SouthState Corporation released its fourth-quarter 2024 financial results, reporting diluted earnings per common share of $1.87 and adjusted diluted earnings per common share of $1.93. This adjusted EPS significantly surpassed the average analyst estimate of $1.73 per share. Net income for the quarter was $144.178 million.
The company's revenue for the period was $629.4 million, with adjusted revenue reaching $450.3 million, exceeding Street forecasts of $435.6 million. SouthState finished 2024 with steady growth in loans and deposits, experiencing an uptick in net interest margin and fees, which drove a 6% revenue growth and a 9% increase in Pre-Provision Net Revenue (PPNR) over the third quarter.
The successful closing of the Independent Financial (IBTX) acquisition on January 1, 2025, was highlighted as a key factor carrying momentum into 2025. CEO John C. Corbett expressed confidence in building a high-quality bank with scale in fast-growing markets. The Board of Directors declared a quarterly cash dividend of $0.54 per share.
As a subsequent event, SouthState Bank, N.A. entered into an agreement on January 8, 2025, to sell branch properties and simultaneously enter into triple net lease agreements with the purchasers. This strategic move aims to optimize the company's real estate portfolio and enhance financial flexibility.
For the full year 2024, SouthState reported diluted earnings per common share of $6.97 and adjusted diluted earnings per common share of $7.21. Total net income for the twelve months ended December 31, 2024, was $534.783 million, reflecting a solid year of performance and strategic execution.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.