SouthState Corporation (SSB): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how SouthState Corporation (SSB), a major player in the financial services industry, operates and generates revenue? With $1.70 billion in revenue for 2024, a 4.69% increase from the previous year, and earnings of $534.78 million, up by 8.19%, SouthState has demonstrated steady growth and solid financial performance. Keep reading to explore the history, ownership structure, mission, and the multifaceted ways this financial institution makes money.

SouthState Corporation (SSB) History

Founding Timeline

Year established

The company was established in 1933.

Original location

The company was originally located in Orangeburg, South Carolina.

Founding team members

The founder of the company was S.C. Forney.

Initial capital/funding

The initial capital was $30,000.

Evolution Milestones

Transformative Moments

• Strategic Acquisitions: The company has grown significantly through strategic acquisitions of other banks and financial institutions. These acquisitions have expanded its geographic footprint and service offerings.
• Focus on Community Banking: Despite its growth, the company has maintained a strong focus on community banking principles, emphasizing local decision-making and customer relationships.
• Adaptation to Technological Change: The company has invested in technology to enhance its online and mobile banking capabilities, adapting to changing customer preferences and competitive pressures.

The company's evolution reflects a commitment to growth, diversification, and adaptation to the changing financial landscape, all while maintaining a focus on community values. To understand more about the investors, check this link: Exploring SouthState Corporation (SSB) Investor Profile: Who’s Buying and Why?

SouthState Corporation (SSB) Ownership Structure

SouthState Corporation features a mixed ownership structure, encompassing institutional investors, retail shareholders, and company insiders. This blend influences the corporate governance and strategic direction of the bank.

SouthState Corporation's Current Status

SouthState Corporation is a publicly traded company, meaning its shares are available for purchase on the open market. It is listed on the NASDAQ under the ticker symbol SSB. This allows individuals and institutions to invest in the company, and its performance is subject to market forces and regulatory oversight.

SouthState Corporation's Ownership Breakdown

Understanding the ownership structure of SouthState Corporation provides insights into who has influence over the company's decisions. Here's a breakdown:

SouthState Corporation's Leadership

The leadership team guides the strategic direction and day-to-day operations of SouthState Corporation. Key figures include:

• Robert R. Hill, Jr.: Chief Executive Officer of SouthState Corporation and SouthState Bank.
• John C. Corbett: Chief Operating Officer of SouthState Corporation and Chief Executive Officer of SouthState Bank.
• Stephen D. Young: Chief Financial Officer of SouthState Corporation.

These individuals, along with other executive leaders and the Board of Directors, are responsible for setting the company's strategic goals, managing risk, and ensuring compliance with regulatory requirements. More information on SouthState Corporation's financial health can be found at: Breaking Down SouthState Corporation (SSB) Financial Health: Key Insights for Investors

SouthState Corporation (SSB) Mission and Values

SouthState Corporation strives to be the most respected regional bank in the Southeast, committed to its customers, employees, and communities. The company's values emphasize integrity, teamwork, and a focus on long-term relationships.

SouthState Corporation's Core Purpose

Official mission statement

SouthState’s official mission statement is: 'To be the most respected regional bank in the Southeast.' This mission reflects the bank's commitment to excellence and its ambition to be a leader in the financial services industry within its geographic footprint. The mission is further supported by a set of core values that guide the behavior and decisions of its employees.

Vision statement

While a specific, formally declared vision statement might not be explicitly publicized, SouthState’s vision can be inferred from its strategic objectives and corporate communications. Key aspects of their vision include:

• Growth and Expansion: Expanding its presence and market share in the Southeast through organic growth and strategic acquisitions.
• Customer Loyalty: Building and maintaining strong, long-term relationships with customers by providing exceptional service and tailored financial solutions.
• Community Engagement: Being an active and responsible corporate citizen, contributing to the economic and social well-being of the communities it serves.
• Employee Development: Fostering a supportive and inclusive work environment that attracts, develops, and retains top talent.
• Innovation and Technology: Embracing innovation and leveraging technology to enhance its products, services, and operational efficiency.

Company slogan/tagline

SouthState's tagline, 'Understand More. Bank Better,' encapsulates the company's commitment to providing personalized and insightful financial services. This slogan reflects their focus on building strong customer relationships through understanding their unique needs and providing tailored solutions.

To delve deeper into SouthState's mission, vision, and core values, you can visit: Mission Statement, Vision, & Core Values of SouthState Corporation (SSB).

SouthState Corporation (SSB) How It Works

SouthState Corporation operates as a financial holding company, providing a range of banking services to individuals, businesses, and governmental entities. These services are delivered through its subsidiary, SouthState Bank, N.A.

SouthState Corporation's Product/Service Portfolio

SouthState Corporation's Operational Framework

SouthState's operational framework is built around providing comprehensive financial services through various channels, including:

• Branch Network: A network of branches across the Southeast, providing in-person banking services.
• Digital Banking: Online and mobile banking platforms for convenient access to accounts and services.
• Commercial Banking Teams: Dedicated teams focused on serving the unique needs of businesses.
• Wealth Management Advisors: Professionals offering personalized financial advice and investment solutions.
• Customer Service Centers: Providing support and assistance via phone and online channels.

SouthState focuses on building strong customer relationships and leveraging technology to enhance the banking experience. The bank gathers deposits from its customer base and uses these funds to create a variety of loans. Net interest income, the difference between income generated from assets and interest paid to liabilities, forms a significant portion of SouthState's revenue. In 2024, SouthState's net interest income was a substantial contributor to its overall financial performance.

For more insights into SouthState Corporation, you might find this resource helpful: Exploring SouthState Corporation (SSB) Investor Profile: Who’s Buying and Why?

SouthState Corporation's Strategic Advantages

SouthState's strategic advantages include:

• Strong Regional Presence: A significant presence in the attractive Southeastern United States markets.
• Diversified Revenue Streams: Income from various sources, including commercial banking, retail banking, and wealth management.
• Experienced Management Team: A leadership team with a proven track record of success.
• Customer-Focused Approach: Emphasizing personalized service and building long-term relationships.
• Technological Investments: Investing in digital platforms and technologies to improve efficiency and customer experience.

SouthState has a strong focus on organic growth and strategic acquisitions. As of the fiscal year 2024, SouthState reported total assets of approximately $49.67 billion. The company's strategy involves expanding its footprint, enhancing its service offerings, and maintaining a strong credit culture.

SouthState Corporation (SSB) How It Makes Money

SouthState Corporation primarily generates revenue through traditional banking activities, including taking deposits and providing loans. They also earn income from service charges, wealth management activities, and mortgage lending.

SouthState Corporation's Revenue Breakdown

SouthState Corporation's Business Economics

SouthState's business economics are fundamentally driven by the spread between the interest they earn on loans and investments and the interest they pay on deposits. This difference, known as net interest margin (NIM), is a critical factor in their profitability. Additionally, fees for services, wealth management, and mortgage activities contribute to the overall revenue.

• Net Interest Margin (NIM): NIM is sensitive to changes in interest rates set by the Federal Reserve. Higher rates can increase NIM, but also increase the cost of funds.
• Fee Income: SouthState also generates revenue from service charges, wealth management fees, and other non-interest income sources.
• Operating Efficiency: Controlling operating expenses is crucial. A lower efficiency ratio (operating expenses as a percentage of revenue) indicates better performance.

SouthState Corporation's Financial Performance

SouthState's financial performance can be evaluated through several key metrics that reflect its profitability, efficiency, and stability.

• Net Income: Indicates overall profitability after all expenses are paid.
• Earnings Per Share (EPS): EPS shows the company's profitability on a per-share basis.
• Return on Assets (ROA): Measures how efficiently the company is using its assets to generate earnings. A higher ROA is generally more favorable.
• Return on Equity (ROE): Measures how effectively the company is using shareholders' equity to generate profits.
• Efficiency Ratio: A lower efficiency ratio indicates that the bank is managing its operating expenses effectively.
• Loan Growth: Growth in the loan portfolio indicates the bank's ability to expand its lending activities.
• Asset Quality: Monitoring non-performing assets and the provision for credit losses is essential to assess the health of the loan portfolio.

To gain further insights into SouthState Corporation, consider exploring this resource: Exploring SouthState Corporation (SSB) Investor Profile: Who’s Buying and Why?

SouthState Corporation (SSB) Market Position & Future Outlook

SouthState Corporation (SSB) is strategically positioned to leverage its strong regional presence and customer-focused approach to maintain and grow its market share. The company's future outlook is shaped by its ability to capitalize on market opportunities while effectively managing potential risks.

Competitive Landscape

Opportunities & Challenges

Industry Position

SouthState Corporation holds a significant position in the Southeastern banking sector, characterized by:

• A focus on community banking with personalized customer service.
• A growing presence in metropolitan areas through strategic acquisitions.
• Investments in technology to enhance digital banking capabilities.

For more in-depth insights into the company's guiding principles, explore Mission Statement, Vision, & Core Values of SouthState Corporation (SSB).