SouthState Bank Corporation Reports Second Quarter 2026 Results, Declares an Increase in the Quarterly Cash Dividend
"We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities," said John C. Corbett, SouthState's Chief Executive Officer. "The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we've retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders."
Highlights of the second quarter of 2026 include:
Returns
Performance
Balance Sheet
Subsequent Events
∗ Annualized percentages
† Preliminary
Financial Performance
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
INCOME STATEMENT
2026
2026
2025
2025
2025
2026
2025
Interest Income
Loans, including fees (1)
$
744,652
$
721,571
$
748,106
$
782,382
$
746,448
$
1,466,222
$
1,471,088
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
93,607
95,258
100,640
99,300
94,056
188,866
177,982
Total interest income
838,259
816,829
848,746
881,682
840,504
1,655,088
1,649,070
Interest Expense
Deposits
244,216
238,522
250,189
257,271
241,593
482,738
487,550
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
18,094
16,702
17,442
24,714
20,963
34,796
39,025
Total interest expense
262,310
255,224
267,631
281,985
262,556
517,534
526,575
Net Interest Income
575,949
561,605
581,115
599,697
577,948
1,137,554
1,122,495
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
26,727
108,067
Net Interest Income after Provision for Credit Losses
560,030
550,797
574,510
594,612
570,443
1,110,827
1,014,428
Noninterest Income
Operating income
96,726
100,098
105,753
99,086
86,817
196,824
172,437
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total noninterest income
96,726
100,098
105,753
99,086
86,817
196,824
172,905
Noninterest Expense
Operating expense
357,749
359,524
364,196
351,453
350,682
717,273
691,502
Merger, branch consolidation, severance related, and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total noninterest expense
357,749
359,524
364,855
372,342
375,061
717,273
783,887
Income before Income Tax Provision
299,007
291,371
315,408
321,356
282,199
590,378
403,446
Income tax provision
68,985
65,551
67,686
74,715
66,975
134,536
99,142
Net Income
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
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
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted Net Income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Basic earnings per common share
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
Diluted earnings per common share
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
Adjusted net income per common share - Basic (non-GAAP) (2)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted net income per common share - Diluted (non-GAAP) (2)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Dividends per common share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.54
$
1.20
$
1.08
Basic weighted-average common shares outstanding
97,300,899
98,544,242
100,063,315
101,218,431
101,495,456
97,919,136
101,452,777
Diluted weighted-average common shares outstanding
97,676,767
98,922,258
100,618,796
101,735,095
101,845,360
98,292,252
101,835,756
Effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
24.57 %
Adjusted effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
23.19 %
Performance and Capital Ratios
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
2026
2026
2025
2025
2025
2026
2025
PERFORMANCE RATIOS
Return on average assets (annualized)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Return on average common equity (annualized)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Efficiency ratio (tax equivalent)
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Adjusted efficiency ratio (non-GAAP) (4)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Dividend payout ratio (5)
25.31
%
26.12
%
24.23
%
24.59
%
25.47
%
25.71
%
36.00
%
Book value per common share
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Tangible book value per common share (non-GAAP) (3)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
CAPITAL RATIOS
Equity-to-assets
13.3
%
13.3
%
13.5
%
13.6
%
13.4
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.7
%
8.6
%
8.8
%
8.8
%
8.5
%
Tier 1 leverage (6)
9.4
%
9.4
%
9.3
%
9.4
%
9.2
%
Tier 1 common equity (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Tier 1 risk-based capital (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Total risk-based capital (6)
13.5
%
13.7
%
13.8
%
14.0
%
14.5
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
BALANCE SHEET
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
649,079
$
598,218
$
583,375
$
582,792
$
755,798
Federal funds sold and interest-earning deposits with banks
1,701,233
2,268,864
2,589,108
2,561,663
2,708,308
Cash and cash equivalents
2,350,312
2,867,082
3,172,483
3,144,455
3,464,106
Trading securities, at fair value
191,094
117,590
110,183
107,519
95,306
Investment securities:
Securities held to maturity
1,955,754
2,007,249
2,048,030
2,096,727
2,145,991
Securities available for sale, at fair value
6,598,177
6,530,348
6,313,756
6,042,800
5,927,867
Other investments
366,986
370,924
353,428
366,218
357,487
Total investment securities
8,920,917
8,908,521
8,715,214
8,505,745
8,431,345
Loans held for sale
405,441
327,935
345,343
346,673
318,985
Loans:
Purchased credit deteriorated
2,658,792
2,818,360
2,977,499
3,160,359
3,409,186
Purchased non-credit deteriorated
9,921,791
10,714,489
11,232,414
11,877,828
12,492,553
Non-acquired
38,266,289
35,963,934
34,388,614
32,629,724
31,365,508
Less allowance for credit losses
(586,664)
(585,882)
(585,197)
(590,133)
(621,046)
Loans, net
50,260,208
48,910,901
48,013,330
47,077,778
46,646,201
Premises and equipment, net
992,594
993,584
994,176
961,510
964,878
Bank owned life insurance
1,311,197
1,302,382
1,293,574
1,285,532
1,280,632
Mortgage servicing rights
91,442
90,018
84,032
84,491
85,836
Core deposit and other intangibles
343,424
364,686
386,326
409,890
433,458
Goodwill
3,094,059
3,094,059
3,094,059
3,094,059
3,094,059
Other assets
949,340
1,002,465
988,692
1,030,558
1,078,516
Total assets
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing
42,898,716
42,224,864
41,770,100
40,642,810
39,977,931
Total deposits
56,349,810
55,875,663
55,145,797
54,073,269
53,696,961
Federal funds purchased and securities
sold under agreements to repurchase
569,486
643,386
618,215
594,092
630,558
Other borrowings
996,749
696,642
696,536
696,429
1,099,705
Reserve for unfunded commitments
76,525
69,229
69,619
68,538
64,693
Other liabilities
1,785,990
1,663,387
1,608,137
1,604,756
1,600,271
Total liabilities
59,778,560
58,948,307
58,138,304
57,037,084
57,092,188
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares
242,428
244,844
247,845
252,723
253,745
Surplus
6,247,484
6,332,285
6,480,471
6,647,952
6,679,028
Retained earnings
2,951,691
2,779,896
2,614,173
2,426,463
2,240,470
Accumulated other comprehensive loss
(310,135)
(326,109)
(283,381)
(316,012)
(372,109)
Total shareholders' equity
9,131,468
9,030,916
9,059,108
9,011,126
8,801,134
Total liabilities and shareholders' equity
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Common shares issued and outstanding
96,971,142
97,937,653
99,138,204
101,089,231
101,498,000
Net Interest Income and Margin
Three Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 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
$
1,386,864
$
12,236
3.54 %
$
1,881,020
$
15,792
3.40 %
$
1,884,133
$
19,839
4.22 %
Investment securities
9,213,359
81,371
3.54 %
9,221,416
79,466
3.49 %
8,513,439
74,217
3.50 %
Loans held for sale
286,422
4,602
6.44 %
223,084
3,732
6.78 %
283,017
4,829
6.84 %
Total loans held for investment
50,247,114
740,050
5.91 %
48,875,656
717,839
5.96 %
47,029,412
741,619
6.33 %
Total interest-earning assets
61,133,759
838,259
5.50 %
60,201,176
816,829
5.50 %
57,710,001
840,504
5.84 %
Noninterest-earning assets
6,694,407
6,726,355
6,840,880
Total Assets
$
67,828,166
$
66,927,531
$
64,550,881
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts
$
32,098,340
$
180,220
2.25 %
$
31,499,841
$
172,453
2.22 %
$
28,986,998
$
173,481
2.40 %
Savings deposits
2,817,269
1,638
0.23 %
2,822,510
1,642
0.24 %
2,921,780
2,012
0.28 %
Certificates and other time deposits
7,184,745
62,358
3.48 %
7,215,388
64,427
3.62 %
7,177,451
66,100
3.69 %
Federal funds purchased
289,337
2,616
3.63 %
295,207
2,635
3.62 %
360,588
3,943
4.39 %
Repurchase agreements
293,341
1,477
2.02 %
319,873
1,561
1.98 %
287,341
1,462
2.04 %
Other borrowings
851,660
14,001
6.59 %
696,597
12,506
7.28 %
821,545
15,558
7.60 %
Total interest-bearing liabilities
43,534,692
262,310
2.42 %
42,849,416
255,224
2.42 %
40,555,703
262,556
2.60 %
Noninterest-bearing deposits
13,521,146
13,359,214
13,643,265
Other noninterest-bearing liabilities
1,719,228
1,661,672
1,659,331
Shareholders' equity
9,053,100
9,057,229
8,692,582
Total Non-IBL and shareholders' equity
24,293,474
24,078,115
23,995,178
Total Liabilities and Shareholders' Equity
$
67,828,166
$
66,927,531
$
64,550,881
Net Interest Income and Margin (Non-Tax Equivalent)
$
575,949
3.78 %
$
561,605
3.78 %
$
577,948
4.02 %
Net Interest Margin (Tax Equivalent) (non-GAAP)
3.78 %
3.79 %
4.02 %
Total Deposit Cost (without Debt and Other Borrowings)
1.76 %
1.76 %
1.84 %
Overall Cost of Funds (including Demand Deposits)
1.84 %
1.84 %
1.94 %
Total Accretion on Acquired Loans (1)
$
33,054
$
38,786
$
63,507
Tax Equivalent ("TE") Adjustment
$
751
$
760
$
672
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $185.9 million as of June 30, 2026.
Noninterest Income and Expense
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
2026
2025
Noninterest Income:
Fees on deposit accounts
$
41,568
$
38,699
$
41,950
$
42,572
$
37,869
$
80,267
$
73,802
Mortgage banking income
4,890
11,016
5,158
5,462
5,936
15,906
13,673
Trust and investment services income
15,164
14,471
14,684
14,157
14,419
29,635
29,351
Correspondent banking and capital markets income
24,839
24,427
30,638
25,522
19,161
49,266
35,876
Expense on centrally-cleared variation margin
(4,028)
(3,000)
(3,167)
(4,318)
(5,394)
(7,028)
(12,564)
Total correspondent banking and capital markets income
20,811
21,427
27,471
21,204
13,767
42,238
23,312
Bank owned life insurance income
9,624
9,494
9,633
10,597
9,153
19,118
19,352
Other
4,669
4,991
6,857
5,094
5,673
9,660
12,947
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total Noninterest Income
$
96,726
$
100,098
$
105,753
$
99,086
$
86,817
$
196,824
$
172,905
Noninterest Expense:
Salaries and employee benefits
$
205,377
$
205,653
$
202,714
$
199,148
$
200,162
$
411,030
$
395,973
Occupancy expense
43,878
42,302
42,567
40,874
41,507
86,180
77,000
Information services expense
29,136
29,704
30,443
28,988
30,155
58,840
61,517
OREO and loan related expense
952
4,378
867
5,427
2,295
5,330
4,079
Business development and staff related
10,639
11,362
13,485
8,907
7,182
22,001
13,692
Amortization of intangibles
21,041
21,304
23,417
23,426
24,048
42,345
47,879
Professional fees
5,090
5,239
7,410
4,994
4,658
10,329
9,367
Supplies and printing expense
3,885
3,254
3,594
3,278
3,970
7,139
7,098
FDIC assessment and other regulatory charges
10,753
10,257
9,884
8,374
11,469
21,010
22,727
Advertising and marketing
3,836
3,325
4,710
2,980
3,010
7,161
5,300
Other operating expenses
23,162
22,746
25,105
25,057
22,226
45,908
46,870
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total Noninterest Expense
$
357,749
$
359,524
$
364,855
$
372,342
$
375,061
$
717,273
$
783,887
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
LOAN PORTFOLIO (7)
2026
2026
2025
2025
2025
Construction and land development * †
$
2,982,968
$
2,592,908
$
2,548,360
$
2,678,971
$
3,323,923
Investor commercial real estate*
18,656,455
18,298,938
17,883,913
17,603,205
16,953,410
Commercial owner occupied real estate
7,852,391
7,671,535
7,576,991
7,529,075
7,497,906
Commercial and industrial
9,378,444
9,385,926
9,181,408
8,644,636
8,445,878
Consumer real estate *
11,034,102
10,573,897
10,450,223
10,202,026
10,038,369
Consumer/other
942,512
973,579
957,632
1,009,998
1,007,761
Total Loans
$
50,846,872
$
49,496,783
$
48,598,527
$
47,667,911
$
47,267,247
*
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 $358.4 million, $360.4 million, $342.8 million, $350.2 million, and $371.1 million for the quarters ended June 30, 2026, March 31, 2036, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
DEPOSITS
2026
2026
2025
2025
2025
Noninterest-bearing checking
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing checking
14,710,312
14,119,614
13,838,558
12,906,408
12,607,205
Savings
2,796,845
2,841,408
2,820,621
2,853,410
2,889,670
Money market
17,531,137
18,014,140
17,751,688
17,251,469
16,772,597
Time deposits
7,860,422
7,249,702
7,359,233
7,631,523
7,708,459
Total Deposits
$
56,349,810
$
55,875,663
$
55,145,797
$
54,073,269
$
53,696,961
Asset Quality
Ending Balance
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual
$
171,264
$
177,158
$
161,975
$
146,751
$
141,910
Accruing loans past due 90 days or more
2,961
6,915
2,997
4,352
3,687
Non-acquired OREO and other nonperforming assets
11,722
8,339
5,273
11,969
17,288
Total non-acquired nonperforming assets
185,947
192,412
170,245
163,072
162,885
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual
99,352
116,002
135,179
149,695
151,466
Accruing loans past due 90 days or more
835
1,986
1,944
891
707
Acquired OREO and other nonperforming assets
1,254
18,155
3,901
7,147
8,783
Total acquired nonperforming assets
101,441
136,143
141,024
157,733
160,956
Total nonperforming assets
$
287,388
$
328,555
$
311,269
$
320,805
$
323,841
Three Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
2026
2026
2025
2025
2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans
1.15 %
1.18 %
1.20 %
1.24 %
1.31 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans
1.30 %
1.32 %
1.35 %
1.38 %
1.45 %
Allowance for credit losses as a percentage of nonperforming loans
213.79 %
193.96 %
193.71 %
195.61 %
208.57 %
Net charge-offs as a percentage of average loans (annualized)
0.06 %
0.09 %
0.09 %
0.27 %
0.21 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *
0.06 %
0.09 %
0.09 %
0.27 %
0.06 %
Total nonperforming assets as a percentage of total assets
0.42 %
0.48 %
0.46 %
0.49 %
0.49 %
Nonperforming loans as a percentage of period end loans
0.54 %
0.61 %
0.62 %
0.63 %
0.63 %
* 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 second 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 3/31/2026
$
520,619
$
65,263
$
585,882
$
69,229
Charge offs
(10,335)
—
(10,335)
—
Acquired charge offs
(246)
(1,161)
(1,407)
—
Recoveries
2,150
—
2,150
—
Acquired recoveries
320
1,431
1,751
—
Provision for credit losses
13,984
(5,361)
8,623
7,296
Ending balance 6/30/2026
$
526,492
$
60,172
$
586,664
$
76,525
Period end loans
$
48,188,080
$
2,658,792
$
50,846,872
N/A
Allowance for Credit Losses to Loans
1.09 %
2.26 %
1.15 %
N/A
Unfunded commitments (off balance sheet) †
$
12,824,707
Reserve to unfunded commitments (off balance sheet)
0.60 %
† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 24, 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 404525610. 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 July 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)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
Income tax provision
68,985
65,551
67,686
74,715
66,975
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
FDIC special assessment
—
—
(3,835)
—
—
Pre-provision net revenue (PPNR) (Non-GAAP)
$
314,926
$
302,179
$
322,672
$
347,330
$
314,083
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net interest income (GAAP)
$
575,949
$
561,605
$
581,115
$
599,697
$
577,948
Total average interest-earning assets
61,133,759
60,201,176
59,872,113
58,727,110
57,710,001
NIM, non-tax equivalent
3.78
%
3.78
%
3.85
%
4.05
%
4.02
%
Tax equivalent adjustment (included in NIM, TE)
751
760
800
718
672
Net interest income, tax equivalent (Non-GAAP)
$
576,700
$
562,365
$
581,915
$
600,415
$
578,620
NIM, TE (Non-GAAP)
3.78
%
3.79
%
3.86
%
4.06
%
4.02
%
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
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
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted net income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
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)
—
—
0.03
0.16
0.18
—
0.70
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)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
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
—
0.70
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)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.56
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(0.56)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.23
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.03
%
0.10
%
0.11
%
—
%
0.22
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.02
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.02)
%
—
%
—
%
—
%
—
%
Adjusted return on average assets (non-GAAP)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Adjusted return on average common equity (non-GAAP)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for intangible assets
7.43
%
7.48
%
8.20
%
8.58
%
8.24
%
7.45
%
6.56
%
Return on average tangible equity (non-GAAP)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Effect to adjust for intangible assets, net of tax
7.43
%
7.48
%
8.22
%
9.06
%
8.82
%
7.45
%
9.04
%
Adjusted return on average common tangible equity (non-GAAP)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Effect to adjust for securities losses
—
%
—
%
—
%
—
%
—
%
—
%
(7.44)
%
Effect to adjust for gain on sale leaseback, net of transaction costs
—
%
—
%
—
%
—
%
—
%
—
%
7.46
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
(0.65)
%
(2.99)
%
(3.66)
%
—
%
(7.12)
%
Effect to adjust for FDIC special assessment
—
%
—
%
0.56
%
—
%
—
%
—
%
—
%
Adjusted efficiency ratio (non-GAAP)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Effect to adjust for intangible assets
(35.45)
(35.31)
(35.11)
(34.66)
(34.75)
Tangible book value per common share (non-GAAP)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)
13.25
%
13.28
%
13.48
%
13.64
%
13.36
%
Effect to adjust for intangible assets
(4.55)
%
(4.64)
%
(4.72)
%
(4.83)
%
(4.90)
%
Tangible equity-to-tangible assets (non-GAAP)
8.70
%
8.64
%
8.76
%
8.81
%
8.46
%
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 $33.1 million, $38.8 million, $50.3 million, $83.0 million, and $63.5 million during the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $71.8 million and $125.3 million during the six months ended June 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, $20.9 million, and $24.4 million for the quarters ended December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $92.4 million during the six months ended June 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the six months ended June 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the six months ended June 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 six months ended June 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 $21.0 million, $21.3 million, $23.4 million, $23.4 million, and $24.0 million for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $42.3 million and $47.9 million for the six months ended June 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)
June 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 $(3.6) million for the quarters ended June 30, 2025 and $(3.5) million for the six months ended June 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.
SOURCE SouthState Bank Corporation