Open the filing on EDGARWINTER HAVEN, FL - October 22, 2025 - 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.
“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* ǂ
- $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%
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 quarter
- 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†
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
∗ Annualized percentages
† Preliminary
ǂ Excluding acquisition date charge-offs during the quarters ended June 30, 2025 and March 31, 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 | 2024 |
| Interest Income | | | | | | | |
| Loans, including fees (1) | $782,382 | $746,448 | $724,640 | $489,709 | $494,082 | $2,253,471 | $1,436,130 |
| Investment securities, trading securities, federal funds sold and securities | | | | | | | |
| purchased under agreements to resell | 99,300 | 94,056 | 83,926 | 59,096 | 50,096 | 277,281 | 156,427 |
| Total interest income | 881,682 | 840,504 | 808,566 | 548,805 | 544,178 | 2,530,752 | 1,592,557 |
| Interest Expense | | | | | | | |
| Deposits | 257,271 | 241,593 | 245,957 | 168,263 | 177,919 | 744,820 | 503,562 |
| Federal funds purchased, securities sold under agreements | | | | | | | |
| to repurchase, and other borrowings | 24,714 | 20,963 | 18,062 | 10,763 | 14,779 | 63,740 | 43,320 |
| Total interest expense | 281,985 | 262,556 | 264,019 | 179,026 | 192,698 | 808,560 | 546,882 |
| Net Interest Income | 599,697 | 577,948 | 544,547 | 369,779 | 351,480 | 1,722,192 | 1,045,675 |
| Provision (recovery) for credit losses | 5,085 | 7,505 | 100,562 | 6,371 | (6,971) | 113,152 | 9,604 |
| Net Interest Income after Provision (Recovery) for Credit Losses | 594,612 | 570,443 | 443,985 | 363,408 | 358,451 | 1,609,040 | 1,036,071 |
| Noninterest Income | | | | | | | |
| Operating income | 99,086 | 86,817 | 85,620 | 80,595 | 74,934 | 271,523 | 221,717 |
| Securities 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 | 221,717 |
| Noninterest Expense | | | | | | | |
| Operating expense | 351,453 | 350,682 | 340,820 | 250,699 | 243,543 | 1,042,955 | 726,809 |
| Merger, branch consolidation, severance related, and other expense (8) | 20,889 | 24,379 | 68,006 | 6,531 | 3,304 | 113,274 | 13,602 |
| FDIC special assessment | - | - | - | (621) | - | - | 4,473 |
| Total noninterest expense | 372,342 | 375,061 | 408,826 | 256,609 | 246,847 | 1,156,229 | 744,884 |
| Income before Income Tax Provision | 321,356 | 282,199 | 121,247 | 187,344 | 186,538 | 724,802 | 512,904 |
| Income tax provision | 74,715 | 66,975 | 32,167 | 43,166 | 43,359 | 173,857 | 122,299 |
| Net Income | $246,641 | $215,224 | $89,080 | $144,178 | $143,179 | $550,945 | $390,605 |
| Adjusted Net Income (non-GAAP) (2) | | | | | | | |
| Net Income (GAAP) | $246,641 | $215,224 | $89,080 | $144,178 | $143,179 | $550,945 | $390,605 |
| Securities 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 | 10,348 |
| Deferred tax asset remeasurement | - | - | 5,581 | - | - | 5,581 | - |
| FDIC special assessment, net of tax | - | - | - | (478) | - | - | 3,362 |
| Adjusted Net Income (non-GAAP) | $262,673 | $233,817 | $219,282 | $148,764 | $145,715 | $715,772 | $404,315 |
| Basic earnings per common share | $2.44 | $2.12 | $0.88 | $1.89 | $1.88 | $5.43 | $5.12 |
| Diluted earnings per common share | $2.42 | $2.11 | $0.87 | $1.87 | $1.86 | $5.41 | $5.09 |
| Adjusted net income per common share - Basic (non-GAAP) (2) | $2.60 | $2.30 | $2.16 | $1.95 | $1.91 | $7.06 | $5.30 |
| Adjusted net income per common share - Diluted (non-GAAP) (2) | $2.58 | $2.30 | $2.15 | $1.93 | $1.90 | $7.03 | $5.27 |
| Dividends per common share | $0.60 | $0.54 | $0.54 | $0.54 | $0.54 | $1.68 | $1.58 |
| Basic weighted-average common shares outstanding | 101,218,431 | 101,495,456 | 101,409,624 | 76,360,935 | 76,299,069 | 101,373,803 | 76,284,016 |
| Diluted weighted-average common shares outstanding | 101,735,095 | 101,845,360 | 101,828,600 | 76,957,882 | 76,805,436 | 101,807,090 | 76,690,900 |
| Effective 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 | 2024 |
|---|
| PERFORMANCE RATIOS | | | | | | | |
| Return 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 | $77.42 | | |
| Tangible book value per common share (non-GAAP) (3) | $54.48 | $51.96 | $50.07 | $51.11 | $51.26 | | |
| CAPITAL RATIOS | | | | | | | |
| Equity-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 | 2024 |
| Assets | | | | | |
| Cash and due from banks | $582,792 | $755,798 | $688,153 | $525,506 | $563,887 |
| Federal funds sold and interest-earning deposits with banks | 2,561,663 | 2,708,308 | 2,611,537 | 866,561 | 648,792 |
| Cash and cash equivalents | 3,144,455 | 3,464,106 | 3,299,690 | 1,392,067 | 1,212,679 |
| Trading securities, at fair value | 107,519 | 95,306 | 107,401 | 102,932 | 87,103 |
| Investment securities: | | | | | |
| Securities held to maturity | 2,096,727 | 2,145,991 | 2,195,980 | 2,254,670 | 2,301,307 |
| Securities available for sale, at fair value | 6,042,800 | 5,927,867 | 5,853,369 | 4,320,593 | 4,564,363 |
| Other investments | 366,218 | 357,487 | 345,695 | 223,613 | 211,458 |
| Total investment securities | 8,505,745 | 8,431,345 | 8,395,044 | 6,798,876 | 7,077,128 |
| Loans held for sale | 346,673 | 318,985 | 357,918 | 279,426 | 287,043 |
| Loans: | | | | | |
| Purchased credit deteriorated | 3,160,359 | 3,409,186 | 3,634,490 | 862,155 | 913,342 |
| Purchased non-credit deteriorated | 11,877,828 | 12,492,553 | 13,084,853 | 3,635,782 | 3,959,028 |
| Non-acquired | 32,629,724 | 31,365,508 | 30,047,389 | 29,404,990 | 28,675,822 |
| Less 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 | 33,080,211 |
| Premises and equipment, net | 961,510 | 964,878 | 946,334 | 502,559 | 507,452 |
| Bank owned life insurance | 1,285,532 | 1,280,632 | 1,273,472 | 1,013,209 | 1,007,275 |
| Mortgage servicing rights | 84,491 | 85,836 | 87,742 | 89,795 | 83,512 |
| Core deposit and other intangibles | 409,890 | 433,458 | 455,443 | 66,458 | 71,835 |
| Goodwill | 3,094,059 | 3,094,059 | 3,088,059 | 1,923,106 | 1,923,106 |
| Other assets | 1,030,558 | 1,078,516 | 981,309 | 775,129 | 745,303 |
| Total assets | $66,048,210 | $65,893,322 | $65,135,454 | $46,381,204 | $46,082,647 |
| Liabilities and Shareholders' Equity | | | | | |
| Deposits: | | | | | |
| Noninterest-bearing | $13,430,459 | $13,719,030 | $13,757,255 | $10,192,117 | $10,376,531 |
| Interest-bearing | 40,642,810 | 39,977,931 | 39,580,360 | 27,868,749 | 27,261,664 |
| Total deposits | 54,073,269 | 53,696,961 | 53,337,615 | 38,060,866 | 37,638,195 |
| Federal funds purchased and securities | | | | | |
| sold under agreements to repurchase | 594,092 | 630,558 | 679,337 | 514,912 | 538,322 |
| Other borrowings | 696,429 | 1,099,705 | 752,798 | 391,534 | 691,626 |
| Reserve for unfunded commitments | 68,538 | 64,693 | 62,253 | 45,327 | 41,515 |
| Other liabilities | 1,604,756 | 1,600,271 | 1,679,090 | 1,478,150 | 1,268,409 |
| Total liabilities | 57,037,084 | 57,092,188 | 56,511,093 | 40,490,789 | 40,178,067 |
| Shareholders' equity: | | | | | |
| Common stock - $2.50 par value; authorized 160,000,000 shares | 252,723 | 253,745 | 253,698 | 190,805 | 190,674 |
| Surplus | 6,647,952 | 6,679,028 | 6,667,277 | 4,259,722 | 4,249,672 |
| Retained earnings | 2,426,463 | 2,240,470 | 2,080,053 | 2,046,809 | 1,943,874 |
| Accumulated 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 | 5,904,580 |
| Total liabilities and shareholders' equity | $66,048,210 | $65,893,322 | $65,135,454 | $46,381,204 | $46,082,647 |
| Common 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 | Rate |
| Interest-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 | | | 4,373,250 | | |
| Total Assets | $65,489,544 | | | $64,550,881 | | | $45,597,230 | | |
| Interest-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 | | | 10,412,512 | | |
| Other noninterest-bearing liabilities | 1,679,124 | | | 1,659,331 | | | 1,382,260 | | |
| Shareholders' equity | 8,867,408 | | | 8,692,582 | | | 5,748,170 | | |
| Total Non-IBL and shareholders' equity | 24,088,372 | | | 23,995,178 | | | 17,542,942 | | |
| Total Liabilities and Shareholders' Equity | $65,489,544 | | | $64,550,881 | | | $45,597,230 | | |
| Net 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 | | | $2,858 | |
| Tax 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 | 2024 |
| Noninterest Income: | | | | | | | |
| Fees on deposit accounts | $42,572 | $37,869 | $35,933 | $35,121 | $33,986 | $116,374 | $100,973 |
| Mortgage banking income | 5,462 | 5,936 | 7,737 | 4,777 | 3,189 | 19,135 | 15,270 |
| Trust and investment services income | 14,157 | 14,419 | 14,932 | 12,414 | 11,578 | 43,508 | 33,060 |
| Correspondent banking and capital markets income | 25,522 | 19,161 | 16,715 | 20,905 | 17,381 | 61,398 | 48,239 |
| Expense 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 | 19,064 |
| Bank owned life insurance income | 10,597 | 9,153 | 10,199 | 7,944 | 8,276 | 29,949 | 22,540 |
| Other | 5,094 | 5,673 | 7,275 | 6,784 | 8,012 | 18,041 | 30,810 |
| Securities 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 | $221,717 |
| Noninterest Expense: | | | | | | | |
| Salaries and employee benefits | $199,148 | $200,162 | $195,811 | $154,116 | $150,865 | $595,121 | $452,753 |
| Occupancy expense | 40,874 | 41,507 | 35,493 | 22,831 | 22,242 | 117,874 | 67,272 |
| Information services expense | 28,988 | 30,155 | 31,362 | 23,416 | 23,280 | 90,505 | 68,777 |
| OREO and loan related expense | 5,427 | 2,295 | 1,784 | 1,416 | 1,358 | 9,506 | 3,271 |
| Business development and staff related | 8,907 | 7,182 | 6,510 | 6,777 | 5,542 | 22,600 | 17,006 |
| Amortization of intangibles | 23,426 | 24,048 | 23,831 | 5,326 | 5,327 | 71,305 | 17,069 |
| Professional fees | 4,994 | 4,658 | 4,709 | 5,366 | 4,017 | 14,361 | 11,038 |
| Supplies and printing expense | 3,278 | 3,970 | 3,128 | 2,729 | 2,762 | 10,376 | 7,828 |
| FDIC assessment and other regulatory charges | 8,374 | 11,469 | 11,258 | 7,365 | 7,482 | 31,101 | 23,787 |
| Advertising and marketing | 2,980 | 3,010 | 2,290 | 2,269 | 2,296 | 8,280 | 6,874 |
| Other operating expenses | 25,057 | 22,226 | 24,644 | 19,088 | 18,372 | 71,926 | 51,134 |
| Merger, branch consolidation, severance related and other expense (8) | 20,889 | 24,379 | 68,006 | 6,531 | 3,304 | 113,274 | 13,602 |
| FDIC special assessment | - | - | - | (621) | - | - | 4,473 |
| Total 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 | 2024 |
| Construction and land development * † | $2,678,971 | $3,323,923 | $3,497,909 | $2,184,327 | $2,458,151 |
| Investor commercial real estate* | 17,603,205 | 16,953,410 | 16,822,119 | 9,991,482 | 9,856,709 |
| Commercial owner occupied real estate | 7,529,075 | 7,497,906 | 7,417,116 | 5,716,376 | 5,544,716 |
| Commercial and industrial | 8,644,636 | 8,445,878 | 8,106,484 | 6,222,876 | 5,931,187 |
| Consumer real estate * | 10,202,026 | 10,038,369 | 9,838,952 | 8,714,969 | 8,649,714 |
| Consumer/other | 1,009,998 | 1,007,761 | 1,084,152 | 1,072,897 | 1,107,715 |
| Total 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 | 2024 |
| Noninterest-bearing checking | $13,430,459 | $13,719,030 | $13,757,255 | $10,192,116 | $10,376,531 |
| Interest-bearing checking | 12,906,408 | 12,607,205 | 12,034,973 | 8,232,322 | 7,550,392 |
| Savings | 2,853,410 | 2,889,670 | 2,939,407 | 2,414,172 | 2,442,584 |
| Money market | 17,251,469 | 16,772,597 | 17,447,738 | 13,056,534 | 12,614,046 |
| Time deposits | 7,631,523 | 7,708,459 | 7,158,242 | 4,165,722 | 4,654,642 |
| Total Deposits | $54,073,269 | $53,696,961 | $53,337,615 | $38,060,866 | $37,638,195 |
| Core 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 | 2024 |
| NONPERFORMING ASSETS: | | | | | |
| Non-acquired | | | | | |
| Non-acquired nonaccrual loans and restructured loans on nonaccrual | $146,751 | $141,910 | $151,673 | $141,982 | $111,240 |
| Accruing loans past due 90 days or more | 4,352 | 3,687 | 3,273 | 3,293 | 6,890 |
| Non-acquired OREO and other nonperforming assets | 11,969 | 17,288 | 2,290 | 1,182 | 1,217 |
| Total non-acquired nonperforming assets | 163,072 | 162,885 | 157,236 | 146,457 | 119,347 |
| Acquired | | | | | |
| Acquired nonaccrual loans and restructured loans on nonaccrual | 149,695 | 151,466 | 116,691 | 65,314 | 70,731 |
| Accruing loans past due 90 days or more | 891 | 707 | 537 | - | 389 |
| Acquired OREO and other nonperforming assets | 7,147 | 8,783 | 5,976 | 1,583 | 493 |
| Total acquired nonperforming assets | 157,733 | 160,956 | 123,204 | 66,897 | 71,613 |
| Total 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 | 2024 |
|---|
| ASSET 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 percentage | | | | | |
| of 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 | UFC |
| Ending balance 6/30/2025 | $535,014 | $86,032 | $621,046 | $64,693 |
| Charge 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 | 3,845 |
| Ending balance 9/30/2025 | $511,578 | $78,555 | $590,133 | $68,538 |
| Period end loans | $44,507,552 | $3,160,359 | $47,667,911 | N/A |
| Allowance for Credit Losses to Loans | 1.15% | 2.49% | 1.24% | N/A |
| Unfunded commitments (off balance sheet) † | | | | $11,201,286 |
| Reserve to unfunded commitments (off balance sheet) | | | | 0.61% |
† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 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 at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
| (Dollars in thousands) | Three Months Ended |
| PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 |
| Net income (GAAP) | $246,641 | $215,224 | $89,080 | $144,178 | $143,179 |
| Provision (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 | 43,359 |
| Income tax provision - deferred tax asset remeasurement | - | - | 5,581 | - | - |
| Securities losses, net | - | - | 228,811 | 50 | - |
| Gain on sale leaseback, net of transaction costs | - | - | (229,279) | - | - |
| Merger, branch consolidation, severance related and other expense (8) | 20,889 | 24,379 | 68,006 | 6,531 | 3,304 |
| FDIC 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 Ended |
| NET INTEREST MARGIN ("NIM"), TE (NON-GAAP) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 |
| Net interest income (GAAP) | $599,697 | $577,948 | $544,547 | $369,779 | $351,480 |
| Total average interest-earning assets | 58,727,110 | 57,710,001 | 57,497,453 | 42,295,376 | 41,223,980 |
| NIM, non-tax equivalent | 4.05% | 4.02% | 3.84% | 3.48% | 3.39% |
| Tax equivalent adjustment (included in NIM, TE) | 718 | 672 | 784 | 547 | 486 |
| Net interest income, tax equivalent (Non-GAAP) | $600,415 | $578,620 | $545,331 | $370,326 | $351,966 |
| NIM, 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 | 2024 |
| Adjusted Net Income (non-GAAP) (2) | | | | | | | |
| Net income (GAAP) | $246,641 | $215,224 | $89,080 | $144,178 | $143,179 | $550,945 | $390,605 |
| Securities 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 | 10,348 |
| Deferred tax asset remeasurement | - | - | 5,581 | - | - | 5,581 | - |
| FDIC special assessment, net of tax | - | - | - | (478) | - | - | 3,362 |
| Adjusted net income (non-GAAP) | $262,673 | $233,817 | $219,282 | $148,764 | $145,715 | $715,772 | $404,315 |
| Adjusted 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 | $5.12 |
| Effect 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 | 0.14 |
| Effect to adjust for deferred tax asset remeasurement | - | - | 0.06 | - | - | 0.06 | - |
| Effect to adjust for FDIC special assessment, net of tax | - | - | - | (0.01) | - | - | 0.04 |
| Adjusted net income per common share - Basic (non-GAAP) | $2.60 | $2.30 | $2.16 | $1.95 | $1.91 | $7.06 | $5.30 |
| Adjusted 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 | $5.09 |
| Effect 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 | 0.14 |
| Effect to adjust for deferred tax remeasurement | - | - | 0.05 | - | - | 0.05 | - |
| Effect to adjust for FDIC special assessment, net of tax | - | - | - | (0.01) | - | - | 0.04 |
| Adjusted net income per common share - Diluted (non-GAAP) | $2.58 | $2.30 | $2.15 | $1.93 | $1.90 | $7.03 | $5.27 |
| Adjusted 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 | 2024 |
| Adjusted 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 | $77.42 | | |
| Effect 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 | $51.26 | | |
| Tangible 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:
- 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.
- 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.
- 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.
- 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.
- The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
- 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.
- Loan data excludes loans held for sale.
- 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.
Contacts
SouthState Bank Corporation Reports Third Quarter 2025 Results Declares Quarterly Cash Dividend
Media Contact · Jackie Smith, 803.231.3486