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, 2025.
https://mma.prnewswire.com/media/2802823/SSB_Q3_2025_Earnings_Call_FINAL.pdf?p=pdfthumbnail
“SouthState delivered a strong third quarter. Growth in top line revenue and bottom-line income led to a 30% year-over-year increase in earnings per share,” said John C. Corbett, SouthState's Chief Executive Officer. “The successful integration of Independent Financial, fee income growth in capital markets, and steady balance sheet growth resulted in a return on tangible equity of 20%.”
Highlights of the third quarter of 2025 include:
Returns
— Reported Diluted Earnings per Share (“EPS”) of $2.42; Adjusted Diluted EPS (Non-GAAP) of $2.58
— Net Income of $246.6 million; Adjusted Net Income (Non-GAAP) of $262.7 million
— Return on Average Common Equity of 11.0%; Return on Average Tangible Common Equity (Non-GAAP) of 19.6% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 20.8%*
— Return on Average Assets (“ROAA”) of 1.49% and Adjusted ROAA (Non-GAAP) of 1.59%*
— Book Value per Share of $89.14; Tangible Book Value (“TBV”) per Share (Non-GAAP) of $54.48
Performance
— Revenue, non-tax equivalent, of $699 million, an increase of $34 million, or 5%, compared to the prior quarter
— Net Interest Income of $600 million, an increase of $22 million, or 4%, compared to the prior quarter
— Noninterest Income of $99.1 million, up $12 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.60% of average assets for the third quarter of 2025*
— Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 4.05% and 4.06%, respectively
— Net charge-offs totaled $32.2 million, or 0.27%*, primarily attributable to one credit that was charged off during the quarter, bringing the year-to-date net charge-offs to 12 bps* Çe
— $5.1 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.38% of loans
— Efficiency Ratio of 50% and Adjusted Efficiency Ratio (Non-GAAP) of 47%
Çe Excluding acquisition date charge-offs during the quarters ended June 30, 2025 and March 31, 2025
Balance Sheet
— Loans increased by $401 million, or 3%*, and deposits increased by $376 million, or 3%*; average loans increased by $571 million, or 5%*, and average deposits increased by $625 million, or 5%*; ending loan to deposit ratio of 88%
— Total loan yield of 6.48%, up 0.15% from prior quarter
— Total deposit cost of 1.91%, up 0.07% from prior quarter
— Redeemed a total of $405 million of subordinated debentures during the quarte
— Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 14.0%, 9.4%, and 11.5%, respectively†
â^- Annualized percentages † Preliminary
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 November 14, 2025 to shareholders of record as of November 7, 2025
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 2025 2025 2025 2024 2024 2025 2024Interest IncomeLoans, including fees (1) $ 782,382 $ 746,448 $ 724,640 $ 489,709 $ 494,082 $ 2,253,471 $ 1,436,130Investment securities, trading securities, federal funds sold and securitiespurchased under agreements to resell 99,300 94,056 83,926 59,096 50,096 277,281 156,427Total interest income 881,682 840,504 808,566 548,805 544,178 2,530,752 1,592,557Interest ExpenseDeposits 257,271 241,593 245,957 168,263 177,919 744,820 503,562Federal funds purchased, securities sold under agreementsto repurchase, and other borrowings 24,714 20,963 18,062 10,763 14,779 63,740 43,320Total interest expense 281,985 262,556 264,019 179,026 192,698 808,560 546,882Net Interest Income 599,697 577,948 544,547 369,779 351,480 1,722,192 1,045,675Provision (recovery) for credit losses 5,085 7,505 100,562 6,371 (6,971) 113,152 9,604Net Interest Income after Provision (Recovery) for Credit Losses 594,612 570,443 443,985 363,408 358,451 1,609,040 1,036,071Noninterest IncomeOperating income 99,086 86,817 85,620 80,595 74,934 271,523 221,717Securities losses, net – – (228,811) (50) – (228,811) -Gain on sale leaseback, net of transaction costs – – 229,279 – – 229,279 -Total noninterest income 99,086 86,817 86,088 80,545 74,934 271,991 221,717Noninterest ExpenseOperating expense 351,453 350,682 340,820 250,699 243,543 1,042,955 726,809Merger, branch consolidation, severance related, and other expense (8) 20,889 24,379 68,006 6,531 3,304 113,274 13,602FDIC special assessment – – – (621) – – 4,473Total noninterest expense 372,342 375,061 408,826 256,609 246,847 1,156,229 744,884Income before Income Tax Provision 321,356 282,199 121,247 187,344 186,538 724,802 512,904Income tax provision 74,715 66,975 32,167 43,166 43,359 173,857 122,299Net Income $ 246,641 $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 550,945 $ 390,605Adjusted Net Income (non-GAAP) (2)Net Income (GAAP) $ 246,641 $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 550,945 $ 390,605Securities 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) 16,032 18,593 53,094 5,026 2,536 87,719 10,348Deferred tax asset remeasurement – – 5,581 – – 5,581 -FDIC special assessment, net of tax – – – (478) – – 3,362Adjusted Net Income (non-GAAP) $ 262,673 $ 233,817 $ 219,282 $ 148,764 $ 145,715 $ 715,772 $ 404,315Basic earnings per common share $ 2.44 $ 2.12 $ 0.88 $ 1.89 $ 1.88 $ 5.43 $ 5.12Diluted earnings per common share $ 2.42 $ 2.11 $ 0.87 $ 1.87 $ 1.86 $ 5.41 $ 5.09Adjusted net income per common share – Basic (non-GAAP) (2) $ 2.60 $ 2.30 $ 2.16 $ 1.95 $ 1.91 $ 7.06 $ 5.30Adjusted net income per common share – Diluted (non-GAAP) (2) $ 2.58 $ 2.30 $ 2.15 $ 1.93 $ 1.90 $ 7.03 $ 5.27Dividends per common share $ 0.60 $ 0.54 $ 0.54 $ 0.54 $ 0.54 $ 1.68 $ 1.58Basic weighted-average common shares outstanding 101,218,431 101,495,456 101,409,624 76,360,935 76,299,069 101,373,803 76,284,016Diluted weighted-average common shares outstanding 101,735,095 101,845,360 101,828,600 76,957,882 76,805,436 101,807,090 76,690,900Effective tax rate 23.25% 23.73% 26.53% 23.04% 23.24% 23.99% 23.84%Adjusted effective tax rate 23.25% 23.73% 21.93% 23.04% 23.24% 23.22% 23.84%
Performance and Capital Ratios
Three Months Ended Nine Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30, 2025 2025 2025 2024 2024 2025 2024PERFORMANCE RATIOSReturn on average assets (annualized) 1.49 % 1.34 % 0.56 % 1.23 % 1.25 % 1.14 % 1.15 %Adjusted return on average assets (annualized) (non-GAAP) (2) 1.59 % 1.45 % 1.38 % 1.27 % 1.27 % 1.48 % 1.19 %Return on average common equity (annualized) 11.04 % 9.93 % 4.29 % 9.72 % 9.91 % 8.50 % 9.29 %Adjusted return on average common equity (annualized) (non-GAAP) (2) 11.75 % 10.79 % 10.56 % 10.03 % 10.08 % 11.05 % 9.62 %Return on average tangible common equity (annualized) (non-GAAP) (3) 19.62 % 18.17 % 8.99 % 15.09 % 15.63 % 15.80 % 14.94 %Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) 20.81 % 19.61 % 19.85 % 15.56 % 15.89 % 20.10 % 15.44 %Efficiency ratio (tax equivalent) 49.88 % 52.75 % 60.97 % 55.73 % 56.58 % 54.35 % 57.35 %Adjusted efficiency ratio (non-GAAP) (4) 46.89 % 49.09 % 50.24 % 54.42 % 55.80 % 48.68 % 55.93 %Dividend payout ratio (5) 24.59 % 25.47 % 61.45 % 28.58 % 28.76 % 30.89 % 30.82 %Book value per common share $ 89.14 $ 86.71 $ 84.99 $ 77.18 $ 77.42Tangible book value per common share (non-GAAP) (3) $ 54.48 $ 51.96 $ 50.07 $ 51.11 $ 51.26CAPITAL RATIOSEquity-to-assets 13.6 % 13.4 % 13.2 % 12.7 % 12.8 %Tangible equity-to-tangible assets (non-GAAP) (3) 8.8 % 8.5 % 8.2 % 8.8 % 8.9 %Tier 1 leverage (6) 9.4 % 9.2 % 8.9 % 10.0 % 10.0 %Tier 1 common equity (6) 11.5 % 11.2 % 11.0 % 12.6 % 12.4 %Tier 1 risk-based capital (6) 11.5 % 11.2 % 11.0 % 12.6 % 12.4 %Total risk-based capital (6) 14.0 % 14.5 % 13.7 % 15.0 % 14.7 %
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 2025 2025 2025 2024 2024AssetsCash and due from banks $ 582,792 $ 755,798 $ 688,153 $ 525,506 $ 563,887Federal funds sold and interest-earning deposits with banks 2,561,663 2,708,308 2,611,537 866,561 648,792Cash and cash equivalents 3,144,455 3,464,106 3,299,690 1,392,067 1,212,679Trading securities, at fair value 107,519 95,306 107,401 102,932 87,103Investment securities:Securities held to maturity 2,096,727 2,145,991 2,195,980 2,254,670 2,301,307Securities available for sale, at fair value 6,042,800 5,927,867 5,853,369 4,320,593 4,564,363Other investments 366,218 357,487 345,695 223,613 211,458Total investment securities 8,505,745 8,431,345 8,395,044 6,798,876 7,077,128Loans held for sale 346,673 318,985 357,918 279,426 287,043Loans:Purchased credit deteriorated 3,160,359 3,409,186 3,634,490 862,155 913,342Purchased non-credit deteriorated 11,877,828 12,492,553 13,084,853 3,635,782 3,959,028Non-acquired 32,629,724 31,365,508 30,047,389 29,404,990 28,675,822Less allowance for credit losses (590,133) (621,046) (623,690) (465,280) (467,981)Loans, net 47,077,778 46,646,201 46,143,042 33,437,647 33,080,211Premises and equipment, net 961,510 964,878 946,334 502,559 507,452Bank owned life insurance 1,285,532 1,280,632 1,273,472 1,013,209 1,007,275Mortgage servicing rights 84,491 85,836 87,742 89,795 83,512Core deposit and other intangibles 409,890 433,458 455,443 66,458 71,835Goodwill 3,094,059 3,094,059 3,088,059 1,923,106 1,923,106Other assets 1,030,558 1,078,516 981,309 775,129 745,303Total assets $ 66,048,210 $ 65,893,322 $ 65,135,454 $ 46,381,204 $ 46,082,647Liabilities and Shareholders' EquityDeposits:Noninterest-bearing $ 13,430,459 $ 13,719,030 $ 13,757,255 $ 10,192,117 $ 10,376,531Interest-bearing 40,642,810 39,977,931 39,580,360 27,868,749 27,261,664Total deposits 54,073,269 53,696,961 53,337,615 38,060,866 37,638,195Federal funds purchased and securitiessold under agreements to repurchase 594,092 630,558 679,337 514,912 538,322Other borrowings 696,429 1,099,705 752,798 391,534 691,626Reserve for unfunded commitments 68,538 64,693 62,253 45,327 41,515Other liabilities 1,604,756 1,600,271 1,679,090 1,478,150 1,268,409Total liabilities 57,037,084 57,092,188 56,511,093 40,490,789 40,178,067Shareholders' equity:Common stock – $2.50 par value; authorized 160,000,000 shares 252,723 253,745 253,698 190,805 190,674Surplus 6,647,952 6,679,028 6,667,277 4,259,722 4,249,672Retained earnings 2,426,463 2,240,470 2,080,053 2,046,809 1,943,874Accumulated other comprehensive loss (316,012) (372,109) (376,667) (606,921) (479,640)Total shareholders' equity 9,011,126 8,801,134 8,624,361 5,890,415 5,904,580Total liabilities and shareholders' equity $ 66,048,210 $ 65,893,322 $ 65,135,454 $ 46,381,204 $ 46,082,647Common shares issued and outstanding 101,089,231 101,498,000 101,479,065 76,322,206 76,269,577
Net Interest Income and Margin
Three Months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 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 $ 2,212,239 $ 23,271 4.17% $ 1,884,133 $ 19,839 4.22% $ 559,942 $ 6,462 4.59%Investment securities 8,624,670 76,029 3.50% 8,513,439 74,217 3.50% 7,163,934 43,634 2.42%Loans held for sale 289,884 5,067 6.93% 283,017 4,829 6.84% 112,429 2,694 9.53%Total loans held for investment 47,600,317 777,315 6.48% 47,029,412 741,619 6.33% 33,387,675 491,388 5.86%Total interest-earning assets 58,727,110 881,682 5.96% 57,710,001 840,504 5.84% 41,223,980 544,178 5.25%Noninterest-earning assets 6,762,434 6,840,880 4,373,250Total Assets $ 65,489,544 $ 64,550,881 $ 45,597,230Interest-Bearing Liabilities (“IBL”):Transaction and money market accounts $ 29,623,457 $ 187,627 2.51% $ 28,986,998 $ 173,481 2.40% $ 19,936,966 $ 129,613 2.59%Savings deposits 2,879,488 1,940 0.27% 2,921,780 2,012 0.28% 2,453,886 1,893 0.31%Certificates and other time deposits 7,310,133 67,704 3.67% 7,177,451 66,100 3.69% 4,489,441 46,413 4.11%Federal funds purchased 331,707 3,640 4.35% 360,588 3,943 4.39% 304,582 4,178 5.46%Repurchase agreements 281,395 1,527 2.15% 287,341 1,462 2.04% 258,166 1,519 2.34%Other borrowings 974,992 19,547 7.95% 821,545 15,558 7.60% 611,247 9,082 5.91%Total interest-bearing liabilities 41,401,172 281,985 2.70% 40,555,703 262,556 2.60% 28,054,288 192,698 2.73%Noninterest-bearing deposits 13,541,840 13,643,265 10,412,512Other noninterest-bearing liabilities 1,679,124 1,659,331 1,382,260Shareholders' equity 8,867,408 8,692,582 5,748,170Total Non-IBL and shareholders' equity 24,088,372 23,995,178 17,542,942Total Liabilities and Shareholders' Equity $ 65,489,544 $ 64,550,881 $ 45,597,230Net Interest Income and Margin (Non-Tax Equivalent) $ 599,697 4.05% $ 577,948 4.02% $ 351,480 3.39%Net Interest Margin (Tax Equivalent) (non-GAAP) 4.06% 4.02% 3.40%Total Deposit Cost (without Debt and Other Borrowings) 1.91% 1.84% 1.90%Overall Cost of Funds (including Demand Deposits) 2.04% 1.94% 1.99%Total Accretion on Acquired Loans (1) $ 82,976 $ 63,507 $ 2,858Tax Equivalent (“TE”) Adjustment $ 718 $ 672 $ 486
— The remaining loan discount on acquired loans to be accreted into loan interest income totals $309.8 million as of September 30, 2025.
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) 2025 2025 2025 2024 2024 2025 2024Noninterest Income:Fees on deposit accounts $ 42,572 $ 37,869 $ 35,933 $ 35,121 $ 33,986 $ 116,374 $ 100,973Mortgage banking income 5,462 5,936 7,737 4,777 3,189 19,135 15,270Trust and investment services income 14,157 14,419 14,932 12,414 11,578 43,508 33,060Correspondent banking and capital markets income 25,522 19,161 16,715 20,905 17,381 61,398 48,239Expense on centrally-cleared variation margin (4,318) (5,394) (7,170) (7,350) (7,488) (16,882) (29,175)Total correspondent banking and capital markets income 21,204 13,767 9,545 13,555 9,893 44,516 19,064Bank owned life insurance income 10,597 9,153 10,199 7,944 8,276 29,949 22,540Other 5,094 5,673 7,275 6,784 8,012 18,041 30,810Securities losses, net – – (228,811) (50) – (228,811) -Gain on sale leaseback, net of transaction costs – – 229,279 – – 229,279 -Total Noninterest Income $ 99,086 $ 86,817 $ 86,088 $ 80,545 $ 74,934 $ 271,991 $ 221,717Noninterest Expense:Salaries and employee benefits $ 199,148 $ 200,162 $ 195,811 $ 154,116 $ 150,865 $ 595,121 $ 452,753Occupancy expense 40,874 41,507 35,493 22,831 22,242 117,874 67,272Information services expense 28,988 30,155 31,362 23,416 23,280 90,505 68,777OREO and loan related expense 5,427 2,295 1,784 1,416 1,358 9,506 3,271Business development and staff related 8,907 7,182 6,510 6,777 5,542 22,600 17,006Amortization of intangibles 23,426 24,048 23,831 5,326 5,327 71,305 17,069Professional fees 4,994 4,658 4,709 5,366 4,017 14,361 11,038Supplies and printing expense 3,278 3,970 3,128 2,729 2,762 10,376 7,828FDIC assessment and other regulatory charges 8,374 11,469 11,258 7,365 7,482 31,101 23,787Advertising and marketing 2,980 3,010 2,290 2,269 2,296 8,280 6,874Other operating expenses 25,057 22,226 24,644 19,088 18,372 71,926 51,134Merger, branch consolidation, severance related and other expense (8) 20,889 24,379 68,006 6,531 3,304 113,274 13,602FDIC special assessment – – – (621) – – 4,473Total Noninterest Expense $ 372,342 $ 375,061 $ 408,826 $ 256,609 $ 246,847 $ 1,156,229 $ 744,884
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) 2025 2025 2025 2024 2024Construction and land development * † $ 2,678,971 $ 3,323,923 $ 3,497,909 $ 2,184,327 $ 2,458,151Investor commercial real estate* 17,603,205 16,953,410 16,822,119 9,991,482 9,856,709Commercial owner occupied real estate 7,529,075 7,497,906 7,417,116 5,716,376 5,544,716Commercial and industrial 8,644,636 8,445,878 8,106,484 6,222,876 5,931,187Consumer real estate * 10,202,026 10,038,369 9,838,952 8,714,969 8,649,714Consumer/other 1,009,998 1,007,761 1,084,152 1,072,897 1,107,715Total Loans $ 47,667,911 $ 47,267,247 $ 46,766,732 $ 33,902,927 $ 33,548,192
* 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 $350.2 million, $371.1 million, $343.5 million, $386.2 million, and $429.8 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
Ending Balance(Dollars in thousands) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,DEPOSITS 2025 2025 2025 2024 2024Noninterest-bearing checking $ 13,430,459 $ 13,719,030 $ 13,757,255 $ 10,192,116 $ 10,376,531Interest-bearing checking 12,906,408 12,607,205 12,034,973 8,232,322 7,550,392Savings 2,853,410 2,889,670 2,939,407 2,414,172 2,442,584Money market 17,251,469 16,772,597 17,447,738 13,056,534 12,614,046Time deposits 7,631,523 7,708,459 7,158,242 4,165,722 4,654,642Total Deposits $ 54,073,269 $ 53,696,961 $ 53,337,615 $ 38,060,866 $ 37,638,195Core Deposits (excludes Time Deposits) $ 46,441,746 $ 45,988,502 $ 46,179,373 $ 33,895,144 $ 32,983,553
Asset Quality
Ending Balance Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,(Dollars in thousands) 2025 2025 2025 2024 2024NONPERFORMING ASSETS:Non-acquiredNon-acquired nonaccrual loans and restructured loans on nonaccrual $ 146,751 $ 141,910 $ 151,673 $ 141,982 $ 111,240Accruing loans past due 90 days or more 4,352 3,687 3,273 3,293 6,890Non-acquired OREO and other nonperforming assets 11,969 17,288 2,290 1,182 1,217Total non-acquired nonperforming assets 163,072 162,885 157,236 146,457 119,347AcquiredAcquired nonaccrual loans and restructured loans on nonaccrual 149,695 151,466 116,691 65,314 70,731Accruing loans past due 90 days or more 891 707 537 – 389Acquired OREO and other nonperforming assets 7,147 8,783 5,976 1,583 493Total acquired nonperforming assets 157,733 160,956 123,204 66,897 71,613Total nonperforming assets $ 320,805 $ 323,841 $ 280,440 $ 213,354 $ 190,960
Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2025 2025 2025 2024 2024ASSET QUALITY RATIOS (7):Allowance for credit losses as a percentage of loans 1.24% 1.31% 1.33% 1.37% 1.39%Allowance for credit losses, including reserve for unfunded commitments,as a percentage of loans 1.38% 1.45% 1.47% 1.51% 1.52%Allowance for credit losses as a percentage of nonperforming loans 195.61% 208.57% 229.15% 220.94% 247.28%Net charge-offs as a percentage of average loans (annualized) 0.27% 0.21% 0.38% 0.06% 0.07%Net charge-offs, excluding acquisition date charge-offs, as a percentageof average loans (annualized) * 0.27% 0.06% 0.04% 0.06% 0.07%Total nonperforming assets as a percentage of total assets 0.49% 0.49% 0.43% 0.46% 0.41%Nonperforming loans as a percentage of period end loans 0.63% 0.63% 0.58% 0.62% 0.56%
* 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 third quarter of 2025:
Allowance for Credit Losses (“ACL”) and Unfunded Commitments (“UFC”)(Dollars in thousands) Non-PCD ACL PCD ACL Total ACL UFCEnding balance 6/30/2025 $ 535,014 $ 86,032 $ 621,046 $ 64,693Charge offs (36,554) – (36,554) -Acquired charge offs (344) (664) (1,008) -Recoveries 2,292 – 2,292 -Acquired recoveries 921 2,195 3,116 -Provision for credit losses 10,249 (9,008) 1,241 3,845Ending balance 9/30/2025 $ 511,578 $ 78,555 $ 590,133 $ 68,538Period end loans $ 44,507,552 $ 3,160,359 $ 47,667,911 N/AAllowance for Credit Losses to Loans 1.15% 2.49% 1.24% N/AUnfunded commitments (off balance sheet) † $ 11,201,286Reserve 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 23, 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 October 23, 2025 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 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) Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024Net income (GAAP) $ 246,641 $ 215,224 $ 89,080 $ 144,178 $ 143,179Provision (recovery) for credit losses 5,085 7,505 100,562 6,371 (6,971)Income tax provision 74,715 66,975 26,586 43,166 43,359Income 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) 20,889 24,379 68,006 6,531 3,304FDIC special assessment – – – (621) -Pre-provision net revenue (PPNR) (Non-GAAP) $ 347,330 $ 314,083 $ 289,347 $ 199,675 $ 182,871
(Dollars in thousands) Three Months EndedNET INTEREST MARGIN (“NIM”), TE (NON-GAAP) Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024Net interest income (GAAP) $ 599,697 $ 577,948 $ 544,547 $ 369,779 $ 351,480Total average interest-earning assets 58,727,110 57,710,001 57,497,453 42,295,376 41,223,980NIM, non-tax equivalent 4.05 % 4.02 % 3.84 % 3.48 % 3.39 %Tax equivalent adjustment (included in NIM, TE) 718 672 784 547 486Net interest income, tax equivalent (Non-GAAP) $ 600,415 $ 578,620 $ 545,331 $ 370,326 $ 351,966NIM, TE (Non-GAAP) 4.06 % 4.02 % 3.85 % 3.48 % 3.40 %
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 2025 2025 2025 2024 2024 2025 2024Adjusted Net Income (non-GAAP) (2)Net income (GAAP) $ 246,641 $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 550,945 $ 390,605Securities 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) 16,032 18,593 53,094 5,026 2,536 87,719 10,348Deferred tax asset remeasurement – – 5,581 – – 5,581 -FDIC special assessment, net of tax – – – (478) – – 3,362Adjusted net income (non-GAAP) $ 262,673 $ 233,817 $ 219,282 $ 148,764 $ 145,715 $ 715,772 $ 404,315Adjusted Net Income per Common Share – Basic (non-GAAP) (2)Earnings per common share – Basic (GAAP) $ 2.44 $ 2.12 $ 0.88 $ 1.89 $ 1.88 $ 5.43 $ 5.12Effect 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) – – (1.77) -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) 0.16 0.18 0.52 0.07 0.03 0.87 0.14Effect to adjust for deferred tax asset remeasurement – – 0.06 – – 0.06 -Effect to adjust for FDIC special assessment, net of tax – – – (0.01) – – 0.04Adjusted net income per common share – Basic (non-GAAP) $ 2.60 $ 2.30 $ 2.16 $ 1.95 $ 1.91 $ 7.06 $ 5.30Adjusted Net Income per Common Share – Diluted (non-GAAP) (2)Earnings per common share – Diluted (GAAP) $ 2.42 $ 2.11 $ 0.87 $ 1.87 $ 1.86 $ 5.41 $ 5.09Effect to adjust for securities losses, net of tax – – 1.76 0.00 – 1.75 -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) 0.16 0.19 0.52 0.07 0.04 0.87 0.14Effect to adjust for deferred tax remeasurement – – 0.05 – – 0.05 -Effect to adjust for FDIC special assessment, net of tax – – – (0.01) – – 0.04Adjusted net income per common share – Diluted (non-GAAP) $ 2.58 $ 2.30 $ 2.15 $ 1.93 $ 1.90 $ 7.03 $ 5.27Adjusted Return on Average Assets (non-GAAP) (2)Return on average assets (GAAP) 1.49 % 1.34 % 0.56 % 1.23 % 1.25 % 1.14 % 1.15 %Effect to adjust for securities losses, net of tax – % – % 1.13 % 0.00 % – % 0.37 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % – % (1.13) % – % – % (0.37) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % – % 0.45 % – % – % 0.15 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.10 % 0.11 % 0.33 % 0.04 % 0.02 % 0.18 % 0.03 %Effect to adjust for deferred tax remeasurement – % – % 0.04 % – % – % 0.01 % – %Effect to adjust for FDIC special assessment, net of tax – % – % – % (0.00) % – % – % 0.01 %Adjusted return on average assets (non-GAAP) 1.59 % 1.45 % 1.38 % 1.27 % 1.27 % 1.48 % 1.19 %Adjusted Return on Average Common Equity (non-GAAP) (2)Return on average common equity (GAAP) 11.04 % 9.93 % 4.29 % 9.72 % 9.91 % 8.50 % 9.29 %Effect to adjust for securities losses, net of tax – % – % 8.61 % 0.00 % – % 2.76 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % – % (8.63) % – % – % (2.76) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % – % 3.46 % – % – % 1.11 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.71 % 0.86 % 2.56 % 0.34 % 0.17 % 1.35 % 0.25 %Effect to adjust for deferred tax remeasurement – % – % 0.27 % – % – % 0.09 % – %Effect to adjust for FDIC special assessment, net of tax – % – % – % (0.03) % – % – % 0.08 %Adjusted return on average common equity (non-GAAP) 11.75 % 10.79 % 10.56 % 10.03 % 10.08 % 11.05 % 9.62 %Return on Average Common Tangible Equity (non-GAAP) (3)Return on average common equity (GAAP) 11.04 % 9.93 % 4.29 % 9.72 % 9.91 % 8.50 % 9.29 %Effect to adjust for intangible assets 8.58 % 8.24 % 4.70 % 5.37 % 5.72 % 7.30 % 5.65 %Return on average tangible equity (non-GAAP) 19.62 % 18.17 % 8.99 % 15.09 % 15.63 % 15.80 % 14.94 %Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)Return on average common equity (GAAP) 11.04 % 9.93 % 4.29 % 9.72 % 9.91 % 8.50 % 9.29 %Effect to adjust for securities losses, net of tax – % – % 8.61 % 0.00 % – % 2.76 % – %Effect to adjust for gain on sale leaseback, net of transaction costs and tax – % – % (8.63) % – % – % (2.76) % – %Effect to adjust for PCL – Non-PCD loans and UFC, net of tax – % – % 3.46 % – % – % 1.11 % – %Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) 0.71 % 0.86 % 2.56 % 0.34 % 0.18 % 1.35 % 0.25 %Effect to adjust for deferred tax remeasurement – % – % 0.27 % – % – % 0.09 % – %Effect to adjust for FDIC special assessment, net of tax – % – % – % (0.03) % – % – % 0.08 %Effect to adjust for intangible assets, net of tax 9.06 % 8.82 % 9.29 % 5.53 % 5.80 % 9.05 % 5.82 %Adjusted return on average common tangible equity (non-GAAP) 20.81 % 19.61 % 19.85 % 15.56 % 15.89 % 20.10 % 15.44 %
Three Months Ended Nine Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30,RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2025 2024 2024 2025 2024Adjusted Efficiency Ratio (non-GAAP) (4)Efficiency ratio 49.88 % 52.75 % 60.97 % 55.73 % 56.58 % 54.35 % 57.35 %Effect to adjust for securities losses – % – % (13.35) % – % – % (5.01) % – %Effect to adjust for gain on sale leaseback, net of transaction costs – % – % 13.39 % – % – % 5.01 % – %Effect to adjust for merger, branch consolidation, severance related and other expense (8) (2.99) % (3.66) % (10.77) % (1.45) % (0.78) % (5.67) % (1.07) %Effect to adjust for FDIC special assessment – % – % – % 0.14 % – % – % (0.35) %Adjusted efficiency ratio 46.89 % 49.09 % 50.24 % 54.42 % 55.80 % 48.68 % 55.93 %Tangible Book Value Per Common Share (non-GAAP) (3)Book value per common share (GAAP) $ 89.14 $ 86.71 $ 84.99 $ 77.18 $ 77.42Effect to adjust for intangible assets (34.66) (34.75) (34.92) (26.07) (26.16)Tangible book value per common share (non-GAAP) $ 54.48 $ 51.96 $ 50.07 $ 51.11 $ 51.26Tangible Equity-to-Tangible Assets (non-GAAP) (3)Equity-to-assets (GAAP) 13.64 % 13.36 % 13.24 % 12.70 % 12.81 %Effect to adjust for intangible assets (4.83) % (4.90) % (4.99) % (3.91) % (3.94) %Tangible equity-to-tangible assets (non-GAAP) 8.81 % 8.46 % 8.25 % 8.79 % 8.87 %
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 $83.0 million, $63.5 million, $61.8 million, $2.9 million, and $2.9 million during the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $208.3 million and $11.5 million during the nine months ended September 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 $20.9 million, $24.4 million, $68.0 million, $6.5 million, and $3.3 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $113.3 million and $13.6 million for the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2025; (d) pre-tax FDIC special assessment of $(621,000) for the quarter ended December 31, 2024 and $4.5 million for the nine months ended September 30, 2024; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and 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 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 $23.4 million, $24.0 million, $23.8 million, $5.3 million, and $5.3 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively and $71.3 million and $17.1 million for the nine months ended September 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) September 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 $3,000, $(3.6) million, $111,000, $329,000, and $56,000 for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $(3.5) million, and $8.0 million for the nine months ended September 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) 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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