Investor Presentaiton

Core Earnings Ability • . Transaction will allow FBMS to unlock SGB's additional core earnings ability Baseline after-tax earnings of $9.6 million Meaningful expense savings opportunities while retaining key producers $12.5 $10.0 $7.5 $5.0 $2.5 $5.1 LTM CORE EARNINGS RECONCILIATION ($ IN MILLIONS) ($0.4) $4.7 $0.0 After-Tax Net Income Less: Extraordinary Revenue Adjusted Net Income Data as of or for the twelve months ended 9/30/2019 Source: S&P Global Market Intelligence $4.9 $9.6 35% After-Tax Expense Saves Adjusted After-Tax Net Income SD TheFirst BANCSHARES, INC. 10

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