SouthState Corporation announced its third-quarter 2024 financial results, reporting diluted earnings per common share of $1.86 and adjusted diluted earnings per common share of $1.90. This adjusted EPS figure exceeded the average analyst estimate of $1.67 per share. Net income for the quarter was $143.179 million.
The company posted total revenue of $433.4 million, with adjusted revenue at $426.4 million, which missed Street forecasts of $431 million. Despite this, SouthState reported steady growth in loans, deposits, and revenue, with tangible book value per share increasing by 7% during the quarter.
Total loans reached $33.548 billion, and total deposits stood at $37.638 billion as of September 30, 2024. The Board of Directors also declared a quarterly cash dividend of $0.54 per share. CEO John C. Corbett noted overwhelming shareholder support for the acquisition of Independent Financial (IBTX), signaling confidence in the strategic merger.
Net interest income for the quarter was $351.480 million, with a non-tax equivalent Net Interest Margin of 3.39%. The company's efficiency ratio was 56.58%, reflecting its operational cost management. The provision for credit losses showed a recovery of $6.971 million for the quarter.
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