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Jun 30, 2024
SouthState Q2 2024 Earnings Report
SouthState's financial performance inflected positively during the second quarter, with revenue and net interest margin both increasing as loans repriced faster than deposits.
Key Takeaways
SouthState Corporation reported a strong second quarter in 2024, with diluted earnings per share of $1.73 and adjusted diluted EPS of $1.79. Net income reached $132.4 million, and the company announced the acquisition of Independent Bank Group, Inc.
Reported diluted EPS was $1.73; adjusted diluted EPS (Non-GAAP) was $1.79.
Net income reached $132.4 million; adjusted net income (Non-GAAP) was $137.3 million.
Loans increased by $567 million, or 7% annualized, driven by commercial and industrial and consumer real estate.
The company announced its acquisition of Independent Bank Group, Inc. on May 20, 2024.
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
This communication contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements.