Welcome to our dedicated page for SouthState Corporation news (Ticker: SSB), a resource for investors and traders seeking the latest updates and insights on SouthState Corporation stock.
SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. Established in 1934, SouthState has grown from a small community bank to one of the leading regional banks in the Southeastern United States. The company operates through its wholly-owned bank subsidiary, SouthState Bank, N.A., providing a comprehensive range of banking products and services.
SouthState Bank offers retail and commercial banking services, mortgage lending, trust and investment services, and consumer finance loans. These services are provided through a network of financial centers across Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. The Bank's offerings include demand, time, and savings deposits, lending and credit card services, ATM processing, and wealth management.
Committed to innovation, SouthState recently expanded its Payments Technology and Private Capital Solutions teams. Notable additions include David Rauch, Michael Fulton, Brittany Styron, and Garrett Nagy, who bring decades of industry expertise to the company.
SouthState continues to grow and adapt, as seen in their announcement to transfer stock listing from the Nasdaq Global Select Market to the New York Stock Exchange on December 19, 2023. This move aims to align with NYSE鈥檚 tradition of listing industry-leading companies, enhancing visibility and investor reach.
In terms of financial performance, SouthState reported a 7% loan growth for the year ending December 31, 2023, reflecting resilience and strategic positioning in fast-growing states like Florida. The company remains cautious of rate increases but sees significant opportunities ahead.
In a major development, SouthState announced the acquisition of Independent Bank Group, Inc. Based in McKinney, Texas, this $2 billion all-stock transaction will expand SouthState鈥檚 footprint to 12 of the 15 fastest-growing metropolitan statistical areas in the U.S., adding significant assets, deposits, and loans. This strategic acquisition will bolster SouthState's market position and operational capabilities.
SouthState is deeply rooted in its founding principles of valuing personal relationships over financial transactions, active community involvement, and a family-like employee culture. The company鈥檚 ongoing initiatives to attract top talent and provide advanced solutions position it as a robust financial institution dedicated to serving its diverse client base.
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SouthState Corporation (NASDAQ: SSB) reported strong Q3 2022 results with a net income of $133 million and earnings per share (EPS) of $1.75. Adjusted EPS reached $1.89, driven by a pre-provision net revenue of $208 million. The net interest margin expanded to 3.53%, while loans increased by $901 million annually. The bank declared a dividend of $0.50 per share, payable on November 18, 2022. However, deposits saw a temporary decline of $1.2 billion, attributed to payroll ACH payments. This quarter reflects SouthState's resilience amidst an uncertain economic landscape.
SouthState Corporation (NASDAQ: SSB) announced the upcoming release of its third quarter 2022 earnings results on October 24, 2022, after market close. Investors can find the results on SouthState's website under the Investor Relations section. A conference call will be held on October 25, 2022, at 9:00 a.m. ET, hosted by CFO Will Matthews. Interested parties can join by calling toll free (844) 200-6205 or listen via the live webcast on the company's website. An audio replay will be available on the site later that day.
Greg A. Lapointe, Chief Banking Officer of SouthState Corporation (NASDAQ: SSB), will retire in December 2023 after over 37 years in banking. His retirement follows 13 years of leadership at SouthState, where he contributed significantly to the company's growth. Richard Murray, the current president, will take over Lapointe's responsibilities to ensure a smooth transition. Lapointe will move to an advisory role effective April 1, 2023. SouthState provides financial solutions across several states, with a focus on consumer, commercial, and wealth management services.
SouthState Corporation (NASDAQ: SSB) announced strong Q2 2022 financial results, reporting consolidated net income of $1.57 per diluted share, up from $1.39 in Q1 2022. Adjusted net income was $1.62, down from $1.69 in Q1. Key highlights included a 12% operating leverage and a 30% increase in pre-provision net revenue per diluted share. The Board declared a quarterly cash dividend of $0.50, payable on August 19, 2022. Total loans increased by 22% annualized, reflecting growth in both commercial and consumer sectors.
SouthState Corporation (NASDAQ: SSB) will announce its second quarter 2022 earnings results on July 28, 2022, following market close. Investors can access the earnings report via SouthState's website in the Investor Relations section. A conference call to discuss the results is scheduled for July 29, 2022, at 9:00 a.m. (ET). Interested participants can join via a toll-free number or a live webcast on the company's website. A replay of the call will be available later the same day.
SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $100.3 million, or $1.39 per diluted share, for Q1 2022, down from $146.9 million, or $2.06 per share in Q1 2021. Adjusted net income was $121.9 million, or $1.69 per diluted share. The bank's net interest income stood at $261.5 million, with noninterest income totaling $86.1 million. The company also declared a cash dividend of $0.49 per share, payable on May 20, 2022. The merger with Atlantic Capital Bancshares was completed on March 1, 2022, influencing the quarterly performance.
SouthState Bank has recently expanded its Commercial, Business, and Private Banking teams by hiring nine bankers across Florida, Alabama, Georgia, and South Carolina. This move follows increased demand for banking services in Florida, which leads the nation in net migration. Among the new hires are experienced bankers with significant backgrounds in commercial real estate and wealth management. SouthState aims to improve its growth trajectory by adding top-tier talent and enhancing its service offerings in these key regions.
SouthState Corporation (NASDAQ: SSB) has completed its acquisition of Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) as of March 1, 2022. This merger combines Atlantic Capital with SouthState, enhancing their footprint in the Atlanta market, now holding $5 billion in deposits and ranking 8th in market share among banks under $100 billion in assets. Key executives from Atlantic Capital will maintain leadership roles in the combined company, ensuring continuity in banking services. The merger aims to leverage expanded corporate banking capabilities and bolster growth in the Atlanta region.
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