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Table of Contents 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission file number 001-12669

Graphic

SOUTHSTATE CORPORATION

(Exact name of registrant as specified in its charter)

South Carolina

57-0799315

(State or other jurisdiction of incorporation)

(I.R.S. Employer Identification No.)

1101 First Street South, Suite 202

Winter Haven, Florida

33880

(Address of principal executive offices)

(Zip Code)

(863) 293-4710

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, $2.50 par value

SSB

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the latest practicable date:

Class

Outstanding as of May 5, 2022

Common Stock, $2.50 par value

75,475,551

Table of Contents 

SouthState Corporation and Subsidiaries

March 31, 2022 Form 10-Q

INDEX

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets at March 31, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

47

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

77

Item 4.

Controls and Procedures

77

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

78

Item 1A.

Risk Factors

78

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3.

Defaults Upon Senior Securities

79

Item 4.

Mine Safety Disclosures

79

Item 5.

Other Information

79

Item 6.

Exhibits

79

2

Table of Contents 

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

SouthState Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands, except par value)

March 31,

December 31,

 

    

2022

    

2021

    

 

(Unaudited)

ASSETS

    

    

    

    

Cash and cash equivalents:

Cash and due from banks

$

588,372

$

476,653

Federal funds sold and interest-earning deposits with banks

5,414,420

6,018,915

Deposits in other financial institutions (restricted cash)

 

29,814

 

347,579

Total cash and cash equivalents

 

6,032,606

 

6,843,147

Trading securities, at fair value

74,234

77,689

Investment securities:

Securities held to maturity (fair value of $2,630,495 and $1,778,064)

 

2,827,769

 

1,819,901

Securities available for sale, at fair value

 

5,924,206

 

5,193,478

Other investments

 

179,258

 

160,568

Total investment securities

 

8,931,233

 

7,173,947

Loans held for sale

 

130,376

 

191,723

Loans:

Acquired - non-purchased credit deteriorated loans

7,633,824

5,890,069

Acquired - purchased credit deteriorated loans

1,939,033

1,987,322

Non-acquired loans

 

16,983,570

 

16,050,775

Less allowance for credit losses

 

(300,396)

 

(301,807)

Loans, net

 

26,256,031

 

23,626,359

Other real estate owned

 

3,290

 

2,736

Bank property held for sale

6,417

9,578

Premises and equipment, net

568,332

558,499

Bank owned life insurance ("BOLI")

942,922

783,049

Deferred tax assets

136,078

64,964

Derivatives assets

412,815

414,742

Mortgage servicing rights

83,339

65,620

Core deposit and other intangibles

 

140,364

 

128,067

Goodwill

1,924,024

1,581,085

Other assets

 

559,480

 

438,827

Total assets

$

46,201,541

$

41,960,032

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:

Noninterest-bearing

$

14,052,332

$

11,498,840

Interest-bearing

 

24,723,498

 

23,555,989

Total deposits

 

38,775,830

 

35,054,829

Federal funds purchased

343,819

381,195

Securities sold under agreements to repurchase

 

426,590

 

400,044

Corporate and subordinated debentures

405,553

327,066

Reserve for unfunded commitments

30,368

30,510

Derivative liabilities

412,168

410,137

Other liabilities

 

632,805

 

553,311

Total liabilities

 

41,027,133

 

37,157,092

Shareholders’ equity:

Common stock - $2.50 par value; authorized 160,000,000 shares; 75,761,018 and 69,332,297 shares issued and outstanding, respectively

 

189,403

 

173,331

Surplus

 

4,214,897

 

3,653,098

Retained earnings

 

1,064,064

 

997,657

Accumulated other comprehensive loss

 

(293,956)

 

(21,146)

Total shareholders’ equity

 

5,174,408

 

4,802,940

Total liabilities and shareholders’ equity

$

46,201,541

$

41,960,032

The Accompanying Notes are an Integral Part of the Financial Statements.

3

Table of Contents 

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Net Income (unaudited)

(In thousands, except per share data)

Three Months Ended

March 31,

    

2022

    

2021

    

Interest income:

Loans, including fees

$

233,617

$

259,967

Investment securities:

Taxable

 

30,120

 

15,425

Tax-exempt

 

3,875

 

2,095

Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with banks

 

2,852

 

989

Total interest income

 

270,464

 

278,476

Interest expense:

Deposits

 

4,628

 

11,257

Federal funds purchased and securities sold under agreements to repurchase

 

269

 

351

Corporate and subordinated debentures

4,093

4,870

Total interest expense

 

8,990

 

16,478

Net interest income

 

261,474

 

261,998

Recovery for credit losses

 

(8,449)

 

(58,420)

Net interest income after recovery for credit losses

 

269,923

 

320,418

Noninterest income:

Fees on deposit accounts

 

28,902

 

25,282

Mortgage banking income

 

10,594

 

26,880

Trust and investment services income

 

9,718

 

8,578

Correspondent banking and capital market income

27,994

28,748

Other income

 

8,882

 

6,797

Total noninterest income

 

86,090

 

96,285

Noninterest expense:

Salaries and employee benefits

 

137,673

 

140,361

Occupancy expense

 

21,840

 

23,331

Information services expense

 

19,193

 

18,789

OREO and loan related (gain) expense

 

(238)

 

1,002

Amortization of intangibles

 

8,494

 

9,164

Supplies, printing and postage expense

2,189

2,670

Professional fees

 

3,749

 

3,274

FDIC assessment and other regulatory charges

 

4,812

 

3,841

Advertising and marketing

 

1,763

 

1,740

Merger and branch consolidation related expense

 

10,276

 

10,009

Other expense

 

18,849

 

14,530

Total noninterest expense

 

228,600

 

228,711

Earnings:

Income before provision for income taxes

 

127,413

 

187,992

Provision for income taxes

 

27,084

 

41,043

Net income

$

100,329

$

146,949

Earnings per common share:

Basic

$

1.40

$

2.07

Diluted

$

1.39

$

2.06

Weighted average common shares outstanding:

Basic

 

71,447

 

71,009

Diluted

 

72,111

 

71,484

The Accompanying Notes are an Integral Part of the Financial Statements.

4

Table of Contents 

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Dollars in thousands)

Three Months Ended

March 31,

    

2022

    

2021

    

Net income

    

$

100,329

    

$

146,949

    

Other comprehensive loss:

Unrealized holding losses on available for sale securities:

Unrealized holding losses arising during period

 

(362,120)

 

(63,790)

Tax effect

 

89,310

 

15,170

Net of tax amount

 

(272,810)

 

(48,620)

Other comprehensive loss, net of tax

 

(272,810)

 

(48,620)

Comprehensive (loss) income

$

(172,481)

$

98,329

The Accompanying Notes are an Integral Part of the Financial Statements.

5

Table of Contents 

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

Three months ended March 31, 2022 and 2021

(Dollars in thousands, except for share data)

Accumulated Other

Common Stock

Retained

Comprehensive

 

    

Shares

    

Amount

    

Surplus

    

Earnings

    

Loss

    

Total

 

Balance, December 31, 2020

    

70,973,477

$

177,434

$

3,765,406

$

657,451

$

47,589

$

4,647,880

Comprehensive income:

Net income

146,949

146,949

Other comprehensive loss, net of tax effects

(48,620)

(48,620)

Total comprehensive income

98,329

Cash dividends declared on common stock at $0.47 per share

 

 

 

(33,380)

 

 

(33,380)

Cash dividends equivalents paid on restricted stock units

 

(68)

 

(68)

Stock options exercised

37,854

 

94

 

1,677

 

 

 

1,771

Stock issued pursuant to restricted stock units

59,462

149

(149)

Common stock repurchased

(10,347)

 

(26)

 

(778)

 

 

 

(804)

Share-based compensation expense

 

 

6,092

 

 

 

6,092

Balance, March 31, 2021

71,060,446

$

177,651

$

3,772,248

$

770,952

$

(1,031)

$

4,719,820

Balance, December 31, 2021

69,332,297

$

173,331

$

3,653,098

$

997,657

$

(21,146)

$

4,802,940

Comprehensive loss:

Net income

100,329

100,329

Other comprehensive loss, net of tax effects

(272,810)

(272,810)

Total comprehensive loss

(172,481)

Cash dividends declared on common stock at $0.49 per share

 

 

 

(33,822)

 

 

(33,822)

Cash dividend equivalents paid on restricted stock units

 

 

(100)

(100)

Stock options exercised

9,703

 

24

 

384

 

 

 

408

Stock issued pursuant to restricted stock units

128,302

321

(321)

 

Common stock repurchased - buyback plan

(1,012,038)

 

(2,530)

 

(83,928)

(86,458)

Common stock repurchased

(28,049)

 

(70)

 

(2,287)

 

 

 

(2,357)

Share-based compensation expense

 

 

8,486

 

 

8,486

Common stock issued for Atlantic Capital merger

7,330,803

18,327

641,445

 

 

659,772

Net fair value of unvested equity awards assumed in the Atlantic Capital acquisition

(1,980)

(1,980)

Balance, March 31, 2022

75,761,018

$

189,403

$

4,214,897

$

1,064,064

$

(293,956)

$

5,174,408

The Accompanying Notes are an Integral Part of the Financial Statements.

6

Table of Contents 

SouthState Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)

(Dollars in thousands)

Three Months Ended

March 31,

    

2022

    

2021

 

Cash flows from operating activities:

Net income

$

100,329

$

146,949

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

16,178

 

15,475

Recovery from credit losses

 

(8,449)

 

(58,420)

Deferred income taxes

 

49,073

 

21,037

Share-based compensation expense

 

8,486

 

6,092

Accretion of discount related to acquired loans

 

(6,741)

 

(10,416)

Losses on disposal of premises and equipment

 

812