# SouthState Bank Corporation (SSB) — Stock CV

SouthState Bank Corporation is a $9.72B financial services company. Revenue grew 24.7% over the last year, and it keeps 274¢ of every dollar of sales as profit. It trades at 10.2× earnings — in the cheapest third of its own history.

> SouthState Bank Corp is a United States-based bank holding company. It provides a wide range of services and products to its customers through a wholly-owned bank subsidiary.

## Identity

- **Ticker**: SSB
- **Sector**: Financial Services
- **Industry**: State Commercial Banks
- **Headquarters**: WINTER HAVEN, FL
- **Employees**: 6 431
- **Website**: https://www.southstatebank.com
- **Market cap**: $9.72B
- **Last price**: $100.25
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $347M
- **Net income**: $950M
- **Free cash flow**: $860M
- **Net cash**: $474M
- **P/E**: 10.2
- **Revenue growth (YoY)**: 24.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 80 |
| Growth | 56 |
| Profitability | 74 |
| Health | 50 |
| Quality | 44 |
| Moat | 43 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +24.7% YoY
- [x] Profitable — $950M TTM
- [x] Profit growing — +6.1% YoY
- [x] Generates cash — $860M TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $9.72B market cap
- [ ] Not printing shares — +84.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 25/100
- [x] Pays a dividend — yield 2.46%
- [x] Valuation not extreme — P/E 10.2

## Experience (career milestones)

- **FY2025** — Became debt-free: cash now exceeds total debt
- **FY2025** — Best year on record: $799M net income
- **May 20, 2024** — SouthState Corporation agreed to acquire Independent Bank Group, based in McKinney, Texas for…
- **FY2020** — Revenue crossed $1B: $1.22B for the year
- **Jun 8, 2020** — SouthState completed a merger with CenterState Bank
- **Apr 27, 2017** — SouthState Corp. agreed to acquire Park Sterling Corp
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — SCBT Financial became SouthState Corporation and in June 2014 SCBT became SouthState Bank and First Federal…
- **2013** — SCBT Financial Corp. announced a merger with First Financial Holdings of Charleston, started in 1934
- **Nov 30, 2007** — SCBT Financial Corp. completed its acquisition of TSB Financial Corporation and its bank The…
- **2003** — First National Corp. changed its name to SCBT Financial Corp. in 2003
- **2002** — The bank changed its name to South Carolina Bank and Trust and moved its headquarters to Columbia, South…

## Strengths

- Strongly profitable — 273.8% net margin
- Revenue growing 24.7% year over year
- Strong cash conversion — FCF is 248.0% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $317M | $476M | $509M |
| FY2022 | $279M | $496M | $1.71B |
| FY2023 | $245M | $494M | $508M |
| FY2024 | $250M | $535M | $476M |
| FY2025 | $322M | $799M | $231M |

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Source: https://stockcv.com/SSB — derived from company filings; may be delayed or incomplete. Information, not investment advice.