ACQUISITIONS ACTIVITY (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Acquired Assets and Assumed Liabilities

The acquired assets and assumed liabilities as of July 31, 2024, as well as the adjustments to record the assets and liabilities at fair value, are presented in the following table:


			Fair Value		As Recorded by
	Acquired		Adjustments		the Company

Cash and cash equivalents	$	66,605	$	—	$	66,605
Securities available for sale - sold day 1	104,724		—		104,724
Securities available for sale	2,750		(286)		2,464
Restricted equity securities	734		—		734
Time deposits held as investments	10,897		(90)		10,807
Loans	132,618		(4,747)		127,871
Less allowance for credit losses	(1,619)		1,619		—
Core deposit intangible	—		8,896		8,896
Premises and equipment, net	3,903		1,610		5,513
Other assets	9,203		(2,195)		7,008
Total assets acquired	$	329,815	$	4,807	$	334,622

Deposits	308,535		212		308,747
Subordinated notes	5,000		(307)		4,693
Accrued expenses and other liabilities	2,871		—		2,871
Total liabilities assumed	$	316,406	$	(95)	$	316,311
Net assets acquired					18,311
Cash					3,150
Common stock issued (961,920 shares)					31,474
Total consideration paid					34,624
Goodwill					$	16,313

Schedule of Pro-Forma Financial Information

The following table presents pro-forma financial information as if the acquisition of CBB Bancorp had occurred on January 1, 2023. The results of operations of CBB Bancorp and Century Bank were included in the Company’s results beginning on August 1, 2024. The pro-forma financial information is not necessarily indicative of the results of operations had the acquisition been effective as of January 1, 2023. No assumptions have been applied to the pro-forma results of operations regarding revenue enhancements, expense efficiencies or asset dispositions. The pro-forma financials below excludes merger-related third party expenses, the accretion of fair value marks on securities available for sale, time deposits held as investments, acquired loans, deposits, as well as the amortization of fair value marks on core deposit intangible and subordinated notes.


	For the Three Months Ended
	March 31, 2024

Net interest income	$	23,130
Net income	9,102

Southern States Bancshares, Inc. 10-Q