- Net Interest Income: SouthState Corp reported a net interest income of $544.5 million, which is a 47% increase over the previous quarter and surpassed the estimated $514.5 million.
- Net Interest Margin (NIM): The NIM on a taxable-equivalent basis was 3.85%, up from 3.48% last quarter, exceeding the estimate of 3.59%.
- Cash and Due from Banks: Cash and due from banks rose by 31% from the previous quarter, reaching $688.2 million.
- Cash and Cash Equivalents: Total cash and cash equivalents increased significantly to $3.30 billion, compared to $1.39 billion last quarter and the $2.53 billion estimate.
- Adjusted EPS: The adjusted earnings per share were $2.15, up from $1.58 a year ago, beating the estimate of $1.56.
- Tangible Book Value per Share: It rose to $50.07 from $46.48 the previous year, surpassing the $49.46 estimate.
- Dividend Payout Ratio: The dividend payout ratio increased to 61.5%, up from 34.4% a year ago.
- Book Value per Share: It increased to $84.99 from $72.82 last year, exceeding the estimated $80.45.
- Net Charge-offs Ratio: The ratio increased to 0.38% from 0.03% a year ago, above the estimate of 0.11%.
- Provision for Credit Losses: This provision was $100.6 million, a significant rise from $12.7 million last year, closely aligning with the estimated $101.3 million.
- Analyst Ratings: There are 8 buy ratings, 2 hold ratings, and no sell ratings for SouthState Corp.
A look at South State Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 3 | |
| Growth | 3 | |
| Resilience | 4 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
South State Corp, a financial services company known for its comprehensive banking and lending services, shows a strong overall outlook based on its Smartkarma Smart Scores. With solid scores in key areas like Value and Resilience, South State is positioned well for long-term success in the financial sector. The company’s high Momentum score further signifies its growth potential and market performance, indicating a positive trajectory ahead.
Despite facing average scores in areas like Dividend and Growth, South State‘s robust foundation in value and resilience indicates a strong strategic positioning that could drive sustained performance over the long term. Investors may take note of South State as a company with a solid operational base and positive momentum for future growth and stability.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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