Southern States Bank (merged into FirstBank)
Southern States Bank reported total assets of $2.9 bn at Q2 2025, its last Call Report before it merged into FirstBank. The CET1 capital ratio at Southern States Bank was 12.94%, and the uninsured share of Southern States Bank was 32.74%. Source: FDIC Call Reports.
Key takeaways
- Since , Southern States Bank has taken over 2 institutions; the latest was Century Bank of Georgia on (FDIC Call Reports).
What sets Southern States Bank apart
How large is Southern States Bank?
The balance sheet of Southern States Bank at : assets $2.9 bn, deposits $2.5 bn, net loans $2.3 bn (loans equal to 92.62% of deposits). Securities make up 1.3% of total assets at Southern States Bank. Since , when Southern States Bank held $541.7 mn, its assets grew 430.6%. In the year to , deposits at Southern States Bank rose 13.3% while its total assets rose 11.7%. At , Southern States Bank employed 192 full-time equivalent staff across 15 offices, about $15.0 mn of assets per employee and $165.3 mn of deposits per office.
How much funding at Southern States Bank is uninsured?
At Southern States Bank, uninsured deposits (above the FDIC limit) made up 32.74% of domestic deposits at (+3.25 pp on a year earlier). In dollars, Southern States Bank estimated $812.0 mn of uninsured deposits.
Key facts, Q2 2025
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.5 bn | $2.2 bn (Q2 2024) | |
| Net loans and leases | $2.3 bn | $2.0 bn (Q2 2024) | |
| Loan-to-deposit ratio | 92.62% | 90.99% (Q2 2024) | |
| Tier 1 leverage ratio | 11.41% | 11.52% (Q2 2024) | |
| Total risk-based capital ratio | 13.88% | 13.77% (Q2 2024) | |
| Net interest margin | 4.03% | 3.78% (Q2 2024) | |
| Return on assets (ROA) | 0.04% | 1.49% (Q2 2024) | |
| Efficiency ratio | 72.71% | 43.71% (Q2 2024) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $2.9 mn | Narrowed by $640,000 | |
| Unrealized gain/loss on available-for-sale securities | Loss of $1.8 mn | Narrowed by $9.5 mn | |
| Noncurrent loans to total loans | 0.45% | 0.19% (Q2 2024) | |
| Net charge-offs to average loans | 0.68% | 0.09% (Q2 2024) |
US rank of Southern States Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Southern States Bank: assets, deposits and loans
- Total assets $2.9bn
- Deposits $2.5bn
- Net loans $2.3bn
Capital and securities
The CET1 ratio of Southern States Bank stood at 12.94% in , +0.33 pp year on year. Low and high at Southern States Bank since : 10.94% () to 14.70% (). Equity capital of Southern States Bank at : $365.2 mn, or 12.7% of total assets. Southern States Bank also reported a total capital ratio of 13.88% for , and a tier 1 leverage ratio of 11.41%.
On held-to-maturity securities, Southern States Bank carried an unrealized loss of $2.9 mn at , equal to 0.8% of equity capital. The loss narrowed by $640,000 over the year. Its deepest point: $4.7 mn in . The available-for-sale portfolio of Southern States Bank showed an unrealized loss of $1.8 mn at ; the loss narrowed by $9.5 mn over the year.
Southern States Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 11%
Southern States Bank: unrealized securities gains and losses
- Available for sale -$2mn
- Held to maturity -$3mn
Profitability and loan quality
For the year to , Southern States Bank earned a return on equity of 0.31%; return on assets: 0.04%. Net interest margin at Southern States Bank: 4.03%, +0.25 pp in a year. Southern States Bank net income: $565,000, down 97.0% year on year. The efficiency ratio of Southern States Bank was 72.71%: about 73 cents cost per revenue dollar, against 58 cents at the median peer.
At , noncurrent loans were 0.45% of total loans at Southern States Bank; net charge-offs: 0.68% of average loans. Gross loans and leases at Southern States Bank: $2.3 bn at , against $2.0 bn at .
Southern States Bank: profitability
- Return on equity 0.3%
- Net interest margin 4.0%
- Return on assets 0.0%
Peer group of Southern States Bank
The peer group of Southern States Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Southern States Bank (state nonmember bank) and 0 have head offices in Alabama. Against them, Southern States Bank shows CET1 ratio 12.94% against a peer median of 13.49%, return on equity 0.31% against a peer median of 12.48% and uninsured deposit share 32.74% against a peer median of 25.99%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| LINKBANK | State nonmember bank | PA | $2.9 bn | 11.51% | 14.48% | 36.38% | |
| Industrial and Commercial Bank of China USA | National bank | NY | $2.9 bn | 16.79% | 2.97% | 23.24% | |
| The National Bank of Indianapolis | National bank | IN | $2.9 bn | 11.80% | 18.72% | 60.14% | |
| Southern States Bank | State nonmember bank | AL | $2.9 bn | 12.94% | 0.31% | 32.74% | |
| American First National Bank | National bank | TX | $2.9 bn | 14.82% | 14.53% | 20.73% | |
| Chemung Canal Trust Company | National bank | NY | $2.9 bn | 13.49% | -0.10% | 28.00% | |
| Guaranty Bank and Trust Company | State nonmember bank | MS | $2.8 bn | not reported | 10.48% | 23.97% | |
. FDIC Call Reports.
Last eight quarters
Two years at Southern States Bank, to : assets $2.3 bn to $2.9 bn, deposits $1.9 bn to $2.5 bn, equity $270.1 mn to $365.2 mn. Staff 176 to 192; offices 13 to 15.
| Metric | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.3 bn | $2.4 bn | $2.5 bn | $2.6 bn | $2.8 bn | $2.9 bn | $2.9 bn | $2.9 bn |
| Total deposits | $1.9 bn | $2.0 bn | $2.1 bn | $2.2 bn | $2.4 bn | $2.4 bn | $2.4 bn | $2.5 bn |
| Bank equity capital | $270.1 mn | $284.2 mn | $292.9 mn | $301.6 mn | $349.1 mn | $358.7 mn | $370.0 mn | $365.2 mn |
| CET1 ratio | 12.55% | 12.30% | 12.47% | 12.61% | 12.43% | 12.99% | 13.35% | 12.94% |
| Return on equity (ROE) | 13.56% | 13.78% | 12.97% | 12.79% | 11.83% | 12.49% | 12.79% | 0.31% |
| Uninsured share of domestic deposits | 29.40% | 30.28% | 28.72% | 29.48% | 30.26% | 31.40% | 31.24% | 32.74% |
| Full-time equivalent employees | 176 | 181 | 183 | 179 | 202 | 206 | 195 | 192 |
| Number of offices | 13 | 13 | 13 | 13 | 15 | 15 | 15 | 15 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Southern States Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Columbus Community Bank (FDIC certificate 58299).
- . Absorbed Small Town Bank (FDIC certificate 35112).
- . Absorbed Century Bank of Georgia (FDIC certificate 35236).
- . Merged into FirstBank (FDIC certificate 8663).
Questions and identifiers
What were the total assets of Southern States Bank?
Southern States Bank reported $2.9 bn at in its Call Report.
Is Southern States Bank the same as its holding company?
No. This page covers Southern States Bank, FDIC certificate 58558; SOUTHERN STATES BANCSHARES INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Southern States Bank profitable?
Southern States Bank reported net income of $565,000 for the year to ; annualized return on equity: 0.31%. So yes: Southern States Bank made a profit over these months.
When is data for Southern States Bank next updated?
Southern States Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Southern States Bank?
In the FDIC BankFind Suite record for certificate 58558, and in the Call Reports of Southern States Bank (RSSD ID 3629420) at the FFIEC Central Data Repository.