South State -SouthState Corporation Reports Fourth Quarter 2024 Results, Declares Quarterly Cash Dividend

Core Insights - SouthState Corporation reported a strong finish in 2024 with net income of $144 million and a 9% increase in PPNR over the third quarter, driven by 6% revenue growth [2][5] - The company completed the merger with Independent Bank Group ahead of schedule on January 1, 2025, which is expected to enhance its market position [2][3] Financial Performance - For the fourth quarter of 2024, total interest income was$ 548.8 million, up from $544.2 million in the previous quarter, while total interest expense decreased to$ 179 million from $192.7 million [4][5] - Net interest income for the fourth quarter was$ 369.8 million, with a net interest margin of 3.48% [5][7] - Noninterest income reached $80.5 million, representing a significant increase from$ 65.5 million in the same quarter of the previous year [8][9] Balance Sheet Highlights - Total assets as of December 31, 2024, were $46.38 billion, an increase from$ 46.08 billion in the previous quarter [7][12] - Total loans increased to $33.90 billion, with a 4% annualized growth rate, while total deposits rose to$ 38.06 billion, also reflecting a 4% annualized increase [10][12] - The ending loan-to-deposit ratio was 89% [5] Capital Ratios - The company reported a return on average common equity of 9.7% and a return on average tangible common equity of 15.1% for the fourth quarter [5][6] - Tangible common equity ratio stood at 8.8%, with total risk-based capital at 15.0% [5][6] Dividends - The Board of Directors declared a quarterly cash dividend of $0.54 per share, payable on February 14, 2025 [5]