{"id":516945,"date":"2021-07-23T06:04:17","date_gmt":"2021-07-23T10:04:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/southstate-corporation-reports-second-quarter-2021-results\/"},"modified":"2021-07-23T06:04:17","modified_gmt":"2021-07-23T10:04:17","slug":"southstate-corporation-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/southstate-corporation-reports-second-quarter-2021-results\/","title":{"rendered":"SouthState Corporation Reports Second Quarter 2021 Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n WINTER HAVEN, Fla.<\/span>, July 23, 2021<\/span> \/PRNewswire\/ —\u00a0SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month period ended June 30, 2021<\/span>. <\/p>\n

\n

\n
\n \"SouthState
\n <\/a>\n <\/p>\n<\/p><\/div>\n

The Company reported consolidated net income of $1.39<\/span> per diluted common share for the three months ended June 30, 2021<\/span>, compared to $2.06<\/span> per diluted common share for the three months ended March 31, 2021<\/span>, and compared to consolidated net loss of ($1.96)<\/span> per diluted common share one year ago.\u00a0 <\/p>\n

Adjusted net income (non-GAAP) totaled $1.87<\/span> per diluted share for the three months ended June 30, 2021<\/span>, compared to $2.17<\/span> per diluted share for the three months ended March 31, 2021<\/span>, and compared to $0.89<\/span> per diluted share one year ago.\u00a0 Adjusted net income in the second quarter of 2021 excludes $25.6 million<\/span> of merger-related and branch closure costs (after-tax), $9.1 million<\/span> of extinguishment of debt cost (after-tax) and $28,000<\/span> in gains from security sales (after-tax).\u00a0 <\/p>\n

Net income was negatively impacted during the second quarter of 2021 by a $10.3 million<\/span> decline in accretion on acquired loans and PPP fees compared to the previous quarter.\u00a0 Core net interest income (non-GAAP), excluding such accretion, increased $1.4 million<\/span> from the first quarter of 2021.\u00a0 Net income during the second quarter of 2021 was also impacted by the effect of pipeline marks included in mortgage banking revenue, which declined by $16.8 million<\/span>, in spite of a $105 million<\/span> quarterly increase in production to $1.4 billion<\/span>.\u00a0 A healthy 72% of mortgage production during the second quarter of 2021 was purchase volume, and portfolio loans increased to 43% of total production from 33% in the first quarter of 2021. <\/p>\n

“We experienced solid growth this quarter, with loans increasing 3% annualized, loan production up 25% from the first quarter of 2021, and our commercial loan pipeline nearly double the level of the pandemic lows. In addition, core net interest income increased for the first time since the start of the pandemic,” said John C. Corbett<\/span>, Chief Executive Officer.\u00a0 “We made the strategic decision to retain more of our mortgage production on balance sheet which resulted in a negative pipeline mark but will drive higher interest revenue moving forward.”<\/p>\n

Highlights of the second quarter of 2021 include: <\/p>\n

\n
\n Returns<\/u>
\n <\/b>\n <\/p>\n