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SouthState Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SouthState has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for SouthState's Piotroski F-Score or its related term are showing as below:

SSB' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of SouthState was 8. The lowest was 2. And the median was 6.


SouthState Piotroski F-Score Historical Data

The historical data trend for SouthState's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

SouthState Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 4.00 7.00

SouthState Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 7.00 4.00 -

Competitive Comparison

For the Banks - Regional subindustry, SouthState's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

SouthState Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, SouthState's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SouthState's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 122.788 + 106.846 + 100.329 + 119.175 = $449 Mil.
Cash Flow from Operations was 179.378 + 109.254 + 172.189 + 132.552 = $593 Mil.
Revenue was 346.996 + 332.213 + 347.564 + 402.571 = $1,429 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(40375.869 + 40903.708 + 41960.032 + 46201.541 + 46207.422) / 5 = $43129.7144 Mil.
Total Assets at the begining of this year (Jun21) was $40,376 Mil.
Long-Term Debt & Capital Lease Obligation was $392 Mil.
Total Assets was $46,207 Mil.
Total Liabilities was $41,167 Mil.
Net Income was 95.221 + 86.236 + 146.949 + 98.96 = $427 Mil.

Revenue was 385.138 + 352.133 + 358.283 + 332.15 = $1,428 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(37725.356 + 37819.366 + 37789.873 + 39730.332 + 40375.869) / 5 = $38688.1592 Mil.
Total Assets at the begining of last year (Jun20) was $37,725 Mil.
Long-Term Debt & Capital Lease Obligation was $352 Mil.
Total Assets was $40,376 Mil.
Total Liabilities was $35,618 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

SouthState's current Net Income (TTM) was 449. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

SouthState's current Cash Flow from Operations (TTM) was 593. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=449.138/40375.869
=0.01112392

ROA (Last Year)=Net Income/Total Assets (Jun20)
=427.366/37725.356
=0.01132835

SouthState's return on assets of this year was 0.01112392. SouthState's return on assets of last year was 0.01132835. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

SouthState's current Net Income (TTM) was 449. SouthState's current Cash Flow from Operations (TTM) was 593. ==> 593 > 449 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=392.46/43129.7144
=0.00909953

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=351.548/38688.1592
=0.00908671

SouthState's gearing of this year was 0.00909953. SouthState's gearing of last year was 0.00908671. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun22)=Total Assets/Total Liabilities
=46207.422/41166.997
=1.12243849

Current Ratio (Last Year: Jun21)=Total Assets/Total Liabilities
=40375.869/35618.246
=1.13357264

SouthState's current ratio of this year was 1.12243849. SouthState's current ratio of last year was 1.13357264. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

SouthState's number of shares in issue this year was 76.094. SouthState's number of shares in issue last year was 71.409. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=449.138/1429.344
=0.31422667

Net Margin (Last Year: TTM)=Net Income/Revenue
=427.366/1427.704
=0.29933796

SouthState's net margin of this year was 0.31422667. SouthState's net margin of last year was 0.29933796. ==> This year's net margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=1429.344/40375.869
=0.03540095

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=1427.704/37725.356
=0.03784468

SouthState's asset turnover of this year was 0.03540095. SouthState's asset turnover of last year was 0.03784468. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SouthState has an F-score of 4 indicating the company's financial situation is typical for a stable company.

SouthState  (NAS:SSB) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


SouthState Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of SouthState's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


SouthState Business Description

SouthState logo
Traded in Other Exchanges
Address
1101 First Street South, Suite 202, Winter Haven, FL, USA, 33880
SouthState Corp is a United States-based bank holding company. It provides a wide range of banking services and products to its customers through a wholly-owned bank subsidiary, South State Bank. The Bank provides retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans through financial centers in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. These services include demand, time and savings deposits, lending and credit card servicing, ATM processing, and wealth management and trust services.
Executives
Cooper Shantella E. director 241 RALPH MCGILL BLVD., NW ATLANTA GA 30308
Hertz Douglas J. director 3280 PEACHTREE ROAD NE SUITE 1600 ATLANTA GA 30305
Williams Douglas Lloyd officer: President, Atlanta Banking Grp 3280 PEACHTREE ROAD NE SUITE 1600 ATLANTA GA 30305
Cofield Ronald M. director 1101 FIRST STREET SOUTH WINTER HAVEN FL 33880
Holcomb John H Iii director 56 COUNTRY CLUB BLVD BIRMINGHAM AL 35213
Mcpherson Charles W director 42745 U.S. HIGHWAY 27 DAVENPORT FL 33837
Pou William K Jr director 42745 U.S. HIGHWAY 27 DAVENPORT FL 33837
Snively Joshua A director 42745 U.S. HIGHWAY 27 DAVENPORT FL 33837
Young Stephen Dean officer: Chief Strategy Officer 42745 U.S. HIGWAY 27 DAVENPORT FL 33837
Pinner Ernest S director
Arana Sara officer: Chief Accounting Officer 1101 FIRST STREET SOUTH WINTER HAVEN FL 33880
Page G Ruffner Jr director
Murray Richard Iv officer: President PO BOX 10686 BIRMINGHAM AL 35202
Matthews William E V officer: Chief Financial Officer
Corbett John C director, officer: CEO 1101 FIRST STREET SOUTH, SUITE 202 WINTER HAVEN FL 33880

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