SouthState reports higher Q2 earnings and loan growth
SouthState posted Q2 net income of $230 million, lifting GAAP diluted EPS 11% to $2.35 from a year earlier.
Net interest income rose 3% to $576 million versus the prior quarter, while net interest margin held at 3.78%.
Loans climbed $1.4 billion, or 11%, from the prior quarter; deposits increased $474 million, or 3%, with a 90% loan-to-deposit ratio.
Net charge-offs were $8 million, or 0.06% of average loans; noninterest income slipped $3 million to $97 million versus the prior quarter.
The board raised the quarterly cash dividend to $0.66 a share from $0.60; management cited progress on growth, hiring, repurchases, and AI capabilities.
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