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Jun 30, 2023
SouthState Q2 2023 Earnings Report
SouthState reported a strong Q2 2023, marked by deposit growth and loan expansion, demonstrating resilience and preparedness for the next economic phase.
Key Takeaways
SouthState Corporation reported a net income of $123.4 million, with diluted earnings per share of $1.62. The company saw annualized loan growth of 11% and deposit growth of 6%, excluding brokered CDs. They also increased the quarterly cash dividend on its common stock from $0.50 to $0.52 per share.
Diluted Earnings per Share (EPS) reached $1.62, with an adjusted EPS of $1.63.
Net Interest Income amounted to $362 million, while Noninterest Income totaled $77 million.
Loans increased by $841 million, reflecting an 11% annualized growth rate.
Deposits grew by $340 million, representing a 4% annualized increase.
Revenue by Segment
Forward Guidance
The document does not contain specific forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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