SouthState Corp [SSB] Filings |
|
10-Q | [2024-11-01] |
10-Q | [2024-08-02] |
10-Q | [2024-05-03] |
10-K | [2024-03-04] |
10-Q | [2023-11-03] |
10-Q | [2023-08-04] |
10-Q | [2023-05-05] |
10-K | [2023-02-24] |
10-Q | [2022-11-04] |
10-Q | [2022-08-05] |
10-Q | [2022-05-06] |
10-K | [2022-02-25] |
10-Q | [2021-11-05] |
10-Q | [2021-08-06] |
10-Q | [2021-05-07] |
10-K | [2021-02-26] |
10-Q | [2020-11-06] |
10-Q | [2020-08-07] |
10-Q | [2020-05-04] |
10-K | [2020-02-21] |
10-Q | [2019-11-01] |
10-Q | [2019-08-02] |
10-Q | [2019-05-03] |
10-K | [2019-02-22] |
10-Q | [2018-11-02] |
10-Q | [2018-08-03] |
10-Q | [2018-05-04] |
10-K | [2018-02-23] |
10-Q | [2017-11-03] |
10-Q | [2017-08-04] |
10-Q | [2017-05-05] |
10-K | [2017-02-24] |
10-Q | [2016-11-04] |
10-Q | [2016-08-04] |
10-Q | [2016-05-06] |
10-K | [2016-02-24] |
10-Q | [2015-11-06] |
10-Q | [2015-08-07] |
10-Q | [2015-05-08] |
10-K | [2015-02-27] |
10-Q | [2014-11-10] |
10-Q | [2014-08-08] |
10-Q | [2014-05-09] |
10-K | [2014-02-28] |
10-Q | [2013-11-12] |
10-Q | [2013-08-09] |
10-Q | [2013-05-09] |
10-K | [2013-03-04] |
10-Q | [2012-11-09] |
10-Q | [2012-08-09] |
10-Q | [2012-05-09] |
10-K | [2012-03-09] |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | | (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) | | (Zip Code) |
(
(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: |
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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.
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).
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.
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| Accelerated Filer ☐ | |
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Non-Accelerated Filer ☐ | | Smaller Reporting Company |
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| | 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
Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the latest practicable date:
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Class | | Outstanding as of October 31, 2024 |
Common Stock, $2.50 par value | | |
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SouthState Corporation and Subsidiaries
September 30, 2024 Form 10-Q
INDEX
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| Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 | 3 |
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| Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 | 4 |
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| 5 | |
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| 7 | |
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| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 | 8 |
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| 9 | |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 47 | |
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79 | ||
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79 | ||
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80 | ||
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80 | ||
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82 | ||
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82 | ||
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82 | ||
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83 | ||
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83 |
2
PART I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
SouthState Corporation and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except par value)
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| | September 30, | | December 31, |
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| 2024 |
| 2023 |
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| | | (Unaudited) | | | | |
ASSETS | | |
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Cash and cash equivalents: | | | | | | | |
Cash and due from banks | | $ | | | $ | | |
Federal funds sold and interest-earning deposits with banks | | | | | | | |
Deposits in other financial institutions (restricted cash) | |
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Total cash and cash equivalents | |
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Trading securities, at fair value | | | | | | | |
Investment securities: | | | | | | | |
Securities held to maturity (fair value of $ | |
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Securities available for sale, at fair value | |
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Other investments | |
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Total investment securities | |
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Loans held for sale | |
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Loans: | | | | | | | |
Acquired - non-purchased credit deteriorated loans | | | | | | | |
Acquired - purchased credit deteriorated loans | | | | | | | |
Non-acquired loans | |
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Less allowance for credit losses | |
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Loans, net | |
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Premises and equipment, net | | | | | | | |
Bank owned life insurance (“BOLI”) | | | | | | | |
Deferred tax assets | | | | | | | |
Derivatives assets | | | | | | | |
Mortgage servicing rights | | | | | | | |
Core deposit and other intangibles | |
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Goodwill | | | | | | | |
Other assets | |
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Total assets | | $ | | | $ | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
Deposits: | | | | | | | |
Noninterest-bearing | | $ | | | $ | | |
Interest-bearing | |
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Total deposits | |
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Federal funds purchased | | | | | | | |
Securities sold under agreements to repurchase | |
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Corporate and subordinated debentures | | | | | | | |
Other borrowings | |
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Reserve for unfunded commitments | | | | | | | |
Derivative liabilities | | | | | | | |
Other liabilities | |
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Total liabilities | |
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Shareholders’ equity: | | | | | | | |
Common stock - $ | |
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Surplus | |
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Retained earnings | |
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Accumulated other comprehensive loss | |
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Total shareholders’ equity | |
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Total liabilities and shareholders’ equity | | $ | | $ | |
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)
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| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 30, | | September 30, |
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| 2024 |
| 2023 |
| 2024 |
| 2023 |
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Interest income: | | | | | | | | | | | | | |
Loans, including fees | | $ | | | $ | | | $ | | | $ | | |
Investment securities: | | | | | | | | | | | | | |
Taxable | |
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Tax-exempt | |
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Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with banks | |
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Total interest income | |
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Interest expense: | | | | | | | | | | | | | |
Deposits | |
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Federal funds purchased and securities sold under agreements to repurchase | |
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Corporate and subordinated debentures | | | | | | | | | | | | | |
Other borrowings | |
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Total interest expense | |
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Net interest income | |
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(Recovery) provision for credit losses | |
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Net interest income after (recovery) provision for credit losses | |
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Noninterest income: | | | | | | | | | | | | | |
Fees on deposit accounts | |
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Mortgage banking income | |
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Trust and investment services income | |
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Correspondent banking and capital markets income | | | | | | | | | | | | | |
SBA income | | | | | | | | | | | | | |
Securities gains, net | |
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Other income | |
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Total noninterest income | |
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Noninterest expense: | | | | | | | | | | | | | |
Salaries and employee benefits | |
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Occupancy expense | |
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Information services expense | |
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OREO and loan related expense | |
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Amortization of intangibles | |
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Supplies, printing and postage expense | | | | | | | | | | | | | |
Professional fees | |
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FDIC assessment and other regulatory charges | |
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FDIC special assessment | | | — | | | — | | | | | | — | |
Advertising and marketing | |
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Merger, branch consolidation, severance related and other expense | |
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Other expense | |
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Total noninterest expense | |
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Earnings: | | | | | | | | | | | | | |
Income before provision for income taxes | |
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Provision for income taxes | |
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Net income | | $ | | | $ | | | $ | | | $ | | |
Earnings per common share: | | | | | | | | | | | | | |
Basic | | $ | | | $ | | | $ | | | $ | | |
Diluted | | $ | | | $ | | | $ | | | $ | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | |
Basic | |
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Diluted | |
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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)
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| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 30, | | September 30, | | ||||||||
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| 2024 |
| 2023 |
| 2024 |
| 2023 |
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Net income |
| $ | |
| $ | |
| $ | |
| $ | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Unrealized holding gains (losses) on available for sale securities: | | | | | | | | | | | | | |
Unrealized holding gains (losses) arising during period | |
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Tax effect | |
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Reclassification adjustment for gains included in net income | |
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