WINTER HAVEN, Fla., April 28, 2022 /PRNewswire/ -- SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2022.
The Company reported consolidated net income of $1.39 per diluted common share for the three months ended March 31, 2022, compared to $1.52 per diluted common share for the three months ended December 31, 2021, and compared to $2.06 per diluted common share one year ago.
Adjusted net income (non-GAAP) totaled $1.69 per diluted share for the three months ended March 31, 2022, compared to $1.59 per diluted share for the three months ended December 31, 2021, and compared to $2.17 per diluted share one year ago. Adjusted net income in the first quarter of 2022 excludes $13.5 million of initial provision for credit losses ("PCL") (after-tax) on nonPCD loans and unfunded commitments ("UFC") acquired from Atlantic Capital Bancshares, Inc. ("ACBI") and $8.1 million of merger-related costs (after-tax). The ACBI merger was completed on March 1, 2022.
"We had a good first quarter, with strength across the company. We are pleased with our revenue, expenses, growth and asset quality, and we believe this is a good start to the year," said John C. Corbett, Chief Executive Officer. "We are also pleased to have closed the Atlantic Capital acquisition and to join with Doug Williams and his team. Our presence in Atlanta and other great markets in the Southeast combined with an improving interest rate environment gives me great confidence about our future."
Highlights of the first quarter of 2022 include:
Balance Sheet / Credit
Capital Returns
Subsequent Events
Financial Performance
Three Months Ended |
||||||||||||||||
(Dollars in thousands, except per share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
INCOME STATEMENT |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Interest income |
||||||||||||||||
Loans, including fees (1) |
$ |
233,617 |
$ |
238,310 |
$ |
246,065 |
$ |
246,177 |
$ |
259,967 |
||||||
Investment securities, trading securities, federal funds sold and securities |
||||||||||||||||
purchased under agreements to resell |
36,847 |
29,071 |
25,384 |
21,364 |
18,509 |
|||||||||||
Total interest income |
270,464 |
267,381 |
271,449 |
267,541 |
278,476 |
|||||||||||
Interest expense |
||||||||||||||||
Deposits |
4,628 |
5,121 |
7,267 |
9,537 |
11,257 |
|||||||||||
Federal funds purchased, securities sold under agreements |
||||||||||||||||
to repurchase, and other borrowings |
4,362 |
4,156 |
4,196 |
4,874 |
5,221 |
|||||||||||
Total interest expense |
8,990 |
9,277 |
11,463 |
14,411 |
16,478 |
|||||||||||
Net interest income |
261,474 |
258,104 |
259,986 |
253,130 |
261,998 |
|||||||||||
(Recovery) provision for credit losses |
(8,449) |
(9,157) |
(38,903) |
(58,793) |
(58,420) |
|||||||||||
Net interest income after (recovery) provision for credit losses |
269,923 |
267,261 |
298,889 |
311,923 |
320,418 |
|||||||||||
Noninterest income |
86,090 |
91,894 |
87,010 |
79,020 |
96,285 |
|||||||||||
Noninterest expense |
||||||||||||||||
Pre-tax operating expense |
218,324 |
217,392 |
214,672 |
218,707 |
218,702 |
|||||||||||
Merger and/or branch consolid. expense |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||
Extinguishment of debt cost |
— |
— |
— |
11,706 |
— |
|||||||||||
Total noninterest expense |
228,600 |
224,037 |
232,290 |
263,383 |
228,711 |
|||||||||||
Income before provision for income taxes |
127,413 |
135,118 |
153,609 |
127,560 |
187,992 |
|||||||||||
Income taxes provision |
27,084 |
28,272 |
30,821 |
28,600 |
41,043 |
|||||||||||
Net income |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||
Adjusted net income (non-GAAP) (2) |
||||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||
Securities gains, net of tax |
— |
(2) |
(51) |
(28) |
— |
|||||||||||
Initial provision for credit losses - NonPCD loans and UFC, net of tax |
13,492 |
— |
— |
— |
— |
|||||||||||
Merger and/or branch consolid. expense, net of tax |
8,092 |
5,255 |
14,083 |
25,578 |
7,824 |
|||||||||||
Extinguishment of debt cost, net of tax |
— |
— |
— |
9,081 |
— |
|||||||||||
Adjusted net income (non-GAAP) |
$ |
121,913 |
$ |
112,099 |
$ |
136,820 |
$ |
133,591 |
$ |
154,773 |
||||||
Basic earnings per common share |
$ |
1.40 |
$ |
1.53 |
$ |
1.75 |
$ |
1.40 |
$ |
2.07 |
||||||
Diluted earnings per common share |
$ |
1.39 |
$ |
1.52 |
$ |
1.74 |
$ |
1.39 |
$ |
2.06 |
||||||
Adjusted net income per common share - Basic (non-GAAP) (2) |
$ |
1.71 |
$ |
1.61 |
$ |
1.95 |
$ |
1.89 |
$ |
2.18 |
||||||
Adjusted net income per common share - Diluted (non-GAAP) (2) |
$ |
1.69 |
$ |
1.59 |
$ |
1.94 |
$ |
1.87 |
$ |
2.17 |
||||||
Dividends per common share |
$ |
0.49 |
$ |
0.49 |
$ |
0.49 |
$ |
0.47 |
$ |
0.47 |
||||||
Basic weighted-average common shares outstanding |
71,447,429 |
69,651,334 |
70,066,235 |
70,866,193 |
71,009,209 |
|||||||||||
Diluted weighted-average common shares outstanding |
72,110,746 |
70,289,971 |
70,575,726 |
71,408,888 |
71,484,490 |
|||||||||||
Effective tax rate |
21.26% |
20.92% |
20.06% |
22.42% |
21.83% |
Performance and Capital Ratios
Three Months Ended |
|||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||||
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||||
PERFORMANCE RATIOS |
|||||||||||||||||
Return on average assets (annualized) |
0.95 |
% |
1.02 |
% |
1.20 |
% |
1.00 |
% |
1.56 |
% |
|||||||
Adjusted return on average assets (annualized) (non-GAAP) (2) |
1.15 |
% |
1.08 |
% |
1.34 |
% |
1.35 |
% |
1.64 |
% |
|||||||
Return on average common equity (annualized) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
|||||||
Adjusted return on average common equity (annualized) (non-GAAP) (2) |
10.01 |
% |
9.28 |
% |
11.37 |
% |
11.31 |
% |
13.39 |
% |
|||||||
Return on average tangible common equity (annualized) (non-GAAP) (3) |
13.97 |
% |
14.63 |
% |
16.86 |
% |
14.12 |
% |
21.16 |
% |
|||||||
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) |
16.79 |
% |
15.30 |
% |
18.68 |
% |
18.74 |
% |
22.24 |
% |
|||||||
Efficiency ratio (tax equivalent) |
62.99 |
% |
61.27 |
% |
64.22 |
% |
76.28 |
% |
61.06 |
% |
|||||||
Adjusted efficiency ratio (non-GAAP) (4) |
60.05 |
% |
59.39 |
% |
59.16 |
% |
62.88 |
% |
58.27 |
% |
|||||||
Dividend payout ratio (5) |
33.71 |
% |
32.02 |
% |
27.94 |
% |
33.65 |
% |
22.72 |
% |
|||||||
Book value per common share |
$ |
68.30 |
$ |
69.27 |
$ |
68.55 |
$ |
67.60 |
$ |
66.42 |
|||||||
Tangible book value per common share (non-GAAP) (3) |
$ |
41.05 |
$ |
44.62 |
$ |
43.98 |
$ |
43.07 |
$ |
42.02 |
|||||||
CAPITAL RATIOS |
|||||||||||||||||
Equity-to-assets |
11.2 |
% |
11.4 |
% |
11.7 |
% |
11.8 |
% |
11.9 |
||||||||
Tangible equity-to-tangible assets (non-GAAP) (3) |
7.0 |
% |
7.7 |
% |
7.8 |
% |
7.8 |
% |
7.9 |
||||||||
Tier 1 leverage (6) * |
8.5 |
% |
8.1 |
% |
8.1 |
% |
8.1 |
% |
8.5 |
||||||||
Tier 1 common equity (6) * |
11.4 |
% |
11.8 |
% |
11.9 |
% |
12.1 |
% |
12.2 |
||||||||
Tier 1 risk-based capital (6) * |
11.4 |
% |
11.8 |
% |
11.9 |
% |
12.1 |
% |
12.2 |
||||||||
Total risk-based capital (6) * |
13.3 |
% |
13.6 |
% |
13.8 |
% |
14.1 |
% |
14.5 |
* |
The regulatory capital ratios presented above include the assumption of the transitional method relative to the CARES Act in relief of COVID-19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year "phase in" of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID-19. |
Ending Balance |
||||||||||||||||
(Dollars in thousands, except per share and share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
BALANCE SHEET |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Assets |
||||||||||||||||
Cash and due from banks |
$ |
588,372 |
$ |
476,653 |
$ |
597,321 |
$ |
529,434 |
$ |
392,556 |
||||||
Federal Funds Sold and interest-earning deposits with banks |
5,444,234 |
6,366,494 |
5,701,002 |
5,875,078 |
5,581,581 |
|||||||||||
Cash and cash equivalents |
6,032,606 |
6,843,147 |
6,298,323 |
6,404,512 |
5,974,137 |
|||||||||||
Trading securities, at fair value |
74,234 |
77,689 |
61,294 |
89,925 |
83,947 |
|||||||||||
Investment securities: |
||||||||||||||||
Securities held to maturity |
2,827,769 |
1,819,901 |
1,641,485 |
1,189,265 |
1,214,313 |
|||||||||||
Securities available for sale, at fair value |
5,924,206 |
5,193,478 |
4,631,554 |
4,369,159 |
3,891,490 |
|||||||||||
Other investments |
179,258 |
160,568 |
160,592 |
160,607 |
161,468 |
|||||||||||
Total investment securities |
8,931,233 |
7,173,947 |
6,433,631 |
5,719,031 |
5,267,271 |
|||||||||||
Loans held for sale |
130,376 |
191,723 |
242,813 |
171,447 |
352,997 |
|||||||||||
Loans: |
||||||||||||||||
Purchased credit deteriorated |
1,939,033 |
1,987,322 |
2,255,874 |
2,434,259 |
2,680,466 |
|||||||||||
Purchased non-credit deteriorated |
7,633,824 |
5,890,069 |
6,554,647 |
7,457,950 |
8,433,913 |
|||||||||||
Non-acquired |
16,983,570 |
16,050,775 |
14,978,428 |
14,140,869 |
13,377,086 |
|||||||||||
Less allowance for credit losses |
(300,396) |
(301,807) |
(314,144) |
(350,401) |
(406,460) |
|||||||||||
Loans, net |
26,256,031 |
23,626,359 |
23,474,805 |
23,682,677 |
24,085,005 |
|||||||||||
Other real estate owned ("OREO") |
3,290 |
2,736 |
3,687 |
5,039 |
11,471 |
|||||||||||
Premises and equipment, net |
568,332 |
558,499 |
569,817 |
568,473 |
569,171 |
|||||||||||
Bank owned life insurance |
942,922 |
783,049 |
778,552 |
773,452 |
562,624 |
|||||||||||
Mortgage servicing rights |
83,339 |
65,620 |
60,922 |
57,351 |
54,285 |
|||||||||||
Core deposit and other intangibles |
140,364 |
128,067 |
136,584 |
145,126 |
153,861 |
|||||||||||
Goodwill |
1,924,024 |
1,581,085 |
1,581,085 |
1,581,085 |
1,579,758 |
|||||||||||
Other assets |
1,114,790 |
928,111 |
1,262,195 |
1,177,751 |
1,035,805 |
|||||||||||
Total assets |
$ |
46,201,541 |
$ |
41,960,032 |
$ |
40,903,708 |
$ |
40,375,869 |
$ |
39,730,332 |
||||||
Liabilities and Shareholders' Equity |
||||||||||||||||
Deposits: |
||||||||||||||||
Noninterest-bearing |
$ |
14,052,332 |
$ |
11,498,840 |
$ |
11,333,881 |
$ |
11,176,338 |
$ |
10,801,812 |
||||||
Interest-bearing |
24,723,498 |
23,555,989 |
22,226,677 |
22,066,031 |
21,639,598 |
|||||||||||
Total deposits |
38,775,830 |
35,054,829 |
33,560,558 |
33,242,369 |
32,441,410 |
|||||||||||
Federal funds purchased and securities |
||||||||||||||||
sold under agreements to repurchase |
770,409 |
781,239 |
859,736 |
862,429 |
878,581 |
|||||||||||
Other borrowings |
405,553 |
327,066 |
326,807 |
351,548 |
390,323 |
|||||||||||
Reserve for unfunded commitments |
30,368 |
30,510 |
28,289 |
30,981 |
35,829 |
|||||||||||
Other liabilities |
1,044,973 |
963,448 |
1,335,377 |
1,130,919 |
1,264,369 |
|||||||||||
Total liabilities |
41,027,133 |
37,157,092 |
36,110,767 |
35,618,247 |
35,010,512 |
|||||||||||
Shareholders' equity: |
||||||||||||||||
Common stock - $2.50 par value; authorized 160,000,000 shares |
189,403 |
173,331 |
174,795 |
175,957 |
177,651 |
|||||||||||
Surplus |
4,214,897 |
3,653,098 |
3,693,622 |
3,720,946 |
3,772,248 |
|||||||||||
Retained earnings |
1,064,064 |
997,657 |
925,044 |
836,584 |
770,952 |
|||||||||||
Accumulated other comprehensive (loss) income |
(293,956) |
(21,146) |
(520) |
24,136 |
(1,031) |
|||||||||||
Total shareholders' equity |
5,174,408 |
4,802,940 |
4,792,941 |
4,757,623 |
4,719,820 |
|||||||||||
Total liabilities and shareholders' equity |
$ |
46,201,541 |
$ |
41,960,032 |
$ |
40,903,708 |
$ |
40,375,869 |
$ |
39,730,332 |
||||||
Common shares issued and outstanding |
75,761,018 |
69,332,297 |
69,918,037 |
70,382,728 |
71,060,446 |
Net Interest Income and Margin
Three Months Ended |
|||||||||||||||||||||||||
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
|||||||||||||||||||||||
(Dollars in thousands) |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||||
YIELD ANALYSIS |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
||||||||||||||||
Interest-Earning Assets: |
|||||||||||||||||||||||||
Federal funds sold and interest-earning deposits with banks |
$ |
5,678,147 |
$ |
2,852 |
0.20% |
$ |
6,070,349 |
$ |
2,224 |
0.15% |
$ |
4,757,717 |
$ |
989 |
0.08% |
||||||||||
Investment securities |
7,895,281 |
33,995 |
1.75% |
6,945,952 |
26,847 |
1.53% |
4,683,152 |
17,520 |
1.52% |
||||||||||||||||
Loans held for sale |
110,542 |
869 |
3.19% |
206,920 |
1,526 |
2.93% |
298,970 |
1,991 |
2.70% |
||||||||||||||||
Total loans, excluding PPP |
24,675,512 |
231,373 |
3.80% |
23,445,336 |
230,337 |
3.90% |
22,302,393 |
235,945 |
4.29% |
||||||||||||||||
Total PPP loans |
167,541 |
1,375 |
3.33% |
363,083 |
6,447 |
7.04% |
2,189,696 |
22,031 |
4.08% |
||||||||||||||||
Total loans held for investment |
24,843,053 |
232,748 |
3.80% |
23,808,419 |
236,784 |
3.95% |
24,492,089 |
257,976 |
4.27% |
||||||||||||||||
Total interest-earning assets |
38,527,023 |
270,464 |
2.85% |
37,031,640 |
267,381 |
2.86% |
34,231,928 |
278,476 |
3.30% |
||||||||||||||||
Noninterest-earning assets |
4,419,309 |
4,328,068 |
4,013,482 |
||||||||||||||||||||||
Total Assets |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
38,245,410 |
|||||||||||||||||||
Interest-Bearing Liabilities: |
|||||||||||||||||||||||||
Transaction and money market accounts |
$ |
17,473,192 |
$ |
2,217 |
0.05% |
$ |
16,492,540 |
$ |
2,230 |
0.05% |
$ |
14,678,248 |
$ |
5,387 |
0.15% |
||||||||||
Savings deposits |
3,408,129 |
130 |
0.02% |
3,267,366 |
135 |
0.02% |
2,780,361 |
434 |
0.06% |
||||||||||||||||
Certificates and other time deposits |
2,848,829 |
2,281 |
0.32% |
2,889,741 |
2,756 |
0.38% |
3,672,818 |
5,436 |
0.60% |
||||||||||||||||
Federal funds purchased |
354,899 |
111 |
0.13% |
493,776 |
107 |
0.09% |
434,943 |
92 |
0.09% |
||||||||||||||||
Repurchase agreements |
438,258 |
158 |
0.15% |
390,212 |
150 |
0.15% |
417,334 |
259 |
0.25% |
||||||||||||||||
Other borrowings |
354,133 |
4,093 |
4.69% |
326,921 |
3,899 |
4.73% |
390,043 |
4,870 |
5.06% |
||||||||||||||||
Total interest-bearing liabilities |
24,877,440 |
8,990 |
0.15% |
23,860,556 |
9,277 |
0.15% |
22,373,747 |
16,478 |
0.30% |
||||||||||||||||
Noninterest-bearing liabilities ("Non-IBL") |
13,131,727 |
12,704,738 |
11,184,514 |
||||||||||||||||||||||
Shareholders' equity |
4,937,165 |
4,794,414 |
4,687,149 |
||||||||||||||||||||||
Total Non-IBL and shareholders' equity |
18,068,892 |
17,499,152 |
15,871,663 |
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
38,245,410 |
|||||||||||||||||||
Net Interest Income and Margin (Non-Tax Equivalent) |
$ |
261,474 |
2.75% |
$ |
258,104 |
2.77% |
$ |
261,998 |
3.10% |
||||||||||||||||
Net Interest Margin (Tax Equivalent) |
2.77% |
2.78% |
3.12% |
||||||||||||||||||||||
Total Deposit Cost (without Debt and Other Borrowings) |
0.05% |
0.06% |
0.15% |
||||||||||||||||||||||
Overall Cost of Funds (including Demand Deposits) |
0.10% |
0.10% |
0.21% |
||||||||||||||||||||||
Total Accretion on Acquired Loans (1) |
$ |
6,741 |
$ |
7,707 |
$ |
10,416 |
|||||||||||||||||||
Total Deferred Fees on PPP Loans |
$ |
983 |
$ |
5,655 |
$ |
20,402 |
|||||||||||||||||||
TEFRA (included in NIM, Tax Equivalent) |
$ |
1,885 |
$ |
1,734 |
$ |
1,286 |
(1) |
The remaining loan discount on acquired loans to be accreted into loan interest income totals $100.7 million and the remaining net deferred fees on PPP loans totals $658,000 as of March 31, 2022. |
Noninterest Income and Expense
Three Months Ended |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
(Dollars in thousands) |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Noninterest Income: |
||||||||||||||||
Fees on deposit accounts |
$ |
28,902 |
$ |
30,293 |
$ |
26,130 |
$ |
23,936 |
$ |
25,282 |
||||||
Mortgage banking income |
10,594 |
12,044 |
15,560 |
10,115 |
26,880 |
|||||||||||
Trust and investment services income |
9,718 |
9,520 |
9,150 |
9,733 |
8,578 |
|||||||||||
Securities gains, net |
— |
2 |
64 |
36 |
— |
|||||||||||
Correspondent banking and capital market income |
27,994 |
30,216 |
25,164 |
25,877 |
28,748 |
|||||||||||
Bank owned life insurance income |
5,260 |
4,932 |
5,132 |
5,047 |
3,300 |
|||||||||||
Other |
3,622 |
4,887 |
5,810 |
4,276 |
3,498 |
|||||||||||
Total Noninterest Income |
$ |
86,090 |
$ |
91,894 |
$ |
87,010 |
$ |
79,020 |
$ |
96,286 |
||||||
Noninterest Expense: |
||||||||||||||||
Salaries and employee benefits |
$ |
137,673 |
$ |
137,321 |
$ |
136,969 |
$ |
137,379 |
$ |
140,361 |
||||||
Occupancy expense |
21,840 |
22,915 |
23,135 |
22,844 |
23,331 |
|||||||||||
Information services expense |
19,193 |
18,489 |
18,061 |
19,078 |
18,789 |
|||||||||||
OREO and loan related expense |
(238) |
(740) |
1,527 |
240 |
1,002 |
|||||||||||
Business development and staff related |
4,276 |
4,577 |
4,424 |
4,305 |
3,371 |
|||||||||||
Amortization of intangibles |
8,494 |
8,517 |
8,543 |
8,968 |
9,164 |
|||||||||||
Professional fees |
3,749 |
2,639 |
2,415 |
2,301 |
3,274 |
|||||||||||
Supplies and printing expense |
2,189 |
2,179 |
2,310 |
2,500 |
2,670 |
|||||||||||
FDIC assessment and other regulatory charges |
4,812 |
4,965 |
4,245 |
4,931 |
3,841 |
|||||||||||
Advertising and marketing |
1,763 |
2,375 |
2,185 |
1,659 |
1,740 |
|||||||||||
Other operating expenses |
14,573 |
14,155 |
10,858 |
14,502 |
11,159 |
|||||||||||
Branch consolidation and merger expense |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||
Extinguishment of debt cost |
— |
— |
— |
11,706 |
— |
|||||||||||
Total Noninterest Expense |
$ |
228,600 |
$ |
224,037 |
$ |
232,290 |
$ |
263,383 |
$ |
228,711 |
Loans and Deposits
The following table presents a summary of the loan portfolio by type (dollars in thousands):
Ending Balance |
||||||||||||||||
(Dollars in thousands) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
LOAN PORTFOLIO |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Construction and land development * † |
$ |
2,316,313 |
$ |
2,029,216 |
$ |
2,032,731 |
$ |
1,947,646 |
$ |
1,888,240 |
||||||
Investor commercial real estate* |
8,158,457 |
7,432,503 |
7,131,192 |
7,094,109 |
6,978,326 |
|||||||||||
Commercial owner occupied real estate |
5,346,583 |
4,970,116 |
4,988,490 |
4,895,189 |
4,817,346 |
|||||||||||
Commercial and industrial, excluding PPP |
4,447,279 |
3,516,485 |
3,458,520 |
3,121,625 |
3,140,893 |
|||||||||||
Consumer real estate * |
4,988,736 |
4,806,958 |
4,733,567 |
4,748,693 |
4,835,567 |
|||||||||||
Consumer/other |
1,179,697 |
928,240 |
943,243 |
907,181 |
885,320 |
|||||||||||
Total loans, excluding PPP |
26,437,065 |
23,683,518 |
23,287,743 |
22,714,443 |
22,545,692 |
|||||||||||
PPP loans |
119,362 |
244,648 |
501,206 |
1,318,635 |
1,945,773 |
|||||||||||
Total Loans |
$ |
26,556,427 |
$ |
23,928,166 |
$ |
23,788,949 |
$ |
24,033,078 |
$ |
24,491,465 |
As a result of the conversion of legacy CenterState's core system to the Company's core system completed in 2Q 2021, several loans were reclassified to conform with the Company's loan segmentation, most notably residential investment loans which were reclassed from consumer real estate to investor commercial real estate. |
* Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans. |
† Includes single family home construction-to-permanent loans of $733.7 million, $686.5 million, $665.0 million, $599.4 million, and $559.5 million for the quarters ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively. |
Ending Balance |
||||||||||||||||
(Dollars in thousands) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
DEPOSITS |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Noninterest-bearing checking |
$ |
14,052,332 |
$ |
11,498,840 |
$ |
11,333,881 |
$ |
11,176,338 |
$ |
10,801,812 |
||||||
Interest-bearing checking |
9,275,208 |
9,018,987 |
7,920,236 |
7,651,433 |
7,369,066 |
|||||||||||
Savings |
3,479,743 |
3,350,547 |
3,201,543 |
3,051,229 |
2,906,673 |
|||||||||||
Money market |
9,140,005 |
8,376,380 |
8,110,162 |
8,024,117 |
7,884,132 |
|||||||||||
Time deposits |
2,828,542 |
2,810,075 |
2,994,736 |
3,339,252 |
3,479,727 |
|||||||||||
Total Deposits |
$ |
38,775,830 |
$ |
35,054,829 |
$ |
33,560,558 |
$ |
33,242,369 |
$ |
32,441,410 |
||||||
Core Deposits (excludes Time Deposits) |
$ |
35,947,288 |
$ |
32,244,754 |
$ |
30,565,822 |
$ |
29,903,117 |
$ |
28,961,683 |
Ending Balance |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
(Dollars in thousands) |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
NONPERFORMING ASSETS: |
||||||||||||||||
Non-acquired |
||||||||||||||||
Non-acquired nonaccrual loans and restructured loans on nonaccrual |
$ |
19,582 |
$ |
18,700 |
$ |
23,800 |
$ |
16,065 |
$ |
20,181 |
||||||
Accruing loans past due 90 days or more * |
22,818 |
4,612 |
1,729 |
559 |
853 |
|||||||||||
Non-acquired OREO and other nonperforming assets |
464 |
590 |
365 |
695 |
654 |
|||||||||||
Total non-acquired nonperforming assets |
42,864 |
23,902 |
25,894 |
17,319 |
21,688 |
|||||||||||
Acquired |
||||||||||||||||
Acquired nonaccrual loans and restructured loans on nonaccrual |
59,267 |
56,718 |
64,583 |
69,053 |
79,919 |
|||||||||||
Accruing loans past due 90 days or more † |
12,768 |
251 |
89 |
— |
105 |
|||||||||||
Acquired OREO and other nonperforming assets |
3,118 |
2,875 |
3,804 |
4,777 |
11,292 |
|||||||||||
Total acquired nonperforming assets |
75,153 |
59,844 |
68,476 |
73,830 |
91,316 |
|||||||||||
Total nonperforming assets |
$ |
118,017 |
$ |
83,746 |
$ |
94,370 |
$ |
91,149 |
$ |
113,004 |
* |
The increase in accrual loans past due 90 days or more for non-acquired loans as of March 31, 2022 compared to the prior quarter was primarily due to factored receivables, which are trade credits rather than promissory notes. Since quarter-end and as of April 28, 2022, approximately $11.6 million of these invoices have been collected. |
† |
The increase in accrual loans past due 90 days or more for acquired loans as of March 31, 2022 compared to the prior quarter was mainly attributable to the loans acquired from the ACBI merger. |
Three Months Ended |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
2022 |
2021 |
2021 |
2021 |
2021 |
||||||||||||
ASSET QUALITY RATIOS: |
||||||||||||||||
Allowance for credit losses as a percentage of loans |
1.13% |
1.26% |
1.32% |
1.46% |
1.66% |
|||||||||||
Allowance for credit losses as a percentage of loans, excluding PPP loans |
1.14% |
1.27% |
1.35% |
1.54% |
1.80% |
|||||||||||
Allowance for credit losses as a percentage of nonperforming loans |
262.50% |
375.94% |
348.27% |
408.98% |
402.20% |
|||||||||||
Net (recoveries) charge-offs as a percentage of average loans (annualized) |
0.04% |
0.02% |
0.00% |
0.03% |
(0.00)% |
|||||||||||
Total nonperforming assets as a percentage of total assets |
0.26% |
0.20% |
0.23% |
0.23% |
0.28% |
|||||||||||
Nonperforming loans as a percentage of period end loans |
0.43% |
0.34% |
0.38% |
0.36% |
0.41% |
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the first quarter of 2022:
Allowance for Credit Losses ("ACL and UFC") |
|||||||||||||
NonPCD ACL |
PCD ACL |
Total ACL |
UFC |
||||||||||
Ending Balance 12/31/2021 |
$ |
225,227 |
$ |
76,580 |
$ |
301,807 |
$ |
30,510 |
|||||
ACL - PCD loans from ACBI |
— |
9,218 |
9,218 |
— |
|||||||||
Initial provision for credit losses - ACBI |
13,697 |
— |
13,697 |
3,437 |
|||||||||
Charge offs |
(3,523) |
— |
(3,523) |
— |
|||||||||
Acquired charge offs |
(601) |
(1,367) |
(1,968) |
— |
|||||||||
Recoveries |
1,573 |
— |
1,573 |
— |
|||||||||
Acquired recoveries |
717 |
879 |
1,596 |
— |
|||||||||
(Recovery) provision for credit losses |
(9,261) |
(12,743) |
(22,004) |
(3,579) |
|||||||||
Ending balance 3/31/2022 |
$ |
227,829 |
$ |
72,567 |
$ |
300,396 |
$ |
30,368 |
|||||
Period end loans (includes PPP Loans) |
$ |
24,617,394 |
$ |
1,939,033 |
$ |
26,556,427 |
N/A |
||||||
Reserve to Loans (includes PPP Loans) |
0.93% |
3.74% |
1.13% |
N/A |
|||||||||
Period end loans (excludes PPP Loans) |
$ |
24,498,032 |
$ |
1,939,033 |
$ |
26,437,065 |
N/A |
||||||
Reserve to Loans (excludes PPP Loans) |
0.93% |
3.74% |
1.14% |
N/A |
|||||||||
Unfunded commitments (off balance sheet) * |
$ |
7,394,045 |
|||||||||||
Reserve to unfunded commitments (off balance sheet) |
0.41% |
* Unfunded commitments exclude unconditionally cancelable commitments and letters of credit. |
Conference Call
The Company will host a conference call to discuss its first quarter results at 10:00 a.m. Eastern Time on April 29, 2022. Callers wishing to participate may call toll-free by dialing 844-200-6205. The number for international participants is (929) 526-1599. The conference ID number is 524033. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of April 29, 2022 on the Investor Relations section of SouthStateBank.com.
SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP.
(Dollars in thousands) |
Three Months Ended |
|||||||||||||||||||
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP) |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||||||
(Recovery) provision for credit losses |
(8,449) |
(9,157) |
(38,903) |
(58,793) |
(58,420) |
|||||||||||||||
Tax provision |
27,084 |
28,272 |
30,821 |
28,600 |
41,043 |
|||||||||||||||
Merger-related costs |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||||||
Extinguishment of debt costs |
— |
— |
— |
11,706 |
— |
|||||||||||||||
Securities gains |
— |
(2) |
(64) |
(36) |
— |
|||||||||||||||
Pre-provision net revenue (PPNR) (Non-GAAP) |
$ |
129,240 |
$ |
132,604 |
$ |
132,260 |
$ |
113,407 |
$ |
139,581 |
||||||||||
Average asset balance (GAAP) |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
40,593,766 |
$ |
39,832,752 |
$ |
38,245,410 |
||||||||||
PPNR ROAA |
1.22 |
% |
1.27 |
% |
1.29 |
% |
1.14 |
% |
1.48 |
% |
(Dollars in thousands) |
Three Months Ended |
|||||||||||||||||||
CORE NET INTEREST INCOME (NON-GAAP) |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|||||||||||||||
Net interest income (GAAP) |
$ |
261,474 |
$ |
258,104 |
$ |
259,986 |
$ |
253,130 |
$ |
261,998 |
||||||||||
Less: |
||||||||||||||||||||
Total accretion on acquired loans |
6,741 |
7,707 |
5,243 |
6,292 |
10,416 |
|||||||||||||||
Total deferred fees on PPP loans |
983 |
5,655 |
16,369 |
14,232 |
20,402 |
|||||||||||||||
Core net interest income (Non-GAAP) |
$ |
253,750 |
$ |
244,742 |
$ |
238,374 |
$ |
232,606 |
$ |
231,180 |
Three Months Ended |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||||||
Adjusted Net Income (non-GAAP) (2) |
||||||||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||||||
Securities gains, net of tax |
— |
(2) |
(51) |
(28) |
— |
|||||||||||||||
PCL - NonPCD loans and UFC, net of tax |
13,492 |
— |
— |
— |
— |
|||||||||||||||
Merger and branch consolidation/acq. expense, net of tax |
8,092 |
5,255 |
14,083 |
25,578 |
7,824 |
|||||||||||||||
Extinguishment of debt cost, net of tax |
— |
— |
— |
9,081 |
— |
|||||||||||||||
Adjusted net income (non-GAAP) |
$ |
121,913 |
$ |
112,099 |
$ |
136,820 |
$ |
133,591 |
$ |
154,773 |
||||||||||
Adjusted Net Income per Common Share - Basic (2) |
||||||||||||||||||||
Earnings per common share - Basic (GAAP) |
$ |
1.40 |
$ |
1.53 |
$ |
1.75 |
$ |
1.40 |
$ |
2.07 |
||||||||||
Effect to adjust for securities gains |
— |
(0.00) |
(0.00) |
(0.00) |
— |
|||||||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.19 |
— |
— |
— |
— |
|||||||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.12 |
0.08 |
0.20 |
0.36 |
0.11 |
|||||||||||||||
Effect to adjust for extinguishment of debt cost |
— |
— |
— |
0.13 |
— |
|||||||||||||||
Adjusted net income per common share - Basic (non-GAAP) |
$ |
1.71 |
$ |
1.61 |
$ |
1.95 |
$ |
1.89 |
$ |
2.18 |
||||||||||
Adjusted Net Income per Common Share - Diluted (2) |
||||||||||||||||||||
Earnings per common share - Diluted (GAAP) |
$ |
1.39 |
$ |
1.52 |
$ |
1.74 |
$ |
1.39 |
$ |
2.06 |
||||||||||
Effect to adjust for securities gains |
— |
(0.00) |
(0.00) |
(0.00) |
— |
|||||||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.19 |
— |
— |
— |
— |
|||||||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.11 |
0.07 |
0.20 |
0.35 |
0.11 |
|||||||||||||||
Effect to adjust for extinguishment of debt cost |
— |
— |
— |
0.13 |
— |
|||||||||||||||
Adjusted net income per common share - Diluted (non-GAAP) |
$ |
1.69 |
$ |
1.59 |
$ |
1.94 |
$ |
1.87 |
$ |
2.17 |
||||||||||
Adjusted Return on Average Assets (2) |
||||||||||||||||||||
Return on average assets (GAAP) |
0.95 |
% |
1.02 |
% |
1.20 |
% |
1.00 |
% |
1.56 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.13 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.07 |
% |
0.06 |
% |
0.14 |
% |
0.26 |
% |
0.08 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.09 |
% |
— |
% |
||||||||||
Adjusted return on average assets (non-GAAP) |
1.15 |
% |
1.08 |
% |
1.34 |
% |
1.35 |
% |
1.64 |
% |
||||||||||
Adjusted Return on Average Common Equity (2) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
1.11 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.66 |
% |
0.44 |
% |
1.16 |
% |
2.16 |
% |
0.68 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.77 |
% |
— |
|||||||||||
Adjusted return on average common equity (non-GAAP) |
10.01 |
% |
9.28 |
% |
11.37 |
% |
11.31 |
% |
13.39 |
% |
||||||||||
Return on Average Common Tangible Equity (3) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for intangible assets |
5.73 |
% |
5.79 |
% |
6.65 |
% |
5.74 |
% |
8.45 |
|||||||||||
Return on average tangible equity (non-GAAP) |
13.97 |
% |
14.63 |
% |
16.86 |
% |
14.12 |
% |
21.16 |
% |
||||||||||
Adjusted Return on Average Common Tangible Equity (2) (3) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
1.11 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.66 |
% |
0.43 |
% |
1.17 |
% |
2.16 |
% |
0.68 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.77 |
% |
— |
|||||||||||
Effect to adjust for intangible assets |
6.78 |
% |
6.03 |
% |
7.30 |
% |
7.43 |
% |
8.85 |
% |
||||||||||
Adjusted return on average common tangible equity (non-GAAP) |
16.79 |
% |
15.30 |
% |
18.68 |
% |
18.74 |
% |
22.24 |
% |
||||||||||
Adjusted Efficiency Ratio (4) |
||||||||||||||||||||
Efficiency ratio |
62.99 |
% |
61.27 |
% |
64.22 |
% |
76.28 |
% |
61.06 |
% |
||||||||||
Effect to adjust for merger and branch consolidation related expenses |
(2.94) |
% |
(1.89) |
% |
(5.06) |
% |
(13.38) |
% |
(2.79) |
% |
||||||||||
Adjusted efficiency ratio |
60.05 |
% |
59.39 |
% |
59.16 |
% |
62.88 |
% |
58.26 |
% |
||||||||||
Tangible Book Value Per Common Share (3) |
||||||||||||||||||||
Book value per common share (GAAP) |
$ |
68.30 |
$ |
69.27 |
$ |
68.55 |
$ |
67.60 |
$ |
66.42 |
||||||||||
Effect to adjust for intangible assets |
(27.25) |
(24.65) |
(24.57) |
(24.53) |
(24.40) |
|||||||||||||||
Tangible book value per common share (non-GAAP) |
$ |
41.05 |
$ |
44.62 |
$ |
43.98 |
$ |
43.07 |
$ |
42.02 |
||||||||||
Tangible Equity-to-Tangible Assets (3) |
||||||||||||||||||||
Equity-to-assets (GAAP) |
11.20 |
% |
11.45 |
% |
11.72 |
% |
11.78 |
% |
11.88 |
% |
||||||||||
Effect to adjust for intangible assets |
(4.15) |
% |
(3.76) |
% |
(3.87) |
% |
(3.94) |
% |
(4.02) |
% |
||||||||||
Tangible equity-to-tangible assets (non-GAAP) |
7.05 |
% |
7.69 |
% |
7.85 |
% |
7.84 |
% |
7.86 |
% |
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported.
Footnotes to tables:
Cautionary Statement Regarding Forward Looking Statements
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.
SouthState cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in deterioration in the credit markets, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential continued negative economic developments resulting from the Covid19 pandemic, or from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the interest rate environment, rising interest rates, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the bank's loan and securities portfolios, and the market value of SouthState's equity; (3) risks related to the merger and integration of SouthState and CSFL including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the parties are unable to successfully integrate each party's businesses into the other's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks related to the merger and integration of SouthState and Atlantic Capital including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Atlantic Capital's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Atlantic Capital's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (5) risks relating to the continued impact of the Covid19 pandemic on the Company, including possible impact to the Company and its employees from contacting Covid19, and to efficiencies and the control environment due to the changing work environment and to our results of operations due to government stimulus and other interventions to mitigate the impact of the pandemic; (6) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (7) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (8) potential deterioration in real estate values; (9) the impact of competition with other financial institutions, including pricing pressures (including those resulting from the CARES Act) and the resulting impact, including as a result of compression to net interest margin; (10) risks relating to the ability to retain our culture and attract and retain qualified people; (11) credit risks associated with an obligor's failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed under the terms of any loan-related document; (12) risks related to the ability of the company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (13) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (14) risks associated with an anticipated increase in SouthState's investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (15) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (16) transaction risk arising from problems with service or product delivery; (17) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (18) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of the CARES Act, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices, including changes in accounting principles relating to loan loss recognition (CECL); (19) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (20) reputation risk that adversely affects earnings or capital arising from negative public opinion; (21) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (22) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently issued proposed regulatory guidance and regulation relating to climate change; (23) greater than expected noninterest expenses; (24) excessive loan losses; (25) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (26) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank's consumer overdraft programs; (27) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (28) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (29) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; (30) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (31) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, such as the ongoing Covid19 pandemic, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (32) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (33) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
SOURCE SouthState Corporation
УИНТЕР-ХЕЙВЕН, Флорида, 28 апреля 2022 г. /PRNewswire/ -- Корпорация SouthState (NASDAQ: SSB) сегодня опубликовала неаудированные результаты своей деятельности и другую финансовую информацию за трехмесячный период, закончившийся 31 марта 2022 г.
Компания сообщила о консолидированной чистой прибыли в размере 1,39 доллара на разводненную обыкновенную акцию за три месяца, закончившихся 31 марта 2022 года, по сравнению с 1,52 доллара на разводненную обыкновенную акцию за три месяца, закончившихся 31 декабря 2021 года, и по сравнению с 2,06 доллара на разводненную обыкновенную акцию год назад.
Скорректированная чистая прибыль (без учета GAAP) составила 1,69 доллара на разводненную акцию за три месяца, закончившихся 31 марта 2022 года, по сравнению с 1,59 доллара на разводненную акцию за три месяца, закончившихся 31 декабря 2021 года, и по сравнению с 2,17 доллара на разводненную акцию год назад. Скорректированная чистая прибыль в первом квартале 2022 года исключает 13,5 млн долларов первоначального резерва на возможные потери по кредитам ("PCL") (после уплаты налогов) по кредитам, не связанным с НКО, и необеспеченным обязательствам ("UFC"), приобретенным у Atlantic Capital Bancshares, Inc. ("ACBI"), и 8,1 млн долларов от слияния-сопутствующие расходы (после уплаты налогов). Слияние ACBI было завершено 1 марта 2022 года.
"У нас был хороший первый квартал, и мы были сильны во всей компании. Мы довольны нашими доходами, расходами, ростом и качеством активов, и мы считаем, что это хорошее начало года", - сказал Джон К. Корбетт, главный исполнительный директор. "Мы также рады завершить сделку по приобретению Atlantic Capital и присоединиться к Дугу Уильямсу и его команде. Наше присутствие в Атланте и на других крупных рынках Юго-Востока в сочетании с улучшением условий процентных ставок вселяет в меня большую уверенность в нашем будущем".
Основные события первого квартала 2022 года включают:
Баланс / Кредит
Доходность капитала
Последующие События
Финансовые показатели
Three Months Ended |
||||||||||||||||
(Dollars in thousands, except per share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
INCOME STATEMENT |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Interest income |
||||||||||||||||
Loans, including fees (1) |
$ |
233,617 |
$ |
238,310 |
$ |
246,065 |
$ |
246,177 |
$ |
259,967 |
||||||
Investment securities, trading securities, federal funds sold and securities |
||||||||||||||||
purchased under agreements to resell |
36,847 |
29,071 |
25,384 |
21,364 |
18,509 |
|||||||||||
Total interest income |
270,464 |
267,381 |
271,449 |
267,541 |
278,476 |
|||||||||||
Interest expense |
||||||||||||||||
Deposits |
4,628 |
5,121 |
7,267 |
9,537 |
11,257 |
|||||||||||
Federal funds purchased, securities sold under agreements |
||||||||||||||||
to repurchase, and other borrowings |
4,362 |
4,156 |
4,196 |
4,874 |
5,221 |
|||||||||||
Total interest expense |
8,990 |
9,277 |
11,463 |
14,411 |
16,478 |
|||||||||||
Net interest income |
261,474 |
258,104 |
259,986 |
253,130 |
261,998 |
|||||||||||
(Recovery) provision for credit losses |
(8,449) |
(9,157) |
(38,903) |
(58,793) |
(58,420) |
|||||||||||
Net interest income after (recovery) provision for credit losses |
269,923 |
267,261 |
298,889 |
311,923 |
320,418 |
|||||||||||
Noninterest income |
86,090 |
91,894 |
87,010 |
79,020 |
96,285 |
|||||||||||
Noninterest expense |
||||||||||||||||
Pre-tax operating expense |
218,324 |
217,392 |
214,672 |
218,707 |
218,702 |
|||||||||||
Merger and/or branch consolid. expense |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||
Extinguishment of debt cost |
— |
— |
— |
11,706 |
— |
|||||||||||
Total noninterest expense |
228,600 |
224,037 |
232,290 |
263,383 |
228,711 |
|||||||||||
Income before provision for income taxes |
127,413 |
135,118 |
153,609 |
127,560 |
187,992 |
|||||||||||
Income taxes provision |
27,084 |
28,272 |
30,821 |
28,600 |
41,043 |
|||||||||||
Net income |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||
Adjusted net income (non-GAAP) (2) |
||||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||
Securities gains, net of tax |
— |
(2) |
(51) |
(28) |
— |
|||||||||||
Initial provision for credit losses - NonPCD loans and UFC, net of tax |
13,492 |
— |
— |
— |
— |
|||||||||||
Merger and/or branch consolid. expense, net of tax |
8,092 |
5,255 |
14,083 |
25,578 |
7,824 |
|||||||||||
Extinguishment of debt cost, net of tax |
— |
— |
— |
9,081 |
— |
|||||||||||
Adjusted net income (non-GAAP) |
$ |
121,913 |
$ |
112,099 |
$ |
136,820 |
$ |
133,591 |
$ |
154,773 |
||||||
Basic earnings per common share |
$ |
1.40 |
$ |
1.53 |
$ |
1.75 |
$ |
1.40 |
$ |
2.07 |
||||||
Diluted earnings per common share |
$ |
1.39 |
$ |
1.52 |
$ |
1.74 |
$ |
1.39 |
$ |
2.06 |
||||||
Adjusted net income per common share - Basic (non-GAAP) (2) |
$ |
1.71 |
$ |
1.61 |
$ |
1.95 |
$ |
1.89 |
$ |
2.18 |
||||||
Adjusted net income per common share - Diluted (non-GAAP) (2) |
$ |
1.69 |
$ |
1.59 |
$ |
1.94 |
$ |
1.87 |
$ |
2.17 |
||||||
Dividends per common share |
$ |
0.49 |
$ |
0.49 |
$ |
0.49 |
$ |
0.47 |
$ |
0.47 |
||||||
Basic weighted-average common shares outstanding |
71,447,429 |
69,651,334 |
70,066,235 |
70,866,193 |
71,009,209 |
|||||||||||
Diluted weighted-average common shares outstanding |
72,110,746 |
70,289,971 |
70,575,726 |
71,408,888 |
71,484,490 |
|||||||||||
Effective tax rate |
21.26% |
20.92% |
20.06% |
22.42% |
21.83% |
Показатели эффективности и коэффициенты достаточности капитала
Three Months Ended |
|||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||||
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||||
PERFORMANCE RATIOS |
|||||||||||||||||
Return on average assets (annualized) |
0.95 |
% |
1.02 |
% |
1.20 |
% |
1.00 |
% |
1.56 |
% |
|||||||
Adjusted return on average assets (annualized) (non-GAAP) (2) |
1.15 |
% |
1.08 |
% |
1.34 |
% |
1.35 |
% |
1.64 |
% |
|||||||
Return on average common equity (annualized) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
|||||||
Adjusted return on average common equity (annualized) (non-GAAP) (2) |
10.01 |
% |
9.28 |
% |
11.37 |
% |
11.31 |
% |
13.39 |
% |
|||||||
Return on average tangible common equity (annualized) (non-GAAP) (3) |
13.97 |
% |
14.63 |
% |
16.86 |
% |
14.12 |
% |
21.16 |
% |
|||||||
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) |
16.79 |
% |
15.30 |
% |
18.68 |
% |
18.74 |
% |
22.24 |
% |
|||||||
Efficiency ratio (tax equivalent) |
62.99 |
% |
61.27 |
% |
64.22 |
% |
76.28 |
% |
61.06 |
% |
|||||||
Adjusted efficiency ratio (non-GAAP) (4) |
60.05 |
% |
59.39 |
% |
59.16 |
% |
62.88 |
% |
58.27 |
% |
|||||||
Dividend payout ratio (5) |
33.71 |
% |
32.02 |
% |
27.94 |
% |
33.65 |
% |
22.72 |
% |
|||||||
Book value per common share |
$ |
68.30 |
$ |
69.27 |
$ |
68.55 |
$ |
67.60 |
$ |
66.42 |
|||||||
Tangible book value per common share (non-GAAP) (3) |
$ |
41.05 |
$ |
44.62 |
$ |
43.98 |
$ |
43.07 |
$ |
42.02 |
|||||||
CAPITAL RATIOS |
|||||||||||||||||
Equity-to-assets |
11.2 |
% |
11.4 |
% |
11.7 |
% |
11.8 |
% |
11.9 |
||||||||
Tangible equity-to-tangible assets (non-GAAP) (3) |
7.0 |
% |
7.7 |
% |
7.8 |
% |
7.8 |
% |
7.9 |
||||||||
Tier 1 leverage (6) * |
8.5 |
% |
8.1 |
% |
8.1 |
% |
8.1 |
% |
8.5 |
||||||||
Tier 1 common equity (6) * |
11.4 |
% |
11.8 |
% |
11.9 |
% |
12.1 |
% |
12.2 |
||||||||
Tier 1 risk-based capital (6) * |
11.4 |
% |
11.8 |
% |
11.9 |
% |
12.1 |
% |
12.2 |
||||||||
Total risk-based capital (6) * |
13.3 |
% |
13.6 |
% |
13.8 |
% |
14.1 |
% |
14.5 |
* |
The regulatory capital ratios presented above include the assumption of the transitional method relative to the CARES Act in relief of COVID-19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year "phase in" of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID-19. |
Ending Balance |
||||||||||||||||
(Dollars in thousands, except per share and share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
BALANCE SHEET |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Assets |
||||||||||||||||
Cash and due from banks |
$ |
588,372 |
$ |
476,653 |
$ |
597,321 |
$ |
529,434 |
$ |
392,556 |
||||||
Federal Funds Sold and interest-earning deposits with banks |
5,444,234 |
6,366,494 |
5,701,002 |
5,875,078 |
5,581,581 |
|||||||||||
Cash and cash equivalents |
6,032,606 |
6,843,147 |
6,298,323 |
6,404,512 |
5,974,137 |
|||||||||||
Trading securities, at fair value |
74,234 |
77,689 |
61,294 |
89,925 |
83,947 |
|||||||||||
Investment securities: |
||||||||||||||||
Securities held to maturity |
2,827,769 |
1,819,901 |
1,641,485 |
1,189,265 |
1,214,313 |
|||||||||||
Securities available for sale, at fair value |
5,924,206 |
5,193,478 |
4,631,554 |
4,369,159 |
3,891,490 |
|||||||||||
Other investments |
179,258 |
160,568 |
160,592 |
160,607 |
161,468 |
|||||||||||
Total investment securities |
8,931,233 |
7,173,947 |
6,433,631 |
5,719,031 |
5,267,271 |
|||||||||||
Loans held for sale |
130,376 |
191,723 |
242,813 |
171,447 |
352,997 |
|||||||||||
Loans: |
||||||||||||||||
Purchased credit deteriorated |
1,939,033 |
1,987,322 |
2,255,874 |
2,434,259 |
2,680,466 |
|||||||||||
Purchased non-credit deteriorated |
7,633,824 |
5,890,069 |
6,554,647 |
7,457,950 |
8,433,913 |
|||||||||||
Non-acquired |
16,983,570 |
16,050,775 |
14,978,428 |
14,140,869 |
13,377,086 |
|||||||||||
Less allowance for credit losses |
(300,396) |
(301,807) |
(314,144) |
(350,401) |
(406,460) |
|||||||||||
Loans, net |
26,256,031 |
23,626,359 |
23,474,805 |
23,682,677 |
24,085,005 |
|||||||||||
Other real estate owned ("OREO") |
3,290 |
2,736 |
3,687 |
5,039 |
11,471 |
|||||||||||
Premises and equipment, net |
568,332 |
558,499 |
569,817 |
568,473 |
569,171 |
|||||||||||
Bank owned life insurance |
942,922 |
783,049 |
778,552 |
773,452 |
562,624 |
|||||||||||
Mortgage servicing rights |
83,339 |
65,620 |
60,922 |
57,351 |
54,285 |
|||||||||||
Core deposit and other intangibles |
140,364 |
128,067 |
136,584 |
145,126 |
153,861 |
|||||||||||
Goodwill |
1,924,024 |
1,581,085 |
1,581,085 |
1,581,085 |
1,579,758 |
|||||||||||
Other assets |
1,114,790 |
928,111 |
1,262,195 |
1,177,751 |
1,035,805 |
|||||||||||
Total assets |
$ |
46,201,541 |
$ |
41,960,032 |
$ |
40,903,708 |
$ |
40,375,869 |
$ |
39,730,332 |
||||||
Liabilities and Shareholders' Equity |
||||||||||||||||
Deposits: |
||||||||||||||||
Noninterest-bearing |
$ |
14,052,332 |
$ |
11,498,840 |
$ |
11,333,881 |
$ |
11,176,338 |
$ |
10,801,812 |
||||||
Interest-bearing |
24,723,498 |
23,555,989 |
22,226,677 |
22,066,031 |
21,639,598 |
|||||||||||
Total deposits |
38,775,830 |
35,054,829 |
33,560,558 |
33,242,369 |
32,441,410 |
|||||||||||
Federal funds purchased and securities |
||||||||||||||||
sold under agreements to repurchase |
770,409 |
781,239 |
859,736 |
862,429 |
878,581 |
|||||||||||
Other borrowings |
405,553 |
327,066 |
326,807 |
351,548 |
390,323 |
|||||||||||
Reserve for unfunded commitments |
30,368 |
30,510 |
28,289 |
30,981 |
35,829 |
|||||||||||
Other liabilities |
1,044,973 |
963,448 |
1,335,377 |
1,130,919 |
1,264,369 |
|||||||||||
Total liabilities |
41,027,133 |
37,157,092 |
36,110,767 |
35,618,247 |
35,010,512 |
|||||||||||
Shareholders' equity: |
||||||||||||||||
Common stock - $2.50 par value; authorized 160,000,000 shares |
189,403 |
173,331 |
174,795 |
175,957 |
177,651 |
|||||||||||
Surplus |
4,214,897 |
3,653,098 |
3,693,622 |
3,720,946 |
3,772,248 |
|||||||||||
Retained earnings |
1,064,064 |
997,657 |
925,044 |
836,584 |
770,952 |
|||||||||||
Accumulated other comprehensive (loss) income |
(293,956) |
(21,146) |
(520) |
24,136 |
(1,031) |
|||||||||||
Total shareholders' equity |
5,174,408 |
4,802,940 |
4,792,941 |
4,757,623 |
4,719,820 |
|||||||||||
Total liabilities and shareholders' equity |
$ |
46,201,541 |
$ |
41,960,032 |
$ |
40,903,708 |
$ |
40,375,869 |
$ |
39,730,332 |
||||||
Common shares issued and outstanding |
75,761,018 |
69,332,297 |
69,918,037 |
70,382,728 |
71,060,446 |
Чистый Процентный доход и Маржа
Three Months Ended |
|||||||||||||||||||||||||
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
|||||||||||||||||||||||
(Dollars in thousands) |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
||||||||||||||||
YIELD ANALYSIS |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
||||||||||||||||
Interest-Earning Assets: |
|||||||||||||||||||||||||
Federal funds sold and interest-earning deposits with banks |
$ |
5,678,147 |
$ |
2,852 |
0.20% |
$ |
6,070,349 |
$ |
2,224 |
0.15% |
$ |
4,757,717 |
$ |
989 |
0.08% |
||||||||||
Investment securities |
7,895,281 |
33,995 |
1.75% |
6,945,952 |
26,847 |
1.53% |
4,683,152 |
17,520 |
1.52% |
||||||||||||||||
Loans held for sale |
110,542 |
869 |
3.19% |
206,920 |
1,526 |
2.93% |
298,970 |
1,991 |
2.70% |
||||||||||||||||
Total loans, excluding PPP |
24,675,512 |
231,373 |
3.80% |
23,445,336 |
230,337 |
3.90% |
22,302,393 |
235,945 |
4.29% |
||||||||||||||||
Total PPP loans |
167,541 |
1,375 |
3.33% |
363,083 |
6,447 |
7.04% |
2,189,696 |
22,031 |
4.08% |
||||||||||||||||
Total loans held for investment |
24,843,053 |
232,748 |
3.80% |
23,808,419 |
236,784 |
3.95% |
24,492,089 |
257,976 |
4.27% |
||||||||||||||||
Total interest-earning assets |
38,527,023 |
270,464 |
2.85% |
37,031,640 |
267,381 |
2.86% |
34,231,928 |
278,476 |
3.30% |
||||||||||||||||
Noninterest-earning assets |
4,419,309 |
4,328,068 |
4,013,482 |
||||||||||||||||||||||
Total Assets |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
38,245,410 |
|||||||||||||||||||
Interest-Bearing Liabilities: |
|||||||||||||||||||||||||
Transaction and money market accounts |
$ |
17,473,192 |
$ |
2,217 |
0.05% |
$ |
16,492,540 |
$ |
2,230 |
0.05% |
$ |
14,678,248 |
$ |
5,387 |
0.15% |
||||||||||
Savings deposits |
3,408,129 |
130 |
0.02% |
3,267,366 |
135 |
0.02% |
2,780,361 |
434 |
0.06% |
||||||||||||||||
Certificates and other time deposits |
2,848,829 |
2,281 |
0.32% |
2,889,741 |
2,756 |
0.38% |
3,672,818 |
5,436 |
0.60% |
||||||||||||||||
Federal funds purchased |
354,899 |
111 |
0.13% |
493,776 |
107 |
0.09% |
434,943 |
92 |
0.09% |
||||||||||||||||
Repurchase agreements |
438,258 |
158 |
0.15% |
390,212 |
150 |
0.15% |
417,334 |
259 |
0.25% |
||||||||||||||||
Other borrowings |
354,133 |
4,093 |
4.69% |
326,921 |
3,899 |
4.73% |
390,043 |
4,870 |
5.06% |
||||||||||||||||
Total interest-bearing liabilities |
24,877,440 |
8,990 |
0.15% |
23,860,556 |
9,277 |
0.15% |
22,373,747 |
16,478 |
0.30% |
||||||||||||||||
Noninterest-bearing liabilities ("Non-IBL") |
13,131,727 |
12,704,738 |
11,184,514 |
||||||||||||||||||||||
Shareholders' equity |
4,937,165 |
4,794,414 |
4,687,149 |
||||||||||||||||||||||
Total Non-IBL and shareholders' equity |
18,068,892 |
17,499,152 |
15,871,663 |
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
38,245,410 |
|||||||||||||||||||
Net Interest Income and Margin (Non-Tax Equivalent) |
$ |
261,474 |
2.75% |
$ |
258,104 |
2.77% |
$ |
261,998 |
3.10% |
||||||||||||||||
Net Interest Margin (Tax Equivalent) |
2.77% |
2.78% |
3.12% |
||||||||||||||||||||||
Total Deposit Cost (without Debt and Other Borrowings) |
0.05% |
0.06% |
0.15% |
||||||||||||||||||||||
Overall Cost of Funds (including Demand Deposits) |
0.10% |
0.10% |
0.21% |
||||||||||||||||||||||
Total Accretion on Acquired Loans (1) |
$ |
6,741 |
$ |
7,707 |
$ |
10,416 |
|||||||||||||||||||
Total Deferred Fees on PPP Loans |
$ |
983 |
$ |
5,655 |
$ |
20,402 |
|||||||||||||||||||
TEFRA (included in NIM, Tax Equivalent) |
$ |
1,885 |
$ |
1,734 |
$ |
1,286 |
(1) |
The remaining loan discount on acquired loans to be accreted into loan interest income totals $100.7 million and the remaining net deferred fees on PPP loans totals $658,000 as of March 31, 2022. |
Незаинтересованные доходы и расходы
Three Months Ended |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
(Dollars in thousands) |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Noninterest Income: |
||||||||||||||||
Fees on deposit accounts |
$ |
28,902 |
$ |
30,293 |
$ |
26,130 |
$ |
23,936 |
$ |
25,282 |
||||||
Mortgage banking income |
10,594 |
12,044 |
15,560 |
10,115 |
26,880 |
|||||||||||
Trust and investment services income |
9,718 |
9,520 |
9,150 |
9,733 |
8,578 |
|||||||||||
Securities gains, net |
— |
2 |
64 |
36 |
— |
|||||||||||
Correspondent banking and capital market income |
27,994 |
30,216 |
25,164 |
25,877 |
28,748 |
|||||||||||
Bank owned life insurance income |
5,260 |
4,932 |
5,132 |
5,047 |
3,300 |
|||||||||||
Other |
3,622 |
4,887 |
5,810 |
4,276 |
3,498 |
|||||||||||
Total Noninterest Income |
$ |
86,090 |
$ |
91,894 |
$ |
87,010 |
$ |
79,020 |
$ |
96,286 |
||||||
Noninterest Expense: |
||||||||||||||||
Salaries and employee benefits |
$ |
137,673 |
$ |
137,321 |
$ |
136,969 |
$ |
137,379 |
$ |
140,361 |
||||||
Occupancy expense |
21,840 |
22,915 |
23,135 |
22,844 |
23,331 |
|||||||||||
Information services expense |
19,193 |
18,489 |
18,061 |
19,078 |
18,789 |
|||||||||||
OREO and loan related expense |
(238) |
(740) |
1,527 |
240 |
1,002 |
|||||||||||
Business development and staff related |
4,276 |
4,577 |
4,424 |
4,305 |
3,371 |
|||||||||||
Amortization of intangibles |
8,494 |
8,517 |
8,543 |
8,968 |
9,164 |
|||||||||||
Professional fees |
3,749 |
2,639 |
2,415 |
2,301 |
3,274 |
|||||||||||
Supplies and printing expense |
2,189 |
2,179 |
2,310 |
2,500 |
2,670 |
|||||||||||
FDIC assessment and other regulatory charges |
4,812 |
4,965 |
4,245 |
4,931 |
3,841 |
|||||||||||
Advertising and marketing |
1,763 |
2,375 |
2,185 |
1,659 |
1,740 |
|||||||||||
Other operating expenses |
14,573 |
14,155 |
10,858 |
14,502 |
11,159 |
|||||||||||
Branch consolidation and merger expense |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||
Extinguishment of debt cost |
— |
— |
— |
11,706 |
— |
|||||||||||
Total Noninterest Expense |
$ |
228,600 |
$ |
224,037 |
$ |
232,290 |
$ |
263,383 |
$ |
228,711 |
Кредиты и Депозиты
В следующей таблице представлена сводная информация о кредитном портфеле по видам (в тысячах долларов США):
Ending Balance |
||||||||||||||||
(Dollars in thousands) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
LOAN PORTFOLIO |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Construction and land development * † |
$ |
2,316,313 |
$ |
2,029,216 |
$ |
2,032,731 |
$ |
1,947,646 |
$ |
1,888,240 |
||||||
Investor commercial real estate* |
8,158,457 |
7,432,503 |
7,131,192 |
7,094,109 |
6,978,326 |
|||||||||||
Commercial owner occupied real estate |
5,346,583 |
4,970,116 |
4,988,490 |
4,895,189 |
4,817,346 |
|||||||||||
Commercial and industrial, excluding PPP |
4,447,279 |
3,516,485 |
3,458,520 |
3,121,625 |
3,140,893 |
|||||||||||
Consumer real estate * |
4,988,736 |
4,806,958 |
4,733,567 |
4,748,693 |
4,835,567 |
|||||||||||
Consumer/other |
1,179,697 |
928,240 |
943,243 |
907,181 |
885,320 |
|||||||||||
Total loans, excluding PPP |
26,437,065 |
23,683,518 |
23,287,743 |
22,714,443 |
22,545,692 |
|||||||||||
PPP loans |
119,362 |
244,648 |
501,206 |
1,318,635 |
1,945,773 |
|||||||||||
Total Loans |
$ |
26,556,427 |
$ |
23,928,166 |
$ |
23,788,949 |
$ |
24,033,078 |
$ |
24,491,465 |
As a result of the conversion of legacy CenterState's core system to the Company's core system completed in 2Q 2021, several loans were reclassified to conform with the Company's loan segmentation, most notably residential investment loans which were reclassed from consumer real estate to investor commercial real estate. |
* Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans. |
† Includes single family home construction-to-permanent loans of $733.7 million, $686.5 million, $665.0 million, $599.4 million, and $559.5 million for the quarters ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively. |
Ending Balance |
||||||||||||||||
(Dollars in thousands) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||
DEPOSITS |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
Noninterest-bearing checking |
$ |
14,052,332 |
$ |
11,498,840 |
$ |
11,333,881 |
$ |
11,176,338 |
$ |
10,801,812 |
||||||
Interest-bearing checking |
9,275,208 |
9,018,987 |
7,920,236 |
7,651,433 |
7,369,066 |
|||||||||||
Savings |
3,479,743 |
3,350,547 |
3,201,543 |
3,051,229 |
2,906,673 |
|||||||||||
Money market |
9,140,005 |
8,376,380 |
8,110,162 |
8,024,117 |
7,884,132 |
|||||||||||
Time deposits |
2,828,542 |
2,810,075 |
2,994,736 |
3,339,252 |
3,479,727 |
|||||||||||
Total Deposits |
$ |
38,775,830 |
$ |
35,054,829 |
$ |
33,560,558 |
$ |
33,242,369 |
$ |
32,441,410 |
||||||
Core Deposits (excludes Time Deposits) |
$ |
35,947,288 |
$ |
32,244,754 |
$ |
30,565,822 |
$ |
29,903,117 |
$ |
28,961,683 |
Ending Balance |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
(Dollars in thousands) |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||
NONPERFORMING ASSETS: |
||||||||||||||||
Non-acquired |
||||||||||||||||
Non-acquired nonaccrual loans and restructured loans on nonaccrual |
$ |
19,582 |
$ |
18,700 |
$ |
23,800 |
$ |
16,065 |
$ |
20,181 |
||||||
Accruing loans past due 90 days or more * |
22,818 |
4,612 |
1,729 |
559 |
853 |
|||||||||||
Non-acquired OREO and other nonperforming assets |
464 |
590 |
365 |
695 |
654 |
|||||||||||
Total non-acquired nonperforming assets |
42,864 |
23,902 |
25,894 |
17,319 |
21,688 |
|||||||||||
Acquired |
||||||||||||||||
Acquired nonaccrual loans and restructured loans on nonaccrual |
59,267 |
56,718 |
64,583 |
69,053 |
79,919 |
|||||||||||
Accruing loans past due 90 days or more † |
12,768 |
251 |
89 |
— |
105 |
|||||||||||
Acquired OREO and other nonperforming assets |
3,118 |
2,875 |
3,804 |
4,777 |
11,292 |
|||||||||||
Total acquired nonperforming assets |
75,153 |
59,844 |
68,476 |
73,830 |
91,316 |
|||||||||||
Total nonperforming assets |
$ |
118,017 |
$ |
83,746 |
$ |
94,370 |
$ |
91,149 |
$ |
113,004 |
* |
The increase in accrual loans past due 90 days or more for non-acquired loans as of March 31, 2022 compared to the prior quarter was primarily due to factored receivables, which are trade credits rather than promissory notes. Since quarter-end and as of April 28, 2022, approximately $11.6 million of these invoices have been collected. |
† |
The increase in accrual loans past due 90 days or more for acquired loans as of March 31, 2022 compared to the prior quarter was mainly attributable to the loans acquired from the ACBI merger. |
Three Months Ended |
||||||||||||||||
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
||||||||||||
2022 |
2021 |
2021 |
2021 |
2021 |
||||||||||||
ASSET QUALITY RATIOS: |
||||||||||||||||
Allowance for credit losses as a percentage of loans |
1.13% |
1.26% |
1.32% |
1.46% |
1.66% |
|||||||||||
Allowance for credit losses as a percentage of loans, excluding PPP loans |
1.14% |
1.27% |
1.35% |
1.54% |
1.80% |
|||||||||||
Allowance for credit losses as a percentage of nonperforming loans |
262.50% |
375.94% |
348.27% |
408.98% |
402.20% |
|||||||||||
Net (recoveries) charge-offs as a percentage of average loans (annualized) |
0.04% |
0.02% |
0.00% |
0.03% |
(0.00)% |
|||||||||||
Total nonperforming assets as a percentage of total assets |
0.26% |
0.20% |
0.23% |
0.23% |
0.28% |
|||||||||||
Nonperforming loans as a percentage of period end loans |
0.43% |
0.34% |
0.38% |
0.36% |
0.41% |
Текущие Ожидаемые кредитные убытки ("CECL")
Ниже приведена таблица, показывающая прогноз ACL и UFC на первый квартал 2022 года:
Allowance for Credit Losses ("ACL and UFC") |
|||||||||||||
NonPCD ACL |
PCD ACL |
Total ACL |
UFC |
||||||||||
Ending Balance 12/31/2021 |
$ |
225,227 |
$ |
76,580 |
$ |
301,807 |
$ |
30,510 |
|||||
ACL - PCD loans from ACBI |
— |
9,218 |
9,218 |
— |
|||||||||
Initial provision for credit losses - ACBI |
13,697 |
— |
13,697 |
3,437 |
|||||||||
Charge offs |
(3,523) |
— |
(3,523) |
— |
|||||||||
Acquired charge offs |
(601) |
(1,367) |
(1,968) |
— |
|||||||||
Recoveries |
1,573 |
— |
1,573 |
— |
|||||||||
Acquired recoveries |
717 |
879 |
1,596 |
— |
|||||||||
(Recovery) provision for credit losses |
(9,261) |
(12,743) |
(22,004) |
(3,579) |
|||||||||
Ending balance 3/31/2022 |
$ |
227,829 |
$ |
72,567 |
$ |
300,396 |
$ |
30,368 |
|||||
Period end loans (includes PPP Loans) |
$ |
24,617,394 |
$ |
1,939,033 |
$ |
26,556,427 |
N/A |
||||||
Reserve to Loans (includes PPP Loans) |
0.93% |
3.74% |
1.13% |
N/A |
|||||||||
Period end loans (excludes PPP Loans) |
$ |
24,498,032 |
$ |
1,939,033 |
$ |
26,437,065 |
N/A |
||||||
Reserve to Loans (excludes PPP Loans) |
0.93% |
3.74% |
1.14% |
N/A |
|||||||||
Unfunded commitments (off balance sheet) * |
$ |
7,394,045 |
|||||||||||
Reserve to unfunded commitments (off balance sheet) |
0.41% |
* Unfunded commitments exclude unconditionally cancelable commitments and letters of credit. |
Конференц-связь
29 апреля 2022 года в 10:00 по восточному времени компания проведет телефонную конференцию для обсуждения результатов своего первого квартала. Абоненты, желающие принять участие, могут позвонить по бесплатному номеру 844-200-6205. Номер для международных участников: (929) 526-1599. Идентификационный номер конференции - 524033. В качестве альтернативы отдельные лица могут прослушать прямую веб-трансляцию презентации, посетив SouthStateBank.com . Ожидается, что аудиозапись прямой трансляции будет доступна к вечеру 29 апреля 2022 года в разделе по связям с инвесторами SouthStateBank.com .
SouthState Corporation - компания, предоставляющая финансовые услуги со штаб-квартирой в Уинтер-Хейвен, штат Флорида. SouthState Bank, N.A., дочерняя компания национального банка Компании, предоставляет потребительские, коммерческие, ипотечные решения и решения по управлению капиталом более чем миллиону клиентов по всей Флориде, Алабаме, Джорджии, Каролине и Вирджинии. Банк также обслуживает клиентов от побережья до побережья через свое банковское подразделение-корреспондента. Дополнительная информация доступна по адресу SouthStateBank.com .
Показатели, не относящиеся к GAAP
Заявления, включенные в этот пресс-релиз, включают показатели, не относящиеся к GAAP, и их следует читать вместе с прилагаемыми таблицами, которые обеспечивают сверку показателей, не относящихся к GAAP, с показателями GAAP. Руководство считает, что эти показатели, не относящиеся к GAAP, предоставляют дополнительную полезную информацию, которая позволяет читателям оценить текущую деятельность Компании. Показатели, не относящиеся к GAAP, не должны рассматриваться в качестве альтернативы каким-либо показателям эффективности или финансового состояния, обнародованным в соответствии с GAAP, и инвесторам следует учитывать результаты деятельности и финансовое состояние компании, представленные в соответствии с GAAP, и всю другую соответствующую информацию при оценке результатов деятельности или финансового состояния компании. Показатели, не относящиеся к GAAP, имеют ограничения в качестве аналитических инструментов, и инвесторам не следует рассматривать их изолированно или в качестве замены анализа результатов или финансового состояния компании, отраженных в отчетности по GAAP.
(Dollars in thousands) |
Three Months Ended |
|||||||||||||||||||
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP) |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||||||
(Recovery) provision for credit losses |
(8,449) |
(9,157) |
(38,903) |
(58,793) |
(58,420) |
|||||||||||||||
Tax provision |
27,084 |
28,272 |
30,821 |
28,600 |
41,043 |
|||||||||||||||
Merger-related costs |
10,276 |
6,645 |
17,618 |
32,970 |
10,009 |
|||||||||||||||
Extinguishment of debt costs |
— |
— |
— |
11,706 |
— |
|||||||||||||||
Securities gains |
— |
(2) |
(64) |
(36) |
— |
|||||||||||||||
Pre-provision net revenue (PPNR) (Non-GAAP) |
$ |
129,240 |
$ |
132,604 |
$ |
132,260 |
$ |
113,407 |
$ |
139,581 |
||||||||||
Average asset balance (GAAP) |
$ |
42,946,332 |
$ |
41,359,708 |
$ |
40,593,766 |
$ |
39,832,752 |
$ |
38,245,410 |
||||||||||
PPNR ROAA |
1.22 |
% |
1.27 |
% |
1.29 |
% |
1.14 |
% |
1.48 |
% |
(Dollars in thousands) |
Three Months Ended |
|||||||||||||||||||
CORE NET INTEREST INCOME (NON-GAAP) |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|||||||||||||||
Net interest income (GAAP) |
$ |
261,474 |
$ |
258,104 |
$ |
259,986 |
$ |
253,130 |
$ |
261,998 |
||||||||||
Less: |
||||||||||||||||||||
Total accretion on acquired loans |
6,741 |
7,707 |
5,243 |
6,292 |
10,416 |
|||||||||||||||
Total deferred fees on PPP loans |
983 |
5,655 |
16,369 |
14,232 |
20,402 |
|||||||||||||||
Core net interest income (Non-GAAP) |
$ |
253,750 |
$ |
244,742 |
$ |
238,374 |
$ |
232,606 |
$ |
231,180 |
Three Months Ended |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
|||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP |
2022 |
2021 |
2021 |
2021 |
2021 |
|||||||||||||||
Adjusted Net Income (non-GAAP) (2) |
||||||||||||||||||||
Net income (GAAP) |
$ |
100,329 |
$ |
106,846 |
$ |
122,788 |
$ |
98,960 |
$ |
146,949 |
||||||||||
Securities gains, net of tax |
— |
(2) |
(51) |
(28) |
— |
|||||||||||||||
PCL - NonPCD loans and UFC, net of tax |
13,492 |
— |
— |
— |
— |
|||||||||||||||
Merger and branch consolidation/acq. expense, net of tax |
8,092 |
5,255 |
14,083 |
25,578 |
7,824 |
|||||||||||||||
Extinguishment of debt cost, net of tax |
— |
— |
— |
9,081 |
— |
|||||||||||||||
Adjusted net income (non-GAAP) |
$ |
121,913 |
$ |
112,099 |
$ |
136,820 |
$ |
133,591 |
$ |
154,773 |
||||||||||
Adjusted Net Income per Common Share - Basic (2) |
||||||||||||||||||||
Earnings per common share - Basic (GAAP) |
$ |
1.40 |
$ |
1.53 |
$ |
1.75 |
$ |
1.40 |
$ |
2.07 |
||||||||||
Effect to adjust for securities gains |
— |
(0.00) |
(0.00) |
(0.00) |
— |
|||||||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.19 |
— |
— |
— |
— |
|||||||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.12 |
0.08 |
0.20 |
0.36 |
0.11 |
|||||||||||||||
Effect to adjust for extinguishment of debt cost |
— |
— |
— |
0.13 |
— |
|||||||||||||||
Adjusted net income per common share - Basic (non-GAAP) |
$ |
1.71 |
$ |
1.61 |
$ |
1.95 |
$ |
1.89 |
$ |
2.18 |
||||||||||
Adjusted Net Income per Common Share - Diluted (2) |
||||||||||||||||||||
Earnings per common share - Diluted (GAAP) |
$ |
1.39 |
$ |
1.52 |
$ |
1.74 |
$ |
1.39 |
$ |
2.06 |
||||||||||
Effect to adjust for securities gains |
— |
(0.00) |
(0.00) |
(0.00) |
— |
|||||||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.19 |
— |
— |
— |
— |
|||||||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.11 |
0.07 |
0.20 |
0.35 |
0.11 |
|||||||||||||||
Effect to adjust for extinguishment of debt cost |
— |
— |
— |
0.13 |
— |
|||||||||||||||
Adjusted net income per common share - Diluted (non-GAAP) |
$ |
1.69 |
$ |
1.59 |
$ |
1.94 |
$ |
1.87 |
$ |
2.17 |
||||||||||
Adjusted Return on Average Assets (2) |
||||||||||||||||||||
Return on average assets (GAAP) |
0.95 |
% |
1.02 |
% |
1.20 |
% |
1.00 |
% |
1.56 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
0.13 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.07 |
% |
0.06 |
% |
0.14 |
% |
0.26 |
% |
0.08 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.09 |
% |
— |
% |
||||||||||
Adjusted return on average assets (non-GAAP) |
1.15 |
% |
1.08 |
% |
1.34 |
% |
1.35 |
% |
1.64 |
% |
||||||||||
Adjusted Return on Average Common Equity (2) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
1.11 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.66 |
% |
0.44 |
% |
1.16 |
% |
2.16 |
% |
0.68 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.77 |
% |
— |
|||||||||||
Adjusted return on average common equity (non-GAAP) |
10.01 |
% |
9.28 |
% |
11.37 |
% |
11.31 |
% |
13.39 |
% |
||||||||||
Return on Average Common Tangible Equity (3) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for intangible assets |
5.73 |
% |
5.79 |
% |
6.65 |
% |
5.74 |
% |
8.45 |
|||||||||||
Return on average tangible equity (non-GAAP) |
13.97 |
% |
14.63 |
% |
16.86 |
% |
14.12 |
% |
21.16 |
% |
||||||||||
Adjusted Return on Average Common Tangible Equity (2) (3) |
||||||||||||||||||||
Return on average common equity (GAAP) |
8.24 |
% |
8.84 |
% |
10.21 |
% |
8.38 |
% |
12.71 |
% |
||||||||||
Effect to adjust for securities gains |
— |
% |
(0.00) |
% |
(0.00) |
% |
(0.00) |
% |
— |
% |
||||||||||
Effect to adjust for PCL - NonPCD loans and UFC, net of tax |
1.11 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
||||||||||
Effect to adjust for merger and branch consol./acq expenses, net of tax |
0.66 |
% |
0.43 |
% |
1.17 |
% |
2.16 |
% |
0.68 |
% |
||||||||||
Effect to adjust for extinguishment of debt cost |
— |
% |
— |
% |
— |
% |
0.77 |
% |
— |
|||||||||||
Effect to adjust for intangible assets |
6.78 |
% |
6.03 |
% |
7.30 |
% |
7.43 |
% |
8.85 |
% |
||||||||||
Adjusted return on average common tangible equity (non-GAAP) |
16.79 |
% |
15.30 |
% |
18.68 |
% |
18.74 |
% |
22.24 |
% |
||||||||||
Adjusted Efficiency Ratio (4) |
||||||||||||||||||||
Efficiency ratio |
62.99 |
% |
61.27 |
% |
64.22 |
% |
76.28 |
% |
61.06 |
% |
||||||||||
Effect to adjust for merger and branch consolidation related expenses |
(2.94) |
% |
(1.89) |
% |
(5.06) |
% |
(13.38) |
% |
(2.79) |
% |
||||||||||
Adjusted efficiency ratio |
60.05 |
% |
59.39 |
% |
59.16 |
% |
62.88 |
% |
58.26 |
% |
||||||||||
Tangible Book Value Per Common Share (3) |
||||||||||||||||||||
Book value per common share (GAAP) |
$ |
68.30 |
$ |
69.27 |
$ |
68.55 |
$ |
67.60 |
$ |
66.42 |
||||||||||
Effect to adjust for intangible assets |
(27.25) |
(24.65) |
(24.57) |
(24.53) |
(24.40) |
|||||||||||||||
Tangible book value per common share (non-GAAP) |
$ |
41.05 |
$ |
44.62 |
$ |
43.98 |
$ |
43.07 |
$ |
42.02 |
||||||||||
Tangible Equity-to-Tangible Assets (3) |
||||||||||||||||||||
Equity-to-assets (GAAP) |
11.20 |
% |
11.45 |
% |
11.72 |
% |
11.78 |
% |
11.88 |
% |
||||||||||
Effect to adjust for intangible assets |
(4.15) |
% |
(3.76) |
% |
(3.87) |
% |
(3.94) |
% |
(4.02) |
% |
||||||||||
Tangible equity-to-tangible assets (non-GAAP) |
7.05 |
% |
7.69 |
% |
7.85 |
% |
7.84 |
% |
7.86 |
% |
Определенная информация за предыдущие периоды была реклассифицирована в соответствии с представлением за текущий период, и эти реклассификации не оказали влияния на чистую прибыль или капитал, как сообщалось ранее.
Сноски к таблицам:
Предостерегающее Заявление В Отношении Прогнозных Заявлений
Заявления, включенные в это сообщение, которые не являются историческими по своей природе, предназначены и настоящим идентифицируются как заявления прогнозного характера для целей безопасной гавани, предусмотренной разделом 27A Закона о ценных бумагах 1933 года и Разделом 21E Закона о ценных бумагах и биржах 1934 года. Прогнозные заявления основаны, среди прочего, на убеждениях, предположениях руководства, текущих ожиданиях, оценках и прогнозах относительно индустрии финансовых услуг, экономики и ПСЕВДОНИМОВ_0. Слова и фразы, такие как "может", "приблизительно", "продолжать", "должен", "ожидает", "проекты", "ожидает", "вероятно", "смотреть вперед", "смотреть вперед", "полагает", "будет", "намеревается", "оценки", "стратегия", "план", "может", "потенциал", "возможно" и варианты таких слов и подобных выражений предназначены для обозначения таких прогнозных заявлений.
SouthState предупреждает читателей, что прогнозные заявления подвержены определенным рискам, неопределенностям и допущениям, которые трудно предсказать в отношении, среди прочего, сроков, масштабов, вероятности и степени наступления событий, что может привести к тому, что фактические результаты будут существенно отличаться от ожидаемых результатов. Такие риски, неопределенности и допущения включают, среди прочего, следующее: (1) риск экономического спада, потенциально приводящий к ухудшению ситуации на кредитных рынках, инфляции, большим, чем ожидалось, непроцентным расходам, чрезмерным потерям по ссудам и другим негативным последствиям, которые могут усугубляться потенциальными продолжающимися негативными экономическими событиями в результате пандемии Covid19 или в результате сокращения федеральных расходов и/или одного или нескольких тупиков или действий, связанных с федеральным бюджетом; (2) процентный риск, возникающий в основном в результате изменения процентных ставок, повышения процентных ставок и их влияния на доходы Банка, в том числе от корреспондентских и ипотечных подразделений, спроса на жилье, рыночной стоимости портфелей кредитов и ценных бумаг банка, а также рыночной стоимости собственного капитала SouthState; (3) риски, связанные со слиянием и интеграцией SouthState и CSFL, включая, среди прочего, (i) риск того, что экономия затрат и любой синергетический эффект от слияния могут быть реализованы не в полной мере или могут занять больше времени, чем ожидалось, (ii) риск того, что стороны не смогут успешная интеграция бизнеса каждой стороны в бизнес другой стороны, (iii) сумма затрат, сборов, расходов и сборов, связанных со слиянием, и (iv) репутационный риск и реакция клиентов, поставщиков, сотрудников или других деловых партнеров каждой компании на слияние; (4) риски, связанные с присоединением и интеграции SouthState и Атлантического капитала, в том числе, среди прочего, (I) риск того, что сбережения и доход синергетический эффект от объединения не могут быть полностью реализованы или может занять больше времени, чем предполагалось, чтобы быть реализованы, и (II) риск того, что интеграция Атлантик капитал операций в SouthState операций будет существенно затянуться или будет более дорогостоящим или сложным, чем ожидалось, или о том, что стороны по иным причинам не может успешно интегрировать Атлантик капитал предприятия в SouthState бизнеса (III) на сумму расходов, сборов, расходы и сборы, связанные с объединением, и (IV) репутационный риск и реакция каждого из клиентов компании, поставщиков, сотрудников или деловых партнеров для слияния; (5) риски, связанные с продолжающимся воздействия Covid19 пандемией о компании, включая возможные последствия для компании и ее сотрудников от контакта с Covid19, и эффективности и контроля окружающей среды в связи с изменением условий работы и результаты нашей деятельности за счет государственного стимулирования и других мер для смягчения воздействия пандемии; (6) рост цифровизации банковской отрасли и движение покупателей в он-лайн платформах, а также возможное влияние на фактические результаты деятельности, клиентской базы, расходы, поставщиков и операций; (7) управление рисками и процедуры, в том числе возможных ошибок или в обход нашего контроля и процедур или несоблюдение правил, относящихся к элементам управления и процедур; (8) потенциальное ухудшение недвижимости значения; (9) влияние конкуренции со стороны других финансовых институтов, в том числе и ценовое давление (в том числе в результате от забот закона), а также в результате воздействия, в том числе в результате сжатие чистой процентной маржи; (10) риски, связанные с возможностью сохранения нашей культуры и привлечения и удержания квалифицированных кадров; (11) кредитные риски, связанные с заемщика в случае невыполнения условия договора с банком или иным образом выполнить в соответствии с условиями любого займа документов; (12) риски, связанные с возможностью компании продолжать свои стратегические планы, которые зависят от определенной цели роста в наших направлений бизнеса; (13) риск ликвидности влияет на способность банка отвечать по своим обязательствам по мере наступления сроков погашения; (14) риски, связанные с ожидаемым увеличением SouthState инвестиционного портфеля ценных бумаг, в том числе риски, связанные с приобретением и проведение инвестиционных ценных бумаг или потенциально определяя, что количество инвестиционных ценных бумаг SouthState желает приобрести недоступны на условиях, приемлемых для SouthState; (15) ценовой риск ориентируясь на изменения рыночных факторов, которые могут повлиять на стоимость торгуемых инструментов в "рыночную" портфелей; (16) операции риск проблем с обслуживанием или доставки товара; (17) комплаенс-рисков, сопряженных с риском для доходов или капитала, полученного в результате нарушения или несоответствия с законами, правилами, нормами, установленных стандартов, либо этические нормы; (18) нормативных изменить риск, связанный с новыми законами, правилами, нормами, принципами бухгалтерского учета, запрещенных или этических стандартов, включая, помимо прочего, возможность того, что регулирующие органы могут потребовать более высокий уровень капитала выше текущей нормативно-обязательных минимумов и в том числе влияние заботится закона, защиты прав потребителей финансовых услуг бюро регламента, и возможности изменения стандартов бухгалтерского учета, политики, принципов и методов, в том числе изменения в бухгалтерских принципах, касающихся возможных потерь по кредитам признание (CECL); (19) стратегического риска, связанного с неблагоприятным бизнес-решений или ненадлежащее исполнение бизнес-решений; (20) репутационный риск, что неблагоприятно влияет на доходы или капитал, вытекающие из негативного общественного мнения; (21) кибербезопасности риски, связанные с зависимостью SouthState на внутренние компьютерные системы и технологии сторонних поставщиков услуг, а также потенциальное воздействие внутренних или внешних нарушений требований безопасности, которые могут подвергнуть компанию потенциальным бизнес сбоев или финансовых потерь в результате преднамеренных нападений или непреднамеренные события; (22) репутационные и операционные риски, связанные с окружающей средой, социальной сферы и управления (ESG) вопросы, включая влияние недавно опубликовала проект нормативного руководства и регулирования, относящихся к изменению климата; (23) более значительное, чем ожидалось непроцентных расходов; (24) чрезмерных кредитных убытков; (25) потенциальное месторождение истощение, превышает ожидаемые издержки, потере клиентов и бизнес-нарушение, связанное с Атлантическим капитал интеграции, и потенциальные трудности в поддержании отношений с ключевыми сотрудниками; (26) репутационный риск и возможные выше, чем предполагалось, снижение поступлений от анонсировал изменения в работе банка потребительскими овердрафт программ; (27) рисков, связанных с колебаниями цен на рынке для SouthState обыкновенных акций, которые могут быть или могут не отражать экономическое состояние или результаты деятельности SouthState; (28) о выплате дивидендов по SouthState обыкновенных акций, распространяются правовые и нормативные ограничения, а также решению совета директоров SouthState, SouthState производительности и других факторов; (29) собственности разбавления риск, связанный с потенциальными приобретениями, в котором SouthState акции могут быть выданы в качестве компенсации за приобретенное общества; (30) оперативных, технологических, культурных, нормативных, юридических, кредитных и прочих рисков, связанных с разведкой, консумации и интеграция потенциальных будущих приобретений, в том числе акции или денежной выплаты; (31) крупных катастроф, таких как ураганы, смерчи, землетрясения, наводнения или других природных или техногенных катастроф, в том числе на вспышки инфекционных заболеваний, таких как продолжающаяся пандемия Covid19 и связанные с ущербом для местных, региональную и глобальную экономическую активность и финансовые рынки, и воздействие любого из вышеперечисленных может иметь SouthState и его клиентов и других заинтересованных сторон; (32) террористическая деятельность, риск, что приводит к потере доверия потребителей и экономических потрясений; и (33) другие факторы, которые могут повлиять на будущие результаты SouthState, как раскрыто в SouthState годовой отчет по форме 10-K, квартальных отчетах по форме 10-Q и текущие отчеты по форме 8-к, подано SouthState с США по ценным бумагам и биржам ("КЦБ") и доступны по ценным бумагам и биржам сайте http://www.sec.gov, которые могут вызвать фактические результаты могут существенно отличаться от будущих результатов, выраженных, подразумеваемых или иных предполагаемых такими прогнозными заявлениями.
Все прогнозные заявления относятся только к дате их составления и основаны на информации, доступной на тот момент. SouthState не берет на себя никаких обязательств по обновлению или иному пересмотру любых прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных федеральными законами о ценных бумагах. Поскольку прогнозные заявления сопряжены со значительными рисками и неопределенностями, следует проявлять осторожность, чтобы не слишком полагаться на такие заявления.
ИСТОЧНИК SouthState Corporation
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