Southstate Corporation Stock Price, News & Analysis

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.

SouthState Corporation (SSB) and Atlantic Capital Bancshares (ACBI) announced a merger agreement valued at approximately $542 million, equating to $26.43 per share of Atlantic Capital. The merger aims to enhance SouthState's presence in the Atlanta market, increasing its pro forma deposits to $5 billion. The combined entity will have total assets of $44 billion, with anticipated 3% EPS accretion. The transaction is set to close in Q1 2022, pending regulatory approvals and shareholder consent.

SouthState has been recognized in Forbes' "Best-in-State Banks" list, ranking No. 1 in Florida, No. 2 in Georgia, and No. 3 in South Carolina. This marks the bank's consistent presence in South Carolina and the second consecutive year for Georgia. Notably, SouthState is among only five banks nationally to achieve rankings in three states. The accolade is based on a survey of over 25,000 customers across trust, services, and overall satisfaction. SouthState aims to maintain its reputation as a trusted financial advisor to over one million customers.

SouthState Bank has strengthened its Commercial and Business Banking team by recruiting seven seasoned bankers, aiming to enhance its service capacity to high-growth markets across its six-state footprint. The initiative reflects SouthState's commitment to support the expanding business sector, with the new hires bringing extensive experience from renowned banking institutions. Notable additions include Greg Alt, Jeff Gilstrap, and others, each contributing a rich background in relationship banking and commercial finance. This strategic move aligns with the bank's growth strategy in the Southeast region.

SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $2.06 per diluted share for Q1 2021, up from $1.21 in Q4 2020 and $0.71 in Q1 2020. Adjusted net income was $2.17 per diluted share, excluding $7.8 million of merger-related costs. Key metrics include a negative provision for credit losses of $58.4 million and a return on average tangible common equity of 21.2%. The company declared a cash dividend of $0.47 per share, payable May 21, 2021, to shareholders recorded by May 14, 2021.

SouthState Bank has announced the recruitment of 10 experienced professionals in commercial banking and treasury management to enhance its expansion in key Southeastern markets. With a solid presence in several of the fastest-growing U.S. cities, the bank aims to leverage its strong balance sheet and asset quality. The new hires bring extensive backgrounds from leading financial institutions, positioned to boost client acquisition and operational efficiency in targeted regions along the I-85 and I-4 corridors.

SouthState Corporation (NASDAQ: SSB) reported fourth-quarter 2020 financial results showing consolidated net income of $1.21 per diluted share, down from $1.45 a year prior. Adjusted net income was $1.44 per diluted share, reflecting significant charges, including $38.8 million in swap terminations. The bank incurred $38.8 million in merger-related expenses, despite a tax benefit of $31.5 million from the CARES Act. Total deposits rose by $723.9 million to $30.7 billion. A cash dividend of $0.47 per share was declared, payable on February 19, 2021.