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

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SouthState (NYSE: SSB) reported Q3 2024 results with net income of $143.2 million and diluted EPS of $1.86. The company saw steady growth in key metrics with loans increasing by $314 million (4% annualized) and deposits growing by $540 million (6% annualized). Net interest income was $351 million with a net interest margin of 3.39%. The company maintained strong capital position with total risk-based capital ratio of 14.9%. The Board declared a quarterly cash dividend of $0.54 per share, payable November 15, 2024. Shareholders approved the acquisition of Independent Bank Group, though it remains subject to regulatory approval.

SouthState (NYSE: SSB) ha riportato i risultati del Q3 2024 con un utile netto di 143,2 milioni di dollari e un EPS diluito di 1,86 dollari. L'azienda ha registrato una crescita costante nei principali indicatori, con un aumento dei prestiti di 314 milioni di dollari (4% annuo) e una crescita dei depositi di 540 milioni di dollari (6% annuo). Il reddito da interessi netto è stato di 351 milioni di dollari, con un margine di interesse netto del 3,39%. L'azienda ha mantenuto una solida posizione patrimoniale con un rapporto di capitale a rischio totale del 14,9%. Il Consiglio ha dichiarato un dividendo in contante trimestrale di 0,54 dollari per azione, pagabile il 15 novembre 2024. Gli azionisti hanno approvato l'acquisizione del Independent Bank Group, che rimane comunque soggetta all'approvazione normativa.

SouthState (NYSE: SSB) reportó resultados del Q3 2024 con ingresos netos de 143.2 millones de dólares y EPS diluido de 1.86 dólares. La compañía observó un crecimiento constante en métricas clave, con un aumento en los préstamos de 314 millones de dólares (4% anualizado) y depósitos creciendo en 540 millones de dólares (6% anualizado). Los ingresos por interés neto fueron de 351 millones de dólares, con un margen de interés neto del 3.39%. La compañía mantuvo una sólida posición de capital con un ratio de capital total basado en riesgos del 14.9%. La Junta declaró un dividendo en efectivo trimestral de 0.54 dólares por acción, pagadero el 15 de noviembre de 2024. Los accionistas aprobaron la adquisición de Independent Bank Group, aunque sigue sujeta a la aprobación regulatoria.

SouthState (NYSE: SSB)는 2024년 Q3 실적을 발표하며 순이익 1억 4320만 달러갖춰진 주당 순이익 1.86 달러를 기록했습니다. 회사는 핵심 지표에서 꾸준한 성장을 보였으며, 대출은 3억 1400만 달러 증가(연 환산 4%)했으며, 예금은 5억 4000만 달러 증가(연 환산 6%)했습니다. 순이자 수익은 3억 5100만 달러였고 순이자 마진은 3.39%였습니다. 회사는 총 위험 기준 자본 비율이 14.9%로 강력한 자본 위치를 유지했습니다. 이사회는 1주당 0.54달러의 분기 현금 배당금을 선언했으며, 이는 2024년 11월 15일 지급될 예정입니다. 주주들은 Independent Bank Group의 인수를 승인했지만, 이는 여전히 규제 승인을 받아야 합니다.

SouthState (NYSE: SSB) a publié ses résultats pour le T3 2024 avec un bénéfice net de 143,2 millions de dollars et un BPA dilué de 1,86 dollar. L'entreprise a connu une croissance stable dans les indicateurs clés, avec des prêts augmentant de 314 millions de dollars (4% annualisé) et des dépôts en hausse de 540 millions de dollars (6% annualisé). Les revenus d'intérêts nets se sont élevés à 351 millions de dollars, avec une marge d'intérêt nette de 3,39%. L'entreprise a maintenu une solide position en capital avec un ratio de capital total basé sur les risques de 14,9%. Le Conseil a déclaré un dividende en espèces trimestriel de 0,54 dollar par action, payable le 15 novembre 2024. Les actionnaires ont approuvé l'acquisition d'Independent Bank Group, bien qu'elle soit toujours soumise à l'approbation réglementaire.

SouthState (NYSE: SSB) hat die Ergebnisse des Q3 2024 mit netto Einkommen von 143,2 Millionen Dollar und verwässertem Gewinn pro Aktie von 1,86 Dollar veröffentlicht. Das Unternehmen verzeichnete ein stabiles Wachstum in den wichtigsten Kennzahlen, wobei die Darlehen um 314 Millionen Dollar (4% annualisiert) und die Einlagen um 540 Millionen Dollar (6% annualisiert) zunahmen. Die Nettozinseinnahmen betrugen 351 Millionen Dollar bei einer Nettomarge von 3,39%. Das Unternehmen weist eine starke Kapitalposition mit einem Gesamtrisiko-Kapitalquotienten von 14,9% auf. Der Vorstand hat eine vierteljährliche Bardividende von 0,54 Dollar pro Aktie erklärt, die am 15. November 2024 zahlbar ist. Die Aktionäre genehmigten die Übernahme der Independent Bank Group, die jedoch weiterhin der regulatorischen Genehmigung bedarf.

Positive
  • Net income increased to $143.2 million with diluted EPS of $1.86
  • Loans grew by $314 million (4% annualized)
  • Deposits increased by $540 million (6% annualized)
  • Strong capital position with 14.9% total risk-based capital ratio
  • Tangible book value per share increased 7% during the quarter
Negative
  • Net interest margin declined to 3.39% from 3.49% year-over-year
  • Total deposit cost increased to 1.90%, up 0.10% from prior quarter

Insights

SouthState delivered solid Q3 2024 results with $1.86 diluted EPS and $143.2M net income. Key highlights include:

- Loan growth of $314M (4% annualized) driven by consumer real estate and C&I

- Deposit growth of $540M (6% annualized)

- Stable net interest margin of 3.39%

- Strong credit quality with net charge-offs of just 0.07% annualized

- Tangible book value increased 7% QoQ to $51.26 per share

The pending IBTX acquisition received shareholder approval, positioning the bank for expansion in growth markets. Overall performance demonstrates resilient fundamentals despite rate environment challenges.

WINTER HAVEN, Fla., Oct. 23, 2024 /PRNewswire/ -- SouthState Corporation (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2024.

"Despite the challenges of hurricane season, SouthState produced steady growth in loans, deposits, revenue, and earnings per share.  Furthermore, with the compounding effect of interest rate changes, our tangible book value per share increased 7% during the quarter", commented John C. Corbett, SouthState's Chief Executive Officer.  "We were also pleased to receive overwhelming shareholder support for our acquisition of IBTX.  We look forward to joining with Independent Financial and building shareholder value in the best growth markets in the country."

Highlights of the third quarter of 2024 include:

Returns

  • Reported Diluted Earnings per Share ("EPS") of $1.86; Adjusted Diluted EPS (Non-GAAP) of $1.90
  • Net Income of $143.2 million; Adjusted Net Income (Non-GAAP) of $145.7 million
  • Return on Average Common Equity of 9.9%; Return on Average Tangible Common Equity (Non-GAAP) of 15.6% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 15.9%*
  • Return on Average Assets ("ROAA") of 1.25% and Adjusted ROAA (Non-GAAP) of 1.27%*
  • Book Value per Share of $77.42; Tangible Book Value ("TBV") per Share (Non-GAAP) of $51.26

Performance

  • Net Interest Income of $351 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $349 million
  • Net Interest Margin ("NIM"), non-tax equivalent of 3.39% and tax equivalent (Non-GAAP) of 3.40%
  • Net charge-offs of $6.1 million, or 0.07% annualized; ($7.0) million release of Provision for Credit Losses ("PCL"), including a release for unfunded commitments of $8.7 million; total allowance for credit losses ("ACL") plus reserve for unfunded commitments of 1.52%
  • Noninterest Income of $75 million; Noninterest Income represented 0.65% of average assets for the third quarter of 2024*
  • Efficiency Ratio of 57% and Adjusted Efficiency Ratio (Non-GAAP) of 56%

 Annualized percentages

Balance Sheet

  • Loans increased $314 million, or 4% annualized, led by increases in consumer real estate and commercial and industrial; ending loan to deposit ratio of 89%
  • Deposits increased $540 million, or 6% annualized
  • Total loan yield of 5.86%, up 0.04% from prior quarter
  • Total deposit cost of 1.90%, up 0.10% from prior quarter
  • Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.9%, 14.9%, 10.0%, and 12.5%, respectively

Preliminary

Mergers & Acquisitions

  • Received approval by each of SouthState's and Independent Bank Group, Inc.'s respective shareholders; still subject to other customary conditions, including regulatory approval

Subsequent Events

  • The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on November 15, 2024 to shareholders of record as of November 8, 2024

Financial Performance


























Three Months Ended


 Nine Months Ended


(Dollars in thousands, except per share data)


Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Sep. 30,


Sep. 30,


INCOME STATEMENT


2024


2024


2024


2023


2023


2024


2023


Interest Income























   Loans, including fees (1)


$

494,082


$

478,360


$

463,688


$

459,880


$

443,805


$

1,436,130


$

1,256,525


   Investment securities, trading securities, federal funds sold and securities























      purchased under agreements to resell



50,096



52,764



53,567



55,555



56,704



156,427



172,446


Total interest income



544,178



531,124



517,255



515,435



500,509



1,592,557



1,428,971


Interest Expense























   Deposits



177,919



165,481



160,162



149,584



133,944



503,562



290,673


   Federal funds purchased, securities sold under agreements























      to repurchase, and other borrowings



14,779



15,384



13,157



11,620



11,194



43,320



39,921


Total interest expense



192,698



180,865



173,319



161,204



145,138



546,882



330,594


Net Interest Income



351,480



350,259



343,936



354,231



355,371



1,045,675



1,098,377


  (Recovery) provision for credit losses



(6,971)



3,889



12,686



9,893



32,709



9,604



104,189


Net Interest Income after (Recovery) Provision for Credit Losses



358,451



346,370



331,250



344,338



322,662



1,036,071



994,188


Noninterest Income



74,934



75,225



71,558



65,489



72,848



221,717



221,417


Noninterest Expense























Operating expense



243,543



242,343



240,923



245,774



238,042



726,809



709,953


Merger, branch consolidation, severance related and other expense (8)



3,304



5,785



4,513



1,778



164



13,602



11,384


FDIC special assessment





619



3,854



25,691





4,473




Total noninterest expense



246,847



248,747



249,290



273,243



238,206



744,884



721,337


Income before Income Tax Provision



186,538



172,848



153,518



136,584



157,304



512,904



494,268


Income tax provision



43,359



40,478



38,462



29,793



33,160



122,299



106,751


Net Income


$

143,179


$

132,370


$

115,056


$

106,791


$

124,144


$

390,605


$

387,517

























Adjusted Net Income (non-GAAP) (2)























Net Income (GAAP)


$

143,179


$

132,370


$

115,056


$

106,791


$

124,144


$

390,605


$

387,517


Securities losses (gains), net of tax









2







(35)


Merger, branch consolidation, severance related and other expense, net of tax (8)



2,536



4,430



3,382



1,391



130



10,348



8,900


FDIC special assessment, net of tax





474



2,888



20,087





3,362




Adjusted Net Income (non-GAAP)


$

145,715


$

137,274


$

121,326


$

128,271


$

124,274


$

404,315


$

396,382

























   Basic earnings per common share


$

1.88


$

1.74


$

1.51


$

1.40


$

1.63


$

5.12


$

5.10


   Diluted earnings per common share


$

1.86


$

1.73


$

1.50


$

1.39


$

1.62


$

5.09


$

5.07


   Adjusted net income per common share - Basic (non-GAAP) (2)


$

1.91


$

1.80


$

1.59


$

1.69


$

1.63


$

5.30


$

5.21


   Adjusted net income per common share - Diluted (non-GAAP) (2)


$

1.90


$

1.79


$

1.58


$

1.67


$

1.62


$

5.27


$

5.19


   Dividends per common share


$

0.54


$

0.52


$

0.52


$

0.52


$

0.52


$

1.58


$

1.52


   Basic weighted-average common shares outstanding



76,299,069



76,251,401



76,301,411



76,100,187



76,139,170



76,284,016



76,034,062


   Diluted weighted-average common shares outstanding



76,805,436



76,607,281



76,660,081



76,634,100



76,571,430



76,690,900



76,445,649


   Effective tax rate



23.24 %



23.42 %



25.05 %



21.81 %



21.08 %



23.84 %



21.60 %


Performance and Capital Ratios

























Three Months Ended


 Nine Months Ended





Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Sep. 30,


Sep. 30,





2024


2024


2024


2023


2023


2024


2023



PERFORMANCE RATIOS






















Return on average assets (annualized)



1.25

%


1.17

%


1.03

%


0.94

%


1.10

%

1.15

%

1.16

%


Adjusted return on average assets (annualized) (non-GAAP) (2)



1.27

%


1.22

%


1.08

%


1.13

%


1.10

%

1.19

%

1.19

%


Return on average common equity (annualized)



9.91

%


9.58

%


8.36

%


7.99

%


9.24

%

9.29

%

9.83

%


Adjusted return on average common equity (annualized) (non-GAAP) (2)



10.08

%


9.94

%


8.81

%


9.60

%


9.25

%

9.62

%

10.06

%


Return on average tangible common equity (annualized) (non-GAAP) (3)



15.63

%


15.49

%


13.63

%


13.53

%


15.52

%

14.94

%

16.67

%


Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)



15.89

%


16.05

%


14.35

%


16.12

%


15.54

%

15.44

%

17.03

%


Efficiency ratio (tax equivalent)



56.58

%


57.03

%


58.48

%


63.43

%


54.00

%

57.35

%

52.98

%


Adjusted efficiency ratio (non-GAAP) (4)



55.80

%


55.52

%


56.47

%


56.89

%


53.96

%

55.93

%

52.11

%


Dividend payout ratio (5)



28.76

%


29.93

%


34.42

%


37.01

%


31.84

%

30.82

%

29.78

%


Book value per common share


$

77.42


$

74.16


$

72.82


$

72.78


$

68.81







Tangible book value per common share (non-GAAP) (3)


$

51.26


$

47.90


$

46.48


$

46.32


$

42.26





























CAPITAL RATIOS






















Equity-to-assets



12.8

%


12.4

%


12.3

%


12.3

%


11.6

%






Tangible equity-to-tangible assets (non-GAAP) (3)



8.9

%


8.4

%


8.2

%


8.2

%


7.5

%






Tier 1 leverage (6)



10.0

%


9.7

%


9.6

%


9.4

%


9.3

%






Tier 1 common equity (6)



12.5

%


12.1

%


11.9

%


11.8

%


11.5

%






Tier 1 risk-based capital (6)



12.5

%


12.1

%


11.9

%


11.8

%


11.5

%






Total risk-based capital (6)



14.9

%


14.4

%


14.4

%


14.1

%


13.8

%






Balance Sheet




















Ending Balance


(Dollars in thousands, except per share and share data)


Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


BALANCE SHEET


2024


2024


2024


2023


2023


Assets

















   Cash and due from banks


$

563,887


$

507,425


$

478,271


$

510,922


$

514,917


   Federal funds sold and interest-earning deposits with banks



648,792



609,741



731,186



487,955



814,220


Cash and cash equivalents



1,212,679



1,117,166



1,209,457



998,877



1,329,137



















Trading securities, at fair value



87,103



92,161



66,188



31,321



114,154


Investment securities:

















   Securities held to maturity



2,301,307



2,348,528



2,446,589



2,487,440



2,533,713


   Securities available for sale, at fair value



4,564,363



4,498,264



4,598,400



4,784,388



4,623,618


   Other investments



211,458



201,516



187,285



192,043



187,152


               Total investment securities



7,077,128



7,048,308



7,232,274



7,463,871



7,344,483


Loans held for sale



287,043



100,007



56,553



50,888



27,443


Loans:

















Purchased credit deteriorated



913,342



957,255



1,031,283



1,108,813



1,171,543


Purchased non-credit deteriorated



3,959,028



4,253,323



4,534,583



4,796,913



5,064,254


Non-acquired



28,675,822



28,023,986



27,101,444



26,482,763



25,780,875


    Less allowance for credit losses



(467,981)



(472,298)



(469,654)



(456,573)



(447,956)


               Loans, net



33,080,211



32,762,266



32,197,656



31,931,916



31,568,716


Premises and equipment, net



507,452



517,382



512,635



519,197



516,583


Bank owned life insurance



1,007,275



1,001,998



997,562



991,454



984,881


Mortgage servicing rights



83,512



88,904



87,970



85,164



89,476


Core deposit and other intangibles



71,835



77,389



83,193



88,776



95,094


Goodwill



1,923,106



1,923,106



1,923,106



1,923,106



1,923,106


Other assets



745,303



765,283



778,244



817,454



996,055


                Total assets


$

46,082,647


$

45,493,970


$

45,144,838


$

44,902,024


$

44,989,128



















Liabilities and Shareholders' Equity

















Deposits:

















   Noninterest-bearing


$

10,376,531


$

10,374,464


$

10,546,410


$

10,649,274


$

11,158,431


   Interest-bearing



27,261,664



26,723,938



26,632,024



26,399,635



25,776,767


               Total deposits



37,638,195



37,098,402



37,178,434



37,048,909



36,935,198


Federal funds purchased and securities

















   sold under agreements to repurchase



538,322



542,403



554,691



489,185



513,304


Other borrowings



691,626



691,719



391,812



491,904



391,997


Reserve for unfunded commitments



41,515



50,248



53,229



56,303



62,347


Other liabilities



1,268,409



1,460,795



1,419,663



1,282,625



1,855,295


               Total liabilities



40,178,067



39,843,567



39,597,829



39,368,926



39,758,141



















Shareholders' equity:

















   Common stock - $2.50 par value; authorized 160,000,000 shares



190,674



190,489



190,443



190,055



190,043


   Surplus



4,249,672



4,238,192



4,230,345



4,240,413



4,238,753


   Retained earnings



1,943,874



1,841,933



1,749,215



1,685,166



1,618,080


   Accumulated other comprehensive loss



(479,640)



(620,211)



(622,994)



(582,536)



(815,889)


               Total shareholders' equity



5,904,580



5,650,403



5,547,009



5,533,098



5,230,987


               Total liabilities and shareholders' equity


$

46,082,647


$

45,493,970


$

45,144,838


$

44,902,024


$

44,989,128



















Common shares issued and outstanding



76,269,577



76,195,723



76,177,163



76,022,039



76,017,366


Net Interest Income and Margin





























Three Months Ended




Sep. 30, 2024


Jun. 30, 2024


Sep. 30, 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


$

559,942


$

6,462


4.59 %


$

732,252


$

8,248


4.53 %


$

822,805


$

10,831


5.22 %


Investment securities



7,163,934



43,634


2.42 %



7,226,582



44,516


2.48 %



7,714,079



45,873


2.36 %


Loans held for sale



112,429



2,694


9.53 %



63,307



1,018


6.47 %



34,736



517


5.90 %


Total loans held for investment



33,387,675



491,388


5.86 %



32,989,521



477,342


5.82 %



31,804,760



443,288


5.53 %


     Total interest-earning assets



41,223,980



544,178


5.25 %



41,011,662



531,124


5.21 %



40,376,380



500,509


4.92 %


Noninterest-earning assets



4,373,250








4,416,072








4,464,939







     Total Assets


$

45,597,230







$

45,427,734







$

44,841,319

































Interest-Bearing Liabilities ("IBL"):


























Transaction and money market accounts


$

19,936,966


$

129,613


2.59 %


$

19,653,436


$

120,722


2.47 %


$

18,291,300


$

93,465


2.03 %


Savings deposits



2,453,886



1,893


0.31 %



2,504,809



1,830


0.29 %



2,845,250



1,919


0.27 %


Certificates and other time deposits



4,489,441



46,413


4.11 %



4,286,950



42,929


4.03 %



4,413,855



38,560


3.47 %


Federal funds purchased



304,582



4,178


5.46 %



270,028



3,621


5.39 %



236,732



3,128


5.24 %


Repurchase agreements



258,166



1,519


2.34 %



270,815



1,362


2.02 %



303,339



1,163


1.52 %


Other borrowings



611,247



9,082


5.91 %



715,401



10,401


5.85 %



456,187



6,903


6.00 %


     Total interest-bearing liabilities



28,054,288



192,698


2.73 %



27,701,439



180,865


2.63 %



26,546,663



145,138


2.17 %


Noninterest-bearing deposits



10,412,512








10,566,529








11,362,233







Other noninterest-bearing liabilities



1,382,260








1,605,296








1,603,511







Shareholders' equity



5,748,170








5,554,470








5,328,912







     Total Non-IBL and shareholders' equity



17,542,942








17,726,295








18,294,656







     Total Liabilities and Shareholders' Equity


$

45,597,230







$

45,427,734







$

44,841,319







Net Interest Income and Margin (Non-Tax Equivalent)





$

351,480


3.39 %





$

350,259


3.43 %





$

355,371


3.49 %


Net Interest Margin (Tax Equivalent) (non-GAAP)








3.40 %








3.44 %








3.50 %


Total Deposit Cost (without Debt and Other Borrowings)








1.90 %








1.80 %








1.44 %


Overall Cost of Funds (including Demand Deposits)








1.99 %








1.90 %








1.52 %




























Total Accretion on Acquired Loans (1)





$

2,858







$

4,386







$

4,053




Tax Equivalent ("TE") Adjustment





$

486







$

631







$

646





•    The remaining loan discount on acquired loans to be accreted into loan interest income totals $39.8 million as of September 30, 2024.

Noninterest Income and Expense


























Three Months Ended


 Nine Months Ended 




Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Sep. 30,


Sep. 30,


(Dollars in thousands)


2024


2024


2024


2023


2023


2024


2023


Noninterest Income:























   Fees on deposit accounts


$

33,986


$

33,842


$

33,145


$

33,225


$

32,830


$

100,973


$

95,790


   Mortgage banking income



3,189



5,912



6,169



2,191



2,478



15,270



11,164


   Trust and investment services income



11,578



11,091



10,391



10,131



9,556



33,060



29,316


   Securities (losses) gains, net









(2)







45


   Correspondent banking and capital markets income



17,381



16,267



14,591



16,081



24,808



48,239



74,498


   Expense on centrally-cleared variation margin



(7,488)



(11,407)



(10,280)



(12,677)



(11,892)



(29,175)



(28,801)


   Total correspondent banking and capital markets income



9,893



4,860



4,311



3,404



12,916



19,064



45,697


   Bank owned life insurance income



8,276



7,372



6,892



6,567



7,039



22,540



20,123


   Other



8,012



12,148



10,650



9,973



8,029



30,810



19,282


         Total Noninterest Income


$

74,934


$

75,225


$

71,558


$

65,489


$

72,848


$

221,717


$

221,417

























Noninterest Expense:























   Salaries and employee benefits


$

150,865


$

151,435


$

150,453


$

145,850


$

146,146


$

452,753


$

437,548


   Occupancy expense



22,242



22,453



22,577



22,715



22,251



67,272



65,980


   Information services expense



23,280



23,144



22,353



22,000



21,428



68,777



62,472


   OREO and loan related expense



1,358



1,307



606



948



613



3,271



768


   Business development and staff related



5,797



6,220



5,799



7,492



5,995



17,816



18,624


   Amortization of intangibles



5,327



5,744



5,998



6,615



6,616



17,069



20,943


   Professional fees



4,017



3,906



3,115



7,025



3,456



11,038



11,522


   Supplies and printing expense



2,762



2,526



2,540



2,761



2,623



7,828



7,817


   FDIC assessment and other regulatory charges



7,482



7,771



8,534



8,325



8,632



23,787



24,745


   Advertising and marketing



2,296



2,594



1,984



2,826



3,009



6,874



6,648


   Other operating expenses



18,117



15,243



16,964



19,217



17,273



50,324



52,886


   Merger, branch consolidation, severance related and other expense (8)



3,304



5,785



4,513



1,778



164



13,602



11,384


   FDIC special assessment





619



3,854



25,691





4,473




         Total Noninterest Expense


$

246,847


$

248,747


$

249,290


$

273,243


$

238,206


$

744,884


$

721,337


Loans and Deposits

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




















Ending Balance


(Dollars in thousands)


Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


LOAN PORTFOLIO (7)


2024


2024


2024


2023


2023


Construction and land development * †


$

2,458,151


$

2,592,307


$

2,437,343


$

2,923,514


$

2,776,241


Investor commercial real estate*



9,856,709



9,731,773



9,752,529



9,227,968



9,372,683


Commercial owner occupied real estate



5,544,716



5,522,978



5,511,855



5,497,671



5,539,097


Commercial and industrial



5,931,187



5,769,838



5,544,131



5,504,539



5,458,229


Consumer real estate *



8,649,714



8,440,724



8,223,066



7,993,450



7,608,145


Consumer/other



1,107,715



1,176,944



1,198,386



1,241,347



1,262,277


Total Loans


$

33,548,192


$

33,234,564


$

32,667,310


$

32,388,489


$

32,016,672




*

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 $429.8 million, $544.2 million, $623.9 million, $715.5 million, and $863.1 million for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively.




















Ending Balance


(Dollars in thousands)


Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


DEPOSITS


2024


2024


2024


2023


2023


Noninterest-bearing checking


$

10,376,531


$

10,374,464


$

10,546,410


$

10,649,274


$

11,158,431


Interest-bearing checking



7,550,392



7,547,406



7,898,835



7,978,799



7,806,243


Savings



2,442,584



2,475,130



2,557,203



2,632,212



2,760,166


Money market



12,614,046



12,122,336



11,895,385



11,538,671



10,756,431


Time deposits



4,654,642



4,579,066



4,280,601



4,249,953



4,453,927


Total Deposits


$

37,638,195


$

37,098,402


$

37,178,434


$

37,048,909


$

36,935,198



















Core Deposits (excludes Time Deposits)


$

32,983,553


$

32,519,336


$

32,897,833


$

32,798,956


$

32,481,271


Asset Quality




















Ending Balance




Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


(Dollars in thousands)


2024


2024


2024


2023


2023


NONPERFORMING ASSETS:

















Non-acquired

















Non-acquired nonaccrual loans and restructured loans on nonaccrual


$

111,240


$

110,774


$

106,189


$

110,467


$

105,856


Accruing loans past due 90 days or more



6,890



5,843



2,497



11,305



783


Non-acquired OREO and other nonperforming assets



1,217



2,876



1,589



711



449


Total non-acquired nonperforming assets



119,347



119,493



110,275



122,483



107,088


Acquired

















Acquired nonaccrual loans and restructured loans on nonaccrual



70,731



78,287



63,451



59,755



57,464


Accruing loans past due 90 days or more



389



916



135



1,174



1,821


Acquired OREO and other nonperforming assets



493



598



655



712



378


Total acquired nonperforming assets



71,613



79,801



64,241



61,641



59,663


Total nonperforming assets


$

190,960


$

199,294


$

174,516


$

184,124


$

166,751


 




















Three Months Ended




Sep. 30,


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,




2024


2024


2024


2023


2023


ASSET QUALITY RATIOS (7):

















Allowance for credit losses as a percentage of loans



1.39 %



1.42 %



1.44 %



1.41 %



1.40 %


Allowance for credit losses, including reserve for unfunded
commitments, as a percentage of loans



1.52 %



1.57 %



1.60 %



1.58 %



1.59 %


Allowance for credit losses as a percentage of nonperforming loans



247.28 %



241.19 %



272.62 %



249.90 %



269.98 %


Net charge-offs as a percentage of average loans (annualized)



0.07 %



0.05 %



0.03 %



0.09 %



0.16 %


Total nonperforming assets as a percentage of total assets



0.41 %



0.44 %



0.39 %



0.41 %



0.37 %


Nonperforming loans as a percentage of period end loans



0.56 %



0.59 %



0.53 %



0.56 %



0.52 %


Current Expected Credit Losses ("CECL")

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

















Allowance for Credit Losses ("ACL and UFC")


(Dollars in thousands)


NonPCD ACL


PCD ACL


Total ACL


UFC


Ending balance 6/30/2024


$

447,628


$

24,670


$

472,298


$

50,248


Charge offs



(7,529)





(7,529)




Acquired charge offs



(188)



(886)



(1,074)




Recoveries



1,373





1,373




Acquired recoveries



775



375



1,150




Provision (recovery) for credit losses



2,563



(800)



1,763



(8,733)


Ending balance 9/30/2024


$

444,622


$

23,359


$

467,981


$

41,515
















Period end loans


$

32,634,850


$

913,342


$

33,548,192



N/A


Allowance for Credit Losses to Loans



1.36 %



2.56 %



1.39 %



N/A


Unfunded commitments (off balance sheet) *











$

7,758,645


Reserve to unfunded commitments (off balance sheet)












0.54 %



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

Conference Call

The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 24, 2024.  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 October 24, 2024 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.  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)


Sep. 30, 2024



Jun. 30, 2024



Mar. 31, 2024



Dec. 31, 2023



Sep. 30, 2023


Net income (GAAP)


$

143,179



$

132,370



$

115,056



$

106,791



$

124,144


(Recovery) provision for credit losses



(6,971)




3,889




12,686




9,893




32,709


Tax provision



43,359




40,478




38,462




29,793




33,160


Merger, branch consolidation, severance related and other expense (8)



3,304




5,785




4,513




1,778




164


FDIC special assessment






619




3,854




25,691





Securities losses












2





Pre-provision net revenue (PPNR) (Non-GAAP)


$

182,871



$

183,141



$

174,571



$

173,948



$

190,177























(Dollars in thousands)


Three Months Ended


CORE NET INTEREST INCOME (NON-GAAP)


Sep. 30, 2024



Jun. 30, 2024



Mar. 31, 2024



Dec. 31, 2023



Sep. 30, 2023


Net interest income (GAAP)


$

351,480



$

350,259



$

343,936



$

354,231



$

355,371


Less:





















Total accretion on acquired loans



2,858




4,386




4,287




3,870




4,053


Core net interest income (Non-GAAP)


$

348,622



$

345,873



$

339,649



$

350,361



$

351,318























NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)





















Net interest income (GAAP)


$

351,480



$

350,259



$

343,936



$

354,231



$

355,371


Total average interest-earning assets



41,223,980




41,011,662




40,657,176




40,465,377




40,376,380


NIM, non-tax equivalent



3.39

%



3.43

%



3.40

%



3.47

%



3.49

%






















Tax equivalent adjustment (included in NIM, TE)



486




631




528




659




646


Net interest income, tax equivalent (Non-GAAP)


$

351,966



$

350,890



$

344,464



$

354,890



$

356,017


NIM, TE (Non-GAAP)



3.40

%



3.44

%



3.41

%



3.48

%



3.50

%

 
































Three Months Ended



 Nine Months Ended


(Dollars in thousands, except per share data)


Sep. 30,



Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



Sep. 30,



Sep. 30,


RECONCILIATION OF GAAP TO NON-GAAP


2024



2024



2024



2023



2023



2024



2023


Adjusted Net Income (non-GAAP) (2)





























Net income (GAAP)


$

143,179



$

132,370



$

115,056



$

106,791



$

124,144



$

390,605



$

387,517


Securities losses (gains), net of tax












2










(35)


Merger, branch consolidation, severance related and other expense, net of tax (8)



2,536




4,430




3,382




1,391




130




10,348




8,900


FDIC special assessment, net of tax






474




2,888




20,087







3,362





Adjusted net income (non-GAAP)


$

145,715



$

137,274



$

121,326



$

128,271



$

124,274



$

404,315



$

396,382































Adjusted Net Income per Common Share - Basic (2)





























Earnings per common share - Basic (GAAP)


$

1.88



$

1.74



$

1.51



$

1.40



$

1.63



$

5.12



$

5.10


Effect to adjust for securities losses (gains), net of tax












0.00










(0.00)


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.03




0.05




0.04




0.03




0.00




0.14




0.11


Effect to adjust for FDIC special assessment, net of tax






0.01




0.04




0.26







0.04





Adjusted net income per common share - Basic (non-GAAP)


$

1.91



$

1.80



$

1.59



$

1.69



$

1.63



$

5.30



$

5.21































Adjusted Net Income per Common Share - Diluted (2)





























Earnings per common share - Diluted (GAAP)


$

1.86



$

1.73



$

1.50



$

1.39



$

1.62



$

5.09



$

5.07


Effect to adjust for securities losses (gains), net of tax












0.00










(0.00)


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.04




0.05




0.04




0.02




0.00




0.14




0.12


Effect to adjust for FDIC special assessment, net of tax






0.01




0.04




0.26







0.04





Adjusted net income per common share - Diluted (non-GAAP)


$

1.90



$

1.79



$

1.58



$

1.67



$

1.62



$

5.27



$

5.19































Adjusted Return on Average Assets (2)





























Return on average assets (GAAP)



1.25

%



1.17

%



1.03

%



0.94

%



1.10

%



1.15

%



1.16

%

Effect to adjust for securities losses (gains), net of tax



%



%



%



0.00

%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.02

%



0.05

%



0.02

%



0.01

%



%



0.03

%



0.03

%

Effect to adjust for FDIC special assessment, net of tax



%



0.00

%



0.03

%



0.18

%



%



0.01

%



%

Adjusted return on average assets (non-GAAP)



1.27

%



1.22

%



1.08

%



1.13

%



1.10

%



1.19

%



1.19

%






























Adjusted Return on Average Common Equity (2)





























Return on average common equity (GAAP)



9.91

%



9.58

%



8.36

%



7.99

%



9.24

%



9.29

%



9.83

%

Effect to adjust for securities losses (gains), net of tax



%



%



%



0.00

%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.17

%



0.33

%



0.24

%



0.11

%



0.01

%



0.25

%



0.23

%

Effect to adjust for FDIC special assessment, net of tax



%



0.03

%



0.21

%



1.50

%



%



0.08

%



%

Adjusted return on average common equity (non-GAAP)



10.08

%



9.94

%



8.81

%



9.60

%



9.25

%



9.62

%



10.06

%






























Return on Average Common Tangible Equity (3)





























Return on average common equity (GAAP)



9.91

%



9.58

%



8.36

%



7.99

%



9.24

%



9.29

%



9.83

%

Effect to adjust for intangible assets



5.72

%



5.91

%



5.27

%



5.54

%



6.28

%



5.65

%



6.84

%

Return on average tangible equity (non-GAAP)



15.63

%



15.49

%



13.63

%



13.53

%



15.52

%



14.94

%



16.67

%






























Adjusted Return on Average Common Tangible Equity (2) (3)





























Return on average common equity (GAAP)



9.91

%



9.58

%



8.36

%



7.99

%



9.24

%



9.29

%



9.83

%

Effect to adjust for securities losses (gains), net of tax



%



%



%



0.00

%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.18

%



0.32

%



0.25

%



0.10

%



0.01

%



0.25

%



0.23

%

Effect to adjust for FDIC special assessment, net of tax



%



0.03

%



0.21

%



1.50

%



%



0.08

%



%

Effect to adjust for intangible assets, net of tax



5.80

%



6.12

%



5.53

%



6.53

%



6.29

%



5.82

%



6.97

%

Adjusted return on average common tangible equity (non-GAAP)



15.89

%



16.05

%



14.35

%



16.12

%



15.54

%



15.44

%



17.03

%






























Adjusted Efficiency Ratio (4)





























Efficiency ratio



56.58

%



57.03

%



58.48

%



63.43

%



54.00

%



57.35

%



52.98

%

Effect to adjust for merger, branch consolidation, severance related and other expense (8)



(0.78)

%



(1.36)

%



(1.08)

%



(0.43)

%



(0.04)

%



(1.07)

%



(0.87)

%

Effect to adjust for FDIC special assessment



%



(0.15)

%



(0.93)

%



(6.11)

%



%



(0.35)

%



%

Adjusted efficiency ratio



55.80

%



55.52

%



56.47

%



56.89

%



53.96

%



55.93

%



52.11

%






























Tangible Book Value Per Common Share (3)





























Book value per common share (GAAP)


$

77.42



$

74.16



$

72.82



$

72.78



$

68.81










Effect to adjust for intangible assets



(26.16)




(26.26)




(26.34)




(26.46)




(26.55)










Tangible book value per common share (non-GAAP)


$

51.26



$

47.90



$

46.48



$

46.32



$

42.26







































Tangible Equity-to-Tangible Assets (3)





























Equity-to-assets (GAAP)



12.81

%



12.42

%



12.29

%



12.32

%



11.63

%









Effect to adjust for intangible assets



(3.94)

%



(4.03)

%



(4.08)

%



(4.11)

%



(4.15)

%









Tangible equity-to-tangible assets (non-GAAP)



8.87

%



8.39

%



8.21

%



8.21

%



7.48

%










Footnotes to tables:


(1)

Includes loan accretion (interest) income related to the discount on acquired loans of $2.9 million, $4.4 million, $4.3 million, $3.9 million, and $4.1 million during the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and $11.5 million and $16.9 million during the nine months ended September 30, 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 $3.3 million, $5.8 million, $4.5 million, $1.8 million, and $164,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and $13.6 million and $11.4 million for the nine months ended September 30, 2024 and 2023, respectively; (b) pre-tax net securities losses of $(2,000) for the quarters ended December 31, 2023 and pre-tax net gains of $45,000 for the nine months ended September 30, 2023; and (c) pre-tax FDIC special assessment of $619,000, $3.9 million, and $25.7 million for the quarters ended June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $4.5 million for the nine months ended September 30, 2024.

(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, $5.7 million, $6.0 million, $6.6 million, and $6.6 million for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and $17.1 million and $20.9 million for the nine months ended September 30, 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)

September 30, 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 mortgage loans held for sale.

(8)

Includes pre-tax cyber incident costs of $56,000, $3.5 million and $4.4 million for the quarters ended, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and $8.0 million for the nine months ended September 30, 2024.

Cautionary Statement Regarding Forward Looking Statements

This communication contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other related federal securities laws. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including information about Independent Bank Group, Inc.'s ("IBTX"), SouthState Corporation's ("SouthState") or the combined company's possible or assumed future results of operations, including its future revenues, income, expenses, provision for taxes, effective tax rate, earnings (loss) per share and cash flows, its future capital expenditures and dividends, its future financial condition and changes therein, including changes in IBTX's, SouthState's or the combined company's loan portfolio and allowance for credit losses, IBTX's, SouthState's or the combined company's future capital structure or changes therein, the plan and objectives of management for future operations, IBTX's, SouthState's or the combined company's future or proposed acquisitions, the future or expected effect of acquisitions on IBTX's, SouthState's or the combined company's operations, results of operations and financial condition, IBTX's, SouthState's or the combined company's future economic performance and the statements of the assumptions underlying any such statement. Such statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is estimated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may" or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. The forward-looking statements that IBTX and SouthState make are based on their current plans, estimates, expectations, ambitions and assumptions regarding IBTX's, SouthState's and the combined company's business, the economy and other future conditions.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond the control of IBTX and SouthState. IBTX's, SouthState's and the combined company's actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Many possible events or factors could affect IBTX's, SouthState's and the combined company's future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. In addition to factors previously disclosed in IBTX's and SouthState's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between IBTX and SouthState providing for the acquisition of IBTX by SouthState (the "Transaction"); (2) the outcome of any legal proceedings that may be instituted against IBTX or SouthState; (3) the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); (4) the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which IBTX and SouthState operate; (5) disruption to the parties' businesses as a result of the announcement and pendency of the Transaction; (6) the risk that the integration of each party'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 each party's businesses into the other's businesses; (7) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (8) reputational risk and potential adverse reactions of IBTX's or SouthState's customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the Transaction; (9) the dilution caused by SouthState's issuance of additional shares of its capital stock in connection with the Transaction; (10) a material adverse change in the financial condition of SouthState or IBTX; (11) general competitive, economic, political and market conditions; (12) major catastrophes such as hurricanes, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; (13) the diversion of management's attention and time from ongoing business operations and opportunities on merger-related matters; and (14) other factors that may affect future results of IBTX and SouthState including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause IBTX's, SouthState's or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm IBTX's, SouthState's or the combined company's results.

IBTX and SouthState urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by IBTX and/or SouthState. As a result of these and other matters, including changes in facts, assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement may differ materially from the anticipated results expressed or implied in that forward-looking statement. Any forward-looking statement made in this communication or made by IBTX or SouthState in any report, filing, document or information incorporated by reference in this communication, speaks only as of the date on which it is made. IBTX and SouthState undertake no obligation to update any such forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. IBTX and SouthState believe that these assumptions or bases have been chosen in good faith and that they are reasonable. However, IBTX and SouthState caution you that assumptions as to future occurrences or results almost always vary from actual future occurrences or results, and the differences between assumptions and actual occurrences and results can be material. Therefore, IBTX and SouthState caution you not to place undue reliance on the forward-looking statements contained in this filing or incorporated by reference herein.

If IBTX or SouthState update one or more forward-looking statements, no inference should be drawn that IBTX or SouthState will make additional updates with respect to those or other forward-looking statements. Further information regarding IBTX, SouthState and factors which could affect the forward-looking statements contained herein can be found in IBTX's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1564618/000156461824000025/ibtx-20231231.htm),  and its other filings with the SEC, and in SouthState's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/764038/000155837024002302/ssb-20231231x10k.htm), and its other filings with the SEC.

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SOURCE SouthState Corporation

FAQ

What was SouthState 's (SSB) earnings per share in Q3 2024?

SouthState reported diluted earnings per share of $1.86 in Q3 2024.

How much did SSB's deposits grow in Q3 2024?

SSB's deposits increased by $540 million, representing a 6% annualized growth rate.

What dividend did SSB declare for Q3 2024?

SSB declared a quarterly cash dividend of $0.54 per share, payable on November 15, 2024.

What was SSB's net interest margin in Q3 2024?

SSB's net interest margin was 3.39% in Q3 2024.

SouthState Corporation

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