SouthState Corp Files Q2 2024 10-Q

TL;DR

SouthState Corp's Q2 2024 10-Q is in. Check financials.

AI Summary

SouthState Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial metrics and business developments are outlined, providing insight into the company's current standing and future outlook.

Why It Matters

This filing provides investors and analysts with crucial financial data and disclosures for SouthState Corp, enabling informed decisions about the company's performance and strategic direction.

Risk Assessment

Risk Level: medium — As a financial institution, SouthState Corp is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240802 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SouthState Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• SC (state) — State of incorporation
• 570799315 (tax_id) — IRS Number

FAQ

Key Financial Figures

• $2.50 — e on which registered: Common Stock , $2.50 par value SSB The New York Stock Ex
• $2.4 billion — and December 31, 2023, the Company had $2.4 billion and $ 2.5 billion, respectively, of hel

Filing Documents

• ssb-20240630x10q.htm (10-Q) — 10182KB
• ssb-20240630xex31d1.htm (EX-31.1) — 11KB
• ssb-20240630xex31d2.htm (EX-31.2) — 11KB
• ssb-20240630xex32.htm (EX-32) — 13KB
• ssb-20240630x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-010655.txt ( ) — 42027KB
• ssb-20240630.xsd (EX-101.SCH) — 106KB
• ssb-20240630_cal.xml (EX-101.CAL) — 130KB
• ssb-20240630_def.xml (EX-101.DEF) — 565KB
• ssb-20240630_lab.xml (EX-101.LAB) — 1058KB
• ssb-20240630_pre.xml (EX-101.PRE) — 813KB
• ssb-20240630x10q_htm.xml (XML) — 13260KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 8

Notes to consolidated Financial Statements

Notes to consolidated Financial Statements 9 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 48 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 4.

Controls and Procedures

Controls and Procedures 81

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 81 Item 1A.

Risk Factors

Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 84 Item 6. Exhibits 85 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) June 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents: Cash and due from banks $ 507,425 $ 510,922 Federal funds sold and interest-earning deposits with banks 338,829 236,435 Deposits in other financial institutions (restricted cash) 270,912 251,520 Total cash and cash equivalents 1,117,166 998,877 Trading securities, at fair value 92,161 31,321 Investment securities: Securities held to maturity (fair value of $ 1,920,941 and $ 2,084,736 ) 2,348,528 2,487,440 Securities available for sale, at fair value 4,498,264 4,784,388 Other investments 201,516 192,043 Total investment securities 7,048,308 7,463,871 Loans held for sale 100,007 50,888 Loans: Acquired - non-purchased credit deteriorated loans 4,253,323 4,796,913 Acquired - purchased credit deteriorated loans 957,255 1,108,813 Non-acquired loans 28,023,986 26,482,763 Less allowance for credit losses ( 472,298 ) ( 456,573 ) Loans, net 32,762,266 31,931,916 Premises and equipment, net 517,382 519,197 Bank owned life insurance ("BOLI") 1,001,998 991,454 Deferred tax assets 162,951 164,354 Derivatives assets 185,036 172,939 Mortgage servicing rights 88,904 85,164 Core deposit and other intangibles 77,389 88,776 Goodwill 1,923,106 1,923,106 Other assets 417,296 480,161 Total assets $ 45,493,970 $ 44,902,024 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 10,374,464 $ 10,649,274 Interest-bearing 26,723,938 26,399,635 Total deposits 37,098,402 37,048,909 Federal funds purchased 287,973 248,162 Securities sold under agreements to repurchase 254,430 241,023 Corporate and subordinated debentures 391,719 391,904 Other borrowings 300,000 100,000 Reserve for unf

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