SouthState Corporation (SSB) Bundle
An Overview of SouthState Corporation (SSB)
General Summary of SouthState Corporation (SSB)
SouthState Corporation, headquartered in Columbia, South Carolina, is a leading financial institution that provides a wide range of banking and financial services. The company was established in 1934 and has grown significantly through various mergers and acquisitions, including the notable merger with CenterState Bank in 2020, which expanded its footprint across the Southeastern United States.
As of 2024, SouthState offers products and services that include commercial and retail banking, mortgage lending, investment services, and wealth management. The company operates approximately 300 branches and has a strong digital banking presence.
For the year 2024, SouthState's total sales reached approximately $1.4 billion, reflecting a robust demand for its banking services and a growing customer base across its markets.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, SouthState Corporation reported a consolidated net income of $143.2 million, or diluted earnings per share (EPS) of $1.86, compared to $124.1 million, or EPS of $1.62, for the same period in 2023, marking a 15.3% increase in net income.
Key financial highlights include:
- Return on average assets (annualized) at 1.25% for Q3 2024, compared to 1.10% in Q3 2023.
- Return on average equity (annualized) at 9.91% for Q3 2024, up from 9.24% in Q3 2023.
- Net interest income for the third quarter was $351.5 million, a decrease of 1.1% from $355.4 million in Q3 2023.
- Total deposits increased to $37.6 billion, a rise of $589.3 million from $37.0 billion at year-end 2023.
- Noninterest income increased by $2.1 million due to higher trust and investment services income.
For the nine months ended September 30, 2024, the company reported net income of $390.6 million, or diluted EPS of $5.09, slightly up from $387.5 million, or EPS of $5.07, during the same period in 2023.
Introduction to SouthState Corporation as a Leader in the Industry
SouthState Corporation is recognized as one of the premier banking institutions in the Southeastern United States, distinguished by its customer-centric approach and diversified service offerings. The company continues to leverage its strong capital position, with total shareholders' equity reaching approximately $5.9 billion as of September 30, 2024, reflecting a 6.7% increase from the previous year.
The bank's commitment to innovation and customer service has positioned it as a leader in the financial services industry, attracting a broad customer base and enabling sustained growth. With continued investments in technology and a focus on enhancing the customer experience, SouthState is well-equipped to navigate the evolving banking landscape.
For more insights into SouthState Corporation's performance and strategic initiatives, readers are encouraged to explore further details below.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income ($ millions) | 143.2 | 124.1 | +15.3% |
| Diluted EPS | 1.86 | 1.62 | +14.8% |
| Return on Average Assets (%) | 1.25 | 1.10 | +0.15 |
| Return on Average Equity (%) | 9.91 | 9.24 | +0.67 |
| Total Deposits ($ billions) | 37.6 | 37.0 | +0.6 |
Mission Statement of SouthState Corporation (SSB)
Mission Statement of SouthState Corporation (SSB)
SouthState Corporation's mission statement is designed to guide the company's strategic direction and operational decisions, emphasizing a commitment to providing high-quality financial products and services to its customers. The mission statement is a reflection of the company's core purpose and serves as a framework for achieving long-term goals.
Core Component 1: Customer Commitment
At the heart of SouthState Corporation's mission is a strong commitment to its customers. This commitment is evident through the company's focus on understanding and fulfilling the financial needs of individuals and businesses in the communities it serves. For instance, as of September 30, 2024, SouthState reported total deposits of approximately $37.6 billion, with 69% of these deposits being insured or collateralized, demonstrating its dedication to safeguarding customer assets.
Core Component 2: Community Engagement
SouthState Corporation places significant importance on community involvement and support. The company actively engages in local initiatives and partnerships to enhance the quality of life in its operating regions. As part of its community engagement efforts, SouthState has contributed to various local projects, reflecting its belief that strong communities foster customer loyalty and business growth. The company's granular deposit base comprises over 1.4 million accounts, emphasizing its commitment to serving a diverse clientele.
Core Component 3: Integrity and Excellence
Integrity and excellence are foundational principles of SouthState's mission statement. The company strives to maintain the highest ethical standards in its operations while delivering exceptional service and value to its customers. This commitment is showcased by the company's financial performance, with a reported net income of $390.6 million for the nine months ended September 30, 2024, reflecting a steady increase in profitability.
| Financial Metric | Value | Comparison (2023) |
|---|---|---|
| Total Deposits | $37.6 billion | +6.7% from prior year |
| Net Income | $390.6 million | +0.8% from prior year |
| Loan Growth | $1.2 billion | 4.8% annualized increase |
| Return on Average Equity | 9.91% | +0.67% from prior year |
Vision Statement of SouthState Corporation (SSB)
Vision of SouthState Corporation (SSB)
The vision statement of SouthState Corporation reflects its aspirations and strategic direction as of 2024. It focuses on growth, customer satisfaction, and community engagement, aiming to position itself as a leading financial institution in the Southeastern United States.
Commitment to ExcellenceSouthState Corporation emphasizes its commitment to providing exceptional service and innovative financial solutions. The bank aims to exceed customer expectations through a culture of excellence and high performance.
Community EngagementSouthState's vision includes a strong commitment to community involvement. The bank actively participates in local initiatives, supporting economic development and enhancing the quality of life in the communities it serves.
Financial Growth and StabilityAs of September 30, 2024, SouthState Corporation reported total assets of approximately $46.1 billion, reflecting its robust growth strategy. The company’s total deposits reached $37.6 billion, an increase of $589.3 million from the previous year, driven by a surge in money market accounts and certificate deposits.
| Financial Metric | 2024 (as of September 30) | 2023 (as of December 31) |
|---|---|---|
| Total Assets | $46.1 billion | $45.6 billion |
| Total Deposits | $37.6 billion | $37.0 billion |
| Net Income | $390.6 million | $387.5 million |
| Diluted Earnings per Share (EPS) | $5.09 | $5.07 |
Innovation is a core component of SouthState's vision. The corporation invests in technology to enhance customer experience and streamline operations. This includes digital banking solutions that cater to evolving customer needs.
Sustainable PracticesSouthState is also committed to sustainability and responsible banking practices. This includes environmentally friendly initiatives and promoting financial literacy in its communities to foster economic empowerment.
Conclusion
In summary, the vision statement of SouthState Corporation encapsulates its dedication to excellence, community involvement, financial growth, innovation, and sustainability as it seeks to strengthen its position as a leader in the financial services industry.
Core Values of SouthState Corporation (SSB)
Integrity
Integrity is a core value that emphasizes the importance of honesty and transparency in all dealings. SouthState Corporation (SSB) places significant importance on maintaining the trust of its customers and stakeholders.
In 2024, SSB has demonstrated its commitment to integrity through its adherence to strict regulatory compliance and ethical business practices. The company has implemented robust internal controls and compliance programs to ensure that all employees uphold the highest standards of ethical behavior. Furthermore, SSB’s commitment to integrity is reflected in its transparent communication with stakeholders, as evidenced by its detailed financial disclosures.
Customer Focus
Customer focus is vital for SSB, as the company strives to understand and meet the needs of its clients. This core value drives the organization to prioritize customer satisfaction and build long-term relationships.
In 2024, SouthState launched several initiatives aimed at enhancing the customer experience. The company increased its investment in digital banking services, resulting in a 20% rise in mobile app usage among customers. Additionally, SSB introduced personalized financial advisory services, which contributed to a 15% increase in customer retention rates. This focus on customer-centric solutions has positioned SSB as a trusted financial partner in its communities.
Community Involvement
Community involvement is a core value at SouthState Corporation, highlighting the company's commitment to making a positive impact in the regions it serves.
In 2024, SSB contributed over $1 million to local charities and community development programs. This included funding for educational initiatives and support for small businesses affected by economic disruptions. Moreover, SSB employees volunteered more than 5,000 hours in community service activities, reinforcing the company's dedication to social responsibility. These efforts not only strengthen community ties but also enhance the company’s reputation as a socially responsible organization.
Excellence
Excellence is a core value that drives SouthState Corporation to pursue the highest standards in its operations and services.
In 2024, SSB achieved a notable milestone by receiving the J.D. Power Award for Customer Satisfaction among regional banks, reflecting its commitment to excellence in service delivery. The company also reported a 10% increase in net income, reaching $390.6 million for the nine months ended September 30, 2024, compared to $387.5 million during the same period in 2023. This financial performance is a testament to the company’s pursuit of operational excellence and effective management practices.
Innovation
Innovation is a core value that encourages SouthState Corporation to embrace change and seek new solutions to meet evolving customer needs.
In 2024, SSB launched a series of innovative financial products, including a new digital savings account that offers competitive interest rates and no monthly fees. This product has attracted over 10,000 new accounts in just three months. Furthermore, the company invested in advanced technology to enhance its cybersecurity measures, ensuring the protection of customer data and maintaining trust in its digital platforms. This commitment to innovation has positioned SSB as a forward-thinking leader in the financial services industry.
| Core Value | Key Initiatives | Impact |
|---|---|---|
| Integrity | Robust compliance programs | Enhanced stakeholder trust |
| Customer Focus | Digital banking enhancements | 20% rise in app usage |
| Community Involvement | $1 million in community contributions | 5,000 volunteer hours |
| Excellence | J.D. Power Award | 10% increase in net income |
| Innovation | New digital savings account | 10,000 new accounts in 3 months |
SouthState Corporation (SSB) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- SouthState Corporation (SSB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SouthState Corporation (SSB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SouthState Corporation (SSB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.