Core Insights - SouthState has announced a series of new hires and promotions across its Private Wealth, Small Business, and Commercial Banking divisions, emphasizing internal talent development and the addition of experienced bankers from other institutions [1][2]. Small Business Banking - The company has promoted Joseph Brice and Rob Pregnolato to lead the Small Business Banking Group for the Northern and Southern Groups, respectively [3]. - Four new Small Business bankers have been added under their leadership, including Peter Bevel, Andrew Leech, Tanesha Thrash, and Christy Truitt, each bringing extensive banking experience and community involvement [4][5][6][7]. Private Wealth Management - New Private Wealth advisors include Will Barlow, April Croasmun, Jennifer Thompson, and Steven Wickline, all of whom have significant experience in wealth management and investment strategies [8][9][10][12]. Commercial Banking - SouthState has welcomed three new members to its Commercial Banking team: Lauren Ervin, Matt Mehr, and Douglas Tuttle, each with over 20 years of experience in financial services and commercial banking [13][14][15]. Company Overview - SouthState Corporation, headquartered in Winter Haven, Florida, operates as a financial services company providing a range of solutions including consumer, commercial, mortgage, and wealth management to over 1.5 million customers across multiple states [16].

Core Points - SouthState Corporation will release its first quarter 2025 earnings results on April 24, 2025, after market close [1] - A conference call to discuss the earnings results is scheduled for April 25, 2025, at 9:00 a.m. (ET) [2] - Investors can access the earnings results and participate in the conference call through various means, including a live webcast [3]

WINTER HAVEN, Fla., March 27, 2025 /PRNewswire/ -- SouthState Bank has been named a top three bank in the nation for Small Business and Middle Market Banking, earning 23 total awards from Crisil Coalition Greenwich. In addition, SouthState has earned the most Best Bank Awards (tied) in the U.S. for Small Business Banking. SouthState Bank has been named a top three bank in the nation for Small Business and Middle Market Banking, earning 23 total awards from Crisil Coalition Greenwich. In addition, SouthS ...

Group 1 - The acquisition of Texas-based Independent Bank has been completed, positioning SouthState for growth in 2025 [1] - SouthState experienced better-than-expected loan growth in 2024, exiting the year with well above-average performance [1] - The company is well-prepared as a growth-oriented mid-cap bank heading into 2025 [1]

Financial Overview - As of December 31, 2024, SouthState Corporation had approximately $46.4 billion in assets, $33.9 billion in loans, $38.1 billion in deposits, and a market capitalization of approximately $7.6 billion[18]. - The loan portfolio consisted of 53% commercial real estate loans ($17.9 billion), 26% residential real estate loans ($8.7 billion), 18% commercial and industrial loans ($6.2 billion), and 3% other consumer loans ($1.1 billion) as of December 31, 2024[23][24][25][26]. - The deposit portfolio was comprised of 27% noninterest-bearing deposits and 73% interest-bearing deposits as of December 31, 2024[28]. - SouthState Corporation's revenue is primarily derived from interest on loans, fees from deposit accounts, and commissions on bond sales[19]. Employee and Workforce Management - As of December 31, 2024, the company had 4,986 full-time employees, a decrease from 5,070 in 2023, with a voluntary turnover rate of 9%[45]. - Approximately 96% of team members are located in six states, with South Carolina (32.5%) and Florida (32%) being the largest[45]. - In fiscal year 2024, the company hired 576 team members, with a management-level turnover rate of only 0.8%[45]. - The company completed over 200,000 training courses in 2024, emphasizing compliance and job-specific education[52]. - The company established a dashboard in 2024 to track metrics related to diversity, recruitment, and retention of talent[50]. - Approximately 27% of employees work remotely, reflecting the company's support for flexible work arrangements[55]. - The company has committed to building a diverse and inclusive workplace, with initiatives including unconscious bias training completed by over 600 leaders[49]. Regulatory Environment - The company is subject to extensive regulation and supervision, with increased scrutiny following the financial crisis and recent banking turmoil[60]. - The Bank's total assets exceeded $50 billion as a result of the merger with IBTX, effective January 1, 2025, which will subject it to heightened standards guidelines from the OCC starting in Q4 2026[76]. - The FDIC implemented a special assessment at an annual rate of approximately 13.4 basis points, projected to collect around $30.2 million from the Bank over eight quarters beginning in Q2 2024[83]. - The Company must maintain a common equity Tier 1 (CET1) capital conservation buffer of 2.5% to avoid restrictions on capital distributions, including dividends[88]. - The required capital ratios for the Company and the Bank include a CET1 risk-based capital ratio, a Tier 1 risk-based capital ratio, and a total capital ratio, with specific definitions for each[90]. - The OCC has the authority to limit dividends paid by the Bank if deemed unsafe or unsound, and all dividends must be paid from undivided profits after deducting expenses[87]. - The FDIC's risk-based deposit premium assessment system categorizes institutions into four risk categories based on capital levels and supervisory ratings[80]. - The Bank is subject to restrictions on lending to affiliates, with individual loans limited to 10% of the Bank's capital and surplus[70]. - The Company is required to provide prior notice to the Federal Reserve before acquiring 10% or more of its outstanding common stock[68]. - The Federal Reserve, OCC, and FDIC have broad supervisory and enforcement authority over the Company and the Bank, including the power to impose fines and initiate injunctive actions[77]. Capital and Financial Ratios - As of December 31, 2024, the Company's CET1 risk-based capital ratio was 12.62%, exceeding the minimum requirement of 4.5% and the well-capitalized standard of 6.5%[98]. - The Tier 1 risk-based capital ratio for the Company was 12.62%, significantly above the minimum requirement of 6.0% and the well-capitalized standard of 8.0%[98]. - The total risk-based capital ratio for the Company was 14.96%, well above the minimum requirement of 8.0% and the well-capitalized standard of 10.0%[98]. - The Tier 1 leverage ratio for the Company was 10.04%, exceeding the minimum requirement of 4.0%[98]. - The Company added approximately $15.3 million to Tier 1 capital as a result of the modified CECL transition as of December 31, 2024[100]. Mergers and Acquisitions - The IBTX Merger is expected to enhance revenues and strengthen the market position in Texas, with integration scheduled for the second quarter of 2025[143]. - The Company anticipates incurring substantial expenses related to the IBTX Merger and integration, which may exceed expected savings from eliminating duplicative expenses[147]. - The Company seeks to acquire financial institutions that are culturally similar and have experienced management to achieve economies of scale[215]. Risk Management - The Company is exposed to regulatory risks that could limit or restrict business activities, including changes in capital and liquidity requirements[139]. - The Company’s loan portfolio includes commercial and commercial real estate loans, which may carry higher risks of default[134]. - The Company is actively monitoring the impact of inflation and rising interest rates on its business and profitability[134]. - Effective management of credit risk and interest rate risk is crucial; failure to do so may adversely affect the company's business and financial condition[171]. - The company is exposed to credit risk if clients or counterparties default on obligations, which could negatively impact financial condition and results of operations[170]. - The company must manage liquidity risk effectively, including maintaining high-quality liquid assets and diversifying funding sources[175]. Technology and Cybersecurity - The company continues to invest significantly in information technology and cybersecurity systems, including cloud-based applications, to enhance functionality and security[204]. - The company experienced a cybersecurity incident in February 2024, leading to unauthorized activity in its systems and resulting in a pending class action lawsuit[214]. - The company has enhanced its cybersecurity defenses since the incident, but there is no assurance against future cyber-attacks or material losses[214]. - Cybersecurity risks have escalated with the growth of mobile payment and internet-based product offerings, increasing the potential for breaches[210]. - The company relies heavily on third-party service providers, which increases vulnerability to cyber-attacks and information security breaches[211]. Strategic Initiatives and Challenges - The company intends to pursue a growth strategy, but faces risks including economic conditions, regulatory compliance, and competition, which could adversely affect future growth opportunities[149]. - The company is integrating IBTX's business and expanding digital banking initiatives, including real-time payments and enhanced payment capabilities, to support growth[150]. - Future profitability may be impacted if strategic initiatives do not yield expected benefits or if expenses increase due to technology investments[151]. - The company faces risks related to the integration of IBTX, including potential delays and increased costs that could adversely affect financial performance[144]. - The company may face challenges in integrating operations and cultures following recent mergers, which could impact its corporate culture[196].

Core Viewpoint - SouthState (SSB) is positioned as a strong investment opportunity due to a significant revision in the company's earnings estimates, with an improving earnings outlook suggesting continued stock price gains [1][2]. Estimate Revisions - The rising trend in earnings estimate revisions reflects growing analyst optimism regarding SouthState's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, SouthState is projected to earn $1.32 per share, indicating a year-over-year decline of 16.46%. However, the Zacks Consensus Estimate has increased by 15.79% over the last 30 days due to one upward and one downward revision [4]. - For the full year, the earnings estimate is $8.12 per share, representing a year-over-year increase of 12.62%. The consensus estimate has risen by 8.71% as two estimates moved higher against one negative revision [5]. Zacks Rank - SouthState has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, indicating strong potential for outperformance compared to the S&P 500 [6]. - Historically, stocks with a Zacks Rank 1 have generated an average annual return of +25% since 2008, highlighting the effectiveness of this ranking system [3][6]. Stock Performance - SouthState shares have increased by 7.1% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects driven by the positive estimate revisions [7].

Financial Data and Key Metrics Changes - The company reported its fourth quarter 2024 earnings, with specific financial highlights to be discussed in detail during the call [3][5]. - Forward-looking statements regarding financial performance and risks were emphasized, indicating a cautious outlook [4]. Business Line Data and Key Metrics Changes - Specific details regarding the performance of various business lines were not provided in the initial remarks but are expected to be covered in the subsequent discussion [3][5]. Market Data and Key Metrics Changes - Market performance metrics and regional data were not explicitly mentioned in the opening statements, indicating that further details may be provided later in the call [3][5]. Company Strategy and Development Direction - The company is expected to outline its strategic initiatives and competitive positioning within the industry during the call [3][5]. Management's Comments on Operating Environment and Future Outlook - Management is likely to provide insights into the current operating environment and future outlook, which will be crucial for understanding potential growth and challenges [3][5]. Other Important Information - The call is being recorded, and participants are reminded of the forward-looking statements and associated risks [2][4]. Q&A Session Summary Question: What are the key highlights from the fourth quarter? - Specific highlights from the fourth quarter will be addressed in the Q&A session, with management expected to provide detailed responses [3][5].

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. SOUTHSTATE ...

Core Insights - SouthState (SSB) reported revenue of $450.32 million for the quarter ended December 2024, reflecting a year-over-year increase of 7.3% [1] - Earnings per share (EPS) for the quarter was $1.93, up from $1.67 in the same quarter last year, indicating a positive growth trend [1] - The reported revenue exceeded the Zacks Consensus Estimate of $435.63 million by 3.37%, while the EPS also surpassed the consensus estimate of $1.73 by 11.56% [1] Financial Metrics - Net Interest Margin (Non-Tax Equivalent) was reported at 3.5%, matching the average estimate from analysts [4] - The Efficiency Ratio stood at 55.7%, better than the average estimate of 56.6% [4] - Total Nonperforming Assets were $213.35 million, higher than the average estimate of $194.01 million [4] - Average Balance of Total Interest-Earning Assets was $42.30 billion, exceeding the average estimate of $41.60 billion [4] - Net charge-offs as a percentage of average loans (annualized) were 0.1%, lower than the estimated 0.2% [4] - Net Interest Income was reported at $369.78 million, above the average estimate of $360.77 million [4] - Total Noninterest Income reached $80.55 million, surpassing the average estimate of $74.74 million [4] - Net Interest Income, tax equivalent (Non-GAAP), was $370.33 million, compared to the average estimate of $362.31 million [4] Stock Performance - SouthState's shares have returned -1.7% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.7% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Core Viewpoint - SouthState (SSB) reported quarterly earnings of $1.93 per share, exceeding the Zacks Consensus Estimate of $1.73 per share, and showing an increase from $1.67 per share a year ago, indicating a positive earnings surprise of 11.56% [1] Financial Performance - The company achieved revenues of $450.32 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.37% and up from $419.72 million year-over-year [2] - Over the last four quarters, SouthState has consistently surpassed consensus EPS estimates and topped revenue estimates twice [2] Stock Performance and Outlook - SouthState shares have remained flat since the beginning of the year, contrasting with the S&P 500's gain of 3.5% [3] - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $1.52 for the upcoming quarter and $7.78 for the current fiscal year [4][7] Industry Context - The Financial - Miscellaneous Services industry, to which SouthState belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]