SouthState Bank Reports Strong Q1 Earnings, Robust Loan & Deposit Growth, and Stable Asset Quality

summarizeSummary

SouthState Bank Corp announced strong first-quarter results with increased earnings, significant loan and deposit growth, and stable asset quality, while also returning capital to shareholders through repurchases and a maintained dividend.

check_boxKey Events

• Strong Q1 Earnings

  Reported diluted Earnings per Share (EPS) of $2.28, up 6% year-over-year on an adjusted basis, with Net Income reaching $225.8 million.

• Robust Balance Sheet Growth

  Loans increased by $898 million, or 7% on an annualized basis, and deposits grew by $730 million, or 5% on an annualized basis.

• Solid Profitability Metrics

  Achieved a Return on Average Assets (ROAA) of 1.37% and a Return on Average Tangible Common Equity (ROATCE) of 17.59%.

• Stable Asset Quality

  Maintained strong asset quality with annualized net charge-offs of just 9 basis points.

auto_awesomeAnalysis

SouthState Bank Corp delivered a strong first quarter, demonstrating solid financial performance and continued growth. The company reported diluted EPS of $2.28, marking a 6% increase year-over-year on an adjusted basis, alongside a net income of $225.8 million. This profitability was supported by robust balance sheet expansion, with loans growing by $898 million (7% annualized) and deposits increasing by $730 million (5% annualized). Asset quality remained strong, evidenced by low net charge-offs of just 9 basis points. Furthermore, the company continued to enhance shareholder value through capital management, repurchasing 1.5 million shares during the quarter and achieving a 14% year-over-year growth in tangible book value per share. The declaration of a stable quarterly dividend of $0.60 per share, which represents an 11% increase from the prior year, underscores management's confidence in ongoing performance.