SouthState Bank Corp (NYSE: SSB)

SouthState Bank Corporation is a financial holding company headquartered in Winter Haven, Florida that provides a broad range of banking products and services through its wholly owned bank subsidiary, SouthState Bank, National Association. The company operates a network of 342 full service branches across eight states and offers lending, deposit, wealth management, mortgage, and correspondent banking solutions to individual, corporate, and institutional customers.

The company generates revenue primarily from interest earned on its loan portfolio, which includes commercial real estate, residential real estate, commercial and industrial, and consumer loans, as well as from fees on deposit accounts, service charges, and commissions on fixed income security sales. Additional revenue streams consist of fees from hedging services, loan brokerage activities, wealth management fees, mortgage banking gains, and income from its factoring and invoicing business.

The company operates through the following segments:

• Correspondent Banking and Capital Markets: This segment provides services to small and medium sized financial institutions, credit unions, and money managers across the United States, earning commissions on fixed income security sales, fees from hedging, loan brokerage, and consulting fees.

• Wealth Management: This segment offers wealth management and fiduciary services to affluent clients, individuals, business owners, families, and professional service companies through the Bank and SouthState Private Capital Management, providing financial planning, retirement, trust, and investment management solutions.

• Mortgage Banking: This segment originates single family home loans, sells them into the secondary market or holds them in portfolio, and retains servicing rights on the loans it holds or sells.

• Corporate Billing: This segment provides factoring, invoicing, collection, and accounts receivable management services to transportation companies and automotive parts and service providers nationwide.

• SouthState Securities: This segment operates as a full service registered broker dealer headquartered in Memphis, Tennessee, offering brokerage services that complement the Bank’s correspondent banking and capital markets businesses.

SouthState Bank Corporation holds a strong regional presence in the Southeastern United States, competing with national banks, super regional banks, and other community banks for deposits and loans. The company differentiates itself through a relationship driven business model, extensive branch network, and a diverse product suite that includes lending, deposit, wealth management, mortgage, and correspondent banking services. Its focus on local market knowledge and personalized service enables it to compete effectively despite the scale of larger rivals.

The company’s customer base includes individual consumers, small and middle market businesses, corporate clients, and a variety of financial institutions such as community banks, credit unions, and money managers. It also serves transportation firms and automotive parts providers through its Corporate Billing division.