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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission file number 001-12669

Graphic

SOUTHSTATE CORPORATION

(Exact name of registrant as specified in its charter)

South Carolina

57-0799315

(State or other jurisdiction of incorporation)

(I.R.S. Employer Identification No.)

1101 First Street South, Suite 202

Winter Haven, Florida

33880

(Address of principal executive offices)

(Zip Code)

(863) 293-4710

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, $2.50 par value

SSB

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the latest practicable date:

Class

Outstanding as of May 1, 2024

Common Stock, $2.50 par value

76,188,904

SouthState Corporation and Subsidiaries

March 31, 2024 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets at March 31, 2024 and December 31, 2023

3

Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023

4

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023

6

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

73

Item 4.

Controls and Procedures

74

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

74

Item 1A.

Risk Factors

74

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

Item 3.

Defaults Upon Senior Securities

75

Item 4.

Mine Safety Disclosures

75

Item 5.

Other Information

75

Item 6.

Exhibits

76

2

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

SouthState Corporation and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except par value)

March 31,

December 31,

 

    

2024

    

2023

 

(Unaudited)

ASSETS

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

478,271

$

510,922

Federal funds sold and interest-earning deposits with banks

493,378

236,435

Deposits in other financial institutions (restricted cash)

 

237,808

 

251,520

Total cash and cash equivalents

 

1,209,457

 

998,877

Trading securities, at fair value

66,188

31,321

Investment securities:

Securities held to maturity (fair value of $2,016,567 and $2,084,736)

 

2,446,589

 

2,487,440

Securities available for sale, at fair value

 

4,598,400

 

4,784,388

Other investments

 

187,285

 

192,043

Total investment securities

 

7,232,274

 

7,463,871

Loans held for sale

 

56,553

 

50,888

Loans:

Acquired - non-purchased credit deteriorated loans

4,534,583

4,796,913

Acquired - purchased credit deteriorated loans

1,031,283

1,108,813

Non-acquired loans

 

27,101,444

 

26,482,763

Less allowance for credit losses

 

(469,654)

 

(456,573)

Loans, net

 

32,197,656

 

31,931,916

Premises and equipment, net

512,635

519,197

Bank owned life insurance (“BOLI”)

997,562

991,454

Deferred tax assets

170,818

164,354

Derivatives assets

176,784

172,939

Mortgage servicing rights

87,970

85,164

Core deposit and other intangibles

 

83,193

 

88,776

Goodwill

1,923,106

1,923,106

Other assets

 

430,642

 

480,161

Total assets

$

45,144,838

$

44,902,024

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

10,546,410

$

10,649,274

Interest-bearing

 

26,632,024

 

26,399,635

Total deposits

 

37,178,434

 

37,048,909

Federal funds purchased

273,367

248,162

Securities sold under agreements to repurchase

 

281,324

 

241,023

Corporate and subordinated debentures

391,812

391,904

Other borrowings

 

 

100,000

Reserve for unfunded commitments

53,229

56,303

Derivative liabilities

954,788

804,486

Other liabilities

 

464,875

 

478,139

Total liabilities

 

39,597,829

 

39,368,926

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 76,177,163 and 76,022,039 shares issued and outstanding, respectively

 

190,443

 

190,055

Surplus

 

4,230,345

 

4,240,413

Retained earnings

 

1,749,215

 

1,685,166

Accumulated other comprehensive loss

 

(622,994)

 

(582,536)

Total shareholders’ equity

 

5,547,009

 

5,533,098

Total liabilities and shareholders’ equity

$

45,144,838

$

44,902,024

The Accompanying Notes are an Integral Part of the Financial Statements.

3

SouthState Corporation and Subsidiaries

Consolidated Statements of Income (unaudited)

(In thousands, except per share data)

Three Months Ended

March 31,

 

    

2024

    

2023

 

Interest income:

Loans, including fees

$

463,688

$

393,366

Investment securities:

Taxable

 

39,745

 

41,565

Tax-exempt

 

5,568

 

6,557

Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with banks

 

8,254

 

8,921

Total interest income

 

517,255

 

450,409

Interest expense:

Deposits

 

160,162

 

55,942

Federal funds purchased and securities sold under agreements to repurchase

 

4,727

 

2,853

Corporate and subordinated debentures

6,009

5,735

Other borrowings

 

2,421

 

4,616

Total interest expense

 

173,319

 

69,146

Net interest income

 

343,936

 

381,263

Provision for credit losses

 

12,686

 

33,091

Net interest income after provision for credit losses

 

331,250

 

348,172

Noninterest income:

Fees on deposit accounts

 

33,145

 

29,859

Mortgage banking income

 

6,169

 

4,332

Trust and investment services income

 

10,391

 

9,937

Correspondent banking and capital markets income

4,311

13,594

SBA income

4,363

3,722

Securities gains, net

 

 

45

Other income

 

13,179

 

9,866

Total noninterest income

 

71,558

 

71,355

Noninterest expense:

Salaries and employee benefits

 

150,453

 

144,060

Occupancy expense

 

22,577

 

21,533

Information services expense

 

22,353

 

19,925

OREO and loan related expense

 

606

 

169

Amortization of intangibles

 

5,998

 

7,299

Supplies, printing and postage expense

2,540

2,640

Professional fees

 

3,115

 

3,702

FDIC assessment and other regulatory charges

 

8,534

 

6,294

FDIC special assessment

3,854

Advertising and marketing

 

1,984

 

2,118

Merger, branch consolidation, severance related and other expense

 

4,513

 

9,412

Other expense

 

22,763

 

23,353

Total noninterest expense

 

249,290

 

240,505

Earnings:

Income before provision for income taxes

 

153,518

 

179,022

Provision for income taxes

 

38,462

 

39,096

Net income

$

115,056

$

139,926

Earnings per common share:

Basic

$

1.51

$

1.84

Diluted

$

1.50

$

1.83

Weighted average common shares outstanding:

Basic

 

76,301

 

75,902

Diluted

 

76,660

 

76,389

The Accompanying Notes are an Integral Part of the Financial Statements.

4

SouthState Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (unaudited)

(Dollars in thousands)

Three Months Ended

March 31,

    

2024

    

2023

 

Net income

    

$

115,056

    

$

139,926

Other comprehensive income:

Unrealized holding (losses) gains on available for sale securities:

Unrealized holding (losses) gains arising during period

 

(53,576)

 

72,772

Tax effect

 

13,118

 

(9,501)

Reclassification adjustment for gains included in net income

 

 

45

Tax effect

 

 

(12)

Net of tax amount

 

(40,458)

 

63,304

Other comprehensive (loss) income, net of tax

 

(40,458)

 

63,304

Comprehensive income

$

74,598

$

203,230

The Accompanying Notes are an Integral Part of the Financial Statements.

5

SouthState Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

Three months ended March 31, 2024 and 2023

(Dollars in thousands, except for share data)

Accumulated Other

Common Stock

Retained

Comprehensive

 

    

Shares

    

Amount

    

Surplus

    

Earnings

    

Loss

    

Total

 

Balance, December 31, 2022

    

75,704,563

$

189,261

$

4,215,712

$

1,347,042

$

(677,088)

$

5,074,927

Comprehensive income:

Net income

139,926

139,926

Other comprehensive income, net of tax effects

63,304

63,304

Total comprehensive income

203,230

Cash dividends declared on common stock at $0.50 per share

 

 

 

(37,912)

 

 

(37,912)

Cash dividend equivalents paid on restricted stock units

 

 

(420)

(420)

Stock options exercised

23,516

 

59

 

1,114

 

 

 

1,173

Restricted stock awards (forfeits)

(2,233)

 

(5)

 

5

 

 

 

Stock issued pursuant to restricted stock units

177,708

444

(444)

 

Common stock repurchased

(43,889)

 

(110)

 

(3,306)

 

 

 

(3,416)

Share-based compensation expense

 

 

11,422

 

 

 

11,422

Balance, March 31, 2023

75,859,665

$

189,649

$

4,224,503

$

1,448,636

$

(613,784)

$

5,249,004

Balance, December 31, 2023

76,022,039

$

190,055

$

4,240,413

$

1,685,166

$

(582,536)

$

5,533,098

Comprehensive income:

Net income

115,056

115,056

Other comprehensive loss, net of tax effects

(40,458)

(40,458)

Total comprehensive income

74,598

Cash dividends declared on common stock at $0.52 per share

 

 

 

(39,598)

 

 

(39,598)

Cash dividend equivalents paid on restricted stock units

 

 

(1,163)

(