SouthState Q4 2024 Earnings Report
Key Takeaways
SouthState Corporation reported a strong finish to 2024, with net income of $144 million and a 9% increase in pre-provision net revenue (PPNR) compared to the third quarter, driven by 6% revenue growth. The company also completed the acquisition of Independent Bank Group, Inc. on January 1, 2025.
Diluted EPS was reported at $1.87, with adjusted diluted EPS (Non-GAAP) at $1.93.
Net income reached $144.2 million, with adjusted net income (Non-GAAP) at $148.8 million.
Loans increased by $355 million, or 4% annualized, driven by growth in commercial and industrial, and commercial owner-occupied real estate.
Deposits increased by $423 million, or 4% annualized.
SouthState
SouthState
Forward Guidance
The company's momentum carries forward into 2025 with Independent Financial, and they will continue working to build a high-quality bank with scale in the fastest-growing markets in the country.