Q2 2024 SouthState Corp Earnings Call Transcript
Key Points
- Net interest margin saw a long-anticipated inflection.
- Non-interest income increased, and expenses were well controlled.
- Earnings per share rose by 15% from the previous quarter.
- Loan growth exceeded forecasts, with a 50% increase in loan production.
- Asset quality remains strong with only 5 basis points in charge-offs.
- Deposits remain a challenge, with flat growth compared to Q1.
- Provision expense matched net charge-offs, leaving total reserve levels flat.
- Non-performing loans increased by $21 million, centered in one loan.
- Compensation expenses are expected to rise due to merit increases effective July 1st.
- Future non-interest expenses are projected to be in the $250 million range due to upcoming projects and related expenses.
Thank you for standing by. My name is Kathleen. I will be your conference operator today. At this time, I would like to welcome everyone to the SouthState Corporation second-quarter 2024 earnings conference call. (Operator Instructions) Thank you.
I would now like to turn the call over to Mr. William Matthews, Chief Financial Officer. Please go ahead.
Good morning and welcome to SouthState's second-quarter 2024 earnings call. This is Will Matthews, and I'm here with John Corbett, Steve Young, and Jeremy Lucas. As always, John and I will make some brief remarks and then move into questions.
We understand you can all read our earnings release and investor presentation, copies of which are on our Investor Relations website. We thus won't regurgitate all the information but try to make a few comments and point out a few highlights on items of interest before moving to Q&A.
Before we begin our remarks, I want to remind you that the comments we make may include forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
