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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 released its inaugural 2021 Corporate Social Responsibility (CSR) report, emphasizing commitments to communities, colleagues, governance, and environmental sustainability. Key highlights include $3.6 million in grants to 1,054 organizations, 5,000 volunteer hours logged, and $16 million invested in affordable housing. The bank extended $576 million in community development loans and provided $75,000 in emergency financial assistance to staff. Recognized as a top workplace, SouthState is actively engaging in eco-friendly practices by promoting digital banking solutions to reduce paper use.
SouthState Corporation (SSB) reported its financial results for Q2 2021, showing diluted earnings per share (EPS) of $1.39, a decrease from $2.06 in Q1 2021 but an improvement over a loss of ($1.96) a year ago. Adjusted EPS was $1.87, down from $2.17 in Q1 2021. Key metrics included a negative provision for credit losses of $58.8 million and an increase in core net interest income by $1.4 million. Total deposits rose to $33.24 billion, growing by $801 million. The company also announced a merger agreement with Atlantic Capital Bancshares on the same day.
SouthState Corporation (SSB) and Atlantic Capital Bancshares (ACBI) announced a merger agreement valued at approximately $542 million, equating to $26.43 per share of Atlantic Capital. The merger aims to enhance SouthState's presence in the Atlanta market, increasing its pro forma deposits to $5 billion. The combined entity will have total assets of $44 billion, with anticipated 3% EPS accretion. The transaction is set to close in Q1 2022, pending regulatory approvals and shareholder consent.
SouthState has been recognized in Forbes' "Best-in-State Banks" list, ranking No. 1 in Florida, No. 2 in Georgia, and No. 3 in South Carolina. This marks the bank's consistent presence in South Carolina and the second consecutive year for Georgia. Notably, SouthState is among only five banks nationally to achieve rankings in three states. The accolade is based on a survey of over 25,000 customers across trust, services, and overall satisfaction. SouthState aims to maintain its reputation as a trusted financial advisor to over one million customers.
SouthState Bank has strengthened its Commercial and Business Banking team by recruiting seven seasoned bankers, aiming to enhance its service capacity to high-growth markets across its six-state footprint. The initiative reflects SouthState's commitment to support the expanding business sector, with the new hires bringing extensive experience from renowned banking institutions. Notable additions include Greg Alt, Jeff Gilstrap, and others, each contributing a rich background in relationship banking and commercial finance. This strategic move aligns with the bank's growth strategy in the Southeast region.
SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $2.06 per diluted share for Q1 2021, up from $1.21 in Q4 2020 and $0.71 in Q1 2020. Adjusted net income was $2.17 per diluted share, excluding $7.8 million of merger-related costs. Key metrics include a negative provision for credit losses of $58.4 million and a return on average tangible common equity of 21.2%. The company declared a cash dividend of $0.47 per share, payable May 21, 2021, to shareholders recorded by May 14, 2021.
SouthState Bank has announced the recruitment of 10 experienced professionals in commercial banking and treasury management to enhance its expansion in key Southeastern markets. With a solid presence in several of the fastest-growing U.S. cities, the bank aims to leverage its strong balance sheet and asset quality. The new hires bring extensive backgrounds from leading financial institutions, positioned to boost client acquisition and operational efficiency in targeted regions along the I-85 and I-4 corridors.
SouthState Corporation (NASDAQ: SSB) reported fourth-quarter 2020 financial results showing consolidated net income of $1.21 per diluted share, down from $1.45 a year prior. Adjusted net income was $1.44 per diluted share, reflecting significant charges, including $38.8 million in swap terminations. The bank incurred $38.8 million in merger-related expenses, despite a tax benefit of $31.5 million from the CARES Act. Total deposits rose by $723.9 million to $30.7 billion. A cash dividend of $0.47 per share was declared, payable on February 19, 2021.
SouthState Bank announced the addition of a Jacksonville-based Middle Market Banking team and an expansion of its Commercial Banking talent across its six-state footprint. With over $38 billion in assets, SouthState is now the eighth largest bank in the Southeast. Key new hires include David Mann and Mike Butler, who bring extensive banking experience. This strategic move aims to enhance service for middle-market commercial clients, bolstering the bank's position in key growth markets.
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