SouthState Corporation Reports Fourth Quarter 2024 Results, Declares Quarterly Cash Dividend

Rhea-AI Summary

SouthState (NYSE: SSB) reported strong Q4 2024 results with net income of $144.2 million and diluted EPS of $1.87. Key highlights include:

- Net Interest Income of $370 million with a Net Interest Margin of 3.48%
- Loans increased by $355 million (4% annualized)
- Deposits grew by $423 million (4% annualized)
- Total loan yield was 5.76%, while deposit cost decreased to 1.75%

The company maintained strong capital positions with Tier 1 Common Equity at 12.6% and Total Risk-Based Capital at 15.0%. The Board declared a quarterly cash dividend of $0.54 per share. SouthState also completed its previously announced merger with Independent Bank Group on January 1, 2025.

Positive

• Net income increased to $144.2 million with 9% PPNR growth over Q3
• Loan portfolio grew by $355 million (4% annualized)
• Deposit base expanded by $423 million (4% annualized)
• Deposit costs decreased by 0.15% from prior quarter
• Strong capital position with 15.0% Total Risk-Based Capital ratio

Negative

• Total loan yield declined 0.10% from prior quarter
• Net charge-offs of $5.3 million (0.06% of average loans)
• Nonperforming assets increased to $213.4 million from $191.0 million in Q3

Insights

Financial Analyst

SouthState delivered a robust Q4 2024 performance characterized by balanced growth and improved profitability metrics. The $144.2 million net income and $1.87 diluted EPS reflect the bank's operational efficiency and strategic execution.

Key performance indicators demonstrate strength across multiple dimensions:

• Net interest margin expanded to 3.48%, supported by disciplined deposit cost management as total deposit costs decreased 15 basis points to 1.75%
• Loan portfolio grew by $355 million (4% annualized), with notable strength in commercial segments
• Deposit base increased by $423 million (4% annualized), maintaining a healthy loan-to-deposit ratio of 89%
• Credit quality remains exceptional with net charge-offs at just 0.06% of average loans

The strategic completion of the Independent Bank Group acquisition ahead of schedule positions SouthState for accelerated growth in 2025. Additionally, the recently announced sale-leaseback agreement with Blue Owl Real Estate Capital demonstrates proactive balance sheet management and potential for capital optimization.

The bank's strong capital position, evidenced by a 12.6% Tier 1 common equity ratio and 15.0% total risk-based capital ratio, provides ample flexibility for continued organic growth and potential strategic opportunities while maintaining robust shareholder returns through the $0.54 quarterly dividend.

WINTER HAVEN, Fla., Jan. 23, 2025 /PRNewswire/ -- SouthState Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2024.

"SouthState finished strong in 2024. We produced steady growth in loans and deposits and had a nice uptick in net interest margin and fees. The result was net income of $144 million and a 9% increase in PPNR over the third quarter, driven by 6% revenue growth", commented John C. Corbett, SouthState's Chief Executive Officer.  "We were also pleased to receive prompt regulatory approval of the IBTX acquisition, which allowed us to close ahead of schedule on January 1.  With Independent Financial, our momentum carries forward into 2025.  We will continue working to build a high-quality bank with scale in the fastest growing markets in the country."

Highlights of the fourth quarter of 2024 include:

Returns

• Reported Diluted Earnings per Share ("EPS") of $1.87; Adjusted Diluted EPS (Non-GAAP) of $1.93
• Net Income of $144.2 million; Adjusted Net Income (Non-GAAP) of $148.8 million
• Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 15.1% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 15.6%*
• Return on Average Assets ("ROAA") of 1.23% and Adjusted ROAA (Non-GAAP) of 1.27%*
• Book Value per Share of $77.18; Tangible Book Value ("TBV") per Share (Non-GAAP) of $51.11

Performance

• Net Interest Income of $370 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $367 million
• Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP) of 3.48%
• Net charge-offs of $5.3 million, or 0.06% of average loans, annualized; $6.4 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.51% of loans
• Noninterest Income of $81 million; Noninterest Income represented 0.69% of average assets for the fourth quarter of 2024*
• Efficiency Ratio of 56% and Adjusted Efficiency Ratio (Non-GAAP) of 54%

∗ Annualized percentages

Balance Sheet

• Loans increased $355 million, or 4% annualized, led by increases in commercial and industrial, and commercial owner occupied real estate; ending loan to deposit ratio of 89%
• Deposits increased $423 million, or 4% annualized
• Total loan yield of 5.76%, down 0.10% from prior quarter
• Total deposit cost of 1.75%, down 0.15% from prior quarter
• Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 15.0%, 10.0%, and 12.6%, respectively†

† Preliminary

Mergers & Acquisitions

• Completed previously announced merger of Independent Bank Group, Inc. ("Independent") on January 1, 2025

Other Subsequent Events

• SouthState Bank, N.A. (the "Bank") entered into an agreement on January 8, 2025 with entities affiliated with Blue Owl Real Estate Capital, LLC to sell branch properties and enter into triple net lease agreements with such purchasers on those same properties effective upon the closing of the sale
• The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on February 14, 2025 to shareholders of record as of February 7, 2025

Financial Performance

		Three Months Ended															Twelve Months Ended
(Dollars in thousands, except per share data)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
INCOME STATEMENT		2024			2024			2024			2024			2023			2024			2023
Interest Income
Loans, including fees (1)		$	489,709		$	494,082		$	478,360		$	463,688		$	459,880		$	1,925,838		$	1,716,405
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell			59,096			50,096			52,764			53,567			55,555			215,524			228,001
Total interest income			548,805			544,178			531,124			517,255			515,435			2,141,362			1,944,406
Interest Expense
Deposits			168,263			177,919			165,481			160,162			149,584			671,825			440,257
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings			10,763			14,779			15,384			13,157			11,620			54,083			51,541
Total interest expense			179,026			192,698			180,865			173,319			161,204			725,908			491,798
Net Interest Income			369,779			351,480			350,259			343,936			354,231			1,415,454			1,452,608
Provision (recovery) for credit losses			6,371			(6,971)			3,889			12,686			9,893			15,975			114,082
Net Interest Income after Provision (Recovery) for Credit Losses			363,408			358,451			346,370			331,250			344,338			1,399,479			1,338,526
Noninterest Income			80,545			74,934			75,225			71,558			65,489			302,262			286,906
Noninterest Expense
Operating expense			250,699			243,543			242,343			240,923			245,774			977,508			955,727
Merger, branch consolidation, severance related and other expense (8)			6,531			3,304			5,785			4,513			1,778			20,133			13,162
FDIC special assessment			(621)			—			619			3,854			25,691			3,852			25,691
Total noninterest expense			256,609			246,847			248,747			249,290			273,243			1,001,493			994,580
Income before Income Tax Provision			187,344			186,538			172,848			153,518			136,584			700,248			630,852
Income tax provision			43,166			43,359			40,478			38,462			29,793			165,465			136,544
Net Income		$	144,178		$	143,179		$	132,370		$	115,056		$	106,791		$	534,783		$	494,308
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)		$	144,178		$	143,179		$	132,370		$	115,056		$	106,791		$	534,783		$	494,308
Securities losses (gains), net of tax			38			—			—			—			2			38			(33)
Merger, branch consolidation, severance related and other expense, net of tax (8)			5,026			2,536			4,430			3,382			1,391			15,374			10,291
FDIC special assessment, net of tax			(478)			—			474			2,888			20,087			2,884			20,087
Adjusted Net Income (non-GAAP)		$	148,764		$	145,715		$	137,274		$	121,326		$	128,271		$	553,079		$	524,653
Basic earnings per common share		$	1.89		$	1.88		$	1.74		$	1.51		$	1.40		$	7.01		$	6.50
Diluted earnings per common share		$	1.87		$	1.86		$	1.73		$	1.50		$	1.39		$	6.97		$	6.46
Adjusted net income per common share - Basic (non-GAAP) (2)		$	1.95		$	1.91		$	1.80		$	1.59		$	1.69		$	7.25		$	6.90
Adjusted net income per common share - Diluted (non-GAAP) (2)		$	1.93		$	1.90		$	1.79		$	1.58		$	1.67		$	7.21		$	6.86
Dividends per common share		$	0.54		$	0.54		$	0.52		$	0.52		$	0.52		$	2.12		$	2.04
Basic weighted-average common shares outstanding			76,360,935			76,299,069			76,251,401			76,301,411			76,100,187			76,303,351			76,050,730
Diluted weighted-average common shares outstanding			76,957,882			76,805,436			76,607,281			76,660,081			76,634,100			76,762,354			76,479,557
Effective tax rate			23.04 %			23.24 %			23.42 %			25.05 %			21.81 %			23.63 %			21.64 %

Performance and Capital Ratios

		Three Months Ended															Twelve Months Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,		Dec. 31,
		2024			2024			2024			2024			2023			2024		2023
PERFORMANCE RATIOS
Return on average assets (annualized)			1.23	%		1.25	%		1.17	%		1.03	%		0.94	%	1.17	%	1.11	%
Adjusted return on average assets (annualized) (non-GAAP) (2)			1.27	%		1.27	%		1.22	%		1.08	%		1.13	%	1.21	%	1.17	%
Return on average common equity (annualized)			9.72	%		9.91	%		9.58	%		8.36	%		7.99	%	9.41	%	9.37	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)			10.03	%		10.08	%		9.94	%		8.81	%		9.60	%	9.73	%	9.94	%
Return on average tangible common equity (annualized) (non-GAAP) (3)			15.09	%		15.63	%		15.49	%		13.63	%		13.53	%	14.98	%	15.87	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)			15.56	%		15.89	%		16.05	%		14.35	%		16.12	%	15.47	%	16.80	%
Efficiency ratio (tax equivalent)			55.73	%		56.58	%		57.03	%		58.48	%		63.43	%	56.93	%	55.50	%
Adjusted efficiency ratio (non-GAAP) (4)			54.42	%		55.80	%		55.52	%		56.47	%		56.89	%	55.53	%	53.27	%
Dividend payout ratio (5)			28.58	%		28.76	%		29.93	%		34.42	%		37.01	%	30.22	%	31.34	%
Book value per common share		$	77.18		$	77.42		$	74.16		$	72.82		$	72.78
Tangible book value per common share (non-GAAP) (3)		$	51.11		$	51.26		$	47.90		$	46.48		$	46.32
CAPITAL RATIOS
Equity-to-assets			12.7	%		12.8	%		12.4	%		12.3	%		12.3	%
Tangible equity-to-tangible assets (non-GAAP) (3)			8.8	%		8.9	%		8.4	%		8.2	%		8.2	%
Tier 1 leverage (6)			10.0	%		10.0	%		9.7	%		9.6	%		9.4	%
Tier 1 common equity (6)			12.6	%		12.4	%		12.1	%		11.9	%		11.8	%
Tier 1 risk-based capital (6)			12.6	%		12.4	%		12.1	%		11.9	%		11.8	%
Total risk-based capital (6)			15.0	%		14.7	%		14.4	%		14.4	%		14.1	%

Balance Sheet

		Ending Balance
(Dollars in thousands, except per share and share data)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
BALANCE SHEET		2024			2024			2024			2024			2023
Assets
Cash and due from banks		$	525,506		$	563,887		$	507,425		$	478,271		$	510,922
Federal funds sold and interest-earning deposits with banks			866,561			648,792			609,741			731,186			487,955
Cash and cash equivalents			1,392,067			1,212,679			1,117,166			1,209,457			998,877
Trading securities, at fair value			102,932			87,103			92,161			66,188			31,321
Investment securities:
Securities held to maturity			2,254,670			2,301,307			2,348,528			2,446,589			2,487,440
Securities available for sale, at fair value			4,320,593			4,564,363			4,498,264			4,598,400			4,784,388
Other investments			223,613			211,458			201,516			187,285			192,043
Total investment securities			6,798,876			7,077,128			7,048,308			7,232,274			7,463,871
Loans held for sale			279,426			287,043			100,007			56,553			50,888
Loans:
Purchased credit deteriorated			862,155			913,342			957,255			1,031,283			1,108,813
Purchased non-credit deteriorated			3,635,782			3,959,028			4,253,323			4,534,583			4,796,913
Non-acquired			29,404,990			28,675,822			28,023,986			27,101,444			26,482,763
Less allowance for credit losses			(465,280)			(467,981)			(472,298)			(469,654)			(456,573)
Loans, net			33,437,647			33,080,211			32,762,266			32,197,656			31,931,916
Premises and equipment, net			502,559			507,452			517,382			512,635			519,197
Bank owned life insurance			1,013,209			1,007,275			1,001,998			997,562			991,454
Mortgage servicing rights			89,795			83,512			88,904			87,970			85,164
Core deposit and other intangibles			66,458			71,835			77,389			83,193			88,776
Goodwill			1,923,106			1,923,106			1,923,106			1,923,106			1,923,106
Other assets			775,129			745,303			765,283			778,244			817,454
Total assets		$	46,381,204		$	46,082,647		$	45,493,970		$	45,144,838		$	44,902,024
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing		$	10,192,117		$	10,376,531		$	10,374,464		$	10,546,410		$	10,649,274
Interest-bearing			27,868,749			27,261,664			26,723,938			26,632,024			26,399,635
Total deposits			38,060,866			37,638,195			37,098,402			37,178,434			37,048,909
Federal funds purchased and securities
sold under agreements to repurchase			514,912			538,322			542,403			554,691			489,185
Other borrowings			391,534			691,626			691,719			391,812			491,904
Reserve for unfunded commitments			45,327			41,515			50,248			53,229			56,303
Other liabilities			1,478,150			1,268,409			1,460,795			1,419,663			1,282,625
Total liabilities			40,490,789			40,178,067			39,843,567			39,597,829			39,368,926
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares			190,805			190,674			190,489			190,443			190,055
Surplus			4,259,722			4,249,672			4,238,192			4,230,345			4,240,413
Retained earnings			2,046,809			1,943,874			1,841,933			1,749,215			1,685,166
Accumulated other comprehensive loss			(606,921)			(479,640)			(620,211)			(622,994)			(582,536)
Total shareholders' equity			5,890,415			5,904,580			5,650,403			5,547,009			5,533,098
Total liabilities and shareholders' equity		$	46,381,204		$	46,082,647		$	45,493,970		$	45,144,838		$	44,902,024
Common shares issued and outstanding			76,322,206			76,269,577			76,195,723			76,177,163			76,022,039

Net Interest Income and Margin

		Three Months Ended
		Dec. 31, 2024								Sep. 30, 2024								Dec. 31, 2023
(Dollars in thousands)		Average			Income/			Yield/		Average			Income/			Yield/		Average			Income/			Yield/
YIELD ANALYSIS		Balance			Expense			Rate		Balance			Expense			Rate		Balance			Expense			Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks		$	1,308,313		$	14,162		4.31 %		$	559,942		$	6,462		4.59 %		$	814,244		$	10,029		4.89 %
Investment securities			7,144,438			44,934		2.50 %			7,163,934			43,634		2.42 %			7,382,800			45,526		2.45 %
Loans held for sale			179,803			2,304		5.10 %			112,429			2,694		9.53 %			28,878			552		7.58 %
Total loans held for investment			33,662,822			487,405		5.76 %			33,387,675			491,388		5.86 %			32,239,455			459,328		5.65 %
Total interest-earning assets			42,295,376			548,805		5.16 %			41,223,980			544,178		5.25 %			40,465,377			515,435		5.05 %
Noninterest-earning assets			4,214,390								4,373,250								4,572,255
Total Assets		$	46,509,766							$	45,597,230							$	45,037,632
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts		$	20,823,079		$	121,239		2.32 %		$	19,936,966		$	129,613		2.59 %		$	18,957,647		$	107,994		2.26 %
Savings deposits			2,427,760			1,741		0.29 %			2,453,886			1,893		0.31 %			2,680,065			1,888		0.28 %
Certificates and other time deposits			4,517,047			45,283		3.99 %			4,489,441			46,413		4.11 %			4,294,555			39,702		3.67 %
Federal funds purchased			292,626			3,479		4.73 %			304,582			4,178		5.46 %			256,672			3,453		5.34 %
Repurchase agreements			261,373			1,382		2.10 %			258,166			1,519		2.34 %			265,839			1,458		2.18 %
Other borrowings			394,853			5,902		5.95 %			611,247			9,082		5.91 %			438,701			6,709		6.07 %
Total interest-bearing liabilities			28,716,738			179,026		2.48 %			28,054,288			192,698		2.73 %			26,893,479			161,204		2.38 %
Noninterest-bearing deposits			10,561,382								10,412,512								11,059,306
Other noninterest-bearing liabilities			1,330,020								1,382,260								1,784,956
Shareholders' equity			5,901,626								5,748,170								5,299,891
Total Non-IBL and shareholders' equity			17,793,028								17,542,942								18,144,153
Total Liabilities and Shareholders' Equity		$	46,509,766							$	45,597,230							$	45,037,632
Net Interest Income and Margin (Non-Tax Equivalent)					$	369,779		3.48 %					$	351,480		3.39 %					$	354,231		3.47 %
Net Interest Margin (Tax Equivalent) (non-GAAP)								3.48 %								3.40 %								3.48 %
Total Deposit Cost (without Debt and Other Borrowings)								1.75 %								1.90 %								1.60 %
Overall Cost of Funds (including Demand Deposits)								1.81 %								1.99 %								1.69 %
Total Accretion on Acquired Loans (1)					$	2,887							$	2,858							$	3,870
Tax Equivalent ("TE") Adjustment					$	547							$	486							$	659

The remaining loan discount on acquired loans to be accreted into loan interest income totals $36.9 million as of December 31, 2024.

Noninterest Income and Expense

		Three Months Ended															Twelve Months Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
(Dollars in thousands)		2024			2024			2024			2024			2023			2024			2023
Noninterest Income:
Fees on deposit accounts		$	35,121		$	33,986		$	33,842		$	33,145		$	33,225		$	136,094		$	129,015
Mortgage banking income			4,777			3,189			5,912			6,169			2,191			20,047			13,355
Trust and investment services income			12,414			11,578			11,091			10,391			10,131			45,474			39,447
Securities (losses) gains, net			(50)			—			—			—			(2)			(50)			43
Correspondent banking and capital markets income			20,905			17,381			16,267			14,591			16,081			69,144			90,579
Expense on centrally-cleared variation margin			(7,350)			(7,488)			(11,407)			(10,280)			(12,677)			(36,525)			(41,478)
Total correspondent banking and capital markets income			13,555			9,893			4,860			4,311			3,404			32,619			49,101
Bank owned life insurance income			7,944			8,276			7,372			6,892			6,567			30,484			26,690
Other			6,784			8,012			12,148			10,650			9,973			37,594			29,255
Total Noninterest Income		$	80,545		$	74,934		$	75,225		$	71,558		$	65,489		$	302,262		$	286,906
Noninterest Expense:
Salaries and employee benefits		$	154,116		$	150,865		$	151,435		$	150,453		$	145,850		$	606,869		$	583,398
Occupancy expense			22,831			22,242			22,453			22,577			22,715			90,103			88,695
Information services expense			23,416			23,280			23,144			22,353			22,000			92,193			84,472
OREO and loan related expense			1,416			1,358			1,307			606			948			4,687			1,716
Business development and staff related			7,450			5,797			6,220			5,799			7,492			25,266			26,116
Amortization of intangibles			5,326			5,327			5,744			5,998			6,615			22,395			27,558
Professional fees			5,366			4,017			3,906			3,115			7,025			16,404			18,547
Supplies and printing expense			2,729			2,762			2,526			2,540			2,761			10,558			10,578
FDIC assessment and other regulatory charges			7,365			7,482			7,771			8,534			8,325			31,152			33,070
Advertising and marketing			2,269			2,296			2,594			1,984			2,826			9,143			9,474
Other operating expenses			18,415			18,117			15,243			16,964			19,217			68,738			72,103
Merger, branch consolidation, severance related and other expense (8)			6,531			3,304			5,785			4,513			1,778			20,133			13,162
FDIC special assessment			(621)			—			619			3,854			25,691			3,852			25,691
Total Noninterest Expense		$	256,609		$	246,847		$	248,747		$	249,290		$	273,243		$	1,001,493		$	994,580

Loans and Deposits

The following table presents a summary of the loan portfolio by type:

		Ending Balance
(Dollars in thousands)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
LOAN PORTFOLIO (7)		2024			2024			2024			2024			2023
Construction and land development * †		$	2,184,327		$	2,458,151		$	2,592,307		$	2,437,343		$	2,923,514
Investor commercial real estate*			9,991,482			9,856,709			9,731,773			9,752,529			9,227,968
Commercial owner occupied real estate			5,716,376			5,544,716			5,522,978			5,511,855			5,497,671
Commercial and industrial			6,222,876			5,931,187			5,769,838			5,544,131			5,504,539
Consumer real estate *			8,714,969			8,649,714			8,440,724			8,223,066			7,993,450
Consumer/other			1,072,897			1,107,715			1,176,944			1,198,386			1,241,347
Total Loans		$	33,902,927		$	33,548,192		$	33,234,564		$	32,667,310		$	32,388,489

*   Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion.  Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property.  Consumer real estate includes consumer owner occupied real estate and home equity loans.

†   Includes single family home construction-to-permanent loans of $386.2 million, $429.8 million, $544.2 million, $623.9 million, and $715.5 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.

 

 

		Ending Balance
(Dollars in thousands)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
DEPOSITS		2024			2024			2024			2024			2023
Noninterest-bearing checking		$	10,192,116		$	10,376,531		$	10,374,464		$	10,546,410		$	10,649,274
Interest-bearing checking			8,232,322			7,550,392			7,547,406			7,898,835			7,978,799
Savings			2,414,172			2,442,584			2,475,130			2,557,203			2,632,212
Money market			13,056,534			12,614,046			12,122,336			11,895,385			11,538,671
Time deposits			4,165,722			4,654,642			4,579,066			4,280,601			4,249,953
Total Deposits		$	38,060,866		$	37,638,195		$	37,098,402		$	37,178,434		$	37,048,909
Core Deposits (excludes Time Deposits)		$	33,895,144		$	32,983,553		$	32,519,336		$	32,897,833		$	32,798,956

Asset Quality

		Ending Balance
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)		2024			2024			2024			2024			2023
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual		$	141,982		$	111,240		$	110,774		$	106,189		$	110,467
Accruing loans past due 90 days or more			3,293			6,890			5,843			2,497			11,305
Non-acquired OREO and other nonperforming assets			1,182			1,217			2,876			1,589			711
Total non-acquired nonperforming assets			146,457			119,347			119,493			110,275			122,483
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual			65,314			70,731			78,287			63,451			59,755
Accruing loans past due 90 days or more			-			389			916			135			1,174
Acquired OREO and other nonperforming assets			1,583			493			598			655			712
Total acquired nonperforming assets			66,897			71,613			79,801			64,241			61,641
Total nonperforming assets		$	213,354		$	190,960		$	199,294		$	174,516		$	184,124

 

		Three Months Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
		2024			2024			2024			2024			2023
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans			1.37 %			1.39 %			1.42 %			1.44 %			1.41 %
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans			1.51 %			1.52 %			1.57 %			1.60 %			1.58 %
Allowance for credit losses as a percentage of nonperforming loans			220.94 %			247.28 %			241.19 %			272.62 %			249.90 %
Net charge-offs as a percentage of average loans (annualized)			0.06 %			0.07 %			0.05 %			0.03 %			0.09 %
Total nonperforming assets as a percentage of total assets			0.46 %			0.41 %			0.44 %			0.39 %			0.41 %
Nonperforming loans as a percentage of period end loans			0.62 %			0.56 %			0.59 %			0.53 %			0.56 %

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the fourth quarter of 2024:

		Allowance for Credit Losses ("ACL and UFC")
(Dollars in thousands)		NonPCD ACL			PCD ACL			Total ACL			UFC
Ending balance 9/30/2024		$	444,622		$	23,359		$	467,981		$	41,515
Charge offs			(8,407)			—			(8,407)			—
Acquired charge offs			(173)			(1,357)			(1,530)			—
Recoveries			2,140			—			2,140			—
Acquired recoveries			1,759			778			2,537			—
Provision (recovery) for credit losses			5,018			(2,459)			2,559			3,812
Ending balance 12/31/2024		$	444,959		$	20,321		$	465,280		$	45,327
Period end loans		$	33,040,772		$	862,155		$	33,902,927			N/A
Allowance for Credit Losses to Loans			1.35 %			2.36 %			1.37 %			N/A
Unfunded commitments (off balance sheet) *											$	7,780,323
Reserve to unfunded commitments (off balance sheet)												0.58 %

*   Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

Conference Call

The Company will host a conference call to discuss its fourth quarter results at 9:00 a.m. Eastern Time on January 24, 2025.  Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations.  The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/.  The conference ID number is 4200408.   Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com.  An audio replay of the live webcast is expected to be available by the evening of January 24, 2025 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida.  The Bank, the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, Virginia, Texas and Colorado.  The Bank also serves clients coast to coast through its correspondent banking division.  Additional information is available at SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures.  Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

(Dollars and shares in thousands, except per share data)		Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Net income (GAAP)		$	144,178			$	143,179			$	132,370			$	115,056			$	106,791
Provision (recovery) for credit losses			6,371				(6,971)				3,889				12,686				9,893
Tax provision			43,166				43,359				40,478				38,462				29,793
Merger, branch consolidation, severance related and other expense (8)			6,531				3,304				5,785				4,513				1,778
FDIC special assessment			(621)				—				619				3,854				25,691
Securities losses			50				—				—				—				2
Pre-provision net revenue (PPNR) (Non-GAAP)		$	199,675			$	182,871			$	183,141			$	174,571			$	173,948
(Dollars in thousands)		Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Net interest income (GAAP)		$	369,779			$	351,480			$	350,259			$	343,936			$	354,231
Less:
Total accretion on acquired loans			2,887				2,858				4,386				4,287				3,870
Core net interest income (Non-GAAP)		$	366,892			$	348,622			$	345,873			$	339,649			$	350,361
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Net interest income (GAAP)		$	369,779			$	351,480			$	350,259			$	343,936			$	354,231
Total average interest-earning assets			42,295,376				41,223,980				41,011,662				40,657,176				40,465,377
NIM, non-tax equivalent			3.48	%			3.39	%			3.43	%			3.40	%			3.47	%
Tax equivalent adjustment (included in NIM, TE)			547				486				631				528				659
Net interest income, tax equivalent (Non-GAAP)		$	370,326			$	351,966			$	350,890			$	344,464			$	354,890
NIM, TE (Non-GAAP)			3.48	%			3.40	%			3.44	%			3.41	%			3.48	%

 

		Three Months Ended																				Twelve Months Ended
(Dollars in thousands, except per share data)		Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Dec. 31,				Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP		2024				2024				2024				2024				2023				2024				2023
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)		$	144,178			$	143,179			$	132,370			$	115,056			$	106,791			$	534,783			$	494,308
Securities losses (gains), net of tax			38				—				—				—				2				38				(33)
Merger, branch consolidation, severance related and other expense, net of tax (8)			5,026				2,536				4,430				3,382				1,391				15,374				10,291
FDIC special assessment, net of tax			(478)				—				474				2,888				20,087				2,884				20,087
Adjusted net income (non-GAAP)		$	148,764			$	145,715			$	137,274			$	121,326			$	128,271			$	553,079			$	524,653
Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)		$	1.89			$	1.88			$	1.74			$	1.51			$	1.40			$	7.01			$	6.50
Effect to adjust for securities losses (gains), net of tax			0.00				—				—				—				0.00				0.00				(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)			0.07				0.03				0.05				0.04				0.03				0.20				0.14
Effect to adjust for FDIC special assessment, net of tax			(0.01)				—				0.01				0.04				0.26				0.04				0.26
Adjusted net income per common share - Basic (non-GAAP)		$	1.95			$	1.91			$	1.80			$	1.59			$	1.69			$	7.25			$	6.90
Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)		$	1.87			$	1.86			$	1.73			$	1.50			$	1.39			$	6.97			$	6.46
Effect to adjust for securities losses (gains), net of tax			0.00				—				—				—				0.00				0.00				(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)			0.07				0.04				0.05				0.04				0.02				0.21				0.13
Effect to adjust for FDIC special assessment, net of tax			(0.01)				—				0.01				0.04				0.26				0.04				0.26
Adjusted net income per common share - Diluted (non-GAAP)		$	1.93			$	1.90			$	1.79			$	1.58			$	1.67			$	7.21			$	6.86
Adjusted Return on Average Assets (2)
Return on average assets (GAAP)			1.23	%			1.25	%			1.17	%			1.03	%			0.94	%			1.17	%			1.11	%
Effect to adjust for securities losses (gains), net of tax			0.00	%			—	%			—	%			—	%			0.00	%			0.00	%			(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)			0.04	%			0.02	%			0.05	%			0.02	%			0.01	%			0.03	%			0.02	%
Effect to adjust for FDIC special assessment, net of tax			(0.00)	%			—	%			0.00	%			0.03	%			0.18	%			0.01	%			0.04	%
Adjusted return on average assets (non-GAAP)			1.27	%			1.27	%			1.22	%			1.08	%			1.13	%			1.21	%			1.17	%
Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)			9.72	%			9.91	%			9.58	%			8.36	%			7.99	%			9.41	%			9.37	%
Effect to adjust for securities losses (gains), net of tax			0.00	%			—	%			—	%			—	%			0.00	%			0.00	%			(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)			0.34	%			0.17	%			0.33	%			0.24	%			0.11	%			0.27	%			0.19	%
Effect to adjust for FDIC special assessment, net of tax			(0.03)	%			—	%			0.03	%			0.21	%			1.50	%			0.05	%			0.38	%
Adjusted return on average common equity (non-GAAP)			10.03	%			10.08	%			9.94	%			8.81	%			9.60	%			9.73	%			9.94	%
Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)			9.72	%			9.91	%			9.58	%			8.36	%			7.99	%			9.41	%			9.37	%
Effect to adjust for intangible assets			5.37	%			5.72	%			5.91	%			5.27	%			5.54	%			5.57	%			6.50	%
Return on average tangible equity (non-GAAP)			15.09	%			15.63	%			15.49	%			13.63	%			13.53	%			14.98	%			15.87	%
Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)			9.72	%			9.91	%			9.58	%			8.36	%			7.99	%			9.41	%			9.37	%
Effect to adjust for securities losses (gains), net of tax			0.00	%			—	%			—	%			—	%			0.00	%			0.00	%			(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)			0.34	%			0.18	%			0.32	%			0.25	%			0.10	%			0.27	%			0.20	%
Effect to adjust for FDIC special assessment, net of tax			(0.03)	%			—	%			0.03	%			0.21	%			1.50	%			0.05	%			0.38	%
Effect to adjust for intangible assets, net of tax			5.53	%			5.80	%			6.12	%			5.53	%			6.53	%			5.74	%			6.85	%
Adjusted return on average common tangible equity (non-GAAP)			15.56	%			15.89	%			16.05	%			14.35	%			16.12	%			15.47	%			16.80	%
Adjusted Efficiency Ratio (4)
Efficiency ratio			55.73	%			56.58	%			57.03	%			58.48	%			63.43	%			56.93	%			55.50	%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)			(1.31)	%			(0.78)	%			(1.36)	%			(1.08)	%			(0.43)	%			(1.14)	%			(0.76)	%
Effect to adjust for FDIC special assessment			—	%			—	%			(0.15)	%			(0.93)	%			(6.11)	%			(0.26)	%			(1.47)	%
Adjusted efficiency ratio			54.42	%			55.80	%			55.52	%			56.47	%			56.89	%			55.53	%			53.27	%
Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)		$	77.18			$	77.42			$	74.16			$	72.82			$	72.78
Effect to adjust for intangible assets			(26.07)				(26.16)				(26.26)				(26.34)				(26.46)
Tangible book value per common share (non-GAAP)		$	51.11			$	51.26			$	47.90			$	46.48			$	46.32
Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)			12.70	%			12.81	%			12.42	%			12.29	%			12.32	%
Effect to adjust for intangible assets			(3.91)	%			(3.94)	%			(4.03)	%			(4.08)	%			(4.11)	%
Tangible equity-to-tangible assets (non-GAAP)			8.79	%			8.87	%			8.39	%			8.21	%			8.21	%

 

Footnotes to tables:
(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $2.9 million, $2.9 million, $4.4 million, $4.3 million, and $3.9 million during the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $14.4 million and $20.8 million during the twelve months ended December 31, 2024 and 2023, respectively.
(2)	Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger, branch consolidation, severance related and other expense, and FDIC special assessments.  Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.  Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $6.5 million, $3.3 million, $5.8 million, $4.5 million, and $1.8 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $20.1 million and $13.2 million for the twelve months ended December 31, 2024 and 2023, respectively; (b) pre-tax net securities losses of $(50,000) and $(2,000) for the quarters ended December 31, 2024 and December 31, 2023, respectively, and pre-tax net losses of $(50,000) and pre-tax net gains of $43,000 for the twelve months ended December 31, 2024 and December 31, 2023, respectively; and (c) pre-tax FDIC special assessment of $(621,000), $619,000, $3.9 million, and $25.7 million for the quarters ended December 31, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $3.8 million and $25.7 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.
(3)	The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.  The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.  Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.
(4)	Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation, severance related and other expense, FDIC special assessment and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $5.3 million, $5.3 million, $5.7 million, $6.0 million, and $6.6 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $22.4 million and $27.6 million for the twelve months ended December 31, 2024, and 2023, respectively.
(5)	The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)	December 31, 2024 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)	Loan data excludes loans held for sale.
(8)	Includes pre-tax cyber incident costs of $329,000, $56,000, $3.5 million and $4.4 million for the quarters ended, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and $8.3 million for the twelve months ended December 31, 2024.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.

SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (14) transaction risk arising from problems with service or product delivery; (15) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (16) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (20) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (24) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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FAQ

What was SouthState's (SSB) earnings per share in Q4 2024?

SouthState reported diluted earnings per share (EPS) of $1.87 in Q4 2024, with adjusted diluted EPS of $1.93.

How much did SouthState's (SSB) deposits grow in Q4 2024?

SouthState's deposits increased by $423 million, representing a 4% annualized growth rate in Q4 2024.

What is SouthState's (SSB) quarterly dividend for Q4 2024?

SouthState declared a quarterly cash dividend of $0.54 per share, payable on February 14, 2025.

When did SouthState (SSB) complete its merger with Independent Bank Group?

SouthState completed its merger with Independent Bank Group on January 1, 2025.