#United States #financial results #Q4 2024 #Winter Haven #SouthState Corporation

SouthState Corporation Reports Fourth Quarter 2024 Results

SouthState Corporation, listed on NYSE under SSB, recently disclosed its unaudited financial results for the fourth quarter and the entire year ending December 31, 2024. The company experienced robust growth across several key metrics, establishing its momentum into the new year.

Key Financial Highlights

During the fourth quarter, SouthState achieved a net income of $144.2 million, reflecting a 9% increase in Pre-Provision Net Revenue (PPNR) compared to the previous quarter. This growth trajectory was fueled by a 6% rise in revenue stemming from consistent expansions in both loans and deposits. According to John C. Corbett, the company’s Chief Executive Officer, the positive performance was also bolstered by their acquisition of Independent Financial, which allows for continued growth in 2025.

Key figures from the quarter include:

• - Diluted Earnings per Share (EPS): $1.87, with an adjusted EPS of $1.93.
• - Net Interest Income: $370 million, contributing to a healthy Net Interest Margin (NIM) of 3.48%.
• - Total Assets: Reached $46.38 billion, up from previous quarters.
• - Loan Growth: Loans grew by $355 million, showcasing a 4% annualized growth rate and an impressive loan-to-deposit ratio of 89%.

Balance Sheet Performance

The bank’s balance sheet stood strong, with total deposits increasing by $423 million, also reflecting a 4% annualized growth rate. The capital ratios remain robust, with Tangible Common Equity at 8.8% and Total Risk-Based Capital at 15.0%. This underscores SouthState’s healthy capital position as it schedules plans for future strategic endeavors.

Dividend Announcement

In light of these positive results, the Board of Directors announced a quarterly cash dividend of $0.54 per share, payable on February 14, 2025, to shareholders on record as of February 7, 2025. This decision reflects SouthState’s commitment to return value to its shareholders while enhancing its overall financial health.

Forward Outlook

Looking ahead, the firm expressed optimism about its growth strategy in the rapidly growing markets throughout the southern United States. With the concluded merger with Independent Bank Group, SouthState’s leadership is focused on integrating operations effectively and achieving the anticipated cost savings and revenue enhancements from this acquisition.

The company will host a conference call on January 24, 2025, at 9:00 a.m. Eastern Time, to discuss the results in greater detail. Interested participants can call toll-free or join a live webcast at SouthStateBank.com.

Conclusion

SouthState Corporation's remarkable performance in the fourth quarter of 2024 reflects its strategic initiatives, efficient management, and strong market position. The positive trajectory sets a confident tone for the company’s roadmap in the upcoming year, ensuring stakeholders remain informed of their commitment to growth and shareholder returns.