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.
Company Overview
SouthState Corporation (NYSE: SSB) is a U.S.-based bank holding company that has evolved from its community banking roots, established in 1934, into a multifaceted financial services provider. Leveraging personal relationships and local expertise, SouthState operates through its wholly-owned subsidiary, SouthState Bank, offering a comprehensive suite of consumer, commercial, mortgage, trust, and wealth management solutions. With a presence in key southeastern states and an expanding footprint in new markets, the company combines strong regional knowledge with a resilient, community-focused approach.
Core Business Areas
SouthState Corporation is distinguished by its diversified banking services that include:
- Retail Banking: Offering demand, time, and savings deposit solutions designed for individual customers.
- Commercial Banking: Providing tailored financial products to support the needs of small-to-mid-sized businesses and larger enterprises.
- Mortgage Lending: Delivering residential and commercial mortgage solutions aimed at fueling homeownership and business development.
- Wealth Management & Trust Services: Catering to clients’ long-term financial goals with investment management and trust services.
- Consumer Finance: Facilitating credit and lending solutions to support personal financial well-being.
Market Position and Strategic Growth
With a foundation deeply embedded in community banking, SouthState has successfully transitioned from serving small communities to addressing the broader financial needs in its operational region. The company has strategically grown through the merger of multiple community banks, solidifying its status as a robust regional player. Recent strategic acquisitions have expanded its geographic presence, integrating markets in Texas and Colorado while reinforcing its commitment to local management and credit discipline. This emphasis on entrepreneurial and relationship-driven banking sets SouthState apart in a competitive industry marked by large, impersonal entities.
Operational Excellence and Community Commitment
SouthState Corporation's business model is built on a commitment to community, long-term relationships, and sound credit practices. It actively supports economic growth in the communities it serves by investing in local projects and providing tailored banking solutions. The company maintains a focus on precision in risk management and credit quality, ensuring that its service offerings are both innovative and reliable.
Industry Terminology and Expertise
Utilizing industry-specific language, SouthState’s services are frequently described in terms such as consumer finance, commercial credit, and wealth management. Its operational strategy incorporates robust risk management frameworks, diversified revenue streams, and a commitment to personalized financial service. These factors underscore the company’s expertise in navigating complex market conditions while maintaining an unwavering focus on customer service and community engagement.
Competitive Landscape
While competing with both large national banks and regional financial institutions, SouthState differentiates itself by its relentless focus on local markets and personalized banking relationships. The company’s stability, built on decades of experience, combined with a strategic expansion via mergers, supports its competitive positioning within the financial services landscape. Investors and market observers note the company’s methodical and risk-aware approach as central to its operational philosophy.
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.
SouthState (NYSE: SSB) announced its agreement to acquire Texas-based Independent Bank Group (NASDAQ: IBTX) in an all-stock transaction valued at $2 billion. Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.6 billion in loans. The merger will create a combined company with $65 billion in assets, $55 billion in deposits, and $48 billion in loans. Independent Bank Group shareholders will receive 0.60 shares of SouthState for each share of Independent Bank Group. The deal, approved by both boards, is expected to close by Q1 2025, pending regulatory and shareholder approvals.
SouthState Bank announced the retirement of Doug Williams, president of the Atlanta Banking Group, and the appointment of BJ Green and Chris Kamienski as his successors. Williams, after a 44-year career with SouthState, played a significant role in the Atlantic Capital merger. Green, with extensive commercial banking experience, will lead the Atlanta group, while Kamienski, a seasoned leader at SouthState, will oversee Commercial Banking and Consumer Banking. The company, traded as SouthState (NYSE: SSB), aims for growth in the region under new leadership.
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