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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, 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 October 31, 2024

Common Stock, $2.50 par value

76,292,522

SouthState Corporation and Subsidiaries

September 30, 2024 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets at September 30, 2024 and December 31, 2023

3

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023

4

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended September 30, 2024 and 2023

6

Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2024 and 2023

7

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023

8

Notes to consolidated Financial Statements

9

Item 2.

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

47

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

79

Item 4.

Controls and Procedures

79

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

80

Item 1A.

Risk Factors

80

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

82

Item 3.

Defaults Upon Senior Securities

82

Item 4.

Mine Safety Disclosures

82

Item 5.

Other Information

83

Item 6.

Exhibits

83

2

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

SouthState Corporation and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except par value)

September 30,

December 31,

 

    

2024

    

2023

 

(Unaudited)

ASSETS

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

563,887

$

510,922

Federal funds sold and interest-earning deposits with banks

384,853

236,435

Deposits in other financial institutions (restricted cash)

 

263,939

 

251,520

Total cash and cash equivalents

 

1,212,679

 

998,877

Trading securities, at fair value

87,103

31,321

Investment securities:

Securities held to maturity (fair value of $1,963,746 and $2,084,736)

 

2,301,307

 

2,487,440

Securities available for sale, at fair value

 

4,564,363

 

4,784,388

Other investments

 

211,458

 

192,043

Total investment securities

 

7,077,128

 

7,463,871

Loans held for sale

 

287,043

 

50,888

Loans:

Acquired - non-purchased credit deteriorated loans

3,959,028

4,796,913

Acquired - purchased credit deteriorated loans

913,342

1,108,813

Non-acquired loans

 

28,675,822

 

26,482,763

Less allowance for credit losses

 

(467,981)

 

(456,573)

Loans, net

 

33,080,211

 

31,931,916

Premises and equipment, net

507,452

519,197

Bank owned life insurance (“BOLI”)

1,007,275

991,454

Deferred tax assets

122,384

164,354

Derivatives assets

195,722

172,939

Mortgage servicing rights

83,512

85,164

Core deposit and other intangibles

 

71,835

 

88,776

Goodwill

1,923,106

1,923,106

Other assets

 

427,197

 

480,161

Total assets

$

46,082,647

$

44,902,024

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

10,376,531

$

10,649,274

Interest-bearing

 

27,261,664

 

26,399,635

Total deposits

 

37,638,195

 

37,048,909

Federal funds purchased

290,429

248,162

Securities sold under agreements to repurchase

 

247,893

 

241,023

Corporate and subordinated debentures

391,626

391,904

Other borrowings

 

300,000

 

100,000

Reserve for unfunded commitments

41,515

56,303

Derivative liabilities

606,194

804,486

Other liabilities

 

662,215

 

478,139

Total liabilities

 

40,178,067

 

39,368,926

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 76,269,577 and 76,022,039 shares issued and outstanding, respectively

 

190,674

 

190,055

Surplus

 

4,249,672

 

4,240,413

Retained earnings

 

1,943,874

 

1,685,166

Accumulated other comprehensive loss

 

(479,640)

 

(582,536)

Total shareholders’ equity

 

5,904,580

 

5,533,098

Total liabilities and shareholders’ equity

$

46,082,647

$

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

Nine Months Ended

September 30,

September 30,

 

    

2024

    

2023

    

2024

    

2023

 

Interest income:

Loans, including fees

$

494,082

$

443,805

$

1,436,130

$

1,256,525

Investment securities:

Taxable

 

37,900

 

40,330

 

116,391

 

123,149

Tax-exempt

 

5,734

 

5,543

 

17,072

 

17,687

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

 

6,462

 

10,831

 

22,964

 

31,610

Total interest income

 

544,178

 

500,509

 

1,592,557

 

1,428,971

Interest expense:

Deposits

 

177,919

 

133,944

 

503,562

 

290,673

Federal funds purchased and securities sold under agreements to repurchase

 

5,697

 

4,291

 

15,407

 

10,679

Corporate and subordinated debentures

6,007

6,014

18,014

17,572

Other borrowings

 

3,075

 

889

 

9,899

 

11,670

Total interest expense

 

192,698

 

145,138

 

546,882

 

330,594

Net interest income

 

351,480

 

355,371

 

1,045,675

 

1,098,377

(Recovery) provision for credit losses

 

(6,971)

 

32,709

 

9,604

 

104,189

Net interest income after (recovery) provision for credit losses

 

358,451

 

322,662

 

1,036,071

 

994,188

Noninterest income:

Fees on deposit accounts

 

33,986

 

32,830

 

100,973

 

95,790

Mortgage banking income

 

3,189

 

2,478

 

15,270

 

11,164

Trust and investment services income

 

11,578

 

9,556

 

33,060

 

29,316

Correspondent banking and capital markets income

9,893

12,916

19,064

45,697

SBA income

3,875

3,033

12,193

9,640

Securities gains, net

 

 

 

 

45

Other income

 

12,413

 

12,035

 

41,157

 

29,765

Total noninterest income

 

74,934

 

72,848

 

221,717

 

221,417

Noninterest expense:

Salaries and employee benefits

 

150,865

 

146,146

 

452,753

 

437,548

Occupancy expense

 

22,242

 

22,251

 

67,272

 

65,980

Information services expense

 

23,280

 

21,428

 

68,777

 

62,472

OREO and loan related expense

 

1,358

 

613

 

3,271

 

768

Amortization of intangibles

 

5,327

 

6,616

 

17,069

 

20,943

Supplies, printing and postage expense

2,762

2,623

7,828

7,817

Professional fees

 

4,017

 

3,456

 

11,038

 

11,522

FDIC assessment and other regulatory charges

 

7,482

 

8,632

 

23,787

 

24,745

FDIC special assessment

4,473

Advertising and marketing

 

2,296

 

3,009

 

6,874

 

6,648

Merger, branch consolidation, severance related and other expense

 

3,303

 

164

 

13,602

 

11,384

Other expense

 

23,915

 

23,268

 

68,140

 

71,510

Total noninterest expense

 

246,847

 

238,206

 

744,884

 

721,337

Earnings:

Income before provision for income taxes

 

186,538

 

157,304

 

512,904

 

494,268

Provision for income taxes

 

43,359

 

33,160

 

122,299

 

106,751

Net income

$

143,179

$

124,144

$

390,605

$

387,517

Earnings per common share:

Basic

$

1.88

$

1.63

$

5.12

$

5.10

Diluted

$

1.86

$

1.62

$

5.09

$

5.07

Weighted average common shares outstanding:

Basic

 

76,299

 

76,139

 

76,284

 

76,034

Diluted

 

76,805

 

76,571

 

76,691

 

76,446

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

Nine Months Ended

September 30,

September 30,

    

2024

    

2023

    

2024

    

2023

 

Net income

    

$

143,179

    

$

124,144

    

$

390,605

    

$

387,517

Other comprehensive income (loss):

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

Unrealized holding gains (losses) arising during period

 

186,520

 

(204,409)

 

136,782

 

(196,289)

Tax effect

 

(45,949)

 

50,918

 

(33,886)

 

57,521

Reclassification adjustment for gains included in net income