WINTER HAVEN, Fla. - SouthState Corporation (NYSE:SSB) announced unaudited financial results for the first quarter ended March 31, 2024, reflecting stable earnings and growth within expected ranges amid economic transitions.
The bank reported diluted earnings per share (EPS) of $1.50 and adjusted diluted EPS of $1.58, aligning with previously issued guidance. Net income for the quarter was $115.1 million with adjusted net income reaching $121.3 million.
The bank saw modest annualized growth in loans and deposits, each increasing in the low-single digit percent range. The loan portfolio expanded by $279 million, primarily driven by consumer real estate, while deposits grew by $130 million. SouthState's asset quality remained consistent, with a stable allowance for credit losses at 1.60% of total loans.
Net interest income for the quarter was $344 million, with a net interest margin (NIM) of 3.40%. Noninterest income stood at $72 million, and the bank experienced a $3.9 million expense due to an FDIC special assessment. The efficiency ratio was reported at 58%, with an adjusted figure of 56%.
SouthState's capital position remained robust, with tangible common equity and total risk-based capital ratios at 8.2% and 14.4%, respectively. During the quarter, the company repurchased 100,000 shares at an average price of $79.85.
Subsequent to the end of the quarter, the Board of Directors declared a quarterly cash dividend of $0.52 per common share, payable on May 17, 2024, to shareholders of record as of May 10, 2024.
The company's CEO, John C. Corbett, commented on the resilience of their markets and the attractiveness of the South for living and business growth, which underpins the bank's performance.
In closing, SouthState Corporation, based in Winter Haven, Florida, provides a range of financial services to over a million customers across several southeastern states. The information in this article is based on a press release statement from the company.
InvestingPro Insights
Amid the financial stability and growth reported by SouthState Corporation (NYSE:SSB) for Q1 2024, InvestingPro data and insights provide a deeper understanding of the company's performance and potential.
With a market capitalization of $6.02 billion and a price-to-earnings (P/E) ratio of 12.23, SouthState presents itself as a substantial player in the banking sector with a valuation that reflects its earnings potential. Moreover, the company's revenue for the last twelve months as of Q4 2023 was $1.625 billion, indicating a steady flow of income.
An InvestingPro Tip highlights that SouthState has raised its dividend for 12 consecutive years, showcasing a commitment to returning value to shareholders. This aligns with the recent dividend announcement and is indicative of the company's financial health and stable cash flows. Moreover, analysts predict that SouthState will be profitable this year, which corroborates the positive earnings per share (EPS) reported in the first quarter.
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