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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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