- SouthState Corp’s net interest income for the fourth quarter was $369.8 million, surpassing estimates of $360.1 million, marking a 5.2% increase from the previous quarter.
- The net interest margin (NIM) on a taxable-equivalent basis rose to 3.48% from 3.4% in the prior quarter, exceeding the estimate of 3.45%.
- Cash and due from banks decreased by 6.8% from the previous quarter, totaling $525.5 million.
- Cash and cash equivalents increased by 15% quarter-over-quarter, reaching $1.39 billion, higher than the estimated $1.3 billion.
- Adjusted earnings per share (EPS) were reported at $1.93, up from $1.67 the previous year, beating the estimate of $1.72.
- Non-interest income surged by 23% year-over-year to $80.5 million, surpassing the expected $74.1 million.
- Tangible book value per share increased to $51.11 from $46.32 last year, though it slightly missed the estimate of $52.13.
- The dividend payout ratio decreased to 28.6% compared to 37% the previous year.
- Book value per share climbed to $77.18 from $72.78 year-over-year, just below the anticipated $78.21.
- The net charge-offs ratio improved to 0.06% from 0.09% last year, better than the projected 0.14%.
- Provision for credit losses fell by 36% year-over-year to $6.37 million, substantially below the estimate of $14.2 million.
- SouthState achieved net income of $144 million, with a 9% increase in pre-provision net revenue (PPNR) over the third quarter, driven by 6% revenue growth, according to CEO John C. Corbett.
- Analyst ratings include 6 buys, 3 holds, and 0 sells.
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A look at South State Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 3 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.6 |
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 institution with a strong presence in banking services, has received varying Smart Scores across different factors influencing its outlook. With a high Momentum score of 5, South State demonstrates strong positive market sentiment and potential for future growth. This suggests that investors are optimistic about the company’s performance in the foreseeable future.
While the Value score of 4 indicates that South State is considered undervalued relative to its intrinsic worth, the Growth, Resilience, and Dividend scores of 3 each suggest a moderate outlook in terms of expansion, stability, and dividend payments. Overall, considering these Smart Scores, South State appears to be positioned well for long-term success in the financial industry.
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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