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 (NYSE: SSB) is a financial services company headquartered in Winter Haven, Florida and operates in the commercial banking industry. Its news flow reflects activities across consumer and commercial banking, mortgage services, wealth management and correspondent banking, as well as corporate governance and capital management developments.
News updates for SouthState often include quarterly earnings announcements and related conference call details. Through press releases and Form 8-K filings, the company reports financial results for each quarter, highlighting net interest income, noninterest income, loan and deposit trends, capital ratios and dividend declarations. Investors can follow these updates to track measures such as return on average assets, return on average common equity, and efficiency ratios, including adjusted non-GAAP metrics.
Company news also covers strategic and operational developments. SouthState has reported on the acquisition and integration of Independent Bank Group, Inc., the expansion of its footprint into new markets such as Tennessee, and the hiring of experienced bankers across its nine-state region. Additional releases describe initiatives like expanded instant payments capabilities for Treasury customers using The Clearing House’s Real-Time Payments network and the Federal Reserve’s FedNow service.
Governance and corporate structure changes appear in SouthState’s news as well. Examples include the appointment of new board members and the redomicile from South Carolina to Florida through a merger into SouthState Bank Corporation, with the stock continuing to trade under the SSB ticker. By reviewing the SSB news feed, readers can see how the company communicates financial performance, geographic expansion, technology initiatives and board-level decisions that shape its regional banking franchise.
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.
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.
Summary not available.
FAQ
What is the current stock price of SouthState Bank (SSB)?
What is the market cap of SouthState Bank (SSB)?
