SouthState Corporation reported a net income of $534.8 million for the fiscal year ending December 31, 2024, translating to a diluted earnings per share (EPS) of $6.97, an increase from $494.3 million and $6.46 EPS in 2023. The company's total assets grew to approximately $46.4 billion, up from $44.9 billion in the previous year, driven by a $1.5 billion increase in loans, which reached $33.9 billion. The increase in profitability was attributed to a $197 million rise in interest income, primarily from loans, although this was partially offset by a $234 million increase in interest expenses due to higher deposit costs in a competitive interest rate environment.
In terms of operational changes, SouthState completed the acquisition of Independent Bank Group, Inc. on January 1, 2025, which added 92 branches in Texas and Colorado to its network. Additionally, the company entered into a sale-leaseback agreement with Blue Owl Real Estate Capital for certain branch properties, expected to close in the first quarter of 2025. The company’s branch network now spans 251 locations across six states, including Florida, South Carolina, Alabama, Georgia, North Carolina, and Virginia.
The bank's efficiency ratio increased to 56.9% in 2024 from 55.5% in 2023, reflecting a rise in noninterest expenses, particularly in salaries and employee benefits, which increased by $23.5 million. The total nonperforming assets rose to $213.4 million, representing 0.46% of total assets, up from 0.41% in the previous year. Despite this, the overall asset quality remained stable, with net charge-offs as a percentage of average loans decreasing to 0.06% from 0.08%.
Looking ahead, SouthState's management expressed confidence in its capital position, with a total risk-based capital ratio of 15.0% and a Tier 1 leverage ratio of 10.0%, both above regulatory requirements. The company plans to continue its growth strategy through organic means and potential acquisitions, while also navigating the challenges posed by a changing economic landscape, including interest rate fluctuations and inflationary pressures. The company’s dividend payout ratio was 30.22% for 2024, indicating a commitment to returning value to shareholders while maintaining sufficient capital for growth.
About SouthState Corp
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