South State Bank (merged into CenterState Bank)
South State Bank reported total assets of $16.6 bn at Q1 2020, its last Call Report before it merged into CenterState Bank. The CET1 capital ratio at South State Bank was 11.62%, and the uninsured share of South State Bank was 22.06%. Source: FDIC Call Reports.
Key takeaways
- Since , South State Bank has taken over 2 institutions; the latest was Park Sterling Bank on (FDIC Call Reports).
What sets South State Bank apart
How large is South State Bank?
The balance sheet of South State Bank at : assets $16.6 bn, deposits $12.4 bn, net loans $11.4 bn (loans equal to 92.26% of deposits). Securities make up 11.8% of total assets at South State Bank. Since , when South State Bank held $8.7 bn, its assets grew 91.8%. In the year to , deposits at South State Bank rose 3.8% while its total assets rose 8.0%. At , South State Bank employed 2,583 full-time equivalent staff across 170 offices, about $6.4 mn of assets per employee and $72.9 mn of deposits per office.
How much funding at South State Bank is uninsured?
At South State Bank, uninsured deposits (above the FDIC limit) made up 22.06% of domestic deposits at (+1.21 pp on a year earlier). In dollars, South State Bank estimated $2.7 bn of uninsured deposits.
Key facts, Q1 2020
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $12.4 bn | $11.9 bn (Q1 2019) | |
| Net loans and leases | $11.4 bn | $11.1 bn (Q1 2019) | |
| Loan-to-deposit ratio | 92.26% | 93.16% (Q1 2019) | |
| Tier 1 leverage ratio | 9.24% | 10.37% (Q1 2019) | |
| Total risk-based capital ratio | 12.31% | 13.17% (Q1 2019) | |
| Net interest margin | 3.65% | 3.84% (Q1 2019) | |
| Return on assets (ROA) | 0.74% | 1.19% (Q1 2019) | |
| Efficiency ratio | 59.38% | 60.55% (Q1 2019) | |
| Unrealized gain/loss on available-for-sale securities | Gain of $55.7 mn | Turned from a loss into a gain | |
| Noncurrent loans to total loans | 0.49% | 0.42% (Q1 2019) | |
| Net charge-offs to average loans | 0.05% | 0.02% (Q1 2019) |
US rank of South State Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
South State Bank: assets, deposits and loans
- Total assets $16.6bn
- Deposits $12.4bn
- Net loans $11.4bn
Capital and securities
The CET1 ratio of South State Bank stood at 11.62% in , -1.05 pp year on year. Low and high at South State Bank since : 11.62% () to 13.14% (). Equity capital of South State Bank at : $2.4 bn, or 14.3% of total assets. South State Bank also reported a total capital ratio of 12.31% for , and a tier 1 leverage ratio of 9.24%.
The available-for-sale portfolio of South State Bank showed an unrealized gain of $55.7 mn at ; the gain turned from a loss into a gain over the year.
South State Bank: capital ratios
- Total capital 12%
- CET1 12%
- Tier 1 leverage 9.2%
South State Bank: unrealized securities gains and losses
- Available for sale $56mn
- Held to maturity $0
Profitability and loan quality
For the year to , South State Bank earned a return on equity of 4.95%; return on assets: 0.74%. Net interest margin at South State Bank: 3.65%, -0.19 pp in a year. South State Bank net income: $30.0 mn, down 32.7% year on year. The efficiency ratio of South State Bank was 59.38%: about 59 cents cost per revenue dollar, against 59 cents at the median peer.
At , noncurrent loans were 0.49% of total loans at South State Bank; net charge-offs: 0.05% of average loans. Gross loans and leases at South State Bank: $11.6 bn at , against $11.2 bn at .
South State Bank: profitability
- Return on equity 5.0%
- Net interest margin 3.7%
- Return on assets 0.7%
Peer group of South State Bank
The peer group of South State Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of South State Bank (state nonmember bank) and 0 have head offices in South Carolina. Against them, South State Bank shows CET1 ratio 11.62% against a peer median of 13.49%, return on equity 4.95% against a peer median of 4.46% and uninsured deposit share 22.06% against a peer median of 45.53%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| WaFd Bank | State nonmember bank | WA | $17.4 bn | 13.46% | 7.70% | 20.74% | |
| Cadence Bank | National bank | GA | $17.2 bn | 11.76% | -65.57% | 51.30% | |
| Mechanics Bank | State nonmember bank | CA | $17.0 bn | 13.18% | 3.78% | 39.76% | |
| South State Bank | State nonmember bank | SC | $16.6 bn | 11.62% | 4.95% | 22.06% | |
| State Farm Bank, F.S.B. | Federal savings bank | IL | $16.3 bn | 20.84% | -2.56% | 7.33% | |
| City National Bank of Florida | National bank | FL | $16.2 bn | 13.68% | 6.85% | 60.94% | |
| Bank of Hope | State nonmember bank | CA | $16.0 bn | 13.52% | 5.15% | 58.07% | |
. FDIC Call Reports.
Last eight quarters
Two years at South State Bank, to : assets $14.6 bn to $16.6 bn, deposits $11.7 bn to $12.4 bn, equity $2.4 bn to $2.4 bn. Staff 2,654 to 2,583; offices 182 to 170.
| Metric | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $14.6 bn | $14.5 bn | $14.7 bn | $15.4 bn | $15.7 bn | $15.7 bn | $15.9 bn | $16.6 bn |
| Total deposits | $11.7 bn | $11.6 bn | $11.7 bn | $11.9 bn | $11.9 bn | $12.0 bn | $12.2 bn | $12.4 bn |
| Bank equity capital | $2.4 bn | $2.5 bn | $2.5 bn | $2.5 bn | $2.5 bn | $2.4 bn | $2.5 bn | $2.4 bn |
| CET1 ratio | 12.80% | 13.14% | 12.87% | 12.67% | 12.42% | 12.00% | 12.07% | 11.62% |
| Return on equity (ROE) | 7.34% | 7.63% | 7.85% | 7.24% | 7.12% | 7.72% | 7.90% | 4.95% |
| Uninsured share of domestic deposits | 19.67% | 19.69% | 20.53% | 20.84% | 20.86% | 21.56% | 22.70% | 22.06% |
| Full-time equivalent employees | 2,654 | 2,640 | 2,602 | 2,589 | 2,544 | 2,544 | 2,546 | 2,583 |
| Number of offices | 182 | 181 | 181 | 182 | 170 | 171 | 170 | 170 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of South State Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Georgia Bank & Trust Company of Augusta (FDIC certificate 27574).
- . Absorbed Park Sterling Bank (FDIC certificate 58408).
- . Merged into CenterState Bank, National Association (FDIC certificate 33555).
Large one-quarter moves at South State Bank
- Total assets at South State Bank changed by +25.3% in the quarter to 2017-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Georgia Bank & Trust Company of Augusta.
- Total assets at South State Bank changed by +29.5% in the quarter to 2017-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Park Sterling Bank.
Questions and identifiers
What were the total assets of South State Bank?
South State Bank reported $16.6 bn at in its Call Report.
Is South State Bank the same as its holding company?
No. This page covers South State Bank, FDIC certificate 13425; SOUTH STATE CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is South State Bank profitable?
South State Bank reported net income of $30.0 mn for the year to ; annualized return on equity: 4.95%. So yes: South State Bank made a profit over these months.
When is data for South State Bank next updated?
South State Bank no longer files Call Reports; its data ends at .
Where can I check the figures for South State Bank?
In the FDIC BankFind Suite record for certificate 13425, and in the Call Reports of South State Bank (RSSD ID 540926) at the FFIEC Central Data Repository.