SouthState Bank Corporation reports recurring developments tied to its regional banking franchise, quarterly operating results and capital actions. Through SouthState Bank, N.A., the company provides consumer, commercial, mortgage and wealth management solutions across Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee, and serves clients nationwide through correspondent banking.
Company news commonly covers loan and deposit trends, net interest and fee income, asset quality, capital ratios, dividends and stock repurchase authorizations. Updates also include completed acquisition integration, expansion of commercial, middle market, mortgage and wealth teams, corporate stewardship reporting, technology initiatives and board governance changes.
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.
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.
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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.
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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.