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SouthState News Release CORPORATION SouthState Corporation Reports First Quarter 2021 Results Declares Quarterly Cash Dividend FOR IMMEDIATE RELEASE Media Contact Jackie Smith , 803.231.3486 WINTER HAVEN , FL - April 28 , 2021 - SouthState Corporation ( NASDAQ : SSB ) today released its unaudited results of operations and other financial information for the three - month period ended March 31 , 2021 . The Company reported consolidated net income of $ 2.06 per diluted common share for the three months ended March 31 , 2021 , compared to $ 1.21 per diluted common share for the three months ended December 31 , 2020 , and compared to $ 0.71 per diluted common share one year ago . Adjusted net income ( non - GAAP ) totaled $ 2.17 per diluted share for the three months ended March 31 , 2021 , compared to $ 1.44 per diluted share , in the fourth quarter of 2020 , and compared to $ 0.82 per diluted share one year ago . Adjusted net income in the first quarter of 2021 excludes $ 7.8 million of merger - related and branch closure costs ( after - tax ) . In the fourth quarter of 2020 , adjusted net income excluded $ 16.3 million of merger - related and branch closure costs ( after - tax ) , $ 31.8 million in swap termination expense ( after - tax ) , and $ 31.5 million of income tax benefit related to the ability to carryback tax losses under the CARES Act . Highlights of the first quarter of 2021 include : Returns Reported & adjusted diluted Earnings per Share ( " EPS " ) of $ 2.06 and $ 2.17 ( Non - GAAP ) , respectively Recorded a negative provision for credit losses of $ 58.4 million compared to $ 18.2 million in provision expense in the prior quarter Reported & adjusted Return on Average Tangible Common Equity of 21.2 % ( Non - GAAP ) and 22.2 % ( Non - GAAP ) , respectively Pre - Provision Net Revenue ( " PPNR " ) of $ 140 million , or 1.48 % PPNR ROAA ( Non - GAAP ) Book value per share of $ 66.42 increased by $ 0.93 per share compared to the prior quarter Tangible book value ( " TBV " ) per share of $ 42.02 ( Non - GAAP ) , up $ 4.01 , or 10.5 % from the year ago figure Performance Net interest margin ( " NIM " , tax equivalent ) of 3.12 % , down 2 basis points from prior quarter Recognized $ 10.4 million in loan accretion compared to $ 12.7 million in the prior quarter Recognized $ 20.4 million in PPP net deferred loan fee income compared to $ 16.6 million in the prior quarter Total deposit cost of 0.15 % down 2 basis points from prior quarter Noninterest income of $ 96.3 million , 1.02 % of assets Balance Sheet / Credit Total deposits increased $ 1.7 billion with core deposit growth totaling $ 2.0 billion , or 30.3 % annualized ; 33.3 % of deposits are noninterest - bearing • Loans , excluding PPP loans , decreased $ 185.0 million , or 3.3 % annualized , centered in $ 131.1 million decline in consumer real estate loans and home equity lines of credit ; C & I loans grew for the third consecutive quarter • Total PPP loans grew by $ 12.3 million , including the addition of $ 731.8 million round 2 PPP loans Net loan recoveries of $ 21,000 , or 0.00 % annualized Loan deferrals totaled $ 186.3 million , or 0.83 % of the total loan portfolio , excluding PPP loans and held for sale loans as of March 31 , 2021 Other Events Completed Duncan - Williams , Inc. acquisition on February 1 , 2021 1