SouthState Q4 2020 Earnings Report
Key Takeaways
SouthState Corporation released its Q4 2020 results, reporting a net income of $1.21 per diluted common share and an adjusted net income (non-GAAP) of $1.44 per diluted share. The quarter was marked by swap termination and merger-related expenses, offset by a tax benefit related to the CARES Act. The company closed the year with solid credit quality metrics and looks forward to 2021.
Reported EPS was $1.21, and adjusted EPS (Non-GAAP) was $1.44.
Pre-Provision Net Revenue (PPNR) reached $144 million, or 1.50% PPNR ROAA (Non-GAAP).
Net interest margin (NIM, tax equivalent) was 3.14%, a decrease of 8 basis points from the prior quarter.
Loans declined by $573.7 million, primarily due to Paycheck Protection Program (PPP) loan reductions.
SouthState
SouthState
Forward Guidance
SouthState did not provide specific forward guidance in this earnings report.