South State Bank (merged into CenterState Bank)

FDIC-insured bank with its head office in Columbia, South Carolina, established in 1934 according to the FDIC.
Merged. South State Bank merged into CenterState Bank on (FDIC: merger -without assistance). Its data ends with the Call Report for ; figures on this page are from that report or earlier.

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).
Total assets
$16.6 bn
A year earlier (Q1 2019): $15.4 bn
CET1 capital ratio
11.62%
A year earlier (Q1 2019): 12.67%
Return on equity
4.95%
A year earlier (Q1 2019): 7.24%
Uninsured share of deposits
22.06%
A year earlier (Q1 2019): 20.84%

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

MetricValueA year earlierUS 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 ratio92.26%93.16% (Q1 2019)
Tier 1 leverage ratio9.24%10.37% (Q1 2019)
Total risk-based capital ratio12.31%13.17% (Q1 2019)
Net interest margin3.65%3.84% (Q1 2019)
Return on assets (ROA)0.74%1.19% (Q1 2019)
Efficiency ratio59.38%60.55% (Q1 2019)
Unrealized gain/loss on available-for-sale securitiesGain of $55.7 mnTurned from a loss into a gain
Noncurrent loans to total loans0.49%0.42% (Q1 2019)
Net charge-offs to average loans0.05%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

USD bn
Total assets, deposits and net loans of South State Bank each quarter; total assets were $16.6 bn at Q1 2020$5.5bn$8.5bn$11.4bn$14.3bn$17.3bn2017201820192020Georgia Bank & Trust Company of Augusta merged inPark Sterling Bank merged inTotal assets$16.6bnDeposits$12.4bnNet loans$11.4bnTotal assets, deposits and net loans of South State Bank each quarter; total assets were $16.6 bn at Q1 2020$5.5bn$9.4bn$13.4bn$17.3bn20182020
  • Total assets $16.6bn
  • Deposits $12.4bn
  • Net loans $11.4bn
to . FDIC Call Reports.

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

Percent
CET1, total risk-based capital and tier 1 leverage ratios of South State Bank, Q1 2016 to Q1 20208.9%10%11%13%14%2017201820192020Total capital12%CET112%Tier 1 leverage9.2%CET1, total risk-based capital and tier 1 leverage ratios of South State Bank, Q1 2016 to Q1 20208.9%11%12%14%20182020
  • Total capital 12%
  • CET1 12%
  • Tier 1 leverage 9.2%
to . FDIC Call Reports.

South State Bank: unrealized securities gains and losses

USD bn
Unrealized gains and losses on available-for-sale and held-to-maturity securities of South State Bank, Q1 2016 to Q1 2020-$54mn-$25mn$4mn$33mn$62mn2017201820192020Available for sale$56mnHeld to maturity$0Unrealized gains and losses on available-for-sale and held-to-maturity securities of South State Bank, Q1 2016 to Q1 2020-$54mn-$15mn$23mn$62mn20182020
  • Available for sale $56mn
  • Held to maturity $0
to . FDIC Call Reports.

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

Percent, annualized
Return on equity, net interest margin and return on assets of South State Bank, Q1 2016 to Q1 2020-0.6%2.1%4.9%7.6%10%2017201820192020Return on equity5.0%Net interest margin3.7%Return on assets0.7%Return on equity, net interest margin and return on assets of South State Bank, Q1 2016 to Q1 2020-0.6%3.0%6.7%10%20182020
  • Return on equity 5.0%
  • Net interest margin 3.7%
  • Return on assets 0.7%
to . FDIC Call Reports.

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%.

BankCharterStateTotal assetsCET1 ratioReturn on equityUninsured share
WaFd BankState nonmember bankWA$17.4 bn13.46%7.70%20.74%
Cadence BankNational bankGA$17.2 bn11.76%-65.57%51.30%
Mechanics BankState nonmember bankCA$17.0 bn13.18%3.78%39.76%
South State BankState nonmember bankSC$16.6 bn11.62%4.95%22.06%
State Farm Bank, F.S.B.Federal savings bankIL$16.3 bn20.84%-2.56%7.33%
City National Bank of FloridaNational bankFL$16.2 bn13.68%6.85%60.94%
Bank of HopeState nonmember bankCA$16.0 bn13.52%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.

MetricQ2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 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 ratio12.80%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 deposits19.67%19.69%20.53%20.84%20.86%21.56%22.70%22.06%
Full-time equivalent employees2,6542,6402,6022,5892,5442,5442,5462,583
Number of offices182181181182170171170170

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.

  1. . Absorbed Georgia Bank & Trust Company of Augusta (FDIC certificate 27574).
  2. . Absorbed Park Sterling Bank (FDIC certificate 58408).
  3. . 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.