SouthState Corporation Reports Third Quarter 2023 Results, Declares Quarterly Cash Dividend

WINTER HAVEN, Fla., Oct. 26, 2023 /PRNewswire/ -- SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2023.

SouthState Corporation Reports Third Quarter 2023 Results

"Despite the challenges of the economic backdrop and yield curve, SouthState delivered another quarter of steady, mid-single digit growth in loans and customer deposits", said John C. Corbett, SouthState's Chief Executive Officer. "Our granular and relationship-based deposit funding continues to act as a ballast for our franchise. While we remain mindful of the lag effects of the rapid rise in interest rates on the broader economy, we are confident in our underwriting discipline and the benefits of being located in many of the fastest growing markets in the country."

Highlights of the third quarter of 2023 include:

Returns

Reported Diluted Earnings per Share ("EPS") of $1.62; Adjusted Diluted EPS (Non-GAAP) of $1.62
Net Income of $124.1 million; Adjusted Net Income (Non-GAAP) of $124.3 million
Return on Average Common Equity of 9.2%; Return on Average Tangible Common Equity (Non-GAAP) and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 15.5%*
Return on Average Assets ("ROAA") and Adjusted ROAA (Non-GAAP) of 1.10%*
Pre-Provision Net Revenue ("PPNR") per weighted average diluted share (Non-GAAP) of $2.48
Book Value per Share of $68.81; Tangible Book Value ("TBV") per Share (Non-GAAP) of $42.26

∗ Annualized percentages

Performance

Net Interest Income of $355 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $351 million
Net Interest Margin ("NIM"), non-tax equivalent of 3.49% and tax equivalent (Non-GAAP) of 3.50%
Net charge-offs of $13.2 million, or 0.16% annualized; $32.7 million Provision for Credit Losses ("PCL"), including release for unfunded commitments; 3 basis points build in total allowance for credit losses ("ACL") plus reserve for unfunded commitments to 1.59%; Year-to-date net charge-offs of $17.5 million, or 0.08% annualized
Noninterest Income of $73 million, down $4 million compared to the prior quarter, primarily due to a decrease in correspondent banking and capital markets income; Noninterest Income represented 0.64% of average assets for the third quarter of 2023
Efficiency Ratio and Adjusted Efficiency Ratio (Non-GAAP) of 54%

Balance Sheet

Loans increased $480 million, or 6% annualized, led by consumer real estate and investor commercial real estate; ending loan to deposit ratio of 87%
Deposits increased $193 million, or 2% annualized, despite a $128 million decline in brokered CDs; excluding brokered CDs, deposits increased $321 million, or 4% annualized, from prior quarter
Total deposit cost of 1.44%, up 0.33% from prior quarter, resulting in a 27% cycle-to-date beta
Other borrowings decreased $400 million as a result of FHLB advance payoffs during the quarter
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 7.5%, 13.8%, 9.3%, and 11.5%, respectively†

† Preliminary

Subsequent Events

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.52 per share, payable on November 17, 2023 to shareholders of record as of November 10, 2023

Financial Performance


	Three Months Ended										Nine Months Ended
(Dollars in thousands, except per share data)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
INCOME STATEMENT	2023		2023		2023		2022		2022		2023		2022
Interest income
Loans, including fees (1)	$	443,805	$	419,355	$	393,366	$	359,552	$	312,856	$	1,256,525	$	818,473
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell (8)		56,704		58,698		57,043		64,337		63,476		172,446		154,664
Total interest income		500,509		478,053		450,409		423,889		376,332		1,428,971		973,137
Interest expense
Deposits (8)		133,944		100,787		55,942		19,945		7,534		290,673		17,040
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		11,194		15,523		13,204		7,940		6,464		39,921		16,430
Total interest expense		145,138		116,310		69,146		27,885		13,998		330,594		33,470
Net interest income (8)		355,371		361,743		381,263		396,004		362,334		1,098,377		939,667
Provision for credit losses		32,709		38,389		33,091		47,142		23,876		104,189		34,713
Net interest income after provision for credit losses		322,662		323,354		348,172		348,862		338,458		994,188		904,954
Noninterest income (8)		72,848		77,214		71,355		63,392		73,053		221,417		245,855
Noninterest expense
Operating expense		238,042		240,818		231,093		227,957		226,754		709,953		670,857
Merger, branch consolidation and severance related expense		164		1,808		9,412		1,542		13,679		11,384		29,345
Total noninterest expense		238,206		242,626		240,505		229,499		240,433		721,337		700,202
Income before provision for income taxes		157,304		157,942		179,022		182,755		171,078		494,268		450,607
Income taxes provision		33,160		34,495		39,096		39,253		38,035		106,751		98,060
Net income	$	124,144	$	123,447	$	139,926	$	143,502	$	133,043	$	387,517	$	352,547

Adjusted net income (non-GAAP) (2)
Net income (GAAP)	$	124,144	$	123,447	$	139,926	$	143,502	$	133,043	$	387,517	$	352,547
Securities gains, net of tax		—		—		(35)		—		(24)		(35)		(24)
Initial provision for credit losses - NonPCD loans and UFC from ACBI, net of tax		—		—		—		—		—		—		13,492
Merger, branch consolidation and severance related expense, net of tax		130		1,414		7,356		1,211		10,638		8,900		22,953
Adjusted net income (non-GAAP)	$	124,274	$	124,861	$	147,247	$	144,713	$	143,657	$	396,382	$	388,968

Basic earnings per common share	$	1.63	$	1.62	$	1.84	$	1.90	$	1.76	$	5.10	$	4.75
Diluted earnings per common share	$	1.62	$	1.62	$	1.83	$	1.88	$	1.75	$	5.07	$	4.71
Adjusted net income per common share - Basic (non-GAAP) (2)	$	1.63	$	1.64	$	1.94	$	1.91	$	1.90	$	5.21	$	5.24
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	1.62	$	1.63	$	1.93	$	1.90	$	1.89	$	5.19	$	5.20
Dividends per common share	$	0.52	$	0.50	$	0.50	$	0.50	$	0.50	$	1.52	$	1.48
Basic weighted-average common shares outstanding		76,139,170		76,057,977		75,902,440		75,639,640		75,605,960		76,034,062		74,184,816
Diluted weighted-average common shares outstanding		76,571,430		76,417,537		76,388,954		76,326,777		76,182,131		76,445,649		74,791,139
Effective tax rate		21.08 %		21.84 %		21.84 %		21.48 %		22.23 %		21.60 %		21.76 %

Performance and Capital Ratios


	Three Months Ended															Nine Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,		Sep. 30,
	2023			2023			2023			2022			2022			2023		2022
PERFORMANCE RATIOS
Return on average assets (annualized) (8)		1.10	%		1.11	%		1.29	%		1.28	%		1.17	%	1.16	%	1.06	%
Adjusted return on average assets (annualized) (non-GAAP) (2) (8)		1.10	%		1.12	%		1.35	%		1.29	%		1.27	%	1.19	%	1.17	%
Return on average common equity (annualized)		9.24	%		9.34	%		10.96	%		11.41	%		10.31	%	9.83	%	9.32	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		9.25	%		9.45	%		11.53	%		11.50	%		11.13	%	10.06	%	10.28	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		15.52	%		15.81	%		18.81	%		20.17	%		17.99	%	16.67	%	16.19	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		15.54	%		15.98	%		19.75	%		20.33	%		19.36	%	17.03	%	17.77	%
Efficiency ratio (tax equivalent)		54.00	%		53.59	%		51.41	%		47.96	%		53.14	%	52.98	%	56.63	%
Adjusted efficiency ratio (non-GAAP) (4)		53.96	%		53.18	%		49.34	%		47.63	%		50.02	%	52.11	%	54.17	%
Dividend payout ratio (5)		31.84	%		30.75	%		27.09	%		26.40	%		28.44	%	29.78	%	30.82	%
Book value per common share	$	68.81		$	69.61		$	69.19		$	67.04		$	65.03
Tangible book value per common share (non-GAAP) (3)	$	42.26		$	42.96		$	42.40		$	40.09		$	37.97

CAPITAL RATIOS
Equity-to-assets (8)		11.6	%		11.8	%		11.7	%		11.6	%		11.1	%
Tangible equity-to-tangible assets (non-GAAP) (3) (8)		7.5	%		7.6	%		7.5	%		7.2	%		6.8	%
Tier 1 leverage (6) (8)		9.3	%		9.2	%		9.1	%		8.7	%		8.4	%
Tier 1 common equity (6) (8)		11.5	%		11.3	%		11.1	%		11.0	%		11.0	%
Tier 1 risk-based capital (6) (8)		11.5	%		11.3	%		11.1	%		11.0	%		11.0	%
Total risk-based capital (6) (8)		13.8	%		13.5	%		13.3	%		13.0	%		13.0	%

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
BALANCE SHEET	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$	514,917	$	552,900	$	558,158	$	548,387	$	394,794
Federal funds sold and interest-earning deposits with banks (8)		814,220		960,849		1,438,504		764,176		2,529,415
Cash and cash equivalents		1,329,137		1,513,749		1,996,662		1,312,563		2,924,209

Trading securities, at fair value		114,154		56,580		16,039		31,263		51,940
Investment securities:
Securities held to maturity		2,533,713		2,585,155		2,636,673		2,683,241		2,738,178
Securities available for sale, at fair value		4,623,618		4,949,334		5,159,999		5,326,822		5,369,610
Other investments		187,152		196,728		217,991		179,717		179,755
Total investment securities		7,344,483		7,731,217		8,014,663		8,189,780		8,287,543
Loans held for sale		27,443		42,951		27,289		28,968		34,477
Loans:
Purchased credit deteriorated		1,171,543		1,269,983		1,325,400		1,429,731		1,544,562
Purchased non-credit deteriorated		5,064,254		5,275,913		5,620,290		5,943,092		6,365,175
Non-acquired		25,780,875		24,990,889		23,750,452		22,805,039		20,926,566
Less allowance for credit losses		(447,956)		(427,392)		(370,645)		(356,444)		(324,398)
Loans, net		31,568,716		31,109,393		30,325,497		29,821,418		28,511,905
Other real estate owned ("OREO")		434		1,080		3,473		1,023		2,160
Premises and equipment, net		516,583		518,353		517,146		520,635		531,160
Bank owned life insurance		984,881		979,494		967,750		964,708		960,052
Mortgage servicing rights		89,476		87,539		85,406		86,610		90,459
Core deposit and other intangibles		95,094		102,256		109,603		116,450		125,390
Goodwill		1,923,106		1,923,106		1,923,106		1,923,106		1,922,525
Other assets (8)		995,621		874,614		937,193		922,172		980,557
Total assets	$	44,989,128	$	44,940,332	$	44,923,827	$	43,918,696	$	44,422,377

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	11,158,431	$	11,489,483	$	12,422,583	$	13,168,656	$	13,660,244
Interest-bearing (8)		25,776,767		25,252,395		23,979,009		23,181,967		23,249,545
Total deposits		36,935,198		36,741,878		36,401,592		36,350,623		36,909,789
Federal funds purchased and securities
sold under agreements to repurchase		513,304		581,446		544,108		556,417		557,802
Other borrowings		391,997		792,090		1,292,182		392,275		392,368
Reserve for unfunded commitments		62,347		63,399		85,068		67,215		52,991
Other liabilities (8)		1,855,295		1,471,509		1,351,873		1,477,239		1,588,241
Total liabilities		39,758,141		39,650,322		39,674,823		38,843,769		39,501,191

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		190,043		189,990		189,649		189,261		189,191
Surplus		4,238,753		4,228,910		4,224,503		4,215,712		4,207,040
Retained earnings		1,618,080		1,533,508		1,448,636		1,347,042		1,241,413
Accumulated other comprehensive loss		(815,889)		(662,398)		(613,784)		(677,088)		(716,458)
Total shareholders' equity		5,230,987		5,290,010		5,249,004		5,074,927		4,921,186
Total liabilities and shareholders' equity	$	44,989,128	$	44,940,332	$	44,923,827	$	43,918,696	$	44,422,377

Common shares issued and outstanding		76,017,366		75,995,979		75,859,665		75,704,563		75,676,445

Net Interest Income and Margin


	Three Months Ended
	Sep. 30, 2023					Jun. 30, 2023					Sep. 30, 2022
(Dollars in thousands)	Average		Income/		Yield/	Average		Income/		Yield/	Average		Income/		Yield/
YIELD ANALYSIS	Balance		Expense		Rate	Balance		Expense		Rate	Balance		Expense		Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks (8)	$	822,805	$	10,831	5.22 %	$	947,526	$	11,858	5.02 %	$	3,403,421	$	18,190	2.12 %
Investment securities		7,714,079		45,873	2.36 %		7,994,330		46,840	2.35 %		8,705,657		45,286	2.06 %
Loans held for sale		34,736		517	5.90 %		36,114		568	6.31 %		47,119		620	5.22 %
Total loans, excluding PPP		31,799,469		443,275	5.53 %		31,141,951		418,766	5.39 %		28,267,741		312,172	4.38 %
Total PPP loans		5,291		13	0.97 %		7,915		21	1.06 %		27,236		64	0.93 %
Total loans held for investment		31,804,760		443,288	5.53 %		31,149,866		418,787	5.39 %		28,294,977		312,236	4.38 %
Total interest-earning assets (8)		40,376,380		500,509	4.92 %		40,127,836		478,053	4.78 %		40,451,174		376,332	3.69 %
Noninterest-earning assets (8)		4,464,939					4,500,288					4,534,539
Total Assets	$	44,841,319				$	44,628,124				$	44,985,713

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts (8)	$	18,291,300	$	93,465	2.03 %	$	17,222,660	$	65,717	1.53 %	$	17,503,416	$	5,353	0.12 %
Savings deposits		2,845,250		1,919	0.27 %		3,031,153		1,951	0.26 %		3,621,493		488	0.05 %
Certificates and other time deposits		4,413,855		38,560	3.47 %		4,328,388		33,119	3.07 %		2,627,280		1,693	0.26 %
Federal funds purchased		236,732		3,128	5.24 %		215,085		2,690	5.02 %		240,814		1,312	2.16 %
Repurchase agreements		303,339		1,163	1.52 %		330,118		845	1.03 %		376,985		194	0.20 %
Other borrowings		456,187		6,903	6.00 %		865,770		11,988	5.55 %		392,427		4,958	5.01 %
Total interest-bearing liabilities (8)		26,546,663		145,138	2.17 %		25,993,174		116,310	1.79 %		24,762,415		13,998	0.22 %
Noninterest-bearing liabilities ("Non-IBL") (8)		12,965,744					13,333,253					15,101,738
Shareholders' equity		5,328,912					5,301,697					5,121,560
Total Non-IBL and shareholders' equity		18,294,656					18,634,950					20,223,298
Total Liabilities and Shareholders' Equity	$	44,841,319				$	44,628,124				$	44,985,713
Net Interest Income and Margin (Non-Tax Equivalent) (8)			$	355,371	3.49 %			$	361,743	3.62 %			$	362,334	3.55 %
Net Interest Margin (Tax Equivalent) (non-GAAP) (8)					3.50 %					3.62 %					3.58 %
Total Deposit Cost (without Debt and Other Borrowings)					1.44 %					1.11 %					0.08 %
Overall Cost of Funds (including Demand Deposits)					1.52 %					1.23 %					0.14 %

Total Accretion on Acquired Loans (1)			$	4,053				$	5,481				$	9,550
Tax Equivalent ("TE") Adjustment			$	646				$	698				$	2,345

(1) The remaining loan discount on acquired loans to be accreted into loan interest income totals $55.2 million as of September 30, 2023.

Noninterest Income and Expense


	Three Months Ended										Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
(Dollars in thousands)	2023		2023		2023		2022		2022		2023		2022
Noninterest Income:
Fees on deposit accounts	$	32,830	$	33,101	$	29,859	$	33,612	$	30,327	$	95,790	$	91,198
Mortgage banking income (loss)		2,478		4,354		4,332		(545)		2,262		11,164		18,336
Trust and investment services income		9,556		9,823		9,937		9,867		9,603		29,316		29,152
Securities gains, net		—		—		45		—		30		45		30
Correspondent banking and capital markets income (8)		24,808		27,734		21,956		16,760		20,552		74,498		76,150
Expense on centrally-cleared variation margin (8)		(11,892)		(8,547)		(8,362)		(8,451)		(4,125)		(28,801)		(5,705)
Total Correspondent banking and capital markets income (8)		12,916		19,187		13,594		8,309		16,427		45,697		70,445
Bank owned life insurance income		7,039		6,271		6,813		6,723		6,082		20,123		17,588
Other		8,029		4,478		6,775		5,426		8,322		19,282		19,106
Total Noninterest Income (8)	$	72,848	$	77,214	$	71,355	$	63,392	$	73,053	$	221,417	$	245,855

Noninterest Expense:
Salaries and employee benefits	$	146,146	$	147,342	$	144,060	$	140,440	$	139,554	$	437,548	$	414,264
Occupancy expense		22,251		22,196		21,533		22,412		22,490		65,980		67,089
Information services expense		21,428		21,119		19,925		19,847		20,714		62,472		59,854
OREO and loan related (income) expense		613		(14)		169		78		532		768		291
Business development and staff related		5,995		6,672		5,957		5,851		5,090		18,624		14,282
Amortization of intangibles		6,616		7,028		7,299		8,027		7,837		20,943		25,178
Professional fees		3,456		4,364		3,702		3,756		3,495		11,522		11,575
Supplies and printing expense		2,623		2,554		2,640		2,411		2,621		7,817		7,210
FDIC assessment and other regulatory charges		8,632		9,819		6,294		6,589		6,300		24,745		16,444
Advertising and marketing		3,009		1,521		2,118		2,669		2,170		6,648		6,219
Other operating expenses		17,273		18,217		17,396		15,877		15,951		52,886		48,451
Merger, branch consolidation and severance related expense		164		1,808		9,412		1,542		13,679		11,384		29,345
Total Noninterest Expense	$	238,206	$	242,626	$	240,505	$	229,499	$	240,433	$	721,337	$	700,202

Loans and Deposits

The following table presents a summary of the loan portfolio by type:


	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
LOAN PORTFOLIO	2023		2023		2023		2022		2022
Construction and land development * †	$	2,776,241	$	2,817,125	$	2,749,290	$	2,860,360	$	2,550,552
Investor commercial real estate*		9,372,683		9,187,948		8,957,507		8,769,201		8,641,316
Commercial owner occupied real estate		5,539,097		5,585,951		5,522,514		5,460,193		5,426,216
Commercial and industrial		5,458,229		5,378,294		5,321,306		5,313,483		4,977,737
Consumer real estate *		7,608,145		7,275,495		6,860,831		6,475,210		5,977,120
Consumer/other		1,262,277		1,291,972		1,284,694		1,299,415		1,263,362
Total Loans	$	32,016,672	$	31,536,785	$	30,696,142	$	30,177,862	$	28,836,303

* Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.

† Includes single family home construction-to-permanent loans of $863.1 million, $928.4 million, $893.7 million, $904.1 million, and $881.3 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022, respectively.


	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
DEPOSITS	2023		2023		2023		2022		2022
Noninterest-bearing checking	$	11,158,431	$	11,489,483	$	12,422,583	$	13,168,656	$	13,660,244
Interest-bearing checking		7,806,243		8,185,609		8,316,023		8,955,519		8,741,447
Savings		2,760,166		2,931,320		3,156,214		3,464,351		3,602,560
Money market (8)		10,756,431		9,710,032		8,388,275		8,342,111		8,369,826
Time deposits		4,453,927		4,425,434		4,118,497		2,419,986		2,535,712
Total Deposits (8)	$	36,935,198	$	36,741,878	$	36,401,592	$	36,350,623	$	36,909,789

Core Deposits (excludes Time Deposits) (8)	$	32,481,271	$	32,316,444	$	32,283,095	$	33,930,637	$	34,374,077

Asset Quality


	Ending Balance
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
(Dollars in thousands)	2023		2023		2023		2022		2022
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	105,856	$	104,772	$	68,176	$	44,671	$	34,374
Accruing loans past due 90 days or more		783		3,620		2,667		2,358		2,358
Non-acquired OREO and other nonperforming assets		449		227		186		245		114
Total non-acquired nonperforming assets		107,088		108,619		71,029		47,274		36,846
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		57,464		60,734		52,795		59,554		61,866
Accruing loans past due 90 days or more		1,821		571		983		1,992		1,430
Acquired OREO and other nonperforming assets		378		981		3,446		922		2,234
Total acquired nonperforming assets		59,663		62,286		57,224		62,468		65,530
Total nonperforming assets	$	166,751	$	170,905	$	128,253	$	109,742	$	102,376


	Three Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
	2023		2023		2023		2022		2022
ASSET QUALITY RATIOS:
Allowance for credit losses as a percentage of loans		1.40 %		1.36 %		1.21 %		1.18 %		1.12 %
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans		1.59 %		1.56 %		1.48 %		1.40 %		1.31 %
Allowance for credit losses as a percentage of nonperforming loans		269.98 %		251.86 %		297.42 %		328.29 %		324.30 %
Net charge-offs (recoveries) as a percentage of average loans (annualized)		0.16 %		0.04 %		0.01 %		0.01 %		(0.02) %
Total nonperforming assets as a percentage of total assets		0.37 %		0.38 %		0.29 %		0.25 %		0.23 %
Nonperforming loans as a percentage of period end loans		0.52 %		0.54 %		0.41 %		0.36 %		0.35 %

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the third quarter of 2023:

Allowance for Credit Losses ("ACL and UFC")

(Dollars in thousands)

NonPCD ACL

PCD ACL

Total ACL

UFC

Ending balance 6/30/2023

384,296

43,096

427,392

63,399

Charge offs

(16,895)

—

(16,895)

—

Acquired charge offs

(445)

(630)

(1,075)

—

Recoveries

1,804

—

1,804

—

Acquired recoveries

802

2,167

2,969

—

Provision (recovery) for credit losses

40,288

(6,527)

33,761

(1,052)

Ending balance 9/30/2023

409,850

38,106

447,956

62,347

Period end loans

30,845,129

1,171,543

32,016,672

N/A

Allowance for Credit Losses to Loans

1.33 %

3.25 %

1.40 %

N/A

Unfunded commitments (off balance sheet) *

9,279,535

Reserve to unfunded commitments (off balance sheet)

0.67 %

* Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

Conference Call

The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 27, 2023. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of October 27, 2023 on the Investor Relations section of SouthStateBank.com.

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.


(Dollars and shares in thousands, except per share data)	Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022
Net income (GAAP)	$	124,144		$	123,447		$	139,926		$	143,502		$	133,043
Provision for credit losses		32,709			38,389			33,091			47,142			23,876
Tax provision		33,160			34,495			39,096			39,253			38,035
Merger, branch consolidation and severance related expense		164			1,808			9,412			1,542			13,679
Securities gains		—			—			(45)			—			(30)
Pre-provision net revenue (PPNR) (Non-GAAP)	$	190,177		$	198,139		$	221,480		$	231,439		$	208,603

Average asset balance (GAAP)	$	44,841,319		$	44,628,124		$	44,104,478		$	44,429,894		$	44,985,713
PPNR ROAA		1.68	%		1.78	%		2.04	%		2.07	%		1.84	%

Diluted weighted-average common shares outstanding		76,571			76,418			76,389			76,327			76,182
PPNR per weighted-average common shares outstanding	$	2.48		$	2.59		$	2.90		$	3.03		$	2.74


(Dollars in thousands)	Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022
Net interest income (GAAP) (8)	$	355,371		$	361,743		$	381,263		$	396,004		$	362,334
Less:
Total accretion on acquired loans		4,053			5,481			7,398			7,350			9,550
Core net interest income (Non-GAAP)	$	351,318		$	356,262		$	373,865		$	388,654		$	352,784

NET INTEREST MARGIN ("NIM"), TAX EQUIVALENT (NON-GAAP)
Net interest income (GAAP) (8)	$	355,371		$	361,743		$	381,263		$	396,004		$	362,334
Total average interest-earning assets (8)		40,376,380			40,127,836			39,409,340			39,655,736			40,451,174
NIM, non-tax equivalent (8)		3.49	%		3.62	%		3.92	%		3.96	%		3.55	%

Tax equivalent adjustment (included in NIM, tax equivalent)		646			698			1,020			2,397			2,345
Net interest income, tax equivalent (Non-GAAP) (8)	$	356,017		$	362,441		$	382,283		$	398,401		$	364,679
NIM, tax equivalent (Non-GAAP) (8)		3.50	%		3.62	%		3.93	%		3.99	%		3.58	%


	Three Months Ended															Nine Months Ended
(Dollars in thousands, except per share data)	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
RECONCILIATION OF GAAP TO NON-GAAP	2023			2023			2023			2022			2022			2023			2022
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	124,144		$	123,447		$	139,926		$	143,502		$	133,043		$	387,517		$	352,547
Securities gains, net of tax		—			—			(35)			—			(24)			(35)			(24)
PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			13,492
Merger, branch consolidation and severance related expense, net of tax		130			1,414			7,356			1,211			10,638			8,900			22,953
Adjusted net income (non-GAAP)	$	124,274		$	124,861		$	147,247		$	144,713		$	143,657		$	396,382		$	388,968

Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)	$	1.63		$	1.62		$	1.84		$	1.90		$	1.76		$	5.10		$	4.75
Effect to adjust for securities gains		—			—			(0.00)			—			(0.00)			(0.00)			(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			0.18
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.00			0.02			0.10			0.01			0.14			0.11			0.31
Adjusted net income per common share - Basic (non-GAAP)	$	1.63		$	1.64		$	1.94		$	1.91		$	1.90		$	5.21		$	5.24

Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)	$	1.62		$	1.62		$	1.83		$	1.88		$	1.75		$	5.07		$	4.71
Effect to adjust for securities gains		—			—			(0.00)			—			(0.00)			(0.00)			(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			0.18
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.00			0.01			0.10			0.02			0.14			0.12			0.31
Adjusted net income per common share - Diluted (non-GAAP)	$	1.62		$	1.63		$	1.93		$	1.90		$	1.89		$	5.19		$	5.20

Adjusted Return on Average Assets (2)
Return on average assets (GAAP) (8)		1.10	%		1.11	%		1.29	%		1.28	%		1.17	%		1.16	%		1.06	%
Effect to adjust for securities gains		—	%		—	%		(0.00)	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.04	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.00	%		0.01	%		0.06	%		0.01	%		0.10	%		0.03	%		0.07	%
Adjusted return on average assets (non-GAAP) (8)		1.10	%		1.12	%		1.35	%		1.29	%		1.27	%		1.19	%		1.17	%

Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)		9.24	%		9.34	%		10.96	%		11.41	%		10.31	%		9.83	%		9.32	%
Effect to adjust for securities gains		—	%		—	%		(0.00)	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.36	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.01	%		0.11	%		0.57	%		0.09	%		0.82	%		0.23	%		0.60	%
Adjusted return on average common equity (non-GAAP)		9.25	%		9.45	%		11.53	%		11.50	%		11.13	%		10.06	%		10.28	%

Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)		9.24	%		9.34	%		10.96	%		11.41	%		10.31	%		9.83	%		9.32	%
Effect to adjust for intangible assets		6.28	%		6.47	%		7.85	%		8.76	%		7.68	%		6.84	%		6.87	%
Return on average tangible equity (non-GAAP)		15.52	%		15.81	%		18.81	%		20.17	%		17.99	%		16.67	%		16.19	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		9.24	%		9.34	%		10.96	%		11.41	%		10.31	%		9.83	%		9.32	%
Effect to adjust for securities gains		—	%		—	%		(0.00)	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.36	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.01	%		0.11	%		0.58	%		0.10	%		0.82	%		0.23	%		0.61	%
Effect to adjust for intangible assets		6.29	%		6.53	%		8.21	%		8.82	%		8.23	%		6.97	%		7.48	%
Adjusted return on average common tangible equity (non-GAAP)		15.54	%		15.98	%		19.75	%		20.33	%		19.36	%		17.03	%		17.77	%

Adjusted Efficiency Ratio (4)
Efficiency ratio		54.00	%		53.59	%		51.41	%		47.96	%		53.14	%		52.98	%		56.63	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		(0.04)	%		(0.41)	%		(2.07)	%		(0.33)	%		(3.12)	%		(0.87)	%		(2.46)	%
Adjusted efficiency ratio		53.96	%		53.18	%		49.34	%		47.63	%		50.02	%		52.11	%		54.17	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	68.81		$	69.61		$	69.19		$	67.04		$	65.03
Effect to adjust for intangible assets		(26.55)			(26.65)			(26.79)			(26.95)			(27.06)
Tangible book value per common share (non-GAAP)	$	42.26		$	42.96		$	42.40		$	40.09		$	37.97

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP) (8)		11.63	%		11.77	%		11.68	%		11.56	%		11.08	%
Effect to adjust for intangible assets		(4.15)	%		(4.16)	%		(4.18)	%		(4.31)	%		(4.30)	%
Tangible equity-to-tangible assets (non-GAAP) (8)		7.48	%		7.61	%		7.50	%		7.25	%		6.78	%

Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.

Footnotes to tables:
(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $4.1 million, $5.5 million, $7.4 million, $7.3 million, and $9.6 million during the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022, respectively.
(2)	Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger, branch consolidation and severance related expense, and initial PCL on nonPCD loans and unfunded commitments from acquisitions. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation and severance related expense of $164,000, $1.8 million, $9.4 million, $1.5 million, and $13.7 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022, respectively; (b) net securities gains of $45,000 and $30,000 for the quarters ended March 31, 2023 and September 30, 2022, respectively.
(3)	The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.
(4)	Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation and severance related expense and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $6.6 million, $7.0 million, $7.3 million, $8.0 million, and $7.8 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022, respectively.
(5)	The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)	September 30, 2023 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)	Loan data excludes mortgage loans held for sale.
(8)	During the fourth quarter of 2022, the Company determined the variation margin payments for its interest rate swaps centrally cleared through London Clearing House ("LCH") and Chicago Mercantile Exchange ("CME") met the legal characteristics of daily settlements of the derivatives rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value of the single unit of account is reported in other assets or other liabilities on the consolidated balance sheets, as opposed to interest-earning deposits or interest-bearing deposits. In addition, the expense or income attributable to the variation margin payments for the centrally cleared swaps is reported in noninterest income, specifically within correspondent and capital markets income, as opposed to interest income or interest expense. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. The table below discloses the net change in all the balance sheet and income statement line items, as well as performance metrics, impacted by the correction from collateralize-to-market to settle-to-market accounting treatment for prior periods. There was no impact to net income or equity as previously reported.


	Three Months Ended		Nine Months Ended
(Dollars in thousands)	Sep. 30,		Sep. 30,
INCOME STATEMENT	2022		2022
Interest income:
Effect to interest income on federal funds sold and interest-earning
deposits with banks	$	1,522	$	2,203
Interest expense:
Effect to interest expense on money market deposits		(2,603)		(3,502)
Net interest income:
Net effect to net interest income	$	4,125	$	5,705
Noninterest Income:
Effect to correspondent banking and capital market income	$	(4,125)	$	(5,705)

BALANCE SHEET
Assets:
Effect to federal funds sold and interest-earning deposits with banks	$	114,514
Effect to other assets		(870,746)
Net effect to total assets	$	(756,232)

Liabilities:
Effect to money market deposits	$	(756,232)
Net effect to total liabilities	$	(756,232)

AVERAGE BALANCES
Interest-earning assets:
Effect to federal funds sold and interest-earning deposits with banks	$	210,108
Noninterest-earning assets:
Effect to noninterest-earning assets		(569,329)
Net effect to total average assets	$	(359,221)
Interest-bearing liabilities:
Effect to transaction and money market accounts	$	(359,221)
Net effect to total average liabilities	$	(359,221)


	Three Months Ended			Nine Months Ended
	Sep. 30,			Sep. 30,
YIELD ANALYSIS	2022			2022
Interest-earning assets:
Effect to federal funds sold and interest-earning deposits with banks		0.05	%
Effect to total interest-earning assets		(0.01)	%
Interest-bearing liabilities:
Effect to transaction and money market accounts		(0.06)	%
Effect to total interest-bearing liabilities		(0.04)	%

Net effect to NIM		0.02	%
Net effect to NIM, TE (non-GAAP)		0.03	%

PERFORMANCE RATIOS
Effect to return on average assets (annualized)		0.01	%		0.01	%
Effect to adjusted return on average assets (annualized) (non-GAAP) (2)		0.01	%		0.01	%

Effect to equity-to-assets		0.2	%
Effect to tangible equity-to-tangible assets (non-GAAP) (3)		0.1	%
Effect to Tier 1 leverage		0.1	%
Effect to Tier 1 common equity		0.0	%
Effect to Tier 1 risk-based capital		0.0	%
Effect to Total risk-based capital		0.1	%

Cautionary Statement Regarding Forward Looking Statements

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 of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.

SouthState cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in deterioration in the credit markets, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the interest rate environment, the number and pace of interest rate increases, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (3) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital (4) risks relating to the continued impact of the Covid19 pandemic on the Company, including to efficiencies and the control environment due to the changing work environment; (5) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (6) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (7) potential deterioration in real estate values; (8) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (9) risks relating to the ability to retain our culture and attract and retain qualified people; (10) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (11) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (12) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (13) risks associated with an anticipated increase in SouthState's investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (14) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (15) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (16) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (17) transaction risk arising from problems with service or product delivery; (18) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (19) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices; (20) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (21) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (22) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (23) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently passed state legislation and proposed federal and state regulatory guidance and regulation relating to climate change; (24) greater than expected noninterest expenses; (25) excessive loan losses; (26) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (27) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank's consumer overdraft programs and other deposit products; (28) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (29) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (30) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; (31) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (32) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (33) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/southstate-corporation-reports-third-quarter-2023-results-declares-quarterly-cash-dividend-301969308.html

SOURCE SouthState Corporation

SouthState (NASDAQ:SSB)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025

Haga Click aquí para más Gráficas SouthState.

SouthState (NASDAQ:SSB)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

SSB SouthState Corporation

Noticias sobre SouthState Corporation SSB

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación

Tendencias Ahora

Listas Principales