SouthState Reports 7% Loan Growth and 5% Deposit Growth in 2023
"SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John Corbett, SouthState's CEO. "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth. Asset quality remains strong, with annualized net charge-offs of just 9 basis points. In terms of profitability, we delivered a return on average assets of 1.37%. Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares - underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."
