SouthState Corporation Reports Fourth Quarter 2021 Results, Declares Quarterly Cash Dividend

• Reported and adjusted diluted Earnings per Share ("EPS") of $1.52 and $1.59 (Non-GAAP), respectively
• Net income and adjusted net income of $106.8 million and $112.1 million (Non-GAAP), respectively
• Return on average common equity of 8.84% and reported and adjusted return on average tangible common equity of 14.6% (Non-GAAP) and 15.3% (Non-GAAP), respectively
• Return on Average Assets ("ROAA") and adjusted ROAA of 1.02% and 1.08% (Non-GAAP), respectively
• Pre-Provision Net Revenue ("PPNR") of $132.6 million (Non-GAAP), or 1.27% PPNR ROAA (Non-GAAP)
• Book value per share of $69.27 increased by $0.72 per share compared to the prior quarter
• Tangible Book Value ("TBV") per share of $44.62 (Non-GAAP), up $3.46, or 8.4% from the year ago quarter
• Recorded a negative provision for credit losses of $9.2 million compared to a negative provision for credit losses of $38.9 million in the prior quarter

Performance

• Net interest income of $258.1 million; core net interest income (non-GAAP) (excluding loan accretion and deferred fees on PPP) increased $6.4 million from prior quarter
• Total deposit cost of 0.06%, down 3 basis points from prior quarter
• Noninterest income of $91.9 million, up $4.9 million compared to the prior quarter, primarily due to a $5.1 million increase in correspondent banking and capital market income and $4.2 million increase in deposit fee income, offset by a $3.5 million decrease in mortgage banking income
• Noninterest expense excluding merger-related cost (Non-GAAP) increased $2.7 million compared to the prior quarter due primarily to an increase in incentive accruals, commissions, charitable donations, operational charge-offs, and higher FDIC assessment expense

Balance Sheet / Credit

• Fed funds and interest-earning cash of $6.4 billion represents 15.2% of assets and provides significant optionality in a rising rate environment
• Record loan production for the third straight quarter; $3.1 billion of production is 19% higher than the previous quarter
• Loans, excluding PPP loans, increased $395.8 million, or 6.7% annualized, centered in $279.4 million growth in investor commercial real estate, commercial owner occupied real estate, and single family construction to permanent loans (which are included in the construction and land development loans category) and $73.4 million growth in consumer real estate loans
• Total deposits increased $1.5 billion, or 17.7% annualized, with core deposit growth totaling $1.7 billion, or 21.8% annualized
• 32.8% of deposits are noninterest-bearing
• Net charge-offs of $960 thousand, or 0.02% annualized

Capital Returns

• Repurchased 632,450 shares during 4Q 2021 at a weighted average price of $79.35, bringing total 2021 repurchases to approximately 1.82 million shares at a weighted average price of $80.51; approximately 6,000 shares purchased in January 2022

Subsequent Events

• Received OCC and Atlantic Capital Bancshares, Inc. ("ACBI") shareholders' approvals for the ACBI merger, awaiting FRB approval
• Declared a cash dividend on common stock of $0.49 per share, payable on February 18, 2022 to shareholders of record as of February 11, 2022

Financial Performance
		Three Months Ended															Twelve Months Ended
(Dollars in thousands, except per share data)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
INCOME STATEMENT		2021			2021			2021			2021			2020			2021			2020
Interest income
Loans, including fees (1)		$	238,310		$	246,065		$	246,177		$	259,967		$	269,632		$	990,519		$	851,199
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell			29,071			25,384			21,364			18,509			16,738			94,328			58,830
Total interest income			267,381			271,449			267,541			278,476			286,370			1,084,847			910,029
Interest expense
Deposits			5,121			7,267			9,537			11,257			13,227			33,182			55,442
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings			4,156			4,196			4,874			5,221			7,596			18,447			28,122
Total interest expense			9,277			11,463			14,411			16,478			20,823			51,629			83,564
Net interest income			258,104			259,986			253,130			261,998			265,547			1,033,218			826,465 Werbung Mehr Nachrichten zur South State Corp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: 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. Andere Nutzer interessierten sich auch für folgende News 11:29 - PR Newswire Oxford Instruments Plc - Holding(s) in Company 10:54 - PR Newswire Fidelity Japan Trust Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59