- SouthState Corp’s net interest income reached $577.9 million, a 6.1% increase quarter-over-quarter, surpassing estimates of $542.8 million.
- The net interest margin on a taxable-equivalent basis was 4.02%, exceeding both the previous quarter’s 3.85% and the estimated 3.75%.
- Cash and due from banks increased by 9.8% quarter-over-quarter, amounting to $755.8 million.
- Cash and cash equivalents rose by 5% quarter-over-quarter to $3.46 billion, beating the estimate of $3.34 billion.
- Adjusted earnings per share (EPS) climbed to $2.30 compared to $1.79 year-over-year, outperforming the estimate of $2.00.
- Non-interest income was $86.8 million, showing a 15% increase year-over-year but slightly below the estimated $88.3 million.
- The tangible book value per share rose to $51.96 from $47.90 year-over-year, surpassing the estimate of $51.66.
- The dividend payout ratio decreased to 25.5% from 29.9% year-over-year.
- The book value per share improved significantly to $86.71, up from $74.16 year-over-year, slightly above the estimated $86.28.
- The net charge-offs ratio increased to 0.21% from 0.05% year-over-year, higher than the estimated 0.11%.
- Provision for credit losses stood at $7.51 million, a 93% increase year-over-year, yet significantly below the estimate of $19.5 million.
- Shares of SouthState Corp rose by 3.5% to $100.64 with 136,616 shares traded.
- Analyst recommendations show 10 buys, 2 holds, and 0 sells.
A look at South State Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 3 | |
| Growth | 3 | |
| Resilience | 4 | |
| Momentum | 4 | |
| 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 leading banking institution, seems to have a promising long-term outlook based on its Smartkarma Smart Scores. With impressive scores in key areas such as Value, Resilience, and Momentum, the company appears well-positioned for sustained growth and stability. A strong focus on value and resilience indicates that South State is trading at an attractive price relative to its earnings and is well-equipped to weather economic fluctuations.
Furthermore, the company’s momentum score suggests that South State is gaining traction and investor interest, potentially indicating positive future performance. While the scores for Dividend and Growth are average, the robust performance in other areas bodes well for South State‘s overall prospects. In conclusion, South State Corp’s strong Smart Scores paint a favorable picture of its long-term potential in the financial sector.
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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