Southstate Bank Corporation · NYSE:SSB
Southstate Bank — South State — Q1 2016 Earnings Presentation
10 slides from Southstate Bank's earnings presentation, Apr 22, 2016
Slide 1: 1st Quarter 2016 Earnings Call
1st Quarter 2016 Earnings Call April 22, 2016
Slide 2: Forward Looking Statements and Non GAAP Measures
Forward Looking Statements and Non GAAP Measures Cautionary Statement Regarding Forward Looking Statements Statements included in this report which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Se
Slide 3: 1st Quarter 2016 Highlights
1st Quarter 2016 Highlights ! Operating Earnings of $25.0 million • $1.04 per diluted share • Operating Return on Average Assets 1.18% • Operating Return on Average Tangible Equity 15.36% ! Cash dividend of $0.30 per common share ! Net Income of $24.5 million, $1.01 per diluted share 3
Slide 4: Highlights: Loan Growth, Deposits and Asset Quality
1st Quarter 2016 Highlights ! Net Loan Growth – 10.7% Annualized • Strong Non-Acquired Loan Growth - $252 million, 24% annualized Outpaced Acquired run-off by $160 million • ! Non-Interest Bearing DDA Growth • Increased $44 million to over $2 billion ! Continued Asset Quality improvement • • NPA’s/
Slide 5: Highlights: Margin, Net Interest Income and Non-Interest Income
1st Quarter 2016 Highlights ! Margin up 5 bp to 4.37% ! Net Interest Income increase of $170 thousand linked quarter ! Non Interest Income (operating): —Fees on Deposit Accounts —MortgageBanking —Wealth Management —Amortization of $ 29.9 million $ 20.1 $ 4.2 $ 4.8 $(1.5) FDIC Indemnification Asset 5
Slide 6: Net Interest Margin
Net Interest Margin $85.0 $81.0 5.00% $80.0 $80.2 $80.0 $80.1 $75.0 $70.0 4.50% 4.32% 4.29% $65.0 4.24% $60.0 4.00% $55.0 $50.0 3.50% $45.0 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 NIM includes Amortization of Indemnification Asset Net Interest Income includes Amortization of IA Net Interest Margin N
Slide 7: Average Interest Earning Assets
Average Interest Earning Assets 7Quarterly Averages Assets12/31/ 20153/31/2016Net Change Short-Term Investments$ 689.8 $ 475.2($ 214.6) Investment Securities943.71,021.677.9 Loans - Acquired1,824.71,735.6 (89.1) Loans - Non-Acquired4,080.0 4,330.8 250.8 Total Loans$ 5,904.7$ 6,066.4 161.7 Loans Held
Slide 8: Efficiency Ratio
Efficiency Ratio 70.0% 64.4% 65.0% 64.2% 64.1% 60.0% 55.0% 50.0% 1Q 2015 Efficiency Ratio 2Q 2015 3Q 2015 4Q 2015 1Q 2016 Operating Efficiency Ratio (excluding one-time costs) 8 See Endnotes (2) 65.1% 65.1% 63.2% 61.7% 62.7% 63.2% 61.2%
Slide 9: Operating Earnings Per Share
Operating Earnings Per Share $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-2011 2012 2013 2014 2015 2016 YTD 9 See Endnotes (3) $4.31 $3.75 $3.16 $2.49 $1.05$1.04
Slide 10: Endnotes
Endnotes 1. Income reduced by amortization of Indemnification Asset and average balance increased for the average loan Indemnification Asset balance 2. Efficiency ratio = NIE / Net Int Inc + Non Int Inc less securities gain/(loss) Operating efficiency ratio = same as above except exc’l one-time item