SouthState Corporation (NASDAQ:SSB) Q4 2022 Earnings Call Transcript

Steven Young: Yes, David. This is Steve. Mid-single digits, let’s say it’s $1.5 billion of loan growth, give or take, a little bit is our expectation for 2023. We have about, I don’t know, $800 million to $900 million coming off the investment portfolio, so we’ll use that cash. And then with our guide with deposits, somewhere between flatten up $500 million to $600 million is sort of the expectation for the year. And then as it relates to deposits, as Will mentioned on the call, at the end of the year, I think we had $150 million or so of broker that’s been out there for, I don’t know, three or four years, and no wholesale borrowings at the Federal Home Loan Bank. I think as we kind of go through this period, I would expect — I think let me go back.

In 2019 — at the end of 2019, I think we had a little over $1 billion, $1.2 billion between broker and FHLB. It wouldn’t surprise me if over the course of the next 12 months, we had something similar to that. But bottom line is pretty close to flat on deposits, a little bit up.

David Bishop: Okay. Appreciate that. And then curious, just a final question for me. In terms of onboarding of new loans this quarter, just curious where you’re seeing new loan yields on new production this quarter versus last.

Steven Young: Yes. David, our new loan production, I don’t have in front of me the fourth quarter. I think in December, it was approaching 6% or so on the new loan production. I think our overall portfolio yield as a spot day at the end of the quarter was a little less than 5%, but close to 5%. So essentially, you’re — portfolio is around 5%. I think we ended in line with the quarter was around 43% I think was the average. I think our ending was a little less than 5%, and we’re putting on loans close to 6%, give or take.

Operator: There are no further questions at this time, so I’ll hand you back over to John Corbett.

John Corbett: All right. So thank you, and those are good questions. And as always, we appreciate your interest in joining us on a busy earnings call morning. So appreciate that. If you have any follow-up questions in your models, don’t hesitate to give us a ring. Hope you guys have a great day.

Operator: That concludes today’s SouthState Corporation Q4 2022 earnings conference call. You may now disconnect your lines.