SouthState Corporation (NASDAQ:SSB) Q4 2023 Earnings Call Transcript

Gary Tenner: Okay. I appreciate that. And then just with the commentary in the press release with — of the reduction in brokered deposits, can you tell us what the brokered balances are at year-end?

Will Matthews: I don’t have that in front of me, but I think it’s around $700 million — $720 million or so. We’ve really brought that down over — during the March banking situation, we took it up $1.2 billion just to make sure that we had plenty of liquidity, fortress balance sheet and then a source that’s run off quite a bit over the year. As I think about 2024, at least in the first half, I certainly think we’ll replace those and potentially grow it a little bit, but it will be somewhere in that range. Historically, we run about 3% of average deposits. So it’d be about $1 billion somewhere in that $500 million $1.5 billion range. I don’t know somewhere in there is typically how we run it depending on rates.

Gary Tenner: Great. That’s very much.

Operator: There are no further questions at this time. I will turn the call to John Corbett for closing remarks.

John Corbett: All right. I know you guys have had a busy morning with a lot of calls. So thank you for joining us. If we can provide any other clarity on your models, don’t hesitate to give us a ring. And I hope you have a great day.

Operator: This concludes today’s conference call. We thank you for joining. You may now disconnect your lines.