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 (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%.
SouthState Bank has been recognized as one of America's Best Mid-Size Companies by TIME Magazine, a rare achievement for regional banks. This prestigious award, developed in partnership with Statista, evaluated companies generating between $100 million and $10 billion in revenue across three key dimensions: employee satisfaction, revenue growth, and performance in environmental protection, social responsibility, and corporate governance.
The selection process involved surveying employees, analyzing three-year revenue growth, and assessing various KPIs. SouthState's recognition highlights its commitment to customer care, community engagement, and strong financial performance. As a financial services company headquartered in Winter Haven, Florida, SouthState (NYSE: SSB) operates through its subsidiary, SouthState Bank, N.A., serving over one million customers across six states and offering correspondent banking services nationwide.
SouthState (NYSE: SSB) will announce its second quarter 2024 earnings results on Wednesday, July 24, 2024, after the market closes.
Investors can access the results on SouthState's website under Investor Relations. A conference call to discuss the results will be held on Thursday, July 25, 2024, at 9:00 a.m. ET, hosted by CFO Will Matthews.
Dial-in numbers for the call include (888) 350-3899 for the US and (646) 960-0343 for other locations, with Conference ID 4200408. International participants can find additional numbers on the provided link. Pre-registration for the call is available online, and a live webcast will also be accessible through SouthState's website.
An audio replay will be available by the evening of July 25, 2024, on the Investor Relations section of the website.
Cantor Fitzgerald and Silverstein Properties have partnered with Turnbull Development for a new mixed-use development in Summerville, SC. The project, located in a qualified opportunity zone, includes 365 multifamily units and a 40,000-square-foot medical office building. The venture secured $54 million in construction financing from SouthState Bank. Construction is set to begin in July 2024, with the development offering amenities like a grocery store, retail spaces, a micro-hospital, a pickleball court, and a dog park. The project aims to foster a community-oriented environment, providing convenient access to jobs, public services, and recreational activities, while supporting the region's growth and demand for walkable communities.
SouthState Bank has announced the addition of seven new bankers to its expanding Georgia market. The Atlanta team gains three commercial bankers: Michel Odermatt, formerly with AIG Investments; John Jordan, previously at Truist; and Will Peter from Regions. Two premier private bankers, Dudley Stephens and Matt White, also join the Atlanta team. In Augusta, Chan O'Dell and Jason Thornton bring their extensive banking experience to the commercial relationship management team. This strategic move aims to bolster SouthState's market presence and enhance client services.
SouthState (NYSE: SSB) announced its agreement to acquire Texas-based Independent Bank Group (NASDAQ: IBTX) in an all-stock transaction valued at $2 billion. Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.6 billion in loans. The merger will create a combined company with $65 billion in assets, $55 billion in deposits, and $48 billion in loans. Independent Bank Group shareholders will receive 0.60 shares of SouthState for each share of Independent Bank Group. The deal, approved by both boards, is expected to close by Q1 2025, pending regulatory and shareholder approvals.
SouthState Bank announced the retirement of Doug Williams, president of the Atlanta Banking Group, and the appointment of BJ Green and Chris Kamienski as his successors. Williams, after a 44-year career with SouthState, played a significant role in the Atlantic Capital merger. Green, with extensive commercial banking experience, will lead the Atlanta group, while Kamienski, a seasoned leader at SouthState, will oversee Commercial Banking and Consumer Banking. The company, traded as SouthState (NYSE: SSB), aims for growth in the region under new leadership.
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