SouthState Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SouthState Corp submitted its quarterly 10-Q filing on May 3, 2024, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

SouthState Corp (SSB) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. SouthState Corp filed a 10-Q report for the period ending March 31, 2024. The filing is for SouthState Corp, with Central Index Key 0000764038. The company's Standard Industrial Classification is STATE COMMERCIAL BANKS [6022]. SouthState Corp is incorporated in SC, with its fiscal year ending December 31. The filing was submitted on May 3, 2024.

Why It Matters

For investors and stakeholders tracking SouthState Corp, this filing contains several important signals. This 10-Q filing provides investors with an updated view of SouthState Corp's financial health and operational performance for the first quarter of 2024. Understanding the details within this report is crucial for assessing the bank's current standing, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — SouthState Corp shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with publicly traded banks.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand SouthState Corp's performance and outlook.

Key Numbers

• 20240331 — CONFORMED PERIOD OF REPORT (20240331)
• 20240503 — FILED AS OF DATE (20240503)
• 1231 — FISCAL YEAR END (1231)

Key Players & Entities

• SouthState Corp (company) — COMPANY CONFORMED NAME
• 0000764038 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• SC (company) — STATE OF INCORPORATION
• 1101 FIRST STREET SOUTH, SUITE 202 (company) — BUSINESS ADDRESS STREET 1
• WINTER HAVEN (company) — BUSINESS ADDRESS CITY
• FL (company) — BUSINESS ADDRESS STATE
• 33880 (company) — BUSINESS ADDRESS ZIP

FAQ

Industry Context

SouthState Corp operates within the State Commercial Banks industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding loan portfolios and interest rate sensitivity.
3. Compare key financial metrics to prior periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial filing for the period ending March 31, 2024, and does not have a prior period filing to compare against within this specific data extract.

Key Financial Figures

• $2.50 — e on which registered: Common Stock , $2.50 par value SSB The New York Stock Ex

Filing Documents

• ssb-20240331x10q.htm (10-Q) — 8507KB
• ssb-20240331xex31d1.htm (EX-31.1) — 11KB
• ssb-20240331xex31d2.htm (EX-31.2) — 11KB
• ssb-20240331xex32.htm (EX-32) — 13KB
• ssb-20240331x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-006602.txt (&nbsp;) — 37490KB
• ssb-20240331.xsd (EX-101.SCH) — 104KB
• ssb-20240331_cal.xml (EX-101.CAL) — 130KB
• ssb-20240331_def.xml (EX-101.DEF) — 566KB
• ssb-20240331_lab.xml (EX-101.LAB) — 1011KB
• ssb-20240331_pre.xml (EX-101.PRE) — 797KB
• ssb-20240331x10q_htm.xml (XML) — 11851KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 74

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75 Item 3. Defaults Upon Senior Securities 75 Item 4. Mine Safety Disclosures 75 Item 5. Other Information 75 Item 6. Exhibits 76 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS SouthState Corporation and Subsidiaries Consolidated Balance Sheet s (Dollars in thousands, except par value) March 31, December 31, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents: Cash and due from banks $ 478,271 $ 510,922 Federal funds sold and interest-earning deposits with banks 493,378 236,435 Deposits in other financial institutions (restricted cash) 237,808 251,520 Total cash and cash equivalents 1,209,457 998,877 Trading securities, at fair value 66,188 31,321 Investment securities: Securities held to maturity (fair value of $ 2,016,567 and $ 2,084,736 ) 2,446,589 2,487,440 Securities available for sale, at fair value 4,598,400 4,784,388 Other investments 187,285 192,043 Total investment securities 7,232,274 7,463,871 Loans held for sale 56,553 50,888 Loans: Acquired - non-purchased credit deteriorated loans 4,534,583 4,796,913 Acquired - purchased credit deteriorated loans 1,031,283 1,108,813 Non-acquired loans 27,101,444 26,482,763 Less allowance for credit losses ( 469,654 ) ( 456,573 ) Loans, net 32,197,656 31,931,916 Premises and equipment, net 512,635 519,197 Bank owned life insurance ("BOLI") 997,562 991,454 Deferred tax assets 170,818 164,354 Derivatives assets 176,784 172,939 Mortgage servicing rights 87,970 85,164 Core deposit and other intangibles 83,193 88,776 Goodwill 1,923,106 1,923,106 Other assets 430,642 480,161 Total assets $ 45,144,838 $ 44,902,024 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 10,546,410 $ 10,649,274 Interest-bearing 26,632,024 26,399,635 Total deposits 37,178,434 37,048,909 Federal funds purchased 273,367 248,162 Securities sold under agreements to repurchase 281,324 241,023 Corporate and subordinated debentures 391,812 391,904 Other borrowings — 100,000 Reserve for unfunded

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) Note 1 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, otherwise referred to as GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by GAAP for complete financial statements. Note 2 — Summary of Significant Accounting Policies The information contained in the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC") on March 4, 2024, should be referenced when reading these unaudited consolidated financial statements. Unless otherwise mentioned or unless the context requires otherwise, references herein to "SouthState," the "Company," "we," "us," "our" or similar references mean SouthState Corporation and its consolidated subsidiaries. References to the "Bank" or "SouthState Bank" means SouthState Corporation's wholly owned subsidiary, South State Bank, Na

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