Improved Net Interest Margin
SouthState Corporation achieved a net interest margin of 3.85%, an improvement of 37 basis points from the previous quarter, driven by better-than-expected deposit costs and strategic moves.
Strong Earnings Performance
The company reported an adjusted return on assets of 1.38% and an impressive return on tangible common equity of approximately 20%, with PPNR per share growing by 25% over the past year.
Successful Strategic Capital Moves
Completion of three strategic capital moves: the closing of the independent financial transaction, a sale leaseback of bank branches, and a securities portfolio restructuring.
Loan Yield Improvement
Loan yield improved to 6.25%, which is close to peer median loan yields, with new loan origination rates at 6.90%.
Capital Position and Growth Prospects
Higher-than-expected capital ratios post-acquisition, with a CET1 ratio of 11%, providing flexibility for future growth or defense.