Southstate Bank Corporation · NYSE:SSB
Southstate Bank — South State — Q1 2018 Earnings Presentation
10 slides from Southstate Bank's earnings presentation, Apr 24, 2018
Slide 1: 1st Quarter 2018 Earnings Call
1st Quarter 2018 Earnings Call April 24, 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: 1Q 2018 Highlights
1Q 2018 Highlights GAAP Adjusted* Net Income $42.3 million $51.2 million EPS $1.15 $1.39 Return on Average Assets 1.19% 1.44% Return on Average Tangible Equity 14.69% 17.60% Efficiency Ratio 67.2% 60.7% *Adjusted is a Non-GAAP financial measure that excludes the impact of branch consolidation, merge
Slide 4: Net Interest Margin
Net Interest Margin In Millions
Slide 5: Average Interest Earning Assets
Average Interest Earning Assets Quarterly Averages Assets % of Earning Assets 4Q 2017 % of Earning Assets 1Q 2018 Net Change Short-Term Investments 2.0% 216 $ 1.3% 166 $ (50) $ Investment Securities 13.5% 1,458 13.4% 1,666 208 Loans - Acquired 25.4% 2,741 32.1% 4,008 1,267 Loans - NonAcquired 58.7%
Slide 6: Acquired Loan Portfolio
Acquired Loan Portfolio As of March 31, 2018 Balance Sheet UPB Discount Carrying Value Average Balance Accretable Yield / Disc Acquired Credit Impaired $673.8 ($76.5) $597.3 $603.6 $129.8 Acquired NonCredit Impaired 3,330.2 (55.3) 3,274.9 3,404.2 55.3 Total $4,004.0 ($131.8) $3,872.2 $4,007.8 $185.1
Slide 7: 1st Quarter 2018 Highlights: Noninterest Income
In Millions 1st Quarter 2018 Highlights Noninterest Income 4Q 2017 1Q 2018 Net Change Fees on Deposit Accounts 23.6 $ 25.5 $ 1.9 $ Mortgage Banking 3.7 4.9 1.2 Wealth Management 6.7 7.5 0.8 Acquired Loan Recoveries 2.9 3.0 0.1 Other Income 2.2 2.6 0.4 Total Noninterest Income 39.1 $ 43.5 $ 4.4 $
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: 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. 1Q $1.15 2Q $1.18 3Q $1.22 4Q $1.30
Slide 10: Tangible Book Value
Tangible Book Value $31.77 $32.70 $33.66 $33.61 $34.05 $30.00 $35.00 1Q17 2Q17 3Q17 4Q17 1Q18