South State reports Q4 adjusted EPS $1.93, consensus $1.72

Reports Q4 NIM of 3.48% vs. 3.40% in previous quarter. Tangible Book Value per share was $51.11 from $51.26 at previous quarter end. Reports Q4 Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 15.0%, 10.0%, and 12.6%, respectively. “SouthState finished strong in 2024. We produced steady growth in loans and deposits and had a nice uptick in net interest margin and fees. The result was net income of $144 million and a 9% increase in PPNR over the third quarter, driven by 6% revenue growth”, commented CEO John Corbett. “We were also pleased to receive prompt regulatory approval of the IBTX acquisition, which allowed us to close ahead of schedule on January 1. With Independent Financial, our momentum carries forward into 2025. We will continue working to build a high-quality bank with scale in the fastest growing markets in the country.”