A Business at a Glance
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Item 1. Business. SouthState Bank Corporation (“We,” “Our,” “SouthState” or the “Company”) is a financial holding company headquartered in Winter Haven, Florida. During the third quarter of 2025, the Company was redomiciled to the state of Florida by merging SouthState Corporation, a South Carolina corporation, with and into SouthState Bank Corporation, a Florida corporation that was wholly-owned by SouthState Corporation prior to such merger, and adopting its name. We provide a wide range of banking services and products to our customers through our wholly owned bank subsidiary, SouthState Bank, National Association (the “Bank”), a national banking association, from our headquarters branch in Winter Haven, Florida and, as of December 31, 2025, a 342-branch network located throughout Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama, and Virginia. In addition, the Company owns SSB Insurance Corp.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Deposit account services | $107M | $130M | $135M | $142M | $166M | 32% |
Fees on deposit accounts | $106M | $128M | $129M | $136M | $158M | 30% |
Correspondent banking and capital markets income | $110M | $79M | $49M | $33M | $72M | 14% |
Trust and investment services income | $37M | $39M | $39M | $46M | $58M | 11% |
Interchange and debit card transaction fees | $18M | $22M | $21M | $25M | $32M | 6% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.8B | 3.8B | 2.4B | 2.2B | 1.7B | 1.4B |
| Net Income | 799M | 799M | 535M | 494M | 496M | 476M |
| EPS | $7.87 | $7.87 | $6.97 | $6.46 | $6.60 | $6.71 |
| Free Cash Flow | 231M | 231M | 476M | 508M | 1.7B | 387M |
| ROIC | 11.4% | 7.9% | 5.0% | 5.8% | 9.4% | 9.4% |
| Gross Margin | 70.9% | 70.9% | 69.2% | 72.4% | 94.6% | 85.8% |
| Debt/Equity | 0.12 | 0.12 | 0.70 | 1.09 | 0.08 | 0.07 |
| Dividends/Share | $2.28 | $2.28 | $2.12 | $2.04 | $1.98 | $1.92 |
| Operating Income | 1.0B | 1.0B | 700M | 631M | 633M | 604M |
| Operating Margin | 27.7% | 27.7% | 28.7% | 28.3% | 37.1% | 42.0% |
| ROE | 8.8% | 10.7% | 9.4% | 9.3% | 10.0% | 10.1% |
| Shares Outstanding | 101M | 101M | 77M | 77M | 75M | 71M |
SouthState Bank Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
SouthState Bank Corp trades at 12.5x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 41.8x vs a median of 14.6x. The company's 5-year average ROIC is 7.5% with a gross margin of 78.6%. Total shareholder yield (dividends + buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is -7.5%.
SouthState Bank Corp (SSB) has a current P/E ratio of 12.5, compared to its historical median P/E of 13.2. The stock is currently considered Fair based on its historical valuation range.
SouthState Bank Corp (SSB) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
SouthState Bank Corp (SSB) has a market capitalization of $10.0B. It is classified as a mid-cap stock.
Yes, SouthState Bank Corp (SSB) pays a dividend with a trailing twelve-month yield of 2.32%. The company also returns capital through share buybacks, with a buyback yield of 2.37%.
Based on historical P/E analysis, SouthState Bank Corp (SSB) appears fair. The current P/E of 12.5 is 5% below its historical median of 13.2. The estimated fair value CAGR (P/E method) is 10.6%.
SouthState Bank Corp (SSB) operates in the State Commercial Banks industry, within the Financials sector.
SouthState Bank Corp (SSB) reported annual revenue of $3.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
SouthState Bank Corp (SSB) has a net profit margin of 21.3%. This is a strong margin indicating high profitability.
SouthState Bank Corp (SSB) generated $231 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SouthState Bank Corp (SSB) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
SouthState Bank Corp (SSB) reported earnings per share (EPS) of $7.87 in its most recent fiscal year.
SouthState Bank Corp (SSB) has a return on equity (ROE) of 10.7%. This indicates moderate shareholder returns.
SouthState Bank Corp (SSB) has a 5-year average gross margin of 78.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for SouthState Bank Corp (SSB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SouthState Bank Corp (SSB) has a book value per share of $89.27, based on its most recent annual SEC filing.
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