Profile: South State Corp (SSB.O)
13 Jul 2018
South State Corporation (South State), incorporated on February 22, 1985, is a bank holding company. The Company provides a range of banking services and products to its customers through its bank subsidiary, South State Bank (the Bank), a South Carolina-chartered commercial bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. The Company conducts its business from 170 financial centers across South Carolina, North Carolina, Georgia, and Virginia.
Through the Bank, the Company provides its customers with checking accounts, Negotiable Order of Withdrawal (NOW) accounts, savings and time deposits of various types, brokerage services and alternative investment products, such as annuities and mutual funds, trust and asset management services, business loans, agriculture loans, real estate loans, personal use loans, home improvement loans, automobile loans, credit cards, letters of credit, home equity lines of credit, safe deposit boxes, bank money orders, wire transfer services, correspondent banking services and use of automated teller machine (ATM) facilities. The Company, through its subsidiary, provides a range of financial services to individuals and companies. These services include demand, time and savings deposits; lending and credit card servicing; ATM processing, and wealth management and trust services.
The Bank's loan portfolio includes real estate loans, including commercial non-owner occupied loans; commercial owner occupied real estate loans; commercial and industrial loans; other income producing property loans; consumer loans, and other loans. As of December 31, 2016, the Company aggregated acquired credit impaired loans that have common risk characteristics into pools within loan categories, such as commercial loans greater than or equal to $1 million, commercial real estate, commercial real estate-construction and development, residential real estate, residential real estate junior lien, home equity, consumer, commercial and industrial, and single pay. The Bank uses investment securities to generate interest income through the employment of excess funds, to provide liquidity, to fund loan demand or deposit liquidation and to pledge as collateral for public funds deposits and repurchase agreements.
The Bank's held-to-maturity (HTM) securities consist of some of its tax-exempt state and municipal securities. The Bank's securities available for sale consist mainly of debentures of government-sponsored entities, state and municipal bonds, and mortgage-backed securities. At December 31, 2016, it had 129 securities available for sale in an unrealized loss position, which totaled $8.6 million. The Bank's other investment securities primarily include its investment in Federal Home Loan Bank of Atlanta (FHLB) stock. The Bank's primary sources of funds are client deposits and loan repayments. The Bank's deposits are categorized as certificates of deposits, interest- bearing deposits, non-interest bearing demand deposits, saving deposits and other time deposits. The Bank's short-term borrowed funds consist of federal funds purchased and securities sold under repurchase agreements.
South State Corp
520 Gervais St
COLUMBIA SC 29201-3046
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