SouthState Bank Corporation Reports Third Quarter 2025 Results Declares Quarterly Cash Dividend
FOR IMMEDIATE RELEASE
Media ContactJackie Smith, 803.231.3486
"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) INCOME STATEMENT | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 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 Adjusted net income per common share - Basic (non-GAAP) (2) | $ 2.42 $ 2.11 $ $ 2.60 $ 2.30 $ | 0.87 $ 2.16 $ | 1.87 $ 1.95 $ | 1.86 $ 5.41 $ 1.91 $ 7.06 $ | 5.09 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% | ||
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 % | ||
Federal funds sold and interest-earning deposits with banks 2,561,663 2,708,308 2,611,537 866,561 648,792
Cash and due from banks $ 582,792 $ 755,798 $ 688,153 $ 525,506 $ 563,887
Cash and cash equivalents 3,144,455 3,464,106 3,299,690 1,392,067 1,212,679
Investment securities:
Trading securities, at fair value 107,519 95,306 107,401 102,932 87,103
Securities available for sale, at fair value 6,042,800 5,927,867 5,853,369 4,320,593 4,564,363
Securities held to maturity 2,096,727 2,145,991 2,195,980 2,254,670 2,301,307
Total investment securities 8,505,745 8,431,345 8,395,044 6,798,876 7,077,128
Other investments 366,218 357,487 345,695 223,613 211,458
Loans:
Loans held for sale 346,673 318,985 357,918 279,426 287,043
Purchased non-credit deteriorated 11,877,828 12,492,553 13,084,853 3,635,782 3,959,028
Purchased credit deteriorated 3,160,359 3,409,186 3,634,490 862,155 913,342
Less allowance for credit losses (590,133) (621,046) (623,690) (465,280) (467,981)
Non-acquired 32,629,724 31,365,508 30,047,389 29,404,990 28,675,822
Premises and equipment, net 961,510 964,878 946,334 502,559 507,452
Loans, net 47,077,778 46,646,201 46,143,042 33,437,647 33,080,211
Mortgage servicing rights 84,491 85,836 87,742 89,795 83,512
Bank owned life insurance 1,285,532 1,280,632 1,273,472 1,013,209 1,007,275
Goodwill 3,094,059 3,094,059 3,088,059 1,923,106 1,923,106
Core deposit and other intangibles 409,890 433,458 455,443 66,458 71,835
Total assets $ 66,048,210 $ 65,893,322 $ 65,135,454 $ 46,381,204 $ 46,082,647
Other assets 1,030,558 1,078,516 981,309 775,129 745,303
Noninterest-bearing $ 13,430,459 $ 13,719,030 $ 13,757,255 $ 10,192,117 $ 10,376,531
Liabilities and Shareholders' Equity
Deposits:
Total deposits 54,073,269 53,696,961 53,337,615 38,060,866 37,638,195
Interest-bearing 40,642,810 39,977,931 39,580,360 27,868,749 27,261,664
sold under agreements to repurchase 594,092 630,558 679,337 514,912 538,322
Federal funds purchased and securities
Reserve for unfunded commitments 68,538 64,693 62,253 45,327 41,515
Other borrowings 696,429 1,099,705 752,798 391,534 691,626
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.
Mortgage banking income 5,462 5,936 7,737 4,777 3,189 19,135 15,270
Fees on deposit accounts $ 42,572 $ 37,869 $ 35,933 $ 35,121 $ 33,986 $ 116,374 $ 100,973
Correspondent banking and capital markets income 25,522 19,161 16,715 20,905 17,381 61,398 48,239
Trust and investment services income 14,157 14,419 14,932 12,414 11,578 43,508 33,060
Total correspondent banking and capital markets income 21,204 13,767 9,545 13,555 9,893 44,516 19,064
Expense on centrally-cleared variation margin (4,318) (5,394) (7,170) (7,350) (7,488) (16,882) (29,175)
Other 5,094 5,673 7,275 6,784 8,012 18,041 30,810
Bank owned life insurance income 10,597 9,153 10,199 7,944 8,276 29,949 22,540
Gain on sale leaseback, net of transaction costs - - 229,279 - - 229,279 -
Securities losses, net - - (228,811) (50) - (228,811) -
Total Noninterest Income $ 99,086 $ 86,817 $ 86,088 $ 80,545 $ 74,934 $ 271,991 $ 221,717
Salaries and employee benefits $ 199,148 $ 200,162 $ 195,811 $ 154,116 $ 150,865 $ 595,121 $ 452,753
Noninterest Expense:Information services expense 28,988 30,155 31,362 23,416 23,280 90,505 68,777
Occupancy expense 40,874 41,507 35,493 22,831 22,242 117,874 67,272
Business development and staff related 8,907 7,182 6,510 6,777 5,542 22,600 17,006
OREO and loan related expense 5,427 2,295 1,784 1,416 1,358 9,506 3,271
Professional fees 4,994 4,658 4,709 5,366 4,017 14,361 11,038
Amortization of intangibles 23,426 24,048 23,831 5,326 5,327 71,305 17,069
FDIC assessment and other regulatory charges 8,374 11,469 11,258 7,365 7,482 31,101 23,787
Supplies and printing expense 3,278 3,970 3,128 2,729 2,762 10,376 7,828
Other operating expenses 25,057 22,226 24,644 19,088 18,372 71,926 51,134
Advertising and marketing 2,980 3,010 2,290 2,269 2,296 8,280 6,874
FDIC special assessment - - - (621) - - 4,473
Merger, branch consolidation, severance related and other expense (8) 20,889 24,379 68,006 6,531 3,304 113,274 13,602
Total Noninterest Expense $ 372,342 $ 375,061 $ 408,826 $ 256,609 $ 246,847 $ 1,156,229 $ 744,884 Loans and DepositsThe 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* Commercial owner occupied real estate | 17,603,205 7,529,075 | 16,953,410 7,497,906 | 16,822,119 7,417,116 | 9,991,482 5,716,376 | 9,856,709 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 CallThe 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.
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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,
Adjusted Net Income (non-GAAP) (2)
RECONCILIATION OF GAAP TO NON-GAAP 2025 2025 2025 2024 2024 2025 2024
Securities losses, net of tax - - 178,639 38 - 178,639 -
Net income (GAAP) $ 246,641 $ 215,224 $ 89,080 $ 144,178 $ 143,179 $ 550,945 $ 390,605
PCL - Non-PCD loans and UFC, net of tax - - 71,892 - - 71,892 -
Gain on sale leaseback, net of transaction costs and tax - - (179,004) - - (179,004) -
Deferred tax asset remeasurement - - 5,581 - - 5,581 -
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
Adjusted net income (non-GAAP) $ 262,673 $ 233,817 $ 219,282 $ 148,764 $ 145,715 $ 715,772 $ 404,315
FDIC special assessment, net of tax - - - (478) - - 3,362
Effect to adjust for securities losses, net of tax - - 1.76 0.00 - 1.76 -
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 PCL - Non-PCD loans and UFC, net of tax - - 0.71 - - 0.71 -
Effect to adjust for gain on sale leaseback, net of transaction costs and tax - - (1.77) - - (1.77) -
Effect to adjust for deferred tax asset remeasurement - - 0.06 - - 0.06 -
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
Adjusted net income per common share - Basic (non-GAAP) $ 2.60 $ 2.30 $ 2.16 $ 1.95 $ 1.91 $ 7.06 $ 5.30
Effect to adjust for FDIC special assessment, net of tax - - - (0.01) - - 0.04
Effect to adjust for securities losses, net of tax - - 1.76 0.00 - 1.75 -
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 PCL - Non-PCD loans and UFC, net of tax - - 0.71 - - 0.71 -
Effect to adjust for gain on sale leaseback, net of transaction costs and tax - - (1.76) - - (1.76) -
Effect to adjust for deferred tax remeasurement - - 0.05 - - 0.05 -
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
Adjusted net income per common share - Diluted (non-GAAP) $ 2.58 $ 2.30 $ 2.15 $ 1.93 $ 1.90 $ 7.03 $ 5.27
Effect to adjust for FDIC special assessment, net of tax - - - (0.01) - - 0.04
Effect to adjust for securities losses, net of tax - % - % 1.13 % 0.00 % - % 0.37 % - %
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 PCL - Non-PCD loans and UFC, net of tax - % - % 0.45 % - % - % 0.15 % - %
Effect to adjust for gain on sale leaseback, net of transaction costs and tax - % - % (1.13)% - % - % (0.37)% - %
Effect to adjust for deferred tax remeasurement - % - % 0.04 % - % - % 0.01 % - %
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 %
Adjusted return on average assets (non-GAAP) 1.59 % 1.45 % 1.38 % 1.27 % 1.27 % 1.48 % 1.19 %
Effect to adjust for FDIC special assessment, net of tax - % - % - % (0.00)% - % - % 0.01 %
Effect to adjust for securities losses, net of tax - % - % 8.61 % 0.00 % - % 2.76 % - %
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 PCL - Non-PCD loans and UFC, net of tax - % - % 3.46 % - % - % 1.11 % - %
Effect to adjust for gain on sale leaseback, net of transaction costs and tax - % - % (8.63)% - % - % (2.76)% - %
Effect to adjust for deferred tax remeasurement - % - % 0.27 % - % - % 0.09 % - %
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 %
Adjusted return on average common equity (non-GAAP) 11.75 % 10.79 % 10.56 % 10.03 % 10.08 % 11.05 % 9.62 %
Effect to adjust for FDIC special assessment, net of tax - % - % - % (0.03)% - % - % 0.08 %
Effect to adjust for intangible assets 8.58 % 8.24 % 4.70 % 5.37 % 5.72 % 7.30 % 5.65 %
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 %
Return on average tangible equity (non-GAAP) 19.62 % 18.17 % 8.99 % 15.09 % 15.63 % 15.80 % 14.94 %
Return on average common equity (GAAP) 11.04 % 9.93 % 4.29 % 9.72 % 9.91 % 8.50 % 9.29 %
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Effect to adjust for gain on sale leaseback, net of transaction costs and tax - % - % (8.63)% - % - % (2.76)% - %
Effect to adjust for securities losses, net of tax - % - % 8.61 % 0.00 % - % 2.76 % - %
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 PCL - Non-PCD loans and UFC, net of tax - % - % 3.46 % - % - % 1.11 % - %
Effect to adjust for FDIC special assessment, net of tax - % - % - % (0.03)% - % - % 0.08 %
Effect to adjust for deferred tax remeasurement - % - % 0.27 % - % - % 0.09 % - %
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 %