Press release
October 21, 2026
SouthState Bank Corporation Reports Third Quarter 2026 Results, Declares Quarterly Cash Dividend
SouthState Bank Corp (SSB)
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.
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SOURCE SouthState Bank Corporation