SouthState Corporation announced its second-quarter 2025 financial results, reporting diluted earnings per common share of $2.11 and adjusted diluted earnings per common share of $2.30. This adjusted EPS figure exceeded analyst consensus estimates. Net income for the quarter was $215.224 million, contributing to a consolidated net income of $304.304 million for the first half of 2025, a 23.0% increase year-over-year.
The company experienced accelerated growth in the second quarter, with revenue increasing 22% annualized and loan originations jumping 57% quarter-over-quarter to over $3 billion. Net interest income for the first half of 2025 surged by 61.8% to $1.12 billion, driven by a 51 basis point expansion in the non-tax equivalent Net Interest Margin (NIM) to 3.93%. The NIM for Q2 2025 alone reached 4.02%.
Total loans increased by $13.4 billion (79.5% annualized) to $47.3 billion at June 30, 2025, primarily due to the Independent Financial acquisition and $2.0 billion in organic growth. Total deposits rose by $15.6 billion (41.1%) to $53.7 billion. The efficiency ratio improved to 52.75% in Q2 2025, reflecting strong operating leverage.
The Board of Directors declared an 11% increase in the quarterly cash dividend, raising it from $0.54 to $0.60 per share. This dividend hike underscores management's confidence in the company's strong earnings growth and capital levels. CEO John C. Corbett highlighted the successful conversion of the IBTX franchise and the strong returns generated by strategic moves.
SouthState's capital position remains robust, with Common Equity Tier 1 (CET1) at 11.2% and Tier 1 Leverage at 9.2%, both well above regulatory minimums. The company anticipates average interest-earning assets to reach approximately $58 billion for the full year 2025, with NIM projected to remain between 3.80% and 3.90% for the rest of the year.
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