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SOUTHERN STATES BANCSHARES , INC . Southern States Bancshares , Inc. Announces Third Quarter 2021 Financial Results October 26 , 2021 Third Quarter 2021 Highlights • Linked quarter loan growth was 17.3 % annualized , or 24.5 % annualized , excluding the impact of Paycheck Protection Program ( “ PPP ” ) loans • Net income of $ 4.9 million , or $ 0.58 per diluted share ; return on average assets ( " ROAA " ) of 1.26 % ; return on average stockholders ' equity ( " ROAE ” ) of 12.03 % ; and return on average tangible common equity ( " ROATCE " ) ( 1 ) of 13.57 % • Core net income ( 1 ) of $ 4.0 million , or $ 0.48 per diluted share ; core ROAA ( 1 ) of 1.04 % ; and core ROATCE ( 1 ) of 11.15 % • Initial public offering completed on August 16 , 2021 ( 1 ) See " Reconciliation of Non - GAAP Financial Measures " below for reconciliation of non - GAAP financial measures to their most closely comparable GAAP financial measures . ANNISTON , Ala . , Oct. 26 , 2021 ( GLOBE NEWSWIRE ) -- 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 $ 4.9 million , or $ 0.58 diluted earnings per share , for the third quarter of 2021. This compares to net income of $ 3.9 million , or $ 0.50 diluted earnings per share , for the second quarter of 2021 , and net income of $ 3.2 million , or $ 0.41 diluted earnings per share , for the third quarter of 2020. The Company reported core net income of $ 4.0 million , or $ 0.48 diluted core earnings per share , for the third quarter of 2021. This compares to core net income of $ 3.9 million , or $ 0.50 diluted core earnings per share , for the second quarter of 2021 , and core net income of $ 2.7 million , or $ 0.35 diluted core earnings per share , for the third quarter of 2020 ( see " Reconciliation of Non - GAAP Financial Measures " ) . Stephen Whatley , Chairman and Chief Executive Officer of Southern States , said , “ Our third quarter results demonstrated exceptionally strong loan growth , healthy profitability , and impressive credit quality . By continuing to execute on our strategic plan that focuses on organic growth in our attractive markets , we are well positioned to continue growing our franchise while leveraging our recent investments in people , infrastructure , and technology . " " We are very pleased to have completed our initial public offering in August . Becoming a public company is an important next chapter in our history , but our focus remains squarely on understanding and valuing the needs of our clients . By remaining consistent with our core values and continuing to deliver high levels of personalized service , we believe that we will continue to enhance the value of our franchise over the long term , " said Mr. Whatley . Net Interest Income and Net Interest Margin Net interest income for the third quarter of 2021 was $ 13.6 million , an increase of 5.8 % from $ 12.9 million for the second quarter of 2021. The increase was primarily attributable to an increase in interest - earning assets . Relative to the third quarter of 2020 , net interest income increased $ 2.7 million , or 24.2 % . The increase was substantially the result of an increase in interest - earning assets . Net interest margin for the third quarter of 2021 was 3.77 % , compared to 3.75 % for the second quarter of 2021. The increase was primarily the result of a decline in the cost of funds that more than offset a decline in the yield on interest - earning assets . Relative to the third quarter of 2020 , net interest margin increased from 3.71 % . The increase was primarily due to a decline in the cost of funds that more than offset a decline in the yield on interest - earning assets . Noninterest Income Noninterest income for the third quarter of 2021 was $ 2.5 million , an increase of 22.7 % from $ 2.0 million for the second quarter of 2021. Third quarter 2021 results included a bank owned life insurance ( " BOLI " ) death benefit claim of $ 742,000 and $ 189,000 net gain on securities . Relative to the third quarter of 2020 , noninterest income increased 2.5 % from $ 2.4 million . In comparing the quarters , there was a decline in swap fees from the third quarter of 2020 that was more than offset by a net gain on securities and a larger BOLI claim in the third quarter of 2021 compared to the