SouthState Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>SouthState Corp has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

SouthState Corp (SSB) filed a Annual Report (10-K) with the SEC on March 4, 2024. SouthState Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing was submitted on March 4, 2024. The company's standard industrial classification is 'STATE COMMERCIAL BANKS' [6022]. SouthState Corp is incorporated in South Carolina (SC). The company's principal business address is located in Winter Haven, Florida (FL).

Why It Matters

For investors and stakeholders tracking SouthState Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SouthState Corp's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. As a state commercial bank, the information within this filing is vital for understanding regulatory compliance, market positioning, and potential impacts of economic conditions on the banking sector.

Risk Assessment

Risk Level: medium — SouthState Corp shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which is subject to significant market and economic risks that can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand SouthState Corp's performance and potential challenges in the current economic environment.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240304 — Filing Date (Filed as of date)

Key Players & Entities

• SouthState Corp (company) — Filer name
• SC (location) — State of incorporation
• Winter Haven (location) — City of business address
• FL (location) — State of business address
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

SouthState Corp operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate fluctuations, economic cycles, and stringent regulatory oversight.

Regulatory Implications

As a commercial bank, SouthState Corp is subject to federal and state banking regulations, including capital requirements, lending standards, and consumer protection laws, overseen by bodies like the Federal Reserve and state banking authorities.

What Investors Should Do

1. Analyze the company's financial statements for revenue trends, profitability, and asset quality.
2. Review the risk factors section to understand potential threats to the company's operations and financial stability.
3. Compare key financial metrics with industry peers to assess competitive positioning.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $2.50 — e on which registered: Common Stock , $2.50 par value SSB The New York Stock Ex
• $65.80 — ,000 based on the closing sale price of $65.80 per share on June 30, 2023. For purpose
• $44.9 billion — December 31, 2023, we had approximately $44.9 billion in assets, $32.4 billion in loans, $37.
• $32.4 billion — approximately $44.9 billion in assets, $32.4 billion in loans, $37.0 billion in deposits, $5
• $37.0 billion — lion in assets, $32.4 billion in loans, $37.0 billion in deposits, $5.5 billion in shareholde
• $5.5 billion — on in loans, $37.0 billion in deposits, $5.5 billion in shareholders' equity, and a market c
• $6.4 billion — market capitalization of approximately $6.4 billion. On March 1, 2022, the Company acquire
• $17.6 b — Estate Loans. As of December 31, 2023, $17.6 billion, or 54%, of our loan portfolio co
• $8.0 b — Estate Loans. As of December 31, 2023, $8.0 billion, or 25%, of our loan portfolio co
• $5.5 b — ("C&I") Loans. As of December 31, 2023, $5.5 billion, or 17%, of our loan portfolio co
• $1.2 b — onsumer Loans. As of December 31, 2023, $1.2 billion, or 4%, of our loan portfolio con

Filing Documents

• ssb-20231231x10k.htm (10-K) — 12916KB
• ssb-20231231xex10d58.htm (EX-10.58) — 170KB
• ssb-20231231xex10d61.htm (EX-10.61) — 32KB
• ssb-20231231xex21.htm (EX-21) — 4KB
• ssb-20231231xex23d1.htm (EX-23.1) — 7KB
• ssb-20231231xex23d2.htm (EX-23.2) — 3KB
• ssb-20231231xex31d1.htm (EX-31.1) — 12KB
• ssb-20231231xex31d2.htm (EX-31.2) — 12KB
• ssb-20231231xex32.htm (EX-32) — 12KB
• ssb-20231231xex97d1.htm (EX-97.1) — 85KB
• ssb-20231231x10k001.jpg (GRAPHIC) — 9KB
• ssb-20231231x10k003.jpg (GRAPHIC) — 34KB
• ssb-20231231x10k004.jpg (GRAPHIC) — 47KB
• ssb-20231231x10k006.jpg (GRAPHIC) — 67KB
• ssb-20231231xex10d61001.jpg (GRAPHIC) — 17KB
• ssb-20231231xex10d61002.jpg (GRAPHIC) — 20KB
• ssb-20231231xex97d1001.jpg (GRAPHIC) — 4KB
• 0001558370-24-002302.txt (&nbsp;) — 54155KB
• ssb-20231231.xsd (EX-101.SCH) — 177KB
• ssb-20231231_cal.xml (EX-101.CAL) — 207KB
• ssb-20231231_def.xml (EX-101.DEF) — 867KB
• ssb-20231231_lab.xml (EX-101.LAB) — 1639KB
• ssb-20231231_pre.xml (EX-101.PRE) — 1282KB
• ssb-20231231x10k_htm.xml (XML) — 15834KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 53 Item 2.

Properties

Properties 55 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 55 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6.

Selected Financial Data

Selected Financial Data 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 102 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 103 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A.

Controls and Procedures

Controls and Procedures 103 Item 9B. Other Information 104 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 PART III Item 10. Directors, Executive Officers and Corporate Governance(1) 104 Item 11.

Executive Compensation(1)

Executive Compensation(1) 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters(1)

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters(1) 105 Item 13. Certain Relationships and Related Transactions, and Director Independence(1) 105 Item 14. Principal Accounting Fees and Services(1) 105 PART IV Item 15. Exhibits, Financial Statement Schedules 106

Signatures

Signatures 114 (1) All or portions of this item are incorporated by reference to the Registrant's Definitive Proxy Statement for its 2024 Annual Meeting of Shareholders. 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements The disclosures set forth in this Report are qualified by Part I, Item 1A. Risk Factors and the section captioned "Forward Looking Statements" in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Report and other cautionary statements set forth elsewhere in this Report. PART I

Business

Item 1. Business . Overview SouthState Corporation ("We," "Our," "SouthState" or the "Company") is a financial holding company headquartered in Winter Haven, Florida, that incorporated under the laws of South Carolina in 1985. We provide a wide range of banking services and products to our customers through our wholly owned bank subsidiary, SouthState Bank, National Association (the "Bank"), a national banking association, from our headquarters branch in Winter Haven, Florida and, as of December 31, 2023, a 251-branch network located throughout Florida, South Carolina, Alabama, Georgia, North Carolina, and Virginia. In addition, the Company operates SSB Insurance Corp., a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. We do not engage in any significant operations other than the ownership of our banking subsidiary. Through the Bank, we operate a correspondent banking and capital markets service division for over 1,200 small and medium sized community financial institutions throughout the United States. Based primarily in Atlanta, Georgia and Birmingham, Alabama, this division earns commissions on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities. In addition, the Bank operates SouthState|DuncanWilliams Securities Corp. ("SouthState|DuncanWilliams"), a full-service broker dealer headquartered in Memphis, Tennessee, which it acquired in February 2021. The services offered by SouthState|DuncanWilliams are complementary to the Bank's correspondent banking and capital markets businesses and provide additional opportunities to the Bank's client base. The Bank also operates SouthState Advisory, Inc., a wholly owned registered investment advisor, which offers support to the Bank's Wealth line of business. The Bank owns Corporate Billing, LLC ("Corporate Billing"), a transaction-based finance company headquartered in Decatur, Alabama that provides fact

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