SouthState Corporation Reports Second Quarter 2025 Results, Declares an Increase in the Quarterly Cash Dividend
SouthState Corporation (NYSE: SSB) reported strong Q2 2025 results with diluted EPS of $2.11 and adjusted diluted EPS of $2.30. The company achieved net income of $215.2 million and adjusted net income of $233.8 million.
Key highlights include net interest income of $578 million, a 22% annualized revenue growth, and 57% quarter-over-quarter loan origination growth. The company successfully completed the IBTX franchise conversion and increased its quarterly dividend by 11% to $0.60 per share.
Financial metrics show solid performance with ROAA of 1.34%, efficiency ratio of 53%, and strong capital position with total risk-based capital ratio of 14.5%. Loans increased by 4% to $501 million while deposits grew by 3% to $359 million.
SouthState Corporation (NYSE: SSB) ha riportato risultati solidi nel secondo trimestre del 2025 con un utile diluito per azione di $2,11 e un utile diluito rettificato per azione di $2,30. L'azienda ha raggiunto un utile netto di $215,2 milioni e un utile netto rettificato di $233,8 milioni.
I punti salienti includono un reddito netto da interessi di $578 milioni, una crescita annualizzata dei ricavi del 22% e una crescita trimestrale del 57% nelle nuove erogazioni di prestiti. La societ脿 ha completato con successo la conversione del marchio IBTX e ha aumentato il dividendo trimestrale dell' 11% portandolo a $0,60 per azione.
Gli indicatori finanziari mostrano una performance solida con un ROAA del 1,34%, un rapporto di efficienza del 53% e una posizione patrimoniale robusta con un rapporto totale di capitale basato sul rischio del 14,5%. I prestiti sono aumentati del 4% raggiungendo $501 milioni, mentre i depositi sono cresciuti del 3% arrivando a $359 milioni.
SouthState Corporation (NYSE: SSB) report贸 s贸lidos resultados en el segundo trimestre de 2025 con un EPS diluido de $2.11 y un EPS diluido ajustado de $2.30. La compa帽铆a alcanz贸 un ingreso neto de $215.2 millones y un ingreso neto ajustado de $233.8 millones.
Los aspectos destacados incluyen un ingreso neto por intereses de $578 millones, un crecimiento anualizado de ingresos del 22% y un crecimiento trimestral del 57% en originaci贸n de pr茅stamos. La empresa complet贸 exitosamente la conversi贸n de la franquicia IBTX y aument贸 su dividendo trimestral en un 11% hasta $0.60 por acci贸n.
Las m茅tricas financieras muestran un desempe帽o s贸lido con un ROAA del 1.34%, un ratio de eficiencia del 53% y una posici贸n de capital fuerte con un ratio total de capital basado en riesgo del 14.5%. Los pr茅stamos aumentaron un 4% hasta $501 millones mientras que los dep贸sitos crecieron un 3% hasta $359 millones.
SouthState Corporation (NYSE: SSB)電� 2025雲� 2攵勱赴鞐� 頋劃 欤茧嫻靾滌澊鞚�(EPS) $2.11 氚� 臁办爼 頋劃 EPS $2.30鞚� 臧曤牓頃� 鞁れ爜鞚� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 靾滌澊鞚� $2鞏� 1,520毵� 雼煬鞕赌 臁办爼 靾滌澊鞚� $2鞏� 3,380毵� 雼煬毳� 雼劚頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� 靾滌澊鞛愳垬鞚� $5鞏� 7,800毵� 雼煬, 鞐绊櫂靷� 毵れ稖 靹膘灔毳� 22%, 攵勱赴 雽�牍� 雽�於� 鞁犼窚 旆笁鞎� 57% 歃濌皜臧� 韽暔霅╇媹雼�. 須岇偓電� IBTX 敫岆灉霌� 鞝勴櫂鞚� 靹标车鞝侅溂搿� 鞕勲頄堨溂氅� 攵勱赴 氚半嫻旮堨潉 11% 鞚胳儊頃橃棳 欤茧嫻 $0.60搿� 臁办爼頄堨姷雼堧嫟.
鞛 歆�響滊姅 齑濎瀽靷办垳鞚挫澋毳�(ROAA) 1.34%, 須湪靹� 牍勳湪 53%, 齑� 鞙勴棙旮半皹鞛愲掣牍勳湪 14.5%搿� 瓴碃頃� 靹标臣鞕赌 鞛愲掣 靸來儨毳� 氤挫棳欷嶋媹雼�. 雽�於滌潃 4% 歃濌皜頃橃棳 $5鞏� 1氚彪鞐� 鞚措ゴ霠�瓿�, 鞓堦笀鞚� 3% 歃濌皜頃橃棳 $3鞏� 5,900毵�鞚� 旮半頄堨姷雼堧嫟.
SouthState Corporation (NYSE : SSB) a annonc茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec un b茅n茅fice dilu茅 par action de 2,11 $ et un b茅n茅fice dilu茅 ajust茅 par action de 2,30 $. La soci茅t茅 a r茅alis茅 un b茅n茅fice net de 215,2 millions de dollars et un b茅n茅fice net ajust茅 de 233,8 millions de dollars.
Les points cl茅s incluent un revenu net d鈥檌nt茅r锚ts de 578 millions de dollars, une croissance annuelle des revenus de 22 % et une augmentation trimestrielle de 57 % des nouvelles octrois de pr锚ts. La soci茅t茅 a men茅 脿 bien la conversion de la franchise IBTX et a augment茅 son dividende trimestriel de 11 % pour atteindre 0,60 $ par action.
Les indicateurs financiers montrent une performance solide avec un ROAA de 1,34 %, un ratio d鈥檈fficacit茅 de 53 % et une position de capital solide avec un ratio total de capital bas茅 sur le risque de 14,5 %. Les pr锚ts ont augment茅 de 4 % pour atteindre 501 millions de dollars, tandis que les d茅p么ts ont progress茅 de 3 % pour atteindre 359 millions de dollars.
SouthState Corporation (NYSE: SSB) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem verw盲sserten Gewinn je Aktie von 2,11 $ und einem bereinigten verw盲sserten Gewinn je Aktie von 2,30 $. Das Unternehmen erzielte einen Nettoertrag von 215,2 Millionen $ und einen bereinigten Nettoertrag von 233,8 Millionen $.
Zu den wichtigsten Highlights z盲hlen ein Nettozinsertrag von 578 Millionen $, ein j盲hrliches Umsatzwachstum von 22% und ein quartalsweises Wachstum der Kreditvergabe um 57%. Das Unternehmen hat die Umstellung der IBTX-Franchise erfolgreich abgeschlossen und die Quartalsdividende um 11% auf 0,60 $ pro Aktie erh枚ht.
Die Finanzkennzahlen zeigen eine solide Leistung mit einer ROAA von 1,34%, einer Effizienzquote von 53% und einer starken Kapitalposition mit einer Gesamtkapitalquote auf risikobasierter Grundlage von 14,5%. Die Kredite stiegen um 4% auf 501 Millionen $, w盲hrend die Einlagen um 3% auf 359 Millionen $ zunahmen.
- Net income increased to $215.2 million with adjusted net income of $233.8 million
- Revenue grew 22% annualized with 57% quarter-over-quarter loan origination growth
- 11% increase in quarterly dividend to $0.60 per share
- Strong loan growth of 4% ($501 million) and deposit growth of 3% ($359 million)
- Successful completion of IBTX franchise conversion expanding Texas and Colorado presence
- Robust capital position with 14.5% total risk-based capital ratio
- $24.4 million in merger and severance-related expenses
- $7.2 million in net charge-offs, plus $17.3 million in acquisition-related charge-offs
- Slight decline in net interest margin to 4.02%
Insights
SouthState delivered strong Q2 2025 with accelerating growth, 11% dividend increase, and successful IBTX integration despite merger expenses.
SouthState Corporation's Q2 2025 results demonstrate robust performance with several positive indicators pointing to successful execution of their growth strategy. The bank reported
The successful integration of the IBTX franchise marks a significant milestone, expanding SouthState's footprint into Texas and Colorado. This strategic acquisition is already contributing to performance, with loan originations increasing by
Profitability metrics remain strong with a
Net interest income reached
Capital position remains solid with a tangible common equity ratio of
The bank issued
"Growth accelerated in the second quarter," said John C. Corbett, SouthState's Chief Executive Officer. 听"Revenue grew
Highlights of the second quarter of 2025 include:
Returns
- Reported Diluted Earnings per Share ("EPS") of
$2.11 $2.30 - Net Income of
$215.2 million $233.8 million - Return on Average Common Equity of
9.9% ; Return on Average Tangible Common Equity (Non-GAAP) of18.2% and Adjusted Return on Average Tangible Common Equity听(Non-GAAP) of19.6% * - Return on Average Assets ("ROAA") of
1.34% and Adjusted ROAA (Non-GAAP) of1.45% * - Book Value per Share of
$86.71 $51.96
Performance
- Net Interest Income of
$578 million - Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of
4.02% - Net charge-offs totaled
$7.2 million 0.06% *, excluding$17.3 million $7.5 million 1.45% of loans- Noninterest Income of
$87 million 0.54% of average assets for the second quarter of 2025* - Efficiency Ratio of
53% and Adjusted Efficiency Ratio (Non-GAAP) of49%
Balance Sheet
- Loans increased by
$501 million 4% *, and deposits increased by$359 million 3% *; ending loan to deposit ratio of88% - Total loan yield of
6.33% , up0.08% from prior quarter - Total deposit cost of
1.84% , down0.05% from prior quarter - Completed the issuance of
$350 million 7% fixed-to-floating rate subordinated notes - Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of
8.5% ,14.5% ,9.2% , and11.2% , respectively鈥�
鈭椞� Annualized percentages |
鈥犔� Preliminary |
Subsequent Events
- The Board of Directors of the Company increased its quarterly cash dividend on its common stock from
$0.54 $0.60
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 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
Interest Income | ||||||||||||||||||||||
听听 Loans, including fees (1) | $ | 746,448 | $ | 724,640 | $ | 489,709 | $ | 494,082 | $ | 478,360 | $ | 1,471,088 | $ | 942,048 | ||||||||
听听 Investment securities, trading securities, federal funds sold and securities | ||||||||||||||||||||||
听听听听听 purchased under agreements to resell | 94,056 | 83,926 | 59,096 | 50,096 | 52,764 | 177,982 | 106,331 | |||||||||||||||
Total interest income | 840,504 | 808,566 | 548,805 | 544,178 | 531,124 | 1,649,070 | 1,048,379 | |||||||||||||||
Interest Expense | ||||||||||||||||||||||
听听 Deposits | 241,593 | 245,957 | 168,263 | 177,919 | 165,481 | 487,550 | 325,643 | |||||||||||||||
听听 Federal funds purchased, securities sold under agreements | ||||||||||||||||||||||
听听听听听 to repurchase, and other borrowings | 20,963 | 18,062 | 10,763 | 14,779 | 15,384 | 39,025 | 28,541 | |||||||||||||||
Total interest expense | 262,556 | 264,019 | 179,026 | 192,698 | 180,865 | 526,575 | 354,184 | |||||||||||||||
Net Interest Income | 577,948 | 544,547 | 369,779 | 351,480 | 350,259 | 1,122,495 | 694,195 | |||||||||||||||
听 Provision (recovery) for credit losses | 7,505 | 100,562 | 6,371 | (6,971) | 3,889 | 108,067 | 16,575 | |||||||||||||||
Net Interest Income after Provision (Recovery) for Credit Losses | 570,443 | 443,985 | 363,408 | 358,451 | 346,370 | 1,014,428 | 677,620 | |||||||||||||||
Noninterest Income | ||||||||||||||||||||||
Operating income | 86,817 | 85,620 | 80,595 | 74,934 | 75,225 | 172,437 | 146,783 | |||||||||||||||
Securities losses, net | 鈥� | (228,811) | (50) | 鈥� | 鈥� | (228,811) | 鈥� | |||||||||||||||
Gain on sale leaseback, net of transaction costs | 鈥� | 229,279 | 鈥� | 鈥� | 鈥� | 229,279 | 鈥� | |||||||||||||||
Total noninterest income | 86,817 | 86,088 | 80,545 | 74,934 | 75,225 | 172,905 | 146,783 | |||||||||||||||
Noninterest Expense | ||||||||||||||||||||||
Operating expense | 350,682 | 340,820 | 250,699 | 243,543 | 242,343 | 691,502 | 483,266 | |||||||||||||||
Merger, branch consolidation, severance related and other expense (8) | 24,379 | 68,006 | 6,531 | 3,304 | 5,785 | 92,385 | 10,298 | |||||||||||||||
FDIC special assessment | 鈥� | 鈥� | (621) | 鈥� | 619 | 鈥� | 4,473 | |||||||||||||||
Total noninterest expense | 375,061 | 408,826 | 256,609 | 246,847 | 248,747 | 783,887 | 498,037 | |||||||||||||||
Income before Income Tax Provision | 282,199 | 121,247 | 187,344 | 186,538 | 172,848 | 403,446 | 326,366 | |||||||||||||||
Income tax provision | 66,975 | 32,167 | 43,166 | 43,359 | 40,478 | 99,142 | 78,940 | |||||||||||||||
Net Income | $ | 215,224 | $ | 89,080 | $ | 144,178 | $ | 143,179 | $ | 132,370 | $ | 304,304 | $ | 247,426 | ||||||||
鈥� | ||||||||||||||||||||||
Adjusted Net Income (non-GAAP) (2) | ||||||||||||||||||||||
Net Income (GAAP) | $ | 215,224 | $ | 89,080 | $ | 144,178 | $ | 143,179 | $ | 132,370 | $ | 304,304 | $ | 247,426 | ||||||||
Securities losses, net of tax | 鈥� | 178,639 | 38 | 鈥� | 鈥� | 178,639 | 鈥� | |||||||||||||||
Gain on sale leaseback, net of transaction costs and tax | 鈥� | (179,004) | 鈥� | 鈥� | 鈥� | (179,004) | 鈥� | |||||||||||||||
Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax | 鈥� | 71,892 | 鈥� | 鈥� | 鈥� | 71,892 | 鈥� | |||||||||||||||
Merger, branch consolidation, severance related and other expense, net of tax (8) | 18,593 | 53,094 | 5,026 | 2,536 | 4,430 | 71,687 | 7,812 | |||||||||||||||
Deferred tax asset remeasurement | 鈥� | 5,581 | 鈥� | 鈥� | 鈥� | 5,581 | 鈥� | |||||||||||||||
FDIC special assessment, net of tax | 鈥� | 鈥� | (478) | 鈥� | 474 | 鈥� | 3,362 | |||||||||||||||
Adjusted Net Income (non-GAAP) | $ | 233,817 | $ | 219,282 | $ | 148,764 | $ | 145,715 | $ | 137,274 | $ | 453,099 | $ | 258,600 | ||||||||
鈥� | ||||||||||||||||||||||
听听 Basic earnings per common share | $ | 2.12 | $ | 0.88 | $ | 1.89 | $ | 1.88 | $ | 1.74 | $ | 3.00 | $ | 3.24 | ||||||||
听听 Diluted earnings per common share | $ | 2.11 | $ | 0.87 | $ | 1.87 | $ | 1.86 | $ | 1.73 | $ | 2.99 | $ | 3.23 | ||||||||
听听 Adjusted net income per common share - Basic (non-GAAP) (2) | $ | 2.30 | $ | 2.16 | $ | 1.95 | $ | 1.91 | $ | 1.80 | $ | 4.47 | $ | 3.39 | ||||||||
听听 Adjusted net income per common share - Diluted (non-GAAP) (2) | $ | 2.30 | $ | 2.15 | $ | 1.93 | $ | 1.90 | $ | 1.79 | $ | 4.45 | $ | 3.37 | ||||||||
听听 Dividends per common share | $ | 0.54 | $ | 0.54 | $ | 0.54 | $ | 0.54 | $ | 0.52 | $ | 1.08 | $ | 1.04 | ||||||||
听听 Basic weighted-average common shares outstanding | 101,495,456 | 101,409,624 | 76,360,935 | 76,299,069 | 76,251,401 | 101,452,777 | 76,276,406 | |||||||||||||||
听听 Diluted weighted-average common shares outstanding | 101,845,360 | 101,828,600 | 76,957,882 | 76,805,436 | 76,607,281 | 101,835,756 | 76,629,796 | |||||||||||||||
听听 Effective tax rate | 23.73听% | 26.53听% | 23.04听% | 23.24听% | 23.42听% | 24.57听% | 24.19听% | |||||||||||||||
听听 Adjusted effective tax rate | 23.73听% | 21.93听% | 23.04听% | 23.24听% | 23.42听% | 23.19听% | 24.19听% | |||||||||||||||
Performance and Capital Ratios
Three Months Ended | Six Months Ended | ||||||||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Jun. 30, | Jun. 30, | |||||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||
Return on average assets (annualized) | 1.34 | % | 0.56 | % | 1.23 | % | 1.25 | % | 1.17 | % | 0.95 | % | 1.10 | % | |||||||
Adjusted return on average assets (annualized) (non-GAAP) (2) | 1.45 | % | 1.38 | % | 1.27 | % | 1.27 | % | 1.22 | % | 1.42 | % | 1.15 | % | |||||||
Return on average common equity (annualized) | 9.93 | % | 4.29 | % | 9.72 | % | 9.91 | % | 9.58 | % | 7.17 | % | 8.97 | % | |||||||
Adjusted return on average common equity (annualized) (non-GAAP) (2) | 10.79 | % | 10.56 | % | 10.03 | % | 10.08 | % | 9.94 | % | 10.68 | % | 9.38 | % | |||||||
Return on average tangible common equity (annualized) (non-GAAP) (3) | 18.17 | % | 8.99 | % | 15.09 | % | 15.63 | % | 15.49 | % | 13.73 | % | 14.57 | % | |||||||
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) | 19.61 | % | 19.85 | % | 15.56 | % | 15.89 | % | 16.05 | % | 19.72 | % | 15.20 | % | |||||||
Efficiency ratio (tax equivalent) | 52.75 | % | 60.97 | % | 55.73 | % | 56.58 | % | 57.03 | % | 56.75 | % | 57.75 | % | |||||||
Adjusted efficiency ratio (non-GAAP) (4) | 49.09 | % | 50.24 | % | 54.42 | % | 55.80 | % | 55.52 | % | 49.65 | % | 55.99 | % | |||||||
Dividend payout ratio (5) | 25.47 | % | 61.45 | % | 28.58 | % | 28.76 | % | 29.93 | % | 36.00 | % | 32.02 | % | |||||||
Book value per common share | $ | 86.71 | $ | 84.99 | $ | 77.18 | $ | 77.42 | $ | 74.16 | |||||||||||
Tangible book value per common share (non-GAAP) (3) | $ | 51.96 | $ | 50.07 | $ | 51.11 | $ | 51.26 | $ | 47.90 | |||||||||||
鈥� | |||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||
Equity-to-assets | 13.4 | % | 13.2 | % | 12.7 | % | 12.8 | % | 12.4 | % | |||||||||||
Tangible equity-to-tangible assets (non-GAAP) (3) | 8.5 | % | 8.2 | % | 8.8 | % | 8.9 | % | 8.4 | % | |||||||||||
Tier 1 leverage (6) | 9.2 | % | 8.9 | % | 10.0 | % | 10.0 | % | 9.7 | % | |||||||||||
Tier 1 common equity (6) | 11.2 | % | 11.0 | % | 12.6 | % | 12.4 | % | 12.1 | % | |||||||||||
Tier 1 risk-based capital (6) | 11.2 | % | 11.0 | % | 12.6 | % | 12.4 | % | 12.1 | % | |||||||||||
Total risk-based capital (6) | 14.5 | % | 13.7 | % | 15.0 | % | 14.7 | % | 14.4 | % | |||||||||||
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 | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
Assets | ||||||||||||||||
听听 Cash and due from banks | $ | 755,798 | $ | 688,153 | $ | 525,506 | $ | 563,887 | $ | 507,425 | ||||||
听听 Federal funds sold and interest-earning deposits with banks | 2,708,308 | 2,611,537 | 866,561 | 648,792 | 609,741 | |||||||||||
Cash and cash equivalents | 3,464,106 | 3,299,690 | 1,392,067 | 1,212,679 | 1,117,166 | |||||||||||
鈥� | ||||||||||||||||
Trading securities, at fair value | 95,306 | 107,401 | 102,932 | 87,103 | 92,161 | |||||||||||
Investment securities: | ||||||||||||||||
听听 Securities held to maturity | 2,145,991 | 2,195,980 | 2,254,670 | 2,301,307 | 2,348,528 | |||||||||||
听听 Securities available for sale, at fair value | 5,927,867 | 5,853,369 | 4,320,593 | 4,564,363 | 4,498,264 | |||||||||||
听听 Other investments | 357,487 | 345,695 | 223,613 | 211,458 | 201,516 | |||||||||||
听听听听听听听听听听听听听听 Total investment securities | 8,431,345 | 8,395,044 | 6,798,876 | 7,077,128 | 7,048,308 | |||||||||||
Loans held for sale | 318,985 | 357,918 | 279,426 | 287,043 | 100,007 | |||||||||||
Loans: | ||||||||||||||||
Purchased credit deteriorated | 3,409,186 | 3,634,490 | 862,155 | 913,342 | 957,255 | |||||||||||
Purchased non-credit deteriorated | 12,492,553 | 13,084,853 | 3,635,782 | 3,959,028 | 4,253,323 | |||||||||||
Non-acquired | 31,365,508 | 30,047,389 | 29,404,990 | 28,675,822 | 28,023,986 | |||||||||||
听听听 Less allowance for credit losses | (621,046) | (623,690) | (465,280) | (467,981) | (472,298) | |||||||||||
听听听听听听听听听听听听听听 Loans, net | 46,646,201 | 46,143,042 | 33,437,647 | 33,080,211 | 32,762,266 | |||||||||||
Premises and equipment, net | 964,878 | 946,334 | 502,559 | 507,452 | 517,382 | |||||||||||
Bank owned life insurance | 1,280,632 | 1,273,472 | 1,013,209 | 1,007,275 | 1,001,998 | |||||||||||
Mortgage servicing rights | 85,836 | 87,742 | 89,795 | 83,512 | 88,904 | |||||||||||
Core deposit and other intangibles | 433,458 | 455,443 | 66,458 | 71,835 | 77,389 | |||||||||||
Goodwill | 3,094,059 | 3,088,059 | 1,923,106 | 1,923,106 | 1,923,106 | |||||||||||
Other assets | 1,078,516 | 981,309 | 775,129 | 745,303 | 765,283 | |||||||||||
听听听听听听听听听听听听听听听 Total assets | $ | 65,893,322 | $ | 65,135,454 | $ | 46,381,204 | $ | 46,082,647 | $ | 45,493,970 | ||||||
鈥� | ||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||
Deposits: | ||||||||||||||||
听听 Noninterest-bearing | $ | 13,719,030 | $ | 13,757,255 | $ | 10,192,117 | $ | 10,376,531 | $ | 10,374,464 | ||||||
听听 Interest-bearing | 39,977,931 | 39,580,360 | 27,868,749 | 27,261,664 | 26,723,938 | |||||||||||
听听听听听听听听听听听听听听 Total deposits | 53,696,961 | 53,337,615 | 38,060,866 | 37,638,195 | 37,098,402 | |||||||||||
Federal funds purchased and securities | ||||||||||||||||
听听 sold under agreements to repurchase | 630,558 | 679,337 | 514,912 | 538,322 | 542,403 | |||||||||||
Other borrowings | 1,099,705 | 752,798 | 391,534 | 691,626 | 691,719 | |||||||||||
Reserve for unfunded commitments | 64,693 | 62,253 | 45,327 | 41,515 | 50,248 | |||||||||||
Other liabilities | 1,600,271 | 1,679,090 | 1,478,150 | 1,268,409 | 1,460,795 | |||||||||||
听听听听听听听听听听听听听听 Total liabilities | 57,092,188 | 56,511,093 | 40,490,789 | 40,178,067 | 39,843,567 | |||||||||||
鈥� | ||||||||||||||||
Shareholders' equity: | ||||||||||||||||
听听 Common stock - | 253,745 | 253,698 | 190,805 | 190,674 | 190,489 | |||||||||||
听听 Surplus | 6,679,028 | 6,667,277 | 4,259,722 | 4,249,672 | 4,238,192 | |||||||||||
听听 Retained earnings | 2,240,470 | 2,080,053 | 2,046,809 | 1,943,874 | 1,841,933 | |||||||||||
听听 Accumulated other comprehensive loss | (372,109) | (376,667) | (606,921) | (479,640) | (620,211) | |||||||||||
听听听听听听听听听听听听听听 Total shareholders' equity | 8,801,134 | 8,624,361 | 5,890,415 | 5,904,580 | 5,650,403 | |||||||||||
听听听听听听听听听听听听听听 Total liabilities and shareholders' equity | $ | 65,893,322 | $ | 65,135,454 | $ | 46,381,204 | $ | 46,082,647 | $ | 45,493,970 | ||||||
鈥� | ||||||||||||||||
Common shares issued and outstanding | 101,498,000 | 101,479,065 | 76,322,206 | 76,269,577 | 76,195,723 | |||||||||||
Net Interest Income and Margin
Three Months Ended | |||||||||||||||||||||||||
Jun. 30, 2025 | Mar. 31, 2025 | Jun. 30, 2024 | |||||||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||
YIELD ANALYSIS | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Interest-Earning Assets: | |||||||||||||||||||||||||
Federal funds sold and interest-earning deposits with banks | $ | 1,884,133 | $ | 19,839 | 4.22听% | $ | 2,199,800 | $ | 22,540 | 4.16听% | $ | 732,252 | $ | 8,248 | 4.53听% | ||||||||||
Investment securities | 8,513,439 | 74,217 | 3.50听% | 8,325,775 | 61,386 | 2.99听% | 7,226,582 | 44,516 | 2.48听% | ||||||||||||||||
Loans held for sale | 283,017 | 4,829 | 6.84听% | 174,833 | 3,678 | 8.53听% | 63,307 | 1,018 | 6.47听% | ||||||||||||||||
Total loans held for investment | 47,029,412 | 741,619 | 6.33听% | 46,797,045 | 720,962 | 6.25听% | 32,989,521 | 477,342 | 5.82听% | ||||||||||||||||
听听听听 Total interest-earning assets | 57,710,001 | 840,504 | 5.84听% | 57,497,453 | 808,566 | 5.70听% | 41,011,662 | 531,124 | 5.21听% | ||||||||||||||||
Noninterest-earning assets | 6,840,880 | 6,785,973 | 4,416,072 | ||||||||||||||||||||||
听听听听 Total Assets | $ | 64,550,881 | $ | 64,283,426 | $ | 45,427,734 | |||||||||||||||||||
鈥� | |||||||||||||||||||||||||
Interest-Bearing Liabilities ("IBL"): | |||||||||||||||||||||||||
Transaction and money market accounts | $ | 28,986,998 | $ | 173,481 | 2.40听% | $ | 29,249,014 | $ | 176,949 | 2.45听% | $ | 19,653,436 | $ | 120,722 | 2.47听% | ||||||||||
Savings deposits | 2,921,780 | 2,012 | 0.28听% | 2,904,961 | 1,944 | 0.27听% | 2,504,809 | 1,830 | 0.29听% | ||||||||||||||||
Certificates and other time deposits | 7,177,451 | 66,100 | 3.69听% | 7,165,188 | 67,064 | 3.80听% | 4,286,950 | 42,929 | 4.03听% | ||||||||||||||||
Federal funds purchased | 360,588 | 3,943 | 4.39听% | 323,400 | 3,479 | 4.36听% | 270,028 | 3,621 | 5.39听% | ||||||||||||||||
Repurchase agreements | 287,341 | 1,462 | 2.04听% | 298,305 | 1,430 | 1.94听% | 270,815 | 1,362 | 2.02听% | ||||||||||||||||
Other borrowings | 821,545 | 15,558 | 7.60听% | 812,136 | 13,153 | 6.57听% | 715,401 | 10,401 | 5.85听% | ||||||||||||||||
听听听听 Total interest-bearing liabilities | 40,555,703 | 262,556 | 2.60听% | 40,753,004 | 264,019 | 2.63听% | 27,701,439 | 180,865 | 2.63听% | ||||||||||||||||
Noninterest-bearing deposits | 13,643,265 | 13,493,329 | 10,566,529 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 1,659,331 | 1,618,981 | 1,605,296 | ||||||||||||||||||||||
Shareholders' equity | 8,692,582 | 8,418,112 | 5,554,470 | ||||||||||||||||||||||
听听听听 Total Non-IBL and shareholders' equity | 23,995,178 | 23,530,422 | 17,726,295 | ||||||||||||||||||||||
听听听听 Total Liabilities and Shareholders' Equity | $ | 64,550,881 | $ | 64,283,426 | $ | 45,427,734 | |||||||||||||||||||
Net Interest Income and Margin (Non-Tax Equivalent) | $ | 577,948 | 4.02听% | $ | 544,547 | 3.84听% | $ | 350,259 | 3.43听% | ||||||||||||||||
Net Interest Margin (Tax Equivalent) (non-GAAP) | 4.02听% | 3.85听% | 3.44听% | ||||||||||||||||||||||
Total Deposit Cost (without Debt and Other Borrowings) | 1.84听% | 1.89听% | 1.80听% | ||||||||||||||||||||||
Overall Cost of Funds (including Demand Deposits) | 1.94听% | 1.97听% | 1.90听% | ||||||||||||||||||||||
鈥� | |||||||||||||||||||||||||
Total Accretion on Acquired Loans (1) | $ | 63,507 | $ | 61,798 | $ | 4,386 | |||||||||||||||||||
Tax Equivalent ("TE") Adjustment | $ | 672 | $ | 784 | $ | 631 | |||||||||||||||||||
- The remaining loan discount on acquired loans to be accreted into loan interest income totals
$392.8 million
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) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
Noninterest Income: | ||||||||||||||||||||||
听听 Fees on deposit accounts | $ | 37,869 | $ | 35,933 | $ | 35,121 | $ | 33,986 | $ | 33,842 | $ | 73,802 | $ | 66,987 | ||||||||
听听 Mortgage banking income | 5,936 | 7,737 | 4,777 | 3,189 | 5,912 | 13,673 | 12,081 | |||||||||||||||
听听 Trust and investment services income | 14,419 | 14,932 | 12,414 | 11,578 | 11,091 | 29,351 | 21,482 | |||||||||||||||
听听 Correspondent banking and capital markets income | 19,161 | 16,715 | 20,905 | 17,381 | 16,267 | 35,876 | 30,858 | |||||||||||||||
听听 Expense on centrally-cleared variation margin | (5,394) | (7,170) | (7,350) | (7,488) | (11,407) | (12,564) | (21,687) | |||||||||||||||
听听 Total correspondent banking and capital markets income | 13,767 | 9,545 | 13,555 | 9,893 | 4,860 | 23,312 | 9,171 | |||||||||||||||
听听 Bank owned life insurance income | 9,153 | 10,199 | 7,944 | 8,276 | 7,372 | 19,352 | 14,264 | |||||||||||||||
听听 Other | 5,673 | 7,275 | 6,784 | 8,012 | 12,148 | 12,947 | 22,798 | |||||||||||||||
听听 Securities losses, net | 鈥� | (228,811) | (50) | 鈥� | 鈥� | (228,811) | 鈥� | |||||||||||||||
听听 Gain on sale leaseback, net of transaction costs | 鈥� | 229,279 | 鈥� | 鈥� | 鈥� | 229,279 | 鈥� | |||||||||||||||
听听听听听听听听 Total Noninterest Income | $ | 86,817 | $ | 86,088 | $ | 80,545 | $ | 74,934 | $ | 75,225 | $ | 172,905 | $ | 146,783 | ||||||||
鈥� | ||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||
听听 Salaries and employee benefits | $ | 200,162 | $ | 195,811 | $ | 154,116 | $ | 150,865 | $ | 151,435 | $ | 395,973 | $ | 301,888 | ||||||||
听听 Occupancy expense | 41,507 | 35,493 | 22,831 | 22,242 | 22,453 | 77,000 | 45,030 | |||||||||||||||
听听 Information services expense | 30,155 | 31,362 | 23,416 | 23,280 | 23,144 | 61,517 | 45,497 | |||||||||||||||
听听 OREO and loan related expense | 2,295 | 1,784 | 1,416 | 1,358 | 1,307 | 4,079 | 1,913 | |||||||||||||||
听听 Business development and staff related | 7,182 | 6,510 | 6,777 | 5,542 | 5,942 | 13,692 | 11,464 | |||||||||||||||
听听 Amortization of intangibles | 24,048 | 23,831 | 5,326 | 5,327 | 5,744 | 47,879 | 11,742 | |||||||||||||||
听听 Professional fees | 4,658 | 4,709 | 5,366 | 4,017 | 3,906 | 9,367 | 7,021 | |||||||||||||||
听听 Supplies and printing expense | 3,970 | 3,128 | 2,729 | 2,762 | 2,526 | 7,098 | 5,066 | |||||||||||||||
听听 FDIC assessment and other regulatory charges | 11,469 | 11,258 | 7,365 | 7,482 | 7,771 | 22,727 | 16,305 | |||||||||||||||
听听 Advertising and marketing | 3,010 | 2,290 | 2,269 | 2,296 | 2,594 | 5,300 | 4,578 | |||||||||||||||
听听 Other operating expenses | 22,226 | 24,644 | 19,088 | 18,372 | 15,521 | 46,870 | 32,762 | |||||||||||||||
听听 Merger, branch consolidation, severance related and other expense (8) | 24,379 | 68,006 | 6,531 | 3,304 | 5,785 | 92,385 | 10,298 | |||||||||||||||
听听 FDIC special assessment | 鈥� | 鈥� | (621) | 鈥� | 619 | 鈥� | 4,473 | |||||||||||||||
听听听听听听听听 Total Noninterest Expense | $ | 375,061 | $ | 408,826 | $ | 256,609 | $ | 246,847 | $ | 248,747 | $ | 783,887 | $ | 498,037 | ||||||||
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) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
Construction and land development * 鈥� | $ | 3,323,923 | $ | 3,497,909 | $ | 2,184,327 | $ | 2,458,151 | $ | 2,592,307 | ||||||
Investor commercial real estate* | 16,953,410 | 16,822,119 | 9,991,482 | 9,856,709 | 9,731,773 | |||||||||||
Commercial owner occupied real estate | 7,497,906 | 7,417,116 | 5,716,376 | 5,544,716 | 5,522,978 | |||||||||||
Commercial and industrial | 8,445,878 | 8,106,484 | 6,222,876 | 5,931,187 | 5,769,838 | |||||||||||
Consumer real estate * | 10,038,369 | 9,838,952 | 8,714,969 | 8,649,714 | 8,440,724 | |||||||||||
Consumer/other | 1,007,761 | 1,084,152 | 1,072,897 | 1,107,715 | 1,176,944 | |||||||||||
听 Total Loans | $ | 47,267,247 | $ | 46,766,732 | $ | 33,902,927 | $ | 33,548,192 | $ | 33,234,564 | ||||||
鈥� | |
* | 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.听 Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property.听 Consumer real estate includes consumer owner occupied real estate and home equity loans. |
鈥� | |
鈥� | Includes single family home construction-to-permanent loans of |
鈥� |
Ending Balance | ||||||||||||||||
(Dollars in thousands) | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | |||||||||||
DEPOSITS | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
Noninterest-bearing checking | $ | 13,719,030 | $ | 13,757,255 | $ | 10,192,116 | $ | 10,376,531 | $ | 10,374,464 | ||||||
Interest-bearing checking | 12,607,205 | 12,034,973 | 8,232,322 | 7,550,392 | 7,547,406 | |||||||||||
Savings | 2,889,670 | 2,939,407 | 2,414,172 | 2,442,584 | 2,475,130 | |||||||||||
Money market | 16,772,597 | 17,447,738 | 13,056,534 | 12,614,046 | 12,122,336 | |||||||||||
Time deposits | 7,708,459 | 7,158,242 | 4,165,722 | 4,654,642 | 4,579,066 | |||||||||||
听 Total Deposits | $ | 53,696,961 | $ | 53,337,615 | $ | 38,060,866 | $ | 37,638,195 | $ | 37,098,402 | ||||||
鈥� | ||||||||||||||||
Core Deposits (excludes Time Deposits) | $ | 45,988,502 | $ | 46,179,373 | $ | 33,895,144 | $ | 32,983,553 | $ | 32,519,336 | ||||||
Asset Quality
Ending Balance | ||||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
(Dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
NONPERFORMING ASSETS: | ||||||||||||||||
Non-acquired | ||||||||||||||||
Non-acquired nonaccrual loans and restructured loans on nonaccrual | $ | 141,910 | $ | 151,673 | $ | 141,982 | $ | 111,240 | $ | 110,774 | ||||||
Accruing loans past due 90 days or more | 3,687 | 3,273 | 3,293 | 6,890 | 5,843 | |||||||||||
Non-acquired OREO and other nonperforming assets | 17,288 | 2,290 | 1,182 | 1,217 | 2,876 | |||||||||||
听 Total non-acquired nonperforming assets | 162,885 | 157,236 | 146,457 | 119,347 | 119,493 | |||||||||||
Acquired | ||||||||||||||||
Acquired nonaccrual loans and restructured loans on nonaccrual | 151,466 | 116,691 | 65,314 | 70,731 | 78,287 | |||||||||||
Accruing loans past due 90 days or more | 707 | 537 | - | 389 | 916 | |||||||||||
Acquired OREO and other nonperforming assets | 8,783 | 5,976 | 1,583 | 493 | 598 | |||||||||||
听 Total acquired nonperforming assets | 160,956 | 123,204 | 66,897 | 71,613 | 79,801 | |||||||||||
Total nonperforming assets | $ | 323,841 | $ | 280,440 | $ | 213,354 | $ | 190,960 | $ | 199,294 | ||||||
鈥� | ||||||||||||||||
Three Months Ended | ||||||||||||||||
Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||
ASSET QUALITY RATIOS (7): | ||||||||||||||||
Allowance for credit losses as a percentage of loans | 1.31听% | 1.33听% | 1.37听% | 1.39听% | 1.42听% | |||||||||||
Allowance for credit losses, including reserve for unfunded commitments, | ||||||||||||||||
as a percentage of loans | 1.45听% | 1.47听% | 1.51听% | 1.52听% | 1.57听% | |||||||||||
Allowance for credit losses as a percentage of nonperforming loans | 208.57听% | 229.15听% | 220.94听% | 247.28听% | 241.19听% | |||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.21听% | 0.38听% | 0.06听% | 0.07听% | 0.05听% | |||||||||||
Net charge-offs, excluding acquisition date charge-offs, as a percentage | ||||||||||||||||
听 of average loans (annualized) * | 0.06听% | 0.04听% | 0.06听% | 0.07听% | 0.05听% | |||||||||||
Total nonperforming assets as a percentage of total assets | 0.49听% | 0.43听% | 0.46听% | 0.41听% | 0.44听% | |||||||||||
Nonperforming loans as a percentage of period end loans | 0.63听% | 0.58听% | 0.62听% | 0.56听% | 0.59听% | |||||||||||
鈥� | |
* | 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 2025:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC") | |||||||||||||
(Dollars in thousands) | Non-PCD ACL | PCD ACL | Total ACL | UFC | |||||||||
Ending balance 3/31/2025 | $ | 526,615 | $ | 97,075 | $ | 623,690 | $ | 62,253 | |||||
ACL - PCD loans from Independent听# | 鈥� | 16,798 | 16,798 | 鈥� | |||||||||
Acquisition date charge-offs on acquired PCD loans - Independent * # | 鈥� | (17,259) | (17,259) | 鈥� | |||||||||
Charge offs | (11,736) | 鈥� | (11,736) | 鈥� | |||||||||
Acquired charge offs | (187) | (42) | (229) | 鈥� | |||||||||
Recoveries | 2,174 | 鈥� | 2,174 | 鈥� | |||||||||
Acquired recoveries | 566 | 1,978 | 2,544 | 鈥� | |||||||||
Provision for credit losses | 17,582 | (12,518) | 5,064 | 2,440 | |||||||||
Ending balance 6/30/2025 | $ | 535,014 | $ | 86,032 | $ | 621,046 | $ | 64,693 | |||||
鈥� | |||||||||||||
Period end loans | $ | 43,858,061 | $ | 3,409,186 | $ | 47,267,247 | N/A | ||||||
Allowance for Credit Losses to Loans | 1.22听% | 2.52听% | 1.31听% | N/A | |||||||||
Unfunded commitments (off balance sheet) 鈥� | $ | 10,935,239 | |||||||||||
Reserve to unfunded commitments (off balance sheet) | 0.59听% | ||||||||||||
鈥� | |
# | "ACL 鈥� PCD loans from Independent" and "Acquisition date charge-offs on acquired PCD loans 鈥� Independent" include measurement period adjustments recorded during the second quarter of 2025. |
鈥� | |
* | Acquisition date charge-offs recorded in connection with the Independent merger, to conform with the Company's charge-off policies and practices. |
鈥� | |
鈥� | 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 25, 2025. 听Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. 听The numbers for international participants are listed at . 听The conference ID number is 4200408.听 听Alternatively, individuals may listen to the live webcast of the presentation by visiting . 听An audio replay of the live webcast is expected to be available by the evening of July 25, 2025 on the Investor Relations section of听.
SouthState is a financial services company headquartered in
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.听 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.听 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.听 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, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | |||||||||||||||
Net income (GAAP) | $ | 215,224 | $ | 89,080 | $ | 144,178 | $ | 143,179 | $ | 132,370 | ||||||||||
Provision (recovery) for credit losses | 7,505 | 100,562 | 6,371 | (6,971) | 3,889 | |||||||||||||||
Income tax provision | 66,975 | 26,586 | 43,166 | 43,359 | 40,478 | |||||||||||||||
Income tax provision - deferred tax asset remeasurement | 鈥� | 5,581 | 鈥� | 鈥� | 鈥� | |||||||||||||||
Securities losses, net | 鈥� | 228,811 | 50 | 鈥� | 鈥� | |||||||||||||||
Gain on sale leaseback, net of transaction costs | 鈥� | (229,279) | 鈥� | 鈥� | 鈥� | |||||||||||||||
Merger, branch consolidation, severance related and other expense (8) | 24,379 | 68,006 | 6,531 | 3,304 | 5,785 | |||||||||||||||
FDIC special assessment | 鈥� | 鈥� | (621) | 鈥� | 619 | |||||||||||||||
听 Pre-provision net revenue (PPNR) (Non-GAAP) | $ | 314,083 | $ | 289,347 | $ | 199,675 | $ | 182,871 | $ | 183,141 | ||||||||||
鈥� | ||||||||||||||||||||
(Dollars in thousands) | Three Months Ended | |||||||||||||||||||
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP) | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | |||||||||||||||
Net interest income (GAAP) | $ | 577,948 | $ | 544,547 | $ | 369,779 | $ | 351,480 | $ | 350,259 | ||||||||||
Total average interest-earning assets | 57,710,001 | 57,497,453 | 42,295,376 | 41,223,980 | 41,011,662 | |||||||||||||||
NIM, non-tax equivalent | 4.02 | % | 3.84 | % | 3.48 | % | 3.39 | % | 3.43 | % | ||||||||||
鈥� | ||||||||||||||||||||
Tax equivalent adjustment (included in NIM, TE) | 672 | 784 | 547 | 486 | 631 | |||||||||||||||
Net interest income, tax equivalent (Non-GAAP) | $ | 578,620 | $ | 545,331 | $ | 370,326 | $ | 351,966 | $ | 350,890 | ||||||||||
NIM, TE (Non-GAAP) | 4.02 | % | 3.85 | % | 3.48 | % | 3.40 | % | 3.44 | % | ||||||||||
听
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 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
Adjusted Net Income (non-GAAP) (2) | ||||||||||||||||||||||||||||
Net income (GAAP) | $ | 215,224 | $ | 89,080 | $ | 144,178 | $ | 143,179 | $ | 132,370 | $ | 304,304 | $ | 247,426 | ||||||||||||||
Securities losses, net of tax | 鈥� | 178,639 | 38 | 鈥� | 鈥� | 178,639 | 鈥� | |||||||||||||||||||||
Gain on sale leaseback, net of transaction costs and tax | 鈥� | (179,004) | 鈥� | 鈥� | 鈥� | (179,004) | 鈥� | |||||||||||||||||||||
PCL - Non-PCD loans and UFC, net of tax | 鈥� | 71,892 | 鈥� | 鈥� | 鈥� | 71,892 | 鈥� | |||||||||||||||||||||
Merger, branch consolidation, severance related and other expense, net of tax (8) | 18,593 | 53,094 | 5,026 | 2,536 | 4,430 | 71,687 | 7,812 | |||||||||||||||||||||
Deferred tax asset remeasurement | 鈥� | 5,581 | 鈥� | 鈥� | 鈥� | 5,581 | 鈥� | |||||||||||||||||||||
FDIC special assessment, net of tax | 鈥� | 鈥� | (478) | 鈥� | 474 | 鈥� | 3,362 | |||||||||||||||||||||
听 Adjusted net income (non-GAAP) | $ | 233,817 | $ | 219,282 | $ | 148,764 | $ | 145,715 | $ | 137,274 | $ | 453,099 | $ | 258,600 | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Adjusted Net Income per Common Share - Basic (non-GAAP) (2) | ||||||||||||||||||||||||||||
Earnings per common share - Basic (GAAP) | $ | 2.12 | $ | 0.88 | $ | 1.89 | $ | 1.88 | $ | 1.74 | $ | 3.00 | $ | 3.24 | ||||||||||||||
Effect to adjust for securities losses, net of tax | 鈥� | 1.76 | 0.00 | 鈥� | 鈥� | 1.76 | 鈥� | |||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | 鈥� | (1.77) | 鈥� | 鈥� | 鈥� | (1.76) | 鈥� | |||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | 鈥� | 0.71 | 鈥� | 鈥� | 鈥� | 0.71 | 鈥� | |||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) | 0.18 | 0.52 | 0.07 | 0.03 | 0.05 | 0.70 | 0.11 | |||||||||||||||||||||
Effect to adjust for deferred tax asset remeasurement | 鈥� | 0.06 | 鈥� | 鈥� | 鈥� | 0.06 | 鈥� | |||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | 鈥� | 鈥� | (0.01) | 鈥� | 0.01 | 鈥� | 0.04 | |||||||||||||||||||||
听 Adjusted net income per common share - Basic (non-GAAP) | $ | 2.30 | $ | 2.16 | $ | 1.95 | $ | 1.91 | $ | 1.80 | $ | 4.47 | $ | 3.39 | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2) | ||||||||||||||||||||||||||||
Earnings per common share - Diluted (GAAP) | $ | 2.11 | $ | 0.87 | $ | 1.87 | $ | 1.86 | $ | 1.73 | $ | 2.99 | $ | 3.23 | ||||||||||||||
Effect to adjust for securities losses, net of tax | 鈥� | 1.76 | 0.00 | 鈥� | 鈥� | 1.76 | 鈥� | |||||||||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | 鈥� | (1.76) | 鈥� | 鈥� | 鈥� | (1.76) | 鈥� | |||||||||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | 鈥� | 0.71 | 鈥� | 鈥� | 鈥� | 0.71 | 鈥� | |||||||||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) | 0.19 | 0.52 | 0.07 | 0.04 | 0.05 | 0.70 | 0.10 | |||||||||||||||||||||
Effect to adjust for deferred tax remeasurement | 鈥� | 0.05 | 鈥� | 鈥� | 鈥� | 0.05 | 鈥� | |||||||||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | 鈥� | 鈥� | (0.01) | 鈥� | 0.01 | 鈥� | 0.04 | |||||||||||||||||||||
听 Adjusted net income per common share - Diluted (non-GAAP) | $ | 2.30 | $ | 2.15 | $ | 1.93 | $ | 1.90 | $ | 1.79 | $ | 4.45 | $ | 3.37 | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Adjusted Return on Average Assets (non-GAAP) (2) | ||||||||||||||||||||||||||||
Return on average assets (GAAP) | 1.34 | % | 0.56 | % | 1.23 | % | 1.25 | % | 1.17 | % | 0.95 | % | 1.10 | % | ||||||||||||||
Effect to adjust for securities losses, net of tax | 鈥� | % | 1.13 | % | 0.00 | % | 鈥� | % | 鈥� | % | 0.56 | % | 鈥� | % | ||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | 鈥� | % | (1.13) | % | 鈥� | % | 鈥� | % | 鈥� | % | (0.56) | % | 鈥� | % | ||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | 鈥� | % | 0.45 | % | 鈥� | % | 鈥� | % | 鈥� | % | 0.23 | % | 鈥� | % | ||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) | 0.11 | % | 0.33 | % | 0.04 | % | 0.02 | % | 0.05 | % | 0.22 | % | 0.04 | % | ||||||||||||||
Effect to adjust for deferred tax remeasurement | 鈥� | % | 0.04 | % | 鈥� | % | 鈥� | % | 鈥� | % | 0.02 | % | 鈥� | % | ||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | 鈥� | % | 鈥� | % | (0.00) | % | 鈥� | % | 0.00 | % | 鈥� | % | 0.01 | % | ||||||||||||||
听 Adjusted return on average assets (non-GAAP) | 1.45 | % | 1.38 | % | 1.27 | % | 1.27 | % | 1.22 | % | 1.42 | % | 1.15 | % | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Adjusted Return on Average Common Equity (non-GAAP) (2) | ||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.93 | % | 4.29 | % | 9.72 | % | 9.91 | % | 9.58 | % | 7.17 | % | 8.97 | % | ||||||||||||||
Effect to adjust for securities losses, net of tax | 鈥� | % | 8.61 | % | 0.00 | % | 鈥� | % | 鈥� | % | 4.21 | % | 鈥� | % | ||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | 鈥� | % | (8.63) | % | 鈥� | % | 鈥� | % | 鈥� | % | (4.22) | % | 鈥� | % | ||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | 鈥� | % | 3.46 | % | 鈥� | % | 鈥� | % | 鈥� | % | 1.69 | % | 鈥� | % | ||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) | 0.86 | % | 2.56 | % | 0.34 | % | 0.17 | % | 0.33 | % | 1.70 | % | 0.29 | % | ||||||||||||||
Effect to adjust for deferred tax remeasurement | 鈥� | % | 0.27 | % | 鈥� | % | 鈥� | % | 鈥� | % | 0.13 | % | 鈥� | % | ||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | 鈥� | % | 鈥� | % | (0.03) | % | 鈥� | % | 0.03 | % | 鈥� | % | 0.12 | % | ||||||||||||||
听 Adjusted return on average common equity (non-GAAP) | 10.79 | % | 10.56 | % | 10.03 | % | 10.08 | % | 9.94 | % | 10.68 | % | 9.38 | % | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Return on Average Common Tangible Equity (non-GAAP) (3) | ||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.93 | % | 4.29 | % | 9.72 | % | 9.91 | % | 9.58 | % | 7.17 | % | 8.97 | % | ||||||||||||||
Effect to adjust for intangible assets | 8.24 | % | 4.70 | % | 5.37 | % | 5.72 | % | 5.91 | % | 6.56 | % | 5.60 | % | ||||||||||||||
听 Return on average tangible equity (non-GAAP) | 18.17 | % | 8.99 | % | 15.09 | % | 15.63 | % | 15.49 | % | 13.73 | % | 14.57 | % | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3) | ||||||||||||||||||||||||||||
Return on average common equity (GAAP) | 9.93 | % | 4.29 | % | 9.72 | % | 9.91 | % | 9.58 | % | 7.17 | % | 8.97 | % | ||||||||||||||
Effect to adjust for securities losses, net of tax | 鈥� | % | 8.61 | % | 0.00 | % | 鈥� | % | 鈥� | % | 4.21 | % | 鈥� | % | ||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs and tax | 鈥� | % | (8.63) | % | 鈥� | % | 鈥� | % | 鈥� | % | (4.22) | % | 鈥� | % | ||||||||||||||
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax | 鈥� | % | 3.46 | % | 鈥� | % | 鈥� | % | 鈥� | % | 1.69 | % | 鈥� | % | ||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) | 0.86 | % | 2.56 | % | 0.34 | % | 0.18 | % | 0.32 | % | 1.70 | % | 0.28 | % | ||||||||||||||
Effect to adjust for deferred tax remeasurement | 鈥� | % | 0.27 | % | 鈥� | % | 鈥� | % | 鈥� | % | 0.13 | % | 鈥� | % | ||||||||||||||
Effect to adjust for FDIC special assessment, net of tax | 鈥� | % | 鈥� | % | (0.03) | % | 鈥� | % | 0.03 | % | 鈥� | % | 0.12 | % | ||||||||||||||
Effect to adjust for intangible assets, net of tax | 8.82 | % | 9.29 | % | 5.53 | % | 5.80 | % | 6.12 | % | 9.04 | % | 5.83 | % | ||||||||||||||
听 Adjusted return on average common tangible equity (non-GAAP) | 19.61 | % | 19.85 | % | 15.56 | % | 15.89 | % | 16.05 | % | 19.72 | % | 15.20 | % | ||||||||||||||
听
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 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
Adjusted Efficiency Ratio (non-GAAP) (4) | ||||||||||||||||||||||||||||
Efficiency ratio | 52.75 | % | 60.97 | % | 55.73 | % | 56.58 | % | 57.03 | % | 56.75 | % | 57.75 | % | ||||||||||||||
Effect to adjust for securities losses | 鈥� | % | (13.35) | % | 鈥� | % | 鈥� | % | 鈥� | % | (7.44) | % | 鈥� | |||||||||||||||
Effect to adjust for gain on sale leaseback, net of transaction costs | 鈥� | % | 13.39 | % | 鈥� | % | 鈥� | % | 鈥� | % | 7.46 | % | 鈥� | |||||||||||||||
Effect to adjust for merger, branch consolidation, severance related and other expense (8) | (3.66) | % | (10.77) | % | (1.45) | % | (0.78) | % | (1.36) | % | (7.12) | % | (1.23) | % | ||||||||||||||
Effect to adjust for FDIC special assessment | 鈥� | % | 鈥� | % | 0.14 | % | 鈥� | % | (0.15) | % | 鈥� | % | (0.53) | % | ||||||||||||||
听 Adjusted efficiency ratio | 49.09 | % | 50.24 | % | 54.42 | % | 55.80 | % | 55.52 | % | 49.65 | % | 55.99 | % | ||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Tangible Book Value Per Common Share (non-GAAP) (3) | ||||||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 86.71 | $ | 84.99 | $ | 77.18 | $ | 77.42 | $ | 74.16 | ||||||||||||||||||
Effect to adjust for intangible assets | (34.75) | (34.92) | (26.07) | (26.16) | (26.26) | |||||||||||||||||||||||
听 Tangible book value per common share (non-GAAP) | $ | 51.96 | $ | 50.07 | $ | 51.11 | $ | 51.26 | $ | 47.90 | ||||||||||||||||||
鈥� | ||||||||||||||||||||||||||||
Tangible Equity-to-Tangible Assets (non-GAAP) (3) | ||||||||||||||||||||||||||||
Equity-to-assets (GAAP) | 13.36 | % | 13.24 | % | 12.70 | % | 12.81 | % | 12.42 | % | ||||||||||||||||||
Effect to adjust for intangible assets | (4.90) | % | (4.99) | % | (3.91) | % | (3.94) | % | (4.03) | % | ||||||||||||||||||
听 Tangible equity-to-tangible assets (non-GAAP) | 8.46 | % | 8.25 | % | 8.79 | % | 8.87 | % | 8.39 | % | ||||||||||||||||||
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 |
(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. 听Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.听 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.听 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.听 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 |
(3) | The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.听 The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.听 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.听 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.听 Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP. |
(4) | Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on sale leaseback, merger, branch consolidation, severance related and other expenses 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. 听The pre-tax amortization expenses of intangible assets were |
(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, 2025 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.听听听听听听听听听 |
(7) | Loan data excludes loans held for sale. |
(8) | Includes pre-tax cyber incident (net reimbursement)/costs of |
Cautionary Statement Regarding Forward Looking Statements
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.
SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (14) transaction risk arising from problems with service or product delivery; (15) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (16) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (20) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (24) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the
All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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