10-Q 1 ssb-20210930x10q.htm 10-Q
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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 September 30, 2021

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 Nasdaq Global Select Market

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 November 4, 2021

Common Stock, $2.50 par value

69,819,970

SouthState Corporation and Subsidiaries

September 30, 2021 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

52

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

84

Item 4.

Controls and Procedures

84

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

85

Item 1A.

Risk Factors

85

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

87

Item 3.

Defaults Upon Senior Securities

87

Item 4.

Mine Safety Disclosures

87

Item 5.

Other Information

87

Item 6.

Exhibits

88

2

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

SouthState Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands, except par value)

September 30,

December 31,

 

    

2021

    

2020

 

(Unaudited)

ASSETS

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

597,321

$

363,306

Federal funds sold and interest-earning deposits with banks

5,328,530

3,582,410

Deposits in other financial institutions (restricted cash)

 

372,472

 

663,539

Total cash and cash equivalents

 

6,298,323

 

4,609,255

Trading securities, at fair value

61,294

10,674

Investment securities:

Securities held-to-maturity (fair value of $1,607,184 and $957,183)

 

1,641,485

 

955,542

Securities available for sale, at fair value

 

4,631,554

 

3,330,672

Other investments

 

160,592

 

160,443

Total investment securities

 

6,433,631

 

4,446,657

Loans held for sale

 

242,813

 

290,467

Loans:

Acquired - non-purchased credit deteriorated loans

6,554,647

9,458,869

Acquired - purchased credit deteriorated loans

2,255,874

2,915,809

Non-acquired

 

14,978,428

 

12,289,456

Less allowance for credit losses

 

(314,144)

 

(457,309)

Loans, net

 

23,474,805

 

24,206,825

Other real estate owned

 

3,687

 

11,914

Bank property held for sale

15,076

36,006

Premises and equipment, net

569,817

579,239

Bank owned life insurance ("BOLI")

778,552

559,368

Deferred tax assets

19,684

110,946

Derivatives assets

489,085

813,899

Mortgage servicing rights

60,922

43,820

Core deposit and other intangibles

 

136,584

 

162,592

Goodwill

1,581,085

1,563,942

Other assets

 

738,350

 

344,269

Total assets

$

40,903,708

$

37,789,873

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

11,333,881

$

9,711,338

Interest-bearing

 

22,226,677

 

20,982,544

Total deposits

 

33,560,558

 

30,693,882

Federal funds purchased

484,305

384,735

Securities sold under agreements to repurchase

 

375,431

 

394,931

Corporate and subordinated debentures

326,807

390,179

Reserve for unfunded commitments

28,289

43,380

Derivative liabilities

485,007

804,832

Other liabilities

 

850,370

 

430,054

Total liabilities

 

36,110,767

 

33,141,993

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 69,918,037 and 70,973,477 shares issued and outstanding, respectively

 

174,795

 

177,434

Surplus

 

3,693,622

 

3,765,406

Retained earnings

 

925,044

 

657,451

Accumulated other comprehensive (loss) income

 

(520)

 

47,589

Total shareholders’ equity

 

4,792,941

 

4,647,880

Total liabilities and shareholders’ equity

$

40,903,708

$

37,789,873

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

3

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Net Income (unaudited)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

 

    

2021

    

2020

    

2021

    

2020

 

Interest income:

Loans, including fees

$

246,065

$

280,825

$

752,209

$

581,566

Investment securities:

Taxable

 

20,410

 

11,118

 

53,165

 

33,951

Tax-exempt

 

2,775

 

2,136

 

7,554

 

5,041

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

 

2,199

 

1,215

 

4,538

 

3,100

Total interest income

 

271,449

 

295,294

 

817,466

 

623,658

Interest expense:

Deposits

 

7,267

 

15,154

 

28,061

 

42,215

Federal funds purchased and securities sold under agreements to repurchase

 

259

 

509

 

933

 

1,515

Corporate and subordinated debentures

3,896

5,034

13,314

8,197

Other borrowings

 

41

 

4,249

 

44

 

10,813

Total interest expense

 

11,463

 

24,946

 

42,352

 

62,740

Net interest income

 

259,986

 

270,348

 

775,114

 

560,918

(Recovery) provision for credit losses

 

(38,903)

 

29,797

 

(156,116)

 

217,804

Net interest income after (recovery) provision for credit losses

 

298,889

 

240,551

 

931,230

 

343,114

Noninterest income:

Fees on deposit accounts

 

26,130

 

24,346

 

75,348

 

59,166

Mortgage banking income

 

15,560

 

48,022

 

52,555

 

81,040

Trust and investment services income

 

9,150

 

7,404

 

27,461

 

21,931

Correspondent banking and capital market income

25,164

26,432

79,789

36,992

Securities gains, net

 

64

 

15

 

100

 

15

Other

 

10,942

 

8,571

 

27,062

 

14,125

Total noninterest income

 

87,010

 

114,790

 

262,315

 

213,269

Noninterest expense:

Salaries and employee benefits

 

136,969

 

134,919

 

414,709

 

277,617

Occupancy expense

 

23,135

 

23,845

 

69,310

 

52,091

Information services expense

 

18,061

 

18,855

 

55,928

 

40,317

OREO expense and loan related

 

1,527

 

1,146

 

2,769

 

2,840

Amortization of intangibles

 

8,543

 

9,560

 

26,675

 

17,232

Supplies, printing and postage expense

2,310

2,755

7,480

5,870

Professional fees

 

2,415

 

4,385

 

7,990

 

9,727

FDIC assessment and other regulatory charges

 

4,245

 

2,849

 

13,017

 

7,310

Advertising and marketing

 

2,185

 

1,203

 

5,584

 

2,548

Extinguishment of debt cost

11,706

Merger and branch consolidation related expense

 

17,618

 

21,662

 

60,598

 

66,070

Other

 

15,282

 

15,708

 

48,618

 

37,624

Total noninterest expense

 

232,290

 

236,887

 

724,384

 

519,246

Earnings:

Income before provision for income taxes

 

153,609

 

118,454

 

469,161

 

37,137

Provision for income taxes

 

30,821

 

23,233

 

100,464

 

2,741

Net income

$

122,788

$

95,221

$

368,697

$

34,396

Earnings per common share:

Basic

$

1.75

$

1.34

$

5.22

$

0.70

Diluted

$

1.74

$

1.34

$

5.19

$

0.69

Weighted average common shares outstanding:

Basic

 

70,066

 

70,905

 

70,643

 

49,330

Diluted

 

70,576

 

71,076

 

71,108

 

49,636

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

4

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (unaudited)

(Dollars in thousands)

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

    

2021

    

2020

    

2021

    

2020

 

 

Net income

    

$

122,788

    

$

95,221

    

$

368,697

    

$

34,396

Other comprehensive income:

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