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:
3.19
% %
Federal funds sold and interest-earning deposits with banks
$ 1,226,660
$ 9,861 %
$ 1,386,864
$ 12,236 3.54
$ 2,212,239
$ 23,271 4.17
3.55
% %
Investment securities 9,265,691 82,895 % 9,213,359 81,371 3.54 8,624,670 76,029 3.50
6.79
% %
Loans held for sale 249,878 4,274 % 286,422 4,602 6.44 289,884 5,067 6.93
5.92
% %
Total loans held for investment 51,475,218 767,826 % 50,247,114 740,050 5.91 47,600,317 777,315 6.48
5.51
% %
Total interest-earning assets 62,217,447 864,856 % 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"):
2.30
% %
Transaction and money market accounts
$ 32,634,509
$ 189,191 %
$ 32,098,340
$ 180,220 2.25
$ 29,623,457
$ 187,627 2.51
0.24
% %
Savings deposits 2,794,029 1,655 % 2,817,269 1,638 0.23 2,879,488 1,940 0.27
3.45
% %
Certificates and other time deposits 7,493,938 65,205 % 7,184,745 62,358 3.48 7,310,133 67,704 3.67
3.65
% %
Federal funds purchased 266,686 2,455 % 289,337 2,616 3.63 331,707 3,640 4.35
2.01
% %
Repurchase agreements 260,312 1,319 % 293,341 1,477 2.02 281,395 1,527 2.15
6.77
% %
Other borrowings 791,385 13,513 % 851,660 14,001 6.59 974,992 19,547 7.95
2.45
% %
Total interest-bearing liabilities 44,240,859 273,338 % 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
3.77
% %
Net Interest Income and Margin (Non-Tax Equivalent)
$ 591,518 %
$ 575,949 3.78
$ 599,697 4.05
3.78
% %
Net Interest Margin (Tax Equivalent) (non-GAAP) % 3.78 4.06
1.80
% %
Total Deposit Cost (without Debt and Other Borrowings) % 1.76 1.91
1.88
% %
Overall Cost of Funds (including Demand Deposits) % 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):
1.13
% % % %
Allowance for credit losses as a percentage of loans % 1.15 1.18 1.20 1.24
Allowance for credit losses, including reserve for unfunded commitments,
1.29
% % % %
as a percentage of loans % 1.30 1.32 1.35 1.38
199.66
% % % %
Allowance for credit losses as a percentage of nonperforming loans % 213.79 193.96 193.71 195.61
0.09
% % % %
Net charge-offs as a percentage of average loans (annualized) % 0.06 0.09 0.09 0.27
0.44
% % % %
Total nonperforming assets as a percentage of total assets % 0.42 0.48 0.46 0.49
0.57
% % % %
Nonperforming loans as a percentage of period end loans % 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, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2026 2026 2026 2025 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
