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CenterState Bank Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed Apr 30, 2020. Its latest SEC filing is a 15-15D from Jun 18, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides consumer and commercial banking to individuals and businesses, and correspondent banking and financial services to community banks.

How Did They Make Money?

Earns interest on loans and investments, plus fees for account and cash-management services and commissions on investment sales. Transaction fees are charged when a transaction occurs, monthly service fees over the month, and bond-sale commissions at each sale.

FY2019 revenue

Who Were Their Customers?

Individuals and businesses use its branch network for retail and commercial banking services. Community banks use its correspondent banking services, while transportation companies and automotive parts and service providers use its receivables services.

Did Revenues Turn Into Profits?

Yes. It kept 33 cents of every revenue dollar as net income in FY2019.

Net income, FY2019
33% of revenue
▲ +44% vs FY2018 ($156.4M, 34%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▲ +34%
vs $132.3M in Q1 FY2019
Net income
▼ −21%
vs $44.6M in Q1 FY2019
  • Jun 8, 2020 Completed merger with South State and ended CenterState's listing CenterState's directors and executive officers left their roles; its former CEO and CFO joined South State as CEO and CFO, respectively.

Grew. Revenue grew 4.2x in 4 years, from $162.3M in FY2015 to $685.3M in FY2019, about 43% a year.

Mortgage and small-business lending The business added dedicated mortgage and government-backed small-business lending; it originates home loans for resale and sells the guaranteed part of small-business loans to investors.

Transaction-based finance The latest report adds a transaction-finance business serving transportation and automotive parts companies, with factoring, invoicing, collection and receivables management services.

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