Southstate Corporation Stock Price, News & Analysis

SouthState Bank has expanded its team by hiring five experienced bankers to enhance its Commercial and Wealth teams across Georgia, Virginia, and Alabama. This strategic move is expected to elevate SouthState's customer service and strengthen client relationships. The new hires include Ryan Berry, Rob Hertenstein, Lorrian Heard, Rob Hallett, and David Perry, each bringing significant experience from leading financial institutions. Their diverse expertise will contribute to the growth of Investment Services and expand SouthState's presence in small business banking. This addition aims to optimize client portfolios and foster customer growth.

SouthState Corporation (NASDAQ: SSB) reported robust financial results for Q4 and the entire 2022 fiscal year, demonstrating a strong deposit franchise. The company achieved a diluted EPS of $1.88, with adjusted diluted EPS at $1.90. Net income reached $143.5 million, representing a 36% year-over-year increase. Key highlights include a 120 basis point expansion in net interest margin and a 19% annualized growth in loans. A quarterly dividend of $0.50 per share was declared, payable on February 17, 2023. The company’s efficiency ratio improved to 48%, supported by a 5.5% revenue increase against just a 0.5% rise in expenses. SSB remains optimistic about future growth prospects.

SouthState Corporation (NASDAQ: SSB) announced it will release its fourth quarter 2022 earnings on January 26, 2023, after market close. Investors can access the results on SouthState's website under the Investor Relations section. A conference call to discuss the results will be held on January 27, 2023, at 10:00 a.m. (ET). Participants can dial (844) 200-6205 for U.S. callers or (929) 526-1599 for international callers. The conference ID is 040590. A live webcast will also be available on SouthState's website.

SouthState Bank has enhanced its team by hiring seven experienced bankers, strengthening its presence in South Carolina and Alabama. These bankers bring extensive backgrounds in commercial and private banking, which is expected to enhance client service in the region. Notable hires include Jon Chilton, Chris Parish, and Nikki Blanco, among others. Their diverse experiences span various banking roles with reputed institutions like Truist and TD Bank. This strategic recruitment aims to support SouthState's commitment to providing exceptional banking services.

On November 28, 2022, SouthState announced a $1 million donation to Family First, a nonprofit organization dedicated to strengthening families through programs like iMOM and All Pro Dad. This donation aims to enhance Family First's reach and impact, enabling them to provide essential resources and support to millions. The initiative aligns with SouthState's core values of community service and family support. The donation is expected to foster significant change in families' lives nationwide.

SouthState Corporation (NASDAQ: SSB) reported strong Q3 2022 results with a net income of $133 million and earnings per share (EPS) of $1.75. Adjusted EPS reached $1.89, driven by a pre-provision net revenue of $208 million. The net interest margin expanded to 3.53%, while loans increased by $901 million annually. The bank declared a dividend of $0.50 per share, payable on November 18, 2022. However, deposits saw a temporary decline of $1.2 billion, attributed to payroll ACH payments. This quarter reflects SouthState's resilience amidst an uncertain economic landscape.

SouthState Corporation (NASDAQ: SSB) announced the upcoming release of its third quarter 2022 earnings results on October 24, 2022, after market close. Investors can find the results on SouthState's website under the Investor Relations section. A conference call will be held on October 25, 2022, at 9:00 a.m. ET, hosted by CFO Will Matthews. Interested parties can join by calling toll free (844) 200-6205 or listen via the live webcast on the company's website. An audio replay will be available on the site later that day.

Greg A. Lapointe, Chief Banking Officer of SouthState Corporation (NASDAQ: SSB), will retire in December 2023 after over 37 years in banking. His retirement follows 13 years of leadership at SouthState, where he contributed significantly to the company's growth. Richard Murray, the current president, will take over Lapointe's responsibilities to ensure a smooth transition. Lapointe will move to an advisory role effective April 1, 2023. SouthState provides financial solutions across several states, with a focus on consumer, commercial, and wealth management services.