Here’s what key metrics tell us about SouthState’s (SSB) third-quarter earnings

On By Yukito

For the quarter ended September 2024, SouthState (SSB) reported revenue of $426.41 million, down 0.4% from the same period last year. EPS was $1.90 compared to $1.62 in the year-ago quarter.

The reported revenues represent a surprise of -1.06% from the Zacks Consensus Estimate of $430.98 million. With the consensus EPS estimate of $1.67, the EPS surprise was +13.77%.

While investors analyze year-over-year changes in revenue and earnings and how they compare to Wall Street expectations to determine the next move, certain key metrics always give a more accurate picture of a company’s financial health.

Because these metrics play a key role in shaping financial performance and earnings, comparing them with year-ago data and analyst estimates helps investors better forecast stock price behavior.

Here are SouthState’s performance in the just-reported quarter in terms of the metrics most frequently monitored and predicted by Wall Street analysts:

  • Net interest margin (non-tax equivalent): 3.4% compared to 3.5% estimated on average by four analysts.

  • Performance factor: 56.6% compared to 57.5% estimated on average by four analysts.

  • Net write-offs (recoveries) as a percentage of average loans (annualized): 0.1% compared to three analysts’ average estimate of 0.1%.

  • Average Balance – The total of interest-earning assets: $41.22 billion compared to three analysts’ average estimate of $41.24 billion.

  • Total non-performing assets: $190.96 million compared to the average estimate of $199.85 million from two analysts.

  • Net interest income: $351.48 million compared to the $358.55 million estimated by four analysts on average.

  • Total non-interest income: $74.93 million compared to four analysts’ average estimate of $72.42 million.

  • Net interest income, tax equivalent (non-GAAP): $351.97 million compared to the $359.89 million estimated by three analysts on average.

View all key company metrics for SouthState here>>>

Shares of SouthState have moved -0.1% over the past month compared to the Zacks S&P 500 Index’s move of +2.7%. The stock currently has a Zacks Rank #3 (Hold), which indicates it may outperform the broader market in the near future.

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