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


	Three Months Ended										Six Months Ended
(Dollars in thousands, except per share data)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Jun. 30,		Jun. 30,
INCOME STATEMENT	2026		2026		2025		2025		2025		2026		2025
Interest Income
Loans, including fees (1)	$	744,652	$	721,571	$	748,106	$	782,382	$	746,448	$	1,466,222	$	1,471,088
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		93,607		95,258		100,640		99,300		94,056		188,866		177,982
Total interest income		838,259		816,829		848,746		881,682		840,504		1,655,088		1,649,070
Interest Expense
Deposits		244,216		238,522		250,189		257,271		241,593		482,738		487,550
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		18,094		16,702		17,442		24,714		20,963		34,796		39,025
Total interest expense		262,310		255,224		267,631		281,985		262,556		517,534		526,575
Net Interest Income		575,949		561,605		581,115		599,697		577,948		1,137,554		1,122,495
Provision for credit losses		15,919		10,808		6,605		5,085		7,505		26,727		108,067
Net Interest Income after Provision for Credit Losses		560,030		550,797		574,510		594,612		570,443		1,110,827		1,014,428
Noninterest Income
Operating income		96,726		100,098		105,753		99,086		86,817		196,824		172,437
Securities losses, net		—		—		—		—		—		—		(228,811)
Gain on sale leaseback, net of transaction costs		—		—		—		—		—		—		229,279
Total noninterest income		96,726		100,098		105,753		99,086		86,817		196,824		172,905
Noninterest Expense
Operating expense		357,749		359,524		364,196		351,453		350,682		717,273		691,502
Merger, branch consolidation, severance related, and other expense (8)		—		—		4,494		20,889		24,379		—		92,385
FDIC special assessment		—		—		(3,835)		—		—		—		—
Total noninterest expense		357,749		359,524		364,855		372,342		375,061		717,273		783,887
Income before Income Tax Provision		299,007		291,371		315,408		321,356		282,199		590,378		403,446
Income tax provision		68,985		65,551		67,686		74,715		66,975		134,536		99,142
Net Income	$	230,022	$	225,820	$	247,722	$	246,641	$	215,224	$	455,842	$	304,304

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	230,022	$	225,820	$	247,722	$	246,641	$	215,224	$	455,842	$	304,304
Securities losses, net of tax		—		—		—		—		—		—		178,639
Gain on sale leaseback, net of transaction costs and tax		—		—		—		—		—		—		(179,004)
Initial provision for credit losses - Non-PCD loans and UFC from
Independent, net of tax		—		—		—		—		—		—		71,892
Merger, branch consolidation, severance related, and other expense,
net of tax (8)		—		—		3,529		16,032		18,593		—		71,687
Deferred tax asset remeasurement		—		—		—		—		—		—		5,581
FDIC special assessment, net of tax		—		—		(3,012)		—		—		—		—
Adjusted Net Income (non-GAAP)	$	230,022	$	225,820	$	248,239	$	262,673	$	233,817	$	455,842	$	453,099

Basic earnings per common share	$	2.36	$	2.29	$	2.48	$	2.44	$	2.12	$	4.66	$	3.00
Diluted earnings per common share	$	2.35	$	2.28	$	2.46	$	2.42	$	2.11	$	4.64	$	2.99
Adjusted net income per common share - Basic (non-GAAP) (2)	$	2.36	$	2.29	$	2.48	$	2.60	$	2.30	$	4.66	$	4.47
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	2.35	$	2.28	$	2.47	$	2.58	$	2.30	$	4.64	$	4.45
Dividends per common share	$	0.60	$	0.60	$	0.60	$	0.60	$	0.54	$	1.20	$	1.08
Basic weighted-average common shares outstanding		97,300,899		98,544,242		100,063,315		101,218,431		101,495,456		97,919,136		101,452,777
Diluted weighted-average common shares outstanding		97,676,767		98,922,258		100,618,796		101,735,095		101,845,360		98,292,252		101,835,756
Effective tax rate		23.07 %		22.50 %		21.46 %		23.25 %		23.73 %		22.79 %		24.57 %
Adjusted effective tax rate		23.07 %		22.50 %		21.46 %		23.25 %		23.73 %		22.79 %		23.19 %

Performance and Capital Ratios

	Three Months Ended															Six Months Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,		Jun. 30,
	2026			2026			2025			2025			2025			2026		2025
PERFORMANCE RATIOS
Return on average assets (annualized)		1.36	%		1.37	%		1.47	%		1.49	%		1.34	%	1.36	%	0.95	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.36	%		1.37	%		1.48	%		1.59	%		1.45	%	1.36	%	1.42	%
Return on average common equity (annualized)		10.19	%		10.11	%		10.90	%		11.04	%		9.93	%	10.15	%	7.17	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		10.19	%		10.11	%		10.92	%		11.75	%		10.79	%	10.15	%	10.68	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		17.62	%		17.59	%		19.10	%		19.62	%		18.17	%	17.60	%	13.73	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		17.62	%		17.59	%		19.14	%		20.81	%		19.61	%	17.60	%	19.72	%
Efficiency ratio (tax equivalent)		50.00	%		51.05	%		49.65	%		49.88	%		52.75	%	50.52	%	56.75	%
Adjusted efficiency ratio (non-GAAP) (4)		50.00	%		51.05	%		49.56	%		46.89	%		49.09	%	50.52	%	49.65	%
Dividend payout ratio (5)		25.31	%		26.12	%		24.23	%		24.59	%		25.47	%	25.71	%	36.00	%
Book value per common share	$	94.17		$	92.21		$	91.38		$	89.14		$	86.71
Tangible book value per common share (non-GAAP) (3)	$	58.72		$	56.90		$	56.27		$	54.48		$	51.96

CAPITAL RATIOS
Equity-to-assets		13.3	%		13.3	%		13.5	%		13.6	%		13.4	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.7	%		8.6	%		8.8	%		8.8	%		8.5	%
Tier 1 leverage (6)		9.4	%		9.4	%		9.3	%		9.4	%		9.2	%
Tier 1 common equity (6)		11.1	%		11.3	%		11.4	%		11.5	%		11.2	%
Tier 1 risk-based capital (6)		11.1	%		11.3	%		11.4	%		11.5	%		11.2	%
Total risk-based capital (6)		13.5	%		13.7	%		13.8	%		14.0	%		14.5	%

Balance Sheet

	Ending Balance
(Dollars in thousands, except per share and share data)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
BALANCE SHEET	2026		2026		2025		2025		2025
Assets
Cash and due from banks	$	649,079	$	598,218	$	583,375	$	582,792	$	755,798
Federal funds sold and interest-earning deposits with banks		1,701,233		2,268,864		2,589,108		2,561,663		2,708,308
Cash and cash equivalents		2,350,312		2,867,082		3,172,483		3,144,455		3,464,106

Trading securities, at fair value		191,094		117,590		110,183		107,519		95,306
Investment securities:
Securities held to maturity		1,955,754		2,007,249		2,048,030		2,096,727		2,145,991
Securities available for sale, at fair value		6,598,177		6,530,348		6,313,756		6,042,800		5,927,867
Other investments		366,986		370,924		353,428		366,218		357,487
Total investment securities		8,920,917		8,908,521		8,715,214		8,505,745		8,431,345
Loans held for sale		405,441		327,935		345,343		346,673		318,985
Loans:
Purchased credit deteriorated		2,658,792		2,818,360		2,977,499		3,160,359		3,409,186
Purchased non-credit deteriorated		9,921,791		10,714,489		11,232,414		11,877,828		12,492,553
Non-acquired		38,266,289		35,963,934		34,388,614		32,629,724		31,365,508
Less allowance for credit losses		(586,664)		(585,882)		(585,197)		(590,133)		(621,046)
Loans, net		50,260,208		48,910,901		48,013,330		47,077,778		46,646,201
Premises and equipment, net		992,594		993,584		994,176		961,510		964,878
Bank owned life insurance		1,311,197		1,302,382		1,293,574		1,285,532		1,280,632
Mortgage servicing rights		91,442		90,018		84,032		84,491		85,836
Core deposit and other intangibles		343,424		364,686		386,326		409,890		433,458
Goodwill		3,094,059		3,094,059		3,094,059		3,094,059		3,094,059
Other assets		949,340		1,002,465		988,692		1,030,558		1,078,516
Total assets	$	68,910,028	$	67,979,223	$	67,197,412	$	66,048,210	$	65,893,322

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,451,094	$	13,650,799	$	13,375,697	$	13,430,459	$	13,719,030
Interest-bearing		42,898,716		42,224,864		41,770,100		40,642,810		39,977,931
Total deposits		56,349,810		55,875,663		55,145,797		54,073,269		53,696,961
Federal funds purchased and securities
sold under agreements to repurchase		569,486		643,386		618,215		594,092		630,558
Other borrowings		996,749		696,642		696,536		696,429		1,099,705
Reserve for unfunded commitments		76,525		69,229		69,619		68,538		64,693
Other liabilities		1,785,990		1,663,387		1,608,137		1,604,756		1,600,271
Total liabilities		59,778,560		58,948,307		58,138,304		57,037,084		57,092,188

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		242,428		244,844		247,845		252,723		253,745
Surplus		6,247,484		6,332,285		6,480,471		6,647,952		6,679,028
Retained earnings		2,951,691		2,779,896		2,614,173		2,426,463		2,240,470
Accumulated other comprehensive loss		(310,135)		(326,109)		(283,381)		(316,012)		(372,109)
Total shareholders' equity		9,131,468		9,030,916		9,059,108		9,011,126		8,801,134
Total liabilities and shareholders' equity	$	68,910,028	$	67,979,223	$	67,197,412	$	66,048,210	$	65,893,322

Common shares issued and outstanding		96,971,142		97,937,653		99,138,204		101,089,231		101,498,000

Net Interest Income and Margin

	Three Months Ended
	Jun. 30, 2026					Mar. 31, 2026					Jun. 30, 2025
(Dollars in thousands)	Average		Income/		Yield/	Average		Income/		Yield/	Average		Income/		Yield/
YIELD ANALYSIS	Balance		Expense		Rate	Balance		Expense		Rate	Balance		Expense		Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks	$	1,386,864	$	12,236	3.54 %	$	1,881,020	$	15,792	3.40 %	$	1,884,133	$	19,839	4.22 %
Investment securities		9,213,359		81,371	3.54 %		9,221,416		79,466	3.49 %		8,513,439		74,217	3.50 %
Loans held for sale		286,422		4,602	6.44 %		223,084		3,732	6.78 %		283,017		4,829	6.84 %
Total loans held for investment		50,247,114		740,050	5.91 %		48,875,656		717,839	5.96 %		47,029,412		741,619	6.33 %
Total interest-earning assets		61,133,759		838,259	5.50 %		60,201,176		816,829	5.50 %		57,710,001		840,504	5.84 %
Noninterest-earning assets		6,694,407					6,726,355					6,840,880
Total Assets	$	67,828,166				$	66,927,531				$	64,550,881

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts	$	32,098,340	$	180,220	2.25 %	$	31,499,841	$	172,453	2.22 %	$	28,986,998	$	173,481	2.40 %
Savings deposits		2,817,269		1,638	0.23 %		2,822,510		1,642	0.24 %		2,921,780		2,012	0.28 %
Certificates and other time deposits		7,184,745		62,358	3.48 %		7,215,388		64,427	3.62 %		7,177,451		66,100	3.69 %
Federal funds purchased		289,337		2,616	3.63 %		295,207		2,635	3.62 %		360,588		3,943	4.39 %
Repurchase agreements		293,341		1,477	2.02 %		319,873		1,561	1.98 %		287,341		1,462	2.04 %
Other borrowings		851,660		14,001	6.59 %		696,597		12,506	7.28 %		821,545		15,558	7.60 %
Total interest-bearing liabilities		43,534,692		262,310	2.42 %		42,849,416		255,224	2.42 %		40,555,703		262,556	2.60 %
Noninterest-bearing deposits		13,521,146					13,359,214					13,643,265
Other noninterest-bearing liabilities		1,719,228					1,661,672					1,659,331
Shareholders' equity		9,053,100					9,057,229					8,692,582
Total Non-IBL and shareholders' equity		24,293,474					24,078,115					23,995,178
Total Liabilities and Shareholders' Equity	$	67,828,166				$	66,927,531				$	64,550,881
Net Interest Income and Margin (Non-Tax Equivalent)			$	575,949	3.78 %			$	561,605	3.78 %			$	577,948	4.02 %
Net Interest Margin (Tax Equivalent) (non-GAAP)					3.78 %					3.79 %					4.02 %
Total Deposit Cost (without Debt and Other Borrowings)					1.76 %					1.76 %					1.84 %
Overall Cost of Funds (including Demand Deposits)					1.84 %					1.84 %					1.94 %

Total Accretion on Acquired Loans (1)			$	33,054				$	38,786				$	63,507
Tax Equivalent ("TE") Adjustment			$	751				$	760				$	672

• The remaining loan discount on acquired loans to be accreted into loan interest income totals $185.9 million as of June 30, 2026.

Noninterest Income and Expense

	Three Months Ended										Six Months Ended
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Jun. 30,		Jun. 30,
(Dollars in thousands)	2026		2026		2025		2025		2025		2026		2025
Noninterest Income:
Fees on deposit accounts	$	41,568	$	38,699	$	41,950	$	42,572	$	37,869	$	80,267	$	73,802
Mortgage banking income		4,890		11,016		5,158		5,462		5,936		15,906		13,673
Trust and investment services income		15,164		14,471		14,684		14,157		14,419		29,635		29,351
Correspondent banking and capital markets income		24,839		24,427		30,638		25,522		19,161		49,266		35,876
Expense on centrally-cleared variation margin		(4,028)		(3,000)		(3,167)		(4,318)		(5,394)		(7,028)		(12,564)
Total correspondent banking and capital markets income		20,811		21,427		27,471		21,204		13,767		42,238		23,312
Bank owned life insurance income		9,624		9,494		9,633		10,597		9,153		19,118		19,352
Other		4,669		4,991		6,857		5,094		5,673		9,660		12,947
Securities losses, net		—		—		—		—		—		—		(228,811)
Gain on sale leaseback, net of transaction costs		—		—		—		—		—		—		229,279
Total Noninterest Income	$	96,726	$	100,098	$	105,753	$	99,086	$	86,817	$	196,824	$	172,905

Noninterest Expense:
Salaries and employee benefits	$	205,377	$	205,653	$	202,714	$	199,148	$	200,162	$	411,030	$	395,973
Occupancy expense		43,878