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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.
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