What is the South State Corporation Net Worth/ Market Cap in 2024: Finance Performance Overview

What is the South State Corporation Net Worth/ Market Cap in 2024: Finance Performance Overview

Are you wondering about South State Corporation net worth in 2024? You’re in the right place!

We’ll dive into the market cap, financial performance, and more, giving you insights into how this bank stacks up against the largest banks globally. Let’s explore South State’s impressive numbers with Ando Money.

Quick Facts

NameSouth State Corporation
Full NameSouth State Corporation
Traded asNYSE: SSB
FoundedJanuary 1, 1934
HeadquartersWinter Haven, FL
Chief Executive OfficerJohn C. Corbett
Number of Employees5,070
Market Cap$4.21 billion
Total Assets$49 billion
Total Equity$5.55 billion
Revenue$2.3 billion
Net Income$115.1 million

What is the Net Worth/ Market Cap Of South State Corporation in 2024?

What is the Net Worth/ Market Cap Of South State Corporation in 2024?

The market capitalization of South State Corporation stands at $4.21 billion in 2024. This positions South State competitively among prominent banks in the USA.

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For context, Associated Banc-Corp has a market cap of $3.69 billion, and SVB Financial stands at $2.37 billion.

While Citigroup boasts a substantial $98.45 billion market cap, South State demonstrates robust financial health and growth potential within its peer group.

South State Corporation Financial Performance Overview

South State Corporation Financial Performance Overview

South State Corporation has shown remarkable resilience and growth in its financial performance for the first quarter of 2024.

The company’s net income reached $115.1 million, with an adjusted net income of $121.3 million. This performance translates to a reported diluted earnings per share (EPS) of $1.50 and an adjusted diluted EPS of $1.58.

The bank’s return on average common equity is 8.4%, and its return on average tangible common equity (non-GAAP) is 13.6%, indicating a strong ability to generate profit relative to its shareholders’ equity.

The adjusted return on average tangible common equity stands at 14.4%, reflecting efficient capital utilization.

Performance Metrics

  • Net Interest Income: The bank reported a net interest income of $344 million, with a core net interest income (excluding loan accretion) of $340 million. The net interest margin (NIM) is 3.40%, which slightly increases to 3.41% on a tax-equivalent basis.
  • Loan and Deposit Growth: The bank experienced a modest increase in loans, rising by $279 million or 3% annualized, driven primarily by consumer real estate. Deposits also grew by $130 million, or 1% annualized, indicating sustained customer confidence and deposit base expansion.
  • Noninterest Income: South State’s noninterest income was $72 million, contributing 0.64% to average assets. This diverse income stream is critical for maintaining revenue stability.

Balance Sheet Strength

The bank’s balance sheet remains robust, with total assets amounting to $49 billion. This substantial asset base supports South State’s lending and investment activities, ensuring liquidity and financial stability.

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The total deposit cost rose to 1.74%, up 0.14% from the previous quarter, reflecting the bank’s ability to manage its funding costs effectively.

Asset Quality and Capital Ratios

  • Allowance for Credit Losses (ACL): The total allowance for credit losses, including reserves for unfunded commitments, is 1.60% of total loans, underscoring the bank’s proactive risk management practices.
  • Nonperforming Assets: The nonperforming assets totaled $174.5 million, representing 0.39% of total assets. The low level of nonperforming assets indicates high asset quality and effective credit risk management.
  • Capital Ratios: South State maintains a strong capital position with a tangible common equity ratio of 8.2%, a total risk-based capital ratio of 14.4%, a tier 1 leverage ratio of 9.6%, and a tier 1 common equity ratio of 11.9%.

Efficiency and Operational Metrics

  • Efficiency Ratio: The efficiency ratio for the quarter was 58%, with an adjusted efficiency ratio of 56%. This ratio measures the bank’s overhead as a percentage of its revenue, highlighting operational efficiency.
  • Special Assessments and Operating Expenses: The bank recorded a $3.9 million FDIC special assessment expense, reflecting regulatory costs. Operating expenses, including salaries and benefits, occupancy, and information services, were well-managed to support growth and customer service.

South State’s financial performance in the first quarter of 2024 reflects its strong market position, effective risk management, and ability to generate consistent returns.

These factors contribute to its competitive stance in the banking sector, demonstrating resilience and growth potential.

FAQs about South State Corporation

FAQs about South State Corporation

What is South State Corporation?

South State Corporation is a financial institution operating in the southeastern United States, offering personal, business, and commercial banking services.

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Where is South State headquartered?

The institution is headquartered in Winter Haven, Florida.

What services does South State offer?

The bank provides:

  • Personal Banking: Savings, checking, loans, credit cards, and online banking.
  • Business Banking: Accounts, loans, treasury management, and merchant services.
  • Commercial Banking: Lending, real estate financing, and corporate treasury management.
  • Wealth Management: Investments, financial planning, and trust services.

How many branches does South State Bank have?

South State Bank has over 200 branches across the southeastern United States.

When was South State founded?

South State was founded in 1934.

What is the mission of South State?

The mission is to provide exceptional customer service and build lasting relationships through high-quality financial products and services.

Who is the CEO of South State?

Robert R. Hill Jr. is the CEO of South State Corporation.

Is South State publicly traded?

Yes, South State is traded on the NASDAQ stock exchange under the ticker symbol SSB.

What are the core values of South State?

Core values include:

  • Integrity: Honesty and transparency.
  • Customer Focus: Prioritizing customer needs.
  • Community: Supporting local communities.
  • Excellence: Maintaining high standards.

How has South State grown over the years?

South State has grown through acquisitions and organic expansion, enhancing its market presence and services.


South State Bank’s net worth highlights its stability and growth in the banking sector. Share your thoughts, comment, or explore more on our website, andomoney.com.

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