SouthState Q1 2023 Earnings Report
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%
SouthState
SouthState
Forward Guidance
SouthState's first quarter results demonstrate the resilience of our franchise