Southstate Bank Corporation · NYSE:SSB
Southstate Bank — South State — Q2 2014 Earnings Presentation
9 slides from Southstate Bank's earnings presentation, Jul 29, 2014
Slide 1: 2nd Quarter 2014 Earnings Call
2nd Quarter 2014 Earnings Call July 29, 2014
Slide 2: Cautionary Statement Regarding Forward Looking Statements
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 1934.
Slide 3: 2nd Quarter Highlights
Record Operating Earnings $22.2 million $0.92 per diluted share Operating ROAA 1.12% Operating Return on Average Tangible Common Equity 16.59% Cash dividend of $0.21 per common share Net Income of $17.9 million, $0.74 per diluted share 2nd Quarter Highlights
Slide 4: 2nd Quarter Highlights
Annualized Organic Loan Growth of 26 % Net Loan Growth: Organic growth exceeded acquired runoff in 2nd Quarter Credit Card Sale of $18.0 million OREO sale in late May 2014: $5.5 million in asset reduction Asset Quality: Improvement Trend Continues Classifieds down $12.8 million NPAs down $5.3 millio
Slide 5: Interest Earning Assets
Interest Earning Assets Assets 03/31/2014 06/30/2014 Net Change Short-Term Investments $ 412.9 $ 410.7 $ (2.2) Investment Securities 814.5 816.7 2.2 Loans - Acquired 2,626.0 2,494.9 (131.1) Loans - Non-Acquired 2,980.0 3,174.6 194.6 Total Loans $ 5,606.0 $ 5,669.5 $ 63.5 Loans Held for Sale 57.2 56.
Slide 6: Net Interest Margin
Net Interest Margin See Endnotes (1)
Slide 7: Efficiency Ratio
Efficiency Ratio See Endnotes (2)
Slide 8: Operating Earnings Per Share
Operating Earnings Per Share Savannah Bancorp Closing: December 13, 2012 Conversion: February 2013 First Financial Holdings Closing: July 26, 2013 Conversion: July 19, 2014 See Endnotes (3) Peoples Bancorporation Closing: April 24, 2012 Conversion: June 2012
Slide 9: Endnotes
Income reduced by amortization of Indemnification Asset and average balance increased for the average loan Indemnification Asset balance 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 cost & OREO r