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 Bank has expanded its team by hiring five experienced bankers to enhance its Commercial and Wealth teams across Georgia, Virginia, and Alabama. This strategic move is expected to elevate SouthState's customer service and strengthen client relationships. The new hires include Ryan Berry, Rob Hertenstein, Lorrian Heard, Rob Hallett, and David Perry, each bringing significant experience from leading financial institutions. Their diverse expertise will contribute to the growth of Investment Services and expand SouthState's presence in small business banking. This addition aims to optimize client portfolios and foster customer growth.
SouthState Corporation (NASDAQ: SSB) reported robust financial results for Q4 and the entire 2022 fiscal year, demonstrating a strong deposit franchise. The company achieved a diluted EPS of $1.88, with adjusted diluted EPS at $1.90. Net income reached $143.5 million, representing a 36% year-over-year increase. Key highlights include a 120 basis point expansion in net interest margin and a 19% annualized growth in loans. A quarterly dividend of $0.50 per share was declared, payable on February 17, 2023. The company’s efficiency ratio improved to 48%, supported by a 5.5% revenue increase against just a 0.5% rise in expenses. SSB remains optimistic about future growth prospects.
SouthState Corporation (NASDAQ: SSB) announced it will release its fourth quarter 2022 earnings on January 26, 2023, after market close. Investors can access the results on SouthState's website under the Investor Relations section. A conference call to discuss the results will be held on January 27, 2023, at 10:00 a.m. (ET). Participants can dial (844) 200-6205 for U.S. callers or (929) 526-1599 for international callers. The conference ID is 040590. A live webcast will also be available on SouthState's website.
SouthState Bank has enhanced its team by hiring seven experienced bankers, strengthening its presence in South Carolina and Alabama. These bankers bring extensive backgrounds in commercial and private banking, which is expected to enhance client service in the region. Notable hires include Jon Chilton, Chris Parish, and Nikki Blanco, among others. Their diverse experiences span various banking roles with reputed institutions like Truist and TD Bank. This strategic recruitment aims to support SouthState's commitment to providing exceptional banking services.
On November 28, 2022, SouthState announced a $1 million donation to Family First, a nonprofit organization dedicated to strengthening families through programs like iMOM and All Pro Dad. This donation aims to enhance Family First's reach and impact, enabling them to provide essential resources and support to millions. The initiative aligns with SouthState's core values of community service and family support. The donation is expected to foster significant change in families' lives nationwide.
SouthState Corporation (NASDAQ: SSB) reported strong Q3 2022 results with a net income of $133 million and earnings per share (EPS) of $1.75. Adjusted EPS reached $1.89, driven by a pre-provision net revenue of $208 million. The net interest margin expanded to 3.53%, while loans increased by $901 million annually. The bank declared a dividend of $0.50 per share, payable on November 18, 2022. However, deposits saw a temporary decline of $1.2 billion, attributed to payroll ACH payments. This quarter reflects SouthState's resilience amidst an uncertain economic landscape.
SouthState Corporation (NASDAQ: SSB) announced the upcoming release of its third quarter 2022 earnings results on October 24, 2022, after market close. Investors can find the results on SouthState's website under the Investor Relations section. A conference call will be held on October 25, 2022, at 9:00 a.m. ET, hosted by CFO Will Matthews. Interested parties can join by calling toll free (844) 200-6205 or listen via the live webcast on the company's website. An audio replay will be available on the site later that day.
Greg A. Lapointe, Chief Banking Officer of SouthState Corporation (NASDAQ: SSB), will retire in December 2023 after over 37 years in banking. His retirement follows 13 years of leadership at SouthState, where he contributed significantly to the company's growth. Richard Murray, the current president, will take over Lapointe's responsibilities to ensure a smooth transition. Lapointe will move to an advisory role effective April 1, 2023. SouthState provides financial solutions across several states, with a focus on consumer, commercial, and wealth management services.
SouthState Corporation (NASDAQ: SSB) announced strong Q2 2022 financial results, reporting consolidated net income of $1.57 per diluted share, up from $1.39 in Q1 2022. Adjusted net income was $1.62, down from $1.69 in Q1. Key highlights included a 12% operating leverage and a 30% increase in pre-provision net revenue per diluted share. The Board declared a quarterly cash dividend of $0.50, payable on August 19, 2022. Total loans increased by 22% annualized, reflecting growth in both commercial and consumer sectors.
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