SouthState Bank Corporation (SSB) Financial Statements

Executive TeamFinancials

SouthState Bank financial statements at a glance

SouthState Bank reported revenue of $1.67 billion for fiscal year 2024 (ended December 31, 2024), down 2.0% from fiscal year 2023. Net income was $534.78 million, a net margin of 32.1%, and diluted earnings per share were $6.97.

At the end of fiscal year 2024 it had total assets of $46.38 billion, total liabilities of $40.49 billion and shareholders' equity of $5.89 billion, with cash of $798.29 million and total debt of $381.22 million.

Its operations brought in $511.96 million of cash; capital spending was $35.81 million, leaving free cash flow of $476.15 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2024.

SSB logo

SouthState Bank Corporation

SSBUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
1.67B
Prev Year: 1.70B
YoY: -2.0%
Net Interest Income
1.42B
Prev Year: 1.45B
YoY: -2.6%
Interest Income
2.14B
Prev Year: 1.94B
YoY: +10.1%
Interest Income from Loans And Lease
1.93B
Prev Year: 1.72B
YoY: +12.2%
Interest Income from Loans
1.93B
Prev Year: 1.72B
YoY: +12.2%
Interest Income from Securities
178.40M
Prev Year: 186.36M
YoY: -4.3%
Interest Income from Federal Funds Sold and Securities Purchased Under Agreements to Resell
37.13M
Prev Year: 41.64M
YoY: -10.8%
Interest Expense
725.91M
Prev Year: 491.80M
YoY: +47.6%
Interest Expense on Deposits
671.83M
Prev Year: 440.26M
YoY: +52.6%
Interest Expense on Long-term Debt and Capital Securities
33.81M
Prev Year: 35.95M
YoY: -5.9%
Interest Expense for Federal Funds Sold and Securities Purchased Under Agreements to Resell
20.27M
Prev Year: 15.59M
YoY: +30.0%
Non Interest Income
251.68M
Prev Year: 248.03M
YoY: +1.5%
Fees And Commissions
183.65M
Prev Year: 192.04M
YoY: -4.4%
Fees and Commission Income
234.23M
Prev Year: 230.92M
YoY: +1.4%
Service Charges on Deposit Accounts
188.76M
Prev Year: 191.47M
YoY: -1.4%
Trust Fees by Commissions
45.47M
Prev Year: 39.45M
YoY: +15.3%
Fee and Commission Expense
50.59M
Prev Year: 38.88M
YoY: +30.1%
Gain Losson Saleof Assets
16.18M
Prev Year: 13.97M
YoY: +15.8%
Gain on Sale of Securities
-50.0K
Prev Year: 43.0K
YoY: -216.3%
Gain on Sale of Loans
16.23M
Prev Year: 13.93M
YoY: +16.5%
Other Noninterest Income
51.85M
Prev Year: 42.02M
YoY: +23.4%
Provision for Credit Losses
-15.97M
Prev Year: -114.08M
YoY: +86.0%
Non Interest Expense
926.48M
Prev Year: 938.57M
YoY: -1.3%
Occupancy And Equipment
90.10M
Prev Year: 88.69M
YoY: +1.6%
Net Occupancy Expense
90.10M
Prev Year: 88.69M
YoY: +1.6%
Professional and Contract Services Expense
16.40M
Prev Year: 18.55M
YoY: -11.6%
Selling General and Administrative
679.43M
Prev Year: 681.44M
YoY: -0.3%
General and Administrative Expense
670.29M
Prev Year: 671.97M
YoY: -0.2%
Salaries and Wages
635.28M
Prev Year: 613.21M
YoY: +3.6%
Insurance and Claims
35.00M
Prev Year: 58.76M
YoY: -40.4%
Selling and Marketing Expense
9.14M
Prev Year: 9.47M
YoY: -3.5%
Depreciation Amortization Depletion
22.39M
Prev Year: 27.56M
YoY: -18.7%
Depreciation and amortization
22.39M
Prev Year: 27.56M
YoY: -18.7%
Amortization
22.39M
Prev Year: 27.56M
YoY: -18.7%
Amortization of Intangibles
22.39M
Prev Year: 27.56M
YoY: -18.7%
Securities Amortization
117.0K
Prev Year: 9.63M
YoY: -98.8%
Other Noninterest Expense
118.03M
Prev Year: 112.70M
YoY: +4.7%
Special Income Charges
-24.43M
Prev Year: -17.14M
YoY: -42.6%
Restructuring and Mergers Acquisition
20.13M
Prev Year: 13.16M
YoY: +53.0%
Other Special Charges
4.30M
Prev Year: 3.98M
YoY: +8.1%
Loss on Extinguishment of Debt
-
Prev Year: 0
Pre-tax Income
700.25M
Prev Year: 630.85M
YoY: +11.0%
Provision for Income Taxes
165.47M
Prev Year: 136.54M
YoY: +21.2%
Net Income Common Stockholders
534.78M
Prev Year: 494.31M
YoY: +8.2%
Net Income
534.78M
Prev Year: 494.31M
YoY: +8.2%
Net Income Including Non-Controlling Interests
534.78M
Prev Year: 494.31M
YoY: +8.2%
Net Income from Continuing Operations
534.78M
Prev Year: 494.31M
YoY: +8.2%
Diluted NI Available to Com Stockholders
534.78M
Prev Year: 494.31M
YoY: +8.2%
Basic EPS
7.01
Prev Year: 6.5
YoY: +7.8%
Diluted EPS
6.97
Prev Year: 6.46
YoY: +7.9%
Weighted Average Shares (basic)
76.30M
Prev Year: 76.05M
YoY: +0.3%
Weighted Average Shares (diluted)
76.76M
Prev Year: 76.48M
YoY: +0.4%
Interest Income After Provision for Loan Loss
1.40B
Prev Year: 1.34B
YoY: +4.6%
Net Income from Continuing and Discontinued Operation
534.78M
Prev Year: 494.31M
YoY: +8.2%
Normalized Income
553.44M
Prev Year: 507.74M
YoY: +9.0%
Total Money Market Investments
37.13M
Prev Year: 41.64M
YoY: -10.8%
Reconciled Depreciation
56.70M
Prev Year: 58.83M
YoY: -3.6%
Net Income from Continuing Operation Net Minority Interest
534.78M
Prev Year: 494.31M
YoY: +8.2%
Total Unusual Items Excluding Goodwill
-24.43M
Prev Year: -17.14M
YoY: -42.6%
Total Unusual Items
-24.43M
Prev Year: -17.14M
YoY: -42.6%
Tax Effect of Unusual Items
-5.77M
Prev Year: -3.71M
YoY: -55.7%
Values in USD

SouthState Bank key figures by fiscal year

FY2024FY2023FY2022FY2021FY2020
Revenue$1.7B$1.7B$1.6B$1.4B$1.1B
Net income$534.8M$494.3M$496.0M$475.5M$120.6M
Diluted EPS$6.97$6.46$6.60$6.71$2.19
Total assets$46.4B$44.9B$43.9B$41.8B$37.8B
Total liabilities$40.5B$39.4B$38.8B$37.0B$33.1B
Shareholders' equity$5.9B$5.5B$5.1B$4.8B$4.6B
Cash$798.3M$762.4M$732.1M$702.7M$1.0B
Total debt$381.2M$481.6M$382.0M$316.8M$379.9M
Operating cash flow$512.0M$546.8M$1.7B$415.7M$536.9M
Capital spending$35.8M$38.9M$17.7M$28.4M$16.9M
Free cash flow$476.2M$507.9M$1.7B$387.3M$520.0M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2013.

Questions and answers

What was SouthState Bank's revenue in fiscal year 2024?

$1.67 billion, down 2.0% from $1.70 billion in fiscal year 2023.

How much profit does SouthState Bank make?

SouthState Bank reported net income of $534.78 million for fiscal year 2024 (32.1% of revenue).

How much cash and debt does SouthState Bank have?

At the end of fiscal year 2024: cash of $798.29 million and total debt of $381.22 million.

What is SouthState Bank's free cash flow?

$476.15 million in fiscal year 2024 (operating cash flow of $511.96 million minus capital spending of $35.81 million).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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