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

PR Newswire·07/23/2026 20:18:00

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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		42,302		42,567		40,874		41,507		86,180		77,000
Information services expense		29,136		29,704		30,443		28,988		30,155		58,840		61,517
OREO and loan related expense		952		4,378		867		5,427		2,295		5,330		4,079
Business development and staff related		10,639		11,362		13,485		8,907		7,182		22,001		13,692
Amortization of intangibles		21,041		21,304		23,417		23,426		24,048		42,345		47,879
Professional fees		5,090		5,239		7,410		4,994		4,658		10,329		9,367
Supplies and printing expense		3,885		3,254		3,594		3,278		3,970		7,139		7,098
FDIC assessment and other regulatory charges		10,753		10,257		9,884		8,374		11,469		21,010		22,727
Advertising and marketing		3,836		3,325		4,710		2,980		3,010		7,161		5,300
Other operating expenses		23,162		22,746		25,105		25,057		22,226		45,908		46,870
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

Loans and Deposits

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


	Ending Balance
(Dollars in thousands)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
LOAN PORTFOLIO (7)	2026		2026		2025		2025		2025
Construction and land development * †	$	2,982,968	$	2,592,908	$	2,548,360	$	2,678,971	$	3,323,923
Investor commercial real estate*		18,656,455		18,298,938		17,883,913		17,603,205		16,953,410
Commercial owner occupied real estate		7,852,391		7,671,535		7,576,991		7,529,075		7,497,906
Commercial and industrial		9,378,444		9,385,926		9,181,408		8,644,636		8,445,878
Consumer real estate *		11,034,102		10,573,897		10,450,223		10,202,026		10,038,369
Consumer/other		942,512		973,579		957,632		1,009,998		1,007,761
Total Loans	$	50,846,872	$	49,496,783	$	48,598,527	$	47,667,911	$	47,267,247


*	Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.
†	Includes single family home construction-to-permanent loans of $358.4 million, $360.4 million, $342.8 million, $350.2 million, and $371.1 million for the quarters ended June 30, 2026, March 31, 2036, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.


	Ending Balance
(Dollars in thousands)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
DEPOSITS	2026		2026		2025		2025		2025
Noninterest-bearing checking	$	13,451,094	$	13,650,799	$	13,375,697	$	13,430,459	$	13,719,030
Interest-bearing checking		14,710,312		14,119,614		13,838,558		12,906,408		12,607,205
Savings		2,796,845		2,841,408		2,820,621		2,853,410		2,889,670
Money market		17,531,137		18,014,140		17,751,688		17,251,469		16,772,597
Time deposits		7,860,422		7,249,702		7,359,233		7,631,523		7,708,459
Total Deposits	$	56,349,810	$	55,875,663	$	55,145,797	$	54,073,269	$	53,696,961

Asset Quality

	Ending Balance
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
(Dollars in thousands)	2026		2026		2025		2025		2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	171,264	$	177,158	$	161,975	$	146,751	$	141,910
Accruing loans past due 90 days or more		2,961		6,915		2,997		4,352		3,687
Non-acquired OREO and other nonperforming assets		11,722		8,339		5,273		11,969		17,288
Total non-acquired nonperforming assets		185,947		192,412		170,245		163,072		162,885
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		99,352		116,002		135,179		149,695		151,466
Accruing loans past due 90 days or more		835		1,986		1,944		891		707
Acquired OREO and other nonperforming assets		1,254		18,155		3,901		7,147		8,783
Total acquired nonperforming assets		101,441		136,143		141,024		157,733		160,956
Total nonperforming assets	$	287,388	$	328,555	$	311,269	$	320,805	$	323,841


	Three Months Ended
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
	2026		2026		2025		2025		2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.15 %		1.18 %		1.20 %		1.24 %		1.31 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans		1.30 %		1.32 %		1.35 %		1.38 %		1.45 %
Allowance for credit losses as a percentage of nonperforming loans		213.79 %		193.96 %		193.71 %		195.61 %		208.57 %
Net charge-offs as a percentage of average loans (annualized)		0.06 %		0.09 %		0.09 %		0.27 %		0.21 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *		0.06 %		0.09 %		0.09 %		0.27 %		0.06 %
Total nonperforming assets as a percentage of total assets		0.42 %		0.48 %		0.46 %		0.49 %		0.49 %
Nonperforming loans as a percentage of period end loans		0.54 %		0.61 %		0.62 %		0.63 %		0.63 %

* Excluding acquisition date charge-offs recorded in connection with the Independent merger.

Current Expected Credit Losses ("CECL")

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

Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")

(Dollars in thousands)

Non-PCD ACL

PCD ACL

Total ACL

UFC

Ending balance 3/31/2026

520,619

65,263

585,882

69,229

Charge offs

(10,335)

—

(10,335)

—

Acquired charge offs

(246)

(1,161)

(1,407)

—

Recoveries

2,150

—

2,150

—

Acquired recoveries

320

1,431

1,751

—

Provision for credit losses

13,984

(5,361)

8,623

7,296

Ending balance 6/30/2026

526,492

60,172

586,664

76,525

Period end loans

48,188,080

2,658,792

50,846,872

N/A

Allowance for Credit Losses to Loans

1.09 %

2.26 %

1.15 %

N/A

Unfunded commitments (off balance sheet) †

12,824,707

Reserve to unfunded commitments (off balance sheet)

0.60 %

† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.

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.


(Dollars in thousands)	Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Jun. 30, 2026		Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025
Net income (GAAP)	$	230,022	$	225,820	$	247,722	$	246,641	$	215,224
Provision for credit losses		15,919		10,808		6,605		5,085		7,505
Income tax provision		68,985		65,551		67,686		74,715		66,975
Merger, branch consolidation, severance related and other expense (8)		—		—		4,494		20,889		24,379
FDIC special assessment		—		—		(3,835)		—		—
Pre-provision net revenue (PPNR) (Non-GAAP)	$	314,926	$	302,179	$	322,672	$	347,330	$	314,083


(Dollars in thousands)	Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)	Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025
Net interest income (GAAP)	$	575,949		$	561,605		$	581,115		$	599,697		$	577,948
Total average interest-earning assets		61,133,759			60,201,176			59,872,113			58,727,110			57,710,001
NIM, non-tax equivalent		3.78	%		3.78	%		3.85	%		4.05	%		4.02	%

Tax equivalent adjustment (included in NIM, TE)		751			760			800			718			672
Net interest income, tax equivalent (Non-GAAP)	$	576,700		$	562,365		$	581,915		$	600,415		$	578,620
NIM, TE (Non-GAAP)		3.78	%		3.79	%		3.86	%		4.06	%		4.02	%


	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,
RECONCILIATION OF GAAP TO NON-GAAP	2026			2026			2025			2025			2025			2026			2025
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)
PCL - Non-PCD loans and UFC, 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

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)	$	2.36		$	2.29		$	2.48		$	2.44		$	2.12		$	4.66		$	3.00
Effect to adjust for securities losses, net of tax		—			—			—			—			—			—			1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			—			—			—			—			(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			—			—			—			—			0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—			—			0.03			0.16			0.18			—			0.70
Effect to adjust for deferred tax asset remeasurement		—			—			—			—			—			—			0.06
Effect to adjust for FDIC special assessment, net of tax		—			—			(0.03)			—			—			—			—
Adjusted net income per common share - Basic (non-GAAP)	$	2.36		$	2.29		$	2.48		$	2.60		$	2.30		$	4.66		$	4.47

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)	$	2.35		$	2.28		$	2.46		$	2.42		$	2.11		$	4.64		$	2.99
Effect to adjust for securities losses, net of tax		—			—			—			—			—			—			1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			—			—			—			—			(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			—			—			—			—			0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—			—			0.04			0.16			0.19			—			0.70
Effect to adjust for deferred tax remeasurement		—			—			—			—			—			—			0.05
Effect to adjust for FDIC special assessment, net of tax		—			—			(0.03)			—			—			—			—
Adjusted net income per common share - Diluted (non-GAAP)	$	2.35		$	2.28		$	2.47		$	2.58		$	2.30		$	4.64		$	4.45

Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)		1.36	%		1.37	%		1.47	%		1.49	%		1.34	%		1.36	%		0.95	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.56	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(0.56)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.23	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		0.03	%		0.10	%		0.11	%		—	%		0.22	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.02	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		(0.02)	%		—	%		—	%		—	%		—	%
Adjusted return on average assets (non-GAAP)		1.36	%		1.37	%		1.48	%		1.59	%		1.45	%		1.36	%		1.42	%

Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)		10.19	%		10.11	%		10.90	%		11.04	%		9.93	%		10.15	%		7.17	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		4.21	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(4.22)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		1.69	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		0.15	%		0.71	%		0.86	%		—	%		1.70	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.13	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		(0.13)	%		—	%		—	%		—	%		—	%
Adjusted return on average common equity (non-GAAP)		10.19	%		10.11	%		10.92	%		11.75	%		10.79	%		10.15	%		10.68	%

Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)		10.19	%		10.11	%		10.90	%		11.04	%		9.93	%		10.15	%		7.17	%
Effect to adjust for intangible assets		7.43	%		7.48	%		8.20	%		8.58	%		8.24	%		7.45	%		6.56	%
Return on average tangible equity (non-GAAP)		17.62	%		17.59	%		19.10	%		19.62	%		18.17	%		17.60	%		13.73	%

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)		10.19	%		10.11	%		10.90	%		11.04	%		9.93	%		10.15	%		7.17	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		4.21	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(4.22)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		1.69	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		0.15	%		0.71	%		0.86	%		—	%		1.70	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.13	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		(0.13)	%		—	%		—	%		—	%		—	%
Effect to adjust for intangible assets, net of tax		7.43	%		7.48	%		8.22	%		9.06	%		8.82	%		7.45	%		9.04	%
Adjusted return on average common tangible equity (non-GAAP)		17.62	%		17.59	%		19.14	%		20.81	%		19.61	%		17.60	%		19.72	%


	Three Months Ended															Six Months Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP	2026			2026			2025			2025			2025			2026			2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio		50.00	%		51.05	%		49.65	%		49.88	%		52.75	%		50.52	%		56.75	%
Effect to adjust for securities losses		—	%		—	%		—	%		—	%		—	%		—	%		(7.44)	%
Effect to adjust for gain on sale leaseback, net of transaction costs		—	%		—	%		—	%		—	%		—	%		—	%		7.46	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		(0.65)	%		(2.99)	%		(3.66)	%		—	%		(7.12)	%
Effect to adjust for FDIC special assessment		—	%		—	%		0.56	%		—	%		—	%		—	%		—	%
Adjusted efficiency ratio (non-GAAP)		50.00	%		51.05	%		49.56	%		46.89	%		49.09	%		50.52	%		49.65	%

Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)	$	94.17		$	92.21		$	91.38		$	89.14		$	86.71
Effect to adjust for intangible assets		(35.45)			(35.31)			(35.11)			(34.66)			(34.75)
Tangible book value per common share (non-GAAP)	$	58.72		$	56.90		$	56.27		$	54.48		$	51.96

Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)		13.25	%		13.28	%		13.48	%		13.64	%		13.36	%
Effect to adjust for intangible assets		(4.55)	%		(4.64)	%		(4.72)	%		(4.83)	%		(4.90)	%
Tangible equity-to-tangible assets (non-GAAP)		8.70	%		8.64	%		8.76	%		8.81	%		8.46	%


Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.

Footnotes to tables:

(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $33.1 million, $38.8 million, $50.3 million, $83.0 million, and $63.5 million during the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $71.8 million and $125.3 million during the six months ended June 30, 2026 and 2025, respectively.
(2)	Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that 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. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, and $24.4 million for the quarters ended December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $92.4 million during the six months ended June 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the six months ended June 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the six months ended June 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the six months ended June 30, 2025.
(3)	The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. 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. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.
(4)	Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $21.0 million, $21.3 million, $23.4 million, $23.4 million, and $24.0 million for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $42.3 million and $47.9 million for the six months ended June 30, 2026 and 2025, respectively.
(5)	The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)	June 30, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)	Loan data excludes loans held for sale.
(8)	Includes pre-tax cyber incident net reimbursement of $(3.6) million for the quarters ended June 30, 2025 and $(3.5) million for the six months ended June 30, 2025.

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