SouthState Q1 2023 Earnings Report

SouthState's first quarter results demonstrated resilience with growth in loans, deposits, liquidity, and capital ratios, and earnings per share increased from the same period last year.

Key Takeaways

SouthState Corporation reported a strong first quarter in 2023, demonstrating the resilience of its franchise amidst a turbulent macroenvironment. The company saw growth in key areas such as loans, deposits, liquidity, and capital ratios. Earnings per share increased 32% from the same period last year, and the company is positioned to be opportunistic as the economic cycle unfolds.

Diluted Earnings per Share (EPS) of $1.83; Adjusted Diluted EPS (Non-GAAP) of $1.93

Net Income of $139.9 million; Adjusted Net Income (Non-GAAP) of $147.2 million

Net Interest Income of $381 million

Loans increased $519 million, or 7% annualized, led by consumer real estate; ending loan to deposit ratio of 84%