Southstate Bank Corporation · NYSE:SSB
Southstate Bank — SOUTH STATE — Shareholder Meeting (April 2021)
22 slides from Southstate Bank's shareholder meeting presentation, Apr 28, 2021
Slide 1: Annual Shareholders' Meeting
Annual Shareholders’ Meeting Wednesday, April 28, 2021 Exhibit 99.1
Slide 2: Disclaimer
DISCLAIMER Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act o
Slide 3: Comparing Government Response in the Financial Crisis and COVID-19 Crisis
$5.50 $2.30 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 COVID-19 Financial Crisis $ in trillions Source: International Monetary Fund; Brookings Institution; Center on Budget and Policy Priorities; Federal Reserve Statistical Release, prepared by Keefe, Bruyette & Woods; data as of 4/8/2021 (1) COVID-1
Slide 4: Non-GAAP and Combined Business Basis notes
(1) Adjusted PPNR is a Non-GAAP financial measure that excludes the impact of merger-related expenses, FHLB Advance prepayment penalty, swap termination expenses and securities gains or losses - See reconciliation of GAAP to Non- GAAP measures in Appendix * The combined historical information referr
Slide 5: SouthState Corporation Overview of Franchise
$31 Billion in deposits $25 Billion in loans $38 Billion in assets $5.9 Billion market cap (1) Financial metrics as of December 31, 2020; number of branches and market cap as of April 26, 2021 SouthState Corporation Overview of Franchise (1) 5 (281)
Slide 6: Superior Geography
RI 56% DE 58% CT 37% MA 43% DC 56% MD 45% AL 60% AZ 62% AR 59% CA 41% CO 50% FL 60% GA 51% ID 70% IL 34% IN 47% IA 52% KS 41% KY 52% LA 47% ME 56% MI 50% MN 49% MS 48% MO 49% MT 51% NE 49% NV 52% NH 52% NJ 30% NM 53% NY 33% NC 60% ND 43% OH 44% OK 49% OR 63% PA 47% SC 64% SD 62% TN 60% TX 54% UT 55%
Slide 7: Executive Leadership
EXECUTIVE LEADERSHIP 7 John Corbett Chief Executive Officer Age: 52 LeDon Jones EVP Director of Corporate Stewardship Age: 44 Greg Lapointe SEVP Chief Banking Officer Age: 57 Richard Murray Holding Company President Age: 58 Robert Hill Executive Chairman Age: 54 Will Matthews SEVP Chief Financial Of
Slide 8: How We Operate the Company
HOW WE OPERATE THE COMPANY 8 Local Market Leadership Our business model supports the unique character of the communities we serve and encourages decision making by the banker that is closest to the customer. Long-Term Horizon We think and act like owners and measure success over entire economic cycl
Slide 9: SSB & CSFL M&A History: 65 Combined M&A Deals Over 10+ Years
Chart Legend Denotes direct acquisition by CenterState or South State Denotes acquisition by CenterState or South State target Denotes branch acquisitions Denotes FDIC as selling party SSB & CSFL M&A HISTORY: 65 COMBINED M&A DEALS OVER 10+ YEARS Note: shows all branch, partial, and whole bank acquis
Slide 10: Branch Optimization
BRANCH OPTIMIZATION 285 Branches 4Q20 4 Branches Consolidated or Sold 281 Branches 1Q21 85 Branches Average Size $40M 420 Branches Acquired Plus 12 DeNovo Branches 236 Branches Consolidated or Sold 281 Branches Average Size $115M ~188% growth in deposits per branch 85 432 236 281 2009 …..……………..……….
Slide 11: Digital Investments
91% 86% 81% 9% 14% 19% 0% 50% 100% 1Q19 1Q20 1Q21 Online Checking to Total Checking Accounts Opened Branch Online 92% 90% 87% 80% 8% 10% 13% 20% 0% 50% 100% 1Q18 1Q19 1Q20 1Q21 Online Consumer Loans to Total Consumer Loans Branch Online 86% 84% 82% 78% 71% 14% 16% 18% 22% 29% 0% 50% 100% 1Q17 1Q18 1
Slide 12: COVID Effect 1Q20 vs 1Q21
COVID Effect 1Q20 vs 1Q21 Teller Transactions 29% Mobile Deposits 36% ATM Deposits 11% Call Center Volume 30% *SSB Legacy Basis by Units 12
Slide 13: Performance & Highlights
Performance & Highlights Gr
Slide 14: Provision for Credit Losses & Net Charge-Offs (Combined Business Basis)
$22,066 $23,362 $281,088 $36,533 $45,099 $119,079 $32,395 $47,982 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2018 2019 2020 $ in millions Provision for Credit Losses Legacy SSB, prior to merger Legacy CSB, prior to merger Legacy CSB, non-PCD & UFS, Day 1 2Q 2020 3 & 4Q 2020 PRO
Slide 15: Adjusted PPNR (Combined Business Basis)
ADJUSTED PPNR (COMBINED BUSINESS BASIS)(1) Dollars in millions (1) Adjusted PPNR figures above are Non-GAAP financial measure that exclude the impact of merger-related expenses, FHLB Advance prepayment penalty, pension plan termination expenses, swap termination expenses, gains on sale of deposits,
Slide 16: Revenue – Mortgage & Correspondent Divisions (Combined Business Basis)
$26 $47 $142 $0 $50 $100 $150 2018 2019 2020 $ in millions Mortgage Division REVENUE – MORTAGE & CORRESPONDENT DIVISIONS (COMBINED BUSINESS BASIS) Dollars in thousands * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the re
Slide 17: Annual Dividends Per Share
ANNUAL DIVIDENDS PER SHARE 17 $1.21 $1.32 $1.38 $1.67 $1.88 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 2016 2017 2018 2019 2020
Slide 18: Tangible Book Value Per Share
TANGIBLE BOOK VALUE PER SHARE (1) (1) The tangible measure is a non-GAAP measure and excludes the effect of period end balances of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix $38.01 $38.33 $39.83 $41.16 $42.02 $36.00 $37.00 $38.00 $39.00 $40.00 $41.00 $42.00 $43.0
Slide 19: Investment Thesis
INVESTMENT THESIS 19 • MOE integration of two high-performing banks nearing completion • Well-positioned to compete with largest banks • High growth markets • Low-cost core deposit base • Diversified revenue streams • Strong credit quality and disciplined underwriting • Energetic and experienced man
Slide 20: Current & Historical - PPNR, Adjusted (Unaudited)
CURRENT & HISTORICAL - PPNR, ADJUSTED (UNAUDITED) Dollars in thousands (1) Does not include purchase accounting adjustments (2) Through June 7, 2020 * The combined historical information referred to in this presentation as the “Combined Company Basis” presented is based on the reported GAAP results
Slide 21: Non-GAAP Reconciliations – Tangible Book Value / Share
NON- GAAP RECONCILIATIONS – TANGIBLE BOOK VALUE / SHARE Dollars in thousands, except for per share data 21 1Q20 2Q20 3Q20 4Q20 1Q21 Shareholders' common equity (excludes preferred stock) $ 2,321,043 $ 4,491,850 $ 4,563,413 $ 4,647,880 $ 4,719,820 Less: Intangible assets 1,049,709 1,774,294 1,738,161
Slide 22: SouthState
S SouthState