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 (NYSE: SSB) news hub provides investors and financial professionals with centralized access to official press releases, regulatory filings, and market developments. Track this regional banking leader's strategic initiatives through earnings announcements, merger activity updates, and leadership changes.
This resource aggregates SSB's financial communications including quarterly results presentations, SEC filings, and corporate governance updates. Users gain timely insights into commercial banking expansions, wealth management innovations, and community development programs across the Southeast and newer Texas/Colorado markets.
Key content categories include earnings call transcripts, acquisition disclosures, regulatory compliance updates, and executive leadership announcements. Bookmark this page for streamlined monitoring of SSB's credit portfolio performance, dividend declarations, and strategic partnership developments.
For comprehensive tracking of SouthState's financial services evolution, revisit regularly for verified updates directly from corporate communications and authorized news sources. Combine this news feed with SEC filings for complete analysis of the company's community banking initiatives and regional economic impact.
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.
