SouthState Q4 2022 Earnings Report
Key Takeaways
SouthState Corporation reported strong Q4 2022 results, driven by deposit franchise resilience, loan portfolio growth, and pristine asset quality. Net interest margin expanded, and PPNR per share increased significantly. The company declared a quarterly cash dividend of $0.50 per share.
Diluted Earnings per Share (EPS) reached $1.88, with Adjusted Diluted EPS (Non-GAAP) at $1.90.
Net Income was $143.5 million, while Adjusted Net Income (Non-GAAP) amounted to $144.7 million.
Net Interest Income totaled $396 million, with Core Net Interest Income (excluding loan accretion and deferred fees on PPP) (Non-GAAP) increasing from the prior quarter.
Loans increased by $1.3 billion, or 19% annualized, driven by consumer real estate, commercial and industrial, and construction and land development loans.
SouthState
SouthState
Forward Guidance
No specific forward guidance was provided in the document. The CEO expressed optimism for 2023 due to the continued population migration to the southeast markets.