PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

The following information presents the condensed balance sheets of Southern States Bancshares, Inc. as of December 31, 2023 and 2022, and the condensed statements of income and cash flows for the years then ended.

CONDENSED BALANCE SHEET	December 31, 2023		December 31, 2022
Assets:
Cash	$	14,967	$	19,405
Investment in subsidiary	284,232		247,856
Other assets	3,529		1,529
Total assets	302,728		268,790
Liabilities and stockholders’ equity:
Other borrowings	$	(6)	$	(19)
Subordinated notes	86,679		86,314
Other liabilities	1,091		776
Total liabilities	87,764		87,071
Stockholders’ equity	214,964		181,719
Total liabilities and stockholders’ equity	$	302,728	$	268,790

CONDENSED STATEMENTS OF INCOME	For the Years Ended
	2023		2022
Income
Dividend income from subsidiary	$	3,150	$	3,167
Dividend income from equity securities	(5)		136
Gain on equity securities	574		—
	3,719		3,303
Expense
Interest expense	4,903		2,315
Other	2,100		2,258
	7,003		4,573
Loss before income tax benefits and equity in undistributed earnings of subsidiary	(3,284)		(1,270)
Income tax benefits	1,530		827
Loss before equity in undistributed earnings of subsidiary	(1,754)		(443)
Equity in undistributed earnings of subsidiary	33,706		27,514
Net income	$	31,952	$	27,071

CONDENSED STATEMENTS OF CASH FLOW	For the Years Ended
	2023		2022
OPERATING ACTIVITIES
Net income	$	31,952	$	27,071
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed earnings of subsidiary	(33,706)		(27,514)
Stock-based compensation	870		912
(Decrease) increase in accrued interest payable	(3)		3
Net other operating (expenses) income	(589)		275
Net cash (used in) provided by operating activities	(1,476)		747
INVESTING ACTIVITIES
Investment in equity securities	(1,094)		(237)
Net cash used in investing activities	(1,094)		(237)
FINANCING ACTIVITIES
Net proceeds (repayment) of note payable	13		(12,517)
Net proceeds of subordinated notes	365		86,314
Issuance of common stock	1,563		222
Issuance of restricted stock units	363		—
Purchase of common stock	(979)		(7,358)
Capital contribution to subsidiary	—		(45,000)
Common stock dividends paid	(3,193)		(3,165)
Net cash (used in) provided by financing activities	(1,868)		18,496
Net (decrease) increase in cash	(4,438)		19,006
Cash at beginning of year	19,405		399
Cash at end of year	$	14,967	$	19,405