SouthState Bank (SSB) Q1 FY2024 earnings: revenue $415 million, down 8.2% on the year

SouthState Bank Corp. (SSB) reported revenue of $415 million for Q1 FY2024, the quarter ended 31 March 2024, down 8.2% on the same quarter a year earlier. Net income was $115 million, down 17.8% on the year, and diluted earnings per share $1.50. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$415 milliondown 8.2%

Net income$115 milliondown 17.8%

Diluted EPS$1.50

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	415	420	n/a	n/a
Interest expense	173	161	n/a	n/a
Pre-tax income	154	137	n/a	n/a
Income tax	38.5	29.8	n/a	n/a
Effective tax rate	25.1%	21.8%	n/a
Net income	115	107	n/a	n/a
Net margin	27.7%	25.4%	n/a
Diluted EPS	$1.50	$1.39	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	278	-274	n/a	n/a
Capital expenditure	5.5	12.5	n/a	n/a
Free cash flow	272	-287	n/a	n/a
Cash from investing	-106	-200	n/a	n/a
Cash from financing	38.9	144	n/a	n/a
Share-based compensation	5.9	7.4	n/a	n/a
Buybacks	15.9	8.7	n/a	n/a
Dividends paid	40.8	39.7	n/a	n/a
Dividend per share	$0.52	n/a	n/a	n/a
Diluted shares, weighted	77m	77m	n/a	n/a
Shares outstanding at period end	76m	76m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	5,547	5,533	n/a	n/a
Deposits	37,178	37,049	n/a	n/a
Other liabilities	2,419	2,320	n/a	n/a
Total liabilities and equity	45,145	44,902	n/a	n/a
Goodwill	1,923	1,923	n/a	n/a
Intangible assets	83.2	88.8	n/a	n/a
Securities held for sale or to maturity	4,598	4,784	n/a	n/a
Loans	32,198	31,932	n/a	n/a
Cash and equivalents	1,209	999	n/a	n/a
Other assets	5,133	5,175	n/a	n/a
Total assets	45,145	44,902	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	428	420	415	425	426	450	631	665	699	687	662	673
Interest expense	145	161	173	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	157	137	154	173	187	187	121	282	321	315	291	299
Tax rate	21%	22%	25%	23%	23%	23%	27%	24%	23%	21%	22%	23%
Net income	124	107	115	132	143	144	89.1	215	247	248	226	230
Net margin	29%	25%	28%	31%	34%	32%	14%	32%	35%	36%	34%	34%
Diluted EPS	$1.62	$1.39	$1.50	$1.73	$1.86	$1.88	$0.87	$2.11	$2.42	$2.46	$2.28	$2.35
Operating cash flow	449	-274	278	127	-247	354	-126	72.6	122	232	299	274
Capital expenditure	11.3	12.5	5.5	9.5	7.4	13.4	12.8	20.1	20.7	16.6	16.1	13.8
Free cash flow	438	-287	272	117	-254	341	-139	52.5	102	215	283	260
Buybacks	0.4	8.7	15.9	0.1	0.6	0.1	11.2	0.1	43.0	182	160	98.0
Dividends paid	39.6	39.7	40.8	39.7	41.2	41.2	55.8	54.8	60.6	60.0	60.1	58.2
Shares outstanding	76m	76m	76m	76m	76m	76m	101m	101m	101m	99m	98m	97m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001558370-24-006602: the filing on EDGAR. All of SouthState Bank Corp.'s filings: EDGAR company page.

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