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SouthState (SSB) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

SouthState (SSB) reported $415.49 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 8.2%. EPS of $1.58 for the same period compares to $1.93 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $416.78 million, representing a surprise of -0.31%. The company delivered an EPS surprise of +1.94%, with the consensus EPS estimate being $1.55.

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.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

  • Efficiency Ratio: 58.5% versus the four-analyst average estimate of 59.2%.

  • Net Interest Margin (Non-Tax Equivalent): 3.4% versus 3.5% estimated by four analysts on average.

  • Average Balance - Total interest-earning assets: $40.66 billion versus $40.61 billion estimated by three analysts on average.

  • Net charge-offs (recoveries) as a percentage of average loans (annualized): 0% versus 0.2% estimated by three analysts on average.

  • Total Nonperforming Assets: $174.52 million compared to the $179.33 million average estimate based on two analysts.

  • Net Interest Income: $343.94 million versus $351.35 million estimated by four analysts on average.

  • Total Noninterest Income: $71.56 million versus the four-analyst average estimate of $65.43 million.

  • Net interest income, tax equivalent (Non-GAAP): $344.46 million versus $350.46 million estimated by three analysts on average.

View all Key Company Metrics for SouthState here>>>

Shares of SouthState have returned -4.7% over the past month versus the Zacks S&P 500 composite's -3% 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