South State reports Q1 earnings above estimates, shares dip

Published 24/04/2025, 21:44
South State reports Q1 earnings above estimates, shares dip

NEW YORK - South State Corporation (NYSE:SSB) reported first quarter earnings that beat analyst expectations, though shares edged lower following the release.

The Winter Haven, Florida-based bank reported adjusted earnings per share of $2.15 for the first quarter, significantly above the analyst consensus estimate of $0.88. Revenue came in at $630.6 million for the quarter.

South State’s net interest income rose to $545 million in Q1, up from $344 million in the same quarter last year. The company’s net interest margin expanded to 3.85%, compared to 3.41% in Q1 2024.

"The first quarter was a strategic reset that took SouthState’s earnings profile from good to great," commented CEO John C. Corbett. He noted the company closed its acquisition of Independent Bank (NASDAQ:INDB) Group (NASDAQ:IBTX) in January and completed a securities restructuring in March.

Total (EPA:TTEF) loans increased 38% year-over-year to $46.8 billion, while deposits grew 43% to $53.3 billion. The company’s allowance for credit losses stood at 1.33% of total loans at quarter-end.

Despite the earnings beat, South State shares dipped 0.6% in after-hours trading following the release. The muted stock reaction suggests investors may be focusing on other aspects of the results beyond the headline earnings figure.

The company declared a quarterly dividend of $0.54 per share, payable on May 16 to shareholders of record as of May 9.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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