SouthState Bank Corporation Reports Fourth Quarter 2025 Results, Declares Quarterly Cash Dividend and Authorizes New Stock Repurchase Plan
WINTER HAVEN, Fla., Jan. 22, 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 twelve-month periods ended December 31, 2025.
"The SouthState team finished the year with good momentum," said John C. Corbett, SouthState's Chief Executive Officer. "During the fourth quarter of 2025, loan and deposit growth accelerated to 8% annualized and earnings per share increased over 30% from the prior year. With peer-leading returns, we elected to repurchase 2 million shares of SouthState stock during the quarter and the board authorized a new share repurchase plan of 5.56 million shares. Headed into 2026, our pipelines are full and SouthState is poised to continue on our growth trajectory."
Highlights of the fourth quarter of 2025 include:
Returns
Reported Diluted Earnings per Share ("EPS") of $2.46, an increase of 32% year over year; Adjusted Diluted EPS (Non-GAAP) of $2.47, an increase of 28% year over year
Net Income of $247.7 million; Adjusted Net Income (Non-GAAP) of $248.2 million
Return on Average Common Equity of 10.9%; Return on Average Tangible Common Equity (Non-GAAP) and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.1%*
Return on Average Assets ("ROAA") of 1.47% and Adjusted ROAA (Non-GAAP) of 1.48%*
Book Value per Share of $91.38
Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.27, an increase of 10% year over year, after closing the Independent Financial acquisition, raising the Company dividend by 11%, and repurchasing 2.4% of the Company's shares
Performance
Net Interest Income of $581 million, a decrease of $19 million, or 3%, compared to the prior quarter
Noninterest Income of $105.8 million, up $7 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.63% of average assets for the fourth quarter of 2025*
Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.85% and 3.86%, respectively
Net charge-offs totaled $10.5 million, or 0.09%* of average loans, and the year-to-date net charge-offs of 0.11%† of average loans
$6.6 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.35% of loans
Efficiency Ratio and Adjusted Efficiency Ratio (Non-GAAP) of 50%
Balance Sheet
Loans increased by $931 million, or 8%*, and deposits increased by $1.1 billion, or 8%*; ending loan to deposit ratio of 88%
Total loan yield of 6.13%, down 0.35% from prior quarter
Total deposit cost of 1.82%, down 0.09% from prior quarter
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 13.8%, 9.3%, and 11.4%, respectivelyǂ
Subsequent Events
The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on February 13, 2026 to shareholders of record as of February 6, 2026
The Board of Directors approved a new stock repurchase plan authorizing the Company to repurchase up to 5,560,000 of the Company's common shares; this authorization replaces the pre-existing authorization, which had 560,000 shares remaining and was cancelled as part of the Board approval of the 2026 repurchase plan
∗ Annualized percentages
† Excluding acquisition date charge-offs during the quarters ended March 31, 2025 and June 30, 2025
ǂ Preliminary
Financial Performance
Three Months Ended
Twelve Months Ended
(Dollars in thousands, except per share data)
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
Dec. 31,
Dec. 31,
INCOME STATEMENT
2025
2025
2025
2025
2024
2025
2024
Interest Income
Loans, including fees (1)
$
748,106
$
782,382
$
746,448
$
724,640
$
489,709
$
3,001,576
$
1,925,838
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
100,640
99,300
94,056
83,926
59,096
377,922
215,524
Total interest income
848,746
881,682
840,504
808,566
548,805
3,379,498
2,141,362
Interest Expense
Deposits
250,189
257,271
241,593
245,957
168,263
995,009
671,825
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
17,442
24,714
20,963
18,062
10,763
81,182
54,083
Total interest expense
267,631
281,985
262,556
264,019
179,026
1,076,191
725,908
Net Interest Income
581,115
599,697
577,948
544,547
369,779
2,303,307
1,415,454
Provision for credit losses
6,605
5,085
7,505
100,562
6,371
119,757
15,975
Net Interest Income after Provision for Credit Losses
574,510
594,612
570,443
443,985
363,408
2,183,550
1,399,479
Noninterest Income
Operating income
105,753
99,086
86,817
85,620
80,595
377,276
302,312
Securities losses, net
—
—
—
(228,811)
(50)
(228,811)
(50)
Gain on sale leaseback, net of transaction costs
—
—
—
229,279
—
229,279
—
Total noninterest income
105,753
99,086
86,817
86,088
80,545
377,744
302,262
Noninterest Expense
Operating expense
364,196
351,453
350,682
340,820
250,699
1,407,151
977,508
Merger, branch consolidation, severance related, and other expense (8)
4,494
20,889
24,379
68,006
6,531
117,768
20,133
FDIC special assessment
(3,835)
—
—
—
(621)
(3,835)
3,852
Total noninterest expense
364,855
372,342
375,061
408,826
256,609
1,521,084
1,001,493
Income before Income Tax Provision
315,408
321,356
282,199
121,247
187,344
1,040,210
700,248
Income tax provision
67,686
74,715
66,975
32,167
43,166
241,543
165,465
Net Income
$
247,722
$
246,641
$
215,224
$
89,080
$
144,178
$
798,667
$
534,783
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
247,722
$
246,641
$
215,224
$
89,080
$
144,178
$
798,667
$
534,783
Securities losses, net of tax
—
—
—
178,639
38
178,639
38
Gain on sale leaseback, net of transaction costs and tax
—
—
—
(179,004)
—
(179,004)
—
Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax
—
—
—
71,892
—
71,892
—
Merger, branch consolidation, severance related, and other expense, net of tax (8)
3,529
16,032
18,593
53,094
5,026
91,248
15,374
Deferred tax asset remeasurement
—
—
—
5,581
—
5,581
—
FDIC special assessment, net of tax
(3,012)
—
—
—
(478)
(3,012)
2,884
Adjusted Net Income (non-GAAP)
$
248,239
$
262,673
$
233,817
$
219,282
$
148,764
$
964,011
$
553,079
Basic earnings per common share
$
2.48
$
2.44
$
2.12
$
0.88
$
1.89
$
7.90
$
7.01
Diluted earnings per common share
$
2.46
$
2.42
$
2.11
$
0.87
$
1.87
$
7.87
$
6.97
Adjusted net income per common share - Basic (non-GAAP) (2)
$
2.48
$
2.60
$
2.30
$
2.16
$
1.95
$
9.54
$
7.25
Adjusted net income per common share - Diluted (non-GAAP) (2)
$
2.47
$
2.58
$
2.30
$
2.15
$
1.93
$
9.50
$
7.21
Dividends per common share
$
0.60
$
0.60
$
0.54
$
0.54
$
0.54
$
2.28
$
2.12
Basic weighted-average common shares outstanding
100,063,315
101,218,431
101,495,456
101,409,624
76,360,935
101,043,488
76,303,351
Diluted weighted-average common shares outstanding
100,618,796
101,735,095
101,845,360
101,828,600
76,957,882
101,499,247
76,762,354
Effective tax rate
21.46 %
23.25 %
23.73 %
26.53 %
23.04 %
23.22 %
23.63 %
Adjusted effective tax rate
21.46 %
23.25 %
23.73 %
21.93 %
23.04 %
22.68 %
23.63 %
Performance and Capital Ratios
Three Months Ended
Twelve Months Ended
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2025
2025
2025
2025
2024
2025
2024
PERFORMANCE RATIOS
Return on average assets (annualized)
1.47
%
1.49
%
1.34
%
0.56
%
1.23
%
1.22
%
1.17
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.48
%
1.59
%
1.45
%
1.38
%
1.27
%
1.48
%
1.21
%
Return on average common equity (annualized)
10.90
%
11.04
%
9.93
%
4.29
%
9.72
%
9.13
%
9.41
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.92
%
11.75
%
10.79
%
10.56
%
10.03
%
11.02
%
9.73
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
19.10
%
19.62
%
18.17
%
8.99
%
15.09
%
16.68
%
14.98
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
19.14
%
20.81
%
19.61
%
19.85
%
15.56
%
19.85
%
15.47
%
Efficiency ratio (tax equivalent)
49.65
%
49.88
%
52.75
%
60.97
%
55.73
%
53.14
%
56.93
%
Adjusted efficiency ratio (non-GAAP) (4)
49.56
%
46.89
%
49.09
%
50.24
%
54.42
%
48.91
%
55.53
%
Dividend payout ratio (5)
24.23
%
24.59
%
25.47
%
61.45
%
28.58
%
28.82
%
30.22
%
Book value per common share
$
91.38
$
89.14
$
86.71
$
84.99
$
77.18
Tangible book value per common share (non-GAAP) (3)
$
56.27
$
54.48
$
51.96
$
50.07
$
51.11
CAPITAL RATIOS
Equity-to-assets
13.5
%
13.6
%
13.4
%
13.2
%
12.7
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.8
%
8.8
%
8.5
%
8.2
%
8.8
%
Tier 1 leverage (6)
9.3
%
9.4
%
9.2
%
8.9
%
10.0
%
Tier 1 common equity (6)
11.4
%
11.5
%
11.2
%
11.0
%
12.6
%
Tier 1 risk-based capital (6)
11.4
%
11.5
%
11.2
%
11.0
%
12.6
%
Total risk-based capital (6)
13.8
%
14.0
%
14.5
%
13.7
%
15.0
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
BALANCE SHEET
2025
2025
2025
2025
2024
Assets
Cash and due from banks
$
583,375
$
582,792
$
755,798
$
688,153
$
525,506
Federal funds sold and interest-earning deposits with banks
2,589,108
2,561,663
2,708,308
2,611,537
866,561
Cash and cash equivalents
3,172,483
3,144,455
3,464,106
3,299,690
1,392,067
Trading securities, at fair value
110,183
107,519
95,306
107,401
102,932
Investment securities:
Securities held to maturity
2,048,030
2,096,727
2,145,991
2,195,980
2,254,670
Securities available for sale, at fair value
6,313,756
6,042,800
5,927,867
5,853,369
4,320,593
Other investments
353,428
366,218
357,487
345,695
223,613
Total investment securities
8,715,214
8,505,745
8,431,345
8,395,044
6,798,876
Loans held for sale
345,343
346,673
318,985
357,918
279,426
Loans:
Purchased credit deteriorated
2,977,499
3,160,359
3,409,186
3,634,490
862,155
Purchased non-credit deteriorated
11,232,414
11,877,828
12,492,553
13,084,853
3,635,782
Non-acquired
34,388,614
32,629,724
31,365,508
30,047,389
29,404,990
Less allowance for credit losses
(585,197)
(590,133)
(621,046)
(623,690)
(465,280)
Loans, net
48,013,330
47,077,778
46,646,201
46,143,042
33,437,647
Premises and equipment, net
994,176
961,510
964,878
946,334
502,559
Bank owned life insurance
1,293,574
1,285,532
1,280,632
1,273,472
1,013,209
Mortgage servicing rights
84,032
84,491
85,836
87,742
89,795
Core deposit and other intangibles
386,326
409,890
433,458
455,443
66,458
Goodwill
3,094,059
3,094,059
3,094,059
3,088,059
1,923,106
Other assets
988,692
1,030,558
1,078,516
981,309
775,129
Total assets
$
67,197,412
$
66,048,210
$
65,893,322
$
65,135,454
$
46,381,204
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,375,697
$
13,430,459
$
13,719,030
$
13,757,255
$
10,192,117
Interest-bearing
41,770,100
40,642,810
39,977,931
39,580,360
27,868,749
Total deposits
55,145,797
54,073,269
53,696,961
53,337,615
38,060,866
Federal funds purchased and securities
sold under agreements to repurchase
618,215
594,092
630,558
679,337
514,912
Other borrowings
696,536
696,429
1,099,705
752,798
391,534
Reserve for unfunded commitments
69,619
68,538
64,693
62,253
45,327
Other liabilities
1,608,137
1,604,756
1,600,271
1,679,090
1,478,150
Total liabilities
58,138,304
57,037,084
57,092,188
56,511,093
40,490,789
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares
247,845
252,723
253,745
253,698
190,805
Surplus
6,480,471
6,647,952
6,679,028
6,667,277
4,259,722
Retained earnings
2,614,173
2,426,463
2,240,470
2,080,053
2,046,809
Accumulated other comprehensive loss
(283,381)
(316,012)
(372,109)
(376,667)
(606,921)
Total shareholders' equity
9,059,108
9,011,126
