WINTER HAVEN, Fla., Jan. 22, 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 twelve-month periods ended December 31, 2025.
"The SouthState team finished the year with good momentum," said John C. Corbett, SouthState's Chief Executive Officer. "During the fourth quarter of 2025, loan and deposit growth accelerated to 8% annualized and earnings per share increased over 30% from the prior year. With peer-leading returns, we elected to repurchase 2 million shares of SouthState stock during the quarter and the board authorized a new share repurchase plan of 5.56 million shares. Headed into 2026, our pipelines are full and SouthState is poised to continue on our growth trajectory."
Highlights of the fourth quarter of 2025 include:
Returns
- Reported Diluted Earnings per Share ("EPS") of $2.46, an increase of 32% year over year; Adjusted Diluted EPS (Non-GAAP) of $2.47, an increase of 28% year over year
- Net Income of $247.7 million; Adjusted Net Income (Non-GAAP) of $248.2 million
- Return on Average Common Equity of 10.9%; Return on Average Tangible Common Equity (Non-GAAP) and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.1%*
- Return on Average Assets ("ROAA") of 1.47% and Adjusted ROAA (Non-GAAP) of 1.48%*
- Book Value per Share of $91.38
- Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.27, an increase of 10% year over year, after closing the Independent Financial acquisition, raising the Company dividend by 11%, and repurchasing 2.4% of the Company's shares
Performance
- Net Interest Income of $581 million, a decrease of $19 million, or 3%, compared to the prior quarter
- Noninterest Income of $105.8 million, up $7 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.63% of average assets for the fourth quarter of 2025*
- Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.85% and 3.86%, respectively
- Net charge-offs totaled $10.5 million, or 0.09%* of average loans, and the year-to-date net charge-offs of 0.11%† of average loans
- $6.6 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.35% of loans
- Efficiency Ratio and Adjusted Efficiency Ratio (Non-GAAP) of 50%
Balance Sheet
- Loans increased by $931 million, or 8%*, and deposits increased by $1.1 billion, or 8%*; ending loan to deposit ratio of 88%
- Total loan yield of 6.13%, down 0.35% from prior quarter
- Total deposit cost of 1.82%, down 0.09% from prior quarter
- Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 13.8%, 9.3%, and 11.4%, respectively?
Subsequent Events
- The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on February 13, 2026 to shareholders of record as of February 6, 2026
- The Board of Directors approved a new stock repurchase plan authorizing the Company to repurchase up to 5,560,000 of the Company's common shares; this authorization replaces the pre-existing authorization, which had 560,000 shares remaining and was cancelled as part of the Board approval of the 2026 repurchase plan
∗ Annualized percentages
† Excluding acquisition date charge-offs during the quarters ended March 31, 2025 and June 30, 2025
? Preliminary
Financial Performance
Three Months Ended Twelve Months Ended
(Dollars in thousands, except per share data) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
INCOME STATEMENT 2025 2025 2025 2025 2024 2025 2024
Interest Income
Loans, including fees (1) $
748,106 $
782,382 $
746,448 $
724,640 $
489,709 $
3,001,576 $
1,925,838
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell 100,640 99,300 94,056 83,926 59,096 377,922 215,524
Total interest income 848,746 881,682 840,504 808,566 548,805 3,379,498 2,141,362
Interest Expense
Deposits 250,189 257,271 241,593 245,957 168,263 995,009 671,825
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings 17,442 24,714 20,963 18,062 10,763 81,182 54,083
Total interest expense 267,631 281,985 262,556 264,019 179,026 1,076,191 725,908
Net Interest Income 581,115 599,697 577,948 544,547 369,779 2,303,307 1,415,454
Provision for credit losses 6,605 5,085 7,505 100,562 6,371 119,757 15,975
Net Interest Income after Provision for Credit Losses 574,510 594,612 570,443 443,985 363,408 2,183,550 1,399,479
Noninterest Income
Operating income 105,753 99,086 86,817 85,620 80,595 377,276 302,312
Securities losses, net (228,811) (50) (228,811) (50)
Gain on sale leaseback, net of transaction costs 229,279 229,279
Total noninterest income 105,753 99,086 86,817 86,088 80,545 377,744 302,262
Noninterest Expense
Operating expense 364,196 351,453 350,682 340,820 250,699 1,407,151 977,508
Merger, branch consolidation, severance related, and other expense (8) 4,494 20,889 24,379 68,006 6,531 117,768 20,133
FDIC special assessment (3,835) (621) (3,835) 3,852
Total noninterest expense 364,855 372,342 375,061 408,826 256,609 1,521,084 1,001,493
Income before Income Tax Provision 315,408 321,356 282,199 121,247 187,344 1,040,210 700,248
Income tax provision 67,686 74,715 66,975 32,167 43,166 241,543 165,465
Net Income $
247,722 $
246,641 $
215,224 $
89,080 $
144,178 $
798,667 $
534,783
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP) $
247,722 $
246,641 $
215,224 $
89,080 $
144,178 $
798,667 $
534,783
Securities losses, net of tax 178,639 38 178,639 38
Gain on sale leaseback, net of transaction costs and tax (179,004) (179,004)
Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax 71,892 71,892
Merger, branch consolidation, severance related, and other expense, net of tax (8) 3,529 16,032 18,593 53,094 5,026 91,248 15,374
Deferred tax asset remeasurement 5,581 5,581
FDIC special assessment, net of tax (3,012) (478) (3,012) 2,884
Adjusted Net Income (non-GAAP) $
248,239 $
262,673 $
233,817 $
219,282 $
148,764 $
964,011 $
553,079
Basic earnings per common share $
2.48 $
2.44 $
2.12 $
0.88 $
1.89 $
7.90 $
7.01
Diluted earnings per common share $
2.46 $
2.42 $
2.11 $
0.87 $
1.87 $
7.87 $
6.97
Adjusted net income per common share - Basic (non-GAAP) (2) $
2.48 $
2.60 $
2.30 $
2.16 $
1.95 $
9.54 $
7.25
Adjusted net income per common share - Diluted (non-GAAP) (2) $
2.47 $
2.58 $
2.30 $
2.15 $
1.93 $
9.50 $
7.21
Dividends per common share $
0.60 $
0.60 $
0.54 $
0.54 $
0.54 $
2.28 $
2.12
Basic weighted-average common shares outstanding 100,063,315 101,218,431 101,495,456 101,409,624 76,360,935 101,043,488 76,303,351
Diluted weighted-average common shares outstanding 100,618,796 101,735,095 101,845,360 101,828,600 76,957,882 101,499,247 76,762,354
Effective tax rate 21.46 % 23.25 % 23.73 % 26.53 % 23.04 % 23.22 % 23.63 %
Adjusted effective tax rate 21.46 % 23.25 % 23.73 % 21.93 % 23.04 % 22.68 % 23.63 %
Performance and Capital Ratios
Three Months Ended Twelve Months Ended
Dec. 31, Sep. 30, Jun.
30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 2025 2024
PERFORMANCE RATIOS
1.47
%
% % % %
%
Return on average assets (annualized) % 1.49 1.34 0.56 1.23 1.22 1.17
1.48
%
% % % %
%
Adjusted return on average assets (annualized) (non-GAAP) (2) % 1.59 1.45 1.38 1.27 1.48 1.21
10.90
%
% % % %
%
Return on average common equity (annualized) % 11.04 9.93 4.29 9.72 9.13 9.41
10.92
%
% % % %
%
Adjusted return on average common equity (annualized) (non-GAAP) (2) % 11.75 10.79 10.56 10.03 11.02 9.73
19.10
%
% % % %
%
Return on average tangible common equity (annualized) (non-GAAP) (3) % 19.62 18.17 8.99 15.09 16.68 14.98
19.14
%
% % % %
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) % 20.81 19.61 19.85 15.56 19.85 15.47
49.65
%
% % % %
%
Efficiency ratio (tax equivalent) % 49.88 52.75 60.97 55.73 53.14 56.93
49.56
%
% % % %
%
Adjusted efficiency ratio (non-GAAP) (4) % 46.89 49.09 50.24 54.42 48.91 55.53
24.23
%
% % % %
%
Dividend payout ratio (5) % 24.59 25.47 61.45 28.58 28.82 30.22
Book value per common share $
91.38 $
89.14 $
86.71 $
84.99 $
77.18
Tangible book value per common share (non-GAAP) (3) $
56.27 $
54.48 $
51.96 $
50.07 $
51.11
CAPITAL RATIOS
13.5
% % % %
Equity-to-assets % 13.6 13.4 13.2 12.7
8.8
% % % %
Tangible equity-to-tangible assets (non-GAAP) (3) % 8.8 8.5 8.2 8.8
9.3
% % % %
Tier 1 leverage (6) % 9.4 9.2 8.9 10.0
11.4
% % % %
Tier 1 common equity (6) % 11.5 11.2 11.0 12.6
11.4
% % % %
Tier 1 risk-based capital (6) % 11.5 11.2 11.0 12.6
13.8
% % % %
Total risk-based capital (6) % 14.0 14.5 13.7 15.0
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
BALANCE SHEET 2025 2025 2025 2025 2024
Assets
Cash and due from banks $
583,375 $
582,792 $
755,798 $
688,153 $
525,506
Federal funds sold and interest-earning deposits with banks 2,589,108 2,561,663 2,708,308 2,611,537 866,561
Cash and cash equivalents 3,172,483 3,144,455 3,464,106 3,299,690 1,392,067
Trading securities, at fair value 110,183 107,519 95,306 107,401 102,932
Investment securities:
Securities held to maturity 2,048,030 2,096,727 2,145,991 2,195,980 2,254,670
Securities available for sale, at fair value 6,313,756 6,042,800 5,927,867 5,853,369 4,320,593
Other investments 353,428 366,218 357,487 345,695 223,613
Total investment securities 8,715,214 8,505,745 8,431,345 8,395,044 6,798,876
Loans held for sale 345,343 346,673 318,985 357,918 279,426
Loans:
Purchased credit deteriorated 2,977,499 3,160,359 3,409,186 3,634,490 862,155
Purchased non-credit deteriorated 11,232,414 11,877,828 12,492,553 13,084,853 3,635,782
Non-acquired 34,388,614 32,629,724 31,365,508 30,047,389 29,404,990
Less allowance for credit losses (585,197) (590,133) (621,046) (623,690) (465,280)
Loans, net 48,013,330 47,077,778 46,646,201 46,143,042 33,437,647
Premises and equipment, net 994,176 961,510 964,878 946,334 502,559
Bank owned life insurance 1,293,574 1,285,532 1,280,632 1,273,472 1,013,209
Mortgage servicing rights 84,032 84,491 85,836 87,742 89,795
Core deposit and other intangibles 386,326 409,890 433,458 455,443 66,458
Goodwill 3,094,059 3,094,059 3,094,059 3,088,059 1,923,106
Other assets 988,692 1,030,558 1,078,516 981,309 775,129
Total assets $
67,197,412 $
66,048,210 $
65,893,322 $
65,135,454 $
46,381,204
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $
13,375,697 $
13,430,459 $
13,719,030 $
13,757,255 $
10,192,117
Interest-bearing 41,770,100 40,642,810 39,977,931 39,580,360 27,868,749
Total deposits 55,145,797 54,073,269 53,696,961 53,337,615 38,060,866
Federal funds purchased and securities
sold under agreements to repurchase 618,215 594,092 630,558 679,337 514,912
Other borrowings 696,536 696,429 1,099,705 752,798 391,534
Reserve for unfunded commitments 69,619 68,538 64,693 62,253 45,327
Other liabilities 1,608,137 1,604,756 1,600,271 1,679,090 1,478,150
Total liabilities 58,138,304 57,037,084 57,092,188 56,511,093 40,490,789
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares 247,845 252,723 253,745 253,698 190,805
Surplus 6,480,471 6,647,952 6,679,028 6,667,277 4,259,722
Retained earnings 2,614,173 2,426,463 2,240,470 2,080,053 2,046,809
Accumulated other comprehensive loss (283,381) (316,012) (372,109) (376,667) (606,921)
Total shareholders' equity 9,059,108 9,011,126 8,801,134 8,624,361 5,890,415
Total liabilities and shareholders' equity $
67,197,412 $
66,048,210 $
65,893,322 $
65,135,454 $
46,381,204
Common shares issued and outstanding 99,138,204 101,089,231 101,498,000 101,479,065 76,322,206
Net Interest Income and Margin
Three Months Ended
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
(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 $
2,703,627 $
25,580 3.75 % $
2,212,239 $
23,271 4.17 % $
1,308,313 $
14,162 4.31 %
Investment securities 8,760,360 75,060 3.40 % 8,624,670 76,029 3.50 % 7,144,438 44,934 2.50 %
Loans held for sale 298,600 5,201 6.91 % 289,884 5,067 6.93 % 179,803 2,304 5.10 %
Total loans held for investment 48,109,526 742,905 6.13 % 47,600,317 777,315 6.48 % 33,662,822 487,405 5.76 %
Total interest-earning assets 59,872,113 848,746 5.62 % 58,727,110 881,682 5.96 % 42,295,376 548,805 5.16 %
Noninterest-earning assets 6,767,257 6,762,434 4,214,390
Total Assets $
66,639,370 $
65,489,544 $
46,509,766
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts $
30,598,366 $
178,129 2.31 % $
29,623,457 $
187,627 2.51 % $
20,823,079 $
121,239 2.32 %
Savings deposits 2,834,358 1,827 0.26 % 2,879,488 1,940 0.27 % 2,427,760 1,741 0.29 %
Certificates and other time deposits 7,560,350 70,233 3.69 % 7,310,133 67,704 3.67 % 4,517,047 45,283 3.99 %
Federal funds purchased 334,401 3,297 3.91 % 331,707 3,640 4.35 % 292,626 3,479 4.73 %
Repurchase agreements 294,259 1,462 1.97 % 281,395 1,527 2.15 % 261,373 1,382 2.10 %
Other borrowings 696,485 12,683 7.22 % 974,992 19,547 7.95 % 394,853 5,902 5.95 %
Total interest-bearing liabilities 42,318,219 267,631 2.51 % 41,401,172 281,985 2.70 % 28,716,738 179,026 2.48 %
Noninterest-bearing deposits 13,644,784 13,541,840 10,561,382
Other noninterest-bearing liabilities 1,656,851 1,679,124 1,330,020
Shareholders' equity 9,019,516 8,867,408 5,901,626
Total Non-IBL and shareholders' equity 24,321,151 24,088,372 17,793,028
Total Liabilities and Shareholders' Equity $
66,639,370 $
65,489,544 $
46,509,766
Net Interest Income and Margin (Non-Tax Equivalent) $
581,115 3.85 % $
599,697 4.05 % $
369,779 3.48 %
Net Interest Margin (Tax Equivalent) (non-GAAP) 3.86 % 4.06 % 3.48 %
Total Deposit Cost (without Debt and Other Borrowings) 1.82 % 1.91 % 1.75 %
Overall Cost of Funds (including Demand Deposits) 1.90 % 2.04 % 1.81 %
Total Accretion on Acquired Loans (1) $
50,327 $
82,976 $
2,887
Tax Equivalent ("TE") Adjustment $
800 $
718 $
547
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $259.5 million as of December 31, 2025.
Noninterest Income and Expense
Three Months Ended Twelve Months Ended
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Noninterest Income:
Fees on deposit accounts $
41,950 $
42,572 $
37,869 $
35,933 $
35,121 $
158,324 $
136,094
Mortgage banking income 5,158 5,462 5,936 7,737 4,777 24,293 20,047
Trust and investment services income 14,684 14,157 14,419 14,932 12,414 58,192 45,474
Correspondent banking and capital markets income 30,638 25,522 19,161 16,715 20,905 92,036 69,144
Expense on centrally-cleared variation margin (3,167) (4,318) (5,394) (7,170) (7,350) (20,049) (36,525)
Total correspondent banking and capital markets income 27,471 21,204 13,767 9,545 13,555 71,987 32,619
Bank owned life insurance income 9,633 10,597 9,153 10,199 7,944 39,582 30,484
Other 6,857 5,094 5,673 7,275 6,784 24,898 37,594
Securities losses, net (228,811) (50) (228,811) (50)
Gain on sale leaseback, net of transaction costs 229,279 229,279
Total Noninterest Income $
105,753 $
99,086 $
86,817 $
86,088 $
80,545 $
377,744 $
302,262
Noninterest Expense:
Salaries and employee benefits $
202,714 $
199,148 $
200,162 $
195,811 $
154,116 $
797,835 $
606,869
Occupancy expense 42,567 40,874 41,507 35,493 22,831 160,441 90,103
Information services expense 30,443 28,988 30,155 31,362 23,416 120,948 92,193
OREO and loan related expense 867 5,427 2,295 1,784 1,416 10,373 4,687
Business development and staff related 13,485 8,907 7,182 6,510 6,777 36,085 23,783
Amortization of intangibles 23,417 23,426 24,048 23,831 5,326 94,722 22,395
Professional fees 7,410 4,994 4,658 4,709 5,366 21,771 16,404
Supplies and printing expense 3,594 3,278 3,970 3,128 2,729 13,969 10,558
FDIC assessment and other regulatory charges 9,884 8,374 11,469 11,258 7,365 40,985 31,152
Advertising and marketing 4,710 2,980 3,010 2,290 2,269 12,990 9,143
Other operating expenses 25,105 25,057 22,226 24,644 19,088 97,032 70,221
Merger, branch consolidation, severance related and other expense (8) 4,494 20,889 24,379 68,006 6,531 117,768 20,133
FDIC special assessment (3,835) (621) (3,835) 3,852
Total Noninterest Expense $
364,855 $
372,342 $
375,061 $
408,826 $
256,609 $
1,521,084 $
1,001,493
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
LOAN PORTFOLIO (7) 2025 2025 2025 2025 2024
Construction and land development * † $
2,548,360 $
2,678,971 $
3,323,923 $
3,497,909 $
2,184,327
Investor commercial real estate* 17,883,913 17,603,205 16,953,410 16,822,119 9,991,482
Commercial owner occupied real estate 7,576,991 7,529,075 7,497,906 7,417,116 5,716,376
Commercial and industrial 9,181,408 8,644,636 8,445,878 8,106,484 6,222,876
Consumer real estate * 10,450,223 10,202,026 10,038,369 9,838,952 8,714,969
Consumer/other 957,632 1,009,998 1,007,761 1,084,152 1,072,897
Total Loans $
48,598,527 $
47,667,911 $
47,267,247 $
46,766,732 $
33,902,927
* 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 $342.8 million, $350.2 million, $371.1 million, $343.5 million,
and $386.2 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31,
2024, respectively.
Ending Balance
(Dollars in thousands) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
DEPOSITS 2025 2025 2025 2025 2024
Noninterest-bearing checking $
13,375,697 $
13,430,459 $
13,719,030 $
13,757,255 $
10,192,116
Interest-bearing checking 13,838,558 12,906,408 12,607,205 12,034,973 8,232,322
Savings 2,820,621 2,853,410 2,889,670 2,939,407 2,414,172
Money market 17,751,688 17,251,469 16,772,597 17,447,738 13,056,534
Time deposits 7,359,233 7,631,523 7,708,459 7,158,242 4,165,722
Total Deposits $
55,145,797 $
54,073,269 $
53,696,961 $
53,337,615 $
38,060,866
Core Deposits (excludes Time Deposits) $
47,786,564 $
46,441,746 $
45,988,502 $
46,179,373 $
33,895,144
Asset Quality
Ending Balance
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(Dollars in thousands) 2025 2025 2025 2025 2024
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual $
161,975 $
146,751 $
141,910 $
151,673 $
141,982
Accruing loans past due 90 days or more 2,997 4,352 3,687 3,273 3,293
Non-acquired OREO and other nonperforming assets 5,273 11,969 17,288 2,290 1,182
Total non-acquired nonperforming assets 170,245 163,072 162,885 157,236 146,457
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual 135,179 149,695 151,466 116,691 65,314
Accruing loans past due 90 days or more 1,944 891 707 537
Acquired OREO and other nonperforming assets 3,901 7,147 8,783 5,976 1,583
Total acquired nonperforming assets 141,024 157,733 160,956 123,204 66,897
Total nonperforming assets $
311,269 $
320,805 $
323,841 $
280,440 $
213,354
Three Months Ended
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2025 2025 2025 2025 2024
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans 1.20 % 1.24 % 1.31 % 1.33 % 1.37 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans 1.35 % 1.38 % 1.45 % 1.47 % 1.51 %
Allowance for credit losses as a percentage of nonperforming loans 193.71 % 195.61 % 208.57 % 229.15 % 220.94 %
Net charge-offs as a percentage of average loans (annualized) 0.09 % 0.27 % 0.21 % 0.38 % 0.06 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) * 0.09 % 0.27 % 0.06 % 0.04 % 0.06 %
Total nonperforming assets as a percentage of total assets 0.46 % 0.49 % 0.49 % 0.43 % 0.46 %
Nonperforming loans as a percentage of period end loans 0.62 % 0.63 % 0.63 % 0.58 % 0.62 %
* Excluding acquisition date charge-offs recorded in connection with the Independent merger.
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the fourth quarter of 2025:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands) Non-PCD ACL PCD ACL Total ACL UFC
Ending balance 9/30/2025 $
511,578 $
78,555 $
590,133 $
68,538
Charge offs (9,329) (9,329)
Acquired charge offs (1,506) (3,515) (5,021)
Recoveries 2,289 2,289
Acquired recoveries 212 1,389 1,601
Provision for credit losses 12,797 (7,273) 5,524 1,081
Ending balance 12/31/2025 $
516,041 $
69,156 $
585,197 $
69,619
Period end loans $
45,621,028 $
2,977,499 $
48,598,527 N/A
Allowance for Credit Losses to Loans 1.13 % 2.32 % 1.20 % N/A
Unfunded commitments (off balance sheet) † $
11,486,892
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 fourth quarter results at 9:00 a.m. Eastern Time on January 23, 2026. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of January 23, 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 1.5 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) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Net income (GAAP) $
247,722 $
246,641 $
215,224 $
89,080 $
144,178
Provision (recovery) for credit losses 6,605 5,085 7,505 100,562 6,371
Income tax provision 67,686 74,715 66,975 26,586 43,166
Income tax provision - deferred tax asset remeasurement 5,581
Securities losses, net 228,811 50
Gain on sale leaseback, net of transaction costs (229,279)
Merger, branch consolidation, severance related and other expense (8) 4,494 20,889 24,379 68,006 6,531
FDIC special assessment (3,835) (621)
Pre-provision net revenue (PPNR) (Non-GAAP) $
322,672 $
347,330 $
314,083 $
289,347 $
199,675
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Net interest income (GAAP) $
581,115 $
599,697 $
577,948 $
544,547 $
369,779
Total average interest-earning assets 59,872,113 58,727,110 57,710,001 57,497,453 42,295,376
NIM, non-tax equivalent 3.85
% % % %
% 4.05 4.02 3.84 3.48
Tax equivalent adjustment (included in NIM, TE) 800 718 672 784 547
Net interest income, tax equivalent (Non-GAAP) $
581,915 $
600,415 $
578,620 $
545,331 $
370,326
NIM, TE (Non-GAAP) 3.86
% % % %
% 4.06 4.02 3.85 3.48
Three Months Ended Twelve Months Ended
(Dollars in thousands, except per share data) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2025 2025 2024 2025 2024
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP) $
247,722 $
246,641 $
215,224 $
89,080 $
144,178 $
798,667 $
534,783
Securities losses, net of tax 178,639 38 178,639 38
Gain on sale leaseback, net of transaction costs and tax (179,004) (179,004)
PCL - Non-PCD loans and UFC, net of tax 71,892 71,892
Merger, branch consolidation, severance related and other expense, net of tax (8) 3,529 16,032 18,593 53,094 5,026 91,248 15,374
Deferred tax asset remeasurement 5,581 5,581
FDIC special assessment, net of tax (3,012) (478) (3,012) 2,884
Adjusted net income (non-GAAP) $
248,239 $
262,673 $
233,817 $
219,282 $
148,764 $
964,011 $
553,079
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP) $
2.48 $
2.44 $
2.12 $
0.88 $
1.89 $
7.90 $
7.01
Effect to adjust for securities losses, net of tax 1.76 0.00 1.77 0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax (1.77) (1.77)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax 0.71 0.71
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.03 0.16 0.18 0.52 0.07 0.90 0.20
Effect to adjust for deferred tax asset remeasurement 0.06 0.06
Effect to adjust for FDIC special assessment, net of tax (0.03) (0.01) (0.03) 0.04
Adjusted net income per common share - Basic (non-GAAP) $
2.48 $
2.60 $
2.30 $
2.16 $
1.95 $
9.54 $
7.25
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP) $
2.46 $
2.42 $
2.11 $
0.87 $
1.87 $
7.87 $
6.97
Effect to adjust for securities losses, net of tax 1.76 0.00 1.76 0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax (1.76) (1.78)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax 0.71 0.71
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.04 0.16 0.19 0.52 0.07 0.91 0.21
Effect to adjust for deferred tax remeasurement 0.05 0.06
Effect to adjust for FDIC special assessment, net of tax (0.03) (0.01) (0.03) 0.04
Adjusted net income per common share - Diluted (non-GAAP) $
2.47 $
2.58 $
2.30 $
2.15 $
1.93 $
9.50 $
7.21
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP) 1.47 1.49 1.34 0.56 1.23 1.22
% % % % %
% % 1.17
Effect to adjust for securities losses, net of tax % % % 1.13 0.00 0.27
% % %
% 0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax % % % (1.13) % (0.27)
%
% %
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax % % % 0.45 % 0.11
%
% %
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.03 0.10 0.11 0.33 0.04 0.14
% % % % %
% % 0.03
Effect to adjust for deferred tax remeasurement % % % 0.04 % 0.01
%
% %
Effect to adjust for FDIC special assessment, net of tax (0.02) % % % (0.00) 0.00
% %
% % 0.01
Adjusted return on average assets (non-GAAP) 1.48 1.59 1.45 1.38 1.27 1.48
% % % % %
% % 1.21
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP) 10.90 11.04 9.93 4.29 9.72 9.13
% % % % %
% % 9.41
Effect to adjust for securities losses, net of tax % % % 8.61 0.00 2.04
% % %
% 0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax % % % (8.63) % (2.05)
%
% %
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax % % % 3.46 % 0.82
%
% %
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.15 0.71 0.86 2.56 0.34 1.05
% % % % %
% % 0.27
Effect to adjust for deferred tax remeasurement % % % 0.27 % 0.06
%
% %
Effect to adjust for FDIC special assessment, net of tax (0.13) % % % (0.03) (0.03)
% %
% % 0.05
Adjusted return on average common equity (non-GAAP) 10.92 11.75 10.79 10.56 10.03 11.02
% % % % %
% % 9.73
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP) 10.90 11.04 9.93 4.29 9.72 9.13
% % % % %
% % 9.41
Effect to adjust for intangible assets 8.20 8.58 8.24 4.70 5.37 7.55
% % % % %
% % 5.57
Return on average tangible equity (non-GAAP) 19.10 19.62 18.17 8.99 15.09 16.68
% % % % %
% % 14.98
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP) 10.90 11.04 9.93 4.29 9.72 9.13
% % % % %
% % 9.41
Effect to adjust for securities losses, net of tax % % % 8.61 0.00 2.04
% % %
% 0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax % % % (8.63) % (2.05)
%
% %
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax % % % 3.46 % 0.82
%
% %
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.15 0.71 0.86 2.56 0.34 1.05
% % % % %
% % 0.27
Effect to adjust for deferred tax remeasurement % % % 0.27 % 0.06
%
% %
Effect to adjust for FDIC special assessment, net of tax (0.13) % % % (0.03) (0.03)
% %
% % 0.05
Effect to adjust for intangible assets, net of tax 8.22 9.06 8.82 9.29 5.53 8.83
% % % % %
% % 5.74
Adjusted return on average common tangible equity (non-GAAP) 19.14 20.81 19.61 19.85 15.56 19.85
% % % % %
% % 15.47
Three Months Ended Twelve Months Ended
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2025 2025 2024 2025 2024
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio 49.65 49.88 52.75 60.97 55.73 53.14
% % % % %
% % 56.93
Effect to adjust for securities losses % % % (13.35) 0.00 (3.84)
% % %
% (0.00)
Effect to adjust for gain on sale leaseback, net of transaction costs % % % 13.39 % 3.85
%
% %
Effect to adjust for merger, branch consolidation, severance related and other expense (8) (0.65) (2.99) (3.66) (10.77) (1.45) (4.39)
% % % % %
% % (1.14)
Effect to adjust for FDIC special assessment 0.56 % % % 0.14 0.15
% %
% % (0.26)
Adjusted efficiency ratio 49.56 46.89 49.09 50.24 54.42 48.91
% % % % %
% % 55.53
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP) $
91.38 $
89.14 $
86.71 $
84.99 $
77.18
Effect to adjust for intangible assets (35.11) (34.66) (34.75) (34.92) (26.07)
Tangible book value per common share (non-GAAP) $
56.27 $
54.48 $
51.96 $
50.07 $
51.11
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP) 13.48
% % % %
% 13.64 13.36 13.24 12.70
Effect to adjust for intangible assets (4.72)
% % % %
% (4.83) (4.90) (4.99) (3.91)
Tangible equity-to-tangible assets (non-GAAP) 8.76
% % % %
% 8.81 8.46 8.25 8.79
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 $50.3 million, $83.0 million, $63.5
million, $61.8 million, and $2.9 million, during the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March
31, 2025, and December 31, 2024, respectively, and $258.6 million and $14.4 million during the twelve months ended December 31,
2025 and 2024, 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, $20.9 million, $24.4
million, $68.0 million, and $6.5 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31,
2025, and December 31, 2024, respectively, and $117.8 million and $20.1 million for the twelve months ended December 31, 2025 and
2024, respectively; (b) pre-tax net securities losses of $(228,811) and $(50,000) for the quarters ended March 31, 2025 and
December 31, 2024, respectively, and for the twelve months ended December 31, 2025 and 2024, respectively; (c) pre-tax gain on
sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025 and for the twelve months ended
December 31, 2025; (d) pre-tax FDIC special assessment of $(3.8) million and $(621,000) for the quarters ended December 31, 2025
and December 31, 2024, respectively, and $(3.8) million and $3.9 million for the twelve months ended December 31, 2025 and 2024,
respectively; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and for the twelve
months ended December 31, 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 sale leaseback, 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 $23.4 million, $23.4 million,
$24.0 million, $23.8 million, and $5.3 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March
31, 2025, and December 31, 2024, respectively and $94.7 million and $22.4 million for the twelve months ended December 31, 2025
and 2024, 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) December 31, 2025 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)/costs of $3,000, $(3.6) million, $111,000, and $329,000 for the quarters
ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $(3.5) million, and $8.3
million for the twelve months ended December 31, 2025 and 2024, respectively.
Cautionary Statement Regarding Forward Looking Statements
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.
SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) inflationary risks negatively impacting our business and profitability, earnings and budgetary projections, or demand for our products and services; (9) a decrease in our net interest income due to the interest rate environment; (10) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (11) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (12) potential deterioration in real estate values; (13) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (14) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (15) transaction risk arising from problems with service or product delivery; (16) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (17) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (18) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (19) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (20) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (21) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (22) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (23) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (24) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (25) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (26) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (27) excessive loan losses; (28) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (29) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (30) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (31) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (32) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (33) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (34) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (35) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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