SouthState Corporation (“SouthState” or the “Company”) (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2025.
https://mma.prnewswire.com/media/2737844/SSB_Q2_2025_Earnings_Call.pdf?p=pdfthumbnail
“Growth accelerated in the second quarter,” said John C. Corbett, SouthState's Chief Executive Officer. “Revenue grew 22% annualized and loan originations grew 57% quarter over quarter. Most importantly, we completed the successful conversion of the IBTX franchise and our teams in Texas and Colorado are excited about the future. The strategic moves we've made are generating strong returns that enabled us to increase our dividend by 11% and to fund organic growth.”
Highlights of the second quarter of 2025 include:
Returns
— Reported Diluted Earnings per Share (“EPS”) of $2.11; Adjusted Diluted EPS (Non-GAAP) of $2.30
— Net Income of $215.2 million; Adjusted Net Income (Non-GAAP) of $233.8 million
— Return on Average Common Equity of 9.9%; Return on Average Tangible Common Equity (Non-GAAP) of 18.2% and Adjusted Return on Average Tangible Common Equity(Non-GAAP) of 19.6%*
— Return on Average Assets (“ROAA”) of 1.34% and Adjusted ROAA (Non-GAAP) of 1.45%*
— Book Value per Share of $86.71; Tangible Book Value (“TBV”) per Share (Non-GAAP) of $51.96
Performance
— Net Interest Income of $578 million
— Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 4.02%
— Net charge-offs totaled $7.2 million, or 0.06%*, excluding $17.3 million of acquisition date charge-offs related to measurement period adjustments on PCD loans acquired from Independent Bank Group, Inc. (“Independent”), which were recorded during the quarter to align these loans in accordance with SouthState policies and practices
— $7.5 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.45% of loans
— Noninterest Income of $87 million; Noninterest Income represented 0.54% of average assets for the second quarter of 2025*
— Efficiency Ratio of 53% and Adjusted Efficiency Ratio (Non-GAAP) of 49%
Balance Sheet
— Loans increased by $501 million, or 4%*, and deposits increased by $359 million, or 3%*; ending loan to deposit ratio of 88%
— Total loan yield of 6.33%, up 0.08% from prior quarter
— Total deposit cost of 1.84%, down 0.05% from prior quarter
— Completed the issuance of $350 million aggregate principal amount of 7% fixed-to-floating rate subordinated notes
— Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.5%, 14.5%, 9.2%, and 11.2%, respectively†
â^- Annualized percentages† Preliminary
Subsequent Events
— The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.54 per share to $0.60 per share; the dividend is payable on August 15, 2025 to shareholders of record as of August 8, 2025
Financial Performance
Three Months Ended Six Months Ended(Dollars in thousands, except per share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30,INCOME STATEMENT 2025 2025 2024 2024 2024 2025 2024Interest IncomeLoans, including fees (1) $ 746,448 $ 724,640 $ 489,709 $ 494,082 $ 478,360 $ 1,471,088 $ 942,048Investment securities, trading securities, federal funds sold and securitiespurchased under agreements to resell 94,056 83,926 59,096 50,096 52,764 177,982 106,331Total interest income 840,504 808,566 548,805 544,178 531,124 1,649,070 1,048,379Interest ExpenseDeposits 241,593 245,957 168,263 177,919 165,481 487,550 325,643Federal funds purchased, securities sold under agreementsto repurchase, and other borrowings 20,963 18,062 10,763 14,779 15,384 39,025 28,541Total interest expense 262,556 264,019 179,026 192,698 180,865 526,575 354,184Net Interest Income 577,948 544,547 369,779 351,480 350,259 1,122,495 694,195Provision (recovery) for credit losses 7,505 100,562 6,371 (6,971) 3,889 108,067 16,575Net Interest Income after Provision (Recovery) for Credit Losses 570,443 443,985 363,408 358,451 346,370 1,014,428 677,620Noninterest IncomeOperating income 86,817 85,620 80,595 74,934 75,225 172,437 146,783Securities losses, net – (228,811) (50) – – (228,811) -Gain on sale leaseback, net of transaction costs – 229,279 – – – 229,279 -Total noninterest income 86,817 86,088 80,545 74,934 75,225 172,905 146,783Noninterest ExpenseOperating expense 350,682 340,820 250,699 243,543 242,343 691,502 483,266Merger, branch consolidation, severance related and other expense (8) 24,379 68,006 6,531 3,304 5,785 92,385 10,298FDIC special assessment – – (621) – 619 – 4,473Total noninterest expense 375,061 408,826 256,609 246,847 248,747 783,887 498,037Income before Income Tax Provision 282,199 121,247 187,344 186,538 172,848 403,446 326,366Income tax provision 66,975 32,167 43,166 43,359 40,478 99,142 78,940Net Income $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 132,370 $ 304,304 $ 247,426Adjusted Net Income (non-GAAP) (2)Net Income (GAAP) $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 132,370 $ 304,304 $ 247,426Securities losses, net of tax – 178,639 38 – – 178,639 -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) 18,593 53,094 5,026 2,536 4,430 71,687 7,812Deferred tax asset remeasurement – 5,581 – – – 5,581 -FDIC special assessment, net of tax – – (478) – 474 – 3,362Adjusted Net Income (non-GAAP) $ 233,817 $ 219,282 $ 148,764 $ 145,715 $ 137,274 $ 453,099 $ 258,600Basic earnings per common share $ 2.12 $ 0.88 $ 1.89 $ 1.88 $ 1.74 $ 3.00 $ 3.24Diluted earnings per common share $ 2.11 $ 0.87 $ 1.87 $ 1.86 $ 1.73 $ 2.99 $ 3.23Adjusted net income per common share – Basic (non-GAAP) (2) $ 2.30 $ 2.16 $ 1.95 $ 1.91 $ 1.80 $ 4.47 $ 3.39Adjusted net income per common share – Diluted (non-GAAP) (2) $ 2.30 $ 2.15 $ 1.93 $ 1.90 $ 1.79 $ 4.45 $ 3.37Dividends per common share $ 0.54 $ 0.54 $ 0.54 $ 0.54 $ 0.52 $ 1.08 $ 1.04Basic weighted-average common shares outstanding 101,495,456 101,409,624 76,360,935 76,299,069 76,251,401 101,452,777 76,276,406Diluted weighted-average common shares outstanding 101,845,360 101,828,600 76,957,882 76,805,436 76,607,281 101,835,756 76,629,796Effective tax rate 23.73% 26.53% 23.04% 23.24% 23.42% 24.57% 24.19%Adjusted effective tax rate 23.73% 21.93% 23.04% 23.24% 23.42% 23.19% 24.19%
Performance and Capital Ratios
Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, 2025 2025 2024 2024 2024 2025 2024PERFORMANCE RATIOSReturn on average assets (annualized) 1.34 % 0.56 % 1.23 % 1.25 % 1.17 % 0.95 % 1.10 %Adjusted return on average assets (annualized) (non-GAAP) (2) 1.45 % 1.38 % 1.27 % 1.27 % 1.22 % 1.42 % 1.15 %Return on average common equity (annualized) 9.93 % 4.29 % 9.72 % 9.91 % 9.58 % 7.17 % 8.97 %Adjusted return on average common equity (annualized) (non-GAAP) (2) 10.79 % 10.56 % 10.03 % 10.08 % 9.94 % 10.68 % 9.38 %Return on average tangible common equity (annualized) (non-GAAP) (3) 18.17 % 8.99 % 15.09 % 15.63 % 15.49 % 13.73 % 14.57 %Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) 19.61 % 19.85 % 15.56 % 15.89 % 16.05 % 19.72 % 15.20 %Efficiency ratio (tax equivalent) 52.75 % 60.97 % 55.73 % 56.58 % 57.03 % 56.75 % 57.75 %Adjusted efficiency ratio (non-GAAP) (4) 49.09 % 50.24 % 54.42 % 55.80 % 55.52 % 49.65 % 55.99 %Dividend payout ratio (5) 25.47 % 61.45 % 28.58 % 28.76 % 29.93 % 36.00 % 32.02 %Book value per common share $ 86.71 $ 84.99 $ 77.18 $ 77.42 $ 74.16Tangible book value per common share (non-GAAP) (3) $ 51.96 $ 50.07 $ 51.11 $ 51.26 $ 47.90CAPITAL RATIOSEquity-to-assets 13.4 % 13.2 % 12.7 % 12.8 % 12.4 %Tangible equity-to-tangible assets (non-GAAP) (3) 8.5 % 8.2 % 8.8 % 8.9 % 8.4 %Tier 1 leverage (6) 9.2 % 8.9 % 10.0 % 10.0 % 9.7 %Tier 1 common equity (6) 11.2 % 11.0 % 12.6 % 12.4 % 12.1 %Tier 1 risk-based capital (6) 11.2 % 11.0 % 12.6 % 12.4 % 12.1 %Total risk-based capital (6) 14.5 % 13.7 % 15.0 % 14.7 % 14.4 %
Balance Sheet
Ending Balance(Dollars in thousands, except per share and share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,BALANCE SHEET 2025 2025 2024 2024 2024AssetsCash and due from banks $ 755,798 $ 688,153 $ 525,506 $ 563,887 $ 507,425Federal funds sold and interest-earning deposits with banks 2,708,308 2,611,537 866,561 648,792 609,741Cash and cash equivalents 3,464,106 3,299,690 1,392,067 1,212,679 1,117,166Trading securities, at fair value 95,306 107,401 102,932 87,103 92,161Investment securities:Securities held to maturity 2,145,991 2,195,980 2,254,670 2,301,307 2,348,528Securities available for sale, at fair value 5,927,867 5,853,369 4,320,593 4,564,363 4,498,264Other investments 357,487 345,695 223,613 211,458 201,516Total investment securities 8,431,345 8,395,044 6,798,876 7,077,128 7,048,308Loans held for sale 318,985 357,918 279,426 287,043 100,007Loans:Purchased credit deteriorated 3,409,186 3,634,490 862,155 913,342 957,255Purchased non-credit deteriorated 12,492,553 13,084,853 3,635,782 3,959,028 4,253,323Non-acquired 31,365,508 30,047,389 29,404,990 28,675,822 28,023,986Less allowance for credit losses (621,046) (623,690) (465,280) (467,981) (472,298)Loans, net 46,646,201 46,143,042 33,437,647 33,080,211 32,762,266Premises and equipment, net 964,878 946,334 502,559 507,452 517,382Bank owned life insurance 1,280,632 1,273,472 1,013,209 1,007,275 1,001,998Mortgage servicing rights 85,836 87,742 89,795 83,512 88,904Core deposit and other intangibles 433,458 455,443 66,458 71,835 77,389Goodwill 3,094,059 3,088,059 1,923,106 1,923,106 1,923,106Other assets 1,078,516 981,309 775,129 745,303 765,283Total assets $ 65,893,322 $ 65,135,454 $ 46,381,204 $ 46,082,647 $ 45,493,970Liabilities and Shareholders' EquityDeposits:Noninterest-bearing $ 13,719,030 $ 13,757,255 $ 10,192,117 $ 10,376,531 $ 10,374,464Interest-bearing 39,977,931 39,580,360 27,868,749 27,261,664 26,723,938Total deposits 53,696,961 53,337,615 38,060,866 37,638,195 37,098,402Federal funds purchased and securitiessold under agreements to repurchase 630,558 679,337 514,912 538,322 542,403Other borrowings 1,099,705 752,798 391,534 691,626 691,719Reserve for unfunded commitments 64,693 62,253 45,327 41,515 50,248Other liabilities 1,600,271 1,679,090 1,478,150 1,268,409 1,460,795Total liabilities 57,092,188 56,511,093 40,490,789 40,178,067 39,843,567Shareholders' equity:Common stock – $2.50 par value; authorized 160,000,000 shares 253,745 253,698 190,805 190,674 190,489Surplus 6,679,028 6,667,277 4,259,722 4,249,672 4,238,192Retained earnings 2,240,470 2,080,053 2,046,809 1,943,874 1,841,933Accumulated other comprehensive loss (372,109) (376,667) (606,921) (479,640) (620,211)Total shareholders' equity 8,801,134 8,624,361 5,890,415 5,904,580 5,650,403Total liabilities and shareholders' equity $ 65,893,322 $ 65,135,454 $ 46,381,204 $ 46,082,647 $ 45,493,970Common shares issued and outstanding 101,498,000 101,479,065 76,322,206 76,269,577 76,195,723
Net Interest Income and Margin
Three Months Ended Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024(Dollars in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/YIELD ANALYSIS Balance Expense Rate Balance Expense Rate Balance Expense RateInterest-Earning Assets:Federal funds sold and interest-earning deposits with banks $ 1,884,133 $ 19,839 4.22% $ 2,199,800 $ 22,540 4.16% $ 732,252 $ 8,248 4.53%Investment securities 8,513,439 74,217 3.50% 8,325,775 61,386 2.99% 7,226,582 44,516 2.48%Loans held for sale 283,017 4,829 6.84% 174,833 3,678 8.53% 63,307 1,018 6.47%Total loans held for investment 47,029,412 741,619 6.33% 46,797,045 720,962 6.25% 32,989,521 477,342 5.82%Total interest-earning assets 57,710,001 840,504 5.84% 57,497,453 808,566 5.70% 41,011,662 531,124 5.21%Noninterest-earning assets 6,840,880 6,785,973 4,416,072Total Assets $ 64,550,881 $ 64,283,426 $ 45,427,734Interest-Bearing Liabilities (“IBL”):Transaction and money market accounts $ 28,986,998 $ 173,481 2.40% $ 29,249,014 $ 176,949 2.45% $ 19,653,436 $ 120,722 2.47%Savings deposits 2,921,780 2,012 0.28% 2,904,961 1,944 0.27% 2,504,809 1,830 0.29%Certificates and other time deposits 7,177,451 66,100 3.69% 7,165,188 67,064 3.80% 4,286,950 42,929 4.03%Federal funds purchased 360,588 3,943 4.39% 323,400 3,479 4.36% 270,028 3,621 5.39%Repurchase agreements 287,341 1,462 2.04% 298,305 1,430 1.94% 270,815 1,362 2.02%Other borrowings 821,545 15,558 7.60% 812,136 13,153 6.57% 715,401 10,401 5.85%Total interest-bearing liabilities 40,555,703 262,556 2.60% 40,753,004 264,019 2.63% 27,701,439 180,865 2.63%Noninterest-bearing deposits 13,643,265 13,493,329 10,566,529Other noninterest-bearing liabilities 1,659,331 1,618,981 1,605,296Shareholders' equity 8,692,582 8,418,112 5,554,470Total Non-IBL and shareholders' equity 23,995,178 23,530,422 17,726,295Total Liabilities and Shareholders' Equity $ 64,550,881 $ 64,283,426 $ 45,427,734Net Interest Income and Margin (Non-Tax Equivalent) $ 577,948 4.02% $ 544,547 3.84% $ 350,259 3.43%Net Interest Margin (Tax Equivalent) (non-GAAP) 4.02% 3.85% 3.44%Total Deposit Cost (without Debt and Other Borrowings) 1.84% 1.89% 1.80%Overall Cost of Funds (including Demand Deposits) 1.94% 1.97% 1.90%Total Accretion on Acquired Loans (1) $ 63,507 $ 61,798 $ 4,386Tax Equivalent (“TE”) Adjustment $ 672 $ 784 $ 631
— The remaining loan discount on acquired loans to be accreted into loan interest income totals $392.8 million as of June 30, 2025.
Noninterest Income and Expense
Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30,(Dollars in thousands) 2025 2025 2024 2024 2024 2025 2024Noninterest Income:Fees on deposit accounts $ 37,869 $ 35,933 $ 35,121 $ 33,986 $ 33,842 $ 73,802 $ 66,987Mortgage banking income 5,936 7,737 4,777 3,189 5,912 13,673 12,081Trust and investment services income 14,419 14,932 12,414 11,578 11,091 29,351 21,482Correspondent banking and capital markets income 19,161 16,715 20,905 17,381 16,267 35,876 30,858Expense on centrally-cleared variation margin (5,394) (7,170) (7,350) (7,488) (11,407) (12,564) (21,687)Total correspondent banking and capital markets income 13,767 9,545 13,555 9,893 4,860 23,312 9,171Bank owned life insurance income 9,153 10,199 7,944 8,276 7,372 19,352 14,264Other 5,673 7,275 6,784 8,012 12,148 12,947 22,798Securities losses, net – (228,811) (50) – – (228,811) -Gain on sale leaseback, net of transaction costs – 229,279 – – – 229,279 -Total Noninterest Income $ 86,817 $ 86,088 $ 80,545 $ 74,934 $ 75,225 $ 172,905 $ 146,783Noninterest Expense:Salaries and employee benefits $ 200,162 $ 195,811 $ 154,116 $ 150,865 $ 151,435 $ 395,973 $ 301,888Occupancy expense 41,507 35,493 22,831 22,242 22,453 77,000 45,030Information services expense 30,155 31,362 23,416 23,280 23,144 61,517 45,497OREO and loan related expense 2,295 1,784 1,416 1,358 1,307 4,079 1,913Business development and staff related 7,182 6,510 6,777 5,542 5,942 13,692 11,464Amortization of intangibles 24,048 23,831 5,326 5,327 5,744 47,879 11,742Professional fees 4,658 4,709 5,366 4,017 3,906 9,367 7,021Supplies and printing expense 3,970 3,128 2,729 2,762 2,526 7,098 5,066FDIC assessment and other regulatory charges 11,469 11,258 7,365 7,482 7,771 22,727 16,305Advertising and marketing 3,010 2,290 2,269 2,296 2,594 5,300 4,578Other operating expenses 22,226 24,644 19,088 18,372 15,521 46,870 32,762Merger, branch consolidation, severance related and other expense (8) 24,379 68,006 6,531 3,304 5,785 92,385 10,298FDIC special assessment – – (621) – 619 – 4,473Total Noninterest Expense $ 375,061 $ 408,826 $ 256,609 $ 246,847 $ 248,747 $ 783,887 $ 498,037
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance(Dollars in thousands) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,LOAN PORTFOLIO (7) 2025 2025 2024 2024 2024Construction and land development * † $ 3,323,923 $ 3,497,909 $ 2,184,327 $ 2,458,151 $ 2,592,307Investor commercial real estate* 16,953,410 16,822,119 9,991,482 9,856,709 9,731,773Commercial owner occupied real estate 7,497,906 7,417,116 5,716,376 5,544,716 5,522,978Commercial and industrial 8,445,878 8,106,484 6,222,876 5,931,187 5,769,838Consumer real estate * 10,038,369 9,838,952 8,714,969 8,649,714 8,440,724Consumer/other 1,007,761 1,084,152 1,072,897 1,107,715 1,176,944Total Loans $ 47,267,247 $ 46,766,732 $ 33,902,927 $ 33,548,192 $ 33,234,564
* 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 $371.1 million, $343.5 million, $386.2 million, $429.8 million, and $544.2 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.
Ending Balance(Dollars in thousands) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,DEPOSITS 2025 2025 2024 2024 2024Noninterest-bearing checking $ 13,719,030 $ 13,757,255 $ 10,192,116 $ 10,376,531 $ 10,374,464Interest-bearing checking 12,607,205 12,034,973 8,232,322 7,550,392 7,547,406Savings 2,889,670 2,939,407 2,414,172 2,442,584 2,475,130Money market 16,772,597 17,447,738 13,056,534 12,614,046 12,122,336Time deposits 7,708,459 7,158,242 4,165,722 4,654,642 4,579,066Total Deposits $ 53,696,961 $ 53,337,615 $ 38,060,866 $ 37,638,195 $ 37,098,402Core Deposits (excludes Time Deposits) $ 45,988,502 $ 46,179,373 $ 33,895,144 $ 32,983,553 $ 32,519,336
Asset Quality
Ending Balance Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,(Dollars in thousands) 2025 2025 2024 2024 2024NONPERFORMING ASSETS:Non-acquiredNon-acquired nonaccrual loans and restructured loans on nonaccrual $ 141,910 $ 151,673 $ 141,982 $ 111,240 $ 110,774Accruing loans past due 90 days or more 3,687 3,273 3,293 6,890 5,843Non-acquired OREO and other nonperforming assets 17,288 2,290 1,182 1,217 2,876Total non-acquired nonperforming assets 162,885 157,236 146,457 119,347 119,493AcquiredAcquired nonaccrual loans and restructured loans on nonaccrual 151,466 116,691 65,314 70,731 78,287Accruing loans past due 90 days or more 707 537 – 389 916Acquired OREO and other nonperforming assets 8,783 5,976 1,583 493 598Total acquired nonperforming assets 160,956 123,204 66,897 71,613 79,801Total nonperforming assets $ 323,841 $ 280,440 $ 213,354 $ 190,960 $ 199,294 Three Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2025 2025 2024 2024 2024ASSET QUALITY RATIOS (7):Allowance for credit losses as a percentage of loans 1.31% 1.33% 1.37% 1.39% 1.42%Allowance for credit losses, including reserve for unfunded commitments,as a percentage of loans 1.45% 1.47% 1.51% 1.52% 1.57%Allowance for credit losses as a percentage of nonperforming loans 208.57% 229.15% 220.94% 247.28% 241.19%Net charge-offs as a percentage of average loans (annualized) 0.21% 0.38% 0.06% 0.07% 0.05%Net charge-offs, excluding acquisition date charge-offs, as a percentageof average loans (annualized) * 0.06% 0.04% 0.06% 0.07% 0.05%Total nonperforming assets as a percentage of total assets 0.49% 0.43% 0.46% 0.41% 0.44%Nonperforming loans as a percentage of period end loans 0.63% 0.58% 0.62% 0.56% 0.59%
* 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 second quarter of 2025:
Allowance for Credit Losses (“ACL”) and Unfunded Commitments (“UFC”)(Dollars in thousands) Non-PCD ACL PCD ACL Total ACL UFCEnding balance 3/31/2025 $ 526,615 $ 97,075 $ 623,690 $ 62,253ACL – PCD loans from Independent# – 16,798 16,798 -Acquisition date charge-offs on acquired PCD loans – Independent * # – (17,259) (17,259) -Charge offs (11,736) – (11,736) -Acquired charge offs (187) (42) (229) -Recoveries 2,174 – 2,174 -Acquired recoveries 566 1,978 2,544 -Provision for credit losses 17,582 (12,518) 5,064 2,440Ending balance 6/30/2025 $ 535,014 $ 86,032 $ 621,046 $ 64,693Period end loans $ 43,858,061 $ 3,409,186 $ 47,267,247 N/AAllowance for Credit Losses to Loans 1.22% 2.52% 1.31% N/AUnfunded commitments (off balance sheet) † $ 10,935,239Reserve to unfunded commitments (off balance sheet) 0.59%
# “ACL – PCD loans from Independent” and “Acquisition date charge-offs on acquired PCD loans – Independent” include measurement period adjustments recorded during the second quarter of 2025. * Acquisition date charge-offs recorded in connection with the Independent merger, to conform with the Company's charge-off policies and practices. † Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 25, 2025. 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 July 25, 2025 on the Investor Relations section ofSouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A. (the “Bank”), the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, Virginia, Texas and Colorado. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available atSouthStateBank.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 EndedPRE-PROVISION NET REVENUE (“PPNR”) (NON-GAAP) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024Net income (GAAP) $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 132,370Provision (recovery) for credit losses 7,505 100,562 6,371 (6,971) 3,889Income tax provision 66,975 26,586 43,166 43,359 40,478Income 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) 24,379 68,006 6,531 3,304 5,785FDIC special assessment – – (621) – 619Pre-provision net revenue (PPNR) (Non-GAAP) $ 314,083 $ 289,347 $ 199,675 $ 182,871 $ 183,141(Dollars in thousands) Three Months EndedNET INTEREST MARGIN (“NIM”), TE (NON-GAAP) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024Net interest income (GAAP) $ 577,948 $ 544,547 $ 369,779 $ 351,480 $ 350,259Total average interest-earning assets 57,710,001 57,497,453 42,295,376 41,223,980 41,011,662NIM, non-tax equivalent 4.02 % 3.84 % 3.48 % 3.39 % 3.43 %Tax equivalent adjustment (included in NIM, TE) 672 784 547 486 631Net interest income, tax equivalent (Non-GAAP) $ 578,620 $ 545,331 $ 370,326 $ 351,966 $ 350,890NIM, TE (Non-GAAP) 4.02 % 3.85 % 3.48 % 3.40 % 3.44 %
Three Months Ended Six Months Ended(Dollars in thousands, except per share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30,RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2024 2024 2024 2025 2024Adjusted Net Income (non-GAAP) (2)Net income (GAAP) $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 132,370 $ 304,304 $ 247,426Securities losses, net of tax – 178,639 38 – – 178,639 -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) 18,593 53,094 5,026 2,536 4,430 71,687 7,812Deferred tax asset remeasurement – 5,581 – – – 5,581 -FDIC special assessment, net of tax – – (478) – 474 – 3,362Adjusted net income (non-GAAP) $ 233,817 $ 219,282 $ 148,764 $ 145,715 $ 137,274 $ 453,099 $ 258,600Adjusted Net Income per Common Share – Basic (non-GAAP) (2)Earnings per common share – Basic (GAAP) $ 2.12 $ 0.88 $ 1.89 $ 1.88 $ 1.74 $ 3.00 $ 3.24Effect to adjust for securities losses, net of tax – 1.76 0.00 – – 1.76 -Effect to adjust for gain on sale leaseback, net of transaction costs and tax – (1.77) – – – (1.76) -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) 0.18 0.52 0.07 0.03 0.05 0.70 0.11Effect to adjust for deferred tax asset remeasurement – 0.06 – – – 0.06 -Effect to adjust for FDIC special assessment, net of tax – – (0.01) – 0.01 – 0.04Adjusted net income per common share – Basic (non-GAAP) $ 2.30 $ 2.16 $ 1.95 $ 1.91 $ 1.80 $ 4.47 $ 3.39Adjusted Net Income per Common Share – Diluted (non-GAAP) (2)Earnings per common share – Diluted (GAAP) $ 2.11 $ 0.87 $ 1.87 $ 1.86 $ 1.73 $ 2.99 $ 3.23Effect to adjust for securities losses, net of tax – 1.76 0.00 – – 1.76 -Effect to adjust for gain on sale leaseback, net of transaction costs and tax – (1.76) – – – (1.76) -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) 0.19 0.52 0.07 0.04 0.05 0.70 0.10Effect to adjust for deferred tax remeasurement – 0.05 – – – 0.05 -Effect to adjust for FDIC special assessment, net of tax – – (0.01) – 0.01 – 0.04Adjusted net income per common share – Diluted (non-GAAP) $ 2.30 $ 2.15 $ 1.93 $ 1.90 $ 1.79 $ 4.45 $ 3.37Adjusted Return on Average Assets (non-GAAP) (2)Return on average assets (GAAP) 1.34 % 0.56 % 1.23 % 1.25 % 1.17 % 0.95 % 1.10 %Effect to adjust for securities losses, net of tax – % 1.13 % 0.00 % – % – % 0.56 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % (1.13) % – % – % – % (0.56) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % 0.45 % – % – % – % 0.23 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.11 % 0.33 % 0.04 % 0.02 % 0.05 % 0.22 % 0.04 %Effect to adjust for deferred tax remeasurement – % 0.04 % – % – % – % 0.02 % – %Effect to adjust for FDIC special assessment, net of tax – % – % (0.00) % – % 0.00 % – % 0.01 %Adjusted return on average assets (non-GAAP) 1.45 % 1.38 % 1.27 % 1.27 % 1.22 % 1.42 % 1.15 %Adjusted Return on Average Common Equity (non-GAAP) (2)Return on average common equity (GAAP) 9.93 % 4.29 % 9.72 % 9.91 % 9.58 % 7.17 % 8.97 %Effect to adjust for securities losses, net of tax – % 8.61 % 0.00 % – % – % 4.21 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % (8.63) % – % – % – % (4.22) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % 3.46 % – % – % – % 1.69 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.86 % 2.56 % 0.34 % 0.17 % 0.33 % 1.70 % 0.29 %Effect to adjust for deferred tax remeasurement – % 0.27 % – % – % – % 0.13 % – %Effect to adjust for FDIC special assessment, net of tax – % – % (0.03) % – % 0.03 % – % 0.12 %Adjusted return on average common equity (non-GAAP) 10.79 % 10.56 % 10.03 % 10.08 % 9.94 % 10.68 % 9.38 %Return on Average Common Tangible Equity (non-GAAP) (3)Return on average common equity (GAAP) 9.93 % 4.29 % 9.72 % 9.91 % 9.58 % 7.17 % 8.97 %Effect to adjust for intangible assets 8.24 % 4.70 % 5.37 % 5.72 % 5.91 % 6.56 % 5.60 %Return on average tangible equity (non-GAAP) 18.17 % 8.99 % 15.09 % 15.63 % 15.49 % 13.73 % 14.57 %Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)Return on average common equity (GAAP) 9.93 % 4.29 % 9.72 % 9.91 % 9.58 % 7.17 % 8.97 %Effect to adjust for securities losses, net of tax – % 8.61 % 0.00 % – % – % 4.21 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % (8.63) % – % – % – % (4.22) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % 3.46 % – % – % – % 1.69 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.86 % 2.56 % 0.34 % 0.18 % 0.32 % 1.70 % 0.28 %Effect to adjust for deferred tax remeasurement – % 0.27 % – % – % – % 0.13 % – %Effect to adjust for FDIC special assessment, net of tax – % – % (0.03) % – % 0.03 % – % 0.12 %Effect to adjust for intangible assets, net of tax 8.82 % 9.29 % 5.53 % 5.80 % 6.12 % 9.04 % 5.83 %Adjusted return on average common tangible equity (non-GAAP) 19.61 % 19.85 % 15.56 % 15.89 % 16.05 % 19.72 % 15.20 %
Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30,RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2024 2024 2024 2025 2024Adjusted Efficiency Ratio (non-GAAP) (4)Efficiency ratio 52.75 % 60.97 % 55.73 % 56.58 % 57.03 % 56.75 % 57.75 %Effect to adjust for securities losses – % (13.35) % – % – % – % (7.44) % -Effect to adjust for gain on sale leaseback, net of transaction costs – % 13.39 % – % – % – % 7.46 % -Effect to adjust for merger, branch consolidation, severance related and other expense (8) (3.66) % (10.77) % (1.45) % (0.78) % (1.36) % (7.12) % (1.23) %Effect to adjust for FDIC special assessment – % – % 0.14 % – % (0.15) % – % (0.53) %Adjusted efficiency ratio 49.09 % 50.24 % 54.42 % 55.80 % 55.52 % 49.65 % 55.99 %Tangible Book Value Per Common Share (non-GAAP) (3)Book value per common share (GAAP) $ 86.71 $ 84.99 $ 77.18 $ 77.42 $ 74.16Effect to adjust for intangible assets (34.75) (34.92) (26.07) (26.16) (26.26)Tangible book value per common share (non-GAAP) $ 51.96 $ 50.07 $ 51.11 $ 51.26 $ 47.90Tangible Equity-to-Tangible Assets (non-GAAP) (3)Equity-to-assets (GAAP) 13.36 % 13.24 % 12.70 % 12.81 % 12.42 %Effect to adjust for intangible assets (4.90) % (4.99) % (3.91) % (3.94) % (4.03) %Tangible equity-to-tangible assets (non-GAAP) 8.46 % 8.25 % 8.79 % 8.87 % 8.39 %
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 $63.5 million, $61.8 million, $2.9 million, $2.9 million, and $4.4 million during the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $125.3 million and $8.7 million during the six months ended June 30, 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 $24.4 million, $68.0 million, $6.5 million, $3.3 million, and $5.8 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $92.4 million and $10.3 million for the six months ended June 30, 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 $(228,811) for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025 and for the six months ended June 30, 2025; (d) pre-tax FDIC special assessment of $(621,000) and $619,000 for the quarters ended December 31, 2024, and June 30, 2024, respectively, and $4.5 million for the six months ended June 30, 2024; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and for the six months ended June 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 sale leaseback, merger, branch consolidation, severance related and other expenses 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 $24.0 million, $23.8 million, $5.3 million, $5.3 million, and $5.7 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $47.9 million and $11.7 million for the six months ended June 30, 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) June 30, 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 $(3.6) million, $111,000, $329,000, $56,000, and $3.5 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $(3.5) million, and $7.9 million for the six months ended June 30, 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) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (14) transaction risk arising from problems with service or product delivery; (15) 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; (16) 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; (17) 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; (18) 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; (19) 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; (20) 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; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) 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; (24) 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; (25) 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; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) 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; (29) 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; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) 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; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) 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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