South State reports Q1 adjusted EPS $2.15, consensus $1.64

“The first quarter was a strategic reset that took SouthState’s earnings profile from good to great”, commented John Corbett, SouthState’s Chief Executive Officer. “We closed the IBTX acquisition in January and then closed the sale leaseback transaction and securities restructure in March. The securities restructuring and better than expected deposit pricing pushed our net interest margin to 3.85%. SouthState is now positioned with industry-leading profitability and strong liquidity, capital and asset quality for the uncertainties that lie ahead.”