Southstate Bank Corporation · NYSE:SSB
Southstate Bank — South State — Q4 2014 Earnings Presentation
10 slides from Southstate Bank's earnings presentation, Jan 27, 2015
Slide 1: 4th Quarter 2014 Earnings Call
1 4th Quarter 2014 Earnings Call January 27, 2015
Slide 2: Cautionary Statement Regarding Forward Looking Statements
2 2 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 Section 21E of the Securities Exchange Act of 1
Slide 3: 2014 Highlights
3 3 . Record Operating Earnings $90.6 million – $3.75 per diluted share – Operating ROAA 1.15% – Operating Return on Average Tangible Common Equity 16.56% . Cash dividend of $0.82 per common share . Net Income of $74.4 million, $3.08 per diluted share 2014 Highlights
Slide 4: 4th Quarter 2014 Highlights
4 4 . Record Operating Earnings $24.4 million – $1.01 per diluted share – Operating ROAA 1.23% – Operating Return on Average Tangible Common Equity 16.85% . Cash dividend of $0.23 per common share . Net Income of $21.2 million, $0.88 per diluted share 4th Quarter 2014 Highlights
Slide 5: 4th Quarter 2014 Highlights
5 5 .Organic Loan Growth of 19.7 % Linked quarter –Net Loan Growth 3.7% .Margin expanded to 4.72% .Non Interest Income : $ 25.3 million —Mortgage Banking $ 4.1 —Wealth Management $ 4.5 —Negative Accretion $ (4.2) 4th Quarter 2014 Highlights
Slide 6: Quarterly Averages: Average Interest Earning Assets
6 6 Average Interest Earning Assets Assets 09/30/ 2014 12/31/2014 Net Change Short-Term Investments $ 392.4 $ 381.5 $ ( 10.9) Investment Securities 822.8 819.6 ( 3.2) Loans - Acquired 2,417.0 2,298.5 (118.5) Loans - Non-Acquired 3,246.0 3,382.8 136.8 Total Loans $ 5,663.0 $ 5,681.3 $ 18.3 Loans Held
Slide 7: Net Interest Margin
7 7 4.00% 4.50% 5.00% 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 4.43% 4.53% 4.38% 4.35% 4.46% 4.91% 4.99% 4.75% 4.65% 4.72% NIM including Amortization of Indemnification Asset (1) Net Interest Margin Net Interest Margin See Endnotes (1)
Slide 8: Efficiency Ratio
8 8 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 66.3% 64.1% 63.6% 61.3% 62.7% 79.2% 73.8% 71.5% 71.0% 69.3% Operating Efficiency Ratio (exc'l OREO, loan related and merger related cost) Efficiency Ratio Efficiency Ratio See Endnotes (2)
Slide 9: Operating Earnings Per Share
9 9 $0.51 $0.63 $0.63 $0.72 $0.71 $0.77 $0.85 $0.80 $0.82 $0.92 $1.00 $1.01 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q 14 4Q 14 Peoples Bancorporation Closing: April 24, 2012 Conversion: June 2012 Operating Earnings Per Share Savannah Bancorp
Slide 10: Endnotes
10 10 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 (exc’l) = same as above except exc’l merger c