Southern States Bancshares : Q4 2022 Earnings Results Presentation

Q4 2022

Investor Presentation

January 2023

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.

2

Q4 2022 Results Highlights

Operating Results

• 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%

Loans

• 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

• 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-bearingdeposits comprised 26.79% of total deposits compared to 28.27% at Q3 2022

Asset Quality

• Nonperforming loans to gross loans of 0.14% improved from 0.26% at Q3 2022

• Net charge-offsat $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

Capital

• 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

(1) Please refer to non-U.S. GAAP reconciliation in the appendix

3	(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

Overview of Southern States Bancshares, Inc.

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

Huntsville

65

59

Anniston

Birmingham

Legend

75

Branches (13)

LPOs (2)

85

Atlanta

the banking industry and deep ties to local markets

History of solid growth, top-tier profitability and a strong

20

Tuscaloosa

65

Alabama Auburn

85

Augusta

Georgia

Macon

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

85

Montgomery

65

Mobile

Columbus

Savannah

75

Valdosta

Q4 '22 Financial Highlights

	Assets ($B):	$2.0	YoY Asset Growth:	14.7%	NPLs / Loans:	0.14%	Core Net Income(1)($M): $8.1
	Gross Loans ($B):	$1.6	YoY Loan Growth:	26.9%	LLR / Loans:	1.27%	Core ROAA(1):	1.61%
	Deposits ($B):	$1.7	YoY Deposit Growth:	10.6%	YTD NCOs / Avg. Loans:	0.05%	NIM:	4.39%
	Loans / Deposits:	92.24%	YoY Core Deposit Growth:	8.3%	TCE / TA(1):	8.07%	Core Efficiency Ratio(1): 45.98%
	Source: S&P Global Market Intelligence; Company Documents
	Financial data as of the three months ended 12/31/22 unless otherwise noted
4	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

Experienced Management Team

Our senior management team has an average of over 30 years of experience in the banking industry

Steve Whatley

Founder, Chairman &

CEO

Mark Chambers	Lynn Joyce
President	SEVP & Chief
	Financial Officer

Greg Smith	Jack Swift
SEVP & Chief Risk and	SEVP & Chief
Credit Officer	Operating Officer

• 1982-2006Market President Colonial Bank
• 1980-1982Vice President Commercial Lender AmSouth Bank
• 1978-1980Vice President Trust Company Bank
• 1973-1978Loan Officer/Mgt. Trainee Security Pacific Bank

• 2007-2019SEVP & President Southeast Region Southern States Bank
• 2004-2007Market President Wachovia Bank
• 1998-2004 Commercial Lender Aliant Bank

• 1992-2013EVP & CFO First Financial Bank, a NASDAQ listed Financial Institution
• 1986-1992Arthur Andersen & Co

• 2006-2019 SEVP & CCO Southern States Bank
• 1986-2006Credit Admin, Commercial Loan Officer and Market President Regions Bank

• 2006-2019SEVP & President Central Region Southern States Bank
• 1996-2006 Senior Vice President Colonial Bank
• 1992-1996Vice President SouthTrust Bank

Company insiders own 15.9% of the common shares and equivalents(1)

5 (1) Refers to management and directors, excludes institutional owners or direct representatives of an institutional owner