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Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Statements of Parent Company

Condensed Financial Statements of Parent Company

Note 28—Condensed Financial Statements of Parent Company

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Financial information pertaining only to South State Corporation is as follows:

Condensed Balance Sheets

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​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)	​	2020		​	2019
ASSETS		​			​		​
Cash	​	$	131,522	​	$	21,688	​
Investment in subsidiaries	​		4,802,993	​		2,467,466	​
Other assets	​		108,086	​		204	​
Total assets	​	$	5,042,601	​	$	2,482,982	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​	​	​	​	​	​	​
Corporate and subordinated debentures	​	$	390,179	​	$	115,833	​
Other liabilities	​	​	4,542	​	​	512	​
Shareholders’ equity	​		4,647,880	​		2,373,013	​
Total liabilities and shareholders’ equity	​	$	5,042,601	​	$	2,482,982	​

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Condensed Statements of Income

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​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2020		​	2019		​	2018
Income:		​			​			​		​
Dividends from subsidiary	​	$	90,404	​	$	214,852	​	$	117,298	​
Operating income	​		52	​		5,386	​		67	​
Total income	​		90,456	​		220,238	​		117,365	​
Operating expenses	​		45,574	​		15,409	​		15,302	​
Income before income tax benefit and equity in undistributed earnings of subsidiaries	​		44,882	​		204,829	​		102,063	​
Applicable income tax benefit	​		8,960	​		1,883	​		3,055	​
Equity in undistributed earnings of subsidiary (excess distribution)	​		66,790	​		(20,229)	​		73,753	​
Net income available to common shareholders	​	$	120,632	​	$	186,483	​	$	178,871	​

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Condensed Statements of Cash Flows

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​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2020		​	2019		​	2018
Cash flows from operating activities:		​			​			​		​
Net income	​	$	120,632	​	$	186,483	​	$	178,871	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​		1,528	​		666	​		666	​
Share-based compensation	​		23,316	​		8,839	​		8,783	​
Gain on sale of securities available-for-sale	​		—	​		(5,366)	​		—	​
Decrease (increase) in other assets	​		(11,710)	​		(159)	​		1,465	​
Decrease in other liabilities	​		(12,323)	​		(959)	​		(2,048)	​
Undistributed earnings of subsidiary	​		(66,790)	​		20,229	​		(73,753)	​
Net cash provided by operating activities	​		54,653	​		209,733	​		113,984	​
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​	​
Proceeds from sales and calls of other investment securities	​	​	—	​	​	5,366	​	​	—	​
Repayment of investments in and advances to subsidiary	​	​	163,000	​	​	—	​	​	—	​
Net cash inflow from acquisitions	​		19,650	​		—	​		—	​
Net cash provided by investing activities	​		182,650	​		5,366	​		—	​
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​	​
Common stock issuance	​		1,537	​		1,394	​		1,331	​
Common stock repurchased	​		(32,431)	​		(159,431)	​		(70,577)	​
Dividends paid on common stock	​		(98,256)	​		(57,696)	​		(50,557)	​
Stock options exercised	​		1,681	​		1,230	​		1,032	​
Net cash used in financing activities	​		(127,469)	​		(214,503)	​		(118,771)	​
Net increase (decrease) in cash and cash equivalents	​		109,834	​		596	​		(4,787)	​
Cash and cash equivalents at beginning of period	​		21,688	​		21,092	​		25,879	​
Cash and cash equivalents at end of period	​	$	131,522	​	$	21,688	​	$	21,092	​

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X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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