Southern States Bancshares Inc 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $226.4million as of June 28, 2024,the last business day of the registrant’s most recently completed second fiscal quarter. Solely for the purposes of this computation, it has been assumed that executiveofficers and directors of the registrant serving at that time (and any trusts or entities that they own or control) are “affiliates”. As of March11, 2025, the registrant had9,922,180shares of common stock, $5 par value per share, issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders to be held on May21, 2025, are incorporated byreference into Part III of this Annual Report on Form 10-K to the extent stated herein. Such Definitive Proxy Statement will be filed with the SECwithin 120 days after the end of the registrant's fiscal year ended December31, 2024. TABLE OF CONTENTS Cautionary Note Regarding Forward-Looking Statements2 Summary Risk Factors4 PART I Item 1. and Item 2.Business and Properties6Item 1A.Risk Factors17Item 1B.Unresolved Staff Comments35Item 1C.Cybersecurity35Item 3.Legal Proceedings36Item 4.Mine Safety Disclosures36 PART II Marketfor Registrant's Common Equity,Related Stockholder Matters,and IssuerPurchases of Equity Securities36Reserved37Management's Discussion and Analysis of Financial Condition and Results of Operations37Quantitative and Qualitative Disclosures about Market Risk66Financial Statements and Supplementary Data67Changes in and Disagreements With Accountants on Accounting and Financial Disclosure123Controls and Procedures123Other Information123Disclosure Regarding Foreign Jurisdictions that Prevent Inspections126 Item 5.Item 6.Item 7.Item 7A.Item 8.Item 9.Item 9A.Item 9B.Item 9C. PART III Directors, Executive Officers and Corporate Governance124Executive Compensation124SecurityOwnership of Certain Beneficial Owners and Management and RelatedStockholder Matters125Certain Relationships and Related Transactions, and Director Independence125Principal Accountant Fees and Services125 PART IV Exhibits and Financial Statement Schedules126Form 10-K Summary129Signatures130 Item 15.Item 16. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form