SouthState Corp
NYSE:SSB
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Intrinsic Value
The intrinsic value of one SSB stock under the Base Case scenario is 141.46 USD. Compared to the current market price of 109 USD, SouthState Corp is Undervalued by 23%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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SouthState Corp
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Fundamental Analysis
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SouthState Corp., a prominent financial institution headquartered in Columbia, South Carolina, is driven by a commitment to community and relationship banking. With a rich history dating back to its inception in 1934, the bank has grown significantly through strategic mergers and acquisitions, expanding its footprint across the Southeastern United States. SouthState operates a diverse range of financial services, including commercial and consumer banking, wealth management, and mortgage lending, catering to a broad spectrum of clients, from individuals to small businesses and corporations. The company prides itself on a client-centric approach, leveraging technology and personalized service...
SouthState Corp., a prominent financial institution headquartered in Columbia, South Carolina, is driven by a commitment to community and relationship banking. With a rich history dating back to its inception in 1934, the bank has grown significantly through strategic mergers and acquisitions, expanding its footprint across the Southeastern United States. SouthState operates a diverse range of financial services, including commercial and consumer banking, wealth management, and mortgage lending, catering to a broad spectrum of clients, from individuals to small businesses and corporations. The company prides itself on a client-centric approach, leveraging technology and personalized service to foster long-term relationships and drive growth.
For investors, SouthState Corp. presents a compelling opportunity marked by stability and resilience. The bank's robust capital position and profitability metrics signify a solid financial foundation, which is bolstered by a prudent risk management strategy. As interest rates rise, SouthState is well-positioned to benefit from improved net interest margins, enhancing its revenue prospects. Additionally, the bank's growth strategy focuses on organic expansion and targeted acquisitions, ensuring sustained market relevance in a competitive landscape. With its steadfast operational ethos and a promising outlook, SouthState Corp. is not just another name in the financial sector; it's a company with the vision to thrive while staying rooted in the communities it serves.
SouthState Corporation is a financial services holding company based in the United States, primarily serving the Southeast region. Its core business segments typically include:
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Commercial Banking: This segment focuses on providing a wide range of financial services to commercial clients, including loans, deposit accounts, treasury management, and other banking services tailored for businesses. SouthState serves small to medium-sized businesses, as well as larger corporations, offering solutions to meet their operational and growth needs.
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Consumer Banking: This segment caters to personal banking customers, offering products such as checking and savings accounts, mortgages, personal loans, and credit cards. The consumer banking division aims to provide accessible and convenient banking services to individuals and families.
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Wealth Management: SouthState offers wealth management services, including investment management, financial planning, and trust services. This segment focuses on affluent clients and institutional investors, helping them manage their assets and plan for their financial futures.
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Mortgage Banking: This segment involves the origination, processing, and servicing of residential mortgage loans. SouthState provides various mortgage products, including conventional, FHA, and VA loans, aiming to support home buyers in securing financing.
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Payments and Treasury Services: SouthState provides a range of payment solutions and treasury services designed to help businesses manage their cash flow and payment processing needs efficiently.
These segments contribute to SouthState Corporation's comprehensive financial service offerings and its commitment to meeting the diverse needs of its clients in the banking and finance sectors.
SouthState Corporation, a regional bank based in the southeastern United States, has several unique competitive advantages that may help it stand out among its rivals:
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Strong Regional Focus: SouthState has established a significant presence in the southeastern U.S., particularly in markets like Florida, Georgia, and the Carolinas. This regional focus allows for deeper insights into local markets and customer needs, fostering stronger relationships with clients.
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Diversified Service Offerings: The bank provides a wide range of financial services including consumer banking, commercial banking, mortgage services, and wealth management. This diversification can help mitigate risks and enhance customer retention, as clients may use multiple services from the same institution.
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Acquisition Strategy: SouthState has a history of strategic acquisitions that have expanded its footprint and client base while enhancing capabilities. This growth strategy can allow it to capitalize on economies of scale and increase its market share without the need for starting from scratch.
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Customer-Centric Approach: The bank emphasizes personalized service and customer satisfaction, which can lead to higher loyalty and retention rates. This approach contrasts with larger, more impersonal banks, allowing SouthState to compete effectively for clients who prefer a more tailored banking experience.
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Technological Investments: SouthState has invested in technology to improve customer experience and operational efficiency. By leveraging digital banking solutions, they can reach a broader audience and streamline processes, which can enhance their competitiveness.
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Strong Capital Position: Having a solid capital base provides SouthState with the ability to absorb shocks during economic downturns and invest in growth opportunities. This financial strength can instill confidence in customers and investors alike.
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Community Engagement: Active involvement in local communities, including philanthropic efforts and support for local businesses, helps SouthState build goodwill and a positive brand image. This community-oriented approach creates a strong emotional connection with customers.
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Skilled Management Team: Experienced leadership can drive strategic initiatives and navigate challenges effectively. A skilled team can leverage insights and industry knowledge to make informed decisions that are vital in a competitive landscape.
These competitive advantages position SouthState to effectively compete in the regional banking space, catering to local needs while leveraging broader capabilities that many smaller banks might lack.
As a financial institution, SouthState Corporation faces several risks and challenges in the near future. Here are some key areas to consider:
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Economic Environment: Economic fluctuations, including potential recessions or slowdowns, can impact loan demand, credit quality, and overall financial performance. Factors like high inflation and interest rates can also influence consumer spending and borrowing behavior.
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Regulatory Changes: The banking industry is heavily regulated, and changes in regulations at the federal or state level can pose challenges. Increased compliance costs and the need to adapt to new requirements can affect profitability.
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Interest Rate Risk: With fluctuating interest rates, SouthState may experience challenges in managing its net interest margin. Rising rates can lead to higher borrowing costs for customers and may dampen loan demand.
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Credit Risk: As with any bank, there is inherently a risk related to the creditworthiness of borrowers. A downturn in the economy could lead to increased defaults and non-performing loans, impacting the bank's financial health.
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Technological Advancements: The banking industry is rapidly evolving, with fintech companies and digital banking platforms increasing competition. SouthState must continuously invest in technology to enhance its services and customer experience, which can be costly.
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Cybersecurity Threats: As with many financial institutions, SouthState faces the risk of cyberattacks and data breaches. Protecting customer data and maintaining trust is critical, requiring significant investment in security protocols.
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Market Competition: Increased competition from both traditional banks and non-bank financial institutions can pressure SouthState to maintain competitive rates and services, which could impact profit margins.
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Geographic Concentration: Depending on its market presence, SouthState could be influenced by regional economic conditions, which can be volatile. Geographic concentrations add risk, particularly in markets facing economic distress.
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Operational Risks: Operational inefficiencies can arise from inadequate internal processes, human errors, or interruptions in business operations. These risks can impact service delivery and customer satisfaction.
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Reputation Risk: As a financial institution, maintaining a positive reputation is crucial. Any negative publicity, ethical issues, or customer dissatisfaction can lead to loss of clientele and impact the stock price.
In summary, SouthState Corporation faces a mix of economic, regulatory, technological, and operational challenges that will require careful management and strategic planning to navigate successfully in the coming years.
Balance Sheet Decomposition
SouthState Corp
Net Loans | 33.1B |
Investments | 8.5B |
PP&E | 507.5m |
Intangibles | 2.1B |
Other Assets | 2B |
Total Deposits | 37.6B |
Short Term Debt | 538.3m |
Long Term Debt | 391.6m |
Other Liabilities | 1.6B |
In the third quarter, SouthState Corporation reported stable performance with total revenue rising by $1 million, supported by a 4% annualized loan growth. The net interest margin (NIM) decreased to 3.40%, reflecting a rise in deposit costs, while the forecast indicates a recovery with a potential NIM expansion of 4 to 5 basis points in Q4. The company anticipates maintaining mid-single-digit revenue growth, bolstered by an improving economic outlook. Moreover, following the merger with Independent Financial, management aims for cost efficiencies and strategic growth, with an expected loan portfolio of $50 billion and deposits of $55 billion by end of 2025.
What is Earnings Call?
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Price Targets
SSB Price Targets Summary
SouthState Corp
According to Wall Street analysts, the average 1-year price target for SSB is 110.93 USD with a low forecast of 95.95 USD and a high forecast of 126 USD.
Dividends
Current shareholder yield for SSB is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
SSB Insider Trading
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Description
South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. The company is headquartered in Winter Haven, Florida and currently employs 4,929 full-time employees. The firm offers a range of banking services and products to its customers through its wholly owned bank subsidiary, South State Bank, National Association (the Bank). The Bank provides consumer, commercial, mortgage and wealth management solutions. The Bank's loan portfolio includes commercial real estate loans, residential real estate loans, commercial and industrial loans and consumer loans. The company also offer its customers a variety of deposit products and services, including checking accounts, savings accounts, other deposit accounts and treasury and merchant services, through multiple channels, including its network of approximately 281 full-service branches and online, mobile and telephone banking platforms. Through Corporate Billing, the Bank offers factoring, invoicing, collection, and accounts receivable management services nationwide. The company also operates a correspondent banking division within its national bank subsidiary.
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The intrinsic value of one SSB stock under the Base Case scenario is 141.46 USD.
Compared to the current market price of 109 USD, SouthState Corp is Undervalued by 23%.