SouthState Bank Corporation Reports First Quarter 2026 Results, Declares Quarterly Cash Dividend

PR Newswire

WINTER HAVEN, Fla., April 23, 2026

WINTER HAVEN, Fla., April 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 period ended March 31, 2026.

"SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John C. Corbett, SouthState's Chief Executive Officer. "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth. Asset quality remains strong, with annualized net charge-offs of just 9 basis points. In terms of profitability, we delivered a return on average assets of 1.37%. Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares — underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."

Highlights of the first quarter of 2026 include:

Returns

Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.28, up 162% year over year on a reported basis and 6% year over year on an adjusted basis
Net Income of $225.8 million
Return on Average Common Equity of 10.1%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%*
Return on Average Assets ("ROAA") of 1.37%*
Book Value per Share of $92.21
Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.90, an increase of 14% year over year, after raising the dividend by 11%, and repurchasing nearly 4% of the Company's shares

Performance

Net Interest Income of $562 million, an increase of $17 million, or 3%, year over year and a decrease of $20 million, or 3%, compared to the prior quarter
Noninterest Income of $100 million, an increase of $14 million year over year and a decrease of $6 million compared to the prior quarter, driven primarily by correspondent banking and capital markets income; Noninterest Income represented 0.61% of average assets for the first quarter of 2026*
Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% and 3.79%, respectively
Net charge-offs totaled $10.5 million, or 0.09%* of average loans
$10.8 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.32% of loans
Efficiency Ratio of 51%

Balance Sheet

Loans increased by $898 million, or 7%*, and deposits increased by $730 million, or 5%*; ending loan to deposit ratio of 89%
Total loan yield of 5.96%, down 0.17% from prior quarter
Total deposit cost of 1.76%, down 0.06% from prior quarter
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.6%, 13.7%, 9.4%, and 11.3%, respectively^†

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 May 15, 2026 to shareholders of record as of May 8, 2026

^∗ Annualized percentages
^† Preliminary

Financial Performance

	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
INCOME STATEMENT	2026		2025		2025		2025		2025
Interest Income
Loans, including fees (1)	$	721,571	$	748,106	$	782,382	$	746,448	$	724,640
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		95,258		100,640		99,300		94,056		83,926
Total interest income		816,829		848,746		881,682		840,504		808,566
Interest Expense
Deposits		238,522		250,189		257,271		241,593		245,957
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		16,702		17,442		24,714		20,963		18,062
Total interest expense		255,224		267,631		281,985		262,556		264,019
Net Interest Income		561,605		581,115		599,697		577,948		544,547
Provision for credit losses		10,808		6,605		5,085		7,505		100,562
Net Interest Income after Provision for Credit Losses		550,797		574,510		594,612		570,443		443,985
Noninterest Income
Operating income		100,098		105,753		99,086		86,817		85,620
Securities losses, net		—		—		—		—		(228,811)
Gain on sale leaseback, net of transaction costs		—		—		—		—		229,279
Total noninterest income		100,098		105,753		99,086		86,817		86,088
Noninterest Expense
Operating expense		359,524		364,196		351,453		350,682		340,820
Merger, branch consolidation, severance related, and other expense (8)		—		4,494		20,889		24,379		68,006
FDIC special assessment		—		(3,835)		—		—		—
Total noninterest expense		359,524		364,855		372,342		375,061		408,826
Income before Income Tax Provision		291,371		315,408		321,356		282,199		121,247
Income tax provision		65,551		67,686		74,715		66,975		32,167
Net Income	$	225,820	$	247,722	$	246,641	$	215,224	$	89,080

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	225,820	$	247,722	$	246,641	$	215,224	$	89,080
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		53,094
Deferred tax asset remeasurement		—		—		—		—		5,581
FDIC special assessment, net of tax		—		(3,012)		—		—		—
Adjusted Net Income (non-GAAP)	$	225,820	$	248,239	$	262,673	$	233,817	$	219,282

Basic earnings per common share	$	2.29	$	2.48	$	2.44	$	2.12	$	0.88
Diluted earnings per common share	$	2.28	$	2.46	$	2.42	$	2.11	$	0.87
Adjusted net income per common share - Basic (non-GAAP) (2)	$	2.29	$	2.48	$	2.60	$	2.30	$	2.16
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	2.28	$	2.47	$	2.58	$	2.30	$	2.15
Dividends per common share	$	0.60	$	0.60	$	0.60	$	0.54	$	0.54
Basic weighted-average common shares outstanding		98,544,242		100,063,315		101,218,431		101,495,456		101,409,624
Diluted weighted-average common shares outstanding		98,922,258		100,618,796		101,735,095		101,845,360		101,828,600
Effective tax rate		22.50 %		21.46 %		23.25 %		23.73 %		26.53 %
Adjusted effective tax rate		22.50 %		21.46 %		23.25 %		23.73 %		21.93 %

Performance and Capital Ratios

	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2026			2025			2025			2025			2025
PERFORMANCE RATIOS
Return on average assets (annualized)		1.37	%		1.47	%		1.49	%		1.34	%		0.56	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.37	%		1.48	%		1.59	%		1.45	%		1.38	%
Return on average common equity (annualized)		10.11	%		10.90	%		11.04	%		9.93	%		4.29	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		10.11	%		10.92	%		11.75	%		10.79	%		10.56	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		17.59	%		19.10	%		19.62	%		18.17	%		8.99	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		17.59	%		19.14	%		20.81	%		19.61	%		19.85	%
Efficiency ratio (tax equivalent)		51.05	%		49.65	%		49.88	%		52.75	%		60.97	%
Adjusted efficiency ratio (non-GAAP) (4)		51.05	%		49.56	%		46.89	%		49.09	%		50.24	%
Dividend payout ratio (5)		26.12	%		24.23	%		24.59	%		25.47	%		61.45	%
Book value per common share	$	92.21		$	91.38		$	89.14		$	86.71		$	84.99
Tangible book value per common share (non-GAAP) (3)	$	56.90		$	56.27		$	54.48		$	51.96		$	50.07

CAPITAL RATIOS
Equity-to-assets		13.3	%		13.5	%		13.6	%		13.4	%		13.2	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.6	%		8.8	%		8.8	%		8.5	%		8.2	%
Tier 1 leverage (6)		9.4	%		9.3	%		9.4	%		9.2	%		8.9	%
Tier 1 common equity (6)		11.3	%		11.4	%		11.5	%		11.2	%		11.0	%
Tier 1 risk-based capital (6)		11.3	%		11.4	%		11.5	%		11.2	%		11.0	%
Total risk-based capital (6)		13.7	%		13.8	%		14.0	%		14.5	%		13.7	%

Balance Sheet

	Ending Balance
(Dollars in thousands, except per share and share data)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
BALANCE SHEET	2026		2025		2025		2025		2025
Assets
Cash and due from banks	$	598,218	$	583,375	$	582,792	$	755,798	$	688,153
Federal funds sold and interest-earning deposits with banks		2,268,864		2,589,108		2,561,663		2,708,308		2,611,537
Cash and cash equivalents		2,867,082		3,172,483		3,144,455		3,464,106		3,299,690

Trading securities, at fair value		117,590		110,183		107,519		95,306		107,401
Investment securities:
Securities held to maturity		2,007,249		2,048,030		2,096,727		2,145,991		2,195,980
Securities available for sale, at fair value		6,530,348		6,313,756		6,042,800		5,927,867		5,853,369
Other investments		370,924		353,428		366,218		357,487		345,695
Total investment securities		8,908,521		8,715,214		8,505,745		8,431,345		8,395,044
Loans held for sale		327,935		345,343		346,673		318,985		357,918
Loans:
Purchased credit deteriorated		2,818,360		2,977,499		3,160,359		3,409,186		3,634,490
Purchased non-credit deteriorated		10,714,489		11,232,414		11,877,828		12,492,553		13,084,853
Non-acquired		35,963,934		34,388,614		32,629,724		31,365,508		30,047,389
Less allowance for credit losses		(585,882)		(585,197)		(590,133)		(621,046)		(623,690)
Loans, net		48,910,901		48,013,330		47,077,778		46,646,201		46,143,042
Premises and equipment, net		993,584		994,176		961,510		964,878		946,334
Bank owned life insurance		1,302,382		1,293,574		1,285,532		1,280,632		1,273,472
Mortgage servicing rights		90,018		84,032		84,491		85,836		87,742
Core deposit and other intangibles		364,686		386,326		409,890		433,458		455,443
Goodwill		3,094,059		3,094,059		3,094,059		3,094,059		3,088,059
Other assets		1,002,465		988,692		1,030,558		1,078,516		981,309
Total assets	$	67,979,223	$	67,197,412	$	66,048,210	$	65,893,322	$	65,135,454

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,650,799	$	13,375,697	$	13,430,459	$	13,719,030	$	13,757,255
Interest-bearing		42,224,864		41,770,100		40,642,810		39,977,931		39,580,360
Total deposits		55,875,663		55,145,797		54,073,269		53,696,961		53,337,615
Federal funds purchased and securities
sold under agreements to repurchase		643,386		618,215		594,092		630,558		679,337
Other borrowings		696,642		696,536		696,429		1,099,705		752,798
Reserve for unfunded commitments		69,229		69,619		68,538		64,693		62,253
Other liabilities		1,663,387		1,608,137		1,604,756		1,600,271		1,679,090
Total liabilities		58,948,307		58,138,304		57,037,084		57,092,188		56,511,093

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		244,844		247,845		252,723		253,745		253,698
Surplus		6,332,285		6,480,471		6,647,952		6,679,028		6,667,277
Retained earnings		2,779,896		2,614,173		2,426,463		2,240,470		2,080,053
Accumulated other comprehensive loss		(326,109)		(283,381)		(316,012)		(372,109)		(376,667)
Total shareholders' equity		9,030,916		9,059,108		9,011,126		8,801,134		8,624,361
Total liabilities and shareholders' equity	$	67,979,223	$	67,197,412	$	66,048,210	$	65,893,322	$	65,135,454

Common shares issued and outstanding		97,937,653		99,138,204		101,089,231		101,498,000		101,479,065

Net Interest Income and Margin

	Three Months Ended
	Mar. 31, 2026					Dec. 31, 2025					Mar. 31, 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	$	1,881,020	$	15,792	3.40 %	$	2,703,627	$	25,580	3.75 %	$	2,199,800	$	22,540	4.16 %
Investment securities		9,221,416		79,466	3.49 %		8,760,360		75,060	3.40 %		8,325,775		61,386	2.99 %
Loans held for sale		223,084		3,732	6.78 %		298,600		5,201	6.91 %		174,833		3,678	8.53 %
Total loans held for investment		48,875,656		717,839	5.96 %		48,109,526		742,905	6.13 %		46,797,045		720,962	6.25 %
Total interest-earning assets		60,201,176		816,829	5.50 %		59,872,113		848,746	5.62 %		57,497,453		808,566	5.70 %
Noninterest-earning assets		6,726,355					6,767,257					6,785,973
Total Assets	$	66,927,531				$	66,639,370				$	64,283,426

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts	$	31,499,841	$	172,453	2.22 %	$	30,598,366	$	178,129	2.31 %	$	29,249,015	$	176,949	2.45 %
Savings deposits		2,822,510		1,642	0.24 %		2,834,358		1,827	0.26 %		2,904,961		1,944	0.27 %
Certificates and other time deposits		7,215,388		64,427	3.62 %		7,560,350		70,233	3.69 %		7,165,188		67,064	3.80 %
Federal funds purchased		295,207		2,635	3.62 %		334,401		3,297	3.91 %		323,400		3,479	4.36 %
Repurchase agreements		319,873		1,561	1.98 %		294,259		1,462	1.97 %		298,305		1,430	1.94 %
Other borrowings		696,597		12,506	7.28 %		696,485		12,683	7.22 %		812,136		13,153	6.57 %
Total interest-bearing liabilities		42,849,416		255,224	2.42 %		42,318,219		267,631	2.51 %		40,753,005		264,019	2.63 %
Noninterest-bearing deposits		13,359,214					13,644,784					13,493,329
Other noninterest-bearing liabilities		1,661,672					1,656,851					1,618,980
Shareholders' equity		9,057,229					9,019,516					8,418,112
Total Non-IBL and shareholders' equity		24,078,115					24,321,151					23,530,421
Total Liabilities and Shareholders' Equity	$	66,927,531				$	66,639,370				$	64,283,426
Net Interest Income and Margin (Non-Tax Equivalent)			$	561,605	3.78 %			$	581,115	3.85 %			$	544,547	3.84 %
Net Interest Margin (Tax Equivalent) (non-GAAP)					3.79 %					3.86 %					3.85 %
Total Deposit Cost (without Debt and Other Borrowings)					1.76 %					1.82 %					1.89 %
Overall Cost of Funds (including Demand Deposits)					1.84 %					1.90 %					1.97 %

Total Accretion on Acquired Loans (1)			$	38,786				$	50,327				$	61,798
Tax Equivalent ("TE") Adjustment			$	760				$	800				$	784

• The remaining loan discount on acquired loans to be accreted into loan interest income totals $219.0 million as of March 31, 2026.

Noninterest Income and Expense

	Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
(Dollars in thousands)	2026		2025		2025		2025		2025
Noninterest Income:
Fees on deposit accounts	$	38,699	$	41,950	$	42,572	$	37,869	$	35,933
Mortgage banking income		11,016		5,158		5,462		5,936		7,737
Trust and investment services income		14,471		14,684		14,157		14,419		14,932
Correspondent banking and capital markets income		24,427		30,638		25,522		19,161		16,715
Expense on centrally-cleared variation margin		(3,000)		(3,167)		(4,318)		(5,394)		(7,170)
Total correspondent banking and capital markets income		21,427		27,471		21,204		13,767		9,545
Bank owned life insurance income		9,494		9,633		10,597		9,153		10,199
Other		4,991		6,857		5,094		5,673		7,275
Securities losses, net		—		—		—		—		(228,811)
Gain on sale leaseback, net of transaction costs		—		—		—		—		229,279
Total Noninterest Income	$	100,098	$	105,753	$	99,086	$	86,817	$	86,088

Noninterest Expense:
Salaries and employee benefits	$	205,653	$	202,714	$	199,148	$	200,162	$	195,811
Occupancy expense		42,302		42,567		40,874		41,507		35,493
Information services expense		29,704		30,443		28,988		30,155		31,362
OREO and loan related expense		4,378		867		5,427		2,295		1,784
Business development and staff related		11,362		13,485		8,907		7,182		6,510
Amortization of intangibles		21,304		23,417		23,426		24,048		23,831
Professional fees		5,239		7,410		4,994		4,658		4,709
Supplies and printing expense		3,254		3,594		3,278		3,970		3,128
FDIC assessment and other regulatory charges		10,257		9,884		8,374		11,469		11,258
Advertising and marketing		3,325		4,710		2,980		3,010		2,290
Other operating expenses		22,746		25,105		25,057		22,226		24,644
Merger, branch consolidation, severance related and other expense (8)		—		4,494		20,889		24,379		68,006
FDIC special assessment		—		(3,835)		—		—		—
Total Noninterest Expense	$	359,524	$	364,855	$	372,342	$	375,061	$	408,826

Loans and Deposits

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

	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
LOAN PORTFOLIO (7)	2026		2025		2025		2025		2025
Construction and land development * †	$	2,592,908	$	2,548,360	$	2,678,971	$	3,323,923	$	3,497,909
Investor commercial real estate*		18,298,938		17,883,913		17,603,205		16,953,410		16,822,119
Commercial owner occupied real estate		7,671,535		7,576,991		7,529,075		7,497,906		7,417,116
Commercial and industrial		9,385,926		9,181,408		8,644,636		8,445,878		8,106,484
Consumer real estate *		10,573,897		10,450,223		10,202,026		10,038,369		9,838,952
Consumer/other		973,579		957,632		1,009,998		1,007,761		1,084,152
Total Loans	$	49,496,783	$	48,598,527	$	47,667,911	$	47,267,247	$	46,766,732

* 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 $360.4 million, $342.8 million, $350.2 million, $371.1 million, and $343.5 million for the quarters ended March 31, 2036, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
DEPOSITS	2026		2025		2025		2025		2025
Noninterest-bearing checking	$	13,650,799	$	13,375,697	$	13,430,459	$	13,719,030	$	13,757,255
Interest-bearing checking		14,119,614		13,838,558		12,906,408		12,607,205		12,034,973
Savings		2,841,408		2,820,621		2,853,410		2,889,670		2,939,407
Money market		18,014,140		17,751,688		17,251,469		16,772,597		17,447,738
Time deposits		7,249,702		7,359,233		7,631,523		7,708,459		7,158,242
Total Deposits	$	55,875,663	$	55,145,797	$	54,073,269	$	53,696,961	$	53,337,615

Asset Quality

	Ending Balance
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
(Dollars in thousands)	2026		2025		2025		2025		2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	177,158	$	161,975	$	146,751	$	141,910	$	151,673
Accruing loans past due 90 days or more		6,915		2,997		4,352		3,687		3,273
Non-acquired OREO and other nonperforming assets		8,339		5,273		11,969		17,288		2,290
Total non-acquired nonperforming assets		192,412		170,245		163,072		162,885		157,236
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		116,002		135,179		149,695		151,466		116,691
Accruing loans past due 90 days or more		1,986		1,944		891		707		537
Acquired OREO and other nonperforming assets		18,155		3,901		7,147		8,783		5,976
Total acquired nonperforming assets		136,143		141,024		157,733		160,956		123,204
Total nonperforming assets	$	328,555	$	311,269	$	320,805	$	323,841	$	280,440


	Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2026		2025		2025		2025		2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.18 %		1.20 %		1.24 %		1.31 %		1.33 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans		1.32 %		1.35 %		1.38 %		1.45 %		1.47 %
Allowance for credit losses as a percentage of nonperforming loans		193.96 %		193.71 %		195.61 %		208.57 %		229.15 %
Net charge-offs as a percentage of average loans (annualized)		0.09 %		0.09 %		0.27 %		0.21 %		0.38 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *		0.09 %		0.09 %		0.27 %		0.06 %		0.04 %
Total nonperforming assets as a percentage of total assets		0.48 %		0.46 %		0.49 %		0.49 %		0.43 %
Nonperforming loans as a percentage of period end loans		0.61 %		0.62 %		0.63 %		0.63 %		0.58 %

* 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 first 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 12/31/2025

516,041

69,156

585,197

69,619

Charge offs

(12,848)

—

(12,848)

—

Acquired charge offs

(747)

(839)

(1,586)

—

Recoveries

2,805

—

2,805

—

Acquired recoveries

228

888

1,116

—

Provision for credit losses

15,140

(3,942)

11,198

(390)

Ending balance 3/31/2026

520,619

65,263

585,882

69,229

Period end loans

46,678,423

2,818,360

49,496,783

N/A

Allowance for Credit Losses to Loans

1.12 %

2.32 %

1.18 %

N/A

Unfunded commitments (off balance sheet) †

12,009,859

Reserve to unfunded commitments (off balance sheet)

0.58 %

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

Conference Call

The Company will host a conference call to discuss its first quarter results at 9:00 a.m. Eastern Time on April 24, 2026. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of April 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)	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
Net income (GAAP)	$	225,820		$	247,722		$	246,641		$	215,224		$	89,080
Provision (recovery) for credit losses		10,808			6,605			5,085			7,505			100,562
Income tax provision		65,551			67,686			74,715			66,975			26,586
Income tax provision - deferred tax asset remeasurement		—			—			—			—			5,581
Securities losses, net		—			—			—			—			228,811
Gain on sale leaseback, net of transaction costs		—			—			—			—			(229,279)
Merger, branch consolidation, severance related and other expense (8)		—			4,494			20,889			24,379			68,006
FDIC special assessment		—			(3,835)			—			—			—
Pre-provision net revenue (PPNR) (Non-GAAP)	$	302,179		$	322,672		$	347,330		$	314,083		$	289,347



(Dollars in thousands)	Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
Net interest income (GAAP)	$	561,605		$	581,115		$	599,697		$	577,948		$	544,547
Total average interest-earning assets		60,201,176			59,872,113			58,727,110			57,710,001			57,497,453
NIM, non-tax equivalent		3.78	%		3.85	%		4.05	%		4.02	%		3.84	%

Tax equivalent adjustment (included in NIM, TE)		760			800			718			672			784
Net interest income, tax equivalent (Non-GAAP)	$	562,365		$	581,915		$	600,415		$	578,620		$	545,331
NIM, TE (Non-GAAP)		3.79	%		3.86	%		4.06	%		4.02	%		3.85	%



	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2026			2025			2025			2025			2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	225,820		$	247,722		$	246,641		$	215,224		$	89,080
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			53,094
Deferred tax asset remeasurement		—			—			—			—			5,581
FDIC special assessment, net of tax		—			(3,012)			—			—			—
Adjusted net income (non-GAAP)	$	225,820		$	248,239		$	262,673		$	233,817		$	219,282

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)	$	2.29		$	2.48		$	2.44		$	2.12		$	0.88
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		—			—			—			—			(1.77)
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			0.52
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)	$	2.29		$	2.48		$	2.60		$	2.30		$	2.16

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)	$	2.28		$	2.46		$	2.42		$	2.11		$	0.87
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			0.52
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)	$	2.28		$	2.47		$	2.58		$	2.30		$	2.15

Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)		1.37	%		1.47	%		1.49	%		1.34	%		0.56	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		1.13	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		(1.13)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		0.45	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		—	%		0.03	%		0.10	%		0.11	%		0.33	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		0.04	%
Effect to adjust for FDIC special assessment, net of tax		—	%		(0.02)	%		—	%		—	%		—	%
Adjusted return on average assets (non-GAAP)		1.37	%		1.48	%		1.59	%		1.45	%		1.38	%

Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)		10.11	%		10.90	%		11.04	%		9.93	%		4.29	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		8.61	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		(8.63)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		3.46	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		—	%		0.15	%		0.71	%		0.86	%		2.56	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		0.27	%
Effect to adjust for FDIC special assessment, net of tax		—	%		(0.13)	%		—	%		—	%		—	%
Adjusted return on average common equity (non-GAAP)		10.11	%		10.92	%		11.75	%		10.79	%		10.56	%

Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)		10.11	%		10.90	%		11.04	%		9.93	%		4.29	%
Effect to adjust for intangible assets		7.48	%		8.20	%		8.58	%		8.24	%		4.70	%
Return on average tangible equity (non-GAAP)		17.59	%		19.10	%		19.62	%		18.17	%		8.99	%

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)		10.11	%		10.90	%		11.04	%		9.93	%		4.29	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		8.61	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		(8.63)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		3.46	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		—	%		0.15	%		0.71	%		0.86	%		2.56	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		0.27	%
Effect to adjust for FDIC special assessment, net of tax		—	%		(0.13)	%		—	%		—	%		—	%
Effect to adjust for intangible assets, net of tax		7.48	%		8.22	%		9.06	%		8.82	%		9.29	%
Adjusted return on average common tangible equity (non-GAAP)		17.59	%		19.14	%		20.81	%		19.61	%		19.85	%



	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2026			2025			2025			2025			2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio		51.05	%		49.65	%		49.88	%		52.75	%		60.97	%
Effect to adjust for securities losses		—	%		—	%		—	%		—	%		(13.35)	%
Effect to adjust for gain on sale leaseback, net of transaction costs		—	%		—	%		—	%		—	%		13.39	%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)		—	%		(0.65)	%		(2.99)	%		(3.66)	%		(10.77)	%
Effect to adjust for FDIC special assessment		—	%		0.56	%		—	%		—	%		—	%
Adjusted efficiency ratio		51.05	%		49.56	%		46.89	%		49.09	%		50.24	%

Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)	$	92.21		$	91.38		$	89.14		$	86.71		$	84.99
Effect to adjust for intangible assets		(35.31)			(35.11)			(34.66)			(34.75)			(34.92)
Tangible book value per common share (non-GAAP)	$	56.90		$	56.27		$	54.48		$	51.96		$	50.07

Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)		13.28	%		13.48	%		13.64	%		13.36	%		13.24	%
Effect to adjust for intangible assets		(4.64)	%		(4.72)	%		(4.83)	%		(4.90)	%		(4.99)	%
Tangible equity-to-tangible assets (non-GAAP)		8.64	%		8.76	%		8.81	%		8.46	%		8.25	%

			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 $38.8 million, $50.3 million, $83.0 million, $63.5 million, and $61.8 million during the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 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, $24.4 million, and $68.0 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively; (b) pre-tax net securities losses of $(228,811) for the quarter ended March 31, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025; (d) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 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 sale leaseback, 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 $21.3 million, $23.4 million, $23.4 million, $24.0 million, and $23.8 million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 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)	March 31, 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)/costs of $3,000, $(3.6) million, and $111,000 for the quarters ended September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

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