Southern States Bancshares : Q2 2023 Earnings Results Presentation

Q2 2023

Investor Presentation

July 24, 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 recent events and trends in the banking industry and the inflationary environment. 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, 2022 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 presentation 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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Overview of Southern States Bancshares, Inc.

Southern States Bancshares (Nasdaq: SSBK) was founded in August 2007 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

Huntsville

65

59

Anniston

Birmingham

Legend

75

Branches (13)

LPOs (2)

85

Atlanta

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

20

Tuscaloosa

65

Alabama Auburn

85

Augusta

Georgia

Macon

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

Q2 '23 Financial Highlights

Assets ($B):	$2.3	Quarterly Asset Growth(2):	26.7%
Gross Loans ($B):	$1.7	Quarterly Loan Growth(2):	17.4%
Deposits ($B):	$1.9	Quarterly Deposit Growth(3): 30.1%
Loans / Deposits:	89.22%	Quarterly Deposit Net	20.7%
of Brokered Growth(2):

Source: Company Documents; financial data as of the three months ended 6/30/23 unless otherwise noted

1. Please refer to non-U.S. GAAP reconciliation in the appendix 3 (2) Annualized

(3) Annualized; includes a $49.1 million increase in brokered deposits

NPLs / Loans:	0.06%	Core Net Income(1)($M): $7.1
ACL / Loans:	1.25%	Core ROAA(1):	1.29%
YTD NCOs / Avg. Loans:	0.03%	NIM:	3.73%
TCE / TA(1):	7.94%	Core Efficiency Ratio(1):	49.96%

Robust Market Dynamics

		Market Highlights
Atlanta, GA
- 8th largest Metro Area in the USA
	- Ranked 10th largest economy in the country
	- Ranked 13th Best Places for Business and Careers by Forbes
	- 17 Fortune 500 companies headquartered in Atlanta

Birmingham, AL - Largest market in Alabama, supported by strong steel, biotechnology, and banking industries

• Ranked 2nd best US city for job seekers by MoneyGeek
• University of Alabama Birmingham serves as an international leader in medicine and dentistry

Huntsville, AL - Voted best place to live in the country by US News

• Highest concentration of engineers in the US
• Ranked #1 best city for STEM workers by Livability
• 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

'28 Projected Median HHI ($M)

		$69.2	$72.8	$88.1	$93.1	$70.7	$83.3
$62.3
Columbus	Auburn-	Birmingham	Huntsville	Atlanta	Southeast	National
MSA	Opelika	MSA	MSA	MSA	Average	Average
		MSA
	'23 - '28 Projected Population Growth (%)
			4.7%	5.9%	6.6%	3.2%
1.6%	1.9%			2.1%
Birmingham	Columbus	Atlanta	Huntsville	Auburn-	Southeast	National
MSA	MSA	MSA	MSA	Opelika	Average	Average
					MSA

Major Employers

Auburn /

Opelika, AL

• Auburn University contributes $5.6 billion annually and 27,000 jobs to the Alabama economy
• Named top-five growth city in America by U-Haul
• High-techmanufacturing and industrial hub for companies like Kia Motors, Hanwha Cimarron, and Niagara Bottling

Columbus, GA	- 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.
	- Contains seven colleges and universities, with 83,000
	students pursuing degrees in higher education

	Source: U.S. Bureau of Labor Statistics; S&P Global Market Intelligence; Fortune; Forbes; Money.com; moneygeek.com; Business Facilities; USA Today; Livability,com; US News; Auburn.edu;
4	Columbus, Georgia Economic Development
Note: Southeast defined as AL, AR, FL. GA, KY, LA, MS, NC. SC, TN, VA, and WV

Proven, Veteran Management Team

Our senior management team, on average, has more than 25 years of banking experience

Mark Chambers

President and CEO

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

Lynn Joyce

SEVP & Chief

Financial Officer

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

Greg Smith

SEVP & Chief Risk and

Credit Officer

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

Jack Swift

SEVP & Chief

Operating Officer

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

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