SouthState Corp (NASDAQ:SSB) stock rose 1.30% (As on Jan 25, 11:55:15 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. The company delivered the net income and adjusted net income of $106.8 million and $112.1 million (Non-GAAP), respectively. The company posted return on average common equity of 8.84% and reported and adjusted return on average tangible common equity of 14.6% (NonGAAP) and 15.3% (Non-GAAP), respectively. The company posted return on Average Assets (“ROAA”) and adjusted ROAA of 1.02% and 1.08% (Non-GAAP), respectively. Pre-Provision Net Revenue (“PPNR”) was of $132.6 million (Non-GAAP), or 1.27% PPNR ROAA (Non-GAAP). The book value per share of $69.27 increased by $0.72 per share compared to the prior quarter. Tangible Book Value (“TBV”) per share was of $44.62 (Non-GAAP), up $3.46, or 8.4% from the year ago quarter. The company has recorded a negative provision for credit losses of $9.2 million compared to a negative provision for credit losses of $38.9 million in the prior quarter

SSB in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.59, beating the analysts’ estimates for the adjusted earnings per share of $1.52, according to Zacks Investment Research. The company had reported the adjusted revenue of $350 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $340.7 million. Net interest income of $258.1 million; core net interest income (non-GAAP) (excluding loan accretion and deferred fees on PPP) increased $6.4 million from prior quarter. Loans, excluding PPP loans, increased $395.8 million, or 6.7% annualized, centered in $279.4 million growth in investor commercial real estate, commercial owner occupied real estate, and single family construction to permanent loans (which are included in the construction and land development loans category) and $73.4 million growth in consumer real estate loans. Total deposits increased $1.5 billion, or 17.7% annualized, with core deposit growth totaling $1.7 billion, or 21.8% annualized.

Additionally, the company has repurchased 632,450 shares during 4Q 2021 at a weighted average price of $79.35, bringing total 2021 repurchases to approximately 1.82 million shares at a weighted average price of $80.51; approximately 6,000 shares purchased in January 2022. The company has received OCC and Atlantic Capital Bancshares, Inc. (“ACBI”) shareholders’ approvals for the ACBI merger, awaiting FRB approval. The company has declared a cash dividend on common stock of $0.49 per share, payable on February 18, 2022 to shareholders of record as of February 11, 2022.