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 Bank (NYSE: SSB) has shown a consistent improvement in financial performance and balance sheet strength over the past four years through Q2 2025. Here are the key highlights and trends from the analyzed financial data:
- Net Income Growth: Consolidated net income increased significantly, reaching $215.2 million in Q2 2025 compared to $139.9 million in Q1 2023, illustrating steady profitability growth.
- Revenue Expansion: Total revenue rose to $664.8 million in Q2 2025 from approximately $450 million in Q4 2024, driven by strong interest income and non-interest income growth.
- Net Interest Income Increase: Net interest income jumped to $578 million in Q2 2025 from $369.8 million in Q4 2024, showing the bank's effectiveness in earning from its loan portfolio amid rising interest rates.
- Loan Portfolio Growth: Net loans and leases rose to $46.6 billion in Q2 2025 from $32.2 billion in Q1 2023, reflecting expanded lending activities supporting revenue growth.
- Deposits Increasing: Total deposits consistently grew, with interest-bearing deposits at $39.98 billion in Q2 2025, up from $26.6 billion in Q1 2023, indicating strong customer funding.
- Strong Cash Flow from Financing Activities: Net cash from continuing financing activities reached $602 million in Q2 2025, signifying robust capital raising and management.
- Controlled Credit Losses: Provision for credit losses has generally decreased from higher levels in 2023 (e.g., $38.4 million in Q2 2023) to $7.5 million in Q2 2025, signaling improving asset quality.
- Non-Interest Expense Management: Total non-interest expenses remained elevated, at $375 million in Q2 2025, but are aligned with growing revenue, indicating operational scale but potential leverage on profitability.
- Dividends Steady: Cash dividends per common share remained consistent at $0.54 in recent quarters, reflecting stable shareholder returns.
- Cash Flow from Operating Activities Volatility: Operating cash flow swung from negative $126 million in Q1 2025 to positive $72.6 million in Q2 2025, indicating some variability in cash generation efficiency.
Summary:
SouthState Bank has demonstrated solid growth in earnings, revenues, loans, and deposits over the last four years, with improving credit conditions and steady dividend payments. The increase in net interest income highlights effective asset and liability management in a rising rate environment. However, some variability in operating cash flows and elevated non-interest expenses suggest areas for monitoring operational efficiency going forward. Overall, the bank appears financially healthy and positioned for continued growth, which may be attractive to investors seeking a regional bank with improving fundamentals.
10/23/25 09:50 AM ETAI Generated. May Contain Errors.