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 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.
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.