Q3 2024 SouthState Corp Earnings Call Transcript
Key Points
- SouthState Corp (SSB) reported broad-based growth in loans, deposits, revenue, and earnings per share for Q3 2024.
- Asset quality metrics remained stable, with low net charge-offs and a decline in non-performing assets.
- The company successfully managed operational challenges during the hurricane season, maintaining business continuity.
- SouthState Corp (SSB) is on track with its partnership with Independent Financial, having received shareholder approval and progressing with regulatory processes.
- The company has a strong capital position, with improvements in key capital ratios and tangible book value per share.
- Net interest margin (NIM) decreased by 4 basis points from the previous quarter, primarily due to increased deposit costs.
- Deposit costs rose by 10 basis points, slightly exceeding the company's guidance.
- Non-interest income faced declines in mortgage and other non-interest income categories.
- The company is holding open several positions due to the upcoming merger, which may impact operational efficiency in the short term.
- The yield curve inversion continues to pose challenges, affecting the attractiveness of loan growth and impacting the company's growth outlook.
Thank you for standing by. My name is Mark and I will be your conference operator today. At this time. I would like to welcome everyone to South State Corporation Q 3 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there would be a question and answer session. If you would like to ask a question during this time, so press star followed by the number one on your telephone keypad. If you would like to regard your question, press star one again. Thank you. I would now like to turn the call over to William E. Matthews V Chief Financial Officer of South State Corporation. Will, please go ahead.
Good morning and welcome to South State's third quarter, 2024 earnings call. This is Will Matthews. I'm here with John Corbett Steve Young and Jeremy Lucas.
We'll follow our normal format where John and I will make a few brief remarks and then turn over for Q&A before we begin our remarks, I want to remind you that the
| 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
