South State reports Q4 adjusted EPS $1.90, consensus $2.02

Reports Q4 net Interest Margin, non-tax equivalent and tax equivalent, of 3.96% and 3.99%, respectively, up 41 basis points from prior quarter. "The resilience of SouthState’s deposit franchise drove our performance in the 4th quarter and in 2022," said John C. Corbett, Chief Executive Officer. "With a cumulative deposit beta of 5% and a total cost of deposits of 21 basis points, our net interest margin expanded 120 basis points in 2022 and our PPNR per share increased 60% from the same quarter last year. In addition to the strength of the deposit franchise, our loan portfolio grew 19% annualized in the current quarter and asset quality metrics remain pristine. With the benefit of continued population migration to our southeast markets, our team is energized about the prospects for 2023 and the years ahead."