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SouthState Bank Corporation Reports Third Quarter 2025 Results, Declares Quarterly Cash Dividend
WINTER HAVEN, Fla., Oct. 22, 2025 /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 nine-month periods ended September 30, 2025.
"SouthState delivered a strong third quarter. Growth in top line revenue and bottom-line income led to a 30% year-over-year increase in earnings per share," said John C. Corbett, SouthState's Chief Executive Officer. "The successful integration of Independent Financial, fee income growth in capital markets, and steady balance sheet growth resulted in a return on tangible equity of 20%."
Highlights of the third quarter of 2025 include:
Returns
- Reported Diluted Earnings per Share ("EPS") of $2.42; Adjusted Diluted EPS (Non-GAAP) of $2.58
- Net Income of $246.6 million; Adjusted Net Income (Non-GAAP) of $262.7 million
- Return on Average Common Equity of 11.0%; Return on Average Tangible Common Equity (Non-GAAP) of 19.6% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 20.8%*
- Return on Average Assets ("ROAA") of 1.49% and Adjusted ROAA (Non-GAAP) of 1.59%*
- Book Value per Share of $89.14; Tangible Book Value ("TBV") per Share (Non-GAAP) of $54.48
Performance
- Revenue, non-tax equivalent, of $699 million, an increase of $34 million, or 5%, compared to the prior quarter
- Net Interest Income of $600 million, an increase of $22 million, or 4%, compared to the prior quarter
- Noninterest Income of $99.1 million, up $12 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.60% of average assets for the third quarter of 2025*
- Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 4.05% and 4.06%, respectively
- Net charge-offs totaled $32.2 million, or 0.27%*, primarily attributable to one credit that was charged off during the quarter, bringing the year-to-date net charge-offs to 12 bps* ǂ
- $5.1 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.38% of loans
- Efficiency Ratio of 50% and Adjusted Efficiency Ratio (Non-GAAP) of 47%
ǂ Excluding acquisition date charge-offs during the quarters ended June 30, 2025 and March 31, 2025
Balance Sheet
- Loans increased by $401 million, or 3%*, and deposits increased by $376 million, or 3%*; average loans increased by $571 million, or 5%*, and average deposits increased by $625 million, or 5%*; ending loan to deposit ratio of 88%
- Total loan yield of 6.48%, up 0.15% from prior quarter
- Total deposit cost of 1.91%, up 0.07% from prior quarter
- Redeemed a total of $405 million of subordinated debentures during the quarte
- Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 14.0%, 9.4%, and 11.5%, respectively†
∗ Annualized percentages
† Preliminary
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 November 14, 2025 to shareholders of record as of November 7, 2025
Financial Performance
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Nine Months Ended | | |||||||||||||||||
| (Dollars in thousands, except per share data) | | Sep. 30, | | Jun. 30, | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Sep. 30, | | Sep. 30, | | |||||||
| INCOME STATEMENT | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 | | |||||||
| Interest Income | | | | | | | | | | | | | | | | | | | | | | |
| Loans, including fees (1) | | $ | 782,382 | | $ | 746,448 | | $ | 724,640 | | $ | 489,709 | | $ | 494,082 | | $ | 2,253,471 | | $ | 1,436,130 | |
| Investment securities, trading securities, federal funds sold and securities | | | | | | | | | | | | | | | | | | | | | | |
| purchased under agreements to resell | | | 99,300 | | | 94,056 | | | 83,926 | | | 59,096 | | | 50,096 | | | 277,281 | | | 156,427 | |
| Total interest income | | | 881,682 | | | 840,504 | | | 808,566 | | | 548,805 | | | 544,178 | | | 2,530,752 | | | 1,592,557 | |
| Interest Expense | | | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | 257,271 | | | 241,593 | | | 245,957 | | | 168,263 | | | 177,919 | | | 744,820 | | | 503,562 | |
| Federal funds purchased, securities sold under agreements | | | | | | | | | | | | | | | | | | | | | | |
| to repurchase, and other borrowings | | | 24,714 | | | 20,963 | | | 18,062 | | | 10,763 | | | 14,779 | | | 63,740 | | | 43,320 | |
| Total interest expense | | | 281,985 | | | 262,556 | | | 264,019 | | | 179,026 | | | 192,698 | | | 808,560 | | | 546,882 | |
| Net Interest Income | | | 599,697 | | | 577,948 | | | 544,547 | | | 369,779 | | | 351,480 | | | 1,722,192 | | | 1,045,675 | |
| Provision (recovery) for credit losses | | | 5,085 | | | 7,505 | | | 100,562 | | | 6,371 | | | (6,971) | | | 113,152 | | | 9,604 | |
| Net Interest Income after Provision (Recovery) for Credit Losses | | | 594,612 | | | 570,443 | | | 443,985 | | | 363,408 | | | 358,451 | | | 1,609,040 | | | 1,036,071 | |
| Noninterest Income | | | | | | | | | | | | | | | | | | | | | | |
| Operating income | | | 99,086 | | | 86,817 | | | 85,620 | | | 80,595 | | | 74,934 | | | 271,523 | | | 221,717 | |
| Securities losses, net | | | — | | | — | | | (228,811) | | | (50) | | | — | | | (228,811) | | | — | |
| Gain on sale leaseback, net of transaction costs | | | — | | | — | | | 229,279 | | | — | | | — | | | 229,279 | | | — | |
| Total noninterest income | | | 99,086 | | | 86,817 | | | 86,088 | | | 80,545 | | | 74,934 | | | 271,991 | | | 221,717 | |
| Noninterest Expense | | | | | | | | | | | | | | | | | | | | | | |
| Operating expense | | | 351,453 | | | 350,682 | | | 340,820 | | | 250,699 | | | 243,543 | | | 1,042,955 | | | 726,809 | |
| Merger, branch consolidation, severance related, and other expense (8) | | | 20,889 | | | 24,379 | | | 68,006 | | | 6,531 | | | 3,304 | | | 113,274 | | | 13,602 | |
| FDIC special assessment | | | — | | | — | | | — | | | (621) | | | — | | | — | | | 4,473 | |
| Total noninterest expense | | | 372,342 | | | 375,061 | | | 408,826 | | | 256,609 | | | 246,847 | | | 1,156,229 | | | 744,884 | |
| Income before Income Tax Provision | | | 321,356 | | | 282,199 | | | 121,247 | | | 187,344 | | | 186,538 | | | 724,802 | | | 512,904 | |
| Income tax provision | | | 74,715 | | | 66,975 | | | 32,167 | | | 43,166 | | | 43,359 | | | 173,857 | | | 122,299 | |
| Net Income | | $ | 246,641 | | $ | 215,224 | | $ | 89,080 | | $ | 144,178 | | $ | 143,179 | | $ | 550,945 | | $ | 390,605 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted Net Income (non-GAAP) (2) | | | | | | | | | | | | | | | | | | | | | | |
| Net Income (GAAP) | | $ | 246,641 | | $ | 215,224 | | $ | 89,080 | | $ | 144,178 | | $ | 143,179 | | $ | 550,945 | | $ | 390,605 | |
| 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) | | | 16,032 | | | 18,593 | | | 53,094 | | | 5,026 | | | 2,536 | | | 87,719 | | | 10,348 | |
| Deferred tax asset remeasurement | | | — | | | — | | | 5,581 | | | — | | | — | | | 5,581 | | | — | |
| FDIC special assessment, net of tax | | | — | | | — | | | — | | | (478) | | | — | | | — | | | 3,362 | |
| Adjusted Net Income (non-GAAP) | | $ | 262,673 | | $ | 233,817 | | $ | 219,282 | | $ | 148,764 | | $ | 145,715 | | $ | 715,772 | | $ | 404,315 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Basic earnings per common share | | $ | 2.44 | | $ | 2.12 | | $ | 0.88 | | $ | 1.89 | | $ | 1.88 | | $ | 5.43 | | $ | 5.12 | |
| Diluted earnings per common share | | $ | 2.42 | | $ | 2.11 | | $ | 0.87 | | $ | 1.87 | | $ | 1.86 | | $ | 5.41 | | $ | 5.09 | |
| Adjusted net income per common share - Basic (non-GAAP) (2) | | $ | 2.60 | | $ | 2.30 | | $ | 2.16 | | $ | 1.95 | | $ | 1.91 | | $ | 7.06 | | $ | 5.30 | |
| Adjusted net income per common share - Diluted (non-GAAP) (2) | | $ | 2.58 | | $ | 2.30 | | $ | 2.15 | | $ | 1.93 | | $ | 1.90 | | $ | 7.03 | | $ | 5.27 | |
| Dividends per common share | | $ | 0.60 | | $ | 0.54 | | $ | 0.54 | | $ | 0.54 | | $ | 0.54 | | $ | 1.68 | | $ | 1.58 | |
| Basic weighted-average common shares outstanding | | | 101,218,431 | | | 101,495,456 | | | 101,409,624 | | | 76,360,935 | | | 76,299,069 | | | 101,373,803 | | | 76,284,016 | |
| Diluted weighted-average common shares outstanding | | | 101,735,095 | | | 101,845,360 | | | 101,828,600 | | | 76,957,882 | | | 76,805,436 | | | 101,807,090 | | | 76,690,900 | |
| Effective tax rate | | | 23.25 % | | | 23.73 % | | | 26.53 % | | | 23.04 % | | | 23.24 % | | | 23.99 % | | | 23.84 % | |
| Adjusted effective tax rate | | | 23.25 % | | | 23.73 % | | | 21.93 % | | | 23.04 % | | | 23.24 % | | | 23.22 % | | | 23.84 % | |
Performance and Capital Ratios
| | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Nine Months Ended | | | |||||||||||||||
| | | Sep. 30, | | Jun. 30, | | Mar. 31, | | Dec. 31, | | Sep. 30, | | Sep. 30, | | Sep. 30, | | | |||||
| | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 | | | |||||
| PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | |
| Return on average assets (annualized) | | | 1.49 | % | | 1.34 | % | | 0.56 | % | | 1.23 | % | | 1.25 | % | 1.14 | % | 1.15 | % | |
| Adjusted return on average assets (annualized) (non-GAAP) (2) | | | 1.59 | % | | 1.45 | % | | 1.38 | % | | 1.27 | % | | 1.27 | % | 1.48 | % | 1.19 | % | |
| Return on average common equity (annualized) | | | 11.04 | % | | 9.93 | % | | 4.29 | % | | 9.72 | % | | 9.91 | % | 8.50 | % | 9.29 | % | |
| Adjusted return on average common equity (annualized) (non-GAAP) (2) | | | 11.75 | % | | 10.79 | % | | 10.56 | % | | 10.03 | % | | 10.08 | % | 11.05 | % | 9.62 | % | |
| Return on average tangible common equity (annualized) (non-GAAP) (3) | | | 19.62 | % | | 18.17 | % | | 8.99 | % | | 15.09 | % | | 15.63 | % | 15.80 | % | 14.94 | % | |
| Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) | | | 20.81 | % | | 19.61 | % | | 19.85 | % | | 15.56 | % | | 15.89 | % | 20.10 | % | 15.44 | % | |
| Efficiency ratio (tax equivalent) | | | 49.88 | % | | 52.75 | % | | 60.97 | % | | 55.73 | % | | 56.58 | % | 54.35 | % | 57.35 | % | |
| Adjusted efficiency ratio (non-GAAP) (4) | | | 46.89 | % | | 49.09 | % | | 50.24 | % | | 54.42 | % | | 55.80 | % | 48.68 | % | 55.93 | % | |
| Dividend payout ratio (5) | | | 24.59 | % | | 25.47 | % | | 61.45 | % | | 28.58 | % | | 28.76 | % | 30.89 | % | 30.82 | % | |
| Book value per common share | | $ | 89.14 | | $ | 86.71 | | $ | 84.99 | | $ | 77.18 | | $ | 77.42 | | | | | | |
| Tangible book value per common share (non-GAAP) (3) | | $ | 54.48 | | $ | 51.96 | | $ | 50.07 | | $ | 51.11 | | $ | 51.26 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | |
| Equity-to-assets | | | 13.6 | % | | 13.4 | % | | 13.2 | % | | 12.7 | % | | 12.8 | % | | | | | |
| Tangible equity-to-tangible assets (non-GAAP) (3) | | | 8.8 | % | | 8.5 | % | | 8.2 | % | | 8.8 | % | | 8.9 | % | | | | | |
| Tier 1 leverage (6) | | | 9.4 | % | | 9.2 | % | | 8.9 | % | | 10.0 | % | | 10.0 | % | | | | | |
| Tier 1 common equity (6) | | | 11.5 | % | | 11.2 | % | | 11.0 | % | | 12.6 | % | | 12.4 | % | | | | | |
| Tier 1 risk-based capital (6) | | | 11.5 | % | | 11.2 | % | | 11.0 | % | | 12.6 | % | | 12.4 | % | | | | | |
| Total risk-based capital (6) | | | 14.0 | % | | 14.5 | % | | 13.7 | % | | 15.0 | % | | 14.7 | % | | | | | |
Balance Sheet
| | | | | | | | | | | | | | | | | |
| | | Ending Balance | | |||||||||||||
| (Dollars in thousands, except per share and share data) | | Sep. 30, | | Jun. 30, | | Mar. 31, | | Dec. 31, | | Sep. 30, | | |||||
| BALANCE SHEET | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | |||||
| Assets | | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 582,792 | | $ | 755,798 | | $ | 688,153 | | $ | 525,506 | | $ | 563,887 | |
| Federal funds sold and interest-earning deposits with banks | | | 2,561,663 | | | 2,708,308 | | | 2,611,537 | | | 866,561 | | | 648,792 | |
| Cash and cash equivalents | | | 3,144,455 | | | 3,464,106 | | | 3,299,690 | | | 1,392,067 | | | 1,212,679 | |
| | | | | | | | | | | | | | | | | |
| Trading securities, at fair value | | | 107,519 | | | 95,306 | | | 107,401 | | | 102,932 | | | 87,103 | |
| Investment securities: | | | | | | | | | | | | | | | | |
| Securities held to maturity | | | 2,096,727 | | | 2,145,991 | | | 2,195,980 | | | 2,254,670 | | | 2,301,307 | |
| Securities available for sale, at fair value | | | 6,042,800 | | | 5,927,867 | | | 5,853,369 | | | 4,320,593 | | | 4,564,363 | |
| Other investments | | | 366,218 | | | 357,487 | | | 345,695 | | | 223,613 | | | 211,458 | |
| Total investment securities | | | 8,505,745 | | | 8,431,345 | | | 8,395,044 | | | 6,798,876 | | | 7,077,128 | |
| Loans held for sale | | | 346,673 | | | 318,985 | | | 357,918 | | | 279,426 | | | 287,043 | |
| Loans: | | | | | | | | | | | | | | | | |
| Purchased credit deteriorated | | | 3,160,359 | | | 3,409,186 | | | 3,634,490 | | | 862,155 | | | 913,342 | |
| Purchased non-credit deteriorated | | | 11,877,828 | | | 12,492,553 | | | 13,084,853 | | | 3,635,782 | | | 3,959,028 | |
| Non-acquired | | | 32,629,724 | | | 31,365,508 | | | 30,047,389 | | | 29,404,990 | | | 28,675,822 | |
| Less allowance for credit losses | | | (590,133) | | | (621,046) | | | (623,690) | | | (465,280) | | | (467,981) | |
| Loans, net | | | 47,077,778 | | | 46,646,201 | | | 46,143,042 | | | 33,437,647 | | | 33,080,211 | |
| Premises and equipment, net | | | 961,510 | | | 964,878 | | | 946,334 | | | 502,559 | | | 507,452 | |
| Bank owned life insurance | | | 1,285,532 | | | 1,280,632 | | | 1,273,472 | | | 1,013,209 | | | 1,007,275 | |
| Mortgage servicing rights | | | 84,491 | | | 85,836 | | | 87,742 | | | 89,795 | | | 83,512 | |
| Core deposit and other intangibles | | | 409,890 | | | 433,458 | | | 455,443 | | | 66,458 | | | 71,835 | |
| Goodwill | | | 3,094,059 | | | 3,094,059 | | | 3,088,059 | | | 1,923,106 | | | 1,923,106 | |
| Other assets | | | 1,030,558 | | | 1,078,516 | | | 981,309 | | | 775,129 | | | 745,303 | |
| Total assets | | $ | 66,048,210 | | $ | 65,893,322 | | $ | 65,135,454 | | $ | 46,381,204 | | $ | 46,082,647 | |
| | | | | | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | |
| Noninterest-bearing | | $ | 13,430,459 | | $ | 13,719,030 | | $ | 13,757,255 | | $ | 10,192,117 | | $ | 10,376,531 | |
| Interest-bearing | | | 40,642,810 | | | 39,977,931 | | | 39,580,360 | | | 27,868,749 | | | 27,261,664 | |
| Total deposits | | | 54,073,269 | | | 53,696,961 | | | 53,337,615 | | | 38,060,866 | | | 37,638,195 | |
| Federal funds purchased and securities | | | | | | | | | | | | | | | | |
| sold under agreements to repurchase | | | 594,092 | | | 630,558 | | | 679,337 | | | 514,912 | | | 538,322 | |
| Other borrowings | | | 696,429 | | | 1,099,705 | | | 752,798 | | | 391,534 | | | 691,626 | |
| Reserve for unfunded commitments | | | 68,538 | | | 64,693 | | | 62,253 | | | 45,327 | | | 41,515 | |
| Other liabilities | | | 1,604,756 | | | 1,600,271 | | | 1,679,090 | | | 1,478,150 | | | 1,268,409 | |
| Total liabilities | | | 57,037,084 | | | 57,092,188 | | | 56,511,093 | | | 40,490,789 | | | 40,178,067 | |
| | | | | | | | | | | | | | | | | |
| Shareholders' equity: | | | | | | | | | | | | | | | | |
| Common stock - $2.50 par value; authorized 160,000,000 shares | | | 252,723 | | | 253,745 | | | 253,698 | | | 190,805 | | | 190,674 | |
| Surplus | | | 6,647,952 | | | 6,679,028 | | | 6,667,277 | | | 4,259,722 | | | 4,249,672 | |
| Retained earnings | | | 2,426,463 | | | 2,240,470 | | | 2,080,053 | | | 2,046,809 | | | 1,943,874 | |
| Accumulated other comprehensive loss | | | (316,012) | | | (372,109) | | | (376,667) | | | (606,921) | | | (479,640) | |
| Total shareholders' equity | | | 9,011,126 | | | 8,801,134 | | | 8,624,361 | | | 5,890,415 | | | 5,904,580 | |
| Total liabilities and shareholders' equity | | $ | 66,048,210 | | $ | 65,893,322 | | $ | 65,135,454 | | $ | 46,381,204 | | $ | 46,082,647 | |
| | | | | | | | | | | | | | | | | |
| Common shares issued and outstanding | | | 101,089,231 | | | 101,498,000 | | | 101,479,065 | | | 76,322,206 | | | 76,269,577 | |
Net Interest Income and Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | ||||||||||||||||||||||
| | | Sep. 30, 2025 | | Jun. 30, 2025 | | Sep. 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 | | $ | 2,212,239 | | $ | 23,271 | | 4.17 % | | $ | 1,884,133 | | $ | 19,839 | | 4.22 % | | $ | 559,942 | | $ | 6,462 | | 4.59 % | |
| Investment securities | | | 8,624,670 | | | 76,029 | | 3.50 % | | | 8,513,439 | | | 74,217 | | 3.50 % | | | 7,163,934 | | | 43,634 | | 2.42 % | |
| Loans held for sale | | | 289,884 | | | 5,067 | | 6.93 % | | | 283,017 | | | 4,829 | | 6.84 % | | | 112,429 | | | 2,694 | | 9.53 % | |
| Total loans held for investment | | | 47,600,317 | | | 777,315 | | 6.48 % | | | 47,029,412 | | | 741,619 | | 6.33 % | | | 33,387,675 | | | 491,388 | | 5.86 % | |
| Total interest-earning assets | | | 58,727,110 | | | 881,682 | | 5.96 % | | | 57,710,001 | | | 840,504 | | 5.84 % | | | 41,223,980 | | | 544,178 | | 5.25 % | |
| Noninterest-earning assets | | | 6,762,434 | | | | | | | | 6,840,880 | | | | | | | | 4,373,250 | | | | | | |
| Total Assets | | $ | 65,489,544 | | | | | | | $ | 64,550,881 | | | | | | | $ | 45,597,230 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-Bearing Liabilities ("IBL"): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Transaction and money market accounts | | $ | 29,623,457 | | $ | 187,627 | | 2.51 % | | $ | 28,986,998 | | $ | 173,481 | | 2.40 % Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | |||||||||