The headline numbers for SouthState (SSB) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
SouthState (SSB) came out with quarterly earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.53 per share. This compares to earnings of $1.63 per share a year ago.
SouthState (SSB) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
SouthState continues to aggressively pursue growth across the Southeastern U.S., and the acquisition of Independent Bank gives the company a foothold in the attractive Texas market. IBTX will give SouthState some attractive growth leverage, and long-term funding and margin improvement opportunities, but a retail and office-heavy portfolio is a near-term risk. I expected around 7% core earnings growth from SouthState before the deal, supporting a fair value in the low-$80's, and I think IBTX will be a value-adding deal over time.
SouthState (SSB) announces a deal to acquire Independent Bank. This deal is set to help SSB to fortify its loans and deposit base and expand its geographical locations.
Independent Bank Group Inc. will no longer be independent, after the Texas-based bank announced Friday an agreement to be acquired by Florida's SouthState Corp. in an all-stock deal valued at about $2 billion.