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Condensed Financial Statements of Parent Company | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Statements of Parent Company |
Condensed Financial Statements of Parent Company | Note 27—Condensed Financial Statements of Parent Company ​ Financial information pertaining only to SouthState Corporation is as follows: Condensed Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
(Dollars in thousands) | ​ | 2023 | ​ | 2022 |
ASSETS |  | ​ |  |  | ​ |  | ​
Cash | ​ | $ | 110,001 | ​ | $ | 89,069 | ​
Investment in subsidiaries | ​ |  | 5,808,108 | ​ |  | 5,368,525 | ​
Other assets | ​ |  | 10,016 | ​ |  | 12,555 | ​
Total assets | ​ | $ | 5,928,125 | ​ | $ | 5,470,149 | ​
LIABILITIES AND SHAREHOLDERS’ EQUITY | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate and subordinated debentures | ​ | $ | 391,904 | ​ | $ | 392,275 | ​
Other Liabilities | ​ | ​ | 3,123 | ​ | ​ | 2,947 | ​
Shareholders’ equity | ​ |  | 5,533,098 | ​ |  | 5,074,927 | ​
Total liabilities and shareholders’ equity | ​ | $ | 5,928,125 | ​ | $ | 5,470,149 | ​
​ Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) | ​ | 2023 | ​ | 2022 | ​ | 2021 |
Income: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Dividends from subsidiaries | ​ | $ | 180,251 | ​ | $ | 220,124 | ​ | $ | 200,083 | ​
Operating (loss) income | ​ |  | 1 | ​ |  | (68) | ​ |  | 25 | ​
Total income | ​ |  | 180,252 | ​ |  | 220,056 | ​ |  | 200,108 | ​
Operating expenses | ​ |  | 39,151 | ​ |  | 30,514 | ​ |  | 40,727 | ​
Income before income tax benefit and equity in undistributed earnings of subsidiaries | ​ |  | 141,101 | ​ |  | 189,542 | ​ |  | 159,381 | ​
Applicable income tax benefit | ​ |  | 8,177 | ​ |  | 6,649 | ​ |  | 9,053 | ​
Equity in undistributed earnings of subsidiaries | ​ |  | 345,030 | ​ |  | 299,858 | ​ |  | 307,109 | ​
Net income available to common shareholders | ​ | $ | 494,308 | ​ | $ | 496,049 | ​ | $ | 475,543 | ​
​ Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) | ​ | 2023 | ​ | 2022 | ​ | 2021 |
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Net income | ​ | $ | 494,308 | ​ | $ | 496,049 | ​ | $ | 475,543 | ​
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ |  | (371) | ​ |  | (208) | ​ |  | 1,382 | ​
Share-based compensation | ​ |  | 35,861 | ​ |  | 35,638 | ​ |  | 25,721 | ​
Extinguishment of debt cost | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,706 | ​
Decrease (increase) in other assets | ​ |  | 2,539 | ​ |  | (375) | ​ |  | 5,690 | ​
(Decrease) increase in other liabilities | ​ |  | 175 | ​ |  | (243) | ​ |  | (3,648) | ​
Undistributed earnings of subsidiaries | ​ |  | (345,030) | ​ |  | (299,858) | ​ |  | (307,109) | ​
Net cash provided by operating activities | ​ |  | 187,482 | ​ |  | 231,003 | ​ |  | 209,285 | ​
Cash flows from investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Repayment of investments in and advances to subsidiaries | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 93,591 | ​
Net cash inflow from acquisitions | ​ |  | — | ​ |  | 51,566 | ​ |  | — | ​
Net cash provided by investing activities | ​ |  | — | ​ |  | 51,566 | ​ |  | 93,591 | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds of other borrowings | ​ | ​ | 100 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Repayment of other borrowings | ​ |  | (100) | ​ |  | (13,000) | ​ |  | (75,878) | ​
Common stock issuance | ​ |  | 2,772 | ​ |  | 2,858 | ​ |  | 2,384 | ​
Common stock repurchased | ​ |  | (16,064) | ​ |  | (119,330) | ​ |  | (147,421) | ​
Dividends paid on common stock | ​ |  | (156,184) | ​ |  | (146,664) | ​ |  | (135,337) | ​
Stock options exercised | ​ |  | 2,926 | ​ |  | 1,585 | ​ |  | 2,905 | ​
Net cash used in financing activities | ​ |  | (166,550) | ​ |  | (274,551) | ​ |  | (353,347) | ​
Net (decrease) increase in cash and cash equivalents | ​ |  | 20,932 | ​ |  | 8,018 | ​ |  | (50,471) | ​
Cash and cash equivalents at beginning of period | ​ |  | 89,069 | ​ |  | 81,051 | ​ |  | 131,522 | ​
Cash and cash equivalents at end of period | ​ | $ | 110,001 | ​ | $ | 89,069 | ​ | $ | 81,051 | ​
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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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