SouthState Q3 2021 Earnings Report
Key Takeaways
SouthState Corporation reported a strong third quarter in 2021, with a 10% annualized loan growth excluding PPP loans. New loan production reached a record of $2.6 billion, up 72% from a year ago. The company's pre-provision net revenue increased to $132.3 million due to planned cost savings and an increase in core net interest income.
Reported EPS of $1.74 and adjusted EPS (Non-GAAP) of $1.94.
Loans, excluding PPP loans, increased by $573.3 million, or 10.0% annualized.
Total deposits increased by $318.2 million, or 3.8% annualized, with core deposit growth totaling $662.7 million, or 8.8% annualized.
Declared a cash dividend on common stock of $0.49 per share.
SouthState
SouthState
Forward Guidance
SouthState is well-positioned for 2022, with surplus cash, the pending acquisition of Atlantic Capital Bank, and strong population growth in the Southeast.
Positive Outlook
- Record new loan production of $2.6 billion, up 72% from a year ago.
- 10% annualized loan growth (excluding PPP loans).
- Core net interest income increased $5.8 million from prior quarter.
- Pre-provision net revenue increased to $132.3 million.
- Received OCC approval for the Atlantic Capital Bancshares, Inc. merger.