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SouthState CORPORATION News Release SouthState Corporation Reports Third Quarter 2021 Results Declares Quarterly Cash Dividend FOR IMMEDIATE RELEASE Media Contact Jackie Smith , 803.231.3486 WINTER HAVEN , FL - October 27 , 2021 - SouthState Corporation ( NASDAQ : SSB ) today released its unaudited results of operations and other financial information for the three - month and nine - month periods ended September 30 , 2021 . The Company reported consolidated net income of $ 1.74 per diluted common share for the three months ended September 30 , 2021 , compared to $ 1.39 per diluted common share for the three months ended June 30 , 2021 , and compared to $ 1.34 per diluted common share one year ago . Adjusted net income ( non - GAAP ) totaled $ 1.94 per diluted share for the three months ended September 30 , 2021 , compared to $ 1.87 per diluted share for the three months ended June 30 , 2021 , and compared to $ 1.58 per diluted share one year ago . Adjusted net income in the third quarter of 2021 excludes $ 14.1 million of merger - related costs ( after - tax ) . " I'm pleased with our progress in the third quarter , particularly our 10 % annualized loan growth ( excluding PPP loans ) , " said John C. Corbett , Chief Executive Officer . " New loan production reached a record of $ 2.6 billion , up 72 % from a year ago . Additionally , planned cost savings from the recent systems conversion and a $ 5.8 million increase in core net interest income contributed to an increase of our pre - provision net revenue to $ 132.3 million . With surplus cash on our balance sheet , the pending acquisition of Atlantic Capital Bank in Atlanta and strong population growth in the Southeast , we are well positioned as we head into 2022. " Highlights of the third quarter of 2021 include : Returns Reported & adjusted diluted Earnings per Share ( " EPS " ) of $ 1.74 and $ 1.94 ( Non - GAAP ) , respectively Recorded a negative provision for credit losses of $ 38.9 million compared to a negative provision for credit losses of $ 58.8 million in the prior quarter Reported & adjusted Return on Average Tangible Common Equity of 16.9 % ( Non - GAAP ) and 18.7 % ( Non - GAAP ) , respectively Pre - Provision Net Revenue ( " PPNR " ) of $ 132.3 million ( Non - GAAP ) , or 1.29 % PPNR ROAA ( Non - GAAP ) Book value per share of $ 68.55 increased by $ 0.95 per share compared to the prior quarter Tangible book value ( " TBV " ) per share of $ 43.98 ( Non - GAAP ) , up $ 4.15 , or 10.4 % from a year ago quarter Performance Core net interest income ( non - GAAP ) ( excluding loan accretion and deferred fees on PPP ) increased $ 5.8 million from prior quarter Total deposit cost of 0.09 % , down 3 basis points from prior quarter Noninterest income of $ 87.0 million , up $ 8.0 million compared to the prior quarter , primarily due to a $ 5.4 million increase in mortgage banking income and $ 2.2 million increase in deposit fee income Balance Sheet / Credit Loans , excluding PPP loans , increased $ 573.3 million , or 10.0 % annualized , centered in $ 336.9 million growth in commercial and industrial loans and $ 215.5 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 ) Total deposits increased $ 318.2 million , or 3.8 % annualized , with core deposit growth totaling $ 662.7 million , or 8.8 % annualized 33.8 % of deposits are noninterest - bearing Net loan charge - offs of $ 46 thousand , or 0.00 % annualized Capital Returns Repurchased 485,491 shares during 3Q 2021 and approximately 120,000 shares in October 2021 , at a weighted average price of $ 74.71 , bringing total 2021 repurchases to approximately 1.31 million shares Subsequent Events Received OCC approval for the Atlantic Capital Bancshares , Inc. ( " ACBI " ) merger , awaiting FRB and ACBI shareholders ' approvals Declared a cash dividend on common stock of $ 0.49 per share , payable on November 19 , 2021 to shareholders of record as of November 12 , 2021