View All News

SouthState Bank Corporation Reports First Quarter 2026 Results, Declares Quarterly Cash Dividend

April 23, 2026

WINTER HAVEN, Fla., April 23, 2026 /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2026.

"SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John C. Corbett, SouthState's Chief Executive Officer.  "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth.  Asset quality remains strong, with annualized net charge-offs of just 9 basis points.  In terms of profitability, we delivered a return on average assets of 1.37%.  Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares — underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."

Highlights of the first quarter of 2026 include:

Returns

  • Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.28, up 162% year over year on a reported basis and 6% year over year on an adjusted basis
  • Net Income of $225.8 million
  • Return on Average Common Equity of 10.1%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%*
  • Return on Average Assets ("ROAA") of 1.37%*
  • Book Value per Share of $92.21
  • Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.90, an increase of 14% year over year, after raising the dividend by 11%, and repurchasing nearly 4% of the Company's shares

Performance

  • Net Interest Income of $562 million, an increase of $17 million, or 3%, year over year and a decrease of $20 million, or 3%, compared to the prior quarter
  • Noninterest Income of $100 million, an increase of $14 million year over year and a decrease of $6 million compared to the prior quarter, driven primarily by correspondent banking and capital markets income; Noninterest Income represented 0.61% of average assets for the first quarter of 2026*
  • Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% and 3.79%, respectively
  • Net charge-offs totaled $10.5 million, or 0.09%* of average loans
  • $10.8 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.32% of loans
  • Efficiency Ratio of 51%

Balance Sheet

  • Loans increased by $898 million, or 7%*, and deposits increased by $730 million, or 5%*; ending loan to deposit ratio of 89%
  • Total loan yield of 5.96%, down 0.17% from prior quarter
  • Total deposit cost of 1.76%, down 0.06% from prior quarter
  • Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.6%, 13.7%, 9.4%, and 11.3%, 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 May 15, 2026 to shareholders of record as of May 8, 2026

∗  Annualized percentages
†  Preliminary

Financial Performance



Three Months Ended


(Dollars in thousands, except per share data)


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


INCOME STATEMENT


2026


2025


2025


2025


2025


Interest Income

















   Loans, including fees (1)


$

721,571


$

748,106


$

782,382


$

746,448


$

724,640


   Investment securities, trading securities, federal funds sold and securities

















      purchased under agreements to resell



95,258



100,640



99,300



94,056



83,926


Total interest income



816,829



848,746



881,682



840,504



808,566


Interest Expense

















   Deposits



238,522



250,189



257,271



241,593



245,957


   Federal funds purchased, securities sold under agreements

















       to repurchase, and other borrowings



16,702



17,442



24,714



20,963



18,062


Total interest expense



255,224



267,631



281,985



262,556



264,019


Net Interest Income



561,605



581,115



599,697



577,948



544,547


  Provision for credit losses



10,808



6,605



5,085



7,505



100,562


Net Interest Income after Provision for Credit Losses



550,797



574,510



594,612



570,443



443,985


Noninterest Income

















Operating income



100,098



105,753



99,086



86,817



85,620


Securities losses, net



—



—



—



—



(228,811)


Gain on sale leaseback, net of transaction costs



—



—



—



—



229,279


Total noninterest income



100,098



105,753



99,086



86,817



86,088


Noninterest Expense

















Operating expense



359,524



364,196



351,453



350,682



340,820


Merger, branch consolidation, severance related, and other expense (8)



—



4,494



20,889



24,379



68,006


FDIC special assessment



—



(3,835)



—



—



—


Total noninterest expense



359,524



364,855



372,342



375,061



408,826


Income before Income Tax Provision



291,371



315,408



321,356



282,199



121,247


Income tax provision



65,551



67,686



74,715



66,975



32,167


Net Income


$

225,820


$

247,722


$

246,641


$

215,224


$

89,080



















Adjusted Net Income (non-GAAP) (2)

















Net Income (GAAP)


$

225,820


$

247,722


$

246,641


$

215,224


$

89,080


Securities losses, net of tax



—



—



—



—



178,639


Gain on sale leaseback, net of transaction costs and tax



—



—



—



—



(179,004)


Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax



—



—



—



—



71,892


Merger, branch consolidation, severance related, and other

expense, net of tax (8)



—



3,529



16,032



18,593



53,094


Deferred tax asset remeasurement



—



—



—



—



5,581


FDIC special assessment, net of tax



—



(3,012)



—



—



—


Adjusted Net Income (non-GAAP)


$

225,820


$

248,239


$

262,673


$

233,817


$

219,282



















   Basic earnings per common share


$

2.29


$

2.48


$

2.44


$

2.12


$

0.88


   Diluted earnings per common share


$

2.28


$

2.46


$

2.42


$

2.11


$

0.87


   Adjusted net income per common share - Basic (non-GAAP) (2)


$

2.29


$

2.48


$

2.60


$

2.30


$

2.16


   Adjusted net income per common share - Diluted (non-GAAP) (2)


$

2.28


$

2.47


$

2.58


$

2.30


$

2.15


   Dividends per common share


$

0.60


$

0.60


$

0.60


$

0.54


$

0.54


   Basic weighted-average common shares outstanding



98,544,242



100,063,315



101,218,431



101,495,456



101,409,624


   Diluted weighted-average common shares outstanding



98,922,258



100,618,796



101,735,095



101,845,360



101,828,600


   Effective tax rate



22.50 %



21.46 %



23.25 %



23.73 %



26.53 %


   Adjusted effective tax rate



22.50 %



21.46 %



23.25 %



23.73 %



21.93 %


Performance and Capital Ratios



Three Months Ended





Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,





2026


2025


2025


2025


2025



PERFORMANCE RATIOS


















Return on average assets (annualized)



1.37

%


1.47

%


1.49

%


1.34

%


0.56

%


Adjusted return on average assets (annualized) (non-GAAP) (2)



1.37

%


1.48

%


1.59

%


1.45

%


1.38

%


Return on average common equity (annualized)



10.11

%


10.90

%


11.04

%


9.93

%


4.29

%


Adjusted return on average common equity (annualized) (non-GAAP) (2)



10.11

%


10.92

%


11.75

%


10.79

%


10.56

%


Return on average tangible common equity (annualized) (non-GAAP) (3)



17.59

%


19.10

%


19.62

%


18.17

%


8.99

%


Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)



17.59

%


19.14

%


20.81

%


19.61

%


19.85

%


Efficiency ratio (tax equivalent)



51.05

%


49.65

%


49.88

%


52.75

%


60.97

%


Adjusted efficiency ratio (non-GAAP) (4)



51.05

%


49.56

%


46.89

%


49.09

%


50.24

%


Dividend payout ratio (5)



26.12

%


24.23

%


24.59

%


25.47

%


61.45

%


Book value per common share


$

92.21


$

91.38


$

89.14


$

86.71


$

84.99



Tangible book value per common share (non-GAAP) (3)


$

56.90


$

56.27


$

54.48


$

51.96


$

50.07





















CAPITAL RATIOS


















Equity-to-assets



13.3

%


13.5

%


13.6

%


13.4

%


13.2

%


Tangible equity-to-tangible assets (non-GAAP) (3)



8.6

%


8.8

%


8.8

%


8.5

%


8.2

%


Tier 1 leverage (6)



9.4

%


9.3

%


9.4

%


9.2

%


8.9

%


Tier 1 common equity (6)



11.3

%


11.4

%


11.5

%


11.2

%


11.0

%


Tier 1 risk-based capital (6)



11.3

%


11.4

%


11.5

%


11.2

%


11.0

%


Total risk-based capital (6)



13.7

%


13.8

%


14.0

%


14.5

%


13.7

%


Balance Sheet


Ending Balance


(Dollars in thousands, except per share and share data)


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


BALANCE SHEET


2026


2025


2025


2025


2025


Assets

















   Cash and due from banks


$

598,218


$

583,375


$

582,792


$

755,798


$

688,153


   Federal funds sold and interest-earning deposits with banks



2,268,864



2,589,108



2,561,663



2,708,308



2,611,537


Cash and cash equivalents



2,867,082



3,172,483



3,144,455



3,464,106



3,299,690



















Trading securities, at fair value



117,590



110,183



107,519



95,306



107,401


Investment securities:

















   Securities held to maturity



2,007,249



2,048,030



2,096,727



2,145,991



2,195,980


   Securities available for sale, at fair value



6,530,348



6,313,756



6,042,800



5,927,867



5,853,369


   Other investments



370,924



353,428



366,218



357,487



345,695


               Total investment securities



8,908,521



8,715,214



8,505,745



8,431,345



8,395,044


Loans held for sale



327,935



345,343



346,673



318,985



357,918


Loans:

















Purchased credit deteriorated



2,818,360



2,977,499



3,160,359



3,409,186



3,634,490


Purchased non-credit deteriorated



10,714,489



11,232,414



11,877,828



12,492,553



13,084,853


Non-acquired



35,963,934



34,388,614



32,629,724



31,365,508



30,047,389


    Less allowance for credit losses



(585,882)



(585,197)



(590,133)



(621,046)



(623,690)


               Loans, net



48,910,901



48,013,330



47,077,778



46,646,201



46,143,042


Premises and equipment, net



993,584



994,176



961,510



964,878



946,334


Bank owned life insurance



1,302,382



1,293,574



1,285,532



1,280,632



1,273,472


Mortgage servicing rights



90,018



84,032



84,491



85,836



87,742


Core deposit and other intangibles



364,686



386,326



409,890



433,458



455,443


Goodwill



3,094,059



3,094,059



3,094,059



3,094,059



3,088,059


Other assets



1,002,465



988,692



1,030,558



1,078,516



981,309


                Total assets


$

67,979,223


$

67,197,412


$

66,048,210


$

65,893,322


$

65,135,454



















Liabilities and Shareholders' Equity

















Deposits:

















   Noninterest-bearing


$

13,650,799


$

13,375,697


$

13,430,459


$

13,719,030


$

13,757,255


   Interest-bearing



42,224,864



41,770,100



40,642,810



39,977,931



39,580,360


               Total deposits



55,875,663



55,145,797



54,073,269



53,696,961



53,337,615


Federal funds purchased and securities

















   sold under agreements to repurchase



643,386



618,215



594,092



630,558



679,337


Other borrowings



696,642



696,536



696,429



1,099,705



752,798


Reserve for unfunded commitments



69,229



69,619



68,538



64,693



62,253


Other liabilities



1,663,387



1,608,137



1,604,756



1,600,271



1,679,090


               Total liabilities



58,948,307



58,138,304



57,037,084



57,092,188



56,511,093



















Shareholders' equity:

















   Common stock - $2.50 par value; authorized 160,000,000 shares



244,844



247,845



252,723



253,745



253,698


   Surplus



6,332,285



6,480,471



6,647,952



6,679,028



6,667,277


   Retained earnings



2,779,896



2,614,173



2,426,463



2,240,470



2,080,053


   Accumulated other comprehensive loss



(326,109)



(283,381)



(316,012)



(372,109)



(376,667)


               Total shareholders' equity



9,030,916



9,059,108



9,011,126



8,801,134



8,624,361


               Total liabilities and shareholders' equity


$

67,979,223


$

67,197,412


$

66,048,210


$

65,893,322


$

65,135,454



















Common shares issued and outstanding



97,937,653



99,138,204



101,089,231



101,498,000



101,479,065


Net Interest Income and Margin



Three Months Ended




Mar. 31, 2026


Dec. 31, 2025


Mar. 31, 2025


(Dollars in thousands)


Average


Income/


Yield/


Average


Income/


Yield/


Average


Income/


Yield/


YIELD ANALYSIS


Balance


Expense


Rate


Balance


Expense


Rate


Balance


Expense


Rate


Interest-Earning Assets:


























Federal funds sold and interest-earning deposits with banks


$

1,881,020


$

15,792


3.40 %


$

2,703,627


$

25,580


3.75 %


$

2,199,800


$

22,540


4.16 %


Investment securities



9,221,416



79,466


3.49 %



8,760,360



75,060


3.40 %



8,325,775



61,386


2.99 %


Loans held for sale



223,084



3,732


6.78 %



298,600



5,201


6.91 %



174,833



3,678


8.53 %


Total loans held for investment



48,875,656



717,839


5.96 %



48,109,526



742,905


6.13 %



46,797,045



720,962


6.25 %


     Total interest-earning assets



60,201,176



816,829


5.50 %



59,872,113



848,746


5.62 %



57,497,453



808,566


5.70 %


Noninterest-earning assets



6,726,355








6,767,257








6,785,973







     Total Assets


$

66,927,531







$

66,639,370







$

64,283,426

































Interest-Bearing Liabilities ("IBL"):


























Transaction and money market accounts


$

31,499,841


$

172,453


2.22 %


$

30,598,366


$

178,129


2.31 %


$

29,249,015


$

176,949


2.45 %


Savings deposits



2,822,510



1,642


0.24 %



2,834,358



1,827


0.26 %



2,904,961



1,944


0.27 %


Certificates and other time deposits



7,215,388



64,427


3.62 %



7,560,350



70,233


3.69 %



7,165,188



67,064


3.80 %


Federal funds purchased



295,207



2,635


3.62 %



334,401



3,297


3.91 %



323,400



3,479


4.36 %


Repurchase agreements



319,873



1,561


1.98 %



294,259



1,462


1.97 %



298,305



1,430


1.94 %


Other borrowings



696,597



12,506


7.28 %



696,485



12,683


7.22 %



812,136



13,153


6.57 %


     Total interest-bearing liabilities



42,849,416



255,224


2.42 %



42,318,219



267,631


2.51 %



40,753,005



264,019


2.63 %


Noninterest-bearing deposits



13,359,214








13,644,784








13,493,329







Other noninterest-bearing liabilities



1,661,672








1,656,851








1,618,980







Shareholders' equity



9,057,229








9,019,516








8,418,112







     Total Non-IBL and shareholders' equity



24,078,115








24,321,151








23,530,421







     Total Liabilities and Shareholders' Equity


$

66,927,531







$

66,639,370







$

64,283,426







Net Interest Income and Margin (Non-Tax Equivalent)





$

561,605


3.78 %





$

581,115


3.85 %





$

544,547


3.84 %


Net Interest Margin (Tax Equivalent) (non-GAAP)








3.79 %








3.86 %








3.85 %


Total Deposit Cost (without Debt and Other Borrowings)








1.76 %








1.82 %








1.89 %


Overall Cost of Funds (including Demand Deposits)








1.84 %








1.90 %








1.97 %




























Total Accretion on Acquired Loans (1)





$

38,786







$

50,327







$

61,798




Tax Equivalent ("TE") Adjustment





$

760







$

800







$

784





     • The remaining loan discount on acquired loans to be accreted into loan interest income totals $219.0 million as of March 31, 2026.

Noninterest Income and Expense



Three Months Ended




Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


(Dollars in thousands)


2026


2025


2025


2025


2025


Noninterest Income:

















   Fees on deposit accounts


$

38,699


$

41,950


$

42,572


$

37,869


$

35,933


   Mortgage banking income



11,016



5,158



5,462



5,936



7,737


   Trust and investment services income



14,471



14,684



14,157



14,419



14,932


   Correspondent banking and capital markets income



24,427



30,638



25,522



19,161



16,715


   Expense on centrally-cleared variation margin



(3,000)



(3,167)



(4,318)



(5,394)



(7,170)


   Total correspondent banking and capital markets income



21,427



27,471



21,204



13,767



9,545


   Bank owned life insurance income



9,494



9,633



10,597



9,153



10,199


   Other



4,991



6,857



5,094



5,673



7,275


   Securities losses, net



—



—



—



—



(228,811)


   Gain on sale leaseback, net of transaction costs



—



—



—



—



229,279


         Total Noninterest Income


$

100,098


$

105,753


$

99,086


$

86,817


$

86,088



















Noninterest Expense:

















   Salaries and employee benefits


$

205,653


$

202,714


$

199,148


$

200,162


$

195,811


   Occupancy expense



42,302



42,567



40,874



41,507



35,493


   Information services expense



29,704



30,443



28,988



30,155



31,362


   OREO and loan related expense



4,378



867



5,427



2,295



1,784


   Business development and staff related



11,362



13,485



8,907



7,182



6,510


   Amortization of intangibles



21,304



23,417



23,426



24,048



23,831


   Professional fees



5,239



7,410



4,994



4,658



4,709


   Supplies and printing expense



3,254



3,594



3,278



3,970



3,128


   FDIC assessment and other regulatory charges



10,257



9,884



8,374



11,469



11,258


   Advertising and marketing



3,325



4,710



2,980



3,010



2,290


   Other operating expenses



22,746



25,105



25,057



22,226



24,644


   Merger, branch consolidation, severance related and other expense (8)



—



4,494



20,889



24,379



68,006


   FDIC special assessment



—



(3,835)



—



—



—


         Total Noninterest Expense


$

359,524


$

364,855


$

372,342


$

375,061


$

408,826


Loans and Deposits

The following table presents a summary of the loan portfolio by type:



Ending Balance


(Dollars in thousands)


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


LOAN PORTFOLIO (7)


2026


2025


2025


2025


2025


Construction and land development * †


$

2,592,908


$

2,548,360


$

2,678,971


$

3,323,923


$

3,497,909


Investor commercial real estate*



18,298,938



17,883,913



17,603,205



16,953,410



16,822,119


Commercial owner occupied real estate



7,671,535



7,576,991



7,529,075



7,497,906



7,417,116


Commercial and industrial



9,385,926



9,181,408



8,644,636



8,445,878



8,106,484


Consumer real estate *



10,573,897



10,450,223



10,202,026



10,038,369



9,838,952


Consumer/other



973,579



957,632



1,009,998



1,007,761



1,084,152


Total Loans


$

49,496,783


$

48,598,527


$

47,667,911


$

47,267,247


$

46,766,732



*      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 $360.4 million, $342.8 million, $350.2 million, $371.1 million, and $343.5 million for

       the quarters ended March 31, 2036, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.




Ending Balance


(Dollars in thousands)


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


DEPOSITS


2026


2025


2025


2025


2025


Noninterest-bearing checking


$

13,650,799


$

13,375,697


$

13,430,459


$

13,719,030


$

13,757,255


Interest-bearing checking



14,119,614



13,838,558



12,906,408



12,607,205



12,034,973


Savings



2,841,408



2,820,621



2,853,410



2,889,670



2,939,407


Money market



18,014,140



17,751,688



17,251,469



16,772,597



17,447,738


Time deposits



7,249,702



7,359,233



7,631,523



7,708,459



7,158,242


Total Deposits


$

55,875,663


$

55,145,797


$

54,073,269


$

53,696,961


$

53,337,615


Asset Quality



Ending Balance




Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


(Dollars in thousands)


2026


2025


2025


2025


2025


NONPERFORMING ASSETS:

















Non-acquired

















Non-acquired nonaccrual loans and restructured loans on nonaccrual


$

177,158


$

161,975


$

146,751


$

141,910


$

151,673


Accruing loans past due 90 days or more



6,915



2,997



4,352



3,687



3,273


Non-acquired OREO and other nonperforming assets



8,339



5,273



11,969



17,288



2,290


Total non-acquired nonperforming assets



192,412



170,245



163,072



162,885



157,236


Acquired

















Acquired nonaccrual loans and restructured loans on nonaccrual



116,002



135,179



149,695



151,466



116,691


Accruing loans past due 90 days or more



1,986



1,944



891



707



537


Acquired OREO and other nonperforming assets



18,155



3,901



7,147



8,783



5,976


Total acquired nonperforming assets



136,143



141,024



157,733



160,956



123,204


Total nonperforming assets


$

328,555


$

311,269


$

320,805


$

323,841


$

280,440






































Three Months Ended




Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,




2026


2025


2025


2025


2025


ASSET QUALITY RATIOS (7):

















Allowance for credit losses as a percentage of loans



1.18 %



1.20 %



1.24 %



1.31 %



1.33 %


Allowance for credit losses, including reserve for unfunded commitments,

















as a percentage of loans



1.32 %



1.35 %



1.38 %



1.45 %



1.47 %


Allowance for credit losses as a percentage of nonperforming loans



193.96 %



193.71 %



195.61 %



208.57 %



229.15 %


Net charge-offs as a percentage of average loans (annualized)



0.09 %



0.09 %



0.27 %



0.21 %



0.38 %


Net charge-offs, excluding acquisition date charge-offs, as a percentage

















  of average loans (annualized) *



0.09 %



0.09 %



0.27 %



0.06 %



0.04 %


Total nonperforming assets as a percentage of total assets



0.48 %



0.46 %



0.49 %



0.49 %



0.43 %


Nonperforming loans as a percentage of period end loans



0.61 %



0.62 %



0.63 %



0.63 %



0.58 %



*        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 first quarter of 2026:



Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")


(Dollars in thousands)


Non-PCD ACL


PCD ACL


Total ACL


UFC


Ending balance 12/31/2025


$

516,041


$

69,156


$

585,197


$

69,619


Charge offs



(12,848)



—



(12,848)



—


Acquired charge offs



(747)



(839)



(1,586)



—


Recoveries



2,805



—



2,805



—


Acquired recoveries



228



888



1,116



—


Provision for credit losses



15,140



(3,942)



11,198



(390)


Ending balance 3/31/2026


$

520,619


$

65,263


$

585,882


$

69,229
















Period end loans


$

46,678,423


$

2,818,360


$

49,496,783



N/A


Allowance for Credit Losses to Loans



1.12 %



2.32 %



1.18 %



N/A


Unfunded commitments (off balance sheet) †











$

12,009,859


Reserve to unfunded commitments (off balance sheet)












0.58 %



†        Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

Conference Call

The Company will host a conference call to discuss its first quarter results at 9:00 a.m. Eastern Time on April 24, 2026.  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 April 24, 2026 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division.  Additional information is available at SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures.  Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

(Dollars in thousands)


Three Months Ended


PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)


Mar. 31, 2026



Dec. 31, 2025



Sep. 30, 2025



Jun. 30, 2025



Mar. 31, 2025


Net income (GAAP)


$

225,820



$

247,722



$

246,641



$

215,224



$

89,080


Provision (recovery) for credit losses



10,808




6,605




5,085




7,505




100,562


Income tax provision



65,551




67,686




74,715




66,975




26,586


Income tax provision - deferred tax asset remeasurement



—




—




—




—




5,581


Securities losses, net



—




—




—




—




228,811


Gain on sale leaseback, net of transaction costs



—




—




—




—




(229,279)


Merger, branch consolidation, severance related and other expense (8)



—




4,494




20,889




24,379




68,006


FDIC special assessment



—




(3,835)




—




—




—


Pre-provision net revenue (PPNR) (Non-GAAP)


$

302,179



$

322,672



$

347,330



$

314,083



$

289,347

































































(Dollars in thousands)


Three Months Ended


NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)


Mar. 31, 2026



Dec. 31, 2025



Sep. 30, 2025



Jun. 30, 2025



Mar. 31, 2025


Net interest income (GAAP)


$

561,605



$

581,115



$

599,697



$

577,948



$

544,547


Total average interest-earning assets



60,201,176




59,872,113




58,727,110




57,710,001




57,497,453


NIM, non-tax equivalent



3.78

%



3.85

%



4.05

%



4.02

%



3.84

%






















Tax equivalent adjustment (included in NIM, TE)



760




800




718




672




784


Net interest income, tax equivalent (Non-GAAP)


$

562,365



$

581,915



$

600,415



$

578,620



$

545,331


NIM, TE (Non-GAAP)



3.79

%



3.86

%



4.06

%



4.02

%



3.85

%


































































Three Months Ended


(Dollars in thousands, except per share data)


Mar. 31,



Dec. 31,



Sep. 30,



Jun. 30,



Mar. 31,


RECONCILIATION OF GAAP TO NON-GAAP


2026



2025



2025



2025



2025


Adjusted Net Income (non-GAAP) (2)





















Net income (GAAP)


$

225,820



$

247,722



$

246,641



$

215,224



$

89,080


Securities losses, net of tax



—




—




—




—




178,639


Gain on sale leaseback, net of transaction costs and tax



—




—




—




—




(179,004)


PCL - Non-PCD loans and UFC, net of tax



—




—




—




—




71,892


Merger, branch consolidation, severance related and other expense, net of tax (8)



—




3,529




16,032




18,593




53,094


Deferred tax asset remeasurement



—




—




—




—




5,581


FDIC special assessment, net of tax



—




(3,012)




—




—




—


Adjusted net income (non-GAAP)


$

225,820



$

248,239



$

262,673



$

233,817



$

219,282























Adjusted Net Income per Common Share - Basic (non-GAAP) (2)





















Earnings per common share - Basic (GAAP)


$

2.29



$

2.48



$

2.44



$

2.12



$

0.88


Effect to adjust for securities losses, net of tax



—




—




—




—




1.76


Effect to adjust for gain on sale leaseback, net of transaction costs and tax



—




—




—




—




(1.77)


Effect to adjust for PCL - Non-PCD loans and UFC, net of tax



—




—




—




—




0.71


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



—




0.03




0.16




0.18




0.52


Effect to adjust for deferred tax asset remeasurement



—




—




—




—




0.06


Effect to adjust for FDIC special assessment, net of tax



—




(0.03)




—




—




—


Adjusted net income per common share - Basic (non-GAAP)


$

2.29



$

2.48



$

2.60



$

2.30



$

2.16























Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)





















Earnings per common share - Diluted (GAAP)


$

2.28



$

2.46



$

2.42



$

2.11



$

0.87


Effect to adjust for securities losses, net of tax



—




—




—




—




1.76


Effect to adjust for gain on sale leaseback, net of transaction costs and tax



—




—




—




—




(1.76)


Effect to adjust for PCL - Non-PCD loans and UFC, net of tax



—




—




—




—




0.71


Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



—




0.04




0.16




0.19




0.52


Effect to adjust for deferred tax remeasurement



—




—




—




—




0.05


Effect to adjust for FDIC special assessment, net of tax



—




(0.03)




—




—




—


Adjusted net income per common share - Diluted (non-GAAP)


$

2.28



$

2.47



$

2.58



$

2.30



$

2.15























Adjusted Return on Average Assets (non-GAAP) (2)





















Return on average assets (GAAP)



1.37

%



1.47

%



1.49

%



1.34

%



0.56

%

Effect to adjust for securities losses, net of tax



—

%



—

%



—

%



—

%



1.13

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax



—

%



—

%



—

%



—

%



(1.13)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax



—

%



—

%



—

%



—

%



0.45

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



—

%



0.03

%



0.10

%



0.11

%



0.33

%

Effect to adjust for deferred tax remeasurement



—

%



—

%



—

%



—

%



0.04

%

Effect to adjust for FDIC special assessment, net of tax



—

%



(0.02)

%



—

%



—

%



—

%

Adjusted return on average assets (non-GAAP)



1.37

%



1.48

%



1.59

%



1.45

%



1.38

%






















Adjusted Return on Average Common Equity (non-GAAP) (2)





















Return on average common equity (GAAP)



10.11

%



10.90

%



11.04

%



9.93

%



4.29

%

Effect to adjust for securities losses, net of tax



—

%



—

%



—

%



—

%



8.61

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax



—

%



—

%



—

%



—

%



(8.63)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax



—

%



—

%



—

%



—

%



3.46

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



—

%



0.15

%



0.71

%



0.86

%



2.56

%

Effect to adjust for deferred tax remeasurement



—

%



—

%



—

%



—

%



0.27

%

Effect to adjust for FDIC special assessment, net of tax



—

%



(0.13)

%



—

%



—

%



—

%

Adjusted return on average common equity (non-GAAP)



10.11

%



10.92

%



11.75

%



10.79

%



10.56

%






















Return on Average Common Tangible Equity (non-GAAP) (3)





















Return on average common equity (GAAP)



10.11

%



10.90

%



11.04

%



9.93

%



4.29

%

Effect to adjust for intangible assets



7.48

%



8.20

%



8.58

%



8.24

%



4.70

%

Return on average tangible equity (non-GAAP)



17.59

%



19.10

%



19.62

%



18.17

%



8.99

%






















Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)





















Return on average common equity (GAAP)



10.11

%



10.90

%



11.04

%



9.93

%



4.29

%

Effect to adjust for securities losses, net of tax



—

%



—

%



—

%



—

%



8.61

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax



—

%



—

%



—

%



—

%



(8.63)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax



—

%



—

%



—

%



—

%



3.46

%

Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)



—

%



0.15

%



0.71

%



0.86

%



2.56

%

Effect to adjust for deferred tax remeasurement



—

%



—

%



—

%



—

%



0.27

%

Effect to adjust for FDIC special assessment, net of tax



—

%



(0.13)

%



—

%



—

%



—

%

Effect to adjust for intangible assets, net of tax



7.48

%



8.22

%



9.06

%



8.82

%



9.29

%

Adjusted return on average common tangible equity (non-GAAP)



17.59

%



19.14

%



20.81

%



19.61

%



19.85

%


































































Three Months Ended




Mar. 31,



Dec. 31,



Sep. 30,



Jun. 30,



Mar. 31,


RECONCILIATION OF GAAP TO NON-GAAP


2026



2025



2025



2025



2025


Adjusted Efficiency Ratio (non-GAAP) (4)





















Efficiency ratio



51.05

%



49.65

%



49.88

%



52.75

%



60.97

%

Effect to adjust for securities losses



—

%



—

%



—

%



—

%



(13.35)

%

Effect to adjust for gain on sale leaseback, net of transaction costs



—

%



—

%



—

%



—

%



13.39

%

Effect to adjust for merger, branch consolidation, severance related and other expense (8)



—

%



(0.65)

%



(2.99)

%



(3.66)

%



(10.77)

%

Effect to adjust for FDIC special assessment



—

%



0.56

%



—

%



—

%



—

%

Adjusted efficiency ratio



51.05

%



49.56

%



46.89

%



49.09

%



50.24

%






















Tangible Book Value Per Common Share (non-GAAP) (3)





















Book value per common share (GAAP)


$

92.21



$

91.38



$

89.14



$

86.71



$

84.99


Effect to adjust for intangible assets



(35.31)




(35.11)




(34.66)




(34.75)




(34.92)


Tangible book value per common share (non-GAAP)


$

56.90



$

56.27



$

54.48



$

51.96



$

50.07























Tangible Equity-to-Tangible Assets (non-GAAP) (3)





















Equity-to-assets (GAAP)



13.28

%



13.48

%



13.64

%



13.36

%



13.24

%

Effect to adjust for intangible assets



(4.64)

%



(4.72)

%



(4.83)

%



(4.90)

%



(4.99)

%

Tangible equity-to-tangible assets (non-GAAP)



8.64

%



8.76

%



8.81

%



8.46

%



8.25

%




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 $38.8 million, $50.3 million, $83.0 million, $63.5 million, and $61.8 million during the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.




(2)

Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments.  Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.  Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, $24.4 million, and $68.0 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively; (b) pre-tax net securities losses of $(228,811) for the quarter ended March 31, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025; (d) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 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, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net and gain on sale leaseback, net of transaction costs.  The pre-tax amortization expenses of intangible assets were $21.3 million, $23.4 million, $23.4 million, $24.0 million, and $23.8 million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.




(5)

The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.




(6)

March 31, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.             




(7)

Loan data excludes loans held for sale.




(8)

Includes pre-tax cyber incident (net reimbursement)/costs of $3,000, $(3.6) million, and $111,000 for the quarters ended September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.

Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/southstate-bank-corporation-reports-first-quarter-2026-results-declares-quarterly-cash-dividend-302752265.html

SOURCE SouthState Bank Corporation

View All News