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Subsequent Events | 12 Months Ended
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Dec. 31, 2019
Subsequent Events |
Subsequent Events | Note 30—Subsequent Events Proposed Merger with CenterState Bank Corporation On January 25, 2020, South State and CenterState Bank Corporation, a Florida corporation (“CenterState”) entered into an Agreement and Plan of Merger (the “merger agreement”), pursuant to which South State and CenterState have agreed to combine their respective companies in an all-stock merger of equals. The merger agreement provides that, upon the terms and subject to the conditions set forth therein, CenterState will merge with and into South State, with South State continuing as the surviving entity, in a transaction we refer to as the “merger.” The merger agreement was unanimously approved by the boards of directors of South State and CenterState, and is subject to shareholder and regulatory approvals and other customary closing conditions. Under the terms of the merger agreement, shareholders of CenterState will receive 0.3001 shares of South State common stock for each share of CenterState common stock they own. After the merger, it is anticipated that CenterState shareholders will own approximately 53% and South State shareholders will own approximately 47% of the combined company. The aggregate consideration, including “in the money” outstanding stock options, is valued at approximately $2.9 billion, based on approximately 125,174,000 shares of CenterState common stock outstanding as of December 31, 2019 and on South State’s February 20, 2020 closing stock price of $78.16. The transaction is expected to close during the third quarter of 2020. At December 31, 2019, CenterState reported $17.1 billion in total assets, $12.0 billion in loans and $13.1 billion in deposits. Capital Management – Common Stock Repurchased ​ In June 2019, the Board of Directors approved and reset the number of shares available to be repurchased to 2,000,000 common shares under the 2019 Stock Repurchase Program (“Repurchase Program”). As of December 31, 2019, we had repurchased 1,165,000 of the 2,000,000 shares of our common stock authorized by the Board of Directors in June 2019. In the first quarter of 2020, we repurchased an additional 160,000 shares of our common stock at an average price of $77.63 per share (excluding cost of commission) for a total of $12.4 million. We may repurchase up to an additional 675,000 shares of common stock under the Repurchase Program; however we are not obligated to repurchase any additional shares under the Repurchase Program. ​ The Company has evaluated subsequent events for accounting and disclosure purposes through the date the financial statements are issued and has determined that there is no additional disclosure necessary. ​ ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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