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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, 2022

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 3, 2022

Common Stock, $2.50 par value

75,695,550

SouthState Corporation and Subsidiaries

September 30, 2022 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021

5

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended September 30, 2022 and 2021

6

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2022 and 2021

7

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

45

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

80

Item 4.

Controls and Procedures

80

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

81

Item 1A.

Risk Factors

81

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

Item 3.

Defaults Upon Senior Securities

82

Item 4.

Mine Safety Disclosures

82

Item 5.

Other Information

82

Item 6.

Exhibits

82

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,

 

    

2022

    

2021

    

 

(Unaudited)

ASSETS

    

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

394,794

$

476,653

Federal funds sold and interest-earning deposits with banks

2,342,389

6,018,915

Deposits in other financial institutions (restricted cash)

 

72,512

 

347,579

Total cash and cash equivalents

 

2,809,695

 

6,843,147

Trading securities, at fair value

51,940

77,689

Investment securities:

Securities held to maturity (fair value of $2,299,162 and $1,778,064)

 

2,738,178

 

1,819,901

Securities available for sale, at fair value

 

5,369,610

 

5,193,478

Other investments

 

179,755

 

160,568

Total investment securities

 

8,287,543

 

7,173,947

Loans held for sale

 

34,477

 

191,723

Loans:

Acquired - non-purchased credit deteriorated loans

6,365,175

5,890,069

Acquired - purchased credit deteriorated loans

1,544,562

1,987,322

Non-acquired loans

 

20,926,566

 

16,050,775

Less allowance for credit losses

 

(324,398)

 

(301,807)

Loans, net

 

28,511,905

 

23,626,359

Other real estate owned

 

2,160

 

2,736

Bank property held for sale

25,043

9,578

Premises and equipment, net

531,160

558,499

Bank owned life insurance ("BOLI")

960,052

783,049

Deferred tax assets

198,647

64,964

Derivatives assets

1,083,803

414,742

Mortgage servicing rights

90,459

65,620

Core deposit and other intangibles

 

125,390

 

128,067

Goodwill

1,922,525

1,581,085

Other assets

 

543,810

 

438,827

Total assets

$

45,178,609

$

41,960,032

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

13,660,244

$

11,498,840

Interest-bearing

 

24,005,777

 

23,555,989

Total deposits

 

37,666,021

 

35,054,829

Federal funds purchased

213,773

381,195

Securities sold under agreements to repurchase

 

344,029

 

400,044

Corporate and subordinated debentures

392,368

327,066

Reserve for unfunded commitments

52,991

30,510

Derivative liabilities

1,082,948

410,137

Other liabilities

 

505,293

 

553,311

Total liabilities

 

40,257,423

 

37,157,092

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 75,676,445 and 69,332,297 shares issued and outstanding, respectively

 

189,191

 

173,331

Surplus

 

4,207,040

 

3,653,098

Retained earnings

 

1,241,413

 

997,657

Accumulated other comprehensive loss

 

(716,458)

 

(21,146)

Total shareholders’ equity

 

4,921,186

 

4,802,940

Total liabilities and shareholders’ equity

$

45,178,609

$

41,960,032

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

3

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

 

    

2022

    

2021

    

2022

    

2021

 

Interest income:

Loans, including fees

$

312,856

$

246,065

$

818,473

$

752,209

Investment securities:

Taxable

 

39,300

 

20,410

 

108,368

 

53,165

Tax-exempt

 

5,986

 

2,775

 

15,937

 

7,554

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

 

16,668

 

2,199

 

28,155

 

4,538

Total interest income

 

374,810

 

271,449

 

970,933

 

817,466

Interest expense:

Deposits

 

10,137

 

7,267

 

20,541

 

28,061

Federal funds purchased and securities sold under agreements to repurchase

 

1,506

 

259

 

2,556

 

933

Corporate and subordinated debentures

4,958

3,896

13,874

13,314

Other borrowings

 

 

41

 

 

44

Total interest expense

 

16,601

 

11,463

 

36,971

 

42,352

Net interest income

 

358,209

 

259,986

 

933,962

 

775,114

Provision (recovery) for credit losses

 

23,876

 

(38,903)

 

34,713

 

(156,116)

Net interest income after provision (recovery) for credit losses

 

334,333

 

298,889

 

899,249

 

931,230

Noninterest income:

Fees on deposit accounts

 

31,188

 

26,130

 

93,748

 

75,348

Mortgage banking income

 

2,262

 

15,560

 

18,336

 

52,555

Trust and investment services income

 

9,603

 

9,150

 

29,152

 

27,461

Correspondent banking and capital market income

20,552

25,164

76,150

79,789

SBA income

6,401

4,009

13,924

9,417

Securities gains, net

 

30

 

64

 

30

 

100

Other income

 

7,142

 

6,933

 

20,220

 

17,645

Total noninterest income

 

77,178

 

87,010

 

251,560

 

262,315

Noninterest expense:

Salaries and employee benefits

 

139,554

 

136,969

 

414,264

 

414,709

Occupancy expense

 

22,490

 

23,135

 

67,089

 

69,310

Information services expense

 

20,714

 

18,061

 

59,854

 

55,928

OREO and loan related expense

 

532

 

1,527

 

291

 

2,769

Amortization of intangibles

 

7,837

 

8,543

 

25,178

 

26,675

Supplies, printing and postage expense

2,621

2,310

7,210

7,480

Professional fees

 

3,495

 

2,415

 

11,575

 

7,990

FDIC assessment and other regulatory charges

 

6,300

 

4,245

 

16,444

 

13,017

Advertising and marketing

 

2,170

 

2,185

 

6,219

 

5,584

Extinguishment of debt cost

11,706

Merger and branch consolidation related expense

 

13,679

 

17,618

 

29,345

 

60,598

Other expense

 

21,041

 

15,282

 

62,733

 

48,618

Total noninterest expense

 

240,433

 

232,290

 

700,202

 

724,384

Earnings:

Income before provision for income taxes

 

171,078

 

153,609

 

450,607

 

469,161

Provision for income taxes

 

38,035

 

30,821

 

98,060

 

100,464

Net income

$

133,043

$

122,788

$

352,547

$

368,697

Earnings per common share:

Basic

$

1.76

$

1.75

$

4.75

$

5.22

Diluted

$

1.75

$

1.74

$

4.71

$

5.19

Weighted average common shares outstanding:

Basic

 

75,606

 

70,066

 

74,185

 

70,643

Diluted

 

76,182

 

70,576

 

74,791

 

71,108

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

4

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited)

(Dollars in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

    

2022

    

2021

    

2022

    

2021

 

Net income

    

$

133,043

    

$

122,788

    

$

352,547

    

$

368,697

Other comprehensive (loss) income:

Unrealized holding losses on available for sale securities:

Unrealized holding losses arising during period

 

(299,139)

 

(32,284)

 

(922,437)

 

(63,019)

Tax effect

 

73,588

 

7,677

 

227,148

 

14,986

Reclassification adjustment for gains included in net income

 

(30)

 

(64)

 

(30)

 

(100)

Tax effect

 

7

 

15

 

7

 

24

Net of tax amount

 

(