SouthState Corp Files Q3 2024 10-Q

TL;DR

**SouthState Corp Q3 10-Q is IN. Financials detailed. Check it.**

AI Summary

SouthState Corp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures relevant to investors and stakeholders are provided within this report.

Why It Matters

This 10-Q filing provides crucial insights into SouthState Corp's financial health and operational performance for the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a financial institution, SouthState Corp is subject to inherent market, credit, and regulatory risks that can impact its financial stability.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• SouthState Corp (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date
• SC (state) — State of incorporation
• 6022 (sic_code) — Standard Industrial Classification for Commercial Banks

FAQ

Key Financial Figures

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

Filing Documents

• ssb-20240930x10q.htm (10-Q) — 10124KB
• ssb-20240930xex31d1.htm (EX-31.1) — 11KB
• ssb-20240930xex31d2.htm (EX-31.2) — 11KB
• ssb-20240930xex32.htm (EX-32) — 13KB
• ssb-20240930x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-014094.txt ( ) — 41877KB
• ssb-20240930.xsd (EX-101.SCH) — 109KB
• ssb-20240930_cal.xml (EX-101.CAL) — 132KB
• ssb-20240930_def.xml (EX-101.DEF) — 557KB
• ssb-20240930_lab.xml (EX-101.LAB) — 1064KB
• ssb-20240930_pre.xml (EX-101.PRE) — 816KB
• ssb-20240930x10q_htm.xml (XML) — 13191KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity for the Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 4.

Controls and Procedures

Controls and Procedures 79

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 80 Item 1A.

Risk Factors

Risk Factors 80 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 83 Item 6. Exhibits 83 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) September 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents: Cash and due from banks $ 563,887 $ 510,922 Federal funds sold and interest-earning deposits with banks 384,853 236,435 Deposits in other financial institutions (restricted cash) 263,939 251,520 Total cash and cash equivalents 1,212,679 998,877 Trading securities, at fair value 87,103 31,321 Investment securities: Securities held to maturity (fair value of $ 1,963,746 and $ 2,084,736 ) 2,301,307 2,487,440 Securities available for sale, at fair value 4,564,363 4,784,388 Other investments 211,458 192,043 Total investment securities 7,077,128 7,463,871 Loans held for sale 287,043 50,888 Loans: Acquired - non-purchased credit deteriorated loans 3,959,028 4,796,913 Acquired - purchased credit deteriorated loans 913,342 1,108,813 Non-acquired loans 28,675,822 26,482,763 Less allowance for credit losses ( 467,981 ) ( 456,573 ) Loans, net 33,080,211 31,931,916 Premises and equipment, net 507,452 519,197 Bank owned life insurance ("BOLI") 1,007,275 991,454 Deferred tax assets 122,384 164,354 Derivatives assets 195,722 172,939 Mortgage servicing rights 83,512 85,164 Core deposit and other intangibles 71,835 88,776 Goodwill 1,923,106 1,923,106 Other assets 427,197 480,161 Total assets $ 46,082,647 $ 44,902,024 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 10,376,531 $ 10,649,274 Interest-bearing 27,261,664 26,399,635 Total deposits 37,638,195 37,048,909 Federal funds purchased 290,429 248,162 Securities sold under agreements to repurchase 247,893 241,023 Corporate and subordinated debentures 391,626 391,904 Other borrowings 300,000 100,000 Reserve fo

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