SouthState Bank Corporation Reports Third Quarter 2026 Results, Declares Quarterly Cash Dividend
WINTER HAVEN, Fla., Oct. 21, 2026 /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2026.
"The third quarter was marked by strong balance sheet growth and a stable net interest margin," said John C. Corbett, SouthState's chief executive officer. "Loans and deposits each grew at a 9% annualized rate, with growth broad-based across our geographies and business lines, and boosted by the bankers we've added over the past year. Asset quality remains favorable, and while capital markets activity softened as treasury yields rose, the core franchise continues to perform well."
Highlights of the third quarter of 2026 include:
Returns
- Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.30
- Net Income of $224 million
- Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 16.6%*
- Return on Average Assets ("ROAA") of 1.29%*
- Book Value per Share of $93.51
- Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.19, an increase of 7% year over year, after raising the dividend by 10%, and repurchasing nearly 5% of the Company's shares over the past year
Performance
- Net Interest Income of $592 million, an increase of $16 million, or 3%, compared to the prior quarter
- Noninterest Income of $94 million, compared to $97 million in the prior quarter; Noninterest Income represented 0.54%* of average assets, compared to 0.57%* in the prior quarter
- Noninterest Expense of $375 million, an increase of $17 million compared to the prior quarter primarily due to an increase in salaries and employee benefits expense; compensation expense increases were due to July 1 merit increases, successful execution of the revenue producer hiring initiative, higher incentive accruals, and a reduction in deferred loan costs compared to the prior quarter
- Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.77% and 3.78%, respectively; loan accretion income of $27 million, a decrease of $6 million compared to the prior quarter and a decrease of $56 million year over year
- Net charge-offs totaled $12 million, or 0.09%* of average loans
- $20 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.29% of loans
- Efficiency Ratio of 52%
Balance Sheet
- Loans increased by $1.2 billion, or 9%*, compared to the prior quarter and increased by $4.4 billion, or 9%, year over year; deposits increased by $1.3 billion, or 9%*, and increased by $3.6 billion, or 7%, year over year; ending loan to deposit ratio of 90%
- Total deposit cost of 1.80%, up 0.04% from the prior quarter
- Repurchased a total of 250,000 shares during the quarter at a weighted average price of $104.45
- Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.4%, 13.5%, 9.4%, and 11.1%, respectively†
Subsequent Events
- The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.66 per share, payable on November 13, 2026 to shareholders of record as of November 6, 2026
∗ Annualized percentages |
† Preliminary |
Financial Performance
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||||||||||
INCOME STATEMENT | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||||||||
Loans, including fees (1) | $ | 772,100 | $ | 744,652 | $ | 721,571 | $ | 748,106 | $ | 782,382 | $ | 2,238,322 | $ | 2,253,471 | ||||||||||||||||||||||
Investment and trading securities, federal funds sold | ||||||||||||||||||||||||||||||||||||
and securities purchased under agreements to resell | 92,756 | 93,607 | 95,258 | 100,640 | 99,300 | 281,622 | 277,281 | |||||||||||||||||||||||||||||
Total interest income | 864,856 | 838,259 | 816,829 | 848,746 | 881,682 | 2,519,944 | 2,530,752 | |||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||||
Deposits | 256,051 | 244,216 | 238,522 | 250,189 | 257,271 | 738,789 | 744,820 | |||||||||||||||||||||||||||||
Federal funds purchased, securities sold under | ||||||||||||||||||||||||||||||||||||
agreements to repurchase, and other borrowings | 17,287 | 18,094 | 16,702 | 17,442 | 24,714 | 52,083 | 63,740 | |||||||||||||||||||||||||||||
Total interest expense | 273,338 | 262,310 | 255,224 | 267,631 | 281,985 | 790,872 | 808,560 | |||||||||||||||||||||||||||||
Net Interest Income | 591,518 | 575,949 | 561,605 | 581,115 | 599,697 | 1,729,072 | 1,722,192 | |||||||||||||||||||||||||||||
Provision for credit losses ("PCL") | 20,345 | 15,919 | 10,808 | 6,605 | 5,085 | 47,072 | 113,152 | |||||||||||||||||||||||||||||
Net Interest Income after PCL | 571,173 | 560,030 | 550,797 | 574,510 | 594,612 | 1,682,000 | 1,609,040 | |||||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||||||||||
Operating income | 93,911 | 96,726 | 100,098 | 105,753 | 99,086 | 290,735 | 271,523 | |||||||||||||||||||||||||||||
Securities losses, net | — | — | — | — | — | — | (228,811) | |||||||||||||||||||||||||||||
Gain on sale leaseback, net of transaction costs | — | — | — | — | — | — | 229,279 | |||||||||||||||||||||||||||||
Total noninterest income | 93,911 | 96,726 | 100,098 | 105,753 | 99,086 | 290,735 | 271,991 | |||||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||||||||||
Operating expense | 374,763 | 357,749 | 359,524 | 364,196 | 351,453 | 1,092,036 | 1,042,955 | |||||||||||||||||||||||||||||
Merger, branch consolidation, severance related, | ||||||||||||||||||||||||||||||||||||
and other expense (8) | — | — | — | 4,494 | 20,889 | — | 113,274 | |||||||||||||||||||||||||||||
FDIC special assessment | — | — | — | (3,835) | — | — | — | |||||||||||||||||||||||||||||
Total noninterest expense | 374,763 | 357,749 | 359,524 | 364,855 | 372,342 | 1,092,036 | 1,156,229 | |||||||||||||||||||||||||||||
Income before Income Tax Provision | 290,321 | 299,007 | 291,371 | 315,408 | 321,356 | 880,699 | 724,802 | |||||||||||||||||||||||||||||
Income tax provision | 66,523 | 68,985 | 65,551 | 67,686 | 74,715 | 201,059 | 173,857 | |||||||||||||||||||||||||||||
Net Income | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 247,722 | $ | 246,641 | $ | 679,640 | $ | 550,945 | ||||||||||||||||||||||
Adjusted Net Income (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||
Net Income (GAAP) | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 247,722 | $ | 246,641 | $ | 679,640 | $ | 550,945 | ||||||||||||||||||||||
Securities losses, net of tax | — | — | — | — | — | — | 178,639 | |||||||||||||||||||||||||||||
Gain on sale leaseback, net of transaction costs | ||||||||||||||||||||||||||||||||||||
and tax | — | — | — | — | — | — | (179,004) | |||||||||||||||||||||||||||||
Initial provision for credit losses - Non-PCD loans | ||||||||||||||||||||||||||||||||||||
and UFC from Independent, net of tax | — | — | — | — | — | — | 71,892 | |||||||||||||||||||||||||||||
Merger, branch consolidation, severance related, | ||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | — | — | 3,529 | 16,032 | — | 87,719 | |||||||||||||||||||||||||||||
Deferred tax asset remeasurement | — | — | — | — | — | — | 5,581 | |||||||||||||||||||||||||||||
FDIC special assessment, net of tax | — | — | — | (3,012) | — | — | — | |||||||||||||||||||||||||||||
Adjusted Net Income (non-GAAP) | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 248,239 | $ | 262,673 | $ | 679,640 | $ | 715,772 | ||||||||||||||||||||||
Basic earnings per common share | $ | 2.31 | $ | 2.36 | $ | 2.29 | $ | 2.48 | $ | 2.44 | $ | 6.96 | $ | 5.43 | ||||||||||||||||||||||
Diluted earnings per common share | $ | 2.30 | $ | 2.35 | $ | 2.28 | $ | 2.46 | $ | 2.42 | $ | 6.93 | $ | 5.41 | ||||||||||||||||||||||
Adjusted net income per common share - Basic | ||||||||||||||||||||||||||||||||||||
(non-GAAP) (2) | $ | 2.31 | $ | 2.36 | $ | 2.29 | $ | 2.48 | $ | 2.60 | $ | 6.96 | $ | 7.06 | ||||||||||||||||||||||
Adjusted net income per common share - Diluted | ||||||||||||||||||||||||||||||||||||
(non-GAAP) (2) | $ | 2.30 | $ | 2.35 | $ | 2.28 | $ | 2.47 | $ | 2.58 | $ | 6.93 | $ | 7.03 | ||||||||||||||||||||||
Dividends per common share | $ | 0.66 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 1.86 | $ | 1.68 | ||||||||||||||||||||||
Basic weighted-average common shares | ||||||||||||||||||||||||||||||||||||
outstanding | 96,922,986 | 97,300,899 | 98,544,242 | 100,063,315 | 101,218,431 | 97,583,437 | 101,373,803 | |||||||||||||||||||||||||||||
Diluted weighted-average common shares | ||||||||||||||||||||||||||||||||||||
outstanding | 97,429,305 | 97,676,767 | 98,922,258 | 100,618,796 | 101,735,095 | 98,001,720 | 101,807,090 | |||||||||||||||||||||||||||||
Effective tax rate | 22.91 | % | 23.07 | % | 22.50 | % | 21.46 | % | 23.25 | % | 22.83 | % | 23.99 | % | ||||||||||||||||||||||
Performance and Capital Ratios
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||||||||||
2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||||||||||||||
Return on average assets (annualized) | 1.29 | % | 1.36 | % | 1.37 | % | 1.47 | % | 1.49 | % | 1.34 | % | 1.14 | % | |||||||||||||||||||||
Adjusted return on average assets (annualized) (non-GAAP) (2) | 1.29 | % | 1.36 | % | 1.37 | % | 1.48 | % | 1.59 | % | 1.34 | % | 1.48 | % | |||||||||||||||||||||
Return on average common equity (annualized) | 9.70 | % | 10.19 | % | 10.11 | % | 10.90 | % | 11.04 | % | 10.00 | % | 8.50 | % | |||||||||||||||||||||
Adjusted return on average common equity (annualized) (non-GAAP) (2) | 9.70 | % | 10.19 | % | 10.11 | % | 10.92 | % | 11.75 | % | 10.00 | % | 11.05 | % | |||||||||||||||||||||
Return on average tangible common equity (annualized) (non-GAAP) (3) | 16.60 | % | 17.62 | % | 17.59 | % | 19.10 | % | 19.62 | % | 17.26 | % | 15.80 | % | |||||||||||||||||||||
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) | 16.60 | % | 17.62 | % | 17.59 | % | 19.14 | % | 20.81 | % | 17.26 | % | 20.10 | % | |||||||||||||||||||||
Efficiency ratio (tax equivalent) | 51.61 | % | 50.00 | % | 51.05 | % | 49.65 | % | 49.88 | % | 50.89 | % | 54.35 | % | |||||||||||||||||||||
Adjusted efficiency ratio (non-GAAP) (4) | 51.61 | % | 50.00 | % | 51.05 | % | 49.56 | % | 46.89 | % | 50.89 | % | 48.68 | % | |||||||||||||||||||||
Dividend payout ratio (5) | 28.60 | % | 25.31 | % | 26.12 | % | 24.23 | % | 24.59 | % | 26.66 | % | 30.89 | % | |||||||||||||||||||||
Book value per common share | $ | 93.51 | $ | 94.17 | $ | 92.21 | $ | 91.38 | $ | 89.14 | |||||||||||||||||||||||||
Tangible book value per common share (non-GAAP) (3) | $ | 58.19 | $ | 58.72 | $ | 56.90 | $ | 56.27 | $ | 54.48 | |||||||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||||||||||||||
Equity-to-assets | 12.8 | % | 13.3 | % | 13.3 | % | 13.5 | % | 13.6 | % | |||||||||||||||||||||||||
Tangible equity-to-tangible assets (non-GAAP) (3) | 8.4 | % | 8.7 | % | 8.6 | % | 8.8 | % | 8.8 | % | |||||||||||||||||||||||||
Tier 1 leverage (6) | 9.4 | % | 9.4 | % | 9.4 | % | 9.3 | % | 9.4 | % | |||||||||||||||||||||||||
Tier 1 common equity (6) | 11.1 | % | 11.1 | % | 11.3 | % | 11.4 | % | 11.5 | % | |||||||||||||||||||||||||
Tier 1 risk-based capital (6) | 11.1 | % | 11.1 | % | 11.3 | % | 11.4 | % | 11.5 | % | |||||||||||||||||||||||||
Total risk-based capital (6) | 13.5 | % | 13.5 | % | 13.7 | % | 13.8 | % | 14.0 | % | |||||||||||||||||||||||||
Balance Sheet
Ending Balance | ||||||||||||||||||||||||||
(Dollars in thousands, except per share and share data) | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||||||||||||
BALANCE SHEET | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash and due from banks | $ | 527,622 | $ | 649,079 | $ | 598,218 | $ | 583,375 | $ | 582,792 | ||||||||||||||||
Federal funds sold and interest-earning deposits with banks | 2,446,996 | 1,701,233 | 2,268,864 | 2,589,108 | 2,561,663 | |||||||||||||||||||||
Cash and cash equivalents | 2,974,618 | 2,350,312 | 2,867,082 | 3,172,483 | 3,144,455 | |||||||||||||||||||||
Trading securities, at fair value | 141,534 | 191,094 | 117,590 | 110,183 | 107,519 | |||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Securities held to maturity | 1,905,299 | 1,955,754 | 2,007,249 | 2,048,030 | 2,096,727 | |||||||||||||||||||||
Securities available for sale, at fair value | 6,393,309 | 6,598,177 | 6,530,348 | 6,313,756 | 6,042,800 | |||||||||||||||||||||
Other investments | 407,172 | 366,986 | 370,924 | 353,428 | 366,218 | |||||||||||||||||||||
Total investment securities | 8,705,780 | 8,920,917 | 8,908,521 | 8,715,214 | 8,505,745 | |||||||||||||||||||||
Loans held for sale | 296,835 | 405,441 | 327,935 | 345,343 | 346,673 | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||
Purchased credit deteriorated | 2,454,067 | 2,658,792 | 2,818,360 | 2,977,499 | 3,160,359 | |||||||||||||||||||||
Purchased non-credit deteriorated | 9,291,111 | 9,921,791 | 10,714,489 | 11,232,414 | 11,877,828 | |||||||||||||||||||||
Non-acquired | 40,307,915 | 38,266,289 | 35,963,934 | 34,388,614 | 32,629,724 | |||||||||||||||||||||
Less allowance for credit losses | (588,918) | (586,664) | (585,882) | (585,197) | (590,133) | |||||||||||||||||||||
Loans, net | 51,464,175 | 50,260,208 | 48,910,901 | 48,013,330 | 47,077,778 | |||||||||||||||||||||
Premises and equipment, net | 992,295 | 992,594 | 993,584 | 994,176 | 961,510 | |||||||||||||||||||||
Bank owned life insurance | 1,321,036 | 1,311,197 | 1,302,382 | 1,293,574 | 1,285,532 | |||||||||||||||||||||
Mortgage servicing rights | 101,990 | 91,442 | 90,018 | 84,032 | 84,491 | |||||||||||||||||||||
Core deposit and other intangibles | 322,589 | 343,424 | 364,686 | 386,326 | 409,890 | |||||||||||||||||||||
Goodwill | 3,094,059 | 3,094,059 | 3,094,059 | 3,094,059 | 3,094,059 | |||||||||||||||||||||
Other assets | 1,024,753 | 949,340 | 1,002,465 | 988,692 | 1,030,558 | |||||||||||||||||||||
Total assets | $ | 70,439,664 | $ | 68,910,028 | $ | 67,979,223 | $ | 67,197,412 | $ | 66,048,210 | ||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||
Noninterest-bearing | $ | 13,445,715 | $ | 13,451,094 | $ | 13,650,799 | $ | 13,375,697 | $ | 13,430,459 | ||||||||||||||||
Interest-bearing | 44,192,566 | 42,898,716 | 42,224,864 | 41,770,100 | 40,642,810 | |||||||||||||||||||||
Total deposits | 57,638,281 | 56,349,810 | 55,875,663 | 55,145,797 | 54,073,269 | |||||||||||||||||||||
Federal funds purchased and securities | ||||||||||||||||||||||||||
sold under agreements to repurchase | 498,173 | 569,486 | 643,386 | 618,215 | 594,092 | |||||||||||||||||||||
Other borrowings | 996,855 | 996,749 | 696,642 | 696,536 | 696,429 | |||||||||||||||||||||
Reserve for unfunded commitments | 82,299 | 76,525 | 69,229 | 69,619 | 68,538 | |||||||||||||||||||||
Other liabilities | 2,176,723 | 1,785,990 | 1,663,387 | 1,608,137 | 1,604,756 | |||||||||||||||||||||
Total liabilities | 61,392,331 | 59,778,560 | 58,948,307 | 58,138,304 | 57,037,084 | |||||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||
Common stock - $2.50 par value; authorized 160,000,000 shares | 241,894 | 242,428 | 244,844 | 247,845 | 252,723 | |||||||||||||||||||||
Surplus | 6,233,566 | 6,247,484 | 6,332,285 | 6,480,471 | 6,647,952 | |||||||||||||||||||||
Retained earnings | 3,111,483 | 2,951,691 | 2,779,896 | 2,614,173 | 2,426,463 | |||||||||||||||||||||
Accumulated other comprehensive loss | (539,610) | (310,135) | (326,109) | (283,381) | (316,012) | |||||||||||||||||||||
Total shareholders' equity | 9,047,333 | 9,131,468 | 9,030,916 | 9,059,108 | 9,011,126 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 70,439,664 | $ | 68,910,028 | $ | 67,979,223 | $ | 67,197,412 | $ | 66,048,210 | ||||||||||||||||
Common shares issued and outstanding | 96,757,601 | 96,971,142 | 97,937,653 | 99,138,204 | 101,089,231 | |||||||||||||||||||||
Net Interest Income and Margin
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||||||||||||||||
YIELD ANALYSIS | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and interest-earning deposits with banks | $ | 1,226,660 | $ | 9,861 | 3.19 | % | $ | 1,386,864 | $ | 12,236 | 3.54 | % | $ | 2,212,239 | $ | 23,271 | 4.17 | % | ||||||||||||||||||||||||
Investment securities | 9,265,691 | 82,895 | 3.55 | % | 9,213,359 | 81,371 | 3.54 | % | 8,624,670 | 76,029 | 3.50 | % | ||||||||||||||||||||||||||||||
Loans held for sale | 249,878 | 4,274 | 6.79 | % | 286,422 | 4,602 | 6.44 | % | 289,884 | 5,067 | 6.93 | % | ||||||||||||||||||||||||||||||
Total loans held for investment | 51,475,218 | 767,826 | 5.92 | % | 50,247,114 | 740,050 | 5.91 | % | 47,600,317 | 777,315 | 6.48 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 62,217,447 | 864,856 | 5.51 | % | 61,133,759 | 838,259 | 5.50 | % | 58,727,110 | 881,682 | 5.96 | % | ||||||||||||||||||||||||||||||
Noninterest-earning assets | 6,577,077 | 6,694,407 | 6,762,434 | |||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 68,794,524 | $ | 67,828,166 | $ | 65,489,544 | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities ("IBL"): | ||||||||||||||||||||||||||||||||||||||||||
Transaction and money market accounts | $ | 32,634,509 | $ | 189,191 | 2.30 | % | $ | 32,098,340 | $ | 180,220 | 2.25 | % | $ | 29,623,457 | $ | 187,627 | 2.51 | % | ||||||||||||||||||||||||
Savings deposits | 2,794,029 | 1,655 | 0.24 | % | 2,817,269 | 1,638 | 0.23 | % | 2,879,488 | 1,940 | 0.27 | % | ||||||||||||||||||||||||||||||
Certificates and other time deposits | 7,493,938 | 65,205 | 3.45 | % | 7,184,745 | 62,358 | 3.48 | % | 7,310,133 | 67,704 | 3.67 | % | ||||||||||||||||||||||||||||||
Federal funds purchased | 266,686 | 2,455 | 3.65 | % | 289,337 | 2,616 | 3.63 | % | 331,707 | 3,640 | 4.35 | % | ||||||||||||||||||||||||||||||
Repurchase agreements | 260,312 | 1,319 | 2.01 | % | 293,341 | 1,477 | 2.02 | % | 281,395 | 1,527 | 2.15 | % | ||||||||||||||||||||||||||||||
Other borrowings | 791,385 | 13,513 | 6.77 | % | 851,660 | 14,001 | 6.59 | % | 974,992 | 19,547 | 7.95 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 44,240,859 | 273,338 | 2.45 | % | 43,534,692 | 262,310 | 2.42 | % | 41,401,172 | 281,985 | 2.70 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 13,500,596 | 13,521,146 | 13,541,840 | |||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 1,898,722 | 1,719,228 | 1,679,124 | |||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 9,154,347 | 9,053,100 | 8,867,408 | |||||||||||||||||||||||||||||||||||||||
Total Non-IBL and shareholders' equity | 24,553,665 | 24,293,474 | 24,088,372 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 68,794,524 | $ | 67,828,166 | $ | 65,489,544 | ||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin (Non-Tax Equivalent) | $ | 591,518 | 3.77 | % | $ | 575,949 | 3.78 | % | $ | 599,697 | 4.05 | % | ||||||||||||||||||||||||||||||
Net Interest Margin (Tax Equivalent) (non-GAAP) | 3.78 | % | 3.78 | % | 4.06 | % | ||||||||||||||||||||||||||||||||||||
Total Deposit Cost (without Debt and Other Borrowings) | 1.80 | % | 1.76 | % | 1.91 | % | ||||||||||||||||||||||||||||||||||||
Overall Cost of Funds (including Demand Deposits) | 1.88 | % | 1.84 | % | 2.04 | % | ||||||||||||||||||||||||||||||||||||
Total Accretion on Acquired Loans (1) | $ | 26,642 | $ | 33,054 | $ | 82,976 | ||||||||||||||||||||||||||||||||||||
Tax Equivalent ("TE") Adjustment | $ | 769 | $ | 751 | $ | 718 | ||||||||||||||||||||||||||||||||||||
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $159.3 million as of September 30, 2026. |
Noninterest Income and Expense
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||||||
Fees on deposit accounts | $ | 42,811 | $ | 41,568 | $ | 38,699 | $ | 41,950 | $ | 42,572 | $ | 123,078 | $ | 116,374 | ||||||||||||||||||||||
Mortgage banking income | 5,630 | 4,890 | 11,016 | 5,158 | 5,462 | 21,536 | 19,135 | |||||||||||||||||||||||||||||
Trust and investment services income | 15,838 | 15,164 | 14,471 | 14,684 | 14,157 | 45,473 | 43,508 | |||||||||||||||||||||||||||||
Correspondent banking and capital markets income | 20,124 | 24,839 | 24,427 | 30,638 | 25,522 | 69,390 | 61,398 | |||||||||||||||||||||||||||||
Expense on centrally-cleared variation margin | (5,560) | (4,028) | (3,000) | (3,167) | (4,318) | (12,588) | (16,882) | |||||||||||||||||||||||||||||
Total correspondent banking and capital markets income | 14,564 | 20,811 | 21,427 | 27,471 | 21,204 | 56,802 | 44,516 | |||||||||||||||||||||||||||||
Bank owned life insurance income | 9,929 | 9,624 | 9,494 | 9,633 | 10,597 | 29,047 | 29,949 | |||||||||||||||||||||||||||||
Other | 5,139 | 4,669 | 4,991 | 6,857 | 5,094 | 14,799 | 18,041 | |||||||||||||||||||||||||||||
Securities losses, net | — | — | — | — | — | — | (228,811) | |||||||||||||||||||||||||||||
Gain on sale leaseback, net of transaction costs | — | — | — | — | — | — | 229,279 | |||||||||||||||||||||||||||||
Total Noninterest Income | $ | 93,911 | $ | 96,726 | $ | 100,098 | $ | 105,753 | $ | 99,086 | $ | 290,735 | $ | 271,991 | ||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 217,237 | $ | 205,377 | $ | 205,653 | $ | 202,714 | $ | 199,148 | $ | 628,267 | $ | 595,121 | ||||||||||||||||||||||
Occupancy expense | 44,136 | 43,878 | 42,302 | 42,567 | 40,874 | 130,316 | 117,874 | |||||||||||||||||||||||||||||
Information services expense | 29,968 | 29,136 | 29,704 | 30,443 | 28,988 | 88,808 | 90,505 | |||||||||||||||||||||||||||||
OREO and loan related expense | 3,106 | 952 | 4,378 | 867 | 5,427 | 8,436 | 9,506 | |||||||||||||||||||||||||||||
Business development and staff related | 10,877 | 10,639 | 11,362 | 13,485 | 8,907 | 32,877 | 22,600 | |||||||||||||||||||||||||||||
Amortization of intangibles | 20,628 | 21,041 | 21,304 | 23,417 | 23,426 | 62,973 | 71,305 | |||||||||||||||||||||||||||||
Professional fees | 5,898 | 5,090 | 5,239 | 7,410 | 4,994 | 16,227 | 14,361 | |||||||||||||||||||||||||||||
FDIC assessment and other regulatory charges | 10,911 | 10,753 | 10,257 | 9,884 | 8,374 | 31,921 | 31,101 | |||||||||||||||||||||||||||||
Advertising and marketing | 4,178 | 3,836 | 3,325 | 4,710 | 2,980 | 11,339 | 8,280 | |||||||||||||||||||||||||||||
Other operating expenses | 27,824 | 27,047 | 26,000 | 28,699 | 28,335 | 80,872 | 82,302 | |||||||||||||||||||||||||||||
Merger, branch consolidation, severance related and other expense (8) | — | — | — | 4,494 | 20,889 | — | 113,274 | |||||||||||||||||||||||||||||
FDIC special assessment | — | — | — | (3,835) | — | — | — | |||||||||||||||||||||||||||||
Total Noninterest Expense | $ | 374,763 | $ | 357,749 | $ | 359,524 | $ | 364,855 | $ | 372,342 | $ | 1,092,036 | $ | 1,156,229 | ||||||||||||||||||||||
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance | ||||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||||||||||||
LOAN PORTFOLIO (7) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||||||
Construction and land development * † | $ | 2,917,132 | $ | 2,982,968 | $ | 2,592,908 | $ | 2,548,360 | $ | 2,678,971 | ||||||||||||||||
Investor commercial real estate* | 19,079,859 | 18,656,455 | 18,298,938 | 17,883,913 | 17,603,205 | |||||||||||||||||||||
Commercial owner occupied real estate | 7,951,811 | 7,852,391 | 7,671,535 | 7,576,991 | 7,529,075 | |||||||||||||||||||||
Commercial and industrial | 9,804,607 | 9,378,444 | 9,385,926 | 9,181,408 | 8,644,636 | |||||||||||||||||||||
Consumer real estate * | 11,343,405 | 11,034,102 | 10,573,897 | 10,450,223 | 10,202,026 | |||||||||||||||||||||
Consumer/other | 956,279 | 942,512 | 973,579 | 957,632 | 1,009,998 | |||||||||||||||||||||
Total Loans | $ | 52,053,093 | $ | 50,846,872 | $ | 49,496,783 | $ | 48,598,527 | $ | 47,667,911 | ||||||||||||||||
* | Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans. |
† | Includes single family home construction-to-permanent loans of $370.5 million, $358.4 million, $360.4 million, $342.8 million, and $350.2 million, for the quarters ended September 30, 2026, June 30, 2026, March 31, 2036, December 31, 2025, and September 30, 2025, respectively. |
Ending Balance | ||||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||||||||||||
DEPOSITS | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||||||
Noninterest-bearing checking | $ | 13,445,715 | $ | 13,451,094 | $ | 13,650,799 | $ | 13,375,697 | $ | 13,430,459 | ||||||||||||||||
Interest-bearing checking | 14,323,722 | 14,710,312 | 14,119,614 | 13,838,558 | 12,906,408 | |||||||||||||||||||||
Savings | 2,775,607 | 2,796,845 | 2,841,408 | 2,820,621 | 2,853,410 | |||||||||||||||||||||
Money market | 18,741,198 | 17,531,137 | 18,014,140 | 17,751,688 | 17,251,469 | |||||||||||||||||||||
Time deposits | 8,352,039 | 7,860,422 | 7,249,702 | 7,359,233 | 7,631,523 | |||||||||||||||||||||
Total Deposits | $ | 57,638,281 | $ | 56,349,810 | $ | 55,875,663 | $ | 55,145,797 | $ | 54,073,269 | ||||||||||||||||
Asset Quality
Ending Balance | ||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||||||
NONPERFORMING ASSETS: | ||||||||||||||||||||||||||
Non-acquired | ||||||||||||||||||||||||||
Non-acquired nonaccrual loans and restructured loans on nonaccrual | $ | 159,465 | $ | 171,264 | $ | 177,158 | $ | 161,975 | $ | 146,751 | ||||||||||||||||
Accruing loans past due 90 days or more | 3,642 | 2,961 | 6,915 | 2,997 | 4,352 | |||||||||||||||||||||
Non-acquired OREO and other nonperforming assets | 11,939 | 11,722 | 8,339 | 5,273 | 11,969 | |||||||||||||||||||||
Total non-acquired nonperforming assets | 175,046 | 185,947 | 192,412 | 170,245 | 163,072 | |||||||||||||||||||||
Acquired | ||||||||||||||||||||||||||
Acquired nonaccrual loans and restructured loans on nonaccrual | 124,870 | 99,352 | 116,002 | 135,179 | 149,695 | |||||||||||||||||||||
Accruing loans past due 90 days or more | 6,987 | 835 | 1,986 | 1,944 | 891 | |||||||||||||||||||||
Acquired OREO and other nonperforming assets | 3,867 | 1,254 | 18,155 | 3,901 | 7,147 | |||||||||||||||||||||
Total acquired nonperforming assets | 135,724 | 101,441 | 136,143 | 141,024 | 157,733 | |||||||||||||||||||||
Total nonperforming assets | $ | 310,770 | $ | 287,388 | $ | 328,555 | $ | 311,269 | $ | 320,805 | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | ||||||||||||||||||||||
2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||||
ASSET QUALITY RATIOS (7): | ||||||||||||||||||||||||||
Allowance for credit losses as a percentage of loans | 1.13 | % | 1.15 | % | 1.18 | % | 1.20 | % | 1.24 | % | ||||||||||||||||
Allowance for credit losses, including reserve for unfunded commitments, | ||||||||||||||||||||||||||
as a percentage of loans | 1.29 | % | 1.30 | % | 1.32 | % | 1.35 | % | 1.38 | % | ||||||||||||||||
Allowance for credit losses as a percentage of nonperforming loans | 199.66 | % | 213.79 | % | 193.96 | % | 193.71 | % | 195.61 | % | ||||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.09 | % | 0.06 | % | 0.09 | % | 0.09 | % | 0.27 | % | ||||||||||||||||
Total nonperforming assets as a percentage of total assets | 0.44 | % | 0.42 | % | 0.48 | % | 0.46 | % | 0.49 | % | ||||||||||||||||
Nonperforming loans as a percentage of period end loans | 0.57 | % | 0.54 | % | 0.61 | % | 0.62 | % | 0.63 | % | ||||||||||||||||
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the third quarter of 2026:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC") | |||||||||||||||||||||
(Dollars in thousands) | Non-PCD ACL | PCD ACL | Total ACL | UFC | |||||||||||||||||
Ending balance 6/30/2026 | $ | 526,492 | $ | 60,172 | $ | 586,664 | $ | 76,525 | |||||||||||||
Charge offs | (10,354) | — | (10,354) | N/A | |||||||||||||||||
Acquired charge offs | (1,708) | (5,663) | (7,371) | N/A | |||||||||||||||||
Recoveries | 2,459 | — | 2,459 | N/A | |||||||||||||||||
Acquired recoveries | 1,017 | 1,932 | 2,949 | N/A | |||||||||||||||||
Provision for credit losses | 11,942 | 2,629 | 14,571 | 5,774 | |||||||||||||||||
Ending balance 9/30/2026 | $ | 529,848 | $ | 59,070 | $ | 588,918 | $ | 82,299 | |||||||||||||
Period end loans | $ | 49,599,026 | $ | 2,454,067 | $ | 52,053,093 | N/A | ||||||||||||||
Allowance for Credit Losses to Loans | 1.07 | % | 2.41 | % | 1.13 | % | N/A | ||||||||||||||
Unfunded commitments (off balance sheet) † | $ | 13,392,711 | |||||||||||||||||||
Reserve to unfunded commitments (off balance sheet) | 0.61 | % | |||||||||||||||||||
† | Unfunded commitments exclude unconditionally cancelable commitments and letters of credit. |
Conference Call
The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 22, 2026. Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference ID number is 728284222. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. A replay of the live webcast is expected to be available by the evening of October 22, 2026 on the Investor Relations section of SouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
(Dollars in thousands) | Three Months Ended | |||||||||||||||||||||||||||||
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP) | Sep. 30, 2026 | Jun. 30, 2026 | Mar. 31, 2026 | Dec. 31, 2025 | Sep. 30, 2025 | |||||||||||||||||||||||||
Net income (GAAP) | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 247,722 | $ | 246,641 | ||||||||||||||||||||
Provision for credit losses | 20,345 | 15,919 | 10,808 | 6,605 | 5,085 | |||||||||||||||||||||||||
Income tax provision | 66,523 | 68,985 | 65,551 | 67,686 | 74,715 | |||||||||||||||||||||||||
Merger, branch consolidation, severance related and other expense (8) | — | — | — | 4,494 | 20,889 | |||||||||||||||||||||||||
FDIC special assessment | — | — | — | (3,835) | — | |||||||||||||||||||||||||
Pre-provision net revenue (PPNR) (Non-GAAP) | $ | 310,666 | $ | 314,926 | $ | 302,179 | $ | 322,672 | $ | 347,330 | ||||||||||||||||||||
(Dollars in thousands) | Three Months Ended | |||||||||||||||||||||||||||||
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP) | Sep. 30, 2026 | Jun. 30, 2026 | Mar. 31, 2026 | Dec. 31, 2025 | Sep. 30, 2025 | |||||||||||||||||||||||||
Net interest income (GAAP) | $ | 591,518 | $ | 575,949 | $ | 561,605 | $ | 581,115 | $ | 599,697 | ||||||||||||||||||||
Total average interest-earning assets | 62,217,447 | 61,133,759 | 60,201,176 | 59,872,113 | 58,727,110 | |||||||||||||||||||||||||
NIM, non-tax equivalent | 3.77 | % | 3.78 | % | 3.78 | % | 3.85 | % | 4.05 | % | ||||||||||||||||||||
Tax equivalent adjustment (included in NIM, TE) | 769 | 751 | 760 | 800 | 718 | |||||||||||||||||||||||||
Net interest income, tax equivalent (Non-GAAP) | $ | 592,287 | $ | 576,700 | $ | 562,365 | $ | 581,915 | $ | 600,415 | ||||||||||||||||||||
NIM, TE (Non-GAAP) | 3.78 | % | 3.78 | % | 3.79 | % | 3.86 | % | 4.06 | % | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||
Adjusted Net Income (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 247,722 | $ | 246,641 | $ | 679,640 | $ | 550,945 | ||||||||||||||||||||||||||||
Securities losses, net of tax | — | — | — | — | — | — | 178,639 | |||||||||||||||||||||||||||||||||||
Gain on sale leaseback, net of transaction costs and tax | — | — | — | — | — | — | (179,004) | |||||||||||||||||||||||||||||||||||
PCL - Non-PCD loans and UFC, net of tax | — | — | — | — | — | — | 71,892 | |||||||||||||||||||||||||||||||||||
Merger, branch consolidation, severance related and other expense, | ||||||||||||||||||||||||||||||||||||||||||
net of tax (8) | — | — | — | 3,529 | 16,032 | — | 87,719 | |||||||||||||||||||||||||||||||||||
Deferred tax asset remeasurement | — | — | — | — | — | — | 5,581 | |||||||||||||||||||||||||||||||||||
FDIC special assessment, net of tax | — | — | — | (3,012) | — | — | — | |||||||||||||||||||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 223,798 | $ | 230,022 | $ | 225,820 | $ | 248,239 | $ | 262,673 | $ | 679,640 | $ | 715,772 | ||||||||||||||||||||||||||||
Adjusted Net Income per Common Share - Basic (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||||||||
Earnings per common share - Basic (GAAP) | $ | 2.31 | $ | 2.36 | $ | 2.29 | $ | 2.48 | $ | 2.44 | $ | 6.96 | $ | 5.43 | ||||||||||||||||||||||||||||
Effect to adjust for securities losses, net of tax | — | — | — | — | — | — | 1.76 | |||||||||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | — | — | — | — | — | — | (1.77) | |||||||||||||||||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | — | — | — | — | — | — | 0.71 | |||||||||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | — | — | 0.03 | 0.16 | — | 0.87 | |||||||||||||||||||||||||||||||||||
Effect to adjust for deferred tax asset remeasurement | — | — | — | — | — | — | 0.06 | |||||||||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | — | — | — | (0.03) | — | — | — | |||||||||||||||||||||||||||||||||||
Adjusted net income per common share - Basic (non-GAAP) | $ | 2.31 | $ | 2.36 | $ | 2.29 | $ | 2.48 | $ | 2.60 | $ | 6.96 | $ | 7.06 | ||||||||||||||||||||||||||||
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||||||||
Earnings per common share - Diluted (GAAP) | $ | 2.30 | $ | 2.35 | $ | 2.28 | $ | 2.46 | $ | 2.42 | $ | 6.93 | $ | 5.41 | ||||||||||||||||||||||||||||
Effect to adjust for securities losses, net of tax | — | — | — | — | — | — | 1.75 | |||||||||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | — | — | — | — | — | — | (1.76) | |||||||||||||||||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | — | — | — | — | — | — | 0.71 | |||||||||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | — | — | 0.04 | 0.16 | — | 0.86 | |||||||||||||||||||||||||||||||||||
Effect to adjust for deferred tax remeasurement | — | — | — | — | — | — | 0.05 | |||||||||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | — | — | — | (0.03) | — | — | — | |||||||||||||||||||||||||||||||||||
Adjusted net income per common share - Diluted (non-GAAP) | $ | 2.30 | $ | 2.35 | $ | 2.28 | $ | 2.47 | $ | 2.58 | $ | 6.93 | $ | 7.03 | ||||||||||||||||||||||||||||
Adjusted Return on Average Assets (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||||||||
Return on average assets (GAAP) | 1.29 | % | 1.36 | % | 1.37 | % | 1.47 | % | 1.49 | % | 1.34 | % | 1.14 | % | ||||||||||||||||||||||||||||
Effect to adjust for securities losses, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 0.37 | % | ||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | — | % | — | % | — | % | — | % | — | % | — | % | (0.37) | % | ||||||||||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 0.15 | % | ||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | % | — | % | — | % | 0.03 | % | 0.10 | % | — | % | 0.18 | % | ||||||||||||||||||||||||||||
Effect to adjust for deferred tax remeasurement | — | % | — | % | — | % | — | % | — | % | — | % | 0.01 | % | ||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | — | % | — | % | — | % | (0.02) | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||
Adjusted return on average assets (non-GAAP) | 1.29 | % | 1.36 | % | 1.37 | % | 1.48 | % | 1.59 | % | 1.34 | % | 1.48 | % | ||||||||||||||||||||||||||||
Adjusted Return on Average Common Equity (non-GAAP) (2) | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.70 | % | 10.19 | % | 10.11 | % | 10.90 | % | 11.04 | % | 10.00 | % | 8.50 | % | ||||||||||||||||||||||||||||
Effect to adjust for securities losses, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 2.76 | % | ||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | — | % | — | % | — | % | — | % | — | % | — | % | (2.76) | % | ||||||||||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 1.11 | % | ||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | % | — | % | — | % | 0.15 | % | 0.71 | % | — | % | 1.35 | % | ||||||||||||||||||||||||||||
Effect to adjust for deferred tax remeasurement | — | % | — | % | — | % | — | % | — | % | — | % | 0.09 | % | ||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | — | % | — | % | — | % | (0.13) | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||
Adjusted return on average common equity (non-GAAP) | 9.70 | % | 10.19 | % | 10.11 | % | 10.92 | % | 11.75 | % | 10.00 | % | 11.05 | % | ||||||||||||||||||||||||||||
Return on Average Common Tangible Equity (non-GAAP) (3) | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.70 | % | 10.19 | % | 10.11 | % | 10.90 | % | 11.04 | % | 10.00 | % | 8.50 | % | ||||||||||||||||||||||||||||
Effect to adjust for intangible assets | 6.90 | % | 7.43 | % | 7.48 | % | 8.20 | % | 8.58 | % | 7.26 | % | 7.30 | % | ||||||||||||||||||||||||||||
Return on average tangible equity (non-GAAP) | 16.60 | % | 17.62 | % | 17.59 | % | 19.10 | % | 19.62 | % | 17.26 | % | 15.80 | % | ||||||||||||||||||||||||||||
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3) | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.70 | % | 10.19 | % | 10.11 | % | 10.90 | % | 11.04 | % | 10.00 | % | 8.50 | % | ||||||||||||||||||||||||||||
Effect to adjust for securities losses, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 2.76 | % | ||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | — | % | — | % | — | % | — | % | — | % | — | % | (2.76) | % | ||||||||||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | — | % | — | % | — | % | — | % | — | % | — | % | 1.11 | % | ||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | % | — | % | — | % | 0.15 | % | 0.71 | % | — | % | 1.35 | % | ||||||||||||||||||||||||||||
Effect to adjust for deferred tax remeasurement | — | % | — | % | — | % | — | % | — | % | — | % | 0.09 | % | ||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | — | % | — | % | — | % | (0.13) | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||
Effect to adjust for intangible assets, net of tax | 6.90 | % | 7.43 | % | 7.48 | % | 8.22 | % | 9.06 | % | 7.26 | % | 9.05 | % | ||||||||||||||||||||||||||||
Adjusted return on average common tangible equity (non-GAAP) | 16.60 | % | 17.62 | % | 17.59 | % | 19.14 | % | 20.81 | % | 17.26 | % | 20.10 | % | ||||||||||||||||||||||||||||
Adjusted Efficiency Ratio (non-GAAP) (4) | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio | 51.61 | % | 50.00 | % | 51.05 | % | 49.65 | % | 49.88 | % | 50.89 | % | 54.35 | % | ||||||||||||||||||||||||||||
Effect to adjust for securities losses | — | % | — | % | — | % | — | % | — | % | — | % | (5.01) | % | ||||||||||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs | — | % | — | % | — | % | — | % | — | % | — | % | 5.01 | % | ||||||||||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related | ||||||||||||||||||||||||||||||||||||||||||
and other expense, net of tax (8) | — | % | — | % | — | % | (0.65) | % | (2.99) | % | — | % | (5.67) | % | ||||||||||||||||||||||||||||
Effect to adjust for FDIC special assessment | — | % | — | % | — | % | 0.56 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||
Adjusted efficiency ratio (non-GAAP) | 51.61 | % | 50.00 | % | 51.05 | % | 49.56 | % | 46.89 | % | 50.89 | % | 48.68 | % | ||||||||||||||||||||||||||||
Tangible Book Value Per Common Share (non-GAAP) (3) | ||||||||||||||||||||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 93.51 | $ | 94.17 | $ | 92.21 | $ | 91.38 | $ | 89.14 | ||||||||||||||||||||||||||||||||
Effect to adjust for intangible assets | (35.32) | (35.45) | (35.31) | (35.11) | (34.66) | |||||||||||||||||||||||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 58.19 | $ | 58.72 | $ | 56.90 | $ | 56.27 | $ | 54.48 | ||||||||||||||||||||||||||||||||
Tangible Equity-to-Tangible Assets (non-GAAP) (3) | ||||||||||||||||||||||||||||||||||||||||||
Equity-to-assets (GAAP) | 12.84 | % | 13.25 | % | 13.28 | % | 13.48 | % | 13.64 | % | ||||||||||||||||||||||||||||||||
Effect to adjust for intangible assets | (4.44) | % | (4.55) | % | (4.64) | % | (4.72) | % | (4.83) | % | ||||||||||||||||||||||||||||||||
Tangible equity-to-tangible assets (non-GAAP) | 8.40 | % | 8.70 | % | 8.64 | % | 8.76 | % | 8.81 | % | ||||||||||||||||||||||||||||||||
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported. | |
Footnotes to tables: | |
(1) | Includes loan accretion (interest) income related to the discount on acquired loans of $26.6 million, $33.1 million, $38.8 million, $50.3 million, and $83.0 million during the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $98.5 million and $208.3 million during the nine months ended September 30, 2026 and 2025, respectively. |
(2) | Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million and $20.9 million for the quarters ended December 31, 2025 and September 30, 2025, respectively, and $113.3 million during the nine months ended September 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the nine months ended September 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the nine months ended September 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the nine months ended September 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the nine months ended September 30, 2025. |
(3) | The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP. |
(4) | Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $20.6 million, $21.0 million, $21.3 million, $23.4 million, and $23.4 million for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $63.0 million and $71.3 million for the nine months ended September 30, 2026 and 2025, respectively. |
(5) | The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period. |
(6) | September 30, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed. |
(7) | Loan data excludes loans held for sale. |
(8) | Includes pre-tax cyber incident net reimbursement of $(3.5) million for the nine months ended September 30, 2025. |
Cautionary Statement Regarding Forward Looking Statements
Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.
Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.
SOURCE SouthState Bank Corporation
Mentioned In This Article
Latest News
| Oct-21 | |
| Oct-02 | |
| Aug-25 | |
| Aug-17 | |
| Jul-24 | |
| Jul-24 | |
| Jul-23 | |
| Jul-06 | |
| Apr-25 | |
| Apr-24 | |
| Apr-23 | |
| Apr-03 | |
| Mar-03 | |
| Feb-27 | |
| Feb-26 |
