Recent Insider Transactions Derivative • Jun 25
CEO, President & Director exercised options to buy US$1.9m worth of stock. On the 20th of June, Mark Chambers exercised options to buy 54k shares at a strike price of around US$16.29, costing a total of US$873k. This transaction amounted to 104% of their direct individual holding at the time of the trade. Since March 2025, Mark has owned 34.19k shares directly. Company insiders have collectively bought US$662k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 22
Southern States Bancshares, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2025 Southern States Bancshares, Inc. reported Net charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported net charge-offs of $237,000 against $470,000 a year ago. Reported Earnings • Apr 21
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: US$1.04 (up from US$0.91 in 1Q 2024). Revenue: US$25.8m (up 23% from 1Q 2024). Net income: US$10.4m (up 28% from 1Q 2024). Profit margin: 40% (up from 39% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 20
Fourth quarter dividend of US$0.09 announced Dividend of US$0.09 is the same as last year. Ex-date: 1st May 2025 Payment date: 12th May 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (9% forecast payout ratio). The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
Southern States Bancshares, Inc. Declares Cash Dividend on Common Stock, Payable on May 12, 2025 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on May 12, 2025 to shareholders of record as of May 1, 2025. Announcement • Apr 01
FB Financial Corporation (NYSE:FBK) entered into an Agreement and Plan of Merger to acquire Southern States Bancshares, Inc. (NasdaqGS:SSBK) for approximately $380 million. FB Financial Corporation (NYSE:FBK) entered into an Agreement and Plan of Merger to acquire Southern States Bancshares, Inc. (NasdaqGS:SSBK) for approximately $380 million on March 31, 2025. Pursuant to the terms of the merger agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock. The implied transaction value is approximately $37.64 per Southern States share, or $381 million, in the aggregate. The merger agreement has been unanimously approved by both companies’ boards of directors. The transaction is subject to regulatory approvals, approval by FB Financial’s and Southern States’ shareholders, the effectiveness of the registration statement and other customary closing conditions. Buy and sell side termination fee is $15 million. The merger is expected to close late in the third quarter or early in the fourth quarter of 2025. Mark Kanaly of Alston & Bird LLP acted as legal advisor to FB Financial Corporation. Mike Waters of Jones Walker LLP acted as legal advisor to Southern States Bancshares, Inc. Keefe, Bruyette, & Woods, Inc. served as financial advisor and fairness opinion provider to FB Financial Corporation. Performance Trust Capital Partners, LLC served as financial advisor and fairness opinion provider to Southern States Bancshares, Inc. Reported Earnings • Mar 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.73 (up from US$3.63 in FY 2023). Revenue: US$94.1m (up 14% from FY 2023). Net income: US$34.9m (up 9.1% from FY 2023). Profit margin: 37% (down from 39% in FY 2023). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.61% (down from 3.81% in FY 2023). Non-performing loans: 0.29% (up from 0.06% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.8%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Feb 13
Southern States Bancshares, Inc. Announces Not Stand for Re-Election of Jonathan W. Hinton to the Board of Directors On February 6, 2025, Jonathan W. Hinton, a member of the Board of Directors (Board) of Southern States Bancshares, Inc. (Company) notified the Board that he does not intend to stand for re-election to the company’s Board following the expiration of his current term. Accordingly, his current term will expire at the 2025 Annual Meeting of Shareholders. Reported Earnings • Jan 22
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.72 (up from US$3.63 in FY 2023). Revenue: US$94.1m (up 14% from FY 2023). Net income: US$34.9m (up 9.1% from FY 2023). Profit margin: 37% (down from 39% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.8%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Declared Dividend • Jan 19
Third quarter dividend of US$0.09 announced Dividend of US$0.09 is the same as last year. Ex-date: 3rd February 2025 Payment date: 14th February 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (9% forecast payout ratio). The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 16
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend, Payable on February 14, 2025 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on February 14, 2025 to shareholders of record as of February 3, 2025. Price Target Changed • Nov 15
Price target increased by 7.1% to US$37.50 Up from US$35.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$36.63. Stock is up 46% over the past year. The company is forecast to post earnings per share of US$3.41 for next year compared to US$3.63 last year. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$37.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 97% over the past three years. New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Significant insider selling over the past 3 months (US$448k sold). Reported Earnings • Oct 21
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.76 (up from US$0.75 in 3Q 2023). Revenue: US$23.4m (up 37% from 3Q 2023). Net income: US$7.35m (up 11% from 3Q 2023). Profit margin: 31% (down from 39% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Oct 20
Second quarter dividend of US$0.09 announced Dividend of US$0.09 is the same as last year. Ex-date: 1st November 2024 Payment date: 15th November 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 9.1% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 17
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend, Payable on November 15, 2024 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on November 15, 2024 to shareholders of record as of November 1, 2024. Recent Insider Transactions • Aug 28
Director recently sold US$96k worth of stock On the 26th of August, Jay Pumroy sold around 3k shares on-market at roughly US$32.13 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$191k. Insiders have been net sellers, collectively disposing of US$429k more than they bought in the last 12 months. Board Change • Aug 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Rick Drews was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Jul 29
Independent Director notifies of intention to sell stock Brent Hitson intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of July. If the sale is conducted around the recent share price of US$33.00, it would amount to US$281k. Since March 2024, Brent has owned 29.50k shares directly. Company insiders have collectively sold US$102k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$96.9m to US$98.4m. EPS estimate fell from US$3.65 to US$3.23 per share. Net income forecast to grow 13% next year vs 5.5% growth forecast for Banks industry in the US. Consensus price target up from US$35.00 to US$36.00. Share price rose 10.0% to US$33.00 over the past week. Recent Insider Transactions • Jul 26
Senior EVP & CFO recently sold US$64k worth of stock On the 24th of July, Lynn Joyce sold around 2k shares on-market at roughly US$32.15 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lynn's only on-market trade for the last 12 months. Reported Earnings • Jul 23
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.91 (down from US$1.00 in 2Q 2023). Revenue: US$21.9m (down 12% from 2Q 2023). Net income: US$8.20m (down 6.4% from 2Q 2023). Profit margin: 38% (up from 35% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Declared Dividend • Jul 21
First quarter dividend of US$0.09 announced Dividend of US$0.09 is the same as last year. Ex-date: 31st July 2024 Payment date: 12th August 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Jul 18
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend, Payable on August 12, 2024 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on August 12, 2024 to shareholders of record as of July 31, 2024. New Risk • May 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 25
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 9.8% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.0%). Reported Earnings • Apr 23
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.91 (up from US$0.88 in 1Q 2023). Revenue: US$20.9m (up 3.6% from 1Q 2023). Net income: US$8.12m (up 5.8% from 1Q 2023). Profit margin: 39% (in line with 1Q 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Declared Dividend • Apr 22
Fourth quarter dividend of US$0.09 announced Dividend of US$0.09 is the same as last year. Ex-date: 2nd May 2024 Payment date: 16th May 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (10% forecast payout ratio). The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 2.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 18
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend, Payable on May 16, 2024 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on May 16, 2024 to shareholders of record as of May 3, 2024. Announcement • Mar 23
Southern States Bancshares, Inc., Annual General Meeting, May 15, 2024 Southern States Bancshares, Inc., Annual General Meeting, May 15, 2024, at 08:00 Central Standard Time. Location: 386 Talladega Springs Road Sylacauga, Alabama 35151. Sylacauga United States Agenda: To elect as directors lewis c. beavers, mark a. chambers, daniel a. cummings, alfred hayes, jr., jonathan w. hinton, brent david hitson, brian stacy holmes, christine hunsaker, cynthia s. mccarty, jay florey pumroy, and j. henry smith iv; To ratify the selection of mauldin & jenkins, llc by the audit committee of the board of directors as our independent registered public accounting firm for the year ending december 31, 2024. Announcement • Mar 21
Southern States Bancshares, Inc. Announces Retirement of Jack Swift as COO Southern States Bancshares, Inc. announced the retirement of Chief Operating Officer Jack Swift, effective May 31, 2024. Swift’s retirement culminates 18 years of service at Southern States, during which he served five years as Senior Executive Vice President and COO. Swift’s responsibilities will be absorbed by Lynn Joyce, Chief Financial Officer, and Greg Smith, Chief Risk Officer. Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$3.63 (up from US$3.09 in FY 2022). Revenue: US$82.9m (up 11% from FY 2022). Net income: US$32.0m (up 18% from FY 2022). Profit margin: 39% (up from 36% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.81% (down from 3.99% in FY 2022). Non-performing loans: 0.06% (down from 0.14% in FY 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Price Target Changed • Mar 15
Price target increased by 17% to US$35.00 Up from US$30.00, the current price target is provided by 1 analyst. New target price is 41% above last closing price of US$24.90. Stock is up 2.7% over the past year. The company is forecast to post earnings per share of US$3.50 for next year compared to US$3.63 last year. Announcement • Feb 29
Southern States Bancshares, Inc. (NasdaqGS:SSBK) entered into an Agreement and Plan of Merger to acquire CBB Bancorp for $26.5 million. Southern States Bancshares, Inc. (NasdaqGS:SSBK) entered into an Agreement and Plan of Merger to acquire CBB Bancorp for $26.5 million on February 27, 2024. Subject to the terms of the definitive merger agreement, CBB Bancorp shareholders have the right to elect to receive either 1.550 shares of Southern States common stock or $45.63 in cash for each share of CBB Bancorp common stock they hold. This exchange ratio is fixed, which means that the transaction value will fluctuate as a result of changes in the Southern States’ stock price. Based on Southern States’ stock price of $24.24 as of February 27, 2024, the implied value per share is $38.38 and aggregate transaction value is $27 million. As per the terms, 10% CBB’s outstanding shares will be converted into the cash consideration and 90% of CBB’s outstanding shares will be converted into the stock consideration. Upon completion, Southern States expects to merge CBB Bancorp with and into Southern States, with Southern States as the surviving entity. Century Bank of Georgia would similarly be merged with and into Southern States Bank with Southern States Bank surviving. The Agreement contains certain termination rights for both Southern States Bancshares and CBB Bancorp and further provides that a termination fee of $1.2 million will be payable by CBB Bancorp to Southern States Bancshares upon termination of the Agreement under certain specified circumstances. Richard E. Drews, Jr. will join SSBK and Southern States Bank’s Board. David H. Caswell will serve as Market President of Bartow and Polk Counties.
Each party’s obligation to consummate the Merger is subject to customary closing conditions, including, among others, (1) approval of the Agreement and the Merger by CBB Bancorp shareholders, (2) receipt of required regulatory approvals without the imposition of a condition that, in the reasonable good faith judgment of the board of directors of Southern States Bancshares or the board of directors of CBB Bancorp, would so materially adversely impact the economic benefits of the transaction as contemplated by this Agreement so as to render inadvisable the consummation of the Merger, and receipt of all other requisite consents or approvals, (3) the absence of any law or order preventing or prohibiting the consummation of the transactions contemplated by the Agreement (including the Merger), (4) the effectiveness of the registration statement for the Southern States Bancshares common stock to be issued in the Corporate Merger, (5) receipt by Southern States Bancshares of opinion to the effect that the Corporate Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, (6) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (7) the performance in all material respects by the other party of its obligations under the Agreement, and (8) the absence of any material adverse effect with respect to the other party. The board of directors of SSB and CBB has approved this Agreement. The transaction is expected to close in the third quarter of 2024.
Keefe, Bruyette & Woods, Inc. served as financial advisor to Southern States. Jones Walker LLP served as legal counsel to Southern States. Performance Trust Capital Partners served as financial advisor to Century Bank and rendered a fairness opinion to its board of directors. Troutman Pepper Hamilton Sanders LLP served as legal counsel to Century Bank. Upcoming Dividend • Jan 25
Upcoming dividend of US$0.09 per share at 1.3% yield Eligible shareholders must have bought the stock before 01 February 2024. Payment date: 15 February 2024. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.2%). Reported Earnings • Jan 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$3.63 (up from US$3.09 in FY 2022). Revenue: US$82.9m (up 11% from FY 2022). Net income: US$32.0m (up 18% from FY 2022). Profit margin: 39% (up from 36% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Declared Dividend • Jan 21
Third quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 1st February 2024 Payment date: 15th February 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (9% payout ratio) and is expected to be well covered in 3 years' time (14% forecast payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to decline by 23% over the next 2 years. However, it would need to fall by 90% to increase the payout ratio to a potentially unsustainable range. Announcement • Jan 18
Southern States Bancshares, Inc. Announces Quarterly Cash Dividend, Payable on February 15, 2024 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on February 15, 2024 to shareholders of record as of February 2, 2024. Price Target Changed • Jan 10
Price target increased by 20% to US$30.00 Up from US$25.00, the current price target is provided by 1 analyst. New target price is 7.6% above last closing price of US$27.89. Stock is down 1.2% over the past year. The company is forecast to post earnings per share of US$3.43 for next year compared to US$3.09 last year. Announcement • Dec 21
Southern States Bancshares, Inc. (NasdaqGS:SSBK) announces an Equity Buyback for $10 million worth of its shares. Southern States Bancshares, Inc. (NasdaqGS:SSBK) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its common stock. The repurchase program will be valid till December 31, 2024. Upcoming Dividend • Oct 26
Upcoming dividend of US$0.09 per share at 1.6% yield Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (5.3%). Lower than average of industry peers (4.1%). Reported Earnings • Oct 23
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.75 (down from US$0.77 in 3Q 2022). Revenue: US$17.1m (down 11% from 3Q 2022). Net income: US$6.63m (down 1.1% from 3Q 2022). Profit margin: 39% (up from 35% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 1.4%. Revenue is expected to decline by 3.6% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Announcement • Oct 20
Southern States Bancshares, Inc. Declares Quarterly Cash Dividend, Payable on November 17, 2023 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on November 17, 2023 to shareholders of record as of November 3, 2023. Announcement • Jul 26
Southern States Bancshares, Inc. Reports Net Charge Off for the Quarter Ended June 30, 2023 Southern States Bancshares, Inc. reported net charge off for the quarter ended June 30, 2023. for the quarter, the company reported Net charge-offs of the $27,000 against net recovery of $11,000 a year ago. Upcoming Dividend • Jul 26
Upcoming dividend of US$0.09 per share at 1.5% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 9.3% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.3%). Reported Earnings • Jul 24
Second quarter 2023 earnings released: EPS: US$1.00 (vs US$0.60 in 2Q 2022) Second quarter 2023 results: EPS: US$1.00 (up from US$0.60 in 2Q 2022). Revenue: US$24.7m (up 50% from 2Q 2022). Net income: US$8.76m (up 68% from 2Q 2022). Profit margin: 35% (up from 32% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Jul 23
Southern States Bancshares, Inc. Declares Cash Dividend on Its Common Stock, Payable on August 17, 2023 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on August 17, 2023 to shareholders of record as of August 3, 2023. Recent Insider Transactions Derivative • Jul 19
CEO, President & Director exercised options to buy US$222k worth of stock. On the 17th of July, Mark Chambers exercised options to buy 10k shares at a strike price of around US$10.00, costing a total of US$100k. This transaction amounted to 39% of their direct individual holding at the time of the trade. Since March 2023, Mark has owned 75.44k shares directly. Company insiders have collectively sold US$36k more than they bought, via options and on-market transactions in the last 12 months. Board Change • May 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Christine Hunsaker was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 25
Upcoming dividend of US$0.09 per share at 1.6% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.6%). Recent Insider Transactions Derivative • Mar 06
Chairman & CEO notifies of intention to sell stock Stephen Whatley intends to sell 87k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of March. If the sale is conducted around the recent share price of US$29.00, it would amount to US$2.5m. For the year to December 2020, Stephen's total compensation was 49% salary and 51% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Stephen's direct individual holding has decreased from 618.60k shares to 538.58k. Company insiders have collectively sold US$142k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 26
Senior EVP & CFO recently sold US$146k worth of stock On the 22nd of February, Lynn Joyce sold around 5k shares on-market at roughly US$29.25 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lynn's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 16
Senior EVP & Chief Risk Officer recently sold US$102k worth of stock On the 14th of February, Gregory Smith sold around 3k shares on-market at roughly US$29.68 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$89k more than they bought in the last 12 months. Upcoming Dividend • Jan 26
Upcoming dividend of US$0.09 per share at 1.3% yield Eligible shareholders must have bought the stock before 02 February 2023. Payment date: 16 February 2023. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (3.0%). Announcement • Jan 24
Southern States Bancshares, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2022 Southern States Bancshares, Inc. reported Net charge-offs for the fourth quarter ended December 31, 2022. For the quarter, the company reported Net charge-offs of $205,000. Reported Earnings • Jan 23
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$3.08 (up from US$2.27 in FY 2021). Revenue: US$74.4m (up 23% from FY 2021). Net income: US$27.1m (up 46% from FY 2021). Profit margin: 36% (up from 31% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Announcement • Jan 20
Southern States Bancshares, Inc. Declares Cash Dividend, Payable on February 16, 2023 Southern States Bancshares, Inc. announced that its Board of Directors has declared a cash dividend on its common stock of $0.09 per share. The dividend is payable on February 16, 2023 to shareholders of record as of February 3, 2023. Price Target Changed • Dec 12
Price target increased to US$29.00 Up from US$26.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$28.37. Stock is up 47% over the past year. The company is forecast to post earnings per share of US$2.66 for next year compared to US$2.26 last year. Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$71.4m to US$75.4m. EPS estimate increased from US$2.41 to US$2.66 per share. Net income forecast to grow 19% next year vs 14% growth forecast for Banks industry in the US. Consensus price target up from US$26.50 to US$28.00. Share price rose 9.0% to US$29.45 over the past week. Upcoming Dividend • Oct 26
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 02 November 2022. Payment date: 16 November 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.2%). Price Target Changed • Oct 25
Price target increased to US$28.00 Up from US$26.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$27.20. Stock is up 40% over the past year. The company is forecast to post earnings per share of US$2.41 for next year compared to US$2.26 last year. Reported Earnings • Oct 24
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.77 (up from US$0.59 in 3Q 2021). Revenue: US$19.1m (up 24% from 3Q 2021). Net income: US$6.70m (up 36% from 3Q 2021). Profit margin: 35% (up from 32% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Upcoming Dividend • Jul 27
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.1%). Reported Earnings • Jul 26
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: US$16.5m (up 16% from 2Q 2021). Net income: US$5.22m (up 34% from 2Q 2021). Profit margin: 32% (up from 28% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the industry in the US.