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    SouthState Corporation Reports Fourth Quarter 2024 Results, Declares Quarterly Cash Dividend

    1/23/25 4:05:00 PM ET
    $SSB
    Major Banks
    Finance
    Get the next $SSB alert in real time by email

    WINTER HAVEN, Fla., Jan. 23, 2025 /PRNewswire/ -- SouthState Corporation ("SouthState" or the "Company") (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2024.

    SouthState Corporation Reports Fourth Quarter 2024 Results

    "SouthState finished strong in 2024. We produced steady growth in loans and deposits and had a nice uptick in net interest margin and fees. The result was net income of $144 million and a 9% increase in PPNR over the third quarter, driven by 6% revenue growth", commented John C. Corbett, SouthState's Chief Executive Officer.  "We were also pleased to receive prompt regulatory approval of the IBTX acquisition, which allowed us to close ahead of schedule on January 1.  With Independent Financial, our momentum carries forward into 2025.  We will continue working to build a high-quality bank with scale in the fastest growing markets in the country."

    Highlights of the fourth quarter of 2024 include:

    Returns

    • Reported Diluted Earnings per Share ("EPS") of $1.87; Adjusted Diluted EPS (Non-GAAP) of $1.93
    • Net Income of $144.2 million; Adjusted Net Income (Non-GAAP) of $148.8 million
    • Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 15.1% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 15.6%*
    • Return on Average Assets ("ROAA") of 1.23% and Adjusted ROAA (Non-GAAP) of 1.27%*
    • Book Value per Share of $77.18; Tangible Book Value ("TBV") per Share (Non-GAAP) of $51.11

    Performance

    • Net Interest Income of $370 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $367 million
    • Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP) of 3.48%
    • Net charge-offs of $5.3 million, or 0.06% of average loans, annualized; $6.4 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.51% of loans
    • Noninterest Income of $81 million; Noninterest Income represented 0.69% of average assets for the fourth quarter of 2024*
    • Efficiency Ratio of 56% and Adjusted Efficiency Ratio (Non-GAAP) of 54%

    ∗ Annualized percentages

    Balance Sheet

    • Loans increased $355 million, or 4% annualized, led by increases in commercial and industrial, and commercial owner occupied real estate; ending loan to deposit ratio of 89%
    • Deposits increased $423 million, or 4% annualized
    • Total loan yield of 5.76%, down 0.10% from prior quarter
    • Total deposit cost of 1.75%, down 0.15% from prior quarter
    • Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 15.0%, 10.0%, and 12.6%, respectively†

    † Preliminary

    Mergers & Acquisitions

    • Completed previously announced merger of Independent Bank Group, Inc. ("Independent") on January 1, 2025

    Other Subsequent Events

    • SouthState Bank, N.A. (the "Bank") entered into an agreement on January 8, 2025 with entities affiliated with Blue Owl Real Estate Capital, LLC to sell branch properties and enter into triple net lease agreements with such purchasers on those same properties effective upon the closing of the sale
    • The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on February 14, 2025 to shareholders of record as of February 7, 2025

    Financial Performance





    Three Months Ended



    Twelve Months Ended



    (Dollars in thousands, except per share data)



    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    Dec. 31,



    Dec. 31,



    INCOME STATEMENT



    2024



    2024



    2024



    2024



    2023



    2024



    2023



    Interest Income













































       Loans, including fees (1)



    $

    489,709



    $

    494,082



    $

    478,360



    $

    463,688



    $

    459,880



    $

    1,925,838



    $

    1,716,405



       Investment securities, trading securities, federal funds sold and securities













































          purchased under agreements to resell





    59,096





    50,096





    52,764





    53,567





    55,555





    215,524





    228,001



    Total interest income





    548,805





    544,178





    531,124





    517,255





    515,435





    2,141,362





    1,944,406



    Interest Expense













































       Deposits





    168,263





    177,919





    165,481





    160,162





    149,584





    671,825





    440,257



       Federal funds purchased, securities sold under agreements













































          to repurchase, and other borrowings





    10,763





    14,779





    15,384





    13,157





    11,620





    54,083





    51,541



    Total interest expense





    179,026





    192,698





    180,865





    173,319





    161,204





    725,908





    491,798



    Net Interest Income





    369,779





    351,480





    350,259





    343,936





    354,231





    1,415,454





    1,452,608



      Provision (recovery) for credit losses





    6,371





    (6,971)





    3,889





    12,686





    9,893





    15,975





    114,082



    Net Interest Income after Provision (Recovery) for Credit Losses





    363,408





    358,451





    346,370





    331,250





    344,338





    1,399,479





    1,338,526



    Noninterest Income





    80,545





    74,934





    75,225





    71,558





    65,489





    302,262





    286,906



    Noninterest Expense













































    Operating expense





    250,699





    243,543





    242,343





    240,923





    245,774





    977,508





    955,727



    Merger, branch consolidation, severance related and other expense (8)





    6,531





    3,304





    5,785





    4,513





    1,778





    20,133





    13,162



    FDIC special assessment





    (621)





    —





    619





    3,854





    25,691





    3,852





    25,691



    Total noninterest expense





    256,609





    246,847





    248,747





    249,290





    273,243





    1,001,493





    994,580



    Income before Income Tax Provision





    187,344





    186,538





    172,848





    153,518





    136,584





    700,248





    630,852



    Income tax provision





    43,166





    43,359





    40,478





    38,462





    29,793





    165,465





    136,544



    Net Income



    $

    144,178



    $

    143,179



    $

    132,370



    $

    115,056



    $

    106,791



    $

    534,783



    $

    494,308

















































    Adjusted Net Income (non-GAAP) (2)













































    Net Income (GAAP)



    $

    144,178



    $

    143,179



    $

    132,370



    $

    115,056



    $

    106,791



    $

    534,783



    $

    494,308



    Securities losses (gains), net of tax





    38





    —





    —





    —





    2





    38





    (33)



    Merger, branch consolidation, severance related and other expense, net of tax (8)





    5,026





    2,536





    4,430





    3,382





    1,391





    15,374





    10,291



    FDIC special assessment, net of tax





    (478)





    —





    474





    2,888





    20,087





    2,884





    20,087



    Adjusted Net Income (non-GAAP)



    $

    148,764



    $

    145,715



    $

    137,274



    $

    121,326



    $

    128,271



    $

    553,079



    $

    524,653

















































       Basic earnings per common share



    $

    1.89



    $

    1.88



    $

    1.74



    $

    1.51



    $

    1.40



    $

    7.01



    $

    6.50



       Diluted earnings per common share



    $

    1.87



    $

    1.86



    $

    1.73



    $

    1.50



    $

    1.39



    $

    6.97



    $

    6.46



       Adjusted net income per common share - Basic (non-GAAP) (2)



    $

    1.95



    $

    1.91



    $

    1.80



    $

    1.59



    $

    1.69



    $

    7.25



    $

    6.90



       Adjusted net income per common share - Diluted (non-GAAP) (2)



    $

    1.93



    $

    1.90



    $

    1.79



    $

    1.58



    $

    1.67



    $

    7.21



    $

    6.86



       Dividends per common share



    $

    0.54



    $

    0.54



    $

    0.52



    $

    0.52



    $

    0.52



    $

    2.12



    $

    2.04



       Basic weighted-average common shares outstanding





    76,360,935





    76,299,069





    76,251,401





    76,301,411





    76,100,187





    76,303,351





    76,050,730



       Diluted weighted-average common shares outstanding





    76,957,882





    76,805,436





    76,607,281





    76,660,081





    76,634,100





    76,762,354





    76,479,557



       Effective tax rate





    23.04 %





    23.24 %





    23.42 %





    25.05 %





    21.81 %





    23.63 %





    21.64 %



    Performance and Capital Ratios





    Three Months Ended



    Twelve Months Ended









    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    Dec. 31,



    Dec. 31,









    2024



    2024



    2024



    2024



    2023



    2024



    2023





    PERFORMANCE RATIOS











































    Return on average assets (annualized)





    1.23

    %



    1.25

    %



    1.17

    %



    1.03

    %



    0.94

    %

    1.17

    %

    1.11

    %



    Adjusted return on average assets (annualized) (non-GAAP) (2)





    1.27

    %



    1.27

    %



    1.22

    %



    1.08

    %



    1.13

    %

    1.21

    %

    1.17

    %



    Return on average common equity (annualized)





    9.72

    %



    9.91

    %



    9.58

    %



    8.36

    %



    7.99

    %

    9.41

    %

    9.37

    %



    Adjusted return on average common equity (annualized) (non-GAAP) (2)





    10.03

    %



    10.08

    %



    9.94

    %



    8.81

    %



    9.60

    %

    9.73

    %

    9.94

    %



    Return on average tangible common equity (annualized) (non-GAAP) (3)





    15.09

    %



    15.63

    %



    15.49

    %



    13.63

    %



    13.53

    %

    14.98

    %

    15.87

    %



    Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)





    15.56

    %



    15.89

    %



    16.05

    %



    14.35

    %



    16.12

    %

    15.47

    %

    16.80

    %



    Efficiency ratio (tax equivalent)





    55.73

    %



    56.58

    %



    57.03

    %



    58.48

    %



    63.43

    %

    56.93

    %

    55.50

    %



    Adjusted efficiency ratio (non-GAAP) (4)





    54.42

    %



    55.80

    %



    55.52

    %



    56.47

    %



    56.89

    %

    55.53

    %

    53.27

    %



    Dividend payout ratio (5)





    28.58

    %



    28.76

    %



    29.93

    %



    34.42

    %



    37.01

    %

    30.22

    %

    31.34

    %



    Book value per common share



    $

    77.18



    $

    77.42



    $

    74.16



    $

    72.82



    $

    72.78













    Tangible book value per common share (non-GAAP) (3)



    $

    51.11



    $

    51.26



    $

    47.90



    $

    46.48



    $

    46.32

























































    CAPITAL RATIOS











































    Equity-to-assets





    12.7

    %



    12.8

    %



    12.4

    %



    12.3

    %



    12.3

    %











    Tangible equity-to-tangible assets (non-GAAP) (3)





    8.8

    %



    8.9

    %



    8.4

    %



    8.2

    %



    8.2

    %











    Tier 1 leverage (6)





    10.0

    %



    10.0

    %



    9.7

    %



    9.6

    %



    9.4

    %











    Tier 1 common equity (6)





    12.6

    %



    12.4

    %



    12.1

    %



    11.9

    %



    11.8

    %











    Tier 1 risk-based capital (6)





    12.6

    %



    12.4

    %



    12.1

    %



    11.9

    %



    11.8

    %











    Total risk-based capital (6)





    15.0

    %



    14.7

    %



    14.4

    %



    14.4

    %



    14.1

    %











    Balance Sheet





    Ending Balance



    (Dollars in thousands, except per share and share data)



    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    BALANCE SHEET



    2024



    2024



    2024



    2024



    2023



    Assets

































       Cash and due from banks



    $

    525,506



    $

    563,887



    $

    507,425



    $

    478,271



    $

    510,922



       Federal funds sold and interest-earning deposits with banks





    866,561





    648,792





    609,741





    731,186





    487,955



    Cash and cash equivalents





    1,392,067





    1,212,679





    1,117,166





    1,209,457





    998,877





































    Trading securities, at fair value





    102,932





    87,103





    92,161





    66,188





    31,321



    Investment securities:

































       Securities held to maturity





    2,254,670





    2,301,307





    2,348,528





    2,446,589





    2,487,440



       Securities available for sale, at fair value





    4,320,593





    4,564,363





    4,498,264





    4,598,400





    4,784,388



       Other investments





    223,613





    211,458





    201,516





    187,285





    192,043



                   Total investment securities





    6,798,876





    7,077,128





    7,048,308





    7,232,274





    7,463,871



    Loans held for sale





    279,426





    287,043





    100,007





    56,553





    50,888



    Loans:

































    Purchased credit deteriorated





    862,155





    913,342





    957,255





    1,031,283





    1,108,813



    Purchased non-credit deteriorated





    3,635,782





    3,959,028





    4,253,323





    4,534,583





    4,796,913



    Non-acquired





    29,404,990





    28,675,822





    28,023,986





    27,101,444





    26,482,763



        Less allowance for credit losses





    (465,280)





    (467,981)





    (472,298)





    (469,654)





    (456,573)



                   Loans, net





    33,437,647





    33,080,211





    32,762,266





    32,197,656





    31,931,916



    Premises and equipment, net





    502,559





    507,452





    517,382





    512,635





    519,197



    Bank owned life insurance





    1,013,209





    1,007,275





    1,001,998





    997,562





    991,454



    Mortgage servicing rights





    89,795





    83,512





    88,904





    87,970





    85,164



    Core deposit and other intangibles





    66,458





    71,835





    77,389





    83,193





    88,776



    Goodwill





    1,923,106





    1,923,106





    1,923,106





    1,923,106





    1,923,106



    Other assets





    775,129





    745,303





    765,283





    778,244





    817,454



                    Total assets



    $

    46,381,204



    $

    46,082,647



    $

    45,493,970



    $

    45,144,838



    $

    44,902,024





































    Liabilities and Shareholders' Equity

































    Deposits:

































       Noninterest-bearing



    $

    10,192,117



    $

    10,376,531



    $

    10,374,464



    $

    10,546,410



    $

    10,649,274



       Interest-bearing





    27,868,749





    27,261,664





    26,723,938





    26,632,024





    26,399,635



                   Total deposits





    38,060,866





    37,638,195





    37,098,402





    37,178,434





    37,048,909



    Federal funds purchased and securities

































       sold under agreements to repurchase





    514,912





    538,322





    542,403





    554,691





    489,185



    Other borrowings





    391,534





    691,626





    691,719





    391,812





    491,904



    Reserve for unfunded commitments





    45,327





    41,515





    50,248





    53,229





    56,303



    Other liabilities





    1,478,150





    1,268,409





    1,460,795





    1,419,663





    1,282,625



                   Total liabilities





    40,490,789





    40,178,067





    39,843,567





    39,597,829





    39,368,926





































    Shareholders' equity:

































       Common stock - $2.50 par value; authorized 160,000,000 shares





    190,805





    190,674





    190,489





    190,443





    190,055



       Surplus





    4,259,722





    4,249,672





    4,238,192





    4,230,345





    4,240,413



       Retained earnings





    2,046,809





    1,943,874





    1,841,933





    1,749,215





    1,685,166



       Accumulated other comprehensive loss





    (606,921)





    (479,640)





    (620,211)





    (622,994)





    (582,536)



                   Total shareholders' equity





    5,890,415





    5,904,580





    5,650,403





    5,547,009





    5,533,098



                   Total liabilities and shareholders' equity



    $

    46,381,204



    $

    46,082,647



    $

    45,493,970



    $

    45,144,838



    $

    44,902,024





































    Common shares issued and outstanding





    76,322,206





    76,269,577





    76,195,723





    76,177,163





    76,022,039



    Net Interest Income and Margin





    Three Months Ended







    Dec. 31, 2024



    Sep. 30, 2024



    Dec. 31, 2023



    (Dollars in thousands)



    Average



    Income/



    Yield/



    Average



    Income/



    Yield/



    Average



    Income/



    Yield/



    YIELD ANALYSIS



    Balance



    Expense



    Rate



    Balance



    Expense



    Rate



    Balance



    Expense



    Rate



    Interest-Earning Assets:



















































    Federal funds sold and interest-earning deposits with banks



    $

    1,308,313



    $

    14,162



    4.31 %



    $

    559,942



    $

    6,462



    4.59 %



    $

    814,244



    $

    10,029



    4.89 %



    Investment securities





    7,144,438





    44,934



    2.50 %





    7,163,934





    43,634



    2.42 %





    7,382,800





    45,526



    2.45 %



    Loans held for sale





    179,803





    2,304



    5.10 %





    112,429





    2,694



    9.53 %





    28,878





    552



    7.58 %



    Total loans held for investment





    33,662,822





    487,405



    5.76 %





    33,387,675





    491,388



    5.86 %





    32,239,455





    459,328



    5.65 %



         Total interest-earning assets





    42,295,376





    548,805



    5.16 %





    41,223,980





    544,178



    5.25 %





    40,465,377





    515,435



    5.05 %



    Noninterest-earning assets





    4,214,390















    4,373,250















    4,572,255













         Total Assets



    $

    46,509,766













    $

    45,597,230













    $

    45,037,632

































































    Interest-Bearing Liabilities ("IBL"):



















































    Transaction and money market accounts



    $

    20,823,079



    $

    121,239



    2.32 %



    $

    19,936,966



    $

    129,613



    2.59 %



    $

    18,957,647



    $

    107,994



    2.26 %



    Savings deposits





    2,427,760





    1,741



    0.29 %





    2,453,886





    1,893



    0.31 %





    2,680,065





    1,888



    0.28 %



    Certificates and other time deposits





    4,517,047





    45,283



    3.99 %





    4,489,441





    46,413



    4.11 %





    4,294,555





    39,702



    3.67 %



    Federal funds purchased





    292,626





    3,479



    4.73 %





    304,582





    4,178



    5.46 %





    256,672





    3,453



    5.34 %



    Repurchase agreements





    261,373





    1,382



    2.10 %





    258,166





    1,519



    2.34 %





    265,839





    1,458



    2.18 %



    Other borrowings





    394,853





    5,902



    5.95 %





    611,247





    9,082



    5.91 %





    438,701





    6,709



    6.07 %



         Total interest-bearing liabilities





    28,716,738





    179,026



    2.48 %





    28,054,288





    192,698



    2.73 %





    26,893,479





    161,204



    2.38 %



    Noninterest-bearing deposits





    10,561,382















    10,412,512















    11,059,306













    Other noninterest-bearing liabilities





    1,330,020















    1,382,260















    1,784,956













    Shareholders' equity





    5,901,626















    5,748,170















    5,299,891













         Total Non-IBL and shareholders' equity





    17,793,028















    17,542,942















    18,144,153













         Total Liabilities and Shareholders' Equity



    $

    46,509,766













    $

    45,597,230













    $

    45,037,632













    Net Interest Income and Margin (Non-Tax Equivalent)









    $

    369,779



    3.48 %









    $

    351,480



    3.39 %









    $

    354,231



    3.47 %



    Net Interest Margin (Tax Equivalent) (non-GAAP)















    3.48 %















    3.40 %















    3.48 %



    Total Deposit Cost (without Debt and Other Borrowings)















    1.75 %















    1.90 %















    1.60 %



    Overall Cost of Funds (including Demand Deposits)















    1.81 %















    1.99 %















    1.69 %























































    Total Accretion on Acquired Loans (1)









    $

    2,887













    $

    2,858













    $

    3,870







    Tax Equivalent ("TE") Adjustment









    $

    547













    $

    486













    $

    659









    The remaining loan discount on acquired loans to be accreted into loan interest income totals $36.9 million as of December 31, 2024.

    Noninterest Income and Expense





    Three Months Ended



    Twelve Months Ended







    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    Dec. 31,



    Dec. 31,



    (Dollars in thousands)



    2024



    2024



    2024



    2024



    2023



    2024



    2023



    Noninterest Income:













































       Fees on deposit accounts



    $

    35,121



    $

    33,986



    $

    33,842



    $

    33,145



    $

    33,225



    $

    136,094



    $

    129,015



       Mortgage banking income





    4,777





    3,189





    5,912





    6,169





    2,191





    20,047





    13,355



       Trust and investment services income





    12,414





    11,578





    11,091





    10,391





    10,131





    45,474





    39,447



       Securities (losses) gains, net





    (50)





    —





    —





    —





    (2)





    (50)





    43



       Correspondent banking and capital markets income





    20,905





    17,381





    16,267





    14,591





    16,081





    69,144





    90,579



       Expense on centrally-cleared variation margin





    (7,350)





    (7,488)





    (11,407)





    (10,280)





    (12,677)





    (36,525)





    (41,478)



       Total correspondent banking and capital markets income





    13,555





    9,893





    4,860





    4,311





    3,404





    32,619





    49,101



       Bank owned life insurance income





    7,944





    8,276





    7,372





    6,892





    6,567





    30,484





    26,690



       Other





    6,784





    8,012





    12,148





    10,650





    9,973





    37,594





    29,255



             Total Noninterest Income



    $

    80,545



    $

    74,934



    $

    75,225



    $

    71,558



    $

    65,489



    $

    302,262



    $

    286,906

















































    Noninterest Expense:













































       Salaries and employee benefits



    $

    154,116



    $

    150,865



    $

    151,435



    $

    150,453



    $

    145,850



    $

    606,869



    $

    583,398



       Occupancy expense





    22,831





    22,242





    22,453





    22,577





    22,715





    90,103





    88,695



       Information services expense





    23,416





    23,280





    23,144





    22,353





    22,000





    92,193





    84,472



       OREO and loan related expense





    1,416





    1,358





    1,307





    606





    948





    4,687





    1,716



       Business development and staff related





    7,450





    5,797





    6,220





    5,799





    7,492





    25,266





    26,116



       Amortization of intangibles





    5,326





    5,327





    5,744





    5,998





    6,615





    22,395





    27,558



       Professional fees





    5,366





    4,017





    3,906





    3,115





    7,025





    16,404





    18,547



       Supplies and printing expense





    2,729





    2,762





    2,526





    2,540





    2,761





    10,558





    10,578



       FDIC assessment and other regulatory charges





    7,365





    7,482





    7,771





    8,534





    8,325





    31,152





    33,070



       Advertising and marketing





    2,269





    2,296





    2,594





    1,984





    2,826





    9,143





    9,474



       Other operating expenses





    18,415





    18,117





    15,243





    16,964





    19,217





    68,738





    72,103



       Merger, branch consolidation, severance related and other expense (8)





    6,531





    3,304





    5,785





    4,513





    1,778





    20,133





    13,162



       FDIC special assessment





    (621)





    —





    619





    3,854





    25,691





    3,852





    25,691



             Total Noninterest Expense



    $

    256,609



    $

    246,847



    $

    248,747



    $

    249,290



    $

    273,243



    $

    1,001,493



    $

    994,580



    Loans and Deposits

    The following table presents a summary of the loan portfolio by type:





    Ending Balance



    (Dollars in thousands)



    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    LOAN PORTFOLIO (7)



    2024



    2024



    2024



    2024



    2023



    Construction and land development * †



    $

    2,184,327



    $

    2,458,151



    $

    2,592,307



    $

    2,437,343



    $

    2,923,514



    Investor commercial real estate*





    9,991,482





    9,856,709





    9,731,773





    9,752,529





    9,227,968



    Commercial owner occupied real estate





    5,716,376





    5,544,716





    5,522,978





    5,511,855





    5,497,671



    Commercial and industrial





    6,222,876





    5,931,187





    5,769,838





    5,544,131





    5,504,539



    Consumer real estate *





    8,714,969





    8,649,714





    8,440,724





    8,223,066





    7,993,450



    Consumer/other





    1,072,897





    1,107,715





    1,176,944





    1,198,386





    1,241,347



    Total Loans



    $

    33,902,927



    $

    33,548,192



    $

    33,234,564



    $

    32,667,310



    $

    32,388,489





    *   Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion.  Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property.  Consumer real estate includes consumer owner occupied real estate and home equity loans.

    †   Includes single family home construction-to-permanent loans of $386.2 million, $429.8 million, $544.2 million, $623.9 million, and $715.5 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.

     

     





    Ending Balance



    (Dollars in thousands)



    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    DEPOSITS



    2024



    2024



    2024



    2024



    2023



    Noninterest-bearing checking



    $

    10,192,116



    $

    10,376,531



    $

    10,374,464



    $

    10,546,410



    $

    10,649,274



    Interest-bearing checking





    8,232,322





    7,550,392





    7,547,406





    7,898,835





    7,978,799



    Savings





    2,414,172





    2,442,584





    2,475,130





    2,557,203





    2,632,212



    Money market





    13,056,534





    12,614,046





    12,122,336





    11,895,385





    11,538,671



    Time deposits





    4,165,722





    4,654,642





    4,579,066





    4,280,601





    4,249,953



    Total Deposits



    $

    38,060,866



    $

    37,638,195



    $

    37,098,402



    $

    37,178,434



    $

    37,048,909





































    Core Deposits (excludes Time Deposits)



    $

    33,895,144



    $

    32,983,553



    $

    32,519,336



    $

    32,897,833



    $

    32,798,956



    Asset Quality





    Ending Balance







    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,



    (Dollars in thousands)



    2024



    2024



    2024



    2024



    2023



    NONPERFORMING ASSETS:

































    Non-acquired

































    Non-acquired nonaccrual loans and restructured loans on nonaccrual



    $

    141,982



    $

    111,240



    $

    110,774



    $

    106,189



    $

    110,467



    Accruing loans past due 90 days or more





    3,293





    6,890





    5,843





    2,497





    11,305



    Non-acquired OREO and other nonperforming assets





    1,182





    1,217





    2,876





    1,589





    711



    Total non-acquired nonperforming assets





    146,457





    119,347





    119,493





    110,275





    122,483



    Acquired

































    Acquired nonaccrual loans and restructured loans on nonaccrual





    65,314





    70,731





    78,287





    63,451





    59,755



    Accruing loans past due 90 days or more





    -





    389





    916





    135





    1,174



    Acquired OREO and other nonperforming assets





    1,583





    493





    598





    655





    712



    Total acquired nonperforming assets





    66,897





    71,613





    79,801





    64,241





    61,641



    Total nonperforming assets



    $

    213,354



    $

    190,960



    $

    199,294



    $

    174,516



    $

    184,124



     







































    Three Months Ended







    Dec. 31,



    Sep. 30,



    Jun. 30,



    Mar. 31,



    Dec. 31,







    2024



    2024



    2024



    2024



    2023



    ASSET QUALITY RATIOS (7):

































    Allowance for credit losses as a percentage of loans





    1.37 %





    1.39 %





    1.42 %





    1.44 %





    1.41 %



    Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans





    1.51 %





    1.52 %





    1.57 %





    1.60 %





    1.58 %



    Allowance for credit losses as a percentage of nonperforming loans





    220.94 %





    247.28 %





    241.19 %





    272.62 %





    249.90 %



    Net charge-offs as a percentage of average loans (annualized)





    0.06 %





    0.07 %





    0.05 %





    0.03 %





    0.09 %



    Total nonperforming assets as a percentage of total assets





    0.46 %





    0.41 %





    0.44 %





    0.39 %





    0.41 %



    Nonperforming loans as a percentage of period end loans





    0.62 %





    0.56 %





    0.59 %





    0.53 %





    0.56 %



    Current Expected Credit Losses ("CECL")

    Below is a table showing the roll forward of the ACL and UFC for the fourth quarter of 2024:





    Allowance for Credit Losses ("ACL and UFC")



    (Dollars in thousands)



    NonPCD ACL



    PCD ACL



    Total ACL



    UFC



    Ending balance 9/30/2024



    $

    444,622



    $

    23,359



    $

    467,981



    $

    41,515



    Charge offs





    (8,407)





    —





    (8,407)





    —



    Acquired charge offs





    (173)





    (1,357)





    (1,530)





    —



    Recoveries





    2,140





    —





    2,140





    —



    Acquired recoveries





    1,759





    778





    2,537





    —



    Provision (recovery) for credit losses





    5,018





    (2,459)





    2,559





    3,812



    Ending balance 12/31/2024



    $

    444,959



    $

    20,321



    $

    465,280



    $

    45,327































    Period end loans



    $

    33,040,772



    $

    862,155



    $

    33,902,927





    N/A



    Allowance for Credit Losses to Loans





    1.35 %





    2.36 %





    1.37 %





    N/A



    Unfunded commitments (off balance sheet) *





















    $

    7,780,323



    Reserve to unfunded commitments (off balance sheet)























    0.58 %





    *   Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

    Conference Call

    The Company will host a conference call to discuss its fourth quarter results at 9:00 a.m. Eastern Time on January 24, 2025.  Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations.  The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/.  The conference ID number is 4200408.   Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com.  An audio replay of the live webcast is expected to be available by the evening of January 24, 2025 on the Investor Relations section of SouthStateBank.com.

    SouthState is a financial services company headquartered in Winter Haven, Florida.  The Bank, the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, Virginia, Texas and Colorado.  The Bank also serves clients coast to coast through its correspondent banking division.  Additional information is available at SouthStateBank.com.

    Non-GAAP Measures

    Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures.  Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

    (Dollars and shares in thousands, except per share data)



    Three Months Ended



    PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)



    Dec. 31, 2024





    Sep. 30, 2024





    Jun. 30, 2024





    Mar. 31, 2024





    Dec. 31, 2023



    Net income (GAAP)



    $

    144,178





    $

    143,179





    $

    132,370





    $

    115,056





    $

    106,791



    Provision (recovery) for credit losses





    6,371







    (6,971)







    3,889







    12,686







    9,893



    Tax provision





    43,166







    43,359







    40,478







    38,462







    29,793



    Merger, branch consolidation, severance related and other expense (8)





    6,531







    3,304







    5,785







    4,513







    1,778



    FDIC special assessment





    (621)







    —







    619







    3,854







    25,691



    Securities losses





    50







    —







    —







    —







    2



     Pre-provision net revenue (PPNR) (Non-GAAP)



    $

    199,675





    $

    182,871





    $

    183,141





    $

    174,571





    $

    173,948













































    (Dollars in thousands)



    Three Months Ended



    CORE NET INTEREST INCOME (NON-GAAP)



    Dec. 31, 2024





    Sep. 30, 2024





    Jun. 30, 2024





    Mar. 31, 2024





    Dec. 31, 2023



    Net interest income (GAAP)



    $

    369,779





    $

    351,480





    $

    350,259





    $

    343,936





    $

    354,231



    Less:









































     Total accretion on acquired loans





    2,887







    2,858







    4,386







    4,287







    3,870



    Core net interest income (Non-GAAP)



    $

    366,892





    $

    348,622





    $

    345,873





    $

    339,649





    $

    350,361













































    NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)









































    Net interest income (GAAP)



    $

    369,779





    $

    351,480





    $

    350,259





    $

    343,936





    $

    354,231



     Total average interest-earning assets





    42,295,376







    41,223,980







    41,011,662







    40,657,176







    40,465,377



    NIM, non-tax equivalent





    3.48

    %





    3.39

    %





    3.43

    %





    3.40

    %





    3.47

    %











































    Tax equivalent adjustment (included in NIM, TE)





    547







    486







    631







    528







    659



     Net interest income, tax equivalent (Non-GAAP)



    $

    370,326





    $

    351,966





    $

    350,890





    $

    344,464





    $

    354,890



    NIM, TE (Non-GAAP)





    3.48

    %





    3.40

    %





    3.44

    %





    3.41

    %





    3.48

    %

     





    Three Months Ended





    Twelve Months Ended



    (Dollars in thousands, except per share data)



    Dec. 31,





    Sep. 30,





    Jun. 30,





    Mar. 31,





    Dec. 31,





    Dec. 31,





    Dec. 31,



    RECONCILIATION OF GAAP TO NON-GAAP



    2024





    2024





    2024





    2024





    2023





    2024





    2023



    Adjusted Net Income (non-GAAP) (2)

























































    Net income (GAAP)



    $

    144,178





    $

    143,179





    $

    132,370





    $

    115,056





    $

    106,791





    $

    534,783





    $

    494,308



    Securities losses (gains), net of tax





    38







    —







    —







    —







    2







    38







    (33)



    Merger, branch consolidation, severance related and other expense, net of tax (8)





    5,026







    2,536







    4,430







    3,382







    1,391







    15,374







    10,291



    FDIC special assessment, net of tax





    (478)







    —







    474







    2,888







    20,087







    2,884







    20,087



     Adjusted net income (non-GAAP)



    $

    148,764





    $

    145,715





    $

    137,274





    $

    121,326





    $

    128,271





    $

    553,079





    $

    524,653





























































    Adjusted Net Income per Common Share - Basic (2)

























































    Earnings per common share - Basic (GAAP)



    $

    1.89





    $

    1.88





    $

    1.74





    $

    1.51





    $

    1.40





    $

    7.01





    $

    6.50



    Effect to adjust for securities losses (gains), net of tax





    0.00







    —







    —







    —







    0.00







    0.00







    (0.00)



    Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)





    0.07







    0.03







    0.05







    0.04







    0.03







    0.20







    0.14



    Effect to adjust for FDIC special assessment, net of tax





    (0.01)







    —







    0.01







    0.04







    0.26







    0.04







    0.26



     Adjusted net income per common share - Basic (non-GAAP)



    $

    1.95





    $

    1.91





    $

    1.80





    $

    1.59





    $

    1.69





    $

    7.25





    $

    6.90





























































    Adjusted Net Income per Common Share - Diluted (2)

























































    Earnings per common share - Diluted (GAAP)



    $

    1.87





    $

    1.86





    $

    1.73





    $

    1.50





    $

    1.39





    $

    6.97





    $

    6.46



    Effect to adjust for securities losses (gains), net of tax





    0.00







    —







    —







    —







    0.00







    0.00







    (0.00)



    Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)





    0.07







    0.04







    0.05







    0.04







    0.02







    0.21







    0.13



    Effect to adjust for FDIC special assessment, net of tax





    (0.01)







    —







    0.01







    0.04







    0.26







    0.04







    0.26



     Adjusted net income per common share - Diluted (non-GAAP)



    $

    1.93





    $

    1.90





    $

    1.79





    $

    1.58





    $

    1.67





    $

    7.21





    $

    6.86





























































    Adjusted Return on Average Assets (2)

























































    Return on average assets (GAAP)





    1.23

    %





    1.25

    %





    1.17

    %





    1.03

    %





    0.94

    %





    1.17

    %





    1.11

    %

    Effect to adjust for securities losses (gains), net of tax





    0.00

    %





    —

    %





    —

    %





    —

    %





    0.00

    %





    0.00

    %





    (0.00)

    %

    Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)





    0.04

    %





    0.02

    %





    0.05

    %





    0.02

    %





    0.01

    %





    0.03

    %





    0.02

    %

    Effect to adjust for FDIC special assessment, net of tax





    (0.00)

    %





    —

    %





    0.00

    %





    0.03

    %





    0.18

    %





    0.01

    %





    0.04

    %

     Adjusted return on average assets (non-GAAP)





    1.27

    %





    1.27

    %





    1.22

    %





    1.08

    %





    1.13

    %





    1.21

    %





    1.17

    %



























































    Adjusted Return on Average Common Equity (2)

























































    Return on average common equity (GAAP)





    9.72

    %





    9.91

    %





    9.58

    %





    8.36

    %





    7.99

    %





    9.41

    %





    9.37

    %

    Effect to adjust for securities losses (gains), net of tax





    0.00

    %





    —

    %





    —

    %





    —

    %





    0.00

    %





    0.00

    %





    (0.00)

    %

    Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)





    0.34

    %





    0.17

    %





    0.33

    %





    0.24

    %





    0.11

    %





    0.27

    %





    0.19

    %

    Effect to adjust for FDIC special assessment, net of tax





    (0.03)

    %





    —

    %





    0.03

    %





    0.21

    %





    1.50

    %





    0.05

    %





    0.38

    %

     Adjusted return on average common equity (non-GAAP)





    10.03

    %





    10.08

    %





    9.94

    %





    8.81

    %





    9.60

    %





    9.73

    %





    9.94

    %



























































    Return on Average Common Tangible Equity (3)

























































    Return on average common equity (GAAP)





    9.72

    %





    9.91

    %





    9.58

    %





    8.36

    %





    7.99

    %





    9.41

    %





    9.37

    %

    Effect to adjust for intangible assets





    5.37

    %





    5.72

    %





    5.91

    %





    5.27

    %





    5.54

    %





    5.57

    %





    6.50

    %

     Return on average tangible equity (non-GAAP)





    15.09

    %





    15.63

    %





    15.49

    %





    13.63

    %





    13.53

    %





    14.98

    %





    15.87

    %



























































    Adjusted Return on Average Common Tangible Equity (2) (3)

























































    Return on average common equity (GAAP)





    9.72

    %





    9.91

    %





    9.58

    %





    8.36

    %





    7.99

    %





    9.41

    %





    9.37

    %

    Effect to adjust for securities losses (gains), net of tax





    0.00

    %





    —

    %





    —

    %





    —

    %





    0.00

    %





    0.00

    %





    (0.00)

    %

    Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)





    0.34

    %





    0.18

    %





    0.32

    %





    0.25

    %





    0.10

    %





    0.27

    %





    0.20

    %

    Effect to adjust for FDIC special assessment, net of tax





    (0.03)

    %





    —

    %





    0.03

    %





    0.21

    %





    1.50

    %





    0.05

    %





    0.38

    %

    Effect to adjust for intangible assets, net of tax





    5.53

    %





    5.80

    %





    6.12

    %





    5.53

    %





    6.53

    %





    5.74

    %





    6.85

    %

     Adjusted return on average common tangible equity (non-GAAP)





    15.56

    %





    15.89

    %





    16.05

    %





    14.35

    %





    16.12

    %





    15.47

    %





    16.80

    %



























































    Adjusted Efficiency Ratio (4)

























































    Efficiency ratio





    55.73

    %





    56.58

    %





    57.03

    %





    58.48

    %





    63.43

    %





    56.93

    %





    55.50

    %

    Effect to adjust for merger, branch consolidation, severance related and other expense (8)





    (1.31)

    %





    (0.78)

    %





    (1.36)

    %





    (1.08)

    %





    (0.43)

    %





    (1.14)

    %





    (0.76)

    %

    Effect to adjust for FDIC special assessment





    —

    %





    —

    %





    (0.15)

    %





    (0.93)

    %





    (6.11)

    %





    (0.26)

    %





    (1.47)

    %

     Adjusted efficiency ratio





    54.42

    %





    55.80

    %





    55.52

    %





    56.47

    %





    56.89

    %





    55.53

    %





    53.27

    %



























































    Tangible Book Value Per Common Share (3)

























































    Book value per common share (GAAP)



    $

    77.18





    $

    77.42





    $

    74.16





    $

    72.82





    $

    72.78



















    Effect to adjust for intangible assets





    (26.07)







    (26.16)







    (26.26)







    (26.34)







    (26.46)



















     Tangible book value per common share (non-GAAP)



    $

    51.11





    $

    51.26





    $

    47.90





    $

    46.48





    $

    46.32













































































    Tangible Equity-to-Tangible Assets (3)

























































    Equity-to-assets (GAAP)





    12.70

    %





    12.81

    %





    12.42

    %





    12.29

    %





    12.32

    %

















    Effect to adjust for intangible assets





    (3.91)

    %





    (3.94)

    %





    (4.03)

    %





    (4.08)

    %





    (4.11)

    %

















     Tangible equity-to-tangible assets (non-GAAP)





    8.79

    %





    8.87

    %





    8.39

    %





    8.21

    %





    8.21

    %

















     

    Footnotes to tables:



    (1)

    Includes loan accretion (interest) income related to the discount on acquired loans of $2.9 million, $2.9 million, $4.4 million, $4.3 million, and $3.9 million during the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $14.4 million and $20.8 million during the twelve months ended December 31, 2024 and 2023, respectively.

    (2)

    Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger, branch consolidation, severance related and other expense, and FDIC special assessments.  Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.  Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $6.5 million, $3.3 million, $5.8 million, $4.5 million, and $1.8 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $20.1 million and $13.2 million for the twelve months ended December 31, 2024 and 2023, respectively; (b) pre-tax net securities losses of $(50,000) and $(2,000) for the quarters ended December 31, 2024 and December 31, 2023, respectively, and pre-tax net losses of $(50,000) and pre-tax net gains of $43,000 for the twelve months ended December 31, 2024 and December 31, 2023, respectively; and (c) pre-tax FDIC special assessment of $(621,000), $619,000, $3.9 million, and $25.7 million for the quarters ended December 31, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $3.8 million and $25.7 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

    (3)

    The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.  The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.  Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.

    (4)

    Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation, severance related and other expense, FDIC special assessment and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $5.3 million, $5.3 million, $5.7 million, $6.0 million, and $6.6 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $22.4 million and $27.6 million for the twelve months ended December 31, 2024, and 2023, respectively.

    (5)

    The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.

    (6)

    December 31, 2024 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

    (7)

    Loan data excludes loans held for sale.

    (8)

    Includes pre-tax cyber incident costs of $329,000, $56,000, $3.5 million and $4.4 million for the quarters ended, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and $8.3 million for the twelve months ended December 31, 2024.

    Cautionary Statement Regarding Forward Looking Statements

    Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.

    SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (14) transaction risk arising from problems with service or product delivery; (15) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (16) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (20) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (24) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

    All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/southstate-corporation-reports-fourth-quarter-2024-results-declares-quarterly-cash-dividend-302359089.html

    SOURCE SouthState Corporation

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    • Director Page G Ruffner Jr was granted 295 shares, increasing direct ownership by 0.37% to 79,477 units (SEC Form 4)

      4 - SouthState Corp (0000764038) (Issuer)

      5/6/25 12:32:22 PM ET
      $SSB
      Major Banks
      Finance
    • Director Hertz Douglas J. was granted 505 shares, increasing direct ownership by 3% to 15,834 units (SEC Form 4)

      4 - SouthState Corp (0000764038) (Issuer)

      5/6/25 12:32:09 PM ET
      $SSB
      Major Banks
      Finance
    • Director Cooper Shantella E. was granted 281 shares, increasing direct ownership by 4% to 7,944 units (SEC Form 4)

      4 - SouthState Corp (0000764038) (Issuer)

      5/6/25 12:31:54 PM ET
      $SSB
      Major Banks
      Finance

    $SSB
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Jefferies initiated coverage on South State with a new price target

      Jefferies initiated coverage of South State with a rating of Buy and set a new price target of $110.00

      5/21/25 9:01:11 AM ET
      $SSB
      Major Banks
      Finance
    • Truist initiated coverage on South State with a new price target

      Truist initiated coverage of South State with a rating of Buy and set a new price target of $106.00

      5/13/25 9:45:06 AM ET
      $SSB
      Major Banks
      Finance
    • South State upgraded by Raymond James with a new price target

      Raymond James upgraded South State from Outperform to Strong Buy and set a new price target of $115.00 from $120.00 previously

      4/2/25 7:50:45 AM ET
      $SSB
      Major Banks
      Finance

    $SSB
    Financials

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    • SouthState Corporation to Announce Quarterly Earnings Results on Thursday, July 24, 2025

      WINTER HAVEN, Fla., July 3, 2025 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release second quarter 2025 earnings results on Thursday, July 24, 2025, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Friday, July 25, 2025 at 9:00 a.m. (ET) to discuss its second quarter 2025 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conference ID

      7/3/25 2:00:00 PM ET
      $SSB
      Major Banks
      Finance
    • SouthState Corporation Reports First Quarter 2025 Results, Declares Quarterly Cash Dividend

      WINTER HAVEN, Fla., April 24, 2025 /PRNewswire/ --  SouthState Corporation ("SouthState" or the "Company") (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2025. "The first quarter was a strategic reset that took SouthState's earnings profile from good to great", commented John C. Corbett, SouthState's Chief Executive Officer.  "We closed the IBTX acquisition in January and then closed the sale leaseback transaction and securities restructure in March. The securities restructuring and better than expected deposit pricing pushed our net interest margin to 3.85%. SouthStat

      4/24/25 4:05:00 PM ET
      $SSB
      Major Banks
      Finance
    • SouthState Corporation to Announce Quarterly Earnings Results on Thursday, April 24, 2025

      WINTER HAVEN, Fla., April 4, 2025 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release first quarter 2025 earnings results on Thursday, April 24, 2025, after the market closes.  Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Friday, April 25, 2025 at 9:00 a.m. (ET) to discuss its first quarter 2025 results.  Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO).  The conferenc

      4/4/25 10:00:00 AM ET
      $SSB
      Major Banks
      Finance