Welcome to our dedicated page for SouthState Corporation news (Ticker: SSB), a resource for investors and traders seeking the latest updates and insights on SouthState Corporation stock.
SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. Established in 1934, SouthState has grown from a small community bank to one of the leading regional banks in the Southeastern United States. The company operates through its wholly-owned bank subsidiary, SouthState Bank, N.A., providing a comprehensive range of banking products and services.
SouthState Bank offers retail and commercial banking services, mortgage lending, trust and investment services, and consumer finance loans. These services are provided through a network of financial centers across Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. The Bank's offerings include demand, time, and savings deposits, lending and credit card services, ATM processing, and wealth management.
Committed to innovation, SouthState recently expanded its Payments Technology and Private Capital Solutions teams. Notable additions include David Rauch, Michael Fulton, Brittany Styron, and Garrett Nagy, who bring decades of industry expertise to the company.
SouthState continues to grow and adapt, as seen in their announcement to transfer stock listing from the Nasdaq Global Select Market to the New York Stock Exchange on December 19, 2023. This move aims to align with NYSE’s tradition of listing industry-leading companies, enhancing visibility and investor reach.
In terms of financial performance, SouthState reported a 7% loan growth for the year ending December 31, 2023, reflecting resilience and strategic positioning in fast-growing states like Florida. The company remains cautious of rate increases but sees significant opportunities ahead.
In a major development, SouthState announced the acquisition of Independent Bank Group, Inc. Based in McKinney, Texas, this $2 billion all-stock transaction will expand SouthState’s footprint to 12 of the 15 fastest-growing metropolitan statistical areas in the U.S., adding significant assets, deposits, and loans. This strategic acquisition will bolster SouthState's market position and operational capabilities.
SouthState is deeply rooted in its founding principles of valuing personal relationships over financial transactions, active community involvement, and a family-like employee culture. The company’s ongoing initiatives to attract top talent and provide advanced solutions position it as a robust financial institution dedicated to serving its diverse client base.
To stay updated on SouthState's latest news and financial performance, visit SouthStateBank.com.
SouthState (NYSE: SSB) reported Q3 2024 results with net income of $143.2 million and diluted EPS of $1.86. The company saw steady growth in key metrics with loans increasing by $314 million (4% annualized) and deposits growing by $540 million (6% annualized). Net interest income was $351 million with a net interest margin of 3.39%. The company maintained strong capital position with total risk-based capital ratio of 14.9%. The Board declared a quarterly cash dividend of $0.54 per share, payable November 15, 2024. Shareholders approved the acquisition of Independent Bank Group, though it remains subject to regulatory approval.
Blend, a leading digital banking solutions provider, has successfully implemented its Close solution at SouthState Bank, resulting in significant improvements in borrower experience and operational efficiency. SouthState, a regional bank with $44 billion in assets and over 1 million customers, has transformed its mortgage operations with Blend's technology. Key outcomes include:
1. Reduced closing times to as little as 20 minutes for fully virtual closings
2. Decreased loan processing time from 7 days to 48 hours
3. Enhanced flexibility for remote closings, benefiting military personnel and borrowers unable to attend in-person
4. Improved loan officer capacity and borrower relationships
5. Increased operational efficiency and cost reduction
SouthState's Director of Mortgage Strategic Initiatives, Shane Horan, praised Blend's robust solution, which supports various eClose scenarios, from hybrid to full RON closings.
SouthState (NYSE: SSB) has announced that it will release its third quarter 2024 earnings results on Wednesday, October 23, 2024, after the market closes. The company will host a conference call on Thursday, October 24, 2024 at 9:00 a.m. (ET) to discuss the results. Investors can access the earnings report on the company's website and participate in the call by dialing (888) 350-3899 within the US or (646) 960-0343 for other locations. The conference ID is 4200408. A live webcast of the presentation will be available on SouthState's website, with an audio replay expected to be accessible by the evening of October 24, 2024.
SouthState Bank has become Nacha's newest Direct Member, bringing the total number of Direct Members to 46. This membership allows SouthState Bank to participate in the Nacha Rulemaking process for the ACH Network and influence the strategic direction of Nacha and the payments industry. Mark Robertson, EVP at SouthState Bank, emphasized that this membership will help ensure their customers can continue to send and receive payments quickly and securely.
As a Direct Member, SouthState Bank can now vote on proposed Nacha Operating Rules, contribute to the ACH Network's efficiency and security, and participate in Nacha committees and workgroups. This move demonstrates SouthState Bank's commitment to shaping the future of the ACH Network and maintaining its role in the evolving payments landscape.
SouthState (NYSE: SSB) has appointed Merriann Metz to the board of directors of both the company and its bank subsidiary, SouthState Bank, N.A. Metz, 49, currently serves as general counsel, chief compliance officer, and corporate secretary for Publix Super Markets, Inc., a major retailer with over $50 billion in annual revenue and 1,376 store locations across eight states.
SouthState's CEO, John Corbett, expressed enthusiasm about Metz's addition, highlighting her experience in risk management, legal, and compliance functions at a large Florida-based company. Prior to joining Publix in 2006, Metz practiced law at an Orlando firm, focusing on commercial real estate and litigation. She is also actively involved in community service, having served as director and board chair of Easter Seals Florida, Inc.
SouthState (NYSE: SSB) reported its Q2 2024 financial results, showing robust growth. Key highlights include:
- Earnings Per Share (EPS): Reported diluted EPS of $1.73, up 15% QoQ. Adjusted diluted EPS was $1.79.
- Net Income: $132.4 million, with adjusted net income of $137.3 million.
- Revenue: Net interest income rose to $350 million with a net interest margin of 3.43%.
- Loan Growth: Loans grew 7% annualized, totaling $33.2 billion.
- Deposits: Slight decrease by $80 million, totaling $37.1 billion.
- Dividend: Quarterly cash dividend increased from $0.52 to $0.54 per share, payable on August 16, 2024.
- Acquisition: Announced acquisition of Independent Bank Group, enhancing growth potential.
CEO John C. Corbett emphasized the positive inflection in revenue and net interest margin, attributing it to faster loan repricing compared to deposits. The balance sheet remains strong with a tangible common equity ratio of 8.4%.
SouthState Bank has been recognized as one of America's Best Mid-Size Companies by TIME Magazine, a rare achievement for regional banks. This prestigious award, developed in partnership with Statista, evaluated companies generating between $100 million and $10 billion in revenue across three key dimensions: employee satisfaction, revenue growth, and performance in environmental protection, social responsibility, and corporate governance.
The selection process involved surveying employees, analyzing three-year revenue growth, and assessing various KPIs. SouthState's recognition highlights its commitment to customer care, community engagement, and strong financial performance. As a financial services company headquartered in Winter Haven, Florida, SouthState (NYSE: SSB) operates through its subsidiary, SouthState Bank, N.A., serving over one million customers across six states and offering correspondent banking services nationwide.
SouthState (NYSE: SSB) will announce its second quarter 2024 earnings results on Wednesday, July 24, 2024, after the market closes.
Investors can access the results on SouthState's website under Investor Relations. A conference call to discuss the results will be held on Thursday, July 25, 2024, at 9:00 a.m. ET, hosted by CFO Will Matthews.
Dial-in numbers for the call include (888) 350-3899 for the US and (646) 960-0343 for other locations, with Conference ID 4200408. International participants can find additional numbers on the provided link. Pre-registration for the call is available online, and a live webcast will also be accessible through SouthState's website.
An audio replay will be available by the evening of July 25, 2024, on the Investor Relations section of the website.
Cantor Fitzgerald and Silverstein Properties have partnered with Turnbull Development for a new mixed-use development in Summerville, SC. The project, located in a qualified opportunity zone, includes 365 multifamily units and a 40,000-square-foot medical office building. The venture secured $54 million in construction financing from SouthState Bank. Construction is set to begin in July 2024, with the development offering amenities like a grocery store, retail spaces, a micro-hospital, a pickleball court, and a dog park. The project aims to foster a community-oriented environment, providing convenient access to jobs, public services, and recreational activities, while supporting the region's growth and demand for walkable communities.
SouthState Bank has announced the addition of seven new bankers to its expanding Georgia market. The Atlanta team gains three commercial bankers: Michel Odermatt, formerly with AIG Investments; John Jordan, previously at Truist; and Will Peter from Regions. Two premier private bankers, Dudley Stephens and Matt White, also join the Atlanta team. In Augusta, Chan O'Dell and Jason Thornton bring their extensive banking experience to the commercial relationship management team. This strategic move aims to bolster SouthState's market presence and enhance client services.
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