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

October 21, 2026

WINTER HAVEN, Fla., Oct. 21, 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 and nine-month periods ended September 30, 2026.

"The third quarter was marked by strong balance sheet growth and a stable net interest margin," said John C. Corbett, SouthState's chief executive officer.  "Loans and deposits each grew at a 9% annualized rate, with growth broad-based across our geographies and business lines, and boosted by the bankers we've added over the past year. Asset quality remains favorable, and while capital markets activity softened as treasury yields rose, the core franchise continues to perform well."

Highlights of the third quarter of 2026 include:

Returns

  • Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.30
  • Net Income of $224 million
  • Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 16.6%*
  • Return on Average Assets ("ROAA") of 1.29%*
  • Book Value per Share of $93.51
  • Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.19, an increase of 7% year over year, after raising the dividend by 10%, and repurchasing nearly 5% of the Company's shares over the past year

Performance

  • Net Interest Income of $592 million, an increase of $16 million, or 3%, compared to the prior quarter
  • Noninterest Income of $94 million, compared to $97 million in the prior quarter; Noninterest Income represented 0.54%* of average assets, compared to 0.57%* in the prior quarter
  • Noninterest Expense of $375 million, an increase of $17 million compared to the prior quarter primarily due to an increase in salaries and employee benefits expense; compensation expense increases were due to July 1 merit increases, successful execution of the revenue producer hiring initiative, higher incentive accruals, and a reduction in deferred loan costs compared to the prior quarter
  • Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.77% and 3.78%, respectively; loan accretion income of $27 million, a decrease of $6 million compared to the prior quarter and a decrease of $56 million year over year
  • Net charge-offs totaled $12 million, or 0.09%* of average loans
  • $20 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.29% of loans
  • Efficiency Ratio of 52%

Balance Sheet

  • Loans increased by $1.2 billion, or 9%*, compared to the prior quarter and increased by $4.4 billion, or 9%, year over year; deposits increased by $1.3 billion, or 9%*, and increased by $3.6 billion, or 7%, year over year; ending loan to deposit ratio of 90%
  • Total deposit cost of 1.80%, up 0.04% from the prior quarter
  • Repurchased a total of 250,000 shares during the quarter at a weighted average price of $104.45
  • Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.4%, 13.5%, 9.4%, and 11.1%, respectively†

Subsequent Events

  • The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.66 per share, payable on November 13, 2026 to shareholders of record as of November 6, 2026

∗  Annualized percentages

†  Preliminary

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

2026

2026

2026

2025

2025

2026

2025

Interest Income




























   Loans, including fees (1)

$

772,100

$

744,652

$

721,571

$

748,106

$

782,382

$

2,238,322

$

2,253,471

   Investment and trading securities, federal funds sold




























       and securities purchased under agreements to resell


92,756



93,607



95,258



100,640



99,300



281,622



277,281

Total interest income


864,856



838,259



816,829



848,746



881,682



2,519,944



2,530,752

Interest Expense




























   Deposits


256,051



244,216



238,522



250,189



257,271



738,789



744,820

   Federal funds purchased, securities sold under




























       agreements to repurchase, and other borrowings


17,287



18,094



16,702



17,442



24,714



52,083



63,740

Total interest expense


273,338



262,310



255,224



267,631



281,985



790,872



808,560

Net Interest Income


591,518



575,949



561,605



581,115



599,697



1,729,072



1,722,192

  Provision for credit losses ("PCL")


20,345



15,919



10,808



6,605



5,085



47,072



113,152

Net Interest Income after PCL


571,173



560,030



550,797



574,510



594,612



1,682,000



1,609,040

Noninterest Income




























Operating income


93,911



96,726



100,098



105,753



99,086



290,735



271,523

Securities losses, net


—



—



—



—



—



—



(228,811)

Gain on sale leaseback, net of transaction costs


—



—



—



—



—



—



229,279

Total noninterest income


93,911



96,726



100,098



105,753



99,086



290,735



271,991

Noninterest Expense




























Operating expense


374,763



357,749



359,524



364,196



351,453



1,092,036



1,042,955

Merger, branch consolidation, severance related,




























       and other expense (8)


—



—



—



4,494



20,889



—



113,274

FDIC special assessment


—



—



—



(3,835)



—



—



—

Total noninterest expense


374,763



357,749



359,524



364,855



372,342



1,092,036



1,156,229

Income before Income Tax Provision


290,321



299,007



291,371



315,408



321,356



880,699



724,802

Income tax provision


66,523



68,985



65,551



67,686



74,715



201,059



173,857

Net Income

$

223,798

$

230,022

$

225,820

$

247,722

$

246,641

$

679,640

$

550,945































Adjusted Net Income (non-GAAP) (2)




























Net Income (GAAP)

$

223,798

$

230,022

$

225,820

$

247,722

$

246,641

$

679,640

$

550,945

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



—



87,719

Deferred tax asset remeasurement


—



—



—



—



—



—



5,581

FDIC special assessment, net of tax


—



—



—



(3,012)



—



—



—

Adjusted Net Income (non-GAAP)

$

223,798

$

230,022

$

225,820

$

248,239

$

262,673

$

679,640

$

715,772































   Basic earnings per common share

$

2.31

$

2.36

$

2.29

$

2.48

$

2.44

$

6.96

$

5.43

   Diluted earnings per common share

$

2.30

$

2.35

$

2.28

$

2.46

$

2.42

$

6.93

$

5.41

   Adjusted net income per common share - Basic




























       (non-GAAP) (2)

$

2.31

$

2.36

$

2.29

$

2.48

$

2.60

$

6.96

$

7.06

   Adjusted net income per common share - Diluted




























       (non-GAAP) (2)

$

2.30

$

2.35

$

2.28

$

2.47

$

2.58

$

6.93

$

7.03

   Dividends per common share

$

0.66

$

0.60

$

0.60

$

0.60

$

0.60

$

1.86

$

1.68

   Basic weighted-average common shares




























        outstanding


96,922,986



97,300,899



98,544,242



100,063,315



101,218,431



97,583,437



101,373,803

   Diluted weighted-average common shares




























        outstanding


97,429,305



97,676,767



98,922,258



100,618,796



101,735,095



98,001,720



101,807,090

   Effective tax rate


22.91

%


23.07

%


22.50

%


21.46

%


23.25

%


22.83

%


23.99

%

Performance and Capital Ratios

Three Months Ended

Nine Months Ended




Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Sep. 30,

Sep. 30,




2026

2026

2026

2025

2025

2026

2025


PERFORMANCE RATIOS



























Return on average assets (annualized)


1.29

%

1.36

%

1.37

%

1.47

%

1.49

%

1.34

%

1.14

%

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


1.29

%

1.36

%

1.37

%

1.48

%

1.59

%

1.34

%

1.48

%

Return on average common equity (annualized)


9.70

%

10.19

%

10.11

%

10.90

%

11.04

%

10.00

%

8.50

%

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


9.70

%

10.19

%

10.11

%

10.92

%

11.75

%

10.00

%

11.05

%

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


16.60

%

17.62

%

17.59

%

19.10

%

19.62

%

17.26

%

15.80

%

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


16.60

%

17.62

%

17.59

%

19.14

%

20.81

%

17.26

%

20.10

%

Efficiency ratio (tax equivalent)


51.61

%

50.00

%

51.05

%

49.65

%

49.88

%

50.89

%

54.35

%

Adjusted efficiency ratio (non-GAAP) (4)


51.61

%

50.00

%

51.05

%

49.56

%

46.89

%

50.89

%

48.68

%

Dividend payout ratio (5)


28.60

%

25.31

%

26.12

%

24.23

%

24.59

%

26.66

%

30.89

%

Book value per common share

$

93.51

$

94.17

$

92.21

$

91.38

$

89.14








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

$

58.19

$

58.72

$

56.90

$

56.27

$

54.48





































CAPITAL RATIOS



























Equity-to-assets


12.8

%

13.3

%

13.3

%

13.5

%

13.6

%






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


8.4

%

8.7

%

8.6

%

8.8

%

8.8

%






Tier 1 leverage (6)


9.4

%

9.4

%

9.4

%

9.3

%

9.4

%






Tier 1 common equity (6)


11.1

%

11.1

%

11.3

%

11.4

%

11.5

%






Tier 1 risk-based capital (6)


11.1

%

11.1

%

11.3

%

11.4

%

11.5

%






Total risk-based capital (6)


13.5

%

13.5

%

13.7

%

13.8

%

14.0

%






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

2026

2026

2026

2025

2025

Assets




















Cash and due from banks

$

527,622

$

649,079

$

598,218

$

583,375

$

582,792

Federal funds sold and interest-earning deposits with banks


2,446,996



1,701,233



2,268,864



2,589,108



2,561,663

         Cash and cash equivalents


2,974,618



2,350,312



2,867,082



3,172,483



3,144,455























Trading securities, at fair value


141,534



191,094



117,590



110,183



107,519

Investment securities:




















   Securities held to maturity


1,905,299



1,955,754



2,007,249



2,048,030



2,096,727

   Securities available for sale, at fair value


6,393,309



6,598,177



6,530,348



6,313,756



6,042,800

   Other investments


407,172



366,986



370,924



353,428



366,218

         Total investment securities


8,705,780



8,920,917



8,908,521



8,715,214



8,505,745

Loans held for sale


296,835



405,441



327,935



345,343



346,673

Loans:




















Purchased credit deteriorated


2,454,067



2,658,792



2,818,360



2,977,499



3,160,359

Purchased non-credit deteriorated


9,291,111



9,921,791



10,714,489



11,232,414



11,877,828

Non-acquired


40,307,915



38,266,289



35,963,934



34,388,614



32,629,724

   Less allowance for credit losses


(588,918)



(586,664)



(585,882)



(585,197)



(590,133)

         Loans, net


51,464,175



50,260,208



48,910,901



48,013,330



47,077,778

Premises and equipment, net


992,295



992,594



993,584



994,176



961,510

Bank owned life insurance


1,321,036



1,311,197



1,302,382



1,293,574



1,285,532

Mortgage servicing rights


101,990



91,442



90,018



84,032



84,491

Core deposit and other intangibles


322,589



343,424



364,686



386,326



409,890

Goodwill


3,094,059



3,094,059



3,094,059



3,094,059



3,094,059

Other assets


1,024,753



949,340



1,002,465



988,692



1,030,558

              Total assets

$

70,439,664

$

68,910,028

$

67,979,223

$

67,197,412

$

66,048,210























Liabilities and Shareholders' Equity




















Deposits:




















   Noninterest-bearing

$

13,445,715

$

13,451,094

$

13,650,799

$

13,375,697

$

13,430,459

   Interest-bearing


44,192,566



42,898,716



42,224,864



41,770,100



40,642,810

         Total deposits


57,638,281



56,349,810



55,875,663



55,145,797



54,073,269

Federal funds purchased and securities




















   sold under agreements to repurchase


498,173



569,486



643,386



618,215



594,092

Other borrowings


996,855



996,749



696,642



696,536



696,429

Reserve for unfunded commitments


82,299



76,525



69,229



69,619



68,538

Other liabilities


2,176,723



1,785,990



1,663,387



1,608,137



1,604,756

              Total liabilities


61,392,331



59,778,560



58,948,307



58,138,304



57,037,084























Shareholders' equity:




















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


241,894



242,428



244,844



247,845



252,723

   Surplus


6,233,566



6,247,484



6,332,285



6,480,471



6,647,952

   Retained earnings


3,111,483



2,951,691



2,779,896



2,614,173



2,426,463

   Accumulated other comprehensive loss


(539,610)



(310,135)



(326,109)



(283,381)



(316,012)

              Total shareholders' equity


9,047,333



9,131,468



9,030,916



9,059,108



9,011,126

              Total liabilities and shareholders' equity

$

70,439,664

$

68,910,028

$

67,979,223

$

67,197,412

$

66,048,210























Common shares issued and outstanding


96,757,601



96,971,142



97,937,653



99,138,204



101,089,231

Net Interest Income and Margin

Three Months Ended


Sep. 30, 2026

Jun. 30, 2026

Sep. 30, 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

$

1,226,660

$

9,861


3.19

%

$

1,386,864

$

12,236


3.54

%

$

2,212,239

$

23,271


4.17

%

Investment securities


9,265,691



82,895


3.55

%


9,213,359



81,371


3.54

%


8,624,670



76,029


3.50

%

Loans held for sale


249,878



4,274


6.79

%


286,422



4,602


6.44

%


289,884



5,067


6.93

%

Total loans held for investment


51,475,218



767,826


5.92

%


50,247,114



740,050


5.91

%


47,600,317



777,315


6.48

%

     Total interest-earning assets


62,217,447



864,856


5.51

%


61,133,759



838,259


5.50

%


58,727,110



881,682


5.96

%

Noninterest-earning assets


6,577,077










6,694,407










6,762,434







     Total Assets

$

68,794,524








$

67,828,166








$

65,489,544









































Interest-Bearing Liabilities ("IBL"):
































Transaction and money market accounts

$

32,634,509

$

189,191


2.30

%

$

32,098,340

$

180,220


2.25

%

$

29,623,457

$

187,627


2.51

%

Savings deposits


2,794,029



1,655


0.24

%


2,817,269



1,638


0.23

%


2,879,488



1,940


0.27

%

Certificates and other time deposits


7,493,938



65,205


3.45

%


7,184,745



62,358


3.48

%


7,310,133



67,704


3.67

%

Federal funds purchased


266,686



2,455


3.65

%


289,337



2,616


3.63

%


331,707



3,640


4.35

%

Repurchase agreements


260,312



1,319


2.01

%


293,341



1,477


2.02

%


281,395



1,527


2.15

%

Other borrowings


791,385



13,513


6.77

%


851,660



14,001


6.59

%


974,992



19,547


7.95

%

     Total interest-bearing liabilities


44,240,859



273,338


2.45

%


43,534,692



262,310


2.42

%


41,401,172



281,985


2.70

%

Noninterest-bearing deposits


13,500,596










13,521,146










13,541,840







Other noninterest-bearing liabilities


1,898,722










1,719,228










1,679,124







Shareholders' equity


9,154,347










9,053,100










8,867,408







     Total Non-IBL and shareholders' equity


24,553,665










24,293,474










24,088,372







     Total Liabilities and Shareholders' Equity

$

68,794,524








$

67,828,166








$

65,489,544







Net Interest Income and Margin (Non-Tax Equivalent)




$

591,518


3.77

%




$

575,949


3.78

%




$

599,697


4.05

%

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









3.78

%









3.78

%









4.06

%

Total Deposit Cost (without Debt and Other Borrowings)









1.80

%









1.76

%









1.91

%

Overall Cost of Funds (including Demand Deposits)









1.88

%









1.84

%









2.04

%


































Total Accretion on Acquired Loans (1)




$

26,642








$

33,054








$

82,976



Tax Equivalent ("TE") Adjustment




$

769








$

751








$

718



• The remaining loan discount on acquired loans to be accreted into loan interest income totals $159.3 million as of September 30, 2026.

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)

2026

2026

2026

2025

2025

2026

2025

Noninterest Income:




























   Fees on deposit accounts

$

42,811

$

41,568

$

38,699

$

41,950

$

42,572

$

123,078

$

116,374

   Mortgage banking income


5,630



4,890



11,016



5,158



5,462



21,536



19,135

   Trust and investment services income


15,838



15,164



14,471



14,684



14,157



45,473



43,508

   Correspondent banking and capital markets income


20,124



24,839



24,427



30,638



25,522



69,390



61,398

   Expense on centrally-cleared variation margin


(5,560)



(4,028)



(3,000)



(3,167)



(4,318)



(12,588)



(16,882)

   Total correspondent banking and capital markets income


14,564



20,811



21,427



27,471



21,204



56,802



44,516

   Bank owned life insurance income


9,929



9,624



9,494



9,633



10,597



29,047



29,949

   Other


5,139



4,669



4,991



6,857



5,094



14,799



18,041

   Securities losses, net


—



—



—



—



—



—



(228,811)

   Gain on sale leaseback, net of transaction costs


—



—



—



—



—



—



229,279

         Total Noninterest Income

$

93,911

$

96,726

$

100,098

$

105,753

$

99,086

$

290,735

$

271,991































Noninterest Expense:




























   Salaries and employee benefits

$

217,237

$

205,377

$

205,653

$

202,714

$

199,148

$

628,267

$

595,121

   Occupancy expense


44,136



43,878



42,302



42,567



40,874



130,316



117,874

   Information services expense


29,968



29,136



29,704



30,443



28,988



88,808



90,505

   OREO and loan related expense


3,106



952



4,378



867



5,427



8,436



9,506

   Business development and staff related


10,877



10,639



11,362



13,485



8,907



32,877



22,600

   Amortization of intangibles


20,628



21,041



21,304



23,417



23,426



62,973



71,305

   Professional fees


5,898



5,090



5,239



7,410



4,994



16,227



14,361

   FDIC assessment and other regulatory charges


10,911



10,753



10,257



9,884



8,374



31,921



31,101

   Advertising and marketing


4,178



3,836



3,325



4,710



2,980



11,339



8,280

   Other operating expenses


27,824



27,047



26,000



28,699



28,335



80,872



82,302

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


—



—



—



4,494



20,889



—



113,274

   FDIC special assessment


—



—



—



(3,835)



—



—



—

         Total Noninterest Expense

$

374,763

$

357,749

$

359,524

$

364,855

$

372,342

$

1,092,036

$

1,156,229

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)

2026

2026

2026

2025

2025

Construction and land development * †

$

2,917,132

$

2,982,968

$

2,592,908

$

2,548,360

$

2,678,971

Investor commercial real estate*


19,079,859



18,656,455



18,298,938



17,883,913



17,603,205

Commercial owner occupied real estate


7,951,811



7,852,391



7,671,535



7,576,991



7,529,075

Commercial and industrial


9,804,607



9,378,444



9,385,926



9,181,408



8,644,636

Consumer real estate *


11,343,405



11,034,102



10,573,897



10,450,223



10,202,026

Consumer/other


956,279



942,512



973,579



957,632



1,009,998

Total Loans

$

52,053,093

$

50,846,872

$

49,496,783

$

48,598,527

$

47,667,911

*

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 $370.5 million, $358.4 million, $360.4 million, $342.8 million, and $350.2 million, for the quarters ended September 30, 2026, June 30, 2026, March 31, 2036, December 31, 2025, and September 30, 2025, respectively.

 

Ending Balance

(Dollars in thousands)

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

DEPOSITS

2026

2026

2026

2025

2025

Noninterest-bearing checking

$

13,445,715

$

13,451,094

$

13,650,799

$

13,375,697

$

13,430,459

Interest-bearing checking


14,323,722



14,710,312



14,119,614



13,838,558



12,906,408

Savings


2,775,607



2,796,845



2,841,408



2,820,621



2,853,410

Money market


18,741,198



17,531,137



18,014,140



17,751,688



17,251,469

Time deposits


8,352,039



7,860,422



7,249,702



7,359,233



7,631,523

Total Deposits

$

57,638,281

$

56,349,810

$

55,875,663

$

55,145,797

$

54,073,269

Asset Quality

Ending Balance



Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

(Dollars in thousands)

2026

2026

2026

2025

2025

NONPERFORMING ASSETS:




















Non-acquired




















Non-acquired nonaccrual loans and restructured loans on nonaccrual

$

159,465

$

171,264

$

177,158

$

161,975

$

146,751

Accruing loans past due 90 days or more


3,642



2,961



6,915



2,997



4,352

Non-acquired OREO and other nonperforming assets


11,939



11,722



8,339



5,273



11,969

Total non-acquired nonperforming assets


175,046



185,947



192,412



170,245



163,072

Acquired




















Acquired nonaccrual loans and restructured loans on nonaccrual


124,870



99,352



116,002



135,179



149,695

Accruing loans past due 90 days or more


6,987



835



1,986



1,944



891

Acquired OREO and other nonperforming assets


3,867



1,254



18,155



3,901



7,147

Total acquired nonperforming assets


135,724



101,441



136,143



141,024



157,733

Total nonperforming assets

$

310,770

$

287,388

$

328,555

$

311,269

$

320,805

 

Three Months Ended



Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,



2026

2026

2026

2025

2025

ASSET QUALITY RATIOS (7):




















Allowance for credit losses as a percentage of loans


1.13

%


1.15

%


1.18

%


1.20

%


1.24

%

Allowance for credit losses, including reserve for unfunded commitments,




















as a percentage of loans


1.29

%


1.30

%


1.32

%


1.35

%


1.38

%

Allowance for credit losses as a percentage of nonperforming loans


199.66

%


213.79

%


193.96

%


193.71

%


195.61

%

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


0.09

%


0.06

%


0.09

%


0.09

%


0.27

%

Total nonperforming assets as a percentage of total assets


0.44

%


0.42

%


0.48

%


0.46

%


0.49

%

Nonperforming loans as a percentage of period end loans


0.57

%


0.54

%


0.61

%


0.62

%


0.63

%

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the third 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 6/30/2026

$

526,492

$

60,172

$

586,664

$

76,525

Charge offs


(10,354)



—



(10,354)


N/A

Acquired charge offs


(1,708)



(5,663)



(7,371)


N/A

Recoveries


2,459



—



2,459


N/A

Acquired recoveries


1,017



1,932



2,949


N/A

Provision for credit losses


11,942



2,629



14,571



5,774

Ending balance 9/30/2026

$

529,848

$

59,070

$

588,918

$

82,299



















Period end loans

$

49,599,026

$

2,454,067

$

52,053,093


N/A

Allowance for Credit Losses to Loans


1.07

%


2.41

%


1.13

%

N/A

Unfunded commitments (off balance sheet) †












$

13,392,711

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 22, 2026.  Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers.  The conference ID number is 728284222.   Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com.  A replay of the live webcast is expected to be available by the evening of October 22, 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)

Sep. 30, 2026


Jun. 30, 2026


Mar. 31, 2026


Dec. 31, 2025


Sep. 30, 2025

Net income (GAAP)

$

223,798


$

230,022


$

225,820


$

247,722


$

246,641

Provision for credit losses


20,345




15,919




10,808




6,605




5,085

Income tax provision


66,523




68,985




65,551




67,686




74,715

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


—




—




—




4,494




20,889

FDIC special assessment


—




—




—




(3,835)




—

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

$

310,666


$

314,926


$

302,179


$

322,672


$

347,330

 

(Dollars in thousands)

Three Months Ended

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

Sep. 30, 2026


Jun. 30, 2026


Mar. 31, 2026


Dec. 31, 2025


Sep. 30, 2025

Net interest income (GAAP)

$

591,518


$

575,949


$

561,605


$

581,115


$

599,697

Total average interest-earning assets


62,217,447




61,133,759




60,201,176




59,872,113




58,727,110

NIM, non-tax equivalent


3.77

%


3.78

%


3.78

%


3.85

%


4.05

%


























Tax equivalent adjustment (included in NIM, TE)


769




751




760




800




718

Net interest income, tax equivalent (Non-GAAP)

$

592,287


$

576,700


$

562,365


$

581,915


$

600,415

NIM, TE (Non-GAAP)


3.78

%


3.78

%


3.79

%


3.86

%


4.06

%

 

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

2026


2026


2026


2025


2025


2026


2025

Adjusted Net Income (non-GAAP) (2)


































Net income (GAAP)

$

223,798


$

230,022


$

225,820


$

247,722


$

246,641


$

679,640


$

550,945

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




—




87,719

Deferred tax asset remeasurement


—




—




—




—




—




—




5,581

FDIC special assessment, net of tax


—




—




—




(3,012)




—




—




—

Adjusted net income (non-GAAP)

$

223,798


$

230,022


$

225,820


$

248,239


$

262,673


$

679,640


$

715,772





































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


































Earnings per common share - Basic (GAAP)

$

2.31


$

2.36


$

2.29


$

2.48


$

2.44


$

6.96


$

5.43

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




—




0.87

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)

$

2.31


$

2.36


$

2.29


$

2.48


$

2.60


$

6.96


$

7.06





































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


































Earnings per common share - Diluted (GAAP)

$

2.30


$

2.35


$

2.28


$

2.46


$

2.42


$

6.93


$

5.41

Effect to adjust for securities losses, net of tax


—




—




—




—




—




—




1.75

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




—




0.86

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)

$

2.30


$

2.35


$

2.28


$

2.47


$

2.58


$

6.93


$

7.03





































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


































Return on average assets (GAAP)


1.29

%


1.36

%


1.37

%


1.47

%


1.49

%


1.34

%


1.14

%

Effect to adjust for securities losses, net of tax


—

%


—

%


—

%


—

%


—

%


—

%


0.37

%

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


—

%


—

%


—

%


—

%


—

%


—

%


(0.37)

%

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


—

%


—

%


—

%


—

%


—

%


—

%


0.15

%

Effect to adjust for merger, branch consolidation, severance related


































and other expense, net of tax (8)


—

%


—

%


—

%


0.03

%


0.10

%


—

%


0.18

%

Effect to adjust for deferred tax remeasurement


—

%


—

%


—

%


—

%


—

%


—

%


0.01

%

Effect to adjust for FDIC special assessment, net of tax


—

%


—

%


—

%


(0.02)

%


—

%


—

%


—

%

Adjusted return on average assets (non-GAAP)


1.29

%


1.36

%


1.37

%


1.48

%


1.59

%


1.34

%


1.48

%




































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


































Return on average common equity (GAAP)


9.70

%


10.19

%


10.11

%


10.90

%


11.04

%


10.00

%


8.50

%

Effect to adjust for securities losses, net of tax


—

%


—

%


—

%


—

%


—

%


—

%


2.76

%

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


—

%


—

%


—

%


—

%


—

%


—

%


(2.76)

%

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


—

%


—

%


—

%


—

%


—

%


—

%


1.11

%

Effect to adjust for merger, branch consolidation, severance related


































and other expense, net of tax (8)


—

%


—

%


—

%


0.15

%


0.71

%


—

%


1.35

%

Effect to adjust for deferred tax remeasurement


—

%


—

%


—

%


—

%


—

%


—

%


0.09

%

Effect to adjust for FDIC special assessment, net of tax


—

%


—

%


—

%


(0.13)

%


—

%


—

%


—

%

Adjusted return on average common equity (non-GAAP)


9.70

%


10.19

%


10.11

%


10.92

%


11.75

%


10.00

%


11.05

%




































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


































Return on average common equity (GAAP)


9.70

%


10.19

%


10.11

%


10.90

%


11.04

%


10.00

%


8.50

%

Effect to adjust for intangible assets


6.90

%


7.43

%


7.48

%


8.20

%


8.58

%


7.26

%


7.30

%

Return on average tangible equity (non-GAAP)


16.60

%


17.62

%


17.59

%


19.10

%


19.62

%


17.26

%


15.80

%




































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


































Return on average common equity (GAAP)


9.70

%


10.19

%


10.11

%


10.90

%


11.04

%


10.00

%


8.50

%

Effect to adjust for securities losses, net of tax


—

%


—

%


—

%


—

%


—

%


—

%


2.76

%

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


—

%


—

%


—

%


—

%


—

%


—

%


(2.76)

%

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


—

%


—

%


—

%


—

%


—

%


—

%


1.11

%

Effect to adjust for merger, branch consolidation, severance related


































and other expense, net of tax (8)


—

%


—

%


—

%


0.15

%


0.71

%


—

%


1.35

%

Effect to adjust for deferred tax remeasurement


—

%


—

%


—

%


—

%


—

%


—

%


0.09

%

Effect to adjust for FDIC special assessment, net of tax


—

%


—

%


—

%


(0.13)

%


—

%


—

%


—

%

Effect to adjust for intangible assets, net of tax


6.90

%


7.43

%


7.48

%


8.22

%


9.06

%


7.26

%


9.05

%

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


16.60

%


17.62

%


17.59

%


19.14

%


20.81

%


17.26

%


20.10

%

Adjusted Efficiency Ratio (non-GAAP) (4)


































Efficiency ratio


51.61

%


50.00

%


51.05

%


49.65

%


49.88

%


50.89

%


54.35

%

Effect to adjust for securities losses


—

%


—

%


—

%


—

%


—

%


—

%


(5.01)

%

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


—

%


—

%


—

%


—

%


—

%


—

%


5.01

%

Effect to adjust for merger, branch consolidation, severance related


































and other expense, net of tax (8)


—

%


—

%


—

%


(0.65)

%


(2.99)

%


—

%


(5.67)

%

Effect to adjust for FDIC special assessment


—

%


—

%


—

%


0.56

%


—

%


—

%


—

%

Adjusted efficiency ratio (non-GAAP)


51.61

%


50.00

%


51.05

%


49.56

%


46.89

%


50.89

%


48.68

%




































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


































Book value per common share (GAAP)

$

93.51


$

94.17


$

92.21


$

91.38


$

89.14











Effect to adjust for intangible assets


(35.32)




(35.45)




(35.31)




(35.11)




(34.66)











Tangible book value per common share (non-GAAP)

$

58.19


$

58.72


$

56.90


$

56.27


$

54.48















































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


































Equity-to-assets (GAAP)


12.84

%


13.25

%


13.28

%


13.48

%


13.64

%









Effect to adjust for intangible assets


(4.44)

%


(4.55)

%


(4.64)

%


(4.72)

%


(4.83)

%









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


8.40

%


8.70

%


8.64

%


8.76

%


8.81

%









 

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 $26.6 million, $33.1 million, $38.8 million, $50.3 million, and $83.0 million during the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $98.5 million and $208.3 million during the nine months ended September 30, 2026 and 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 and $20.9 million for the quarters ended December 31, 2025 and September 30, 2025, respectively, and $113.3 million during the nine months ended September 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the nine months ended September 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the nine months ended September 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the nine months ended September 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the nine months ended September 30, 2025.

(3)

The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.  The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.  Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.

(4)

Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on 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 $20.6 million, $21.0 million, $21.3 million, $23.4 million, and $23.4 million for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $63.0 million and $71.3 million for the nine months ended September 30, 2026 and 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)

September 30, 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 of $(3.5) million for the nine months ended September 30, 2025.


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.

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