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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, 2023

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 1, 2023

Common Stock, $2.50 par value

76,065,258

SouthState Corporation and Subsidiaries

September 30, 2023 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets at September 30, 2023 and December 31, 2022

3

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022

4

Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2023 and 2022

5

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended September 30, 2023 and 2022

6

Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2023 and 2022

7

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

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

81

Item 4.

Controls and Procedures

81

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

81

Item 1A.

Risk Factors

82

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,

    

2023

    

2022

    

(Unaudited)

ASSETS

    

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

514,917

$

548,387

Federal funds sold and interest-earning deposits with banks

587,626

580,491

Deposits in other financial institutions (restricted cash)

 

226,594

 

183,685

Total cash and cash equivalents

 

1,329,137

 

1,312,563

Trading securities, at fair value

114,154

31,263

Investment securities:

Securities held to maturity (fair value of $2,012,400 and $2,250,168)

 

2,533,713

 

2,683,241

Securities available for sale, at fair value

 

4,623,618

 

5,326,822

Other investments

 

187,152

 

179,717

Total investment securities

 

7,344,483

 

8,189,780

Loans held for sale

 

27,443

 

28,968

Loans:

Acquired - non-purchased credit deteriorated loans

5,064,254

5,943,092

Acquired - purchased credit deteriorated loans

1,171,543

1,429,731

Non-acquired loans

 

25,780,875

 

22,805,039

Less allowance for credit losses

 

(447,956)

 

(356,444)

Loans, net

 

31,568,716

 

29,821,418

Other real estate owned

 

434

 

1,023

Bank property held for sale

15,251

17,754

Premises and equipment, net

516,583

520,635

Bank owned life insurance ("BOLI")

984,881

964,708

Deferred tax assets

150,422

177,801

Derivatives assets

212,345

211,016

Mortgage servicing rights

89,476

86,610

Core deposit and other intangibles

 

95,094

 

116,450

Goodwill

1,923,106

1,923,106

Other assets

 

617,603

 

515,601

Total assets

$

44,989,128

$

43,918,696

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

11,158,431

$

13,168,656

Interest-bearing

 

25,776,767

 

23,181,967

Total deposits

 

36,935,198

 

36,350,623

Federal funds purchased

253,486

213,597

Securities sold under agreements to repurchase

 

259,818

 

342,820

Corporate and subordinated debentures

391,997

392,275

Reserve for unfunded commitments

62,347

67,215

Derivative liabilities

1,251,878

1,034,143

Other liabilities

 

603,417

 

443,096

Total liabilities

 

39,758,141

 

38,843,769

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 76,017,366 and 75,704,563 shares issued and outstanding, respectively

 

190,043

 

189,261

Surplus

 

4,238,753

 

4,215,712

Retained earnings

 

1,618,080

 

1,347,042

Accumulated other comprehensive loss

 

(815,889)

 

(677,088)

Total shareholders’ equity

 

5,230,987

 

5,074,927

Total liabilities and shareholders’ equity

$

44,989,128

$

43,918,696

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,

 

    

2023

    

2022

    

2023

    

2022

 

Interest income:

Loans, including fees

$

443,805

$

312,856

$

1,256,525

$

818,473

Investment securities:

Taxable

 

40,330

 

39,300

 

123,149

 

108,368

Tax-exempt

 

5,543

 

5,986

 

17,687

 

15,937

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

 

10,831

 

18,190

 

31,610

 

30,359

Total interest income

 

500,509

 

376,332

 

1,428,971

 

973,137

Interest expense:

Deposits

 

133,944

 

7,534

 

290,673

 

17,040

Federal funds purchased and securities sold under agreements to repurchase

 

4,291

 

1,506

 

10,679

 

2,556

Corporate and subordinated debentures

6,014

4,958

17,572

13,874

Other borrowings

 

889

 

 

11,670

 

Total interest expense

 

145,138

 

13,998

 

330,594

 

33,470

Net interest income

 

355,371

 

362,334

 

1,098,377

 

939,667

Provision for credit losses

 

32,709

 

23,876

 

104,189

 

34,713

Net interest income after provision for credit losses

 

322,662

 

338,458

 

994,188

 

904,954

Noninterest income:

Fees on deposit accounts

 

32,830

 

30,326

 

95,790

 

91,198

Mortgage banking income

 

2,478

 

2,262

 

11,164

 

18,336

Trust and investment services income

 

9,556

 

9,603

 

29,316

 

29,152

Correspondent banking and capital markets income

12,916

16,427

45,697

70,445

SBA income

3,033

6,401

9,640

13,924

Securities gains, net

 

 

30

 

45

 

30

Other income

 

12,035

 

8,004

 

29,765

 

22,770

Total noninterest income

 

72,848

 

73,053

 

221,417

 

245,855

Noninterest expense:

Salaries and employee benefits

 

146,146

 

139,554

 

437,548

 

414,264

Occupancy expense

 

22,251

 

22,490

 

65,980

 

67,089

Information services expense

 

21,428

 

20,714

 

62,472

 

59,854

OREO and loan related expense

 

613

 

532

 

768

 

291

Amortization of intangibles

 

6,616

 

7,837

 

20,943

 

25,178

Supplies, printing and postage expense

2,623

2,621

7,817

7,210

Professional fees

 

3,456

 

3,495

 

11,522

 

11,575

FDIC assessment and other regulatory charges

 

8,632

 

6,300

 

24,745

 

16,444

Advertising and marketing

 

3,009

 

2,170

 

6,648

 

6,219

Merger, branch consolidation and severance related expense

 

164

 

13,679

 

11,384

 

29,345

Other expense

 

23,268

 

21,041

 

71,510

 

62,733

Total noninterest expense

 

238,206

 

240,433

 

721,337

 

700,202

Earnings:

Income before provision for income taxes

 

157,304

 

171,078

 

494,268

 

450,607

Provision for income taxes

 

33,160

 

38,035

 

106,751

 

98,060

Net income

$

124,144

$

133,043

$

387,517

$

352,547

Earnings per common share:

Basic

$

1.63

$

1.76

$

5.10

$

4.75

Diluted

$

1.62

$

1.75

$

5.07

$

4.71

Weighted average common shares outstanding:

Basic

 

76,139

 

75,606

 

76,034

 

74,185

Diluted

 

76,571

 

76,182

 

76,446

 

74,791

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,

    

2023