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SouthState Corporation Reports Q1 2025 Results

On April 24, 2025, SouthState Corporation (NYSE: SSB) announced its unaudited financial results for the first quarter of 2025, showcasing substantial growth in profitability and strategic advancements. John C. Corbett, CEO of SouthState, referred to this quarter as a strategic reset that elevated the company's earnings profile significantly.

The quarter's highlights include:

• - Diluted Earnings per Share (EPS): SouthState reported a diluted EPS of $0.87 while the adjusted diluted EPS rose to $2.15.
• - Net Income: The company achieved a net income of $89.1 million with an adjusted net income reaching $219.3 million.
• - Return Ratios: Returns on average common equity were reported at 4.3%, with adjusted returns on average tangible common equity soaring to 19.9%.
• - Net Interest Margin (NIM): The NIM improved to 3.85%, demonstrating the company's strong yield on its interest-earning assets.

Strategic Acquisitions and Transactions

One of the key components of this quarter's performance was the completion of the acquisition of Independent Bank Group, which was finalized in January 2025. Moreover, a successful sale-leaseback transaction executed in March contributed positively by realizing a significant gain of $229 million after transaction costs.

Financial Overview

SouthState's total assets have seen impressive growth, reported at $65.14 billion, compared to $46.38 billion the previous year. This growth underlines a robust expansion strategy coupled with strong liquidity, capital, and asset quality amidst challenging market conditions.

Restructuring Efforts

The company also engaged in securities restructuring which resulted in a reported net loss of $229 million. Despite this setback, SouthState believes it has positioned itself advantageously for ongoing market uncertainties, reinforcing a commitment to maintaining industry-leading profitability.

Shareholder Returns

The Board of Directors declared a quarterly cash dividend of $0.54 per share, payable on May 16, 2025 to shareholders of record as of May 9, 2025. This declaration reflects the company’s ongoing commitment to return value to its shareholders, even in the face of restructuring efforts.

Conclusion

Overall, SouthState Corporation's first-quarter results reveal a strong upward trajectory. With adjusted net income surpassing estimates and the declaration of dividends, the company is well-positioned for sustainable growth and profitability in the coming quarters. Stakeholders and market analysts are optimistic about SouthState's capacity to navigate challenges and leverage opportunities in the financial landscape.