SouthState Bank Corp (NYSE: SSB)

SouthState Corp (SSB) is a financial holding company based in Winter Haven, Florida, that operates a variety of banking services and products through its subsidiary, SouthState Bank, National Association. The company's primary business activities include lending, deposit-taking, and wealth management, with a focus on providing personalized services to its customers.

SouthState Corp operates in the highly competitive banking industry, providing a range of products and services to individuals, businesses, and institutions located in the southeastern United States. The company generates revenue primarily through interest on loans, fees from deposit accounts, and commissions on bond sales. Its main products and services include commercial and industrial loans, residential real estate loans, and consumer loans.

The company's Lending segment includes commercial and industrial loans, residential real estate loans, and consumer loans. Commercial and industrial loans include lines of credit, acquisition finance credit facilities, and other types of commercial credit. Residential real estate loans include one-to-four family residential real estate loans with terms ranging from 10 to 30 years. Consumer loans include auto, boat, and personal installment loans. The Deposit Products segment includes checking and savings accounts, money market accounts, and certificates of deposit. The Treasury Services segment includes cash management, wire transfer, and other treasury services. The Other Funding Sources segment includes mortgage banking and other non-interest income.

SouthState Corp competes with national and regional banks, credit unions, and other financial institutions for market share. The company's competitive advantage lies in its focus on providing personalized services to its customers, building strong relationships with its clients, and offering a wide range of products and services.

The company's customer base is primarily composed of individuals, businesses, and institutions located in the southeastern United States. Its customers include small and medium-sized businesses, as well as large corporations and institutions.

SouthState Corp is committed to diversity, equity, and inclusion, and has established a diversity and inclusion plan to promote a diverse and inclusive workplace. The company also has a strong focus on corporate social responsibility, with initiatives aimed at building vibrant communities, fostering a strong culture, and promoting the highest ethical standards.

The company's regulatory capital ratios were above the well-capitalized standards as of December 31, 2023, and met the fully phased-in capital conservation buffer. The company has elected to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of benefit during the initial two-year delay for a total five-year transition.

In terms of its workforce, SouthState Corp has a diverse and talented team of employees, with over 96% of its employees located in the six states where it operates. The company offers a comprehensive benefits package, including health, dental, and vision insurance, retirement plans, and employee stock purchase plans.