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Dec 31, 2023
SouthState Q4 2023 Earnings Report
SouthState reported mixed results for Q4 2023, with EPS of $1.39 and adjusted EPS of $1.67, while navigating deposit franchise resilience and loan growth amidst changing economic conditions.
Key Takeaways
SouthState Corporation reported a net income of $106.8 million and diluted EPS of $1.39 for Q4 2023. The adjusted diluted EPS was $1.67. The company saw loan growth of 7% and an increase in deposits, excluding brokered CDs, and managed to build its reserve. However, noninterest income decreased due to a drop in correspondent banking and capital markets income, and the company recorded a significant FDIC special assessment expense.
Reported diluted EPS of $1.39; adjusted diluted EPS (non-GAAP) of $1.67.
Net income reached $106.8 million; adjusted net income (non-GAAP) totaled $128.3 million.
Loans increased by $372 million, or 5% annualized, driven by consumer real estate.
Deposits increased by $114 million, or 1% annualized, despite a decline in brokered CDs.
Revenue by Segment
Forward Guidance
SouthState did not provide specific forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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