Southstate Corporation Stock Price, News & Analysis

SouthState Corporation (NASDAQ: SSB) announced strong Q2 2022 financial results, reporting consolidated net income of $1.57 per diluted share, up from $1.39 in Q1 2022. Adjusted net income was $1.62, down from $1.69 in Q1. Key highlights included a 12% operating leverage and a 30% increase in pre-provision net revenue per diluted share. The Board declared a quarterly cash dividend of $0.50, payable on August 19, 2022. Total loans increased by 22% annualized, reflecting growth in both commercial and consumer sectors.

SouthState Corporation (NASDAQ: SSB) will announce its second quarter 2022 earnings results on July 28, 2022, following market close. Investors can access the earnings report via SouthState's website in the Investor Relations section. A conference call to discuss the results is scheduled for July 29, 2022, at 9:00 a.m. (ET). Interested participants can join via a toll-free number or a live webcast on the company's website. A replay of the call will be available later the same day.

SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $100.3 million, or $1.39 per diluted share, for Q1 2022, down from $146.9 million, or $2.06 per share in Q1 2021. Adjusted net income was $121.9 million, or $1.69 per diluted share. The bank's net interest income stood at $261.5 million, with noninterest income totaling $86.1 million. The company also declared a cash dividend of $0.49 per share, payable on May 20, 2022. The merger with Atlantic Capital Bancshares was completed on March 1, 2022, influencing the quarterly performance.

SouthState Bank has recently expanded its Commercial, Business, and Private Banking teams by hiring nine bankers across Florida, Alabama, Georgia, and South Carolina. This move follows increased demand for banking services in Florida, which leads the nation in net migration. Among the new hires are experienced bankers with significant backgrounds in commercial real estate and wealth management. SouthState aims to improve its growth trajectory by adding top-tier talent and enhancing its service offerings in these key regions.

SouthState Corporation (NASDAQ: SSB) has completed its acquisition of Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) as of March 1, 2022. This merger combines Atlantic Capital with SouthState, enhancing their footprint in the Atlanta market, now holding $5 billion in deposits and ranking 8th in market share among banks under $100 billion in assets. Key executives from Atlantic Capital will maintain leadership roles in the combined company, ensuring continuity in banking services. The merger aims to leverage expanded corporate banking capabilities and bolster growth in the Atlanta region.

SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $106.8 million, or $1.52 per diluted share, for Q4 2021, down from $122.8 million in Q3 2021. Adjusted net income was $112.1 million, or $1.59 per diluted share. Total loan production reached a record $3.1 billion, contributing to a net interest income of $258.1 million, while core net interest income rose by $6.4 million from the prior quarter. A cash dividend of $0.49 per share is declared, payable on February 18, 2022.

SouthState Bank has strengthened its Commercial and Wealth divisions by adding nine experienced bankers, enhancing its growth potential. The new hires include leaders from various regions and sectors, such as John Lane, David Adams, and Alison Welborn, each bringing over 15 years of industry experience. This strategic expansion aims to improve service delivery in key markets like North Carolina, Georgia, and Florida. SouthState's focus on local leadership and customer relationships positions it as a competitive alternative to larger banks in the Southeast.