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WINTER HAVEN, Fla. - SouthState Corporation (NYSE:SSB) reported fourth quarter earnings that beat analyst expectations, as the regional bank saw growth in loans and deposits along with higher net interest income.
The company posted adjusted earnings per share of $1.93, exceeding the analyst consensus estimate of $1.66. Revenue rose to $450.32 million, topping expectations of $435.94 million.
"SouthState finished strong in 2024. We produced steady growth in loans and deposits and had a nice uptick in net interest margin and fees," said CEO John C. Corbett.
Net interest income increased to $370 million in Q4, up from $351.5 million in Q3. The net interest margin expanded to 3.48%, compared to 3.39% in the prior quarter.
Total (EPA:TTEF) loans grew 4% annualized to $33.9 billion, while deposits increased 4% annualized to $38.1 billion.
The company reported net income of $144.2 million for the quarter. Return on average assets was 1.23% and return on average tangible common equity was 15.09%.
SouthState said it completed its previously announced merger with Independent Bank (NASDAQ:INDB) Group (NASDAQ:IBTX) on January 1, 2025. The company declared a quarterly cash dividend of $0.54 per share.
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