What is SouthState Bank Net Worth 2024: Assets, Revenue, and Financial Performance

SouthState Bank net worth in 2024 is a result of strategic growth, solid revenue, and key acquisitions.

This deep dive by Ando Money uncovers its assets, financial performance, and how the bank continues to expand in a competitive market.

Quick Facts

What Is the Net Worth/Market Cap of SouthState Bank in 2024?

As of 2024, SouthState Bank is estimated to have a market capitalization of around $6.9 billion. This places it among the mid-sized regional banks in the U.S., which continue to grow through strategic mergers and acquisitions.

Comparatively, SouthState’s net worth is lower than some of the larger national banks, but it still holds a solid position in the southeastern U.S. market.

While it may not be the largest player in the sector, SouthState Bank has a strong regional presence and an expanding portfolio, particularly after its recent acquisitions.

Other banks similar to SouthState include:

• PNC Bank
• SunTrust Bank
• CenterState Bank
• Independent Bank Group
• Truist Financial
• Fifth Third Bank
• Regions Bank

For more information about the world’s largest financial institutions, check out this list of the biggest banks.

SouthState Bank Financial Performance Overview

SouthState Bank has seen solid financial growth, particularly after its strategic acquisitions and organic market expansion. Let’s break down the key aspects of the bank’s financial performance in recent quarters.

Key Factors Contributing to Revenue Growth

SouthState’s revenue growth has been driven by several important factors. The bank’s loan portfolio continues to expand, led by consumer real estate and commercial loans.

In the first quarter of 2024, loans increased by 3%, and in the second quarter, they grew at an annualized pace of 7%. This uptick in loans has contributed to a steady rise in net interest income, which hit $350 million in the second quarter of 2024.

Additionally, the net interest margin (NIM) stood at 3.43%, a sign that the bank’s lending practices remain profitable.

Noninterest income has also played a role in boosting overall revenue. For the second quarter of 2024, noninterest income was reported at $75 million, representing 0.67% of the bank’s average assets.

This income comes from various fees and service charges, further diversifying SouthState’s revenue streams.

Managing Capital and Risk

SouthState Bank has demonstrated a strong commitment to capital management. In 2024, the bank maintained a Tangible Common Equity ratio of 8.4%, reflecting its ability to weather economic shifts and market changes.

The total risk-based capital ratio stood at 14.4%, which is solid for a regional bank of its size.

One key aspect of risk management is maintaining a healthy loan portfolio while minimizing losses. SouthState reported net charge-offs of $4.2 million in the second quarter, which is 0.05% annualized.

Meanwhile, provisions for credit losses stood at $3.9 million, ensuring the bank has sufficient reserves to cover potential loan defaults.

Overall, the total allowance for credit losses (ACL) plus reserve for unfunded commitments accounted for 1.57% of total loans, indicating robust risk mitigation strategies.

Mergers and Acquisitions Boosting Market Position

One of the most significant factors in SouthState’s growth is its series of mergers and acquisitions. The 2020 merger with CenterState Bank marked a major turning point, creating a combined bank with $34 billion in assets.

This merger helped SouthState expand its footprint across Florida and Georgia, strengthening its regional presence.

In 2024, SouthState announced the acquisition of Independent Bank Group, a Texas-based financial institution.

This acquisition will further expand SouthState’s reach into the rapidly growing Texas market, one of the most lucrative regions for banking in the U.S.

The acquisition strategy is helping SouthState Bank build a more diversified and stable portfolio, positioning it for continued growth.

Profitability and Financial Ratios

The bank has consistently delivered strong profitability metrics. In the second quarter of 2024, the bank reported diluted earnings per share (EPS) of $1.73, while adjusted EPS was $1.79.

This represents a 15% increase over the first quarter of the same year. Additionally, the bank achieved a return on average tangible common equity (ROATCE) of 16.1%, reflecting its efficiency in generating returns from its equity base.

The book value per share reached $74.16, and the tangible book value (TBV) per share was $47.90. These figures suggest that the bank’s financial health is solid, with shareholders benefiting from steady value growth.

Dividend Payments and Shareholder Returns

SouthState Bank has been proactive in returning value to shareholders. In 2024, the bank increased its quarterly dividend from $0.52 to $0.54 per share, reflecting confidence in its long-term financial stability.

Additionally, SouthState repurchased 100,000 shares at an average price of $79.85 in the first quarter of 2024, which helped to boost earnings per share (EPS) and support its stock price.

The bank’s consistent dividend payments and share buybacks are part of a broader strategy to enhance shareholder returns and solidify investor confidence.

For long-term shareholders, these moves highlight SouthState’s commitment to maintaining a balanced approach to growth and profitability.

Future Growth Prospects

Looking ahead, SouthState Bank’s future growth prospects are promising.

The bank is well-positioned to capitalize on opportunities in the consumer real estate and commercial loans sectors, especially with its growing presence in high-growth markets like Texas.

As the bank continues to integrate its recent acquisitions, it will likely see further expansion in its loan portfolio, deposits, and overall market share.

FAQs about SouthState Bank

What is SouthState Bank known for?

The bank is known for offering regional banking services in the southeastern U.S. It provides loans, deposits, mortgages, and wealth management. The bank has expanded its presence through strategic mergers.

How large is SouthState Bank in terms of assets?

It holds an estimated $34 billion in assets as of 2024. This makes it a leading regional bank with a diverse portfolio of services.

How does the bank maintain profitability?

It profits from loan growth, effective risk management, and growing noninterest income. Its net interest margin and efficiency ratio indicate strong financial health.

What is SouthState Bank’s approach to mergers and acquisitions?

It grows through strategic mergers. The bank’s key acquisitions include CenterState Bank and Independent Bank Group, expanding its presence in high-growth regions like Texas and Florida.

Who is the CEO of SouthState Bank?

The CEO is John C. Corbett. Under his leadership, the bank has expanded through mergers and organic growth, ensuring continued profitability.

Does the bank pay dividends to shareholders?

Yes, it pays quarterly dividends. In 2024, the dividend was raised to $0.54 per share.

What are SouthState Bank’s capital and risk management strategies?

The bank maintains strong capital ratios and risk management practices. It has a Tangible Common Equity ratio of 8.4% and a total risk-based capital ratio of 14.4%.

What services does it offer?

It provides loans, mortgages, personal banking, and wealth management. Its services cater to individuals and businesses in the southeastern U.S.

Where is the bank’s headquartered?

The bank is headquartered in Winter Haven, Florida. It moved its headquarters following the merger with CenterState Bank.

Conclusion

SouthState Bank’s impressive financial performance sets it apart in 2024. Have thoughts? Share them below, spread the word, or explore more in-depth banking analysis on andomoney.com!