SouthState Corp Files 2024 Proxy Statement

Ticker: SSB · Form: DEF 14A · Filed: Mar 8, 2024 · CIK: 764038

Southstate Corp DEF 14A Filing Summary
FieldDetail
CompanySouthstate Corp (SSB)
Form TypeDEF 14A
Filed DateMar 8, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$494 m, $6.46, $525 m, $6.86, $784 m
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, Executive Compensation, Corporate Governance, Shareholder Meeting

TL;DR

<b>SouthState Corp has filed its 2024 proxy statement detailing executive compensation and corporate governance matters.</b>

AI Summary

SouthState Corp (SSB) filed a Proxy Statement (DEF 14A) with the SEC on March 8, 2024. SouthState Corp filed a DEF 14A on March 8, 2024. The filing covers the period ending April 24, 2024. The company's IRS number is 570799315. SouthState Corp was formerly known as First Financial Holdings, Inc. and SCBT Financial Corp. The filing includes details on equity awards and compensation for applicable years.

Why It Matters

For investors and stakeholders tracking SouthState Corp, this filing contains several important signals. This DEF 14A filing provides shareholders with crucial information regarding the company's annual meeting, including proposals to be voted on and details of executive compensation. Understanding the executive compensation structure and any proposed changes is vital for shareholders to assess management's alignment with company performance and long-term strategy.

Risk Assessment

Risk Level: — SouthState Corp shows moderate risk based on this filing. The filing is a standard DEF 14A proxy statement, which is routine for publicly traded companies and does not indicate any unusual financial or operational distress.

Analyst Insight

Shareholders should review the executive compensation details and any proposed governance changes to make informed voting decisions at the upcoming annual meeting.

Key Players & Entities

  • SouthState Corp (company) — Filer
  • John C. Corbett (person) — Member
  • Robert R. Hill Jr. (person) — Member
  • First Financial Holdings, Inc. (company) — Former Company Name
  • SCBT Financial Corp (company) — Former Company Name

FAQ

When did SouthState Corp file this DEF 14A?

SouthState Corp filed this Proxy Statement (DEF 14A) with the SEC on March 8, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by SouthState Corp (SSB).

Where can I read the original DEF 14A filing from SouthState Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SouthState Corp.

What are the key takeaways from SouthState Corp's DEF 14A?

SouthState Corp filed this DEF 14A on March 8, 2024. Key takeaways: SouthState Corp filed a DEF 14A on March 8, 2024.. The filing covers the period ending April 24, 2024.. The company's IRS number is 570799315..

Is SouthState Corp a risky investment based on this filing?

Based on this DEF 14A, SouthState Corp presents a moderate-risk profile. The filing is a standard DEF 14A proxy statement, which is routine for publicly traded companies and does not indicate any unusual financial or operational distress.

What should investors do after reading SouthState Corp's DEF 14A?

Shareholders should review the executive compensation details and any proposed governance changes to make informed voting decisions at the upcoming annual meeting. The overall sentiment from this filing is neutral.

How does SouthState Corp compare to its industry peers?

SouthState Corp operates in the commercial banking sector, providing a range of financial services.

Are there regulatory concerns for SouthState Corp?

The filing is made under the Securities Exchange Act of 1934, specifically Rule 14a-101 concerning proxy statements.

Industry Context

SouthState Corp operates in the commercial banking sector, providing a range of financial services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Rule 14a-101 concerning proxy statements.

What Investors Should Do

  1. Review executive compensation packages and any proposed changes.
  2. Understand the proposals to be voted on at the annual meeting.
  3. Assess the company's corporate governance practices.

Key Dates

  • 2024-04-24: Annual Meeting — Date of the annual meeting for which the proxy statement is issued.
  • 2024-03-08: Filing Date — Date the DEF 14A was filed with the SEC.

Year-Over-Year Comparison

This is the initial DEF 14A filing for the 2024 proxy season, providing updated information compared to previous filings.

Filing Stats: 4,441 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-03-08 10:02:36

Key Financial Figures

  • $494 m — Accomplishments Earned net income of $494 million, or $6.46 per diluted share, or a
  • $6.46 — Earned net income of $494 million, or $6.46 per diluted share, or adjusted net inco
  • $525 m — iluted share, or adjusted net income of $525 million, or $6.86 per diluted share, excl
  • $6.86 — adjusted net income of $525 million, or $6.86 per diluted share, excluding merger-rel
  • $784 m — d pre-provision net revenue ("PPNR") of $784 million, up from $746 million in 2022, an
  • $746 million — venue ("PPNR") of $784 million, up from $746 million in 2022, and PPNR per share of $10.25,
  • $10 — million in 2022, and PPNR per share of $10.25, a 3.3% increase over $9.92 in 2022,
  • $9.92 — r share of $10.25, a 3.3% increase over $9.92 in 2022, and experienced net charge off
  • $46.32 — total tangible book value per share of $46.32 as of December 31, 2023, a 15.5% increa
  • $40.09 — ecember 31, 2023, a 15.5% increase over $40.09 as of December 31, 2022 (1) The Compa

Filing Documents

Executive Compensation

Executive Compensation 49 Summary Compensation Table 49 Grants of Plan-based Awards Table 51 Year-end Equity Values and Equity Exercised or Vested Table 51 Nonqualified Deferred Compensation Table 54 Pension Benefits Table 54 Potential Payments upon Termination or Change in Control 56 CEO Pay Ratio 60 Pay Versus Performance 61 Proposal 3: Approving the A mended and Restated 2020 Omnibus Incentive Plan 65 Proposal 4: Ratifying the Appointment of our Independent Registered Public Accounting Firm for 2024 71 Audit Committee Pre-approval Policies and Procedures 72 Audit Committee Report 73 Shareholder Proposals for Our 2025 Annual Meeting 74 Voting and Other Information 75 Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures 78 Appendix B: Amended and Restated 2020 Omnibus Incentive Plan 80 2024 PROXY STATEMENT 1 Table of Contents Proposal 1: Electing Directors PROPOSAL 1: ELECTING DIRECTORS Our Board is presenting eleven (11) nominees for election as directors at our annual meeting. All nominees currently serve as directors on our Board. Each director elected at the meeting will serve until the 2025 annual meeting or until a successor is duly elected and qualified. Each director nominee has consented to being named in this proxy statement and to serving as a director if elected. If any nominee is unable to stand for election for any reason, the shares represented at our annual meeting may be voted for another candidate proposed by our Board, or our Board may choose to reduce its size. Nominee Age (1) Principal occupation Director since Independent Other Current U.S.-listed company boards Committee Membership 2023 (C = Chair) ( 2 ) Ronald M. Cofield, Sr. 65 Retired, Audit Partner, PricewaterhouseCoopers L.L.P. 2022 Y Audit – C Risk Shantella E. Cooper 56 Founder and Chief Executive Officer, Journey Forward Strategies, LLC 2022 Y Intercontinental E

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