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SouthState
🇺🇸 NYSE:SSB
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•
Mar 31, 2022

SouthState Q1 2022 Earnings Report

SouthState reported a good first quarter, demonstrating strength across the company with solid revenue, managed expenses, and strong asset quality. The acquisition of Atlantic Capital was completed, expanding presence in Atlanta and the Southeast.

Key Takeaways

SouthState Corporation reported a solid first quarter in 2022, with net income of $100.3 million, or $1.39 per diluted common share. Adjusted net income (non-GAAP) totaled $121.9 million, or $1.69 per diluted share. The company closed the Atlantic Capital acquisition on March 1, 2022, which is expected to contribute to future growth.

Reported EPS was $1.39, and adjusted EPS (non-GAAP) was $1.69.

Net income was $100.3 million, and adjusted net income (non-GAAP) was $121.9 million.

Net interest income totaled $261.5 million.

Loan production, excluding legacy ACBI production, was $2.6 billion.

Total Revenue
$348M
Previous year: $358M
-3.0%
EPS
$1.69
Previous year: $2.17
-22.1%
Adjusted Efficiency Ratio
60.05%
Previous year: 58.27%
+3.1%
Cash and Equivalents
$6.19B
Previous year: $5.97B
+3.7%
Free Cash Flow
$574M
Previous year: $293M
+95.5%
Total Assets
$46.2B
Previous year: $39.7B
+16.3%

SouthState

SouthState

SouthState Revenue by Segment

Forward Guidance

The Company announced it will be modifying its consumer overdraft program to eliminate NSF fees as well as transfer fees to cover overdrafts. It will also introduce a deposit product with no overdraft fees. The changes will be implemented starting in the third quarter and are estimated to reduce diluted annual earnings per share by approximately 8 to 10 cents.

Company Overview

Full financial data and analysis

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