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Sep 30, 2020
SouthState Q3 2020 Earnings Report
South State Corporation's financial performance improved significantly after the merger with CenterState Bank Corporation, resulting in record quarterly revenue and increased net income.
Key Takeaways
South State Corporation reported a strong third quarter, marked by record revenue and a return to profitability after the merger with CenterState Bank Corporation. The company's net income increased significantly, driven by higher net interest income and noninterest income. Asset quality remained solid, and capital ratios were strong.
Achieved record quarterly revenue of $385 million.
Reported net income of $95.2 million, or $1.34 per diluted common share.
Net interest margin declined slightly to 3.22%.
Allowance for credit losses represented 2.58% of total loans (excluding PPP loans).
Revenue by Segment
Forward Guidance
The company's integration and cost savings identification process continues to be on schedule.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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