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About SouthState Corporation
SouthState Corporation (NYSE: SSB) is a prominent financial services company headquartered in Winter Haven, Florida. Operating through its wholly owned subsidiary, SouthState Bank, N.A., the company provides a comprehensive suite of banking and financial solutions to individuals, businesses, and institutions across the southeastern United States and beyond. With a focus on fostering community relationships and delivering tailored financial services, SouthState has built a reputation as a trusted regional banking partner.
Core Business Areas
SouthState Corporation's operations are centered around four primary business segments:
- Retail and Commercial Banking: Offering demand, time, and savings deposit accounts, as well as lending products, credit card services, and ATM processing. These services cater to the needs of individual customers and businesses, ensuring a seamless banking experience.
- Mortgage Lending: Providing residential mortgage solutions to support homeownership while addressing the unique needs of borrowers across its service regions.
- Wealth Management and Trust Services: Delivering personalized investment management, estate planning, and financial advisory services to help clients build and preserve wealth.
- Correspondent Banking: Serving financial institutions nationwide with liquidity management, lending, and other specialized banking solutions.
Regional Footprint and Market Presence
SouthState Bank operates an extensive network of financial centers across Alabama, Florida, Georgia, North Carolina, South Carolina, Virginia, Texas, and Colorado. This geographic reach positions the company in some of the fastest-growing metropolitan statistical areas (MSAs) in the United States, enabling it to capitalize on regional economic growth and demographic trends. Its correspondent banking division extends its influence nationwide, further diversifying its revenue streams.
Strategic Growth and Acquisitions
SouthState Corporation has demonstrated a strategic approach to growth through mergers and acquisitions. A notable example is its acquisition of Independent Bank Group, which expanded its presence into Texas and Colorado, increased its asset base to approximately $65 billion, and added significant market share in high-growth regions. These acquisitions reflect SouthState's commitment to scaling its operations while maintaining its community-focused ethos.
Competitive Differentiation
SouthState distinguishes itself through its deep-rooted commitment to community banking principles. By prioritizing personal relationships over transactional interactions, the company fosters trust and loyalty among its customers. Additionally, its decentralized management model empowers regional teams to make decisions tailored to local market conditions, enhancing responsiveness and customer satisfaction. This approach, combined with its robust portfolio of financial services, positions SouthState as a formidable competitor in the regional banking sector.
Industry Challenges and Opportunities
Operating in a highly regulated and competitive industry, SouthState faces challenges such as fluctuating interest rates, evolving customer expectations, and increasing competition from fintech companies. However, its strategic focus on high-growth markets, disciplined credit practices, and investments in technology provide a solid foundation for navigating these challenges and capitalizing on emerging opportunities.
Commitment to Community and Employees
Since its inception in 1934, SouthState has emphasized community involvement and employee well-being. This philosophy, known as the "SouthState Way," underscores the company's dedication to treating employees like family and actively contributing to the communities it serves. This approach not only strengthens its brand reputation but also aligns with its mission to create long-term value for stakeholders.
Conclusion
SouthState Corporation exemplifies the principles of community-focused banking while leveraging its regional expertise and strategic growth initiatives to remain competitive in the financial services industry. With a diversified portfolio of services, a strong regional footprint, and a commitment to fostering relationships, SouthState continues to be a significant player in the southeastern United States and beyond.
SouthState (NYSE: SSB) reported strong Q4 2024 results with net income of $144.2 million and diluted EPS of $1.87. Key highlights include:
- Net Interest Income of $370 million with a Net Interest Margin of 3.48%
- Loans increased by $355 million (4% annualized)
- Deposits grew by $423 million (4% annualized)
- Total loan yield was 5.76%, while deposit cost decreased to 1.75%
The company maintained strong capital positions with Tier 1 Common Equity at 12.6% and Total Risk-Based Capital at 15.0%. The Board declared a quarterly cash dividend of $0.54 per share. SouthState also completed its previously announced merger with Independent Bank Group on January 1, 2025.
SouthState (NYSE: SSB) has completed its acquisition of Independent Bank Group (NASDAQ: IBTX) on January 1, 2025. The merger includes the integration of Independent Bank into SouthState Bank, N.A., expanding SouthState's presence in Texas and marking its entry into Colorado. The combined entity now has approximately $65 billion in assets.
As part of the merger, three former Independent Financial directors have joined the boards of SouthState and SouthState Bank, increasing board membership from 12 to 15. The new board members are David R. Brooks (former Independent Financial chairman and CEO), Janet Froetscher (former director and current President of J.B and M.K. Pritzker Family Foundation), and G. Stacy Smith (former lead independent director and Managing Partner of SCW Capital).
SouthState (NYSE: SSB) has announced it will release its fourth quarter 2024 earnings results on Thursday, January 23, 2025, after market close. The company will host a conference call to discuss the results on Friday, January 24, 2025, at 9:00 a.m. ET.
Investors can access the earnings results through SouthState's website and participate in the conference call by dialing (888) 350-3899 within the US or (646) 960-0343 for international locations. The conference ID is 4200408. A live webcast will be available on the company's website, and an audio replay is expected to be accessible by the evening of January 24, 2025.
SouthState Bank (NYSE: SSB) announces significant personnel expansion with 14 new hires across five states and promotes Chad Clarke to Jacksonville Market President. Clarke, a 23-year veteran of Jacksonville banking, has served as commercial banking team lead at SouthState for seven years. The new hires include experienced professionals in various roles such as portfolio management, middle market coverage, and commercial relationship management across Georgia, Virginia, Alabama, Florida, and South Carolina.
Notable additions include William Barlow, a 25-year finance veteran from Wells Fargo, William Buchly with 18 years of commercial banking experience, and Marcus Boggs, a former Marine lieutenant colonel. The new team members bring diverse expertise in commercial banking, wealth management, and strategic initiatives.
SouthState (NYSE: SSB) reported Q3 2024 results with net income of $143.2 million and diluted EPS of $1.86. The company saw steady growth in key metrics with loans increasing by $314 million (4% annualized) and deposits growing by $540 million (6% annualized). Net interest income was $351 million with a net interest margin of 3.39%. The company maintained strong capital position with total risk-based capital ratio of 14.9%. The Board declared a quarterly cash dividend of $0.54 per share, payable November 15, 2024. Shareholders approved the acquisition of Independent Bank Group, though it remains subject to regulatory approval.
Blend, a leading digital banking solutions provider, has successfully implemented its Close solution at SouthState Bank, resulting in significant improvements in borrower experience and operational efficiency. SouthState, a regional bank with $44 billion in assets and over 1 million customers, has transformed its mortgage operations with Blend's technology. Key outcomes include:
1. Reduced closing times to as little as 20 minutes for fully virtual closings
2. Decreased loan processing time from 7 days to 48 hours
3. Enhanced flexibility for remote closings, benefiting military personnel and borrowers unable to attend in-person
4. Improved loan officer capacity and borrower relationships
5. Increased operational efficiency and cost reduction
SouthState's Director of Mortgage Strategic Initiatives, Shane Horan, praised Blend's robust solution, which supports various eClose scenarios, from hybrid to full RON closings.
SouthState (NYSE: SSB) has announced that it will release its third quarter 2024 earnings results on Wednesday, October 23, 2024, after the market closes. The company will host a conference call on Thursday, October 24, 2024 at 9:00 a.m. (ET) to discuss the results. Investors can access the earnings report on the company's website and participate in the call by dialing (888) 350-3899 within the US or (646) 960-0343 for other locations. The conference ID is 4200408. A live webcast of the presentation will be available on SouthState's website, with an audio replay expected to be accessible by the evening of October 24, 2024.
SouthState Bank has become Nacha's newest Direct Member, bringing the total number of Direct Members to 46. This membership allows SouthState Bank to participate in the Nacha Rulemaking process for the ACH Network and influence the strategic direction of Nacha and the payments industry. Mark Robertson, EVP at SouthState Bank, emphasized that this membership will help ensure their customers can continue to send and receive payments quickly and securely.
As a Direct Member, SouthState Bank can now vote on proposed Nacha Operating Rules, contribute to the ACH Network's efficiency and security, and participate in Nacha committees and workgroups. This move demonstrates SouthState Bank's commitment to shaping the future of the ACH Network and maintaining its role in the evolving payments landscape.
SouthState (NYSE: SSB) has appointed Merriann Metz to the board of directors of both the company and its bank subsidiary, SouthState Bank, N.A. Metz, 49, currently serves as general counsel, chief compliance officer, and corporate secretary for Publix Super Markets, Inc., a major retailer with over $50 billion in annual revenue and 1,376 store locations across eight states.
SouthState's CEO, John Corbett, expressed enthusiasm about Metz's addition, highlighting her experience in risk management, legal, and compliance functions at a large Florida-based company. Prior to joining Publix in 2006, Metz practiced law at an Orlando firm, focusing on commercial real estate and litigation. She is also actively involved in community service, having served as director and board chair of Easter Seals Florida, Inc.
SouthState (NYSE: SSB) reported its Q2 2024 financial results, showing robust growth. Key highlights include:
- Earnings Per Share (EPS): Reported diluted EPS of $1.73, up 15% QoQ. Adjusted diluted EPS was $1.79.
- Net Income: $132.4 million, with adjusted net income of $137.3 million.
- Revenue: Net interest income rose to $350 million with a net interest margin of 3.43%.
- Loan Growth: Loans grew 7% annualized, totaling $33.2 billion.
- Deposits: Slight decrease by $80 million, totaling $37.1 billion.
- Dividend: Quarterly cash dividend increased from $0.52 to $0.54 per share, payable on August 16, 2024.
- Acquisition: Announced acquisition of Independent Bank Group, enhancing growth potential.
CEO John C. Corbett emphasized the positive inflection in revenue and net interest margin, attributing it to faster loan repricing compared to deposits. The balance sheet remains strong with a tangible common equity ratio of 8.4%.
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