SouthState Bank Corporation (SSB) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

star followed by number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Will Matthews, South State's Chief Financial Officer. Thank you. Please go ahead. Will Matthews Good morning and welcome to South State's fourth quarter 2024 earnings call. This is Will Matthews and I'm here with John Corbett, Steve Young, and Jeremy Lucas. As always, John and I will make some brief remarks to highlight a few items of interest and then move into questions. Our comments will reference the earnings release and investor presentation, which you can find on our website under the investor relations tab. Before we begin our remarks, I want to remind you that comments we make may include forward looking statements within the meaning of the federal securities laws and regulations. Any such forward looking statements we may make are subject to the safe harbor rules. Please review the forward looking disclaimer and safe harbor language in the press release and presentation for more information about our forward-looking statements and risks and uncertainties which may affect us. Now I'll turn the call over to John Corbett, our CEO. Thank you, Will. Good morning, everybody. Thanks for joining us for South State's fourth quarter results. For the quarter, we clearly felt the effects of the Federal Reserve's first rate cut in September. In October, we started to see deposit growth across all our regions, and the growth occurred even as we were cutting deposit rates at the same time. Now some of the growth is seasonal and it's amplified by the normal pickup in municipal deposits during the tax collection cycle. So deposits normally get a little inflated in the fourth quarter anyway. Steve used some of the excess liquid...