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SouthState Corporation Reports Second Quarter 2024 Results, Declares an Increase in the Quarterly Cash Dividend

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Rhea-AI Summary

SouthState (NYSE: SSB) reported its Q2 2024 financial results, showing robust growth. Key highlights include:

  • Earnings Per Share (EPS): Reported diluted EPS of $1.73, up 15% QoQ. Adjusted diluted EPS was $1.79.
  • Net Income: $132.4 million, with adjusted net income of $137.3 million.
  • Revenue: Net interest income rose to $350 million with a net interest margin of 3.43%.
  • Loan Growth: Loans grew 7% annualized, totaling $33.2 billion.
  • Deposits: Slight decrease by $80 million, totaling $37.1 billion.
  • Dividend: Quarterly cash dividend increased from $0.52 to $0.54 per share, payable on August 16, 2024.
  • Acquisition: Announced acquisition of Independent Bank Group, enhancing growth potential.

CEO John C. Corbett emphasized the positive inflection in revenue and net interest margin, attributing it to faster loan repricing compared to deposits. The balance sheet remains strong with a tangible common equity ratio of 8.4%.

Positive
  • EPS increased 15% QoQ to $1.73.
  • Net income rose to $132.4 million.
  • Net interest income reached $350 million.
  • Loans grew 7% annualized to $33.2 billion.
  • Quarterly cash dividend increased to $0.54 per share.
  • Acquisition of Independent Bank Group announced.
Negative
  • Deposits decreased by $80 million.
  • Total interest expense increased significantly YoY.

Insights

SouthState 's Q2 2024 results show solid performance and growth, with several positive indicators for investors:

  • Diluted EPS increased 15% quarter-over-quarter to $1.73, beating analyst estimates.
  • Net income rose to $132.4 million, up from $115 million in Q1.
  • Net interest margin expanded to 3.43%, reversing the trend of margin compression seen in previous quarters.
  • Loan growth was strong at 7% annualized, led by commercial and consumer real estate.
  • The efficiency ratio improved to 57% from 58.5% in Q1.

The announced acquisition of Texas-based Independent Bank Group is strategically sound, expanding SouthState's presence in high-growth markets. However, investors should monitor integration costs and potential cultural challenges.

While deposit costs increased slightly, the 34% cycle-to-date beta remains favorable compared to peers. The 0.05% annualized net charge-off rate indicates strong credit quality.

Overall, SouthState appears well-positioned in the current environment, with expanding margins, solid loan growth and strong credit metrics. The stock looks attractive for investors seeking exposure to a high-quality regional bank.

SouthState's Q2 results demonstrate the bank's resilience and ability to navigate the challenging interest rate environment:

  • The expansion of net interest margin to 3.43% is particularly impressive, as many regional banks are still struggling with margin compression. This suggests SouthState has effectively managed its asset-liability mix and pricing.
  • Loan growth of 7% annualized is robust in the current economic climate, indicating strong demand and effective business development efforts.
  • The slight decrease in deposits (-1% annualized) is not concerning given the industry-wide trend of deposit outflows and SouthState's 90% loan-to-deposit ratio remains healthy.
  • The efficiency ratio of 57% shows good cost control, though there may be room for further improvement.

The acquisition of Independent Bank Group is a bold move that could significantly enhance SouthState's scale and market presence. However, execution will be key and investors should watch for any integration hiccups or unexpected costs.

The increase in the quarterly dividend to $0.54 per share reflects management's confidence in the bank's financial strength and future prospects. With a strong capital position and improving profitability metrics, SouthState appears well-positioned for continued growth and shareholder value creation.

WINTER HAVEN, Fla., July 24, 2024 /PRNewswire/ -- SouthState Corporation (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2024.

"Both revenue and net interest margin inflected during the second quarter as loans repriced faster than deposits.  Loans grew at a 7% annualized pace and earnings per share increased 15% over the first quarter", commented John C. Corbett, SouthState's Chief Executive Officer.  "On May 20th, we announced the acquisition of Texas-based Independent Bank Group.  During June, we traveled in town hall meetings with the Independent team and are increasingly excited about partnering with David Brooks and his relationship bankers in the best growth markets in the country."

Highlights of the second quarter of 2024 include:

Returns

  • Reported Diluted Earnings per Share ("EPS") of $1.73; Adjusted Diluted EPS (Non-GAAP) of $1.79
  • Net Income of $132.4 million; Adjusted Net Income (Non-GAAP) of $137.3 million
  • Return on Average Common Equity of 9.6%; Return on Average Tangible Common Equity (Non-GAAP) of 15.5% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 16.1%*
  • Return on Average Assets ("ROAA") of 1.17% and Adjusted ROAA (Non-GAAP) of 1.22%*
  • Pre-Provision Net Revenue ("PPNR") per Weighted Average Diluted Share (Non-GAAP) of $2.39
  • Book Value per Share of $74.16; Tangible Book Value ("TBV") per Share (Non-GAAP) of $47.90

∗ Annualized percentages

Performance

  • Net Interest Income of $350 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $346 million
  • Net Interest Margin ("NIM"), non-tax equivalent of 3.43% and tax equivalent (Non-GAAP) of 3.44%
  • Net charge-offs of $4.2 million, or 0.05% annualized; $3.9 million Provision for Credit Losses ("PCL"), including release for unfunded commitments; total allowance for credit losses ("ACL") plus reserve for unfunded commitments of 1.57%
  • Noninterest Income of $75 million; Noninterest Income represented 0.67% of average assets for the second quarter of 2024
  • Efficiency Ratio of 57% and Adjusted Efficiency Ratio (Non-GAAP) of 56%

Balance Sheet

  • Loans increased $567 million, or 7% annualized, led by commercial and industrial and consumer real estate; ending loan to deposit ratio of 90%
  • Deposits decreased $80 million, or 1% annualized
  • Total loan yield of 5.82%, up 0.09% from prior quarter, resulting in a 39% cycle-to-date beta
  • Total deposit cost of 1.80%, up 0.06% from prior quarter, resulting in a 34% cycle-to-date beta
  • Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.4%, 14.4%, 9.7%, and 12.1%, respectively†

† Preliminary

Mergers & Acquisitions

  • On May 20, 2024, the Company announced its acquisition of Independent Bank Group, Inc.

Subsequent Events

  • The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.52 per share to $0.54 per share; the dividend is payable on August 16, 2024 to shareholders of record as of August 9, 2024               

Financial Performance



Three Months Ended


Six Months Ended


(Dollars in thousands, except per share data)


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Jun. 30,


Jun. 30,


INCOME STATEMENT


2024


2024


2023


2023


2023


2024


2023


Interest Income























   Loans, including fees (1)


$

478,360


$

463,688


$

459,880


$

443,805


$

419,355


$

942,048


$

812,720


   Investment securities, trading securities, federal funds sold and securities























      purchased under agreements to resell



52,764



53,567



55,555



56,704



58,698



106,331



115,742


Total interest income



531,124



517,255



515,435



500,509



478,053



1,048,379



928,462


Interest Expense























   Deposits



165,481



160,162



149,584



133,944



100,787



325,643



156,729


   Federal funds purchased, securities sold under agreements























      to repurchase, and other borrowings



15,384



13,157



11,620



11,194



15,523



28,541



28,727


Total interest expense



180,865



173,319



161,204



145,138



116,310



354,184



185,456


Net Interest Income



350,259



343,936



354,231



355,371



361,743



694,195



743,006


  Provision for credit losses



3,889



12,686



9,893



32,709



38,389



16,575



71,480


Net Interest Income after Provision for Credit Losses



346,370



331,250



344,338



322,662



323,354



677,620



671,526


Noninterest Income



75,225



71,558



65,489



72,848



77,214



146,783



148,569


Noninterest Expense























Operating expense



242,343



240,923



245,774



238,042



240,818



483,266



471,911


Merger, branch consolidation, severance related and other expense (8)



5,785



4,513



1,778



164



1,808



10,298



11,220


FDIC special assessment



619



3,854



25,691







4,473




Total noninterest expense



248,747



249,290



273,243



238,206



242,626



498,037



483,131


Income before Income Taxes Provision



172,848



153,518



136,584



157,304



157,942



326,366



336,964


Income taxes provision



40,478



38,462



29,793



33,160



34,495



78,940



73,591


Net Income


$

132,370


$

115,056


$

106,791


$

124,144


$

123,447


$

247,426


$

263,373

























Adjusted Net Income (non-GAAP) (2)























Net Income (GAAP)


$

132,370


$

115,056


$

106,791


$

124,144


$

123,447


$

247,426


$

263,373


Securities losses (gains), net of tax







2









(35)


Merger, branch consolidation, severance related and other expense, net of tax (8)



4,430



3,382



1,391



130



1,414



7,812



8,770


FDIC special assessment, net of tax



474



2,888



20,087







3,362




Adjusted Net Income (non-GAAP)


$

137,274


$

121,326


$

128,271


$

124,274


$

124,861


$

258,600


$

272,108

























   Basic earnings per common share


$

1.74


$

1.51


$

1.40


$

1.63


$

1.62


$

3.24


$

3.47


   Diluted earnings per common share


$

1.73


$

1.50


$

1.39


$

1.62


$

1.62


$

3.23


$

3.45


   Adjusted net income per common share - Basic (non-GAAP) (2)


$

1.80


$

1.59


$

1.69


$

1.63


$

1.64


$

3.39


$

3.58


   Adjusted net income per common share - Diluted (non-GAAP) (2)


$

1.79


$

1.58


$

1.67


$

1.62


$

1.63


$

3.37


$

3.56


   Dividends per common share


$

0.52


$

0.52


$

0.52


$

0.52


$

0.50


$

1.04


$

1.00


   Basic weighted-average common shares outstanding



76,251,401



76,301,411



76,100,187



76,139,170



76,057,977



76,276,406



75,980,638


   Diluted weighted-average common shares outstanding



76,607,281



76,660,081



76,634,100



76,571,430



76,417,537



76,629,796



76,394,174


   Effective tax rate



23.42 %



25.05 %



21.81 %



21.08 %



21.84 %



24.19 %



21.84 %


Performance and Capital Ratios



Three Months Ended


Six Months Ended





Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Jun. 30,


Jun. 30,





2024


2024


2023


2023


2023


2024


2023



PERFORMANCE RATIOS






















Return on average assets (annualized)



1.17

%


1.03

%


0.94

%


1.10

%


1.11

%

1.10

%

1.20

%


Adjusted return on average assets (annualized) (non-GAAP) (2)



1.22

%


1.08

%


1.13

%


1.10

%


1.12

%

1.15

%

1.24

%


Return on average common equity (annualized)



9.58

%


8.36

%


7.99

%


9.24

%


9.34

%

8.97

%

10.14

%


Adjusted return on average common equity (annualized) (non-GAAP) (2)



9.94

%


8.81

%


9.60

%


9.25

%


9.45

%

9.38

%

10.47

%


Return on average tangible common equity (annualized) (non-GAAP) (3)



15.49

%


13.63

%


13.53

%


15.52

%


15.81

%

14.57

%

17.27

%


Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)



16.05

%


14.35

%


16.12

%


15.54

%


15.98

%

15.20

%

17.82

%


Efficiency ratio (tax equivalent)



57.03

%


58.48

%


63.43

%


54.00

%


53.59

%

57.75

%

52.48

%


Adjusted efficiency ratio (non-GAAP) (4)



55.52

%


56.47

%


56.89

%


53.96

%


53.18

%

55.99

%

51.23

%


Dividend payout ratio (5)



29.93

%


34.42

%


37.01

%


31.84

%


30.75

%

32.02

%

28.81

%


Book value per common share


$

74.16


$

72.82


$

72.78


$

68.81


$

69.61







Tangible book value per common share (non-GAAP) (3)


$

47.90


$

46.48


$

46.32


$

42.26


$

42.96





























CAPITAL RATIOS






















Equity-to-assets



12.4

%


12.3

%


12.3

%


11.6

%


11.8

%






Tangible equity-to-tangible assets (non-GAAP) (3)



8.4

%


8.2

%


8.2

%


7.5

%


7.6

%






Tier 1 leverage (6)



9.7

%


9.6

%


9.4

%


9.3

%


9.2

%






Tier 1 common equity (6)



12.1

%


11.9

%


11.8

%


11.5

%


11.3

%






Tier 1 risk-based capital (6)



12.1

%


11.9

%


11.8

%


11.5

%


11.3

%






Total risk-based capital (6)



14.4

%


14.4

%


14.1

%


13.8

%


13.5

%






Balance Sheet



Ending Balance


(Dollars in thousands, except per share and share data)


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


BALANCE SHEET


2024


2024


2023


2023


2023


Assets

















   Cash and due from banks


$

507,425


$

478,271


$

510,922


$

514,917


$

552,900


   Federal funds sold and interest-earning deposits with banks



609,741



731,186



487,955



814,220



960,849


Cash and cash equivalents



1,117,166



1,209,457



998,877



1,329,137



1,513,749



















Trading securities, at fair value



92,161



66,188



31,321



114,154



56,580


Investment securities:

















   Securities held to maturity



2,348,528



2,446,589



2,487,440



2,533,713



2,585,155


   Securities available for sale, at fair value



4,498,264



4,598,400



4,784,388



4,623,618



4,949,334


   Other investments



201,516



187,285



192,043



187,152



196,728


               Total investment securities



7,048,308



7,232,274



7,463,871



7,344,483



7,731,217


Loans held for sale



100,007



56,553



50,888



27,443



42,951


Loans:

















Purchased credit deteriorated



957,255



1,031,283



1,108,813



1,171,543



1,269,983


Purchased non-credit deteriorated



4,253,323



4,534,583



4,796,913



5,064,254



5,275,913


Non-acquired



28,023,986



27,101,444



26,482,763



25,780,875



24,990,889


    Less allowance for credit losses



(472,298)



(469,654)



(456,573)



(447,956)



(427,392)


               Loans, net



32,762,266



32,197,656



31,931,916



31,568,716



31,109,393


Premises and equipment, net



517,382



512,635



519,197



516,583



518,353


Bank owned life insurance



1,001,998



997,562



991,454



984,881



979,494


Mortgage servicing rights



88,904



87,970



85,164



89,476



87,539


Core deposit and other intangibles



77,389



83,193



88,776



95,094



102,256


Goodwill



1,923,106



1,923,106



1,923,106



1,923,106



1,923,106


Other assets



765,283



778,244



817,454



996,055



875,694


                Total assets


$

45,493,970


$

45,144,838


$

44,902,024


$

44,989,128


$

44,940,332



















Liabilities and Shareholders' Equity

















Deposits:

















   Noninterest-bearing


$

10,374,464


$

10,546,410


$

10,649,274


$

11,158,431


$

11,489,483


   Interest-bearing



26,723,938



26,632,024



26,399,635



25,776,767



25,252,395


               Total deposits



37,098,402



37,178,434



37,048,909



36,935,198



36,741,878


Federal funds purchased and securities

















   sold under agreements to repurchase



542,403



554,691



489,185



513,304



581,446


Other borrowings



691,719



391,812



491,904



391,997



792,090


Reserve for unfunded commitments



50,248



53,229



56,303



62,347



63,399


Other liabilities



1,460,795



1,419,663



1,282,625



1,855,295



1,471,509


               Total liabilities



39,843,567



39,597,829



39,368,926



39,758,141



39,650,322



















Shareholders' equity:

















   Common stock - $2.50 par value; authorized 160,000,000 shares



190,489



190,443



190,055



190,043



189,990


   Surplus



4,238,192



4,230,345



4,240,413



4,238,753



4,228,910


   Retained earnings



1,841,933



1,749,215



1,685,166



1,618,080



1,533,508


   Accumulated other comprehensive loss



(620,211)



(622,994)



(582,536)



(815,889)



(662,398)


               Total shareholders' equity



5,650,403



5,547,009



5,533,098



5,230,987



5,290,010


               Total liabilities and shareholders' equity


$

45,493,970


$

45,144,838


$

44,902,024


$

44,989,128


$

44,940,332



















Common shares issued and outstanding



76,195,723



76,177,163



76,022,039



76,017,366



75,995,979


Net Interest Income and Margin



Three Months Ended




Jun. 30, 2024


Mar. 31, 2024


Jun. 30, 2023


(Dollars in thousands)


Average


Income/


Yield/


Average


Income/


Yield/


Average


Income/


Yield/


YIELD ANALYSIS


Balance


Expense


Rate


Balance


Expense


Rate


Balance


Expense


Rate


Interest-Earning Assets:


























Federal funds sold and interest-earning deposits with banks


$

732,252


$

8,248


4.53 %


$

668,349


$

8,254


4.97 %


$

947,526


$

11,858


5.02 %


Investment securities



7,226,582



44,516


2.48 %



7,465,735



45,313


2.44 %



7,994,330



46,840


2.35 %


Loans held for sale



63,307



1,018


6.47 %



42,872



681


6.39 %



36,114



568


6.31 %


Total loans held for investment



32,989,521



477,342


5.82 %



32,480,220



463,007


5.73 %



31,149,866



418,787


5.39 %


     Total interest-earning assets



41,011,662



531,124


5.21 %



40,657,176



517,255


5.12 %



40,127,836



478,053


4.78 %


Noninterest-earning assets



4,416,072








4,353,987








4,500,288







     Total Assets


$

45,427,734







$

45,011,163







$

44,628,124

































Interest-Bearing Liabilities ("IBL"):


























Transaction and money market accounts


$

19,653,436


$

120,722


2.47 %


$

19,544,019


$

117,292


2.41 %


$

17,222,660


$

65,717


1.53 %


Savings deposits



2,504,809



1,830


0.29 %



2,589,251



1,818


0.28 %



3,031,153



1,951


0.26 %


Certificates and other time deposits



4,286,950



42,929


4.03 %



4,282,749



41,052


3.86 %



4,328,388



33,119


3.07 %


Federal funds purchased



270,028



3,621


5.39 %



256,506



3,369


5.28 %



215,085



2,690


5.02 %


Repurchase agreements



270,815



1,362


2.02 %



280,674



1,358


1.95 %



330,118



845


1.03 %


Other borrowings



715,401



10,401


5.85 %



563,848



8,430


6.01 %



865,770



11,988


5.55 %


     Total interest-bearing liabilities



27,701,439



180,865


2.63 %



27,517,047



173,319


2.53 %



25,993,174



116,310


1.79 %


Noninterest-bearing liabilities ("Non-IBL")



12,171,825








11,957,565








13,333,253







Shareholders' equity



5,554,470








5,536,551








5,301,697







     Total Non-IBL and shareholders' equity



17,726,295








17,494,116








18,634,950







     Total Liabilities and Shareholders' Equity


$

45,427,734







$

45,011,163







$

44,628,124







Net Interest Income and Margin (Non-Tax Equivalent)





$

350,259


3.43 %





$

343,936


3.40 %





$

361,743


3.62 %


Net Interest Margin (Tax Equivalent) (non-GAAP)








3.44 %








3.41 %








3.62 %


Total Deposit Cost (without Debt and Other Borrowings)








1.80 %








1.74 %








1.11 %


Overall Cost of Funds (including Demand Deposits)








1.90 %








1.83 %








1.23 %




























Total Accretion on Acquired Loans (1)





$

4,386







$

4,287







$

5,481




Tax Equivalent ("TE") Adjustment





$

631







$

528







$

698





•    The remaining loan discount on acquired loans to be accreted into loan interest income totals $42.7 million as of June 30, 2024.

Noninterest Income and Expense



Three Months Ended


Six Months Ended




Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Jun. 30,


Jun. 30,


(Dollars in thousands)


2024


2024


2023


2023


2023


2024


2023


Noninterest Income:























   Fees on deposit accounts


$

33,842


$

33,145


$

33,225


$

32,830


$

33,101


$

66,987


$

62,960


   Mortgage banking income



5,912



6,169



2,191



2,478



4,354



12,081



8,686


   Trust and investment services income



11,091



10,391



10,131



9,556



9,823



21,482



19,760


   Securities (losses) gains, net







(2)









45


   Correspondent banking and capital markets income



16,267



14,591



16,081



24,808



27,734



30,858



49,690


   Expense on centrally-cleared variation margin



(11,407)



(10,280)



(12,677)



(11,892)



(8,547)



(21,687)



(16,909)


   Total correspondent banking and capital markets income



4,860



4,311



3,404



12,916



19,187



9,171



32,781


   Bank owned life insurance income



7,372



6,892



6,567



7,039



6,271



14,264



13,084


   Other



12,148



10,650



9,973



8,029



4,478



22,798



11,253


         Total Noninterest Income


$

75,225


$

71,558


$

65,489


$

72,848


$

77,214


$

146,783


$

148,569

























Noninterest Expense:























   Salaries and employee benefits


$

151,435


$

150,453


$

145,850


$

146,146


$

147,342


$

301,888


$

291,402


   Occupancy expense



22,453



22,577



22,715



22,251



22,196



45,030



43,729


   Information services expense



23,144



22,353



22,000



21,428



21,119



45,497



41,044


   OREO and loan related expense (income)



1,307



606



948



613



(14)



1,913



155


   Business development and staff related



6,220



5,799



7,492



5,995



6,672



12,019



12,629


   Amortization of intangibles



5,744



5,998



6,615



6,616



7,028



11,742



14,327


   Professional fees



3,906



3,115



7,025



3,456



4,364



7,021



8,066


   Supplies and printing expense



2,526



2,540



2,761



2,623



2,554



5,066



5,194


   FDIC assessment and other regulatory charges



7,771



8,534



8,325



8,632



9,819



16,305



16,113


   Advertising and marketing



2,594



1,984



2,826



3,009



1,521



4,578



3,639


   Other operating expenses



15,243



16,964



19,217



17,273



18,217



32,207



35,613


   Merger, branch consolidation, severance related and other expense (8)



5,785



4,513



1,778



164



1,808



10,298



11,220


   FDIC special assessment



619



3,854



25,691







4,473




         Total Noninterest Expense


$

248,747


$

249,290


$

273,243


$

238,206


$

242,626


$

498,037


$

483,131


Loans and Deposits

The following table presents a summary of the loan portfolio by type:



Ending Balance


(Dollars in thousands)


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


LOAN PORTFOLIO (7)


2024


2024


2023


2023


2023


Construction and land development * †


$

2,592,307


$

2,437,343


$

2,923,514


$

2,776,241


$

2,817,125


Investor commercial real estate*



9,731,773



9,752,529



9,227,968



9,372,683



9,187,948


Commercial owner occupied real estate



5,522,978



5,511,855



5,497,671



5,539,097



5,585,951


Commercial and industrial



5,769,838



5,544,131



5,504,539



5,458,229



5,378,294


Consumer real estate *



8,440,724



8,223,066



7,993,450



7,608,145



7,275,495


Consumer/other



1,176,944



1,198,386



1,241,347



1,262,277



1,291,972


Total Loans


$

33,234,564


$

32,667,310


$

32,388,489


$

32,016,672


$

31,536,785




*

Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion.  Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property.  Consumer real estate includes consumer owner occupied real estate and home equity loans.



Includes single family home construction-to-permanent loans of $544.2 million, $623.9 million, $715.5 million, $863.1 million, and $928.4 million for the quarters ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

 



Ending Balance


(Dollars in thousands)


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


DEPOSITS


2024


2024


2023


2023


2023


Noninterest-bearing checking


$

10,374,464


$

10,546,410


$

10,649,274


$

11,158,431


$

11,489,483


Interest-bearing checking



7,547,406



7,898,835



7,978,799



7,806,243



8,185,609


Savings



2,475,130



2,557,203



2,632,212



2,760,166



2,931,320


Money market



12,122,336



11,895,385



11,538,671



10,756,431



9,710,032


Time deposits



4,579,066



4,280,601



4,249,953



4,453,927



4,425,434


Total Deposits


$

37,098,402


$

37,178,434


$

37,048,909


$

36,935,198


$

36,741,878



















Core Deposits (excludes Time Deposits)


$

32,519,336


$

32,897,833


$

32,798,956


$

32,481,271


$

32,316,444


Asset Quality



Ending Balance




Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


(Dollars in thousands)


2024


2024


2023


2023


2023


NONPERFORMING ASSETS:

















Non-acquired

















Non-acquired nonaccrual loans and restructured loans on nonaccrual


$

110,774


$

106,189


$

110,467


$

105,856


$

104,772


Accruing loans past due 90 days or more



5,843



2,497



11,305



783



3,620


Non-acquired OREO and other nonperforming assets



2,876



1,589



711



449



227


Total non-acquired nonperforming assets



119,493



110,275



122,483



107,088



108,619


Acquired

















Acquired nonaccrual loans and restructured loans on nonaccrual



78,287



63,451



59,755



57,464



60,734


Accruing loans past due 90 days or more



916



135



1,174



1,821



571


Acquired OREO and other nonperforming assets



598



655



712



378



981


Total acquired nonperforming assets



79,801



64,241



61,641



59,663



62,286


Total nonperforming assets


$

199,294


$

174,516


$

184,124


$

166,751


$

170,905


 



Three Months Ended




Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,




2024


2024


2023


2023


2023


ASSET QUALITY RATIOS (7):

















Allowance for credit losses as a percentage of loans



1.42 %



1.44 %



1.41 %



1.40 %



1.36 %


Allowance for credit losses, including reserve for unfunded
commitments, as a percentage of loans



1.57 %



1.60 %



1.58 %



1.59 %



1.56 %


Allowance for credit losses as a percentage of nonperforming loans



241.19 %



272.62 %



249.90 %



269.98 %



251.86 %


Net charge-offs as a percentage of average loans (annualized)



0.05 %



0.03 %



0.09 %



0.16 %



0.04 %


Total nonperforming assets as a percentage of total assets



0.44 %



0.39 %



0.41 %



0.37 %



0.38 %


Nonperforming loans as a percentage of period end loans



0.59 %



0.53 %



0.56 %



0.52 %



0.54 %


Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2024:



Allowance for Credit Losses ("ACL and UFC")


(Dollars in thousands)


NonPCD ACL


PCD ACL


Total ACL


UFC


Ending balance 3/31/2024


$

439,188


$

30,466


$

469,654


$

53,229


Charge offs



(5,422)





(5,422)




Acquired charge offs



(910)



(2,258)



(3,168)




Recoveries



2,779





2,779




Acquired recoveries



632



954



1,586




Provision (recovery) for credit losses



11,361



(4,492)



6,869



(2,981)


Ending balance 6/30/2024


$

447,628


$

24,670


$

472,298


$

50,248
















Period end loans


$

32,277,309


$

957,255


$

33,234,564



N/A


Allowance for Credit Losses to Loans



1.39 %



2.58 %



1.42 %



N/A


Unfunded commitments (off balance sheet) *











$

7,917,682


Reserve to unfunded commitments (off balance sheet)












0.63 %


*   Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

Conference Call

The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 25, 2024.  Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations.  The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/.  The conference ID number is 4200408.   Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com.  An audio replay of the live webcast is expected to be available by the evening of July 25, 2024 on the Investor Relations section of SouthStateBank.com.

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida.  SouthState Bank, N.A., the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia.  The Bank also serves clients coast to coast through its correspondent banking division.  Additional information is available at SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures.  Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

(Dollars and shares in thousands, except per share data)


Three Months Ended


PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)


Jun. 30, 2024



Mar. 31, 2024



Dec. 31, 2023



Sep. 30, 2023



Jun. 30, 2023


Net income (GAAP)


$

132,370



$

115,056



$

106,791



$

124,144



$

123,447


Provision for credit losses



3,889




12,686




9,893




32,709




38,389


Tax provision



40,478




38,462




29,793




33,160




34,495


Merger, branch consolidation, severance related and other expense (8)



5,785




4,513




1,778




164




1,808


FDIC special assessment



619




3,854




25,691








Securities losses









2








Pre-provision net revenue (PPNR) (Non-GAAP)


$

183,141



$

174,571



$

173,948



$

190,177



$

198,139























Average asset balance (GAAP)


$

45,427,734



$

45,011,163



$

45,037,632



$

44,841,319



$

44,628,124


PPNR ROAA



1.62

%



1.56

%



1.53

%



1.68

%



1.78

%






















   Diluted weighted-average common shares outstanding



76,607




76,660




76,634




76,571




76,418


PPNR per weighted-average common shares outstanding


$

2.39



$

2.28



$

2.27



$

2.48



$

2.59


 

(Dollars in thousands)


Three Months Ended


CORE NET INTEREST INCOME (NON-GAAP)


Jun. 30, 2024



Mar. 31, 2024



Dec. 31, 2023



Sep. 30, 2023



Jun. 30, 2023


Net interest income (GAAP)


$

350,259



$

343,936



$

354,231



$

355,371



$

361,743


Less:





















Total accretion on acquired loans



4,386




4,287




3,870




4,053




5,481


Core net interest income (Non-GAAP)


$

345,873



$

339,649



$

350,361



$

351,318



$

356,262























NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)





















Net interest income (GAAP)


$

350,259



$

343,936



$

354,231



$

355,371



$

361,743


Total average interest-earning assets



41,011,662




40,657,176




40,465,377




40,376,380




40,127,836


NIM, non-tax equivalent



3.43

%



3.40

%



3.47

%



3.49

%



3.62

%






















Tax equivalent adjustment (included in NIM, TE)



631




528




659




646




698


Net interest income, tax equivalent (Non-GAAP)


$

350,890



$

344,464



$

354,890



$

356,017



$

362,441


NIM, TE (Non-GAAP)



3.44

%



3.41

%



3.48

%



3.50

%



3.62

%

 



Three Months Ended



Six Months Ended


(Dollars in thousands, except per share data)


Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



Jun. 30,



Jun. 30,



Jun. 30,


RECONCILIATION OF GAAP TO NON-GAAP


2024



2024



2023



2023



2023



2024



2023


Adjusted Net Income (non-GAAP) (2)





























Net income (GAAP)


$

132,370



$

115,056



$

106,791



$

124,144



$

123,447



$

247,426



$

263,373


Securities losses (gains), net of tax









2













(35)


Merger, branch consolidation, severance related and other expense, net of tax (8)



4,430




3,382




1,391




130




1,414




7,812




8,770


FDIC special assessment, net of tax



474




2,888




20,087










3,362





Adjusted net income (non-GAAP)


$

137,274



$

121,326



$

128,271



$

124,274



$

124,861



$

258,600



$

272,108































Adjusted Net Income per Common Share - Basic (2)





























Earnings per common share - Basic (GAAP)


$

1.74



$

1.51



$

1.40



$

1.63



$

1.62



$

3.24



$

3.47


Effect to adjust for securities losses (gains), net of tax









0.00













(0.00)


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.05




0.04




0.03




0.00




0.02




0.11




0.12


Effect to adjust for FDIC special assessment, net of tax



0.01




0.04




0.26










0.04





Adjusted net income per common share - Basic (non-GAAP)


$

1.80



$

1.59



$

1.69



$

1.63



$

1.64



$

3.39



$

3.58































Adjusted Net Income per Common Share - Diluted (2)





























Earnings per common share - Diluted (GAAP)


$

1.73



$

1.50



$

1.39



$

1.62



$

1.62



$

3.23



$

3.45


Effect to adjust for securities losses (gains), net of tax









0.00













(0.00)


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.05




0.04




0.02




0.00




0.01




0.10




0.11


Effect to adjust for FDIC special assessment, net of tax



0.01




0.04




0.26










0.04





Adjusted net income per common share - Diluted (non-GAAP)


$

1.79



$

1.58



$

1.67



$

1.62



$

1.63



$

3.37



$

3.56































Adjusted Return on Average Assets (2)





























Return on average assets (GAAP)



1.17

%



1.03

%



0.94

%



1.10

%



1.11

%



1.10

%



1.20

%

Effect to adjust for securities losses (gains), net of tax



%



%



0.00

%



%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.05

%



0.02

%



0.01

%



0.00

%



0.01

%



0.04

%



0.04

%

Effect to adjust for FDIC special assessment, net of tax



0.00

%



0.03

%



0.18

%



%



%



0.01

%



%

Adjusted return on average assets (non-GAAP)



1.22

%



1.08

%



1.13

%



1.10

%



1.12

%



1.15

%



1.24

%






























Adjusted Return on Average Common Equity (2)





























Return on average common equity (GAAP)



9.58

%



8.36

%



7.99

%



9.24

%



9.34

%



8.97

%



10.14

%

Effect to adjust for securities losses (gains), net of tax



%



%



0.00

%



%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.33

%



0.24

%



0.11

%



0.01

%



0.11

%



0.29

%



0.33

%

Effect to adjust for FDIC special assessment, net of tax



0.03

%



0.21

%



1.50

%



%



%



0.12

%



%

Adjusted return on average common equity (non-GAAP)



9.94

%



8.81

%



9.60

%



9.25

%



9.45

%



9.38

%



10.47

%






























Return on Average Common Tangible Equity (3)





























Return on average common equity (GAAP)



9.58

%



8.36

%



7.99

%



9.24

%



9.34

%



8.97

%



10.14

%

Effect to adjust for intangible assets



5.91

%



5.27

%



5.54

%



6.28

%



6.47

%



5.60

%



7.13

%

Return on average tangible equity (non-GAAP)



15.49

%



13.63

%



13.53

%



15.52

%



15.81

%



14.57

%



17.27

%






























Adjusted Return on Average Common Tangible Equity (2) (3)





























Return on average common equity (GAAP)



9.58

%



8.36

%



7.99

%



9.24

%



9.34

%



8.97

%



10.14

%

Effect to adjust for securities losses (gains), net of tax



%



%



0.00

%



%



%



%



(0.00)

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



0.32

%



0.25

%



0.10

%



0.01

%



0.11

%



0.28

%



0.33

%

Effect to adjust for FDIC special assessment, net of tax



0.03

%



0.21

%



1.50

%



%



%



0.12

%



%

Effect to adjust for intangible assets, net of tax



6.12

%



5.53

%



6.53

%



6.29

%



6.53

%



5.83

%



7.35

%

Adjusted return on average common tangible equity (non-GAAP)



16.05

%



14.35

%



16.12

%



15.54

%



15.98

%



15.20

%



17.82

%






























Adjusted Efficiency Ratio (4)





























Efficiency ratio



57.03

%



58.48

%



63.43

%



54.00

%



53.59

%



57.75

%



52.48

%

Effect to adjust for merger, branch consolidation, severance related and other expense (8)



(1.36)

%



(1.08)

%



(0.43)

%



(0.04)

%



(0.41)

%



(1.23)

%



(1.25)

%

Effect to adjust for FDIC special assessment



(0.15)

%



(0.93)

%



(6.11)

%



%



%



(0.53)

%



%

Adjusted efficiency ratio



55.52

%



56.47

%



56.89

%



53.96

%



53.18

%



55.99

%



51.23

%






























Tangible Book Value Per Common Share (3)





























Book value per common share (GAAP)


$

74.16



$

72.82



$

72.78



$

68.81



$

69.61










Effect to adjust for intangible assets



(26.26)




(26.34)




(26.46)




(26.55)




(26.65)










Tangible book value per common share (non-GAAP)


$

47.90



$

46.48



$

46.32



$

42.26



$

42.96







































Tangible Equity-to-Tangible Assets (3)





























Equity-to-assets (GAAP)



12.42

%



12.29

%



12.32

%



11.63

%



11.77

%









Effect to adjust for intangible assets



(4.03)

%



(4.08)

%



(4.11)

%



(4.15)

%



(4.16)

%









Tangible equity-to-tangible assets (non-GAAP)



8.39

%



8.21

%



8.21

%



7.48

%



7.61

%









 

Footnotes to tables:



(1)

Includes loan accretion (interest) income related to the discount on acquired loans of $4.4 million, $4.3 million, $3.9 million, $4.1 million, and $5.5 million during the quarters ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and $8.7 million and $12.9 million during the six months ended June 30, 2024 and 2023, respectively.

(2)

Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger, branch consolidation, severance related and other expense, and FDIC special assessments.  Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.  Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $5.8 million, $4.5 million, $1.8 million, $164,000, and $1.8 million for the quarters ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and $10.3 million and $11.2 million for the six months ended June 30, 2024 and 2023, respectively; (b) pre-tax net securities losses of $(2,000) for the quarters ended December 31, 2023, and $45,000 for the six months ended June 30, 2023; and (c) pre-tax FDIC special assessment of $619,000, $3.9 million and $25.7 million for the quarters ended June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $4.5 million for the six months ended June 30, 2024.

(3)

The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.  The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.  Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.

(4)

Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation, severance related and other expense, FDIC special assessment and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $5.7 million, $6.0 million, $6.6 million, $6.6 million, and $7.0 million for the quarters ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and $11.7 million and $14.3 million for the six months ended June 30, 2024 and 2023, respectively.

(5)

The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.

(6)

June 30, 2024 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

(7)

Loan data excludes mortgage loans held for sale.

(8)

Includes pre-tax cyber incident costs of $3.5 million and $4.4 million for the quarters ended June 30, 2024 and March 31, 2024, respectively, and $7.9 million for the six months ended June 30, 2024.

Cautionary Statement Regarding Forward Looking Statements

This communication contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other related federal securities laws. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including information about Independent Bank Group, Inc.'s ("IBTX"), SouthState Corporation's ("SouthState") or the combined company's possible or assumed future results of operations, including its future revenues, income, expenses, provision for taxes, effective tax rate, earnings (loss) per share and cash flows, its future capital expenditures and dividends, its future financial condition and changes therein, including changes in IBTX's, SouthState's or the combined company's loan portfolio and allowance for credit losses, IBTX's, SouthState's or the combined company's future capital structure or changes therein, the plan and objectives of management for future operations, IBTX's, SouthState's or the combined company's future or proposed acquisitions, the future or expected effect of acquisitions on IBTX's, SouthState's or the combined company's operations, results of operations and financial condition, IBTX's, SouthState's or the combined company's future economic performance and the statements of the assumptions underlying any such statement. Such statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is estimated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may" or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. The forward-looking statements that IBTX and SouthState make are based on their current plans, estimates, expectations, ambitions and assumptions regarding IBTX's, SouthState's and the combined company's business, the economy and other future conditions.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond the control of IBTX and SouthState. IBTX's, SouthState's and the combined company's actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Many possible events or factors could affect IBTX's, SouthState's and the combined company's future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. In addition to factors previously disclosed in IBTX's and SouthState's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between IBTX and SouthState providing for the acquisition of IBTX by SouthState (the "Transaction"); (2) the outcome of any legal proceedings that may be instituted against IBTX or SouthState; (3) the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); (4) the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which IBTX and SouthState operate; (5) disruption to the parties' businesses as a result of the announcement and pendency of the Transaction; (6) the risk that the integration of each party's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party's businesses into the other's businesses; (7) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (8) reputational risk and potential adverse reactions of IBTX's or SouthState's customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the Transaction; (9) the dilution caused by SouthState's issuance of additional shares of its capital stock in connection with the Transaction; (10) a material adverse change in the financial condition of SouthState or IBTX; (11) general competitive, economic, political and market conditions; (12) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; (13) the diversion of management's attention and time from ongoing business operations and opportunities on merger-related matters; and (14) other factors that may affect future results of IBTX and SouthState including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause IBTX's, SouthState's or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm IBTX's, SouthState's or the combined company's results.

IBTX and SouthState urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by IBTX and/or SouthState. As a result of these and other matters, including changes in facts, assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement may differ materially from the anticipated results expressed or implied in that forward-looking statement. Any forward-looking statement made in this communication or made by IBTX or SouthState in any report, filing, document or information incorporated by reference in this communication, speaks only as of the date on which it is made. IBTX and SouthState undertake no obligation to update any such forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. IBTX and SouthState believe that these assumptions or bases have been chosen in good faith and that they are reasonable. However, IBTX and SouthState caution you that assumptions as to future occurrences or results almost always vary from actual future occurrences or results, and the differences between assumptions and actual occurrences and results can be material. Therefore, IBTX and SouthState caution you not to place undue reliance on the forward-looking statements contained in this filing or incorporated by reference herein.

If IBTX or SouthState update one or more forward-looking statements, no inference should be drawn that IBTX or SouthState will make additional updates with respect to those or other forward-looking statements. Further information regarding IBTX, SouthState and factors which could affect the forward-looking statements contained herein can be found in IBTX's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1564618/000156461824000025/ibtx-20231231.htm),  and its other filings with the SEC, and in SouthState's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/764038/000155837024002302/ssb-20231231x10k.htm), and its other filings with the SEC.

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SOURCE SouthState Corporation

FAQ

What was SouthState's EPS for Q2 2024?

SouthState reported a diluted EPS of $1.73 for Q2 2024, a 15% increase from the previous quarter.

How did SouthState's net income perform in Q2 2024?

SouthState's net income for Q2 2024 was $132.4 million, with an adjusted net income of $137.3 million.

What was SouthState's net interest income in Q2 2024?

SouthState's net interest income for Q2 2024 was $350 million.

How much did SouthState's loans grow in Q2 2024?

SouthState's loans grew by 7% on an annualized basis in Q2 2024, totaling $33.2 billion.

Did SouthState increase its dividend in Q2 2024?

Yes, SouthState increased its quarterly cash dividend from $0.52 to $0.54 per share.

What acquisition did SouthState announce in Q2 2024?

SouthState announced the acquisition of Independent Bank Group in Q2 2024.

SouthState Corporation

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