View on SEC.govExhibit 99.1
| SouthState Bank Corporation Reports Second Quarter 2026 Results Declares an Increase in the Quarterly Cash Dividend | For Immediate Release |
WINTER HAVEN, FL – July 23, 2026 – 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 six-month periods ended June 30, 2026.
“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
- Reported diluted Earnings per Share (“EPS”) and Adjusted Diluted EPS (Non-GAAP) of $2.35, up 11% year over year on a reported basis and 2% year over year on an adjusted basis
- Net Income of $230 million
- Return on Average Common Equity of 10.2%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%*
- Return on Average Assets (“ROAA”) of 1.36%*
- Book Value per Share of $94.17
- Tangible Book Value (“TBV”) per Share (Non-GAAP) of $58.72, an increase of 13% year over year, after raising the dividend by 11%, and repurchasing nearly 5% of the Company’s shares over the past year
Performance
- Net Interest Income of $576 million, an increase of $14 million, or 3%, compared to the prior quarter
- Noninterest Income of $97 million, a decrease of $3 million compared to the prior quarter primarily due to mortgage banking income; Noninterest Income represented 0.57% of average assets for the second quarter of 2026*
- Noninterest Expense of $358 million, a decrease of $2 million compared to the prior quarter primarily due to OREO and loan related expense
- Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78%
- Net charge-offs totaled $8 million, or 0.06%* of average loans
- $16 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.30% of loans
- Efficiency Ratio improved to 50% from the prior quarter
Balance Sheet
- Loans increased by $1.4 billion, or 11%, compared to the prior quarter and increased by $3.6 billion, or 8%, year over year; deposits increased by $474 million, or 3%, and increased by $2.7 billion, or 5%, year over year; ending loan to deposit ratio of 90%
- Total deposit cost of 1.76%, unchanged from the prior quarter
- Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.7%, 13.5%, 9.4%, and 11.1%, respectively†
Subsequent Events
- The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.60 per share to $0.66 per share; the dividend is payable on August 14, 2026 to shareholders of record as of August 7, 2026
∗ Annualized percentages † Preliminary
Financial Performance
Table 1
Preliminary| Metric | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|
| Total Interest Income | — | $544.18M | $548.81M | $808.57M | $840.5M | $881.68M | $848.75M | $816.83M | $838.26M |
| Interest Income | — | $494.08M | $489.71M | $724.64M | $746.45M | $782.38M | $748.11M | $721.57M | $744.65M |
| Other Interest Income Federal Funds Sold and Securities 36a55d | — | $6.46M | $14.16M | $22.54M | $19.84M | $23.27M | $25.58M | $15.79M | $93.61M |
| Interest Expense | — | $192.7M | $179.03M | $264.02M | $262.56M | $281.99M | $267.63M | $255.22M | $262.31M |
| Total Interest Expense Bank | — | $177.92M | $168.26M | $245.96M | $241.59M | $257.27M | $250.19M | $238.52M | $244.22M |
| Other Interest Expense Federal Funds Purchased and Secur 61815c | — | $5.7M | $4.86M | $4.91M | $5.41M | $5.17M | $4.76M | $4.2M | $18.09M |
| Net Interest Income | — | $351.48M | $369.78M | $544.55M | $577.95M | $599.7M | $581.12M | $561.61M | $575.95M |
| Provision for Credit Losses | $6.87M | $1.76M | — | $3.67M | $5.06M | $1.24M | $109.79M | $11.2M | $15.92M |
| Net Interest Income After Provision | — | $358.45M | $363.41M | $443.99M | $570.44M | $594.61M | $574.51M | $550.8M | $560.03M |
| Total Noninterest Income | — | $74.93M | $80.55M | $86.09M | $86.82M | $99.09M | $105.75M | $100.1M | $96.73M |
| Other Income Expense Net | — | $12.41M | $10.7M | $14.24M | $12.4M | $14.01M | $14.64M | $12.99M | $4.67M |
| Other Noninterest Income Other | — | $12.41M | $10.7M | $14.24M | $12.4M | $14.01M | $14.64M | $12.99M | $4.67M |
| Total Noninterest Expense | — | $246.85M | $256.61M | $408.83M | $375.06M | $372.34M | $364.86M | $359.52M | $357.75M |
| Other Operating Expenses | — | $23.92M | $25.86M | $31.15M | $29.41M | $33.96M | $38.59M | $34.11M | $357.75M |
| Compensation and Benefits | — | $150.87M | $154.12M | $195.81M | $200.16M | $199.15M | $202.71M | $205.65M | $205.38M |
| Occupancy and Equipment | — | $22.24M | $22.83M | $35.49M | $41.51M | $40.87M | $42.57M | $42.3M | $43.88M |
| Other Information Technology and Data Processing | — | $23.28M | $23.42M | $31.36M | $30.16M | $28.99M | $30.44M | $29.7M | $29.14M |
| Other Other Real Estate Owned Expense and Loan Related | — | $1.36M | $1.42M | $1.78M | $2.3M | $5.43M | $867K | $4.38M | $952K |
| Depreciation and Amortization | — | $5.33M | $5.33M | $23.83M | $24.05M | $23.43M | $23.42M | $21.3M | $21.04M |
| Other Amortization of Intangible Assets | — | $5.33M | $5.33M | $23.83M | $24.05M | $23.43M | $23.42M | $21.3M | $21.04M |
| Professional Fees | — | $4.02M | $5.37M | $4.71M | $4.66M | $4.99M | $7.41M | $5.24M | $5.09M |
| Other Supplies and Postage Expense | — | $2.76M | $2.73M | $3.13M | $3.97M | $3.28M | $3.59M | $3.25M | $3.89M |
| Other Federal Deposit Insurance Corporation Premium Expense | — | $7.48M | $7.37M | $11.26M | $11.47M | $8.37M | $9.88M | $10.26M | $10.75M |
| Selling and Marketing | — | $2.3M | $2.27M | $2.29M | $3.01M | $2.98M | $4.71M | $3.33M | $3.84M |
| Income Before Tax | — | $186.54M | $187.34M | $121.25M | $282.2M | $321.36M | $315.41M | $291.37M | $299.01M |
| Income Tax Expense | — | $43.36M | $43.17M | $32.17M | $66.98M | $74.72M | $67.69M | $65.55M | $68.99M |
| Net Income | — | $143.18M | $144.18M | $89.08M | $215.22M | $246.64M | $247.72M | $225.82M | $230.02M |
| Eps Basic | — | $1.88 | $1.89 | $0.88 | $2.12 | $2.44 | $2.47 | $2.29 | $2.36 |
| Eps Diluted | — | $1.86 | $1.88 | $0.87 | $2.11 | $2.42 | $2.46 | $2.28 | $2.35 |
| Weighted Shares Basic | — | 76.3M | 76.3M | 101.4M | 101.5M | 101.2M | 101M | 98.5M | 97.3M |
| Weighted Shares Diluted | — | 76.8M | 76.8M | 101.8M | 101.8M | 101.7M | 101.5M | 98.9M | 97.7M |
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
Preliminary| Metric | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Non Current Assets Cash and Due From Banks | $563.89M | $525.51M | $688.15M | $755.8M | $582.79M | $583.38M | $598.22M | $649.08M |
| Cash and Equivalents | $1.21B | $1.39B | $3.3B | $3.46B | $3.14B | $3.17B | $2.87B | $2.35B |
| Cash and Equivalents and Fed Funds Sold | $1.21B | $1.39B | $3.3B | $3.46B | $3.14B | $3.17B | $2.87B | $2.35B |
| Fin Interest Bearing Deposits In Banks | $263.94M | $272.78M | $262.9M | $243.3M | $275.91M | $302.18M | $296.25M | $1.7B |
| Non Current Assets Interest Bearing Deposits In Banks | $263.94M | $272.78M | $262.9M | $243.3M | $275.91M | $302.18M | $296.25M | $1.7B |
| Non Current Assets Federal Funds Sold and Interest Earni 0368cc | $384.85M | $593.78M | $2.35B | $2.47B | $2.29B | $2.29B | $1.97B | $1.7B |
| Fin Htm Securities | $2.3B | $2.25B | $2.2B | $2.15B | $2.1B | $2.05B | $2.01B | $1.96B |
| Fin Afs Securities | $4.56B | $4.32B | $5.85B | $5.93B | $6.04B | $6.31B | $6.53B | $6.6B |
| Other Investments | $211.46M | $223.61M | $345.7M | $357.49M | $366.22M | $353.43M | $370.92M | $366.99M |
| Mortgage Loans Held for Sale | $287.04M | $279.43M | $357.92M | $318.99M | $346.67M | $345.34M | $327.94M | $405.44M |
| Non Current Assets Property Plant and Equipment and Fina E3effd | $507.45M | $502.56M | $946.33M | $964.88M | $961.51M | $994.18M | $993.58M | $992.59M |
| Non Current Assets Bank Owned Life Insurance | $1.01B | $1.01B | $1.27B | $1.28B | $1.29B | $1.29B | $1.3B | $1.31B |
| Mortgage Servicing Rights | $83.51M | $89.8M | $87.74M | $85.84M | $84.49M | $84.03M | $90.02M | $91.44M |
| Non Current Assets Intangible Assets Net Excluding Goodwill | $71.84M | $66.46M | $455.44M | $433.46M | $409.89M | $386.33M | $364.69M | $343.42M |
| Goodwill | $1.92B | $1.92B | $3.09B | $3.09B | $3.09B | $3.09B | $3.09B | $3.09B |
| Non Current Assets Other Assets | $427.2M | $433.76M | $650.12M | $697.26M | $669.09M | $644.46M | $685.52M | $949.34M |
| Total Assets | $46.08B | $46.38B | $65.14B | $65.89B | $66.05B | $67.2B | $67.98B | $68.91B |
| Fin Deposits Noninterest Bearing | $10.38B | $10.19B | $13.76B | $13.72B | $13.43B | $13.38B | $13.65B | $13.45B |
| Fin Deposits | $37.64B | $38.06B | $53.34B | $53.7B | $54.07B | $55.15B | $55.88B | $56.35B |
| Bank Savings Deposits | $27.26B | $27.87B | $39.58B | $39.98B | $40.64B | $41.77B | $42.22B | $42.9B |
| Bank Fed Funds Purchased Repos | $247.89M | $254.72M | $280.66M | $266.53M | $256.74M | $311.37M | $299.63M | $569.49M |
| Other Non Current Liabilities | $662.22M | $598.3M | $980.16M | $987.99M | $1.04B | $1.05B | $1.1B | $1.79B |
| Total Liabilities | $40.18B | $40.49B | $56.51B | $57.09B | $57.04B | $58.14B | $58.95B | $59.78B |
| Common Stock | $190.67M | $190.81M | $253.7M | $253.75M | $252.72M | $247.85M | $244.84M | $242.43M |
| Additional Paid In Capital | $4.25B | $4.26B | $6.67B | $6.68B | $6.65B | $6.48B | $6.33B | $6.25B |
| Retained Earnings | $1.94B | $2.05B | $2.08B | $2.24B | $2.43B | $2.61B | $2.78B | $2.95B |
| Aoci | -$479.64M | -$606.92M | -$376.67M | -$372.11M | -$316.01M | -$283.38M | -$326.11M | -$310.14M |
| Total Stockholders Equity | $5.9B | $5.89B | $8.62B | $8.8B | $9.01B | $9.06B | $9.03B | $9.13B |
| Total Liabilities and Equity | $46.08B | $46.38B | $65.14B | $65.89B | $66.05B | $67.2B | $67.98B | $68.91B |
| Bank Allowance for Credit Losses | $467.98M | $465.28M | $623.69M | $621.05M | $590.13M | $585.2M | $585.88M | $586.66M |
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. |
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| (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. |
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| (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. |
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| (5) | The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period. |
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| (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. |
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| (7) | Loan data excludes loans held for sale. |
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| (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. |
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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.
