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Mar 31, 2020
SouthState Q1 2020 Earnings Report
South State's financial performance was impacted by an increase in the provision for credit losses due to the COVID-19 pandemic.
Key Takeaways
South State Corporation reported a decrease in net income for the three months ended March 31, 2020, compared to the previous quarter, primarily due to an increase in the provision for credit losses related to the COVID-19 pandemic. However, the company produced record revenues and strengthened its balance sheet with increased liquidity and additional allowance for loan losses.
Net income was $0.71 per diluted common share, down from $1.45 in the previous quarter.
Adjusted net income (non-GAAP) was $0.82 per diluted share, compared to $1.48 in the fourth quarter of 2019.
Net loan growth was 4.8% annualized, totaling $136.9 million, led by commercial non-owner occupied growth.
Overall deposits grew by 5.5% to over $12.3 billion, with core deposits growing $176.9 million, or 6.8% annualized.
Forward Guidance
The company is looking forward to the merger with CenterState and remains on schedule despite the challenges faced by both companies in the current environment. All regulatory applications have been filed and the shareholder vote is scheduled for May 21, 2020. The company continues to plan for the merger to close in the third quarter.
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