Annual Income Statements for SouthState Bank
This table shows SouthState Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for SouthState Bank
This table shows SouthState Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
Consolidated Net Income / (Loss) |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
Net Income / (Loss) Continuing Operations |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
Total Pre-Tax Income |
|
183 |
179 |
158 |
157 |
137 |
154 |
173 |
187 |
187 |
121 |
282 |
Total Revenue |
|
459 |
453 |
439 |
428 |
420 |
415 |
425 |
426 |
450 |
631 |
665 |
Net Interest Income / (Expense) |
|
396 |
381 |
362 |
355 |
354 |
344 |
350 |
351 |
370 |
545 |
578 |
Total Interest Income |
|
424 |
450 |
478 |
501 |
515 |
517 |
531 |
544 |
549 |
809 |
841 |
Loans and Leases Interest Income |
|
360 |
393 |
419 |
444 |
460 |
464 |
478 |
494 |
490 |
725 |
746 |
Investment Securities Interest Income |
|
48 |
48 |
47 |
46 |
46 |
45 |
45 |
44 |
45 |
61 |
74 |
Federal Funds Sold and Securities Borrowed Interest Income |
|
16 |
8.92 |
12 |
11 |
10 |
8.25 |
8.25 |
6.46 |
14 |
23 |
20 |
Total Interest Expense |
|
28 |
69 |
116 |
145 |
161 |
173 |
181 |
193 |
179 |
264 |
263 |
Deposits Interest Expense |
|
20 |
56 |
101 |
134 |
150 |
160 |
165 |
178 |
168 |
246 |
242 |
Long-Term Debt Interest Expense |
|
5.99 |
10 |
12 |
6.90 |
6.71 |
8.43 |
10 |
9.08 |
5.90 |
13 |
16 |
Federal Funds Purchased and Securities Sold Interest Expense |
|
1.95 |
2.85 |
3.54 |
4.29 |
4.91 |
4.73 |
4.98 |
5.70 |
4.86 |
4.91 |
5.41 |
Total Non-Interest Income |
|
63 |
71 |
77 |
73 |
65 |
72 |
75 |
75 |
81 |
86 |
87 |
Other Service Charges |
|
10 |
9.87 |
7.86 |
12 |
12 |
13 |
16 |
12 |
11 |
14 |
12 |
Net Realized & Unrealized Capital Gains on Investments |
|
- |
0.05 |
0.00 |
0.00 |
-0.00 |
0.00 |
0.00 |
0.00 |
-0.05 |
0.47 |
0.00 |
Other Non-Interest Income |
|
53 |
61 |
69 |
61 |
53 |
58 |
60 |
63 |
70 |
71 |
74 |
Provision for Credit Losses |
|
47 |
33 |
38 |
33 |
9.89 |
13 |
3.89 |
-6.97 |
6.37 |
101 |
7.51 |
Total Non-Interest Expense |
|
229 |
241 |
243 |
238 |
273 |
249 |
249 |
247 |
257 |
409 |
375 |
Salaries and Employee Benefits |
|
140 |
144 |
147 |
146 |
146 |
150 |
151 |
151 |
154 |
196 |
200 |
Net Occupancy & Equipment Expense |
|
42 |
41 |
43 |
44 |
45 |
45 |
46 |
46 |
46 |
67 |
72 |
Marketing Expense |
|
2.67 |
2.12 |
1.52 |
3.01 |
2.83 |
1.98 |
2.59 |
2.30 |
2.27 |
2.29 |
3.01 |
Property & Liability Insurance Claims |
|
6.59 |
6.29 |
9.82 |
8.63 |
8.33 |
8.53 |
7.77 |
7.48 |
7.37 |
11 |
11 |
Other Operating Expenses |
|
28 |
30 |
32 |
30 |
37 |
29 |
29 |
32 |
35 |
41 |
40 |
Amortization Expense |
|
8.03 |
7.30 |
7.03 |
6.62 |
6.62 |
6.00 |
5.74 |
5.33 |
5.33 |
24 |
24 |
Restructuring Charge |
|
1.54 |
9.41 |
1.81 |
0.16 |
1.78 |
4.51 |
5.79 |
3.30 |
6.53 |
68 |
24 |
Other Special Charges |
|
- |
0.00 |
0.00 |
0.00 |
26 |
3.85 |
0.62 |
0.00 |
-0.62 |
0.00 |
0.00 |
Income Tax Expense |
|
39 |
39 |
34 |
33 |
30 |
38 |
40 |
43 |
43 |
32 |
67 |
Basic Earnings per Share |
|
$1.91 |
$1.84 |
$1.62 |
$1.63 |
$1.41 |
$1.51 |
$1.74 |
$1.88 |
$1.88 |
$0.88 |
$2.12 |
Weighted Average Basic Shares Outstanding |
|
74.55M |
75.90M |
76.06M |
76.14M |
76.05M |
76.30M |
76.25M |
76.30M |
76.30M |
101.41M |
101.50M |
Diluted Earnings per Share |
|
$1.89 |
$1.83 |
$1.62 |
$1.62 |
$1.39 |
$1.50 |
$1.73 |
$1.86 |
$1.88 |
$0.87 |
$2.11 |
Weighted Average Diluted Shares Outstanding |
|
75.18M |
76.39M |
76.42M |
76.57M |
76.48M |
76.66M |
76.61M |
76.81M |
76.76M |
101.83M |
101.85M |
Weighted Average Basic & Diluted Shares Outstanding |
|
75.85M |
75.92M |
76.01M |
76.07M |
0.00 |
76.19M |
76.25M |
76.29M |
101.36M |
101.49M |
101.21M |
Cash Dividends to Common per Share |
|
$0.50 |
$0.50 |
$0.50 |
$0.52 |
$0.52 |
$0.52 |
$0.52 |
$0.54 |
$0.54 |
$0.54 |
$0.54 |
Annual Cash Flow Statements for SouthState Bank
This table details how cash moves in and out of SouthState Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-62 |
278 |
-321 |
3.18 |
31 |
280 |
3,921 |
2,112 |
-5,409 |
-314 |
393 |
Net Cash From Operating Activities |
|
119 |
187 |
138 |
198 |
284 |
181 |
537 |
416 |
1,731 |
547 |
512 |
Net Cash From Continuing Operating Activities |
|
119 |
187 |
138 |
198 |
284 |
181 |
537 |
416 |
1,731 |
547 |
512 |
Net Income / (Loss) Continuing Operations |
|
75 |
99 |
101 |
88 |
179 |
186 |
121 |
476 |
496 |
494 |
535 |
Consolidated Net Income / (Loss) |
|
75 |
99 |
101 |
88 |
179 |
186 |
121 |
476 |
496 |
494 |
535 |
Provision For Loan Losses |
|
6.59 |
5.86 |
6.82 |
12 |
14 |
13 |
236 |
-165 |
82 |
114 |
16 |
Depreciation Expense |
|
21 |
21 |
22 |
29 |
36 |
33 |
46 |
63 |
65 |
59 |
57 |
Amortization Expense |
|
26 |
13 |
8.98 |
6.85 |
7.57 |
7.26 |
22 |
38 |
27 |
20 |
19 |
Non-Cash Adjustments to Reconcile Net Income |
|
-5.71 |
35 |
3.97 |
89 |
40 |
-43 |
129 |
158 |
306 |
-32 |
-367 |
Changes in Operating Assets and Liabilities, net |
|
-4.83 |
12 |
-4.62 |
-26 |
7.92 |
-16 |
-17 |
-154 |
755 |
-109 |
252 |
Net Cash From Investing Activities |
|
-9.50 |
-103 |
-691 |
-61 |
-282 |
-795 |
1,230 |
-2,319 |
-4,860 |
-1,426 |
-886 |
Net Cash From Continuing Investing Activities |
|
-9.50 |
-103 |
-691 |
-61 |
-282 |
-795 |
1,230 |
-2,319 |
-4,860 |
-1,426 |
-886 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-92 |
-334 |
-26 |
-652 |
-406 |
-379 |
-17 |
717 |
-18 |
-39 |
-36 |
Purchase of Investment Securities |
|
-176 |
-436 |
-386 |
-246 |
-210 |
-979 |
-2,353 |
-4,164 |
-2,588 |
-313 |
-237 |
Sale of Property, Leasehold Improvements and Equipment |
|
3.92 |
0.04 |
-690 |
0.02 |
0.15 |
0.01 |
-149 |
8.47 |
-3,849 |
-2,233 |
-1,540 |
Divestitures |
|
0.00 |
404 |
0.00 |
185 |
0.00 |
0.00 |
2,566 |
0.00 |
0.00 |
0.00 |
0.00 |
Sale and/or Maturity of Investments |
|
255 |
264 |
414 |
652 |
333 |
563 |
1,183 |
1,120 |
1,594 |
1,159 |
927 |
Net Cash From Financing Activities |
|
-171 |
194 |
232 |
-134 |
30 |
894 |
2,154 |
4,016 |
-2,280 |
566 |
767 |
Net Cash From Continuing Financing Activities |
|
-171 |
194 |
232 |
-134 |
30 |
894 |
2,154 |
4,016 |
-2,280 |
566 |
767 |
Net Change in Deposits |
|
-94 |
201 |
234 |
226 |
115 |
530 |
2,902 |
4,368 |
-1,780 |
700 |
1,013 |
Issuance of Debt |
|
- |
0.00 |
0.00 |
100 |
590 |
700 |
500 |
25 |
0.00 |
6,050 |
4,000 |
Issuance of Common Equity |
|
0.83 |
0.91 |
0.93 |
1.06 |
1.33 |
1.39 |
1.54 |
2.38 |
2.86 |
2.77 |
3.24 |
Repayment of Debt |
|
-1.19 |
-46 |
-0.01 |
-391 |
-540 |
-150 |
-1,200 |
-101 |
-13 |
-5,950 |
-4,100 |
Repurchase of Common Equity |
|
-0.92 |
-5.63 |
-5.98 |
-5.51 |
-71 |
-159 |
-32 |
-147 |
-119 |
-16 |
-17 |
Payment of Dividends |
|
-21 |
-24 |
-29 |
-39 |
-51 |
-58 |
-98 |
-135 |
-147 |
-156 |
-163 |
Other Financing Activities, Net |
|
11 |
68 |
32 |
-26 |
-15 |
29 |
81 |
4.48 |
-223 |
-64 |
31 |
Cash Interest Paid |
|
17 |
12 |
9.15 |
18 |
52 |
86 |
87 |
55 |
67 |
441 |
742 |
Cash Income Taxes Paid |
|
36 |
31 |
39 |
48 |
32 |
56 |
104 |
126 |
35 |
75 |
111 |
Quarterly Cash Flow Statements for SouthState Bank
This table details how cash moves in and out of SouthState Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Change in Cash & Equivalents |
|
-1,612 |
684 |
-483 |
-185 |
-330 |
211 |
-92 |
96 |
179 |
1,908 |
164 |
Net Cash From Operating Activities |
|
154 |
59 |
312 |
449 |
-274 |
278 |
127 |
-247 |
354 |
-126 |
73 |
Net Cash From Continuing Operating Activities |
|
154 |
59 |
312 |
449 |
-274 |
278 |
127 |
-247 |
354 |
-126 |
73 |
Net Income / (Loss) Continuing Operations |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
Consolidated Net Income / (Loss) |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
Provision For Loan Losses |
|
47 |
33 |
38 |
33 |
9.89 |
13 |
3.89 |
-6.97 |
6.37 |
101 |
7.51 |
Depreciation Expense |
|
16 |
15 |
15 |
15 |
14 |
14 |
14 |
14 |
15 |
35 |
40 |
Amortization Expense |
|
5.78 |
5.36 |
4.84 |
4.98 |
4.96 |
4.82 |
4.91 |
4.84 |
4.78 |
2.43 |
3.01 |
Non-Cash Adjustments to Reconcile Net Income |
|
15 |
1.85 |
-28 |
92 |
-98 |
-8.91 |
-103 |
-187 |
-69 |
-70 |
-557 |
Changes in Operating Assets and Liabilities, net |
|
-72 |
-136 |
159 |
181 |
-313 |
140 |
75 |
-215 |
253 |
-283 |
364 |
Net Cash From Investing Activities |
|
-1,170 |
-274 |
-632 |
-321 |
-200 |
-106 |
-388 |
-156 |
-236 |
1,865 |
-511 |
Net Cash From Continuing Investing Activities |
|
-1,170 |
-274 |
-632 |
-321 |
-200 |
-106 |
-388 |
-156 |
-236 |
1,865 |
-511 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-3.89 |
-526 |
511 |
-1,867 |
1,843 |
-289 |
274 |
-7.39 |
-13 |
-13 |
-230 |
Purchase of Investment Securities |
|
-16 |
-64 |
-109 |
-61 |
-79 |
-55 |
-53 |
-93 |
-36 |
-3,273 |
-349 |
Sale of Property, Leasehold Improvements and Equipment |
|
-1,337 |
0.62 |
-1,361 |
1,362 |
-2,234 |
0.01 |
-857 |
-320 |
-364 |
276 |
-275 |
Sale and/or Maturity of Investments |
|
187 |
315 |
328 |
246 |
270 |
238 |
249 |
264 |
177 |
4,874 |
343 |
Net Cash From Financing Activities |
|
-597 |
899 |
-164 |
-314 |
144 |
39 |
169 |
498 |
61 |
169 |
602 |
Net Cash From Continuing Financing Activities |
|
-597 |
899 |
-164 |
-314 |
144 |
39 |
169 |
498 |
61 |
169 |
602 |
Net Change in Deposits |
|
-559 |
51 |
341 |
194 |
114 |
130 |
-80 |
540 |
423 |
71 |
360 |
Issuance of Debt |
|
- |
2,150 |
2,700 |
500 |
700 |
1,150 |
1,400 |
1,450 |
- |
700 |
345 |
Issuance of Common Equity |
|
1.41 |
- |
- |
0.71 |
1.42 |
0.00 |
- |
0.85 |
1.57 |
0.09 |
1.24 |
Repurchase of Common Equity |
|
-0.07 |
-3.42 |
-3.61 |
-0.39 |
-8.66 |
-16 |
-0.14 |
-0.61 |
-0.08 |
-11 |
-0.10 |
Payment of Dividends |
|
-38 |
-38 |
-39 |
-40 |
-40 |
-41 |
-40 |
-41 |
-41 |
-56 |
-55 |
Other Financing Activities, Net |
|
-1.32 |
-11 |
37 |
-68 |
-23 |
66 |
-12 |
-0.53 |
-22 |
165 |
-49 |
Cash Interest Paid |
|
33 |
55 |
105 |
132 |
150 |
185 |
170 |
195 |
191 |
303 |
250 |
Cash Income Taxes Paid |
|
3.53 |
2.40 |
60 |
6.50 |
6.05 |
0.15 |
42 |
19 |
50 |
0.19 |
72 |
Annual Balance Sheets for SouthState Bank
This table presents SouthState Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
7,826 |
8,557 |
8,901 |
14,467 |
14,676 |
15,922 |
37,790 |
41,838 |
43,919 |
44,902 |
46,381 |
Cash and Due from Banks |
|
230 |
179 |
202 |
256 |
251 |
262 |
363 |
477 |
548 |
511 |
526 |
Federal Funds Sold |
|
181 |
298 |
136 |
4.22 |
33 |
378 |
3,582 |
- |
580 |
236 |
594 |
Interest Bearing Deposits at Other Banks |
|
7.46 |
219 |
36 |
118 |
125 |
49 |
664 |
226 |
184 |
252 |
273 |
Trading Account Securities |
|
889 |
1,069 |
1,056 |
1,722 |
1,540 |
2,015 |
4,587 |
7,205 |
8,070 |
7,354 |
6,958 |
Loans and Leases, Net of Allowance |
|
3,433 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
24,207 |
47,555 |
29,821 |
31,932 |
33,438 |
Loans and Leases |
|
3,468 |
- |
- |
- |
- |
- |
24,664 |
47,856 |
30,178 |
32,388 |
33,903 |
Allowance for Loan and Lease Losses |
|
35 |
- |
- |
- |
- |
- |
457 |
302 |
356 |
457 |
465 |
Premises and Equipment, Net |
|
172 |
175 |
184 |
256 |
241 |
317 |
579 |
558 |
521 |
519 |
503 |
Goodwill |
|
318 |
338 |
338 |
1,000 |
1,003 |
1,003 |
1,564 |
1,581 |
1,923 |
1,923 |
1,923 |
Intangible Assets |
|
49 |
47 |
40 |
74 |
63 |
50 |
163 |
128 |
116 |
89 |
66 |
Other Assets |
|
300 |
262 |
256 |
463 |
458 |
535 |
2,081 |
1,290 |
2,154 |
2,086 |
2,102 |
Total Liabilities & Shareholders' Equity |
|
7,826 |
8,557 |
8,901 |
14,467 |
14,676 |
15,922 |
37,790 |
41,838 |
43,919 |
44,902 |
46,381 |
Total Liabilities |
|
6,841 |
7,498 |
7,766 |
12,158 |
12,310 |
13,549 |
33,142 |
12,833 |
38,844 |
39,369 |
40,491 |
Non-Interest Bearing Deposits |
|
1,640 |
1,976 |
2,199 |
3,047 |
3,062 |
3,245 |
9,711 |
11,499 |
13,169 |
10,649 |
10,192 |
Interest Bearing Deposits |
|
4,821 |
5,124 |
5,135 |
8,485 |
8,585 |
8,932 |
20,983 |
- |
23,182 |
26,400 |
27,869 |
Federal Funds Purchased and Securities Sold |
|
222 |
288 |
314 |
287 |
271 |
57 |
385 |
381 |
214 |
248 |
260 |
Short-Term Debt |
|
- |
55 |
55 |
216 |
266 |
942 |
395 |
400 |
343 |
341 |
255 |
Long-Term Debt |
|
101 |
- |
- |
- |
- |
116 |
390 |
- |
392 |
392 |
392 |
Other Long-Term Liabilities |
|
58 |
54 |
62 |
122 |
126 |
257 |
1,278 |
553 |
1,544 |
1,339 |
1,523 |
Total Equity & Noncontrolling Interests |
|
985 |
1,059 |
1,135 |
2,309 |
2,366 |
2,373 |
4,648 |
4,803 |
5,075 |
5,533 |
5,890 |
Total Preferred & Common Equity |
|
985 |
1,059 |
1,135 |
2,309 |
2,366 |
2,373 |
4,648 |
4,803 |
5,075 |
5,533 |
5,890 |
Total Common Equity |
|
985 |
1,059 |
1,135 |
2,309 |
2,366 |
2,373 |
4,648 |
4,803 |
5,075 |
5,533 |
5,890 |
Common Stock |
|
762 |
764 |
772 |
1,900 |
1,840 |
1,692 |
3,943 |
3,826 |
4,405 |
4,430 |
4,451 |
Retained Earnings |
|
223 |
299 |
371 |
420 |
551 |
680 |
657 |
998 |
1,347 |
1,685 |
2,047 |
Accumulated Other Comprehensive Income / (Loss) |
|
-0.38 |
-3.87 |
-8.21 |
-10 |
-25 |
1.02 |
48 |
-21 |
-677 |
-583 |
-607 |
Quarterly Balance Sheets for SouthState Bank
This table presents SouthState Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
Total Assets |
|
44,924 |
44,940 |
44,989 |
45,145 |
45,494 |
46,083 |
65,135 |
65,893 |
Cash and Due from Banks |
|
558 |
553 |
515 |
478 |
507 |
564 |
688 |
756 |
Federal Funds Sold |
|
- |
695 |
588 |
493 |
339 |
385 |
2,349 |
2,465 |
Interest Bearing Deposits at Other Banks |
|
223 |
266 |
227 |
238 |
271 |
264 |
263 |
243 |
Trading Account Securities |
|
7,824 |
7,634 |
7,299 |
7,168 |
7,039 |
7,240 |
8,515 |
8,488 |
Loans and Leases, Net of Allowance |
|
-371 |
31,109 |
31,569 |
32,198 |
32,762 |
33,080 |
46,143 |
46,646 |
Loans and Leases |
|
- |
31,537 |
32,017 |
32,667 |
33,235 |
33,548 |
46,767 |
47,267 |
Allowance for Loan and Lease Losses |
|
371 |
427 |
448 |
470 |
472 |
468 |
624 |
621 |
Premises and Equipment, Net |
|
517 |
518 |
517 |
513 |
517 |
507 |
946 |
965 |
Goodwill |
|
1,923 |
1,923 |
1,923 |
1,923 |
1,923 |
1,923 |
3,088 |
3,094 |
Intangible Assets |
|
110 |
102 |
95 |
83 |
77 |
72 |
455 |
433 |
Other Assets |
|
63,428 |
2,139 |
2,258 |
2,051 |
2,058 |
2,048 |
2,688 |
2,802 |
Total Liabilities & Shareholders' Equity |
|
44,924 |
44,940 |
44,989 |
45,145 |
45,494 |
46,083 |
65,135 |
65,893 |
Total Liabilities |
|
37,491 |
39,650 |
39,758 |
39,598 |
39,844 |
40,178 |
56,511 |
57,092 |
Non-Interest Bearing Deposits |
|
12,423 |
11,489 |
11,158 |
10,546 |
10,374 |
10,377 |
13,757 |
13,719 |
Interest Bearing Deposits |
|
23,979 |
25,252 |
25,777 |
26,632 |
26,724 |
27,262 |
39,580 |
39,978 |
Federal Funds Purchased and Securities Sold |
|
233 |
247 |
253 |
273 |
288 |
290 |
399 |
364 |
Short-Term Debt |
|
311 |
735 |
260 |
281 |
554 |
548 |
281 |
267 |
Long-Term Debt |
|
- |
392 |
392 |
392 |
392 |
392 |
753 |
1,100 |
Other Long-Term Liabilities |
|
545 |
1,535 |
1,918 |
1,473 |
1,511 |
1,310 |
1,741 |
1,665 |
Total Equity & Noncontrolling Interests |
|
5,249 |
5,290 |
5,231 |
5,547 |
5,650 |
5,905 |
8,624 |
8,801 |
Total Preferred & Common Equity |
|
5,249 |
5,290 |
5,231 |
5,547 |
5,650 |
5,905 |
8,624 |
8,801 |
Total Common Equity |
|
5,249 |
5,290 |
5,231 |
5,547 |
5,650 |
5,905 |
8,624 |
8,801 |
Common Stock |
|
4,414 |
4,419 |
4,429 |
4,421 |
4,429 |
4,440 |
6,921 |
6,933 |
Retained Earnings |
|
1,449 |
1,534 |
1,618 |
1,749 |
1,842 |
1,944 |
2,080 |
2,240 |
Accumulated Other Comprehensive Income / (Loss) |
|
-614 |
-662 |
-816 |
-623 |
-620 |
-480 |
-377 |
-372 |
Annual Metrics And Ratios for SouthState Bank
This table displays calculated financial ratios and metrics derived from SouthState Bank's official financial filings.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
28.73% |
5.29% |
0.61% |
23.08% |
20.03% |
-1.69% |
75.60% |
21.96% |
18.56% |
5.75% |
-1.25% |
EBITDA Growth |
|
65.23% |
16.55% |
-0.13% |
10.71% |
30.90% |
1.23% |
-36.28% |
308.79% |
2.81% |
-2.13% |
9.37% |
EBIT Growth |
|
49.42% |
34.95% |
2.44% |
9.58% |
32.85% |
2.75% |
-54.88% |
481.19% |
4.81% |
-0.40% |
11.00% |
NOPAT Growth |
|
53.27% |
31.86% |
1.82% |
-13.55% |
104.30% |
4.26% |
-35.31% |
294.21% |
4.31% |
-0.35% |
8.19% |
Net Income Growth |
|
53.27% |
31.86% |
1.82% |
-13.55% |
104.30% |
4.26% |
-35.31% |
294.21% |
4.31% |
-0.35% |
8.19% |
EPS Growth |
|
29.41% |
33.44% |
1.70% |
-29.90% |
65.87% |
10.29% |
-59.14% |
206.39% |
-1.64% |
-2.12% |
7.89% |
Operating Cash Flow Growth |
|
-51.05% |
57.50% |
-26.15% |
43.39% |
43.37% |
-36.19% |
196.61% |
-22.58% |
316.39% |
-68.41% |
-6.36% |
Free Cash Flow Firm Growth |
|
115.44% |
-2.44% |
-63.58% |
-4,921.88% |
105.75% |
-952.76% |
-207.27% |
-1,148.99% |
202.53% |
-99.84% |
589.57% |
Invested Capital Growth |
|
0.24% |
2.62% |
6.77% |
112.22% |
4.24% |
30.34% |
58.35% |
441.23% |
-80.24% |
7.85% |
4.32% |
Revenue Q/Q Growth |
|
0.43% |
0.86% |
-1.40% |
8.39% |
2.36% |
0.00% |
0.00% |
-0.96% |
7.12% |
-2.23% |
1.81% |
EBITDA Q/Q Growth |
|
50.60% |
-2.92% |
-4.62% |
4.06% |
8.04% |
560.60% |
214.46% |
10.94% |
6.49% |
-6.38% |
7.07% |
EBIT Q/Q Growth |
|
9.32% |
5.05% |
-0.23% |
3.30% |
9.08% |
0.00% |
0.00% |
12.74% |
8.13% |
-6.82% |
7.82% |
NOPAT Q/Q Growth |
|
10.65% |
4.50% |
-1.32% |
-19.90% |
35.21% |
0.00% |
0.00% |
4.53% |
7.98% |
-6.91% |
7.52% |
Net Income Q/Q Growth |
|
10.65% |
4.50% |
-1.32% |
-19.90% |
35.21% |
0.00% |
0.00% |
4.53% |
7.98% |
-6.91% |
7.52% |
EPS Q/Q Growth |
|
14.50% |
4.31% |
-1.18% |
-24.87% |
36.90% |
0.00% |
0.00% |
-7.96% |
5.94% |
-7.18% |
7.56% |
Operating Cash Flow Q/Q Growth |
|
-28.62% |
17.89% |
-16.28% |
14.11% |
3.64% |
-3.52% |
31.15% |
-31.73% |
10.66% |
-43.95% |
538.88% |
Free Cash Flow Firm Q/Q Growth |
|
1.98% |
18.66% |
-2.79% |
-191.96% |
111.30% |
33.32% |
27.81% |
-2,527.71% |
304.58% |
100.72% |
156.94% |
Invested Capital Q/Q Growth |
|
1.69% |
1.01% |
0.89% |
47.15% |
5.97% |
0.85% |
-9.57% |
435.11% |
0.00% |
6.51% |
-4.49% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
37.67% |
41.70% |
41.39% |
37.22% |
40.60% |
41.80% |
15.17% |
50.85% |
44.09% |
40.81% |
45.19% |
EBIT Margin |
|
26.46% |
33.92% |
34.53% |
30.75% |
34.03% |
35.57% |
9.14% |
43.55% |
38.50% |
36.27% |
40.77% |
Profit (Net Income) Margin |
|
17.92% |
22.44% |
22.71% |
15.95% |
27.14% |
28.79% |
10.60% |
34.28% |
30.16% |
28.42% |
31.13% |
Tax Burden Percent |
|
67.70% |
66.15% |
65.75% |
51.87% |
79.76% |
80.93% |
116.02% |
78.70% |
78.32% |
78.36% |
76.37% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
32.30% |
33.85% |
34.25% |
48.13% |
20.24% |
19.07% |
-16.02% |
21.30% |
21.68% |
21.64% |
23.63% |
Return on Invested Capital (ROIC) |
|
6.95% |
9.04% |
8.79% |
4.71% |
6.94% |
6.15% |
2.72% |
2.73% |
2.82% |
8.19% |
8.35% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
6.95% |
9.04% |
8.79% |
4.71% |
6.94% |
6.15% |
2.72% |
2.73% |
2.82% |
8.19% |
8.35% |
Return on Net Nonoperating Assets (RNNOA) |
|
0.72% |
0.69% |
0.44% |
0.37% |
0.72% |
1.72% |
0.71% |
7.33% |
7.23% |
1.13% |
1.01% |
Return on Equity (ROE) |
|
7.67% |
9.73% |
9.23% |
5.09% |
7.65% |
7.87% |
3.44% |
10.06% |
10.04% |
9.32% |
9.36% |
Cash Return on Invested Capital (CROIC) |
|
6.71% |
6.46% |
2.25% |
-67.17% |
2.78% |
-20.19% |
-42.45% |
-134.89% |
136.82% |
0.63% |
4.13% |
Operating Return on Assets (OROA) |
|
1.41% |
1.84% |
1.76% |
1.44% |
1.54% |
1.51% |
0.39% |
1.52% |
1.48% |
1.42% |
1.53% |
Return on Assets (ROA) |
|
0.96% |
1.21% |
1.16% |
0.75% |
1.23% |
1.22% |
0.45% |
1.19% |
1.16% |
1.11% |
1.17% |
Return on Common Equity (ROCE) |
|
7.67% |
9.73% |
9.23% |
5.09% |
7.65% |
7.87% |
3.44% |
10.06% |
10.04% |
9.32% |
9.36% |
Return on Equity Simple (ROE_SIMPLE) |
|
7.66% |
9.39% |
8.93% |
3.79% |
7.56% |
7.86% |
2.60% |
9.90% |
9.77% |
8.93% |
9.08% |
Net Operating Profit after Tax (NOPAT) |
|
75 |
99 |
101 |
88 |
179 |
186 |
121 |
476 |
496 |
494 |
535 |
NOPAT Margin |
|
17.92% |
22.44% |
22.71% |
15.95% |
27.14% |
28.79% |
10.60% |
34.28% |
30.16% |
28.42% |
31.13% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
50.86% |
48.56% |
49.86% |
48.23% |
48.69% |
49.70% |
48.89% |
52.37% |
44.55% |
44.04% |
46.48% |
Operating Expenses to Revenue |
|
71.97% |
64.76% |
63.94% |
67.09% |
63.88% |
62.46% |
70.12% |
68.36% |
56.52% |
57.18% |
58.30% |
Earnings before Interest and Taxes (EBIT) |
|
111 |
150 |
154 |
169 |
224 |
230 |
104 |
604 |
633 |
631 |
700 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
159 |
185 |
185 |
204 |
268 |
271 |
173 |
705 |
725 |
710 |
776 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.30 |
1.33 |
1.53 |
0.92 |
0.79 |
1.07 |
0.99 |
1.07 |
1.07 |
1.13 |
1.28 |
Price to Tangible Book Value (P/TBV) |
|
2.08 |
2.09 |
2.30 |
1.73 |
1.43 |
1.93 |
1.57 |
1.66 |
1.80 |
1.77 |
1.94 |
Price to Revenue (P/Rev) |
|
3.05 |
3.18 |
3.90 |
3.88 |
2.82 |
3.92 |
4.04 |
3.70 |
3.32 |
3.59 |
4.40 |
Price to Earnings (P/E) |
|
17.26 |
14.16 |
17.19 |
24.35 |
10.40 |
13.63 |
38.05 |
10.78 |
11.00 |
12.62 |
14.12 |
Dividend Yield |
|
1.54% |
1.69% |
1.68% |
1.81% |
2.71% |
2.22% |
2.91% |
2.61% |
3.44% |
2.49% |
2.14% |
Earnings Yield |
|
5.79% |
7.06% |
5.82% |
4.11% |
9.62% |
7.33% |
2.63% |
9.27% |
9.09% |
7.92% |
7.08% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.89 |
0.69 |
1.19 |
0.78 |
0.65 |
0.85 |
0.14 |
0.16 |
0.84 |
0.95 |
1.04 |
Enterprise Value to Revenue (EV/Rev) |
|
2.30 |
1.73 |
3.19 |
3.59 |
2.61 |
4.49 |
0.67 |
3.48 |
2.97 |
3.43 |
3.96 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
6.10 |
4.15 |
7.70 |
9.64 |
6.42 |
10.75 |
4.44 |
6.84 |
6.73 |
8.42 |
8.77 |
Enterprise Value to EBIT (EV/EBIT) |
|
8.68 |
5.11 |
9.23 |
11.67 |
7.66 |
12.64 |
7.37 |
7.98 |
7.70 |
9.47 |
9.72 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
12.82 |
7.72 |
14.04 |
22.51 |
9.60 |
15.61 |
6.35 |
10.15 |
9.83 |
12.09 |
12.73 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
8.15 |
4.11 |
10.30 |
9.96 |
6.05 |
16.09 |
1.43 |
11.61 |
2.82 |
10.93 |
13.29 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
13.28 |
10.80 |
54.94 |
0.00 |
23.91 |
0.00 |
0.00 |
0.00 |
0.20 |
155.95 |
25.77 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.10 |
0.05 |
0.05 |
0.09 |
0.11 |
0.45 |
0.17 |
0.08 |
0.14 |
0.13 |
0.11 |
Long-Term Debt to Equity |
|
0.10 |
0.00 |
0.00 |
0.00 |
0.00 |
0.05 |
0.08 |
0.00 |
0.08 |
0.07 |
0.07 |
Financial Leverage |
|
0.10 |
0.08 |
0.05 |
0.08 |
0.10 |
0.28 |
0.26 |
2.69 |
2.57 |
0.14 |
0.12 |
Leverage Ratio |
|
8.01 |
8.01 |
7.96 |
6.79 |
6.23 |
6.46 |
7.65 |
8.43 |
8.68 |
8.37 |
7.99 |
Compound Leverage Factor |
|
8.01 |
8.01 |
7.96 |
6.79 |
6.23 |
6.46 |
7.65 |
8.43 |
8.68 |
8.37 |
7.99 |
Debt to Total Capital |
|
9.32% |
4.95% |
4.65% |
8.57% |
10.11% |
30.84% |
14.45% |
7.69% |
12.65% |
11.70% |
9.89% |
Short-Term Debt to Total Capital |
|
0.00% |
4.95% |
4.65% |
8.57% |
10.11% |
27.46% |
7.27% |
7.69% |
5.90% |
5.44% |
3.90% |
Long-Term Debt to Total Capital |
|
9.32% |
0.00% |
0.00% |
0.00% |
0.00% |
3.38% |
7.18% |
0.00% |
6.75% |
6.25% |
5.99% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
90.68% |
95.05% |
95.35% |
91.43% |
89.89% |
69.16% |
85.55% |
92.31% |
87.35% |
88.30% |
90.11% |
Debt to EBITDA |
|
0.64 |
0.30 |
0.30 |
1.06 |
0.99 |
3.91 |
4.55 |
0.57 |
1.01 |
1.03 |
0.83 |
Net Debt to EBITDA |
|
-2.00 |
-3.47 |
-1.73 |
-0.79 |
-0.53 |
1.36 |
-22.16 |
-0.43 |
-0.80 |
-0.37 |
-0.96 |
Long-Term Debt to EBITDA |
|
0.64 |
0.00 |
0.00 |
0.00 |
0.00 |
0.43 |
2.26 |
0.00 |
0.54 |
0.55 |
0.50 |
Debt to NOPAT |
|
1.34 |
0.55 |
0.55 |
2.47 |
1.49 |
5.67 |
6.51 |
0.84 |
1.48 |
1.48 |
1.21 |
Net Debt to NOPAT |
|
-4.20 |
-6.44 |
-3.15 |
-1.84 |
-0.80 |
1.98 |
-31.70 |
-0.64 |
-1.16 |
-0.54 |
-1.39 |
Long-Term Debt to NOPAT |
|
1.34 |
0.00 |
0.00 |
0.00 |
0.00 |
0.62 |
3.23 |
0.00 |
0.79 |
0.79 |
0.73 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
73 |
71 |
26 |
-1,248 |
72 |
-612 |
-1,881 |
-23,497 |
24,091 |
38 |
264 |
Operating Cash Flow to CapEx |
|
134.22% |
55.93% |
19.27% |
30.35% |
69.91% |
47.74% |
323.15% |
0.00% |
44.76% |
24.06% |
32.48% |
Free Cash Flow to Firm to Interest Expense |
|
4.65 |
6.88 |
3.11 |
-73.34 |
1.33 |
-7.07 |
-22.51 |
-455.10 |
392.66 |
0.08 |
0.36 |
Operating Cash Flow to Interest Expense |
|
7.58 |
18.09 |
16.59 |
11.63 |
5.25 |
2.09 |
6.43 |
8.05 |
28.21 |
1.11 |
0.71 |
Operating Cash Flow Less CapEx to Interest Expense |
|
1.93 |
-14.26 |
-69.52 |
-26.69 |
-2.26 |
-2.29 |
4.44 |
22.10 |
-34.81 |
-3.51 |
-1.47 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.04 |
0.04 |
0.03 |
0.04 |
0.04 |
0.04 |
Fixed Asset Turnover |
|
2.34 |
2.56 |
2.49 |
2.50 |
2.65 |
2.32 |
2.54 |
2.44 |
3.05 |
3.35 |
3.36 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
1,086 |
1,115 |
1,190 |
2,525 |
2,632 |
3,431 |
5,433 |
29,405 |
5,810 |
6,266 |
6,537 |
Invested Capital Turnover |
|
0.39 |
0.40 |
0.39 |
0.30 |
0.26 |
0.21 |
0.26 |
0.08 |
0.09 |
0.29 |
0.27 |
Increase / (Decrease) in Invested Capital |
|
2.60 |
28 |
75 |
1,335 |
107 |
799 |
2,002 |
23,972 |
-23,595 |
456 |
271 |
Enterprise Value (EV) |
|
967 |
768 |
1,422 |
1,971 |
1,717 |
2,912 |
766 |
4,825 |
4,877 |
5,974 |
6,806 |
Market Capitalization |
|
1,284 |
1,408 |
1,741 |
2,132 |
1,860 |
2,542 |
4,590 |
5,127 |
5,455 |
6,240 |
7,552 |
Book Value per Share |
|
$40.80 |
$43.74 |
$46.85 |
$78.82 |
$64.78 |
$70.33 |
$65.51 |
$68.79 |
$68.07 |
$72.74 |
$77.21 |
Tangible Book Value per Share |
|
$25.60 |
$27.81 |
$31.23 |
$42.18 |
$35.60 |
$39.13 |
$41.17 |
$44.31 |
$40.72 |
$46.29 |
$51.13 |
Total Capital |
|
1,086 |
1,115 |
1,190 |
2,525 |
2,632 |
3,431 |
5,433 |
5,203 |
5,810 |
6,266 |
6,537 |
Total Debt |
|
101 |
55 |
55 |
216 |
266 |
1,058 |
785 |
400 |
735 |
733 |
646 |
Total Long-Term Debt |
|
101 |
0.00 |
0.00 |
0.00 |
0.00 |
116 |
390 |
0.00 |
392 |
392 |
392 |
Net Debt |
|
-317 |
-641 |
-319 |
-161 |
-143 |
369 |
-3,824 |
-303 |
-577 |
-266 |
-746 |
Capital Expenditures (CapEx) |
|
88 |
334 |
716 |
652 |
406 |
379 |
166 |
-725 |
3,867 |
2,272 |
1,576 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
101 |
55 |
55 |
216 |
266 |
1,058 |
785 |
24,602 |
735 |
733 |
646 |
Total Depreciation and Amortization (D&A) |
|
47 |
34 |
31 |
36 |
43 |
40 |
69 |
101 |
92 |
79 |
76 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$3.11 |
$4.15 |
$4.22 |
$2.95 |
$4.90 |
$5.40 |
$2.20 |
$6.76 |
$6.65 |
$6.50 |
$7.01 |
Adjusted Weighted Average Basic Shares Outstanding |
|
23.90M |
23.97M |
24.00M |
29.69M |
36.53M |
34.56M |
54.76M |
70.39M |
74.55M |
76.05M |
76.30M |
Adjusted Diluted Earnings per Share |
|
$3.08 |
$4.11 |
$4.18 |
$2.93 |
$4.86 |
$5.36 |
$2.19 |
$6.71 |
$6.60 |
$6.46 |
$6.97 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
24.15M |
24.22M |
24.22M |
29.92M |
36.78M |
34.80M |
55.06M |
70.89M |
75.18M |
76.48M |
76.76M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
24.16M |
24.18M |
29.23M |
36.79M |
35.37M |
33.60M |
71.03M |
68.85M |
75.85M |
0.00 |
101.36M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
95 |
107 |
107 |
111 |
203 |
190 |
133 |
538 |
520 |
525 |
553 |
Normalized NOPAT Margin |
|
22.64% |
24.18% |
23.90% |
20.15% |
30.76% |
29.35% |
11.68% |
38.75% |
31.63% |
30.17% |
32.20% |
Pre Tax Income Margin |
|
26.46% |
33.92% |
34.53% |
30.75% |
34.03% |
35.57% |
9.14% |
43.55% |
38.50% |
36.27% |
40.77% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
7.11 |
14.56 |
18.52 |
9.92 |
4.15 |
2.66 |
1.24 |
11.70 |
10.32 |
1.28 |
0.96 |
NOPAT to Interest Expense |
|
4.82 |
9.63 |
12.18 |
5.15 |
3.31 |
2.15 |
1.44 |
9.21 |
8.09 |
1.01 |
0.74 |
EBIT Less CapEx to Interest Expense |
|
1.47 |
-17.79 |
-67.60 |
-28.40 |
-3.36 |
-1.72 |
-0.74 |
25.75 |
-52.70 |
-3.34 |
-1.21 |
NOPAT Less CapEx to Interest Expense |
|
-0.83 |
-22.72 |
-73.94 |
-33.17 |
-4.20 |
-2.23 |
-0.54 |
23.26 |
-54.94 |
-3.62 |
-1.43 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
27.65% |
23.84% |
28.91% |
44.11% |
28.26% |
30.94% |
81.45% |
28.46% |
29.57% |
31.60% |
30.46% |
Augmented Payout Ratio |
|
28.87% |
29.50% |
34.82% |
50.41% |
67.72% |
116.43% |
108.34% |
59.46% |
53.62% |
34.85% |
33.59% |
Quarterly Metrics And Ratios for SouthState Bank
This table displays calculated financial ratios and metrics derived from SouthState Bank's official financial filings.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
31.26% |
30.23% |
9.04% |
-1.65% |
-8.64% |
-8.20% |
-3.07% |
-0.42% |
7.29% |
51.78% |
56.24% |
EBITDA Growth |
|
27.58% |
31.74% |
0.92% |
-8.65% |
-23.66% |
-13.53% |
7.81% |
16.01% |
32.87% |
-7.81% |
69.67% |
EBIT Growth |
|
35.26% |
40.51% |
3.83% |
-8.05% |
-25.26% |
-14.25% |
9.44% |
18.58% |
37.16% |
-21.02% |
63.26% |
NOPAT Growth |
|
34.31% |
39.47% |
3.58% |
-6.69% |
-25.58% |
-17.77% |
7.23% |
15.33% |
35.01% |
-22.58% |
62.59% |
Net Income Growth |
|
34.31% |
39.47% |
3.58% |
-6.69% |
-25.58% |
-17.77% |
7.23% |
15.33% |
35.01% |
-22.58% |
62.59% |
EPS Growth |
|
24.34% |
31.65% |
3.18% |
-7.43% |
-26.46% |
-18.03% |
6.79% |
14.81% |
35.25% |
-42.00% |
21.97% |
Operating Cash Flow Growth |
|
1,352.82% |
-89.74% |
-19.45% |
-26.33% |
-277.70% |
367.59% |
-59.39% |
-154.92% |
229.15% |
-145.47% |
-42.75% |
Free Cash Flow Firm Growth |
|
199.47% |
-302.50% |
-122.40% |
-202.32% |
-101.47% |
202.59% |
89.99% |
85.79% |
63.79% |
-304.37% |
-6,957.56% |
Invested Capital Growth |
|
-80.24% |
28.92% |
10.28% |
0.00% |
7.85% |
-19.67% |
2.80% |
16.34% |
4.32% |
55.27% |
54.13% |
Revenue Q/Q Growth |
|
5.51% |
-1.48% |
-3.02% |
-2.45% |
-1.98% |
-1.01% |
2.40% |
0.22% |
5.61% |
40.04% |
5.41% |
EBITDA Q/Q Growth |
|
5.59% |
-2.43% |
-10.92% |
-0.47% |
-11.76% |
10.52% |
11.08% |
7.09% |
1.07% |
-23.32% |
104.44% |
EBIT Q/Q Growth |
|
6.83% |
-2.04% |
-11.78% |
-0.40% |
-13.17% |
12.40% |
12.59% |
7.92% |
0.43% |
-35.28% |
132.75% |
NOPAT Q/Q Growth |
|
7.86% |
-2.49% |
-11.78% |
0.56% |
-13.98% |
7.74% |
15.05% |
8.17% |
0.70% |
-38.22% |
141.61% |
Net Income Q/Q Growth |
|
7.86% |
-2.49% |
-11.78% |
0.56% |
-13.98% |
7.74% |
15.05% |
8.17% |
0.70% |
-38.22% |
141.61% |
EPS Q/Q Growth |
|
8.00% |
-3.17% |
-11.48% |
0.00% |
-14.20% |
7.91% |
15.33% |
7.51% |
1.08% |
-53.72% |
142.53% |
Operating Cash Flow Q/Q Growth |
|
-74.70% |
-61.53% |
425.88% |
43.92% |
-161.04% |
201.22% |
-54.32% |
-294.61% |
243.55% |
-135.64% |
157.51% |
Free Cash Flow Firm Q/Q Growth |
|
321.78% |
-106.73% |
70.26% |
-1,112.49% |
93.94% |
569.20% |
-102.90% |
-1,620.69% |
84.54% |
-2,547.80% |
-0.21% |
Invested Capital Q/Q Growth |
|
0.00% |
33.28% |
-17.14% |
-8.32% |
6.51% |
-0.73% |
6.05% |
3.75% |
-4.49% |
47.75% |
5.28% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
44.48% |
44.05% |
40.47% |
41.28% |
37.17% |
41.50% |
45.01% |
48.10% |
46.03% |
25.20% |
48.88% |
EBIT Margin |
|
39.78% |
39.55% |
35.98% |
36.73% |
32.54% |
36.95% |
40.62% |
43.75% |
41.60% |
19.23% |
42.45% |
Profit (Net Income) Margin |
|
31.24% |
30.91% |
28.12% |
28.99% |
25.44% |
27.69% |
31.11% |
33.58% |
32.02% |
14.13% |
32.38% |
Tax Burden Percent |
|
78.52% |
78.16% |
78.16% |
78.92% |
78.19% |
74.95% |
76.58% |
76.76% |
76.96% |
73.47% |
76.27% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
21.48% |
21.84% |
21.84% |
21.08% |
21.81% |
25.05% |
23.42% |
23.24% |
23.04% |
26.53% |
23.73% |
Return on Invested Capital (ROIC) |
|
2.92% |
7.87% |
8.21% |
17.54% |
7.33% |
6.75% |
8.08% |
8.90% |
8.59% |
3.44% |
8.39% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
2.92% |
7.87% |
8.21% |
17.54% |
7.33% |
6.75% |
8.08% |
8.90% |
8.59% |
3.44% |
8.39% |
Return on Net Nonoperating Assets (RNNOA) |
|
7.49% |
2.51% |
1.51% |
2.19% |
1.01% |
1.98% |
1.53% |
1.27% |
1.04% |
0.41% |
1.34% |
Return on Equity (ROE) |
|
10.40% |
10.38% |
9.73% |
19.72% |
8.34% |
8.73% |
9.61% |
10.17% |
9.63% |
3.85% |
9.73% |
Cash Return on Invested Capital (CROIC) |
|
136.82% |
-17.47% |
-0.96% |
-181.95% |
0.63% |
28.54% |
4.59% |
-7.29% |
4.13% |
-36.89% |
-35.54% |
Operating Return on Assets (OROA) |
|
1.53% |
1.52% |
1.41% |
1.45% |
1.27% |
1.40% |
1.52% |
1.62% |
1.57% |
0.67% |
1.66% |
Return on Assets (ROA) |
|
1.20% |
1.19% |
1.10% |
1.15% |
1.00% |
1.05% |
1.16% |
1.24% |
1.20% |
0.50% |
1.26% |
Return on Common Equity (ROCE) |
|
10.40% |
10.38% |
9.73% |
19.72% |
8.34% |
8.73% |
9.61% |
10.17% |
9.63% |
3.85% |
9.73% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
10.20% |
10.21% |
10.15% |
0.00% |
8.46% |
8.47% |
8.42% |
0.00% |
5.90% |
6.72% |
Net Operating Profit after Tax (NOPAT) |
|
144 |
140 |
123 |
124 |
107 |
115 |
132 |
143 |
144 |
89 |
215 |
NOPAT Margin |
|
31.24% |
30.91% |
28.12% |
28.99% |
25.44% |
27.69% |
31.11% |
33.58% |
32.02% |
14.13% |
32.38% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
40.35% |
41.46% |
43.78% |
45.03% |
46.08% |
47.50% |
46.92% |
46.59% |
45.00% |
42.01% |
41.34% |
Operating Expenses to Revenue |
|
49.96% |
53.14% |
55.27% |
55.63% |
65.10% |
60.00% |
58.46% |
57.89% |
56.98% |
64.83% |
56.42% |
Earnings before Interest and Taxes (EBIT) |
|
183 |
179 |
158 |
157 |
137 |
154 |
173 |
187 |
187 |
121 |
282 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
204 |
199 |
178 |
177 |
156 |
172 |
192 |
205 |
207 |
159 |
325 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.07 |
0.98 |
0.90 |
0.94 |
1.13 |
1.14 |
1.01 |
1.24 |
1.28 |
1.09 |
1.06 |
Price to Tangible Book Value (P/TBV) |
|
1.80 |
1.60 |
1.47 |
1.54 |
1.77 |
1.79 |
1.57 |
1.88 |
1.94 |
1.85 |
1.77 |
Price to Revenue (P/Rev) |
|
3.32 |
2.93 |
2.68 |
2.77 |
3.59 |
3.71 |
3.39 |
4.35 |
4.40 |
4.87 |
4.30 |
Price to Earnings (P/E) |
|
11.00 |
9.59 |
8.86 |
9.30 |
12.62 |
13.47 |
11.98 |
14.75 |
14.12 |
18.49 |
15.79 |
Dividend Yield |
|
3.44% |
3.68% |
3.97% |
3.88% |
2.49% |
2.48% |
2.77% |
2.18% |
2.14% |
2.31% |
2.35% |
Earnings Yield |
|
9.09% |
10.43% |
11.29% |
10.76% |
7.92% |
7.42% |
8.35% |
6.78% |
7.08% |
5.41% |
6.33% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.84 |
0.60 |
0.69 |
0.72 |
0.95 |
0.93 |
0.84 |
1.03 |
1.04 |
0.74 |
0.71 |
Enterprise Value to Revenue (EV/Rev) |
|
2.97 |
2.67 |
2.46 |
2.39 |
3.43 |
3.40 |
3.29 |
4.19 |
3.96 |
3.70 |
3.33 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
6.73 |
6.03 |
5.67 |
5.62 |
8.42 |
8.48 |
7.98 |
9.74 |
8.77 |
9.36 |
8.08 |
Enterprise Value to EBIT (EV/EBIT) |
|
7.70 |
6.81 |
6.37 |
6.29 |
9.47 |
9.56 |
8.96 |
10.87 |
9.72 |
10.69 |
9.32 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
9.83 |
8.71 |
8.14 |
8.02 |
12.09 |
12.33 |
11.62 |
14.20 |
12.73 |
14.04 |
12.24 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
2.82 |
3.85 |
3.87 |
4.37 |
10.93 |
7.56 |
9.59 |
0.00 |
13.29 |
66.11 |
134.55 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.20 |
0.00 |
0.00 |
0.00 |
155.95 |
2.90 |
18.62 |
0.00 |
25.77 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.14 |
0.06 |
0.21 |
0.12 |
0.13 |
0.12 |
0.17 |
0.16 |
0.11 |
0.12 |
0.16 |
Long-Term Debt to Equity |
|
0.08 |
0.00 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.09 |
0.13 |
Financial Leverage |
|
2.57 |
0.32 |
0.18 |
0.12 |
0.14 |
0.29 |
0.19 |
0.14 |
0.12 |
0.12 |
0.16 |
Leverage Ratio |
|
8.68 |
8.74 |
8.82 |
8.60 |
8.37 |
8.34 |
8.27 |
8.18 |
7.99 |
7.78 |
7.71 |
Compound Leverage Factor |
|
8.68 |
8.74 |
8.82 |
8.60 |
8.37 |
8.34 |
8.27 |
8.18 |
7.99 |
7.78 |
7.71 |
Debt to Total Capital |
|
12.65% |
5.59% |
17.56% |
11.08% |
11.70% |
10.82% |
14.34% |
13.73% |
9.89% |
10.70% |
13.44% |
Short-Term Debt to Total Capital |
|
5.90% |
5.59% |
11.45% |
4.42% |
5.44% |
4.52% |
8.40% |
8.01% |
3.90% |
2.91% |
2.62% |
Long-Term Debt to Total Capital |
|
6.75% |
0.00% |
6.11% |
6.66% |
6.25% |
6.30% |
5.94% |
5.72% |
5.99% |
7.79% |
10.82% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
87.35% |
94.41% |
82.44% |
88.92% |
88.30% |
89.18% |
85.66% |
86.27% |
90.11% |
89.30% |
86.56% |
Debt to EBITDA |
|
1.01 |
0.40 |
1.45 |
0.86 |
1.03 |
0.99 |
1.36 |
1.30 |
0.83 |
1.35 |
1.52 |
Net Debt to EBITDA |
|
-0.80 |
-0.61 |
-0.50 |
-0.89 |
-0.37 |
-0.79 |
-0.25 |
-0.38 |
-0.96 |
-2.97 |
-2.34 |
Long-Term Debt to EBITDA |
|
0.54 |
0.00 |
0.51 |
0.52 |
0.55 |
0.57 |
0.56 |
0.54 |
0.50 |
0.99 |
1.23 |
Debt to NOPAT |
|
1.48 |
0.58 |
2.09 |
1.23 |
1.48 |
1.43 |
1.98 |
1.89 |
1.21 |
2.03 |
2.31 |
Net Debt to NOPAT |
|
-1.16 |
-0.88 |
-0.72 |
-1.28 |
-0.54 |
-1.14 |
-0.36 |
-0.55 |
-1.39 |
-4.45 |
-3.55 |
Long-Term Debt to NOPAT |
|
0.79 |
0.00 |
0.73 |
0.74 |
0.79 |
0.83 |
0.82 |
0.79 |
0.73 |
1.48 |
1.86 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
23,739 |
-1,597 |
-475 |
-5,759 |
-349 |
1,639 |
-48 |
-818 |
-126 |
-3,349 |
-3,356 |
Operating Cash Flow to CapEx |
|
11.52% |
11.30% |
36.72% |
88.98% |
-70.08% |
96.11% |
21.74% |
-75.50% |
93.96% |
0.00% |
14.37% |
Free Cash Flow to Firm to Interest Expense |
|
851.30 |
-23.10 |
-4.08 |
-39.68 |
-2.17 |
9.45 |
-0.26 |
-4.25 |
-0.71 |
-12.68 |
-12.78 |
Operating Cash Flow to Interest Expense |
|
5.54 |
0.86 |
2.68 |
3.10 |
-1.70 |
1.60 |
0.70 |
-1.28 |
1.98 |
-0.48 |
0.28 |
Operating Cash Flow Less CapEx to Interest Expense |
|
-42.54 |
-6.74 |
-4.63 |
-0.38 |
-4.13 |
-0.06 |
-2.52 |
-2.98 |
-0.13 |
0.52 |
-1.65 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
Fixed Asset Turnover |
|
3.05 |
3.22 |
3.30 |
3.44 |
3.35 |
3.31 |
3.26 |
3.30 |
3.36 |
2.65 |
2.93 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
5,810 |
7,744 |
6,417 |
5,883 |
6,266 |
6,220 |
6,597 |
6,844 |
6,537 |
9,658 |
10,167 |
Invested Capital Turnover |
|
0.09 |
0.25 |
0.29 |
0.60 |
0.29 |
0.24 |
0.26 |
0.27 |
0.27 |
0.24 |
0.26 |
Increase / (Decrease) in Invested Capital |
|
-23,595 |
1,737 |
598 |
5,883 |
456 |
-1,523 |
180 |
961 |
271 |
3,438 |
3,571 |
Enterprise Value (EV) |
|
4,877 |
4,665 |
4,397 |
4,259 |
5,974 |
5,787 |
5,558 |
7,062 |
6,806 |
7,142 |
7,243 |
Market Capitalization |
|
5,455 |
5,135 |
4,784 |
4,936 |
6,240 |
6,323 |
5,729 |
7,336 |
7,552 |
9,409 |
9,340 |
Book Value per Share |
|
$68.07 |
$69.21 |
$69.68 |
$68.82 |
$72.74 |
$72.70 |
$74.16 |
$77.44 |
$77.21 |
$85.08 |
$86.72 |
Tangible Book Value per Share |
|
$40.72 |
$42.41 |
$43.00 |
$42.27 |
$46.29 |
$46.40 |
$47.91 |
$51.28 |
$51.13 |
$50.12 |
$51.96 |
Total Capital |
|
5,810 |
5,560 |
6,417 |
5,883 |
6,266 |
6,220 |
6,597 |
6,844 |
6,537 |
9,658 |
10,167 |
Total Debt |
|
735 |
311 |
1,127 |
652 |
733 |
673 |
946 |
940 |
646 |
1,033 |
1,366 |
Total Long-Term Debt |
|
392 |
0.00 |
392 |
392 |
392 |
392 |
392 |
392 |
392 |
753 |
1,100 |
Net Debt |
|
-577 |
-470 |
-387 |
-677 |
-266 |
-536 |
-171 |
-273 |
-746 |
-2,266 |
-2,098 |
Capital Expenditures (CapEx) |
|
1,340 |
525 |
850 |
505 |
391 |
289 |
583 |
327 |
377 |
-263 |
505 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
735 |
2,495 |
1,127 |
652 |
733 |
673 |
946 |
940 |
646 |
1,033 |
1,366 |
Total Depreciation and Amortization (D&A) |
|
22 |
20 |
20 |
19 |
19 |
19 |
19 |
19 |
20 |
38 |
43 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.91 |
$1.84 |
$1.62 |
$1.63 |
$1.41 |
$1.51 |
$1.74 |
$1.88 |
$1.88 |
$0.88 |
$2.12 |
Adjusted Weighted Average Basic Shares Outstanding |
|
74.55M |
75.90M |
76.06M |
76.14M |
76.05M |
76.30M |
76.25M |
76.30M |
76.30M |
101.41M |
101.50M |
Adjusted Diluted Earnings per Share |
|
$1.89 |
$1.83 |
$1.62 |
$1.62 |
$1.39 |
$1.50 |
$1.73 |
$1.86 |
$1.88 |
$0.87 |
$2.11 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
75.18M |
76.39M |
76.42M |
76.57M |
76.48M |
76.66M |
76.61M |
76.81M |
76.76M |
101.83M |
101.85M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
75.85M |
75.92M |
76.01M |
76.07M |
0.00 |
76.19M |
76.25M |
76.29M |
101.36M |
101.49M |
101.21M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
145 |
147 |
125 |
124 |
128 |
121 |
137 |
146 |
149 |
139 |
234 |
Normalized NOPAT Margin |
|
31.50% |
32.54% |
28.44% |
29.02% |
30.56% |
29.20% |
32.26% |
34.17% |
33.03% |
22.05% |
35.17% |
Pre Tax Income Margin |
|
39.78% |
39.55% |
35.98% |
36.73% |
32.54% |
36.95% |
40.62% |
43.75% |
41.60% |
19.23% |
42.45% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
6.55 |
2.59 |
1.36 |
1.08 |
0.85 |
0.89 |
0.96 |
0.97 |
1.05 |
0.46 |
1.07 |
NOPAT to Interest Expense |
|
5.15 |
2.02 |
1.06 |
0.86 |
0.66 |
0.66 |
0.73 |
0.74 |
0.81 |
0.34 |
0.82 |
EBIT Less CapEx to Interest Expense |
|
-41.52 |
-5.01 |
-5.95 |
-2.40 |
-1.58 |
-0.78 |
-2.27 |
-0.73 |
-1.06 |
1.46 |
-0.85 |
NOPAT Less CapEx to Interest Expense |
|
-42.93 |
-5.57 |
-6.25 |
-2.62 |
-1.77 |
-1.00 |
-2.49 |
-0.95 |
-1.30 |
1.34 |
-1.10 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
29.57% |
28.20% |
28.27% |
29.07% |
31.60% |
33.79% |
33.38% |
32.44% |
30.46% |
34.98% |
32.64% |
Augmented Payout Ratio |
|
53.62% |
34.54% |
29.75% |
30.48% |
34.85% |
39.88% |
38.63% |
37.53% |
33.59% |
37.34% |
34.66% |
Key Financial Trends
SouthState Corp (NYSE: SSB) has shown steady financial growth over the past four years based on the analysis of quarterly financial statements from Q3 2022 through Q2 2025. Here are the key trends and observations from the company's income statements, balance sheets, and cash flow statements:
- Consistent Net Income Growth: Consolidated net income increased from about $106.8 million in Q4 2023 to $215.2 million in Q2 2025, nearly doubling, reflecting strong profitability.
- Rising Interest Income: Loans and leases interest income grew from around $360 million in Q4 2022 to $746 million in Q2 2025, indicating an expanding loan portfolio and revenue base.
- Deposit Growth: Total deposits, comprising both interest-bearing and non-interest-bearing, have steadily increased, with interest-bearing deposits rising from ~$25 billion in mid-2023 to about $40 billion by mid-2025, supporting asset growth and funding.
- Loan Growth: Net loans and leases rose from approximately $31 billion in mid-2023 to about $47 billion in mid-2025, indicating strong lending activity fueling revenue.
- Stable Earnings Per Share (EPS) Growth: Basic EPS increased from around $1.41 in Q4 2023 to $2.12 in Q2 2025, providing growing returns to shareholders.
- Increasing Cash Dividends: Dividends per share have steadily increased from $0.50 in Q4 2023 to $0.54 by Q2 2025, suggesting commitment to returning cash to shareholders.
- Improved Operating Cash Flow: Net cash from continuing operating activities has improved, with a large positive swing to $72.6 million in Q2 2025, supporting operations and growth investments.
- Investment Securities Activity: Substantial purchases and sales of investment securities indicate active portfolio management but contribute to volatility in investing cash flows.
- Restructuring and Special Charges: The company has recorded restructuring charges and occasional special charges, which may impact short-term expenses but seem controlled.
- Increasing Provision for Loan Losses: While provisions fluctuated, they generally increased over the timeframe, growing from about $3.8 million in Q2 2024 to $7.5 million in Q2 2025, possibly signaling caution on credit quality.
Summary: SouthState Corp has demonstrated strong financial momentum over the last four years, marked by robust loan and deposit growth, rising interest income, and improving profitability. EPS growth and dividend increases support shareholder value generation. The company’s large asset base expansion and active investment management indicate growth-focused strategies. However, increasing provisions for loan losses warrant monitoring for potential credit risk. Overall, SouthState appears fundamentally solid with positive earnings and asset trends benefitting investors.
10/15/25 09:29 AM ETAI Generated. May Contain Errors.