Southstate Corporation Stock Price, News & Analysis

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.

SouthState Corporation (NASDAQ: SSB) reported Q3 2021 financial results with consolidated net income of $122.8 million or $1.74 per diluted share, a rise from $1.39 in Q2 2021 and $1.34 a year ago. Adjusted net income was $136.8 million, or $1.94 per diluted share, after excluding $14.1 million in merger costs. Loan production hit a record $2.6 billion, up 72% year over year, aided by 10% annualized loan growth. A $0.49 cash dividend is declared, payable on November 19, 2021. Total assets were $40.9 billion.

SouthState Bank has enhanced its Commercial Banking team by adding nine seasoned bankers with expertise in commercial lending, particularly in middle market banking and commercial real estate. The new hires include industry veterans from prominent banks, such as JPMorgan Chase and Truist, indicating SouthState's commitment to expanding its market influence in the Southeast. Chief Banking Officer Greg Lapointe emphasized the bank's goal of attracting top talent to foster growth. The additions are expected to strengthen SouthState's client relationships across various regions.

SouthState Bank has released its inaugural 2021 Corporate Social Responsibility (CSR) report, emphasizing commitments to communities, colleagues, governance, and environmental sustainability. Key highlights include $3.6 million in grants to 1,054 organizations, 5,000 volunteer hours logged, and $16 million invested in affordable housing. The bank extended $576 million in community development loans and provided $75,000 in emergency financial assistance to staff. Recognized as a top workplace, SouthState is actively engaging in eco-friendly practices by promoting digital banking solutions to reduce paper use.

SouthState Corporation (SSB) reported its financial results for Q2 2021, showing diluted earnings per share (EPS) of $1.39, a decrease from $2.06 in Q1 2021 but an improvement over a loss of ($1.96) a year ago. Adjusted EPS was $1.87, down from $2.17 in Q1 2021. Key metrics included a negative provision for credit losses of $58.8 million and an increase in core net interest income by $1.4 million. Total deposits rose to $33.24 billion, growing by $801 million. The company also announced a merger agreement with Atlantic Capital Bancshares on the same day.