South State reports Q1 adjusted EPS $2.28, consensus $2.21

“SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability,” said John Corbett, SouthState’s CEO. “On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth. Asset quality remains strong, with annualized net charge-offs of just 9 basis points. In terms of profitability, we delivered a return on average assets of 1.37%. Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares – underscoring our confidence in SouthState’s performance and our commitment to creating long-term value for shareholders.”