NYSE$SSB
SouthState Bank Corp · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
SouthState reported a good first quarter, demonstrating strength across the company with solid revenue, managed expenses, and strong asset quality. The acquisition of Atlantic Capital was completed, expanding presence in Atlanta and the Southeast.
SouthState Corporation reported a solid first quarter in 2022, with net income of $100.3 million, or $1.39 per diluted common share. Adjusted net income (non-GAAP) totaled $121.9 million, or $1.69 per diluted share. The company closed the Atlantic Capital acquisition on March 1, 2022, which is expected to contribute to future growth.
- Reported EPS was $1.39, and adjusted EPS (non-GAAP) was $1.69.
- Net income was $100.3 million, and adjusted net income (non-GAAP) was $121.9 million.
- Net interest income totaled $261.5 million.
- Loan production, excluding legacy ACBI production, was $2.6 billion.
Headline financials
Revenue & EPS history
SouthState · Revenue · Quarterly
$348M
Revenue by segment
SouthState · $86.1M total across 6 segments · Q1 2022
- Deposit Account Fees$28.9M—33.6%
- Capital Markets$28M—32.5%
- Mortgage Banking$10.6M—12.3%
- Trust & Investment$9.72M—11.3%
- BOLI Income$5.26M—6.1%
- Other Income$3.62M—4.2%
Forward guidance
The Company announced it will be modifying its consumer overdraft program to eliminate NSF fees as well as transfer fees to cover overdrafts. It will also introduce a deposit product with no overdraft fees. The changes will be implemented starting in the third quarter and are estimated to reduce diluted annual earnings per share by approximately 8 to 10 cents.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.1%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+1.0%
Avg return
30 days after
53%
35 / 66 earnings
Positive
+6.1%
Q3 2020
Best reaction
-9.4%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.2% | -1.6% | -3.6% | |
| Q4 2025 | -0.4% | +0.4% | +4.9% | |
| Q3 2025 | -4.0% | -4.4% | -6.2% | |
| Q2 2025 | -2.2% | -1.0% | +3.8% | |
| Q1 2025 | -2.7% | -3.3% | -2.4% | |
| Q4 2024 | +5.2% | +8.1% | +0.7% | |
| Q3 2024 | +0.9% | +1.3% | +12.1% | |
| Q2 2024 | +4.3% | +5.9% | +3.6% | |
| Q1 2024 | -2.7% | -5.5% | -3.7% | |
| Q4 2023 | +2.4% | +4.9% | +0.1% | |
| Q3 2023 | +1.9% | +2.5% | +14.2% | |
| Q2 2023 | -0.7% | -1.1% | -10.6% | |
| Q1 2023 | +4.9% | -2.0% | -1.1% | |
| Q4 2022 | +0.8% | +4.1% | +6.5% | |
| Q3 2022 | +3.8% | +5.5% | +2.6% | |
| Q2 2022 | +1.8% | -2.1% | -3.2% | |
| Q1 2022 | +1.8% | +2.7% | +6.5% | |
| Q4 2021 | +2.2% | -0.6% | +6.2% | |
| Q3 2021 | -0.5% | +6.7% | +0.6% | |
| Q2 2021 | -3.0% | -3.2% | -6.4% | |
| Q1 2021 | +0.7% | +1.0% | +5.8% | |
| Q4 2020 | -5.7% | -9.0% | +1.6% | |
| Q3 2020 | +6.1% | +11.6% | +21.8% | |
| Q2 2020 | -2.6% | +1.3% | +16.8% | |
| Q1 2020 | +3.8% | +11.1% | -8.7% | |
| Q4 2019 | -9.4% | -11.6% | -13.5% | |
| Q3 2019 | +2.8% | +3.3% | +6.7% | |
| Q2 2019 | +1.3% | -2.3% | -5.8% | |
| Q1 2019 | +1.5% | +2.3% | -6.5% | |
| Q4 2018 | +1.5% | +2.2% | +8.8% | |
| Q3 2018 | -7.7% | -15.0% | -8.4% | |
| Q2 2018 | -4.2% | -5.0% | -5.4% | |
| Q1 2018 | -2.0% | -0.2% | +1.9% | |
| Q4 2017 | -1.5% | -1.6% | -3.0% | |
| Q3 2017 | +1.0% | +1.9% | -2.8% | |
| Q2 2017 | -0.4% | -0.6% | -4.5% | |
| Q1 2017 | +1.1% | +2.2% | -7.4% | |
| Q4 2016 | -1.5% | -4.5% | -1.5% | |
| Q3 2016 | -1.4% | -1.0% | +15.8% | |
| Q2 2016 | +5.6% | +6.5% | +4.7% | |
| Q1 2016 | +0.3% | — | — | |
| Q4 2015 | +0.8% | — | — | |
| Q3 2015 | +4.2% | — | — | |
| Q2 2015 | -1.5% | — | — | |
| Q1 2015 | -3.4% | — | — | |
| Q4 2014 | -5.8% | — | — | |
| Q3 2014 | +1.9% | — | — | |
| Q2 2014 | +2.0% | — | — | |
| Q1 2014 | +4.9% | — | — | |
| Q4 2013 | -2.9% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | -3.0% | — | — | |
| Q4 2012 | +2.3% | — | — | |
| Q3 2012 | -1.5% | — | — | |
| Q2 2012 | +3.7% | — | — | |
| Q1 2011 | -1.4% | — | — | |
| Q1 2012 | +2.4% | — | — | |
| Q4 2009 | +1.6% | — | — | |
| Q4 2010 | +1.6% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | -3.5% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | -3.4% | — | — | |
| Q2 2011 | -3.4% | — | — | |
| Q1 2010 | +4.8% | — | — |
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