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SouthState (SSB) Q3 Earnings call transcript Oct 24, 2024

Daily EarningsMonday, Oct 28, 2024 8:25 pm ET

1min read

SSB --

SouthState Corporation held its Q3 2024 earnings call, led by Chief Financial Officer Will Matthews and CEO John Corbett. The call highlighted the bank's strong performance across various financial metrics and strategic initiatives.

Financial Highlights

SouthState reported broad-based growth in loans, deposits, revenue, and earnings per share for Q3 2024. The asset quality metrics remained stable, and expenses were kept in check. The improving yield curve sets a positive outlook for 2025 with a positive GDP forecast and low unemployment, indicating a period of expanding margins and accelerating growth.

Operational Highlights

The call also addressed the challenges posed by the hurricane season, with SouthState's business continuity team ensuring uninterrupted operations despite widespread power outages, cell phone disruptions, and gasoline shortages. The bank's partnership with Independent Financial is on track, with shareholder approval received, and regulatory approval process underway.

Strategic Initiatives

SouthState's strategy is focused on building the firm in the best markets with the best scale and business model and culture. The partnership with Independent Financial aligns with this strategy, and the merger is expected to drive long-term shareholder value.

Financial Outlook

The call provided an update on the financial outlook for 2025, with a focus on the impact of rate cuts and the merger with Independent Financial. The guidance suggests a positive outlook for the bank's net interest margin and noninterest income, with an emphasis on the bank's ability to benefit from rate cuts and the merger's cost savings.

Analyst Questions

The call featured a series of questions from analysts on various topics, including margin guidance, deposit costs, and credit quality. SouthState's executives provided detailed responses, offering insights into the bank's strategic initiatives and financial outlook.

Key Takeaways

SouthState Corporation's Q3 2024 earnings call highlighted the bank's strong financial performance and strategic initiatives. The call provided a positive outlook for the bank's future, with a focus on expanding margins and accelerating growth. The successful execution of the partnership with Independent Financial and the bank's resilience during the hurricane season underscored its ability to navigate challenges and capitalize on opportunities.

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