624123 | 1301738 |
| Total borrowings | 99111 | 75039 | 38448 | 76379 | 41733 |
| Total interest-bearing liabilities | 1315603 | 1282836 | 1003905 | 1204016 | 964603 |
| Total shareholders' equity | $176769 | $172402 | $175913 | $174107 | $157277 |
| **<u>Asset Quality</u>** |  |  |  |  |  |
| Nonperforming loans | $2245 | $3950 | $1972 | $2245 | $1972 |
| Other real estate owned ("OREO") | $2930 | $2930 | $2930 | $2930 | $2930 |
| Nonperforming assets ("NPA") | $5175 | $6880 | $4902 | $5175 | $4902 |
| Net charge-offs (recovery) to average loans<sup>(1)</sup> | 0.05% | —% | —% | 0.02% | —% |
| Provision for loan losses to average loans<sup>(1)</sup> | 0.49% | 0.45% | 0.24% | 0.39% | 0.27% |
| ALLL to loans | 1.27% | 1.21% | 1.19% | 1.27% | 1.19% |
| ALLL to gross loans | 1.27% | 1.20% | 1.18% | 1.27% | 1.18% |
| ALLL to NPL | 897.82% | 466.41% | 752.74% | 897.82% | 752.74% |
| NPL to loans | 0.14% | 0.26% | 0.16% | 0.14% | 0.16% |
| NPL to gross loans | 0.14% | 0.26% | 0.16% | 0.14% | 0.16% |
| NPA to gross loans and OREO | 0.32% | 0.45% | 0.39% | 0.32% | 0.39% |
| NPA to total assets | 0.25% | 0.34% | 0.27% | 0.25% | 0.27% |
| **<u>Regulatory and Other Capital Ratios</u>** |  |  |  |  |  |
| Total shareholders' equity to total assets | 8.89% | 8.30% | 9.94% | 8.89% | 9.94% |
| Tangible common equity to tangible assets<sup>(2)</sup> | 8.07% | 7.48% | 9.00% | 8.07% | 9.00% |
| Tier 1 capital ratio to average assets | 8.82% | 8.44% | 9.74% | 8.82% | 9.74% |
| Risk-based capital ratios: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CET1 capital ratio | 8.82% | 8.73% | 10.35% | 8.82% | 10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 8.82% | 8.73% | 10.35% | 8.82% | 10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 14.29% | 12.26% | 11.33% | 14.29% | 11.33% |

---

(1) Ratio is annualized.

(2) 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** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** |
| *&nbsp;&nbsp;&nbsp;&nbsp; (In thousands)* | *&nbsp;&nbsp;&nbsp;&nbsp; (In thousands)* | *&nbsp;&nbsp;&nbsp;&nbsp; (In thousands)* | *&nbsp;&nbsp;&nbsp;&nbsp; (In thousands)* |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022 (Unaudited)** | **September 30, 2022 (Unaudited)** | **December 31, 2021 (Audited)** |
| ![logoc.jpg](logoc.jpg) |  |  |  |
| ![logoc.jpg](logoc.jpg) |  |  |  |
| **<u>Assets</u>** |  |  |  |
| Cash and due from banks | $15260 | $17394 | $6397 |
| Interest-bearing deposits in banks | 90198 | 165637 | 203537 |
| Federal funds sold | 63041 | 63031 | 74022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 168499 | 246062 | 283956 |
| Securities available for sale, at fair value | 155544 | 150718 | 132172 |
| Securities held to maturity, at amortized cost | 19652 | 19657 | 19672 |
| Other equity securities, at fair value | 5243 | 5694 | 9232 |
| Restricted equity securities, at cost | 3134 | 2791 | 2600 |
| Loans held for sale | 1047 | 1643 | 2400 |
| Loans, net of unearned income | 1587164 | 1524990 | 1250300 |
| Less allowance for loan losses | 20156 | 18423 | 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 1567008 | 1506567 | 1235456 |
| Premises and equipment, net | 27345 | 28585 | 27044 |
| Accrued interest receivable | 6963 | 5699 | 4170 |
| Bank owned life insurance | 29186 | 29677 | 22201 |
| Annuities | 15478 | 15564 | 12888 |
| Foreclosed assets | 2930 | 2930 | 2930 |
| Goodwill | 16862 | 16862 | 16862 |
| Core deposit intangible | 1226 | 1302 | 1500 |
| Other assets | 24749 | 18974 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $2044866 | $2052725 | $1782592 |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |  |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $460977 | $499613 | $541546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 1259766 | 1267479 | 1014905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1720743 | 1767092 | 1556451 |
| Other borrowings | (19) | 19978 | 12498 |
| FHLB advances | 31000 | 26000 | 25950 |
| Subordinated notes | 86314 | 47042 |  |
| Accrued interest payable | 584 | 359 | 132 |
| Other liabilities | 24525 | 21929 | 10363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1863147 | 1882400 | 1605394 |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 43714 | 43529 | 45064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital surplus | 76785 | 75835 | 80640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 73764 | 63956 | 49858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (11048) | (12403) | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unvested restricted stock | (477) | (592) | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested restricted stock units | (1019) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 181719 | 170325 | 177198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $2044866 | $2052725 | $1782592 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** | **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** | **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** | **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** | **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** | **&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED STATEMENTS OF INCOME** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** | **2022** | **2021** |
| ![logoc.jpg](logoc.jpg) | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
| **Interest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $23853 | $20052 | $14280 | $74936 | $54709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 1206 | 1010 | 459 | 3622 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable securities | 322 | 323 | 294 | 1253 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest and dividends | 1325 | 1135 | 138 | 3039 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | 26706 | 22520 | 15171 | 82850 | 57777 |
| **Interest expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 4655 | 2489 | 955 | 8906 | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 1167 | 596 | 120 | 2606 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | 5822 | 3085 | 1075 | 11512 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | 20884 | 19435 | 14096 | 71338 | 52913 |
| **Provision for loan losses** | 1938 | 1663 | 732 | 5605 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income after provision for loan losses** | 18946 | 17772 | 13364 | 65733 | 49931 |
| **Noninterest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 431 | 508 | 428 | 1863 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap fees | 2 | 11 | (6) | 49 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA/USDA fees | 70 | 95 | 533 | 646 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage origination fees | 98 | 218 | 269 | 815 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on securities | (86) | (143) | (40) | (632) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income | 4088 | 650 | 567 | 5936 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 4603 | 1339 | 1751 | 8677 | 10803 |
| **Noninterest expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 6738 | 6152 | 5563 | 24597 | 21667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and occupancy expenses | 730 | 764 | 943 | 2918 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing fees | 711 | 599 | 563 | 2444 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assessments | 165 | 235 | 263 | 925 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 2092 | 2487 | 2280 | 8730 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expenses** | 10436 | 10237 | 9612 | 39614 | 36435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income before income taxes** | 13113 | 8874 | 5503 | 34796 | 24299 |
| Income tax expense | 2521 | 2174 | 1445 | 7725 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $10592 | $6700 | $4058 | $27071 | $18567 |
| **Basic earnings per share** | $1.22 | $0.77 | $0.45 | $3.08 | $2.26 |
| **Diluted earnings per share** | $1.18 | $0.75 | $0.44 | $3.02 | $2.23 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| ![logoc.jpg](logoc.jpg) | Average<br>Balance | Interest | Yield/Rate | Average<br>Balance | Interest | Yield/Rate | Average<br>Balance | Interest | Yield/Rate |
| **Assets:** |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| Loans, net of unearned income<sup>(1)</sup> | $1563255 | $23853 | 6.05% | $1480735 | $20052 | 5.37% | $1191688 | $14280 | 4.75% |
| Taxable securities | 132222 | 1206 | 3.62% | 128932 | 1010 | 3.11% | 86292 | 459 | 2.11% |
| Nontaxable securities | 56543 | 322 | 2.26% | 56738 | 323 | 2.26% | 53909 | 294 | 2.16% |
| Other interest-earnings assets | 141049 | 1325 | 3.73% | 192699 | 1135 | 2.34% | 187601 | 138 | 0.29% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | $1893069 | $26706 | 5.60% | $1859104 | $22520 | 4.81% | $1519490 | $15171 | 3.96% |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (19374) |  |  | (17250) |  |  | (14421) |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 120392 |  |  | 124702 |  |  | 123735 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1994087 |  |  | $1966556 |  |  | $1628804 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction accounts | 98978 | 22 | 0.09% | 114517 | 26 | 0.09% | 101863 | 25 | 0.10% |
| &nbsp;&nbsp;&nbsp;Savings and money market accounts | 794692 | 3126 | 1.56% | 811349 | 1644 | 0.80% | 599948 | 625 | 0.41% |
| &nbsp;&nbsp;&nbsp;Time deposits | 322822 | 1507 | 1.85% | 281931 | 819 | 1.15% | 263646 | 305 | 0.46% |
| &nbsp;&nbsp;&nbsp;FHLB advances | 22739 | 147 | 2.56% | 27380 | 102 | 1.47% | 25950 | 22 | 0.34% |
| &nbsp;&nbsp;&nbsp;Other borrowings | 76372 | 1020 | 5.30% | 47659 | 494 | 4.12% | 12498 | 98 | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $1315603 | $5822 | 1.76% | $1282836 | $3085 | 0.95% | $1003905 | $1075 | 0.42% |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $477301 |  |  | $491917 |  |  | $439142 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 24414 |  |  | 19401 |  |  | 9844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-bearing liabilities | $501715 |  |  | $511318 |  |  | $448986 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity | 176769 |  |  | 172402 |  |  | 175913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1994087 |  |  | $1966556 |  |  | $1628804 |  |  |
| Net interest income |  | $20884 |  |  | $19435 |  |  | $14096 |  |
| Net interest spread<sup>(2)</sup> |  |  | 3.84% |  |  | 3.86% |  |  | 3.54% |
| Net interest margin<sup>(3)</sup> |  |  | 4.38% |  |  | 4.15% |  |  | 3.68% |
| Net interest margin - FTE<sup>(4)(5)</sup> |  |  | 4.39% |  |  | 4.17% |  |  | 3.70% |
| Cost of funds<sup>(6)</sup> |  |  | 1.29% |  |  | 0.69% |  |  | 0.30% |
| Cost of interest-bearing deposits |  |  | 1.52% |  |  | 0.82% |  |  | 0.39% |
| Cost of total deposits |  |  | 1.09% |  |  | 0.58% |  |  | 0.27% |

---

(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 for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021.

(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** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** | **AVERAGE BALANCE SHEET AND NET INTEREST MARGIN** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| ![logoc.jpg](logoc.jpg) | Average<br>Balance | Interest | Yield/Rate | Average<br>Balance | Interest | Yield/Rate |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Loans, net of unearned income<sup>(1)</sup> | $1421376 | $74936 | 5.27% | $1118386 | $54709 | 4.89% |
| Taxable securities | 122500 | 3622 | 2.96% | 77281 | 1593 | 2.06% |
| Nontaxable securities | 56255 | 1253 | 2.23% | 45144 | 1023 | 2.27% |
| Other interest-earnings assets | 187263 | 3039 | 1.62% | 158243 | 452 | 0.29% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | $1787394 | $82850 | 4.64% | $1399054 | $57777 | 4.13% |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (16883) |  |  | (13276) |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 122533 |  |  | 124336 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1893044 |  |  | $1510114 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction accounts | 109786 | 100 | 0.09% | 96503 | 91 | 0.09% |
| &nbsp;&nbsp;&nbsp;Savings and money market accounts | 754830 | 5988 | 0.79% | 527484 | 2680 | 0.51% |
| &nbsp;&nbsp;&nbsp;Time deposits | 263021 | 2818 | 1.07% | 298883 | 1539 | 0.51% |
| &nbsp;&nbsp;&nbsp;FHLB advances | 25264 | 291 | 1.15% | 30636 | 143 | 0.47% |
| &nbsp;&nbsp;&nbsp;Other borrowings | 51115 | 2315 | 4.53% | 11097 | 411 | 3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $1204016 | $11512 | 0.96% | $964603 | $4864 | 0.50% |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $496486 |  |  | $378868 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 18435 |  |  | 9366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-bearing liabilities | $514921 |  |  | $388234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity | 174107 |  |  | 157277 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1893044 |  |  | $1510114 |  |  |
| Net interest income |  | $71338 |  |  | $52913 |  |
| Net interest spread<sup>(2)</sup> |  |  | 3.68% |  |  | 3.63% |
| Net interest margin<sup>(3)</sup> |  |  | 3.99% |  |  | 3.78% |
| Net interest margin - FTE<sup>(4)(5)</sup> |  |  | 4.01% |  |  | 3.80% |
| Cost of funds<sup>(6)</sup> |  |  | 0.68% |  |  | 0.36% |
| Cost of interest-bearing deposits |  |  | 0.79% |  |  | 0.47% |
| Cost of total deposits |  |  | 0.55% |  |  | 0.33% |

---

(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 for the year ended ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021.

(5)Refer to "Reconciliation of Non-GAAP Financial Measures".

(6)Includes total interest-bearing liabilities and noninterest deposits.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LOAN COMPOSITION** | **LOAN COMPOSITION** | **LOAN COMPOSITION** | **LOAN COMPOSITION** | **LOAN COMPOSITION** | **LOAN COMPOSITION** | **LOAN COMPOSITION** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| ![logoc.jpg](logoc.jpg) | **Amount** | **% of gross** | **Amount** | **% of gross** | **Amount** | **% of gross** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |  |
| Real estate mortgages: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction and development | $255736 | 16.1% | $222159 | 14.5% | $174480 | 13.9% |
| &nbsp;&nbsp;&nbsp;Residential | 167891 | 10.5% | 164296 | 10.7% | 147490 | 11.8% |
| &nbsp;&nbsp;&nbsp;Commercial | 904872 | 56.8% | 889942 | 58.2% | 716541 | 57.1% |
| Commercial and industrial | 256553 | 16.1% | 243577 | 15.9% | 197694 | 15.8% |
| PPP loans |  | —% |  | —% | 9203 | 0.7% |
| Consumer and other | 7655 | 0.5% | 10155 | 0.7% | 8709 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross loans | 1592707 | 100.0% | 1530129 | 100.0% | 1254117 | 100.0% |
| Unearned income | (5543) |  | (5139) |  | (3817) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of unearned income | 1587164 |  | 1524990 |  | 1250300 |  |
| Allowance for loan losses | (20156) |  | (18423) |  | (14844) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans, net | $1567008 |  | $1506567 |  | $1235456 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** | **DEPOSIT COMPOSITION** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| ![logoc.jpg](logoc.jpg) | **Amount** | **% of total** | **Amount** | **% of total** | **Amount** | **% of total** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |  |
| Noninterest-bearing transaction | $460977 | 26.8% | $499613 | 28.3% | $541546 | 34.8% |
| Interest-bearing transaction | 837127 | 48.6% | 855350 | 48.4% | 704326 | 45.3% |
| Savings | 49235 | 2.9% | 78687 | 4.5% | 56715 | 3.6% |
| Time deposits, $250,000 and under | 307145 | 17.8% | 266491 | 15.0% | 224556 | 14.4% |
| Time deposits, over $250,000 | 66259 | 3.9% | 66951 | 3.8% | 29308 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deposits | $1720743 | 100.0% | $1767092 | 100.0% | $1556451 | 100.0% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Nonperfoming Assets** | **Nonperfoming Assets** | **Nonperfoming Assets** | **Nonperfoming Assets** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |
| ![logoc.jpg](logoc.jpg) |  |  |  |
| Nonaccrual loans | $2245 | $3950 | $1478 |
| Past due loans 90 days or more and still accruing interest |  |  | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 2245 | 3950 | 1972 |
| OREO | 2930 | 2930 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $5175 | $6880 | $4902 |
| Troubled debt restructured loans – nonaccrual<sup>(1)</sup> | 832 | 1011 | 940 |
| Troubled debt restructured loans - accruing | 1292 | 1307 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total troubled debt restructured loans | $2124 | $2318 | $2012 |
| Allowance for loan losses | $20156 | $18423 | $14844 |
| Loans, net of unearned income at the end of the period | $1587164 | $1524990 | $1250300 |
| Gross loans outstanding at the end of period | $1592707 | $1530129 | $1254117 |
| Total assets | $2044866 | $2052725 | $1782592 |
| Allowance for loan losses to nonperforming loans | 897.82% | 466.41% | 752.74% |
| Nonperforming loans to loans, net of unearned income | 0.14% | 0.26% | 0.16% |
| Nonperforming loans to gross loans | 0.14% | 0.26% | 0.16% |
| Nonperforming assets to gross loans and OREO | 0.32% | 0.45% | 0.39% |
| Nonperforming assets to total assets | 0.25% | 0.34% | 0.27% |
| Nonaccrual loans by category: |  |  |  |
| Real estate mortgages: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Development | $67 | $70 | $346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgages | 565 | 550 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate Mortgages | 1278 | 2888 | 674 |
| Commercial & Industrial | 312 | 434 | 285 |
| Consumer and other | 23 | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2245 | $3950 | $1478 |

---

(1) Troubled debt restructured 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 Loan Losses** | **Allowance for Loan Losses** | **Allowance for Loan Losses** | **Allowance for Loan Losses** | **Allowance for Loan Losses** | **Allowance for Loan Losses** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** | **2022** | **2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |
| Average loans, net of unearned income | $1563255 | $1480735 | $1191688 | $1421376 | $1118386 |
| Loans, net of unearned income | $1587164 | $1524990 | $1250300 | $1587164 | $1250300 |
| Gross loans | $1592707 | $1530129 | $1254117 | $1592707 | $1254117 |
| Allowance for loan losses at beginning of the period | $18423 | $16807 | $14097 | $14844 | $11859 |
| Charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and development |  |  |  | 66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential |  |  |  | 7 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 210 | 269 |  | 479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and other | 18 | 1 |  | 26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total charge-offs** | 228 | 270 |  | 578 | 46 |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and development |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 4 | 11 | 13 | 50 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 1 | 204 | 1 | 205 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and other | 18 | 8 | 1 | 30 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total recoveries** | 23 | 223 | 15 | 285 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net charge-offs (recoveries)** | $205 | $47 | $(15) | $293 | $(3) |
| Provision for loan losses | $1938 | $1663 | $732 | $5605 | $2982 |
| Balance at end of period | $20156 | $18423 | $14844 | $20156 | $14844 |
| Allowance to loans, net of unearned income | 1.27% | 1.21% | 1.19% | 1.27% | 1.19% |
| Allowance to gross loans | 1.27% | 1.20% | 1.18% | 1.27% | 1.18% |
| Net charge-offs (recoveries) to average loans, net of unearned income<sup>(1)</sup> | 0.05% | —% | —% | 0.02% | —% |
| Provision for loan losses to average loans, net of unearned income<sup>(1)</sup> | 0.49% | 0.45% | 0.24% | 0.39% | 0.27% |

---

(1) Ratio is annualized.

**Reconciliation of Non-GAAP Financial Measures** <br>

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** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** |
| *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **December 31, 2022** | **September 30,<br>2022** | **September 30,<br>2022** | **December 31, 2021** | **December 31, 2021** | **2022** | **2022** | **2021** | **2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |  |  |  |  |  |
| Net income | $| 10592 | $| 6700 | $| 4058 | $| 27071 | $| 18567 |
| Add: Net OREO gains |  |  |  |  | 227 | 227 |  |  | 219 | 219 |
| Less: Gain on sale of USDA loan |  |  |  |  |  |  |  |  | 2806 | 2806 |
| Less: Net gain on sale of branches | 2372 | 2372 |  |  |  |  | 2372 | 2372 |  |  |
| Less: BOLI benefit claim | 774 | 774 |  |  |  |  | 774 | 774 | 742 | 742 |
| Less: Loss on securities | (86) | (86) | (143) | (143) | (40) | (40) | (632) | (632) | (57) | (57) |
| Less: Tax effect | (549) | (549) | 37 | 37 | 69 | 69 | (418) | (418) | (661) | (661) |
| ***Core net income*** | ***$*** | ***8081*** | ***$*** | ***6806*** | ***$*** | ***4256*** | ***$*** | ***24975*** | ***$*** | ***15956*** |
| Average assets | $| 1994087 | $| 1966556 | $| 1628804 | $| 1893044 | $| 1510114 |
| ***Core return on average assets*** | ***1.61*** | ***1.61*** *%*** | ***1.37*** | ***1.37*** *%*** | ***1.04*** | ***1.04*** *%*** | ***1.32*** | ***1.32*** *%*** | ***1.06*** | ***1.06*** *%*** |
| Net income | $| 10592 | $| 6700 | $| 4058 | $| 27071 | $| 18567 |
| Add: Net OREO gains |  |  |  |  | 227 | 227 |  |  | 219 | 219 |
| Add: Provision | 1938 | 1938 | 1663 | 1663 | 732 | 732 | 5605 | 5605 | 2982 | 2982 |
| Less: Gain on sale of USDA loan |  |  |  |  |  |  |  |  | 2806 | 2806 |
| Less: Net gain on sale of branches | 2372 | 2372 |  |  |  |  | 2372 | 2372 |  |  |
| Less: BOLI benefit claim | 774 | 774 |  |  |  |  | 774 | 774 | 742 | 742 |
| Less: Loss on securities | (86) | (86) | (143) | (143) | (40) | (40) | (632) | (632) | (57) | (57) |
| Add: Income taxes | 2521 | 2521 | 2174 | 2174 | 1445 | 1445 | 7725 | 7725 | 5732 | 5732 |
| ***Pretax pre-provision core net income*** | ***$*** | ***11991*** | ***$*** | ***10680*** | ***$*** | ***6502*** | ***$*** | ***37887*** | ***$*** | ***24009*** |
| Average assets | $| 1994087 | $| 1966556 | $| 1628804 | $| 1893044 | $| 1510114 |
| ***Pretax pre-provision core return on average assets*** | ***2.39*** | ***2.39*** *%*** | ***2.15*** | ***2.15*** *%*** | ***1.58*** | ***1.58*** *%*** | ***2.00*** | ***2.00*** *%*** | ***1.59*** | ***1.59*** *%*** |
| Net interest income | $| 20884 | $| 19435 | $| 14096 | $| 71338 | $| 52913 |
| Add: Fully-taxable equivalent adjustments<sup>(1)</sup> | 84 | 84 | 86 | 86 | 77 | 77 | 335 | 335 | 276 | 276 |
| ***Net interest income - FTE*** | ***$*** | ***20968*** | ***$*** | ***19521*** | ***$*** | ***14173*** | ***$*** | ***71673*** | ***$*** | ***53189*** |
| Net interest margin | 4.38 | 4.38% | 4.15 | 4.15% | 3.68 | 3.68% | 3.99 | 3.99% | 3.78 | 3.78% |
| Effect of fully-taxable equivalent adjustments<sup>(1)</sup> | 0.01 | 0.01% | 0.02 | 0.02% | 0.02 | 0.02% | 0.02 | 0.02% | 0.02 | 0.02% |
| ***Net interest margin - FTE*** | ***4.39*** | ***4.39*** *%*** | ***4.17*** | ***4.17*** *%*** | ***3.70*** | ***3.70*** *%*** | ***4.01*** | ***4.01*** *%*** | ***3.80*** | ***3.80*** *%*** |
| Total stockholders' equity | $| 181719 | $| 170325 | $| 177198 | $| 181719 | $| 177198 |
| Less: Intangible assets | 18088 | 18088 | 18164 | 18164 | 18362 | 18362 | 18088 | 18088 | 18362 | 18362 |
| ***Tangible common equity*** | ***$*** | ***163631*** | ***$*** | ***152161*** | ***$*** | ***158836*** | ***$*** | ***163631*** | ***$*** | ***158836*** |
| 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. | 1) Assumes a 24.0% tax rate for the three months ended December 31, 2022 and September 30, 2022 and a 23.5% tax rate for the three months ended December 31, 2021. Assumes a 24.0% tax rate for the year ended December 31, 2022 and a 23.5% tax rate for the year ended December 31, 2021. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** |
| *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* | *(Dollars in thousands, except share and per share amounts* |
| ![logoc.jpg](logoc.jpg) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31,** | **Year Ended December 31,** |
| ![logoc.jpg](logoc.jpg) | **December 31, 2022** | **September 30,<br>2022** | **December 31, 2021** | **2022** | **2021** |
| ![logoc.jpg](logoc.jpg) |  |  |  |  |  |
| Core net income | $8081 | $6806 | $4256 | $24975 | $15956 |
| Diluted weighted average shares outstanding | 8932585 | 8871116 | 9125872 | 8949669 | 8316536 |
| ***Diluted core earnings per share*** | $***0.90*** | $***0.77*** | $***0.47*** | $***2.79*** | $***1.92*** |
| Common shares outstanding at year or period end | 8706920 | 8705920 | 9012857 | 8706920 | 9012857 |
| ***Tangible book value per share*** | $***18.79*** | $***17.48*** | $***17.62*** | $***18.79*** | $***17.62*** |
| Total assets at end of period | $2044866 | $2052725 | $1782592 | $2044866 | $1782592 |
| Less: Intangible assets | 18088 | 18164 | 18362 | 18088 | 18362 |
| Adjusted assets at end of period | $2026778 | $2034561 | $1764230 | $2026778 | $1764230 |
| ***Tangible common equity to tangible assets*** | ***8.07*** *%*** | ***7.48*** *%*** | ***9.00*** *%*** | ***8.07*** *%*** | ***9.00*** *%*** |
| Total average shareholders equity | $176769 | $172402 | $175913 | $174107 | $157277 |
| Less: Average intangible assets | 18134 | 18203 | 18402 | 18236 | 18501 |
| Average tangible common equity | $158635 | $154199 | $157511 | $155871 | $138776 |
| Net income to common shareholders | $10592 | $6700 | $4058 | $27071 | $18567 |
| ***Return on average tangible common equity*** | ***26.49*** *%*** | ***17.24*** *%*** | ***10.22*** *%*** | ***17.37*** *%*** | ***13.38*** *%*** |
| Average tangible common equity | $158635 | $154199 | $157511 | $155871 | $138776 |
| Core net income | $8081 | $6806 | $4256 | $24975 | $15956 |
| ***Core return on average tangible common equity*** | ***20.21*** *%*** | ***17.51*** *%*** | ***10.72*** *%*** | ***16.02*** *%*** | ***11.50*** *%*** |
| Net interest income | $20884 | $19435 | $14096 | $71338 | $52913 |
| Add: Noninterest income | 4603 | 1339 | 1751 | 8677 | 10803 |
| Less: Gain on sale of USDA loan |  |  |  |  | 2806 |
| Less: Gain on sale of branches | 2600 |  |  | 2600 |  |
| Less: BOLI benefit claim | 774 |  |  | 774 | 742 |
| Less: Loss on securities | (86) | (143) | (40) | (632) | (57) |
| Operating revenue | $22199 | $20917 | $15887 | $77273 | $60225 |
| Expenses: |  |  |  |  |  |
| Total noninterest expense | $10436 | $10237 | $9612 | $39614 | $36435 |
| Less: Net OREO gains |  |  | 227 |  | 219 |
| Less: Loss on sale of branches | 228 |  |  | 228 |  |
| Adjusted noninterest expenses | $10208 | $10237 | $9385 | $39386 | $36216 |
| ***Core efficiency ratio*** | ***45.98*** *%*** | ***48.94*** *%*** | ***59.07*** *%*** | ***50.97*** *%*** | ***60.13*** *%*** |

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## Exhibit 99.2

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Q4 2022 Investor Presentation January 2023

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2 Important Notices and Disclaimers 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 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 the inflationary environment, the COVID-19 pandemic and governmental responses. 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, 2021 and in other SEC filings under the sections 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 business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions. Non-GAAP Financial Measures In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this presentation 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. For a reconciliation of the non-GAAP measures we use to the most comparable GAAP measures, see the Appendix to this presentation.

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3 Q4 2022 Results Highlights (1) Please refer to non-U.S. GAAP reconciliation in the appendix (2) The sale of two branches on October 1, 2022 resulted in a $7.3 million reduction in loans; the growth percentage is net of the accounts sold (3) The sale of two branches on October 1, 2022 resulted in a $66.0 million reduction in deposits; the growth represented is net of the accounts sold Operating Results Loans Deposits Capital Asset Quality • Net income of $10.6 million, or $1.18 per diluted share, and core net income (1) of $8.1 million, or $0.90 per diluted share (1) • ROAA of 2.11% and ROATCE of 26.49%; Core ROAA (1) of 1.61% and Core ROATCE (1) of 20.21% • Completed sale of two branches resulting in a $2.4 million net gain • Net interest margin of 4.39% • Core efficiency ratio (1) of 45.98% • Annualized loan growth of 18.1% from Q3 2022 (2) • Loan portfolio of $1.6 billion increased 4.1% from Q3 2022 • Average yield on loans of 6.05% improved from 5.37% for Q3 2022 • Loans / deposits ratio of 92.24% compared to 86.30% for Q3 2022 • Deposits of $1.7 billion increased $19.7 million, or 1.2%, from Q3 2022 (3) • Average cost of total deposits increased to 1.09% from 0.58% in Q3 2022 • Noninterest-bearing deposits comprised 26.79% of total deposits compared to 28.27% at Q3 2022 • Nonperforming loans to gross loans of 0.14% improved from 0.26% at Q3 2022 • Net charge-offs at $205,000 • Allowance for loan losses to gross loans of 1.27% compared to 1.20% at Q3 2022 • OREO balance remained flat from Q3 at $2.9 million • Announced and paid quarterly dividend of $0.09 per share • Tangible common equity to tangible assets (1) of 8.07%, up from 7.48% at Q3 2022 • Tangible book value per share (1) of $18.79, up 7.5% from Q3 2022

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4 Branches (13) Legend Huntsville Birmingham Montgomery Columbus Atlanta Alabama Georgia 65 85 75 Anniston Auburn 20 85 75 85 65 65 59 Tuscaloosa LPOs (2) YoY Core Deposit Growth: 8.3%Loans / Deposits: 92.24% Overview of Southern States Bancshares, Inc. Q4 '22 Financial Highlights YoY Asset Growth: 14.7%Assets ($B): $2.0 NPLs / Loans: 0.14% YoY Loan Growth: 26.9%Gross Loans ($B): $1.6 LLR / Loans: 1.27% YoY Deposit Growth: 10.6%Deposits ($B): $1.7 YTD NCOs / Avg. Loans: 0.05% TCE / TA(1): 8.07% Core Net Income(1)($M): $8.1 Core ROAA(1): 1.61% NIM: 4.39% Core Efficiency Ratio(1): 45.98% Mobile Savannah Macon Valdosta Augusta Southern States Bancshares (Nasdaq: SSBK) was founded in August 2007 by current CEO and Chairman, Steve Whatley, and a group of organizing directors and priced its IPO on August 11, 2021 Management team with 200 years of collective experience in the banking industry and deep ties to local markets History of solid growth, top-tier profitability and a strong credit culture Bifurcated growth strategy through organic growth and disciplined M&A Focused on being a dominant bank in our smaller markets and a competitive player in the larger metropolitan areas Diversified loan portfolio complemented by low-cost, core funding base Source: S&P Global Market Intelligence; Company Documents Financial data as of the three months ended 12/31/22 unless otherwise noted Note: Core Deposits defined as total deposits less jumbo time deposits; jumbo time deposits classified as deposits larger than $250,000 (1) Please refer to non-U.S. GAAP reconciliation in the appendix

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5 Experienced Management Team (1) Refers to management and directors, excludes institutional owners or direct representatives of an institutional owner Steve Whatley Founder, Chairman & CEO Lynn Joyce SEVP & Chief Financial Officer Greg Smith SEVP & Chief Risk and Credit Officer Jack Swift SEVP & Chief Operating Officer Our senior management team has an average of over 30 years of experience in the banking industry Mark Chambers President Company insiders own 15.9% of the common shares and equivalents(1) • 1982-2006 Market President Colonial Bank • 1980-1982 Vice President Commercial Lender AmSouth Bank • 1978-1980 Vice President Trust Company Bank • 1973-1978 Loan Officer/Mgt. Trainee Security Pacific Bank • 2007-2019 SEVP & President Southeast Region Southern States Bank • 2004-2007 Market President Wachovia Bank • 1998-2004 Commercial Lender Aliant Bank • 1992-2013 EVP & CFO First Financial Bank, a NASDAQ listed Financial Institution • 1986-1992 Arthur Andersen & Co • 2006-2019 SEVP & CCO Southern States Bank • 1986-2006 Credit Admin, Commercial Loan Officer and Market President Regions Bank • 2006-2019 SEVP & President Central Region Southern States Bank • 1996-2006 Senior Vice President Colonial Bank • 1992-1996 Vice President SouthTrust Bank

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6 $0.1 $0.2 $0.2 $0.2 $0.3 $0.3 $0.3 $0.5 $0.6 $0.7 $0.9 $1.1 $1.3 $1.8 $2.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2007 Our History and Growth Source: S&P Global Market Intelligence; Company Documents Dollars in billions H is to ri ca l H ig hl ig ht s August 2007 Established Anniston, AL headquarters and Opelika, AL Office with $31 million in capital at $10.00 per share May 2012 Acquired Alabama Trust Bank in Sylacauga, AL 2015 Opened offices in Huntsville, AL, Carrollton, GA, and an LPO in Atlanta, GA Acquired Columbus Community Bank in Columbus, GA and opened a second location in Columbus February 2017 Completed $3.4 million local capital raise at $14 per share 2018 Established a full-service banking office in Newnan, GA 2020 through Q4 2022 Hired 4 commercial bankers in Georgia franchise Completed $48.0 million subordinated debt offering Anniston Opelika Anniston Mobile Huntsville Tuscaloosa Dothan Savannah Columbus Birmingham Huntsville Montgomery Mobile Athens Tuscaloosa Albany Dothan Valdosta Montgomery Birmingham 16 20 75 65 65 59 65 65 59 Opelika Anniston Atlanta Total Assets ($B) September 2019 Closed acquisition of Small Town Bank in Wedowee, AL 2016 Opened Auburn, AL office Issued $4.5 million of 10-year subordinated notes Completed $41.2 million capital raise at $14 per share 2022 2 Branches 13 Branches and two LPOs Branch LPO 2008 Established a full-service banking office in Birmingham, AL

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7 Columbus, GA $56.4 $56.7 $69.8 $73.1 $85.7 $67.8 Columbus MSA Auburn- Opelika MSA Birmingham MSA Huntsville MSA Atlanta MSA National Average 1.4% 2.5% 4.6% 4.6% 5.7% 2.9% Birmingham MSA Columbus MSA Auburn- Opelika MSA Huntsville MSA Atlanta MSA National Average Major Employers Market Highlights Robust Market Dynamics Creates Growth Opportunities Source: U.S. Bureau of Labor Statistics; S&P Global Market Intelligence; Forbes; Money.com; Business Facilities; USA Today; Smartasset Financial Technology; US News; Auburn.edu - 9th largest Metro Area in the USA - Voted 3rd metro area for corporate headquarters - Ranked 13th Best Places for Business and Careers - 16 Fortune 500 companies headquartered in Atlanta - Largest market in Alabama - One of the lowest costs of living in America - A top 10 moving destination for new college graduates - University of Alabama Birmingham serves as an international leader in healthcare - Voted 3rd best place to live in the country by US News - Highest concentration of engineers in the US - A Top 10 best city for jobs in STEM - Home of the Redstone Arsenal which includes the U.S. Space and Rocket Center, NASA's Marshall Space Flight Center, and the U.S. Army Aviation and Missile Command - One of the fastest growing MSAs in the Southeast - Auburn University contributes $5.6 billion annually and 27,000 jobs to the Alabama economy - A U.S. city with most job growth per USA Today - Ranked 4th MSA for migration growth - Fort Benning Military Base • U.S. Army Infantry and Armor Training Post • Columbus Chamber of Commerce estimates annual economic impact of $4.8 billion - Major companies headquartered include Aflac and Total Systems Services, Inc. Huntsville, AL Birmingham, AL Atlanta, GA '21 – '26 Projected Median HHI ($M) '21 – '26 Projected Population Growth (%) Auburn / Opelika, AL

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8 $520 $622 $776 $951 $1,140 $1,556 $1,721 2016 2017 2018 2019 2020 2021 2022 $629 $736 $888 $1,095 $1,266 $1,774 $2,045 $67 $9 2016 2017 2018 2019 2020 2021 2022 $1,783 Loans / DepositsTotal Deposits ($M) Total Assets ($M) Total Loans ($M) Balance Sheet Growth Source: S&P Global Market Intelligence; Company Documents PPP Loans PPP Loans $1,333 $503 $567 $704 $840 $964 $1,241 $1,587 $67 $9 2016 2017 2018 2019 2020 2021 2022 $1,250 $1,030 95.5% 90.2% 90.0% 88.1% 90.4% 80.3% 92.2% 2016 2017 2018 2019 2020 2021 2022

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9 Nonperforming Assets by Type Asset Quality Source: S&P Global Market Intelligence; Company Documents Dollars in millions (1) TDRs reflect COVID-19 relief under the CARES Act and bank regulatory COVID-19 relief in 2020 and 2021 Reserves / Loans NCOs / Avg. Loans $4.8 $3.1 $6.3 $15.4 (0.05%) 0.10% 0.02% 0.57% 0.07% $6.9 0.00% Comprehensive and conservative underwriting process Highly experienced bankers incentivized with equity ownership Commitment to a diverse loan portfolio while maintaining strong asset quality metrics Proactively manage loan concentrations with all collateral types capped at approximately 50% of risk- based capital Caps periodically utilized when needed Proactive approach to resolving problem credits $1.8 $0.5 $3.9 $13.4 $3.4 $2.0 - $2.2 $2.9 $2.1 $1.8 $3.0 $1.8 $2.0 - $2.1 $0.1 $0.5 $0.6 $4.2 $10.2 $2.9 $2.9 0.4% 0.2% 0.6% 2.5% 1.3% 0.4% 0.3%$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2016 2017 2018 2019 2020 2021 2022 Nonaccruals ($mm) TDRs ($mm) OREO ($mm) NPAs / Loans + OREO $20.6 0.99% 1.02% 1.11% 1.11% 1.22% 1.19% 1.27% 2016 2017 2018 2019 2020 2021 2022 0.02% $7.2 (1)

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10 Building Shareholder Value Our Strategic Focus Maintain focus on strong, profitable organic growth without compromising our credit quality Expand into new markets by hiring commercial bankers Focus on high growth markets and further expanding our Atlanta franchise Evaluate strategic acquisition opportunities Further grow our core deposit franchise Continue implementing technology to optimize customer service and provide efficient opportunities to scale the business Prudently manage capital between balance sheet growth and return to shareholders

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11 Near-Term Outlook Loan balances expected to continue to grow at a modest pace compared to 2022 Deposit balances expected to increase slightly Net interest income expected to increase modestly as loans grow, though this will be somewhat offset by net interest margin declines  NIM expected to decrease as deposit betas increase Core noninterest income expected to be fairly consistent with Q4 2022 Quarterly adjusted noninterest expense is expected to increase slightly Credit metrics are currently strong and future provision levels are expected to consider both current and evolving economic conditions, as well as changes in credit Balanced approach to capital deployment with flexibility to support organic loan growth trajectory and cash dividend while evaluating stock repurchases Well-positioned to capitalize on additional accretive acquisition opportunities

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Appendix

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13 Non-GAAP Financial Measures Reconciliations (Three Months Ended) ($000) December 31, 2022 September 30, 2022 December 31, 2021 2022 2021 Net Income $10,592 $6,700 $4,058 $27,071 $18,567 Add: Net OREO gains — — 227 — 219 Less: Gain on sale of USDA loan — — — — 2,806 Less: Net gain on sale of branches 2,372 — — 2,372 — Less: BOLI benefit claim 774 — — 774 742 Less: Loss on securities (86) (143) (40) (632) (57) Less: Tax effect (549) 37 69 (418) (661) Core net income $8,081 $6,806 $4,256 $24,975 $15,956 Average assets $1,994,087 $1,966,556 $1,628,804 $1,893,044 $1,510,114 Core return on average assets 1.61% 1.37% 1.04% 1.32% 1.06% Net Income $10,592 $6,700 $4,058 $27,071 $18,567 Add: Net OREO gains — — 227 — 219 Add: Provision 1,938 1,663 732 5,605 2,982 Less: Gain on sale of USDA loan — — — — 2,806 Less: Net gain on sale of branches 2,372 — — 2,372 — Less: BOLI death benefits 774 — — 774 742 Less: Loss on securities (86) (143) (40) (632) (57) Add: Income Taxes 2,521 2,174 1,445 7,725 5,732 Pretax pre-provision core net income $11,991 $10,680 $6,502 $37,887 $24,009 Average assets $1,994,087 $1,966,556 $1,628,804 $1,893,044 $1,510,114 Pretax pre-provision core return on average assets 2.39% 2.15% 1.58% 2.00% 1.59% Net interest income $20,884 $19,435 $14,096 $71,338 $52,913 Add: Fully-taxable equivalent adjustments1 84 86 77 335 276 Net interest income - FTE $20,968 $19,521 $14,173 $71,673 $53,189 Net interest margin 4.38% 4.15% 3.68% 3.99% 3.78% Effect of fully-taxable equivalent adjustments1 0.01% 0.02% 0.02% 0.02% 0.02% Net interest margin - FTE 4.39% 4.17% 3.70% 4.01% 3.80% Total stockholders' equity $181,719 $170,325 $177,198 $181,719 $177,198 Less: Intangible assets 18,088 18,164 18,362 18,088 18,362 Tangible common equity $163,631 $152,161 $158,836 $163,631 $158,836 (Year Ended December 31)

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14 Non-GAAP Financial Measures Reconciliations ($000) December 31, 2022 September 30, 2022 December 31, 2021 2022 2021 Core net income $8,081 $6,806 $4,256 $24,975 $15,956 Diluted weighted average shares outstanding 8,932,585 8,871,116 9,125,872 8,949,669 8,316,536 Diluted core earnings per share $0.90 $0.77 $0.47 $2.79 $1.92 Common shares outstanding at year or period end 8,706,920 8,705,920 9,012,857 8,706,920 9,012,857 Tangible book value per share $18.79 $17.48 $17.62 $18.79 $17.62 Total assets at end of period $2,044,866 $2,052,725 $1,782,592 $2,044,866 $1,782,592 Less: Intangible assets 18,088 18,164 18,362 18,088 18,362 Adjusted assets at end of period $2,026,778 $2,034,561 $1,764,230 $2,026,778 $1,764,230 Tangible common equity to tangible assets 8.07% 7.48% 9.00% 8.07% 9.00% Total average shareholders equity $176,769 $172,402 $175,913 $174,107 $157,277 Less: Average intangible assets 18,134 18,203 18,402 18,236 18,501 Average tangible common equity $158,635 $154,199 $157,511 $155,871 $138,776 Net income to common shareholders $10,592 $6,700 $4,058 $27,071 $18,567 Return on average tangible common equity 26.49% 17.24% 10.22% 17.37% 13.38% Average tangible common equity $158,635 $154,199 $157,511 $155,871 $138,776 Core net income $8,081 $6,806 $4,256 $24,975 $15,956 Core return on average tangible common equity 20.21% 17.51% 10.72% 16.02% 11.50% Net interest income $20,884 $19,435 $14,096 $71,338 $52,913 Add: Noninterest income 4,603 1,339 1,751 8,677 10,803 Less: Gain on sale of USDA loan — — — — 2,806 Less: Gain on sale of branches 2,600 — — 2,600 — Less: BOLI benefit claim 774 — — 774 742 Less: Loss on securities (86) (143) (40) (632) (57) Operating revenue $22,199 $20,917 $15,887 $77,273 $60,225 Expenses: Total noninterest expense $10,436 $10,237 $9,612 $39,614 $36,435 Less: Net OREO gains — — 227 — 219 Less: Loss on sale of branches 228 — — 228 — Adjusted noninterest expenses $10,208 $10,237 $9,385 $39,386 $36,216 Core efficiency ratio 45.98% 48.94% 59.07% 50.97% 60.13% 1 Assumes a 24.0% tax rate for the three and nine months ended September 30, 2022 and 2021; and a 23.5% tax rate for the three months ended June 30, 2022 (Year Ended December 31)(Three Months Ended)

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