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South State (SSB) Reports Q2 Earnings: What Key Metrics Have to Say

Zacks Equity Research
·2-min read

South State (SSB) reported $438.96 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 9%. EPS of $1.63 for the same period compares to $1.62 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $431.57 million, representing a surprise of +1.71%. The company delivered an EPS surprise of -10.93%, with the consensus EPS estimate being $1.83.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how South State performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Efficiency Ratio: 53.59% versus 54.56% estimated by three analysts on average.

  • Net Interest Margin (Non-Tax Equivalent): 3.62% versus the three-analyst average estimate of 3.65%.

  • Net charge-offs (recoveries) as a percentage of average loans (annualized): 0.04% versus 0.08% estimated by three analysts on average.

  • Total Nonperforming Assets: $170.91 million compared to the $131.64 million average estimate based on two analysts.

  • Average Balance - Total interest-earning assets: $40.13 billion versus $39.60 billion estimated by two analysts on average.

  • Net interest income, tax equivalent (Non-GAAP): $356.26 million compared to the $361.50 million average estimate based on three analysts.

  • Total Noninterest Income: $77.21 million versus $70.76 million estimated by three analysts on average.

  • Net Interest Income: $361.74 million versus the three-analyst average estimate of $360.80 million.

View all Key Company Metrics for South State here>>>

Shares of South State have returned +20.1% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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Zacks Investment Research