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SouthState Corporation Reports Second Quarter 2025 Results, Declares an Increase in the Quarterly Cash Dividend

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South State Corp -   South State Corp Chart 0,00%
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WINTER HAVEN, Fla., July 24, 2025

WINTER HAVEN, Fla., July 24, 2025 /PRNewswire/ -- SouthState 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, 2025.

"Growth accelerated in the second quarter," said John C. Corbett, SouthState's Chief Executive Officer.  "Revenue grew 22% annualized and loan originations grew 57% quarter over quarter. Most importantly, we completed the successful conversion of the IBTX franchise and our teams in Texas and Colorado are excited about the future. The strategic moves we've made are generating strong returns that enabled us to increase our dividend by 11% and to fund organic growth."

Highlights of the second quarter of 2025 include:

Returns
  • Reported Diluted Earnings per Share ("EPS") of $2.11; Adjusted Diluted EPS (Non-GAAP) of $2.30
  • Net Income of $215.2 million; Adjusted Net Income (Non-GAAP) of $233.8 million
  • Return on Average Common Equity of 9.9%; Return on Average Tangible Common Equity (Non-GAAP) of 18.2% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.6%*
  • Return on Average Assets ("ROAA") of 1.34% and Adjusted ROAA (Non-GAAP) of 1.45%*
  • Book Value per Share of $86.71; Tangible Book Value ("TBV") per Share (Non-GAAP) of $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, or 0.06%*, excluding $17.3 million of acquisition date charge-offs related to measurement period adjustments on PCD loans acquired from Independent Bank Group, Inc. ("Independent"), which were recorded during the quarter to align these loans in accordance with SouthState policies and practices
  • $7.5 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.45% of loans
  • Noninterest Income of $87 million; Noninterest Income represented 0.54% of average assets for the second quarter of 2025*
  • Efficiency Ratio of 53% and Adjusted Efficiency Ratio (Non-GAAP) of 49%

Balance Sheet
  • Loans increased by $501 million, or 4%*, and deposits increased by $359 million, or 3%*; ending loan to deposit ratio of 88%
  • Total loan yield of 6.33%, up 0.08% from prior quarter
  • Total deposit cost of 1.84%, down 0.05% from prior quarter
  • Completed the issuance of $350 million aggregate principal amount of 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%, and 11.2%, respectively†

∗  Annualized percentages

†  Preliminary

Subsequent Events
  • The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.54 per share to $0.60 per share; the dividend is payable on August 15, 2025 to shareholders of record as of August 8, 2025

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





















   Loans, including fees (1)

$

746,448

$

724,640

$

489,709

$

494,082

$

478,360

$

1,471,088

$

942,048

   Investment securities, trading securities, federal funds sold and securities





















      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





















   Deposits



241,593

245,957

168,263

177,919

165,481

487,550

325,643

   Federal funds purchased, securities sold under agreements





















      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

  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

—

(228,811)

(50)

—

—

(228,811)

—

Gain on sale leaseback, net of transaction costs

—

229,279

—

—

—

229,279

—

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

—

—

(621)

—

619

—

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

‌





















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

—

178,639

38

—

—

178,639

—

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)

18,593

53,094

5,026

2,536

4,430

71,687

7,812

Deferred tax asset remeasurement

—

5,581

—

—

—

5,581

—

FDIC special assessment, net of tax

—

—

(478)

—

474

—

3,362

Adjusted Net Income (non-GAAP)

$

233,817

$

219,282

$

148,764

$

145,715

$

137,274

$

453,099

$

258,600

‌





















   Basic earnings per common share

$

2.12

$

0.88

$

1.89

$

1.88

$

1.74

$

3.00

$

3.24

   Diluted earnings per common share

$

2.11

$

0.87

$

1.87

$

1.86

$

1.73

$

2.99

$

3.23

   Adjusted net income per common share - Basic (non-GAAP) (2)

$

2.30

$

2.16

$

1.95

$

1.91

$

1.80

$

4.47

$

3.39

   Adjusted net income per common share - Diluted (non-GAAP) (2)

$

2.30

$

2.15

$

1.93

$

1.90

$

1.79

$

4.45

$

3.37

   Dividends per common share

$

0.54

$

0.54

$

0.54

$

0.54

$

0.52

$

1.08

$

1.04

   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

   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

   Effective tax rate

23.73 %

26.53 %

23.04 %

23.24 %

23.42 %

24.57 %

24.19 %

   Adjusted effective tax rate

23.73 %

21.93 %

23.04 %

23.24 %

23.42 %

23.19 %

24.19 %

Performance and Capital Ratios


Three Months Ended

Six Months Ended



Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Jun. 30,

Jun. 30,



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





‌




















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















   Cash and due from banks

$

755,798

$

688,153

$

525,506

$

563,887

$

507,425

   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

‌















Trading securities, at fair value

95,306

107,401

102,932

87,103

92,161

Investment securities:















   Securities held to maturity

2,145,991

2,195,980

2,254,670

2,301,307

2,348,528

   Securities available for sale, at fair value

5,927,867

5,853,369

4,320,593

4,564,363

4,498,264

   Other investments

357,487

345,695

223,613

211,458

201,516

               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

    Less allowance for credit losses

(621,046)

(623,690)

(465,280)

(467,981)

(472,298)

               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

                Total assets

$

65,893,322

$

65,135,454

$

46,381,204

$

46,082,647

$

45,493,970

‌















Liabilities and Shareholders' Equity















Deposits:















   Noninterest-bearing

$

13,719,030

$

13,757,255

$

10,192,117

$

10,376,531

$

10,374,464

   Interest-bearing



39,977,931

39,580,360

27,868,749

27,261,664

26,723,938

               Total deposits

53,696,961

53,337,615

38,060,866

37,638,195

37,098,402

Federal funds purchased and securities















   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

               Total liabilities

57,092,188

56,511,093

40,490,789

40,178,067

39,843,567

‌















Shareholders' equity:















   Common stock - $2.50 par value; authorized 160,000,000 shares

253,745

253,698

190,805

190,674

190,489

   Surplus

6,679,028

6,667,277

4,259,722

4,249,672

4,238,192

   Retained earnings

2,240,470

2,080,053

2,046,809

1,943,874

1,841,933

   Accumulated other comprehensive loss

(372,109)

(376,667)

(606,921)

(479,640)

(620,211)

               Total shareholders' equity

8,801,134

8,624,361

5,890,415

5,904,580

5,650,403

               Total liabilities and shareholders' equity

$

65,893,322

$

65,135,454

$

46,381,204

$

46,082,647

$

45,493,970

‌















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 %

$

2,199,800

$

22,540

4.16 %

$

732,252

$

8,248

4.53 %

Investment securities

8,513,439

74,217

3.50 %

8,325,775

61,386

2.99 %

7,226,582

44,516

2.48 %

Loans held for sale

283,017

4,829

6.84 %

174,833

3,678

8.53 %

63,307

1,018

6.47 %

Total loans held for investment

47,029,412

741,619

6.33 %

46,797,045

720,962

6.25 %

32,989,521

477,342

5.82 %

     Total interest-earning assets

57,710,001

840,504

5.84 %

57,497,453

808,566

5.70 %

41,011,662

531,124

5.21 %

Noninterest-earning assets



6,840,880






6,785,973






4,416,072





     Total Assets

$

64,550,881





$

64,283,426





$

45,427,734





‌
























Interest-Bearing Liabilities ("IBL"):
























Transaction and money market accounts

$

28,986,998

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