Southstate Bank Corporation · NYSE:SSB
Southstate Bank — South State — Q4 2017 Earnings Presentation
11 slides from Southstate Bank's earnings presentation, Jan 23, 2018
Slide 1: 4th Quarter 2017 Earnings Call
4th Quarter 2017 Earnings Call January 23, 2018
Slide 2: Forward Looking Statements
Forward Looking Statements Statements included in this communication, 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 27A of the Securities Act of 1933 and Section 21E of the Securitie
Slide 3: 2017 Highlights
2017 Highlights *Adjusted is a Non-GAAP financial measure that excludes the impact of branch consolidation, merger related expenses, securities gains or losses, and deferred tax asset revaluation. 4Q17 2017 Net Income $2.4 million $87.6 million EPS $0.08 $2.93 Return on Average Assets 0.08% 0.77% Re
Slide 4: 2017 Highlights
2017 Highlights (in millions) 4Q17 2017 Net Income (GAAP) $2.4 $87.6 Securities (Gains) Losses, net of tax -- (0.5) Merger Related and Branch Consolidation Expense, net of tax 12.4 31.4 Provision for Income Taxes – DTA Write-Off 26.6 26.6 Adjusted* Net Income $41.4 $145.1 *Adjusted is a Non-GAAP fin
Slide 5: Net Interest Margin
Net Interest Margin In Millions
Slide 6: Interest Earning Assets
Interest Earning Assets 12/31/2017 Assets % of Earning Assets Average Balance % of Earning Assets Period End Balance Net Change Short-Term Investments 2.0% 216 $ 1.0% 122 $ (94) $ Investment Securities 13.5% 1,459 13.4% 1,674 215 Loans - Acquired 25.4% 2,740 33.1% 4,131 1,391 Loans - NonAcquired 58.
Slide 7: Acquired Loan Portfolio
Acquired Loan Portfolio As of December 31, 2017 Balance Sheet UPB Discount Carrying Value Average Balance Accretable Yield / Disc Acquired Credit Impaired $701.5 ($82.7) $618.8 $586.5 $133.1 Acquired NonCredit Impaired 3,573.1 (65.2) 3,507.9 2,154.0 65.2 Total $4,274.6 ($147.9) $4,126.7 $2,740.5 $19
Slide 8: Efficiency Ratio
Efficiency Ratio * *Adjusted is a Non-GAAP financial measure that excludes the impact of branch consolidation, merger related expenses, and securities gains or losses.
Slide 9: Park Sterling Merger Update
Park Sterling Merger Update Mid single-digit EPS accretion post integration Tangible book value earnback in 3 to 4 years Expense saves expected to be 35% of PSTB noninterest expenses, realized post integration Preservation of strong capital position Balance sheet repositioning in process Expected co
Slide 10: Earnings Per Diluted Share
Earnings Per Diluted Share *Adjusted is a Non-GAAP financial measure that excludes the impact of branch consolidation, merger related expenses, securities gains or losses, and deferred tax asset revaluation.
Slide 11: Tangible Book Value
Tangible Book Value $31.22 $31.77 $32.70 $33.66 $33.61 $30.00 $35.00 4Q16 1Q17 2Q17 3Q17 4Q17