SouthState Corporation Reports Second Quarter 2022 Results, Declares an Increase in the Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• Consolidated net income increased to $119.2 million.
• Pre-provision net revenue rose to $176.8 million, a 30% increase from Q1.
• Operating leverage of 12% achieved due to strong revenue growth and limited expense growth.
• Quarterly cash dividend increased from $0.49 to $0.50, reflecting confidence in business performance.
• Total loans increased by 22% annualized, with strong commercial and consumer loan growth.

Negative

• Adjusted net income decreased from $1.69 in Q1 to $1.62 in Q2.
• Book value per share decreased by $1.66, primarily due to changes in accumulated other comprehensive loss.
• Provision for credit losses recorded at $19.3 million, a contrast to a negative provision in the prior quarter.

WINTER HAVEN, Fla., July 28, 2022 /PRNewswire/ -- SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2022.

The Company reported consolidated net income of $1.57 per diluted common share for the three months ended June 30, 2022, compared to $1.39 per diluted common share for the three months ended March 31, 2022, and compared to $1.39 per diluted common share one year ago. 

Adjusted net income (non-GAAP) totaled $1.62 per diluted share for the three months ended June 30, 2022, compared to $1.69 per diluted share for the three months ended March 31, 2022, and compared to $1.87 per diluted share one year ago.  Adjusted net income in the second quarter of 2022 excludes $4.2 million of merger and branch consolidation related expense (after-tax).

"We are pleased to report very strong performance in the second quarter, with record pre-provision net revenue, robust loan growth, and continued strength in asset quality," said John C. Corbett, Chief Executive Officer.  "Our strong revenue growth in the quarter and limited expense growth combined to produce 12% operating leverage. We are also pleased that our pre-provision net revenue per diluted share rose almost 30% from Q1 levels."  

Highlights of the second quarter of 2022 include:

Returns

• Reported and Adjusted Diluted Earnings per Share ("EPS") of $1.57 and $1.62 (Non-GAAP), respectively
• Net Income and Adjusted Net Income of $119.2 million and $123.4 million (Non-GAAP), respectively
• Return on Average Common Equity of 9.36%^* and Reported and Adjusted Return on Average Tangible Common Equity of 16.6%^* (Non-GAAP) and 17.2%^* (Non-GAAP), respectively
• Return on Average Assets ("ROAA") and Adjusted ROAA of 1.04%^* and 1.08%^* (Non-GAAP), respectively
• Pre-Provision Net Revenue ("PPNR") of $176.8 million (Non-GAAP), or 1.55%^* PPNR ROAA (Non-GAAP)
• PPNR per weighted average diluted share (Non-GAAP) of $2.32, up nearly 30% from the prior quarter's $1.79 and up 46% from $1.59 one year ago
• Book Value per Share of $66.64 decreased by $1.66 per share compared to the prior quarter primarily due to the $2.60 per share impact from the change in accumulated other comprehensive loss
• Tangible Book Value ("TBV") per Share of $39.47 (Non-GAAP), down $1.58, or 3.8% from the prior quarter 
• Recorded a provision for credit losses of $19.3 million compared to a negative provision for credit losses of $8.4 million in the prior quarter

∗ Annualized

Performance

• Net Interest Income of $314.3 million; Core Net Interest Income (non-GAAP) (excluding loan accretion and deferred fees on PPP) increased $47.8 million from prior quarter
• Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (non-GAAP) of 3.10% and 3.12%, respectively, up 0.35% from prior quarter
• Total deposit cost of 0.06%, up 1 basis point from prior quarter
• Noninterest Income of $88.3 million, up $2.2 million compared to the prior quarter, with a $4.8 million increase in fee income on deposit accounts offset by a $5.1 million decline in mortgage banking income
• Noninterest Income represented 0.77% of average assets for the second quarter of 2022
• Noninterest Expense, excluding merger and branch consolidation related expense (Non-GAAP), increased $7.5 million compared to the prior quarter; salaries and employee benefits declined by $636 thousand
• Efficiency ratio and adjusted efficiency ratio (non-GAAP) improved to 54.9% and 53.6%, respectively, from prior quarter's 63.0% and 60.1%, respectively

Balance Sheet / Credit

• Fed funds and interest-earning cash of $4.2 billion represents 9.0% of assets
• Loan production† of $3.9 billion, excluding production by legacy Atlantic Capital Bancshares, Inc. ("ACBI")
• Loans, excluding PPP loans, increased $1.5 billion, or 22.0% annualized.  Of the second quarter loan growth, 53% was commercial loan growth, led by commercial and industrial loans, and 47% was consumer growth, led by consumer real estate loans.
• Loans, excluding PPP loans, grew 12.3% over the last year
• Deposits increased $100.0 million, or 1.0% annualized, with core deposit growth totaling $224.1 million, or 2.5% annualized
• 36.9% of total deposits are noninterest-bearing checking
• Net charge-offs of $2.3 million, or 0.03% annualized

† Loan production indicates committed balance total

Subsequent Events

• The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.49 per share to $0.50 per share; the dividend is payable on August 19, 2022 to shareholders of record as of August 12, 2022

 

Financial Performance

		Three Months Ended															Six Months Ended
(Dollars in thousands, except per share data)		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
INCOME STATEMENT		2022			2022			2021			2021			2021			2022			2021
Interest income
Loans, including fees (1)		$	272,000		$	233,617		$	238,310		$	246,065		$	246,177		$	505,617		$	506,144
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell			53,659			36,847			29,071			25,384			21,364			90,506			39,873
Total interest income			325,659			270,464			267,381			271,449			267,541			596,123			546,017
Interest expense
Deposits			5,776			4,628			5,121			7,267			9,537			10,404			20,795
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings			5,604			4,362			4,156			4,196			4,874			9,966			10,094
Total interest expense			11,380			8,990			9,277			11,463			14,411			20,370			30,889
Net interest income			314,279			261,474			258,104			259,986			253,130			575,753			515,128
Provision (recovery) for credit losses			19,286			(8,449)			(9,157)			(38,903)			(58,793)			10,837			(117,213)
Net interest income after provision (recovery) for credit losses			294,993			269,923			267,261			298,889			311,923			564,916			632,341
Noninterest income			88,292			86,090			91,894			87,010			79,020			174,382			175,305
Noninterest expense
Pre-tax operating expense			225,779			218,324			217,392			214,672			218,707			444,103			437,409
Merger and branch consolidation related expense			5,390			10,276			6,645			17,618			32,970			15,666			42,979
Extinguishment of debt cost			—			—			—			—			11,706			—			11,706
Total noninterest expense			231,169			228,600			224,037			232,290			263,383			459,769			492,094
Income before provision for income taxes			152,116			127,413			135,118			153,609			127,560			279,529			315,552
Income taxes provision			32,941			27,084			28,272			30,821			28,600			60,025			69,643
Net income		$	119,175		$	100,329		$	106,846		$	122,788		$	98,960		$	219,504		$	245,909
Adjusted net income (non-GAAP) (2)
Net income (GAAP)		$	119,175		$	100,329		$	106,846		$	122,788		$	98,960		$	219,504		$	245,909
Securities gains, net of tax			—			—			(2)			(51)			(28)			—			(28)
Initial provision for credit losses - NonPCD loans and UFC from ACBI, net of tax			—			13,492			—			—			—			13,492			—
Merger and branch consolidation related expense, net of tax			4,223			8,092			5,255			14,083			25,578			12,314			33,402
Extinguishment of debt cost, net of tax			—			—			—			—			9,081			—			9,081
Adjusted net income (non-GAAP)		$	123,398		$	121,913		$	112,099		$	136,820		$	133,591		$	245,310		$	288,364
Basic earnings per common share		$	1.58		$	1.40		$	1.53		$	1.75		$	1.40		$	2.99		$	3.47
Diluted earnings per common share		$	1.57		$	1.39		$	1.52		$	1.74		$	1.39		$	2.96		$	3.44
Adjusted net income per common share - Basic (non-GAAP) (2)		$	1.64		$	1.71		$	1.61		$	1.95		$	1.89		$	3.34		$	4.07
Adjusted net income per common share - Diluted (non-GAAP) (2)		$	1.62		$	1.69		$	1.59		$	1.94		$	1.87		$	3.31		$	4.04
Dividends per common share		$	0.49		$	0.49		$	0.49		$	0.49		$	0.47		$	0.98		$	0.94
Basic weighted-average common shares outstanding			75,461,157			71,447,429			69,651,334			70,066,235			70,866,193			73,464,620			70,937,301
Diluted weighted-average common shares outstanding			76,094,198			72,110,746			70,289,971			70,575,726			71,408,888			74,103,640			71,444,631
Effective tax rate			21.66 %			21.26 %			20.92 %			20.06 %			22.42 %			21.47 %			22.07 %

 

Performance and Capital Ratios

		Three Months Ended															Six Months Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,		Jun. 30,
		2022			2022			2021			2021			2021			2022		2021
PERFORMANCE RATIOS
Return on average assets (annualized)			1.04	%		0.95	%		1.02	%		1.20	%		1.00	%	1.00	%	1.27	%
Adjusted return on average assets (annualized) (non-GAAP) (2)			1.08	%		1.15	%		1.08	%		1.34	%		1.35	%	1.11	%	1.49	%
Return on average common equity (annualized)			9.36	%		8.24	%		8.84	%		10.21	%		8.38	%	8.81	%	10.52	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)			9.69	%		10.01	%		9.28	%		11.37	%		11.31	%	9.85	%	12.34	%
Return on average tangible common equity (annualized) (non-GAAP) (3)			16.59	%		13.97	%		14.63	%		16.86	%		14.12	%	15.28	%	17.59	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)			17.15	%		16.79	%		15.30	%		18.68	%		18.74	%	16.97	%	20.46	%
Efficiency ratio (tax equivalent)			54.92	%		62.99	%		61.27	%		64.22	%		76.28	%	58.66	%	68.38	%
Adjusted efficiency ratio (non-GAAP) (4)			53.59	%		60.05	%		59.39	%		59.16	%		62.88	%	56.58	%	60.49	%
Dividend payout ratio (5)			31.03	%		33.71	%		32.02	%		27.94	%		33.65	%	32.26	%	27.12	%
Book value per common share		$	66.64		$	68.30		$	69.27		$	68.55		$	67.60
Tangible book value per common share (non-GAAP) (3)		$	39.47		$	41.05		$	44.62		$	43.98		$	43.07
CAPITAL RATIOS
Equity-to-assets			10.9	%		11.2	%		11.4	%		11.7	%		11.8	%
Tangible equity-to-tangible assets (non-GAAP) (3)			6.8	%		7.0	%		7.7	%		7.8	%		7.8	%
Tier 1 leverage (6) *			8.0	%		8.5	%		8.1	%		8.1	%		8.1	%
Tier 1 common equity (6) *			11.1	%		11.4	%		11.8	%		11.9	%		12.1	%
Tier 1 risk-based capital (6) *			11.1	%		11.4	%		11.8	%		11.9	%		12.1	%
Total risk-based capital (6) *			13.0	%		13.3	%		13.6	%		13.8	%		14.1	%

* The regulatory capital ratios presented above include the assumption of the transitional method relative to the CARES Act in relief of COVID-19 pandemic on the economy and financial institutions in the United States.  The referenced relief allows a total five-year "phase in" of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID-19.

 

Balance Sheet

		Ending Balance
(Dollars in thousands, except per share and share data)		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
BALANCE SHEET		2022			2022			2021			2021			2021
Assets
Cash and due from banks		$	561,516		$	588,372		$	476,653		$	597,321		$	529,434
Federal Funds Sold and interest-earning deposits with banks			4,160,583			5,444,234			6,366,494			5,701,002			5,875,078
Cash and cash equivalents			4,722,099			6,032,606			6,843,147			6,298,323			6,404,512
Trading securities, at fair value			88,088			74,234			77,689			61,294			89,925
Investment securities:
Securities held to maturity			2,806,465			2,827,769			1,819,901			1,641,485			1,189,265
Securities available for sale, at fair value			5,666,008			5,924,206			5,193,478			4,631,554			4,369,159
Other investments			179,815			179,258			160,568			160,592			160,607
Total investment securities			8,652,288			8,931,233			7,173,947			6,433,631			5,719,031
Loans held for sale			73,880			130,376			191,723			242,813			171,447
Loans:
Purchased credit deteriorated			1,707,592			1,939,033			1,987,322			2,255,874			2,434,259
Purchased non-credit deteriorated			6,908,234			7,633,824			5,890,069			6,554,647			7,457,950
Non-acquired			19,319,440			16,983,570			16,050,775			14,978,428			14,140,869
Less allowance for credit losses			(319,708)			(300,396)			(301,807)			(314,144)			(350,401)
Loans, net			27,615,558			26,256,031			23,626,359			23,474,805			23,682,677
Other real estate owned ("OREO")			1,431			3,290			2,736			3,687			5,039
Premises and equipment, net			562,781			568,332			558,499			569,817			568,473
Bank owned life insurance			953,970			942,922			783,049			778,552			773,452
Mortgage servicing rights			87,463			83,339			65,620			60,922			57,351
Core deposit and other intangibles			132,694			140,364			128,067			136,584			145,126
Goodwill			1,922,525			1,924,024			1,581,085			1,581,085			1,581,085
Other assets			1,394,645			1,114,790			928,111			1,262,195			1,177,751
Total assets		$	46,207,422		$	46,201,541		$	41,960,032		$	40,903,708		$	40,375,869
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing		$	14,337,018		$	14,052,332		$	11,498,840		$	11,333,881		$	11,176,338
Interest-bearing			24,538,833			24,723,498			23,555,989			22,226,677			22,066,031
Total deposits			38,875,851			38,775,830			35,054,829			33,560,558			33,242,369
Federal funds purchased and securities
sold under agreements to repurchase			669,999			770,409			781,239			859,736			862,429
Other borrowings			392,460			405,553			327,066			326,807			351,548
Reserve for unfunded commitments			32,543			30,368			30,510			28,289			30,981
Other liabilities			1,196,144			1,044,973			963,448			1,335,377			1,130,919
Total liabilities			41,166,997			41,027,133			37,157,092			36,110,767			35,618,247
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares			189,103			189,403			173,331			174,795			175,957
Surplus			4,195,976			4,214,897			3,653,098			3,693,622			3,720,946
Retained earnings			1,146,230			1,064,064			997,657			925,044			836,584
Accumulated other comprehensive (loss) income			(490,884)			(293,956)			(21,146)			(520)			24,136
Total shareholders' equity			5,040,425			5,174,408			4,802,940			4,792,941			4,757,623
Total liabilities and shareholders' equity		$	46,207,422		$	46,201,541		$	41,960,032		$	40,903,708		$	40,375,869
Common shares issued and outstanding			75,641,322			75,761,018			69,332,297			69,918,037			70,382,728

 

Net Interest Income and Margin

		Three Months Ended
		Jun. 30, 2022								Mar. 31, 2022								Jun. 30, 2021
(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		$	4,597,551		$	8,635		0.75 %		$	5,678,147		$	2,852		0.20 %		$	5,670,674		$	1,350		0.10 %
Investment securities			8,880,419			45,024		2.03 %			7,895,281			33,995		1.75 %			5,371,985			20,014		1.49 %
Loans held for sale			76,567			791		4.14 %			110,542			869		3.19 %			281,547			1,977		2.82 %
Total loans, excluding PPP			27,055,042			271,003		4.02 %			24,675,512			231,373		3.80 %			22,588,076			225,664		4.01 %
Total PPP loans			77,816			206		1.06 %			167,541			1,375		3.33 %			1,719,323			18,536		4.32 %
Total loans held for investment			27,132,858			271,209		4.01 %			24,843,053			232,748		3.80 %			24,307,399			244,200		4.03 %
Total interest-earning assets			40,687,395			325,659		3.21 %			38,527,023			270,464		2.85 %			35,631,605			267,541		3.01 %
Noninterest-earning assets			5,160,394								4,419,309								4,201,147
Total Assets		$	45,847,789							$	42,946,332							$	39,832,752
Interest-Bearing Liabilities:
Transaction and money market accounts		$	18,316,890		$	3,836		0.08 %		$	17,473,192		$	2,217		0.05 %		$	15,453,940		$	4,513		0.12 %
Savings deposits			3,548,192			143		0.02 %			3,408,129			130		0.02 %			2,995,871			453		0.06 %
Certificates and other time deposits			2,776,478			1,797		0.26 %			2,848,829			2,281		0.32 %			3,408,778			4,571		0.54 %
Federal funds purchased			333,326			628		0.76 %			354,899			111		0.13 %			520,585			112		0.09 %
Repurchase agreements			403,008			153		0.15 %			438,258			158		0.15 %			394,056			211		0.21 %
Other borrowings			405,241			4,823		4.77 %			354,133			4,093		4.69 %			368,897			4,551		4.95 %
Total interest-bearing liabilities			25,783,135			11,380		0.18 %			24,877,440			8,990		0.15 %			23,142,127			14,411		0.25 %
Noninterest-bearing liabilities ("Non-IBL")			14,955,329								13,131,727								11,951,384
Shareholders' equity			5,109,325								4,937,165								4,739,241
Total Non-IBL and shareholders' equity			20,064,654								18,068,892								16,690,625
Total Liabilities and Shareholders' Equity		$	45,847,789							$	42,946,332							$	39,832,752
Net Interest Income and Margin (Non-Tax Equivalent)					$	314,279		3.10 %					$	261,474		2.75 %					$	253,130		2.85 %
Net Interest Margin (Tax Equivalent)								3.12 %								2.77 %								2.87 %
Total Deposit Cost (without Debt and Other Borrowings)								0.06 %								0.05 %								0.12 %
Overall Cost of Funds (including Demand Deposits)								0.12 %								0.10 %								0.17 %
Total Accretion on Acquired Loans (1)					$	12,770							$	6,741							$	6,292
Total Deferred Fees on PPP Loans					$	8							$	983							$	14,232
Tax Equivalent Adjustment					$	2,249							$	1,885							$	1,424

(1)	The remaining loan discount on acquired loans to be accreted into loan interest income totals $89.0 million as of June 30, 2022.

 

Noninterest Income and Expense

		Three Months Ended															Six Months Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
(Dollars in thousands)		2022			2022			2021			2021			2021			2022			2021
Noninterest Income:
Fees on deposit accounts		$	33,658		$	28,902		$	30,293		$	26,130		$	23,936		$	62,560		$	49,218
Mortgage banking income			5,480			10,594			12,044			15,560			10,115			16,074			36,995
Trust and investment services income			9,831			9,718			9,520			9,150			9,733			19,549			18,311
Securities gains, net			—			—			2			64			36			—			36
Correspondent banking and capital market income			27,604			27,994			30,216			25,164			25,877			55,598			54,625
Bank owned life insurance income			6,246			5,260			4,932			5,132			5,047			11,506			8,346
Other			5,473			3,622			4,887			5,810			4,276			9,095			7,774
Total Noninterest Income		$	88,292		$	86,090		$	91,894		$	87,010		$	79,020		$	174,382		$	175,305
Noninterest Expense:
Salaries and employee benefits		$	137,037		$	137,673		$	137,321		$	136,969		$	137,379		$	274,710		$	277,740
Occupancy expense			22,759			21,840			22,915			23,135			22,844			44,599			46,175
Information services expense			19,947			19,193			18,489			18,061			19,078			39,140			37,867
OREO and loan related (income) expense			(3)			(238)			(740)			1,527			240			(241)			1,242
Business development and staff related			4,916			4,276			4,577			4,424			4,305			9,192			7,676
Amortization of intangibles			8,847			8,494			8,517			8,543			8,968			17,341			18,132
Professional fees			4,331			3,749			2,639			2,415			2,301			8,080			5,575
Supplies and printing expense			2,400			2,189			2,179			2,310			2,500			4,589			5,170
FDIC assessment and other regulatory charges			5,332			4,812			4,965			4,245			4,931			10,144			8,772
Advertising and marketing			2,286			1,763			2,375			2,185			1,659			4,049			3,399
Other operating expenses			17,927			14,573			14,155			10,858			14,502			32,500			25,661
Merger and branch consolidation related expense			5,390			10,276			6,645			17,618			32,970			15,666			42,979
Extinguishment of debt cost			—			—			—			—			11,706			—			11,706
Total Noninterest Expense		$	231,169		$	228,600		$	224,037		$	232,290		$	263,383		$	459,769		$	492,094

 

Loans and Deposits

The following table presents a summary of the loan portfolio by type (dollars in thousands):

		Ending Balance
(Dollars in thousands)		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
LOAN PORTFOLIO		2022			2022			2021			2021			2021
Construction and land development * †		$	2,527,062		$	2,316,313		$	2,029,216		$	2,032,731		$	1,947,646
Investor commercial real estate*			8,393,630			8,158,457			7,432,503			7,131,192			7,094,109
Commercial owner occupied real estate			5,421,725			5,346,583			4,970,116			4,988,490			4,895,189
Commercial and industrial, excluding PPP			4,760,355			4,447,279			3,516,485			3,458,520			3,121,625
Consumer real estate *			5,505,531			4,988,736			4,806,958			4,733,567			4,748,693
Consumer/other			1,279,790			1,179,697			928,240			943,243			907,181
Total loans, excluding PPP			27,888,093			26,437,065			23,683,518			23,287,743			22,714,443
PPP loans			47,173			119,362			244,648			501,206			1,318,635
Total Loans		$	27,935,266		$	26,556,427		$	23,928,166		$	23,788,949		$	24,033,078

* 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 $795.7 million, $733.7 million, $686.5 million, $665.0 million and $599.4 million for the quarters ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

 

		Ending Balance
(Dollars in thousands)		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
DEPOSITS		2022			2022			2021			2021			2021
Noninterest-bearing checking		$	14,337,018		$	14,052,332		$	11,498,840		$	11,333,881		$	11,176,338
Interest-bearing checking			8,953,332			9,275,208			9,018,987			7,920,236			7,651,433
Savings			3,616,819			3,479,743			3,350,547			3,201,543			3,051,229
Money market			9,264,257			9,140,005			8,376,380			8,110,162			8,024,117
Time deposits			2,704,425			2,828,542			2,810,075			2,994,736			3,339,252
Total Deposits		$	38,875,851		$	38,775,830		$	35,054,829		$	33,560,558		$	33,242,369
Core Deposits (excludes Time Deposits)		$	36,171,426		$	35,947,288		$	32,244,754		$	30,565,822		$	29,903,117

 

Asset Quality

		Ending Balance
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands)		2022			2022			2021			2021			2021
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual		$	20,716		$	19,582		$	18,700		$	23,800		$	16,065
Accruing loans past due 90 days or more			1,371			22,818			4,612			1,729			559
Non-acquired OREO and other nonperforming assets			93			464			590			365			695
Total non-acquired nonperforming assets			22,180			42,864			23,902			25,894			17,319
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual			63,526			59,267			56,718			64,583			69,053
Accruing loans past due 90 days or more			4,418			12,768			251			89			—
Acquired OREO and other nonperforming assets			1,577			3,118			2,875			3,804			4,777
Total acquired nonperforming assets			69,521			75,153			59,844			68,476			73,830
Total nonperforming assets		$	91,701		$	118,017		$	83,746		$	94,370		$	91,149

 

		Three Months Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
		2022			2022			2021			2021			2021
ASSET QUALITY RATIOS:
Allowance for credit losses as a percentage of loans			1.14 %			1.13 %			1.26 %			1.32 %			1.46 %
Allowance for credit losses as a percentage of loans, excluding PPP loans			1.15 %			1.14 %			1.27 %			1.35 %			1.54 %
Allowance for credit losses as a percentage of nonperforming loans			355.11 %			262.50 %			375.94 %			348.27 %			408.98 %
Net charge-offs as a percentage of average loans (annualized)			0.03 %			0.04 %			0.02 %			0.00 %			0.03 %
Total nonperforming assets as a percentage of total assets			0.20 %			0.26 %			0.20 %			0.23 %			0.23 %
Nonperforming loans as a percentage of period end loans			0.32 %			0.43 %			0.34 %			0.38 %			0.36 %

 

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2022:

		Allowance for Credit Losses ("ACL and UFC")
		NonPCD ACL			PCD ACL			Total ACL			UFC
Ending balance 3/31/2022		$	227,829		$	72,567		$	300,396		$	30,368
ACL - Adjustment for PCD loans from ACBI			—			4,540			4,540			—
Charge offs			(3,215)			—			(3,215)			—
Acquired charge offs			(637)			(2,311)			(2,948)			—
Recoveries			1,166			—			1,166			—
Acquired recoveries			1,188			1,470			2,658			—
Provision (recovery) for credit losses			31,097			(13,986)			17,111			2,175
Ending balance 6/30/2022		$	257,428		$	62,280		$	319,708		$	32,543
Period end loans (includes PPP Loans)		$	26,227,674		$	1,707,592		$	27,935,266			N/A
Reserve to Loans (includes PPP Loans)			0.98 %			3.65 %			1.14 %			N/A
Period end loans (excludes PPP Loans)		$	26,180,501		$	1,707,592		$	27,888,093			N/A
Reserve to Loans (excludes PPP Loans)			0.98 %			3.65 %			1.15 %			N/A
Unfunded commitments (off balance sheet) *											$	8,204,567
Reserve to unfunded commitments (off balance sheet)												0.40 %

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

 

Conference Call

The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 29, 2022.  Callers wishing to participate may call toll-free by dialing 844-200-6205.  The number for international participants is (929) 526-1599.  The conference ID number is 322914.   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 July 29, 2022 on the Investor Relations section of SouthStateBank.com.

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida.  SouthState Bank, N.A., 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 and Virginia.  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.  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 in thousands, except per share data)		Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)		Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021
Net income (GAAP)		$	119,175			$	100,329			$	106,846			$	122,788			$	98,960
Provision (recovery) for credit losses			19,286				(8,449)				(9,157)				(38,903)				(58,793)
Tax provision			32,941				27,084				28,272				30,821				28,600
Merger and branch consolidation related expense			5,390				10,276				6,645				17,618				32,970
Extinguishment of debt costs			—				—				—				—				11,706
Securities gains			—				—				(2)				(64)				(36)
Pre-provision net revenue (PPNR) (Non-GAAP)		$	176,792			$	129,240			$	132,604			$	132,260			$	113,407
Average asset balance (GAAP)		$	45,847,789			$	42,946,332			$	41,359,708			$	40,593,766			$	39,832,752
PPNR ROAA			1.55	%			1.22	%			1.27	%			1.29	%			1.14	%
Diluted weighted-average common shares outstanding			76,094				72,111				70,290				70,576				71,409
PPNR per weighted-average common shares outstanding		$	2.32			$	1.79			$	1.89			$	1.87			$	1.59

 

(Dollars in thousands)		Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)		Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021
Net interest income (GAAP)		$	314,279			$	261,474			$	258,104			$	259,986			$	253,130
Less:
Total accretion on acquired loans			12,770				6,741				7,707				5,243				6,292
Total deferred fees on PPP loans			8				983				5,655				16,369				14,232
Core net interest income (Non-GAAP)		$	301,501			$	253,750			$	244,742			$	238,374			$	232,606
NET INTEREST MARGIN ("NIM"), TAX EQUIVALENT (NON-GAAP)
Net interest income (GAAP)		$	314,279			$	261,474			$	258,104			$	259,986			$	253,130
Total average interest-earning assets			40,687,395				38,527,023				37,031,640				36,218,437				35,631,605
NIM, non-tax equivalent			3.10	%			2.75	%			2.77	%			2.85	%			2.85	%
TEFRA (included in NIM, tax equivalent)			2,249				1,885				1,734				1,477				1,424
Net interest income, tax equivalent (Non-GAAP)		$	316,528			$	263,359			$	259,838			$	261,463			$	254,554
NIM, tax equivalent (Non-GAAP)			3.12	%			2.77	%			2.78	%			2.86	%			2.87	%

 

		Three Months Ended																				Six Months Ended
(Dollars in thousands, except per share data)		Jun. 30,				Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Jun. 30,				Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP		2022				2022				2021				2021				2021				2022				2021
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)		$	119,175			$	100,329			$	106,846			$	122,788			$	98,960			$	219,504			$	245,909
Securities gains, net of tax			—				—				(2)				(51)				(28)				—				(28)
PCL - NonPCD loans and UFC, net of tax			—				13,492				—				—				—				13,492				—
Merger and branch consolidation related expense, net of tax			4,223				8,092				5,255				14,083				25,578				12,314				33,402
Extinguishment of debt cost, net of tax			—				—				—				—				9,081				—				9,081
Adjusted net income (non-GAAP)		$	123,398			$	121,913			$	112,099			$	136,820			$	133,591			$	245,310			$	288,364
Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)		$	1.58			$	1.40			$	1.53			$	1.75			$	1.40			$	2.99			$	3.47
Effect to adjust for securities gains			—				—				(0.00)				(0.00)				(0.00)				—				(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax			—				0.19				—				—				—				0.18				—
Effect to adjust for merger and branch consolidation related expense, net of tax			0.06				0.12				0.08				0.20				0.36				0.17				0.47
Effect to adjust for extinguishment of debt cost			—				—				—				—				0.13				—				0.13
Adjusted net income per common share - Basic (non-GAAP)		$	1.64			$	1.71			$	1.61			$	1.95			$	1.89			$	3.34			$	4.07
Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)		$	1.57			$	1.39			$	1.52			$	1.74			$	1.39			$	2.96			$	3.44
Effect to adjust for securities gains			—				—				(0.00)				(0.00)				(0.00)				—				(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax			—				0.19				—				—				—				0.18				—
Effect to adjust for merger and branch consolidation related expense, net of tax			0.05				0.11				0.07				0.20				0.35				0.17				0.47
Effect to adjust for extinguishment of debt cost			—				—				—				—				0.13				—				0.13
Adjusted net income per common share - Diluted (non-GAAP)		$	1.62			$	1.69			$	1.59			$	1.94			$	1.87			$	3.31			$	4.04
Adjusted Return on Average Assets (2)
Return on average assets (GAAP)			1.04	%			0.95	%			1.02	%			1.20	%			1.00	%			1.00	%			1.27	%
Effect to adjust for securities gains			—	%			—	%			(0.00)	%			(0.00)	%			(0.00)	%			—	%			(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax			—	%			0.13	%			—	%			—	%			—	%			0.06	%			—	%
Effect to adjust for merger and branch consolidation related expense, net of tax			0.04	%			0.07	%			0.06	%			0.14	%			0.26	%			0.05	%			0.17	%
Effect to adjust for extinguishment of debt cost			—	%			—	%			—	%			—	%			0.09	%			—	%			0.05	%
Adjusted return on average assets (non-GAAP)			1.08	%			1.15	%			1.08	%			1.34	%			1.35	%			1.11	%			1.49	%
Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)			9.36	%			8.24	%			8.84	%			10.21	%			8.38	%			8.81	%			10.52	%
Effect to adjust for securities gains			—	%			—	%			(0.00)	%			(0.00)	%			(0.00)	%			—	%			(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax			—	%			1.11	%			—	%			—	%			—	%			0.54	%			—	%
Effect to adjust for merger and branch consolidation related expense, net of tax			0.33	%			0.66	%			0.44	%			1.16	%			2.16	%			0.50	%			1.43	%
Effect to adjust for extinguishment of debt cost			—	%			—	%			—	%			—	%			0.77	%			—	%			0.39	%
Adjusted return on average common equity (non-GAAP)			9.69	%			10.01	%			9.28	%			11.37	%			11.31	%			9.85	%			12.34	%
Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)			9.36	%			8.24	%			8.84	%			10.21	%			8.38	%			8.81	%			10.52	%
Effect to adjust for intangible assets			7.23	%			5.73	%			5.79	%			6.65	%			5.74	%			6.47	%			7.07	%
Return on average tangible equity (non-GAAP)			16.59	%			13.97	%			14.63	%			16.86	%			14.12	%			15.28	%			17.59	%
Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)			9.36	%			8.24	%			8.84	%			10.21	%			8.38	%			8.81	%			10.52	%
Effect to adjust for securities gains			—	%			—	%			(0.00)	%			(0.00)	%			(0.00)	%			—	%			(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax			—	%			1.11	%			—	%			—	%			—	%			0.54	%			—	%
Effect to adjust for merger and branch consolidation related expense, net of tax			0.33	%			0.66	%			0.43	%			1.17	%			2.16	%			0.49	%			1.43	%
Effect to adjust for extinguishment of debt cost			—	%			—	%			—	%			—	%			0.77	%			—	%			0.39	%
Effect to adjust for intangible assets			7.46	%			6.78	%			6.03	%			7.30	%			7.43	%			7.12	%			8.12	%
Adjusted return on average common tangible equity (non-GAAP)			17.15	%			16.79	%			15.30	%			18.68	%			18.74	%			16.97	%			20.46	%
Adjusted Efficiency Ratio (4)
Efficiency ratio			54.92	%			62.99	%			61.27	%			64.22	%			76.28	%			58.66	%			68.38	%
Effect to adjust for merger and branch consolidation related expense			(1.33)	%			(2.94)	%			(1.89)	%			(5.06)	%			(13.38)	%			(2.08)	%			(7.89)	%
Adjusted efficiency ratio			53.59	%			60.05	%			59.39	%			59.16	%			62.88	%			56.58	%			60.49	%
Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)		$	66.64			$	68.30			$	69.27			$	68.55			$	67.60
Effect to adjust for intangible assets			(27.17)				(27.25)				(24.65)				(24.57)				(24.53)
Tangible book value per common share (non-GAAP)		$	39.47			$	41.05			$	44.62			$	43.98			$	43.07
Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)			10.91	%			11.20	%			11.45	%			11.72	%			11.78	%
Effect to adjust for intangible assets			(4.15)	%			(4.15)	%			(3.76)	%			(3.87)	%			(3.94)	%
Tangible equity-to-tangible assets (non-GAAP)			6.76	%			7.05	%			7.69	%			7.85	%			7.84	%

Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported.

 

Footnotes to tables:

1. Includes loan accretion (interest) income related to the discount on acquired loans of $12.8 million, $6.7 million, $7.7 million, $5.2 million and $6.3 million, respectively, during the five quarters above.
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 and branch consolidation related expense, initial PCL on nonPCD loans and unfunded commitments from acquisitions and extinguishment of debt cost.  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 and branch consolidation related expense of $5.4 million, $10.3 million, $6.6 million, $17.6 million and $33.0 million for the quarters ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively; and (b) net securities gains of $2,000, $64,000, and $36,000 for the quarters ended December 31, 2021, September 30, 2021, and June 30, 2021, respectively; (c) initial PCL on nonPCD loans and unfunded commitments acquired from ACBI of $17.1 million for the quarter ended March 31, 2022; and (d) extinguishment of debt cost of $11.7 million for the quarter ended June 30, 2021.
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 Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.
4. Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger and branch consolidation related expense 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 $8.8 million, $8.5 million, $8.5 million, $8.5 million and $9.0 million, for the quarters ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, 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. June 30, 2022 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 mortgage loans held for sale.

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 downturn risk, potentially resulting in deterioration in the credit markets, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential continued negative economic developments resulting from the Covid19 pandemic, or from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the interest rate environment, rising interest rates, 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; (3) risks related to the merger and integration of SouthState and Atlantic Capital 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 Atlantic Capital'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 Atlantic Capital'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 continued impact of the Covid19 pandemic on the Company, including possible impact to the Company and its employees from contacting Covid19, and to efficiencies and the control environment due to the changing work environment and to our results of operations due to government stimulus and other interventions to mitigate the impact of the pandemic; (5) 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; (6) 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; (7) potential deterioration in real estate values; (8) the impact of competition with other financial institutions, including pricing pressures (including those resulting from the CARES Act) and the resulting impact, including as a result of compression to net interest margin; (9) risks relating to the ability to retain our culture and attract and retain qualified people; (10) 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; (11) risks related to the ability of the company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (12) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (13) risks associated with an anticipated increase in SouthState's investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (14) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (15) transaction risk arising from problems with service or product delivery; (16) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (17) 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 the CARES Act, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices, including changes in accounting principles relating to loan loss recognition (CECL); (18) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (19) reputation risk that adversely affects earnings or capital arising from negative public opinion; (20) 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; (21) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently issued proposed regulatory guidance and regulation relating to climate change; (22) greater than expected noninterest expenses; (23) excessive loan losses; (24) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (25) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank's consumer overdraft programs; (26) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (27) 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; (28) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; (29) 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; (30) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, such as the ongoing Covid19 pandemic, 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; (31) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (32) 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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SOURCE SouthState Corporation

FAQ

What is the dividend amount for SouthState Corporation (SSB) in Q2 2022?

The dividend amount for Q2 2022 is $0.50 per share.

When is the dividend payable for SouthState Corporation (SSB)?

The dividend is payable on August 19, 2022.

What was the net income for SouthState Corporation (SSB) in Q2 2022?

The net income for Q2 2022 was $119.2 million.

How did SouthState Corporation's (SSB) loan growth perform in Q2 2022?

Total loans increased by 22% annualized in Q2 2022.

What was the adjusted net income per share for SouthState Corporation (SSB) in Q2 2022?

The adjusted net income per share for Q2 2022 was $1.62.