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SouthState Corporation (SSB) is a financial holding company headquartered in Winter Haven, Florida, operating primarily through its subsidiary, SouthState Bank, National Association. The company provides a wide range of banking and financial services, including deposit accounts, loans, and investment advisory services. SSB serves individual, business, and institutional clients across the southeastern United States through its extensive branch network and specialized divisions.
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Lending Activities - Offers various loan products, including commercial real estate loans, residential real estate loans, commercial and industrial loans, and consumer loans, tailored to meet the needs of businesses and individuals.
- Commercial Real Estate Loans - Provides financing for construction, acquisition, and refinancing of commercial properties.
- Residential Real Estate Loans - Includes one-to-four family residential loans, home equity loans, and lines of credit.
- Commercial and Industrial Loans - Offers credit facilities such as lines of credit and acquisition finance for businesses.
- Consumer Loans - Covers personal, auto, and boat loans.
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Deposit Products - Offers a variety of deposit accounts, including checking accounts, savings accounts, money market accounts, and time deposits, catering to individual and business clients.
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Capital Markets and Correspondent Banking - Provides services such as fixed income security sales, hedging services, loan brokerage fees, and consulting fees, while supporting over 1,200 community financial institutions nationwide.
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Noninterest Income Services - Generates revenue through fees from deposit accounts, brokerage services, trust and asset management services, and other financial services.
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Corporate Billing Division - Delivers factoring, invoicing, collection, and accounts receivable management services to transportation companies and automotive parts and service providers.
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Investment Advisory Services - Operates through SouthState Advisory, Inc., offering wealth management and investment advisory services.
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Broker-Dealer Operations - Conducted by SouthState|Duncan-Williams Securities Corp., focusing on fixed income business for institutional clients.
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Tax-Exempt Investment Securities - Managed by SSB First Street Corporation, holding municipal investment securities.
- Based on the higher-than-expected accretion yield this quarter, how does management plan to balance the declining accelerated accretion component against the need to sustain the overall net interest margin as rates evolve?
- With Q1 cost savings largely driven by delayed hiring and postponement of projects, what measures will management put in place to ensure these savings are sustainable later in the year, particularly when necessary expenses may catch up?
- Given the slower loan growth relative to the larger balance sheet and competitive pricing challenges, how does management plan to ramp up effective loan origination while maintaining quality and margin?
- With a stronger capital position than originally forecasted, what specific criteria or economic triggers will guide management’s decision on whether to deploy capital via dividends, buybacks, or potential M&A activity?
- Considering the potential deposit attrition risks during the IBTX conversion, what concrete steps is management taking to ensure legacy depositor stability and mitigate any adverse liquidity impacts amid the transition?
Recent press releases and 8-K filings for SSB.
- SouthState Corp entered into a Base Indenture and First Supplemental Indenture on June 13, 2025 to issue $350 million of 7.000% Fixed-to-Floating Rate Subordinated Notes due 2035.
- The Notes pay 7.000% semiannual interest through June 13, 2030, then reset quarterly at compounded SOFR plus 319 bps, with SOFR fallback and Benchmark Replacement provisions.
- Interest payments begin December 13, 2025; floating-rate payments commence September 13, 2030, and may be accelerated if a payment date falls on a non-Business Day.
- The Company may redeem the Notes under terms set forth in the Indenture; the offering was conducted under an effective Form S-3 shelf registration.
- On June 10, 2025, SouthState Corporation entered into an underwriting agreement to sell $350,000,000 aggregate principal amount of 7.000% Fixed-to-Floating Rate Subordinated Notes due 2035 in a registered public offering.
- The notes bear a 7.000% fixed rate payable semiannually from settlement through June 13, 2030, then reset to a floating rate equal to the base rate plus 319 basis points payable quarterly.
- Settlement is expected on June 13, 2025 (T+3), with final maturity on June 13, 2035; denominations are $1,000 minimum and integral multiples thereof.
- The company may redeem the notes at par beginning June 13, 2030 (subject to Federal Reserve approval), and prior to maturity upon certain tax, regulatory capital or investment company events.
- GAAP net income declined to $89.1M in Q1 2025 compared to $144.2M in 4Q24, while adjusted net income rose to $219.3M with an adjusted EPS of $2.15.
- The company completed the acquisition of Independent Bank Group on January 1, 2025, and executed a sale-leaseback transaction that generated a $229M gain, alongside restructuring securities with a $229M loss, influencing the reported results.
- Net interest margin improved to 3.85% in Q1 2025 from lower levels in previous quarters, supporting stronger core earnings performance.
- The loan portfolio expanded significantly to $46.8B in Q1 2025, reflecting both organic growth and contributions from the acquisition.
- SouthState Corporation released its unaudited Q1 2025 results and declared a quarterly cash dividend, indicating a positive earnings profile as part of its strategic reset.
- The announcement was issued on April 24, 2025 with media contact provided (Jackie Smith, 803.231.3486) for further inquiries.
- Board Update: The Board reduced its size from 15 to 14 members and appointed new chairs and committee memberships for its four standing committees.
- Shareholder Voting: At the Annual Meeting on April 23, 2025, shareholders voted on key proposals including director elections, executive compensation advice, a domicile change from South Carolina to Florida, and ratification of Ernst & Young LLP as the auditor, with detailed vote counts provided.