Welcome to our dedicated page for SouthState Bank news (Ticker: SSB), a resource for investors and traders seeking the latest updates and insights on SouthState Bank stock.
SouthState Bank Corporation reports recurring developments tied to its regional banking franchise, quarterly operating results and capital actions. Through SouthState Bank, N.A., the company provides consumer, commercial, mortgage and wealth management solutions across Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee, and serves clients nationwide through correspondent banking.
Company news commonly covers loan and deposit trends, net interest and fee income, asset quality, capital ratios, dividends and stock repurchase authorizations. Updates also include completed acquisition integration, expansion of commercial, middle market, mortgage and wealth teams, corporate stewardship reporting, technology initiatives and board governance changes.
SouthState Bank (NYSE: SSB) has achieved remarkable recognition, being named among the top three banks nationally for Small Business and Middle Market Banking, securing 23 awards from Crisil Coalition Greenwich. The bank leads the U.S. in Best Bank Awards for Small Business Banking, earning 15 awards in the Small Business category for companies with $1-10M annual revenue.
Standing out among over 500 evaluated banks, SouthState received accolades for customer service, relationship management, and digital banking capabilities. The bank also ranked sixth in middle market recognition, winning 8 awards for serving businesses with $10-500M revenue. Since 2016, SouthState has accumulated 82 Coalition Greenwich awards, demonstrating consistent excellence in commercial banking services.
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.
Acadia Pharmaceuticals (NASD: ACAD) will be added to the S&P SmallCap 600 prior to the opening of trading on Jan 3, 2025, replacing Independent Bank Group (NASD: IBTX).
The change follows an announced acquisition involving SouthState (NYSE: SSB) and is effective before the market open on the stated date. For details, see S&P Dow Jones Indices.
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.