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Mar 31
SouthState Q1 2025 Earnings Report
SouthState reported strong Q1 2025 results with solid net income, boosted by strategic transactions including the IBTX acquisition and a sale-leaseback deal.
Key Takeaways
SouthState delivered a profitable quarter, driven by higher adjusted earnings, improved net interest margin, and successful execution of major strategic transactions.
Adjusted EPS reached $2.15, supported by the IBTX acquisition and sale-leaseback gain.
Net interest income rose significantly to $544.5M with a net interest margin of 3.85%.
Total revenue was $630.64M, including $86.1M in noninterest income.
Net income came in at $89.1M, with adjusted net income at $219.3M.
SouthState
SouthState
SouthState Revenue by Segment
Revenue by Segment
Fees on deposit accounts Revenue
CapyFin.comMortgage banking income Revenue
CapyFin.comTrust and investment services income Revenue
CapyFin.comCorrespondent banking and capital markets income Revenue
CapyFin.comBank owned life insurance income Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
SouthState is positioned for strong profitability and resilience, following transformative transactions and strategic realignment in Q1.
Positive Outlook
- Boosted net interest margin to 3.85%
- Strong liquidity and capital positions
- Successful integration of Independent Bank acquisition
- Cost control reflected in 50% adjusted efficiency ratio
- Increased deposit base despite sector volatility
Challenges Ahead
- Significant charge-offs and provisioning related to the Independent acquisition
- Reported net income impacted by securities restructuring loss
- Efficiency ratio still high before adjustments
- Deposit cost increased to 1.89%
- Net charge-offs totalled $39.4M including PCD loan impacts