SouthState Q2 2021 Earnings Report
Key Takeaways
SouthState Corporation reported a consolidated net income of $1.39 per diluted common share, and an adjusted net income (non-GAAP) of $1.87 per diluted share for the three months ended June 30, 2021. Loan growth was solid, and core net interest income increased for the first time since the start of the pandemic.
Reported & adjusted diluted Earnings per Share (“EPS”) of $1.39 and $1.87 (Non-GAAP), respectively
Recorded a negative provision for credit losses of $58.8 million compared to a negative provision for credit losses of $58.4 million in the prior quarter
Reported & adjusted Return on Average Tangible Common Equity of 14.1% (Non-GAAP) and 18.7% (Non-GAAP), respectively
Pre-Provision Net Revenue (“PPNR”) of $113.4 million, or 1.14% PPNR ROAA (Non-GAAP)
SouthState
SouthState
Forward Guidance
SouthState Corporation announced the execution of an Agreement and Plan of Merger with Atlantic Capital Bancshares, Inc.