SouthState Bank Corporation Reports Second Quarter 2026 Results, Declares an Increase in the Quarterly Cash Dividend

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

Noninterest Income and Expense

The following table presents a summary of the loan portfolio by type:

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2026:

Conference Call

The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 24, 2026.  Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers.  The conference ID number is 404525610.   Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com.  A replay of the live webcast is expected to be available by the evening of July 24, 2026 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee.  The bank also serves clients nationwide through its correspondent banking division.  Additional information is available at SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures.  Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.

Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.

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SOURCE SouthState Bank Corporation