WINTER HAVEN, Fla., April 24, 2025 /PRNewswire/ -- SouthState Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2025.
"The first quarter was a strategic reset that took SouthState's earnings profile from good to great", commented John C. Corbett, SouthState's Chief Executive Officer. "We closed the IBTX acquisition in January and then closed the sale leaseback transaction and securities restructure in March. The securities restructuring and better than expected deposit pricing pushed our net interest margin to 3.85%. SouthState is now positioned with industry-leading profitability and strong liquidity, capital and asset quality for the uncertainties that lie ahead."
Highlights of the first quarter of 2025 include:
Returns
Performance
Balance Sheet
∗ Annualized percentages
† Preliminary
Significant Transactions
Subsequent Events
Financial Performance
| | | Three Months Ended | | |||||||||||||
| (Dollars in thousands, except per share data) | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | |||||
| INCOME STATEMENT | | 2025 | | 2024 | | 2024 | | 2024 | | 2024 | | |||||
| Interest Income | | | | | | | | | | | | | | | | |
| Loans, including fees (1) | | $ | 724,640 | | $ | 489,709 | | $ | 494,082 | | $ | 478,360 | | $ | 463,688 | |
| Investment securities, trading securities, federal funds sold and securities | | | | | | | | | | | | | | | | |
| purchased under agreements to resell | | | 83,926 | | | 59,096 | | | 50,096 | | | 52,764 | | | 53,567 | |
| Total interest income | | | 808,566 | | | 548,805 | | | 544,178 | | | 531,124 | | | 517,255 | |
| Interest Expense | | | | | | | | | | | | | | | | |
| Deposits | | | 245,957 | | | 168,263 | | | 177,919 | | | 165,481 | | | 160,162 | |
| Federal funds purchased, securities sold under agreements | | | | | | | | | | | | | | | | |
| to repurchase, and other borrowings | | | 18,062 | | | 10,763 | | | 14,779 | | | 15,384 | | | 13,157 | |
| Total interest expense | | | 264,019 | | | 179,026 | | | 192,698 | | | 180,865 | | | 173,319 | |
| Net Interest Income | | | 544,547 | | | 369,779 | | | 351,480 | | | 350,259 | | | 343,936 | |
| Provision (recovery) for credit losses | | | 100,562 | | | 6,371 | | | (6,971) | | | 3,889 | | | 12,686 | |
| Net Interest Income after Provision (Recovery) for Credit Losses | | | 443,985 | | | 363,408 | | | 358,451 | | | 346,370 | | | 331,250 | |
| Noninterest Income | | | | | | | | | | | | | | | | |
| Operating income | | | 85,620 | | | 80,595 | | | 74,934 | | | 75,225 | | | 71,558 | |
| Securities losses, net | | | (228,811) | | | (50) | | | — | | | — | | | — | |
| Gain on sale leaseback, net of transaction costs | | | 229,279 | | | — | | | — | | | — | | | — | |
| Total noninterest income | | | 86,088 | | | 80,545 | | | 74,934 | | | 75,225 | | | 71,558 | |
| Noninterest Expense | | | | | | | | | | | | | | | | |
| Operating expense | | | 340,820 | | | 250,699 | | | 243,543 | | | 242,343 | | | 240,923 | |
| Merger, branch consolidation, severance related and other restructuring expense (8) | | | 68,006 | | | 6,531 | | | 3,304 | | | 5,785 | | | 4,513 | |
| FDIC special assessment | | | — | | | (621) | | | — | | | 619 | | | 3,854 | |
| Total noninterest expense | | | 408,826 | | | 256,609 | | | 246,847 | | | 248,747 | | | 249,290 | |
| Income before Income Tax Provision | | | 121,247 | | | 187,344 | | | 186,538 | | | 172,848 | | | 153,518 | |
| Income tax provision | | | 32,167 | | | 43,166 | | | 43,359 | | | 40,478 | | | 38,462 | |
| Net Income | | $ | 89,080 | | $ | 144,178 | | $ | 143,179 | | $ | 132,370 | | $ | 115,056 | |
| | | | | | | | | | | | | | | | | |
| Adjusted Net Income (non-GAAP) (2) | | | | | | | | | | | | | | | | |
| Net Income (GAAP) | | $ | 89,080 | | $ | 144,178 | | $ | 143,179 | | $ | 132,370 | | $ | 115,056 | |
| Securities losses, net of tax | | | 178,639 | | | 38 | | | — | | | — | | | — | |
| Gain on sale leaseback, net of transaction costs and tax | | | (179,004) | | | — | | | — | | | — | | | — | |
| Initial provision for credit losses – Non-PCD loans and UFC from Independent, net of tax | | | 71,892 | | | — | | | — | | | — | | | — | |
| Merger, branch consolidation, severance related and other restructuring expense, net of tax (8) | | | 53,094 | | | 5,026 | | | 2,536 | | | 4,430 | | | 3,382 | |
| Deferred tax asset remeasurement | | | 5,581 | | | — | | | — | | | — | | | — | |
| FDIC special assessment, net of tax | | | — | | | (478) | | | — | | | 474 | | | 2,888 | |
| Adjusted Net Income (non-GAAP) | | $ | 219,282 | | $ | 148,764 | | $ | 145,715 | | $ | 137,274 | | $ | 121,326 | |
| | | | | | | | | | | | | | | | | |
| Basic earnings per common share | | $ | 0.88 | | $ | 1.89 | | $ | 1.88 | | $ | 1.74 | | $ | 1.51 | |
| Diluted earnings per common share | | $ | 0.87 | | $ | 1.87 | | $ | 1.86 | | $ | 1.73 | | $ | 1.50 | |
| Adjusted net income per common share - Basic (non-GAAP) (2) | | $ | 2.16 | | $ | 1.95 | | $ | 1.91 | | $ | 1.80 | | $ | 1.59 | |
| Adjusted net income per common share - Diluted (non-GAAP) (2) | | $ | 2.15 | | $ | 1.93 | | $ | 1.90 | | $ | 1.79 | | $ | 1.58 | |
| Dividends per common share | | $ | 0.54 | | $ | 0.54 | | $ | 0.54 | | $ | 0.52 | | $ | 0.52 | |
| Basic weighted-average common shares outstanding | | | 101,409,624 | | | 76,360,935 | | | 76,299,069 | | | 76,251,401 | | | 76,301,411 | |
| Diluted weighted-average common shares outstanding | | | 101,828,600 | | | 76,957,882 | | | 76,805,436 | | | 76,607,281 | | | 76,660,081 | |
| Effective tax rate | | | 26.53 % | | | 23.04 % | | | 23.24 % | | | 23.42 % | | | 25.05 % | |
| Adjusted effective tax rate | | | 21.93 % | | | 20.92 % | | | 20.06 % | | | 22.42 % | | | 21.83 % | |
Performance and Capital Ratios
| | | Three Months Ended | | | |||||||||||||
| | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | | |||||
| | | 2025 | | 2024 | | 2024 | | 2024 | | 2024 | | | |||||
| PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | |
| Return on average assets (annualized) | | | 0.56 | % | | 1.23 | % | | 1.25 | % | | 1.17 | % | | 1.03 | % | |
| Adjusted return on average assets (annualized) (non-GAAP) (2) | | | 1.38 | % | | 1.27 | % | | 1.27 | % | | 1.22 | % | | 1.08 | % | |
| Return on average common equity (annualized) | | | 4.29 | % | | 9.72 | % | | 9.91 | % | | 9.58 | % | | 8.36 | % | |
| Adjusted return on average common equity (annualized) (non-GAAP) (2) | | | 10.56 | % | | 10.03 | % | | 10.08 | % | | 9.94 | % | | 8.81 | % | |
| Return on average tangible common equity (annualized) (non-GAAP) (3) | | | 8.99 | % | | 15.09 | % | | 15.63 | % | | 15.49 | % | | 13.63 | % | |
| Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) | | | 19.85 | % | | 15.56 | % | | 15.89 | % | | 16.05 | % | | 14.35 | % | |
| Efficiency ratio (tax equivalent) | | | 60.97 | % | | 55.73 | % | | 56.58 | % | | 57.03 | % | | 58.48 | % | |
| Adjusted efficiency ratio (non-GAAP) (4) | | | 50.24 | % | | 54.42 | % | | 55.80 | % | | 55.52 | % | | 56.47 | % | |
| Dividend payout ratio (5) | | | 61.45 | % | | 28.58 | % | | 28.76 | % | | 29.93 | % | | 34.42 | % | |
| Book value per common share | | $ | 84.99 | | $ | 77.18 | | $ | 77.42 | | $ | 74.16 | | $ | 72.82 | | |
| Tangible book value per common share (non-GAAP) (3) | | $ | 50.07 | | $ | 51.11 | | $ | 51.26 | | $ | 47.90 | | $ | 46.48 | | |
| | | | | | | | | | | | | | | | | | |
| CAPITAL RATIOS | | | | | | | | | | | | | | | | | |
| Equity-to-assets | | | 13.2 | % | | 12.7 | % | | 12.8 | % | | 12.4 | % | | 12.3 | % | |
| Tangible equity-to-tangible assets (non-GAAP) (3) | | | 8.2 | % | | 8.8 | % | | 8.9 | % | | 8.4 | % | | 8.2 | % | |
| Tier 1 leverage (6) | | | 8.9 | % | | 10.0 | % | | 10.0 | % | | 9.7 | % | | 9.6 | % | |
| Tier 1 common equity (6) | | | 11.0 | % | | 12.6 | % | | 12.4 | % | | 12.1 | % | | 11.9 | % | |
| Tier 1 risk-based capital (6) | | | 11.0 | % | | 12.6 | % | | 12.4 | % | | 12.1 | % | | 11.9 | % | |
| Total risk-based capital (6) | | | 13.7 | % | | 15.0 | % | | 14.7 | % | | 14.4 | % | | 14.4 | % | |
Balance Sheet
| | | Ending Balance | | |||||||||||||
| (Dollars in thousands, except per share and share data) | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | |||||
| BALANCE SHEET | | 2025 | | 2024 | | 2024 | | 2024 | | 2024 | | |||||
| Assets | | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 688,153 | | $ | 525,506 | | $ | 563,887 | | $ | 507,425 | | $ | 478,271 | |
| Federal funds sold and interest-earning deposits with banks | | | 2,611,537 | | | 866,561 | | | 648,792 | | | 609,741 | | | 731,186 | |
| Cash and cash equivalents | | | 3,299,690 | | | 1,392,067 | | | 1,212,679 | | | 1,117,166 | | | 1,209,457 | |
| | | | | | | | | | | | | | | | | |
| Trading securities, at fair value | | | 107,401 | | | 102,932 | | | 87,103 | | | 92,161 | | | 66,188 | |
| Investment securities: | | | | | | | | | | | | | | | | |
| Securities held to maturity | | | 2,195,980 | | | 2,254,670 | | | 2,301,307 | | | 2,348,528 | | | 2,446,589 | |
| Securities available for sale, at fair value | | | 5,853,369 | | | 4,320,593 | | | 4,564,363 | | | 4,498,264 | | | 4,598,400 | |
| Other investments | | | 345,695 | | | 223,613 | | | 211,458 | | | 201,516 | | | 187,285 | |
| Total investment securities | | | 8,395,044 | | | 6,798,876 | | | 7,077,128 | | | 7,048,308 | | | 7,232,274 | |
| Loans held for sale | | | 357,918 | | | 279,426 | | | 287,043 | | | 100,007 | | | 56,553 | |
| Loans: | | | | | | | | | | | | | | | | |
| Purchased credit deteriorated | | | 3,634,490 | | | 862,155 | | | 913,342 | | | 957,255 | | | 1,031,283 | |
| Purchased non-credit deteriorated | | | 13,084,853 | | | 3,635,782 | | | 3,959,028 | | | 4,253,323 | | | 4,534,583 | |
| Non-acquired | | | 30,047,389 | | | 29,404,990 | | | 28,675,822 | | | 28,023,986 | | | 27,101,444 | |
| Less allowance for credit losses | | | (623,690) | | | (465,280) | | | (467,981) | | | (472,298) | | | (469,654) | |
| Loans, net | | | 46,143,042 | | | 33,437,647 | | | 33,080,211 | | | 32,762,266 | | | 32,197,656 | |
| Premises and equipment, net | | | 946,334 | | | 502,559 | | | 507,452 | | | 517,382 | | | 512,635 | |
| Bank owned life insurance | | | 1,273,472 | | | 1,013,209 | | | 1,007,275 | | | 1,001,998 | | | 997,562 | |
| Mortgage servicing rights | | | 87,742 | | | 89,795 | | | 83,512 | | | 88,904 | | | 87,970 | |
| Core deposit and other intangibles | | | 455,443 | | | 66,458 | | | 71,835 | | | 77,389 | | | 83,193 | |
| Goodwill | | | 3,088,059 | | | 1,923,106 | | | 1,923,106 | | | 1,923,106 | | | 1,923,106 | |
| Other assets | | | 981,309 | | | 775,129 | | | 745,303 | | | 765,283 | | | 778,244 | |
| Total assets | | $ | 65,135,454 | | $ | 46,381,204 | | $ | 46,082,647 | | $ | 45,493,970 | | $ | 45,144,838 | |
| | | | | | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | |
| Noninterest-bearing | | $ | 13,757,255 | | $ | 10,192,117 | | $ | 10,376,531 | | $ | 10,374,464 | | $ | 10,546,410 | |
| Interest-bearing | | | 39,580,360 | | | 27,868,749 | | | 27,261,664 | | | 26,723,938 | | | 26,632,024 | |
| Total deposits | | | 53,337,615 | | | 38,060,866 | | | 37,638,195 | | | 37,098,402 | | | 37,178,434 | |
| Federal funds purchased and securities | | | | | | | | | | | | | | | | |
| sold under agreements to repurchase | | | 679,337 | | | 514,912 | | | 538,322 | | | 542,403 | | | 554,691 | |
| Other borrowings | | | 752,798 | | | 391,534 | | | 691,626 | | | 691,719 | | | 391,812 | |
| Reserve for unfunded commitments | | | 62,253 | | | 45,327 | | | 41,515 | | | 50,248 | | | 53,229 | |
| Other liabilities | | | 1,679,090 | | | 1,478,150 | | | 1,268,409 | | | 1,460,795 | | | 1,419,663 | |
| Total liabilities | | | 56,511,093 | | | 40,490,789 | | | 40,178,067 | | | 39,843,567 | | | 39,597,829 | |
| | | | | | | | | | | | | | | | | |
| Shareholders' equity: | | | | | | | | | | | | | | | | |
| Common stock - $2.50 par value; authorized 160,000,000 shares | | | 253,698 | | | 190,805 | | | 190,674 | | | 190,489 | | | 190,443 | |
| Surplus | | | 6,667,277 | | | 4,259,722 | | | 4,249,672 | | | 4,238,192 | | | 4,230,345 | |
| Retained earnings | | | 2,080,053 | | | 2,046,809 | | | 1,943,874 | | | 1,841,933 | | | 1,749,215 | |
| Accumulated other comprehensive loss | | | (376,667) | | | (606,921) | | | (479,640) | | | (620,211) | | | (622,994) | |
| Total shareholders' equity | | | 8,624,361 | | | 5,890,415 | | | 5,904,580 | | | 5,650,403 | | | 5,547,009 | |
| Total liabilities and shareholders' equity | | $ | 65,135,454 | | $ | 46,381,204 | | $ | 46,082,647 | | $ | 45,493,970 | | $ | 45,144,838 | |
| | | | | | | | | | | | | | | | | |
| Common shares issued and outstanding | | | 101,479,065 | | | 76,322,206 | | | 76,269,577 | | | 76,195,723 | | | 76,177,163 | |
Net Interest Income and Margin
| | | Three Months Ended | | ||||||||||||||||||||||
| | | Mar. 31, 2025 | | Dec. 31, 2024 | | Mar. 31, 2024 | | ||||||||||||||||||
| (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 | | $ | 2,199,800 | | $ | 22,540 | | 4.16 % | | $ | 1,308,313 | | $ | 14,162 | | 4.31 % | | $ | 668,349 | | $ | 8,254 | | 4.97 % | |
| Investment securities | | | 8,325,775 | | | 61,386 | | 2.99 % | | | 7,144,438 | | | 44,934 | | 2.50 % | | | 7,465,735 | | | 45,313 | | 2.44 % | |
| Loans held for sale | | | 174,833 | | | 3,678 | | 8.53 % | | | 179,803 | | | 2,304 | | 5.10 % | | | 42,872 | | | 681 | | 6.39 % | |
| Total loans held for investment | | | 46,797,045 | | | 720,962 | | 6.25 % | | | 33,662,822 | | | 487,405 | | 5.76 % | | | 32,480,220 | | | 463,007 | | 5.73 % | |
| Total interest-earning assets | | | 57,497,453 | | | 808,566 | | 5.70 % | | | 42,295,376 | | | 548,805 | | 5.16 % | | | 40,657,176 | | | 517,255 | | 5.12 % | |
| Noninterest-earning assets | | | 6,785,973 | | | | | | | | 4,214,390 | | | | | | | | 4,353,987 | | | | | | |
| Total Assets | | $ | 64,283,426 | | | | | | | $ | 46,509,766 | | | | | | | $ | 45,011,163 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-Bearing Liabilities ("IBL"): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Transaction and money market accounts | | $ | 29,249,014 | | $ | 176,949 | | 2.45 % | | $ | 20,823,079 | | $ | 121,239 | | 2.32 % | | $ | 19,544,019 | | $ | 117,292 | | 2.41 % | |
| Savings deposits | | | 2,904,961 | | | 1,944 | | 0.27 % | | | 2,427,760 | | | 1,741 | | 0.29 % | | | 2,589,251 | | | 1,818 | | 0.28 % | |
| Certificates and other time deposits | | | 7,165,188 | | | 67,064 | | 3.80 % | | | 4,517,047 | | | 45,283 | | 3.99 % | | | 4,282,749 | | | 41,052 | | 3.86 % | |
| Federal funds purchased | | | 323,400 | | | 3,479 | | 4.36 % | | | 292,626 | | | 3,479 | | 4.73 % | | | 256,506 | | | 3,369 | | 5.28 % | |
| Repurchase agreements | | | 298,305 | | | 1,430 | | 1.94 % | | | 261,373 | | | 1,382 | | 2.10 % | | | 280,674 | | | 1,358 | | 1.95 % | |
| Other borrowings | | | 812,136 | | | 13,153 | | 6.57 % | | | 394,853 | | | 5,902 | | 5.95 % | | | 563,848 | | | 8,430 | | 6.01 % | |
| Total interest-bearing liabilities | | | 40,753,004 | | | 264,019 | | 2.63 % | | | 28,716,738 | | | 179,026 | | 2.48 % | | | 27,517,047 | | | 173,319 | | 2.53 % | |
| Noninterest-bearing deposits | | | 13,493,329 | | | | | | | | 10,561,382 | | | | | | | | 10,530,597 | | | | | | |
| Other noninterest-bearing liabilities | | | 1,618,981 | | | | | | | | 1,330,020 | | | | | | | | 1,426,968 | | | | | | |
| Shareholders' equity | | | 8,418,112 | | | | | | | | 5,901,626 | | | | | | | | 5,536,551 | | | | | | |
| Total Non-IBL and shareholders' equity | | | 23,530,422 | | | | | | | | 17,793,028 | | | | | | | | 17,494,116 | | | | | | |
| Total Liabilities and Shareholders' Equity | | $ | 64,283,426 | | | | | | | $ | 46,509,766 | | | | | | | $ | 45,011,163 | | | | | | |
| Net Interest Income and Margin (Non-Tax Equivalent) | | | | | $ | 544,547 | | 3.84 % | | | | | $ | 369,779 | | 3.48 % | | | | | $ | 343,936 | | 3.40 % | |
| Net Interest Margin (Tax Equivalent) (non-GAAP) | | | | | | | | 3.85 % | | | | | | | | 3.48 % | | | | | | | | 3.41 % | |
| Total Deposit Cost (without Debt and Other Borrowings) | | | | | | | | 1.89 % | | | | | | | | 1.75 % | | | | | | | | 1.74 % | |
| Overall Cost of Funds (including Demand Deposits) | | | | | | | | 1.97 % | | | | | | | | 1.81 % | | | | | | | | 1.83 % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Accretion on Acquired Loans (1) | | | | | $ | 61,798 | | | | | | | $ | 2,887 | | | | | | | $ | 4,287 | | | |
| Tax Equivalent ("TE") Adjustment | | | | | $ | 784 | | | | | | | $ | 547 | | | | | | | $ | 528 | | | |
| | |||||||||||||||||||||||||
| • The remaining loan discount on acquired loans to be accreted into loan interest income totals $457.1 million as of March 31, 2025. | |||||||||||||||||||||||||
Noninterest Income and Expense
| | | Three Months Ended | | |||||||||||||
| | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Jun. 30, | | Mar. 31, | | |||||
| (Dollars in thousands) | | 2025 | | 2024 | | 2024 | | 2024 | | 2024 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||||