Exhibit 99.1

img134967843_0.jpg

 

SouthState Bank Corporation Reports Third Quarter 2026 Results

Declares Quarterly Cash Dividend

For Immediate Release

Media Contact

Jackie Smith, 803.231.3486

WINTER HAVEN, FL – October 21, 2026 – 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, 2026.

 

“The third quarter was marked by strong balance sheet growth and a stable net interest margin,” said John C. Corbett, SouthState’s chief executive officer. “Loans and deposits each grew at a 9% annualized rate, with growth broad-based across our geographies and business lines, and boosted by the bankers we've added over the past year. Asset quality remains favorable, and while capital markets activity softened as treasury yields rose, the core franchise continues to perform well.”

 

Highlights of the third quarter of 2026 include:

Returns

•
Reported diluted Earnings per Share (“EPS”) and Adjusted Diluted EPS (Non-GAAP) of $2.30
•
Net Income of $224 million
•
Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 16.6%*
•
Return on Average Assets (“ROAA”) of 1.29%*
•
Book Value per Share of $93.51
•
Tangible Book Value (“TBV”) per Share (Non-GAAP) of $58.19, an increase of 7% year over year, after raising the dividend by 10%, and repurchasing nearly 5% of the Company’s shares over the past year

Performance

•
Net Interest Income of $592 million, an increase of $16 million, or 3%, compared to the prior quarter
•
Noninterest Income of $94 million, compared to $97 million in the prior quarter; Noninterest Income represented 0.54%* of average assets, compared to 0.57%* in the prior quarter
•
Noninterest Expense of $375 million, an increase of $17 million compared to the prior quarter primarily due to an increase in salaries and employee benefits expense; compensation expense increases were due to July 1 merit increases, successful execution of the revenue producer hiring initiative, higher incentive accruals, and a reduction in deferred loan costs compared to the prior quarter
•
Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 3.77% and 3.78%, respectively; loan accretion income of $27 million, a decrease of $6 million compared to the prior quarter and a decrease of $56 million year over year
•
Net charge-offs totaled $12 million, or 0.09%* of average loans
•
$20 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.29% of loans
•
Efficiency Ratio of 52%

Balance Sheet

•
Loans increased by $1.2 billion, or 9%*, compared to the prior quarter and increased by $4.4 billion, or 9%, year over year; deposits increased by $1.3 billion, or 9%*, and increased by $3.6 billion, or 7%, year over year; ending loan to deposit ratio of 90%
•
Total deposit cost of 1.80%, up 0.04% from the prior quarter
•
Repurchased a total of 250,000 shares during the quarter at a weighted average price of $104.45
•
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.4%, 13.5%, 9.4%, and 11.1%, respectively†

Subsequent Events

•
The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.66 per share, payable on November 13, 2026 to shareholders of record as of November 6, 2026

 

∗ Annualized percentages

† Preliminary

 

 

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

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

2026

 

 

2025

 

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Loans, including fees (1)

 

$

 

772,100

 

 

$

 

744,652

 

 

$

 

721,571

 

 

$

 

748,106

 

 

$

 

782,382

 

 

$

 

2,238,322

 

 

$

 

2,253,471

 

 

   Investment and trading securities, federal funds sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       and securities purchased under agreements to resell

 

 

 

92,756

 

 

 

 

93,607

 

 

 

 

95,258

 

 

 

 

100,640

 

 

 

 

99,300

 

 

 

 

281,622

 

 

 

 

277,281

 

 

Total interest income

 

 

 

864,856

 

 

 

 

838,259

 

 

 

 

816,829

 

 

 

 

848,746

 

 

 

 

881,682

 

 

 

 

2,519,944

 

 

 

 

2,530,752

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Deposits

 

 

 

256,051

 

 

 

 

244,216

 

 

 

 

238,522

 

 

 

 

250,189

 

 

 

 

257,271

 

 

 

 

738,789

 

 

 

 

744,820

 

 

   Federal funds purchased, securities sold under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       agreements to repurchase, and other borrowings

 

 

 

17,287

 

 

 

 

18,094

 

 

 

 

16,702

 

 

 

 

17,442

 

 

 

 

24,714

 

 

 

 

52,083

 

 

 

 

63,740

 

 

Total interest expense

 

 

 

273,338

 

 

 

 

262,310

 

 

 

 

255,224

 

 

 

 

267,631

 

 

 

 

281,985

 

 

 

 

790,872

 

 

 

 

808,560

 

 

Net Interest Income

 

 

 

591,518

 

 

 

 

575,949

 

 

 

 

561,605

 

 

 

 

581,115

 

 

 

 

599,697

 

 

 

 

1,729,072

 

 

 

 

1,722,192

 

 

  Provision for credit losses ("PCL")

 

 

 

20,345

 

 

 

 

15,919

 

 

 

 

10,808

 

 

 

 

6,605

 

 

 

 

5,085

 

 

 

 

47,072

 

 

 

 

113,152

 

 

Net Interest Income after PCL

 

 

 

571,173

 

 

 

 

560,030

 

 

 

 

550,797

 

 

 

 

574,510

 

 

 

 

594,612

 

 

 

 

1,682,000

 

 

 

 

1,609,040

 

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

93,911

 

 

 

 

96,726

 

 

 

 

100,098

 

 

 

 

105,753

 

 

 

 

99,086

 

 

 

 

290,735

 

 

 

 

271,523

 

 

Securities losses, net

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(228,811

)

 

Gain on sale leaseback, net of transaction costs

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

229,279

 

 

Total noninterest income

 

 

 

93,911

 

 

 

 

96,726

 

 

 

 

100,098

 

 

 

 

105,753

 

 

 

 

99,086

 

 

 

 

290,735

 

 

 

 

271,991

 

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

374,763

 

 

 

 

357,749

 

 

 

 

359,524

 

 

 

 

364,196

 

 

 

 

351,453

 

 

 

 

1,092,036

 

 

 

 

1,042,955

 

 

Merger, branch consolidation, severance related,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       and other expense (8)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,494

 

 

 

 

20,889

 

 

 

 

—

 

 

 

 

113,274

 

 

FDIC special assessment

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,835

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

Total noninterest expense

 

 

 

374,763

 

 

 

 

357,749

 

 

 

 

359,524

 

 

 

 

364,855

 

 

 

 

372,342

 

 

 

 

1,092,036

 

 

 

 

1,156,229

 

 

Income before Income Tax Provision

 

 

 

290,321

 

 

 

 

299,007

 

 

 

 

291,371

 

 

 

 

315,408

 

 

 

 

321,356

 

 

 

 

880,699

 

 

 

 

724,802

 

 

Income tax provision

 

 

 

66,523

 

 

 

 

68,985

 

 

 

 

65,551

 

 

 

 

67,686

 

 

 

 

74,715

 

 

 

 

201,059

 

 

 

 

173,857

 

 

Net Income

 

$

 

223,798

 

 

$

 

230,022

 

 

$

 

225,820

 

 

$

 

247,722

 

 

$

 

246,641

 

 

$

 

679,640

 

 

$

 

550,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP)

 

$

 

223,798

 

 

$

 

230,022

 

 

$

 

225,820

 

 

$

 

247,722

 

 

$

 

246,641

 

 

$

 

679,640

 

 

$

 

550,945

 

 

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

 

 

 

 

—

 

 

 

 

87,719

 

 

Deferred tax asset remeasurement

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,581

 

 

FDIC special assessment, net of tax

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,012

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

Adjusted Net Income (non-GAAP)

 

$

 

223,798

 

 

$

 

230,022

 

 

$

 

225,820

 

 

$

 

248,239

 

 

$

 

262,673

 

 

$

 

679,640

 

 

$

 

715,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic earnings per common share

 

$

 

2.31

 

 

$

 

2.36

 

 

$

 

2.29

 

 

$

 

2.48

 

 

$

 

2.44

 

 

$

 

6.96

 

 

$

 

5.43

 

 

   Diluted earnings per common share

 

$

 

2.30

 

 

$

 

2.35

 

 

$

 

2.28

 

 

$

 

2.46

 

 

$

 

2.42

 

 

$

 

6.93

 

 

$

 

5.41

 

 

   Adjusted net income per common share - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       (non-GAAP) (2)

 

$

 

2.31

 

 

$

 

2.36

 

 

$

 

2.29

 

 

$

 

2.48

 

 

$

 

2.60

 

 

$

 

6.96

 

 

$

 

7.06

 

 

   Adjusted net income per common share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       (non-GAAP) (2)

 

$

 

2.30

 

 

$

 

2.35

 

 

$

 

2.28

 

 

$

 

2.47

 

 

$

 

2.58

 

 

$

 

6.93

 

 

$

 

7.03

 

 

   Dividends per common share

 

$

 

0.66

 

 

$

 

0.60

 

 

$

 

0.60

 

 

$

 

0.60

 

 

$

 

0.60

 

 

$

 

1.86

 

 

$

 

1.68

 

 

   Basic weighted-average common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        outstanding

 

 

 

96,922,986

 

 

 

 

97,300,899

 

 

 

 

98,544,242

 

 

 

 

100,063,315

 

 

 

 

101,218,431

 

 

 

 

97,583,437

 

 

 

 

101,373,803

 

 

   Diluted weighted-average common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        outstanding

 

 

 

97,429,305

 

 

 

 

97,676,767

 

 

 

 

98,922,258

 

 

 

 

100,618,796

 

 

 

 

101,735,095

 

 

 

 

98,001,720

 

 

 

 

101,807,090

 

 

   Effective tax rate

 

 

 

22.91

%

 

 

 

23.07

%

 

 

 

22.50

%

 

 

 

21.46

%

 

 

 

23.25

%

 

 

 

22.83

%

 

 

 

23.99

%

 

 

 

2

 

Performance and Capital Ratios

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

Sep. 30,

 

 

Sep. 30,

 

 

 

 

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

2026

 

 

2025

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 

 

1.29

 

%

 

 

1.36

 

%

 

 

1.37

 

%

 

 

1.47

 

%

 

 

1.49

 

%

 

1.34

 

%

 

1.14

 

%

 

Adjusted return on average assets (annualized) (non-GAAP) (2)

 

 

 

1.29

 

%

 

 

1.36

 

%

 

 

1.37

 

%

 

 

1.48

 

%

 

 

1.59

 

%

 

1.34

 

%

 

1.48

 

%

 

Return on average common equity (annualized)

 

 

 

9.70

 

%

 

 

10.19

 

%

 

 

10.11

 

%

 

 

10.90

 

%

 

 

11.04

 

%

 

10.00

 

%

 

8.50

 

%

 

Adjusted return on average common equity (annualized) (non-GAAP) (2)

 

 

 

9.70

 

%

 

 

10.19

 

%

 

 

10.11

 

%

 

 

10.92

 

%

 

 

11.75

 

%

 

10.00

 

%

 

11.05

 

%

 

Return on average tangible common equity (annualized) (non-GAAP) (3)

 

 

 

16.60

 

%

 

 

17.62

 

%

 

 

17.59

 

%

 

 

19.10

 

%

 

 

19.62

 

%

 

17.26

 

%

 

15.80

 

%

 

Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)

 

 

 

16.60

 

%

 

 

17.62

 

%

 

 

17.59

 

%

 

 

19.14

 

%

 

 

20.81

 

%

 

17.26

 

%

 

20.10

 

%

 

Efficiency ratio (tax equivalent)

 

 

 

51.61

 

%

 

 

50.00

 

%

 

 

51.05

 

%

 

 

49.65

 

%

 

 

49.88

 

%

 

50.89

 

%

 

54.35

 

%

 

Adjusted efficiency ratio (non-GAAP) (4)

 

 

 

51.61

 

%

 

 

50.00

 

%

 

 

51.05

 

%

 

 

49.56

 

%

 

 

46.89

 

%

 

50.89

 

%

 

48.68

 

%

 

Dividend payout ratio (5)

 

 

 

28.60

 

%

 

 

25.31

 

%

 

 

26.12

 

%

 

 

24.23

 

%

 

 

24.59

 

%

 

26.66

 

%

 

30.89

 

%

 

Book value per common share

 

$

 

93.51

 

 

$

 

94.17

 

 

$

 

92.21

 

 

$

 

91.38

 

 

$

 

89.14

 

 

 

 

 

 

 

 

 

Tangible book value per common share (non-GAAP) (3)

 

$

 

58.19

 

 

$

 

58.72

 

 

$

 

56.90

 

 

$

 

56.27

 

 

$

 

54.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-to-assets

 

 

 

12.8

 

%

 

 

13.3

 

%

 

 

13.3

 

%

 

 

13.5

 

%

 

 

13.6

 

%

 

 

 

 

 

 

 

Tangible equity-to-tangible assets (non-GAAP) (3)

 

 

 

8.4

 

%

 

 

8.7

 

%

 

 

8.6

 

%

 

 

8.8

 

%

 

 

8.8

 

%

 

 

 

 

 

 

 

Tier 1 leverage (6)

 

 

 

9.4

 

%

 

 

9.4

 

%

 

 

9.4

 

%

 

 

9.3

 

%

 

 

9.4

 

%

 

 

 

 

 

 

 

Tier 1 common equity (6)

 

 

 

11.1

 

%

 

 

11.1

 

%

 

 

11.3

 

%

 

 

11.4

 

%

 

 

11.5

 

%

 

 

 

 

 

 

 

Tier 1 risk-based capital (6)

 

 

 

11.1

 

%

 

 

11.1

 

%

 

 

11.3

 

%

 

 

11.4

 

%

 

 

11.5

 

%

 

 

 

 

 

 

 

Total risk-based capital (6)

 

 

 

13.5

 

%

 

 

13.5

 

%

 

 

13.7

 

%

 

 

13.8

 

%

 

 

14.0

 

%

 

 

 

 

 

 

 

 

3

 

 

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

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

 

527,622

 

 

$

 

649,079

 

 

$

 

598,218

 

 

$

 

583,375

 

 

$

 

582,792

 

 

Federal funds sold and interest-earning deposits with banks

 

 

 

2,446,996

 

 

 

 

1,701,233

 

 

 

 

2,268,864

 

 

 

 

2,589,108

 

 

 

 

2,561,663

 

 

         Cash and cash equivalents

 

 

 

2,974,618

 

 

 

 

2,350,312

 

 

 

 

2,867,082

 

 

 

 

3,172,483

 

 

 

 

3,144,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities, at fair value

 

 

 

141,534

 

 

 

 

191,094

 

 

 

 

117,590

 

 

 

 

110,183

 

 

 

 

107,519

 

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Securities held to maturity

 

 

 

1,905,299

 

 

 

 

1,955,754

 

 

 

 

2,007,249

 

 

 

 

2,048,030

 

 

 

 

2,096,727

 

 

   Securities available for sale, at fair value

 

 

 

6,393,309

 

 

 

 

6,598,177

 

 

 

 

6,530,348

 

 

 

 

6,313,756

 

 

 

 

6,042,800

 

 

   Other investments

 

 

 

407,172

 

 

 

 

366,986

 

 

 

 

370,924

 

 

 

 

353,428

 

 

 

 

366,218

 

 

         Total investment securities

 

 

 

8,705,780

 

 

 

 

8,920,917

 

 

 

 

8,908,521

 

 

 

 

8,715,214

 

 

 

 

8,505,745

 

 

Loans held for sale

 

 

 

296,835

 

 

 

 

405,441

 

 

 

 

327,935

 

 

 

 

345,343

 

 

 

 

346,673

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased credit deteriorated

 

 

 

2,454,067

 

 

 

 

2,658,792

 

 

 

 

2,818,360

 

 

 

 

2,977,499

 

 

 

 

3,160,359

 

 

Purchased non-credit deteriorated

 

 

 

9,291,111

 

 

 

 

9,921,791

 

 

 

 

10,714,489

 

 

 

 

11,232,414

 

 

 

 

11,877,828

 

 

Non-acquired

 

 

 

40,307,915

 

 

 

 

38,266,289

 

 

 

 

35,963,934

 

 

 

 

34,388,614

 

 

 

 

32,629,724

 

 

   Less allowance for credit losses

 

 

 

(588,918

)

 

 

 

(586,664

)

 

 

 

(585,882

)

 

 

 

(585,197

)

 

 

 

(590,133

)

 

         Loans, net

 

 

 

51,464,175

 

 

 

 

50,260,208

 

 

 

 

48,910,901

 

 

 

 

48,013,330

 

 

 

 

47,077,778

 

 

Premises and equipment, net

 

 

 

992,295

 

 

 

 

992,594

 

 

 

 

993,584

 

 

 

 

994,176

 

 

 

 

961,510

 

 

Bank owned life insurance

 

 

 

1,321,036

 

 

 

 

1,311,197

 

 

 

 

1,302,382

 

 

 

 

1,293,574

 

 

 

 

1,285,532

 

 

Mortgage servicing rights

 

 

 

101,990

 

 

 

 

91,442

 

 

 

 

90,018

 

 

 

 

84,032

 

 

 

 

84,491

 

 

Core deposit and other intangibles

 

 

 

322,589

 

 

 

 

343,424

 

 

 

 

364,686

 

 

 

 

386,326

 

 

 

 

409,890

 

 

Goodwill

 

 

 

3,094,059

 

 

 

 

3,094,059

 

 

 

 

3,094,059

 

 

 

 

3,094,059

 

 

 

 

3,094,059

 

 

Other assets

 

 

 

1,024,753

 

 

 

 

949,340

 

 

 

 

1,002,465

 

 

 

 

988,692

 

 

 

 

1,030,558

 

 

              Total assets

 

$

 

70,439,664

 

 

$

 

68,910,028

 

 

$

 

67,979,223

 

 

$

 

67,197,412

 

 

$

 

66,048,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Noninterest-bearing

 

$

 

13,445,715

 

 

$

 

13,451,094

 

 

$

 

13,650,799

 

 

$

 

13,375,697

 

 

$

 

13,430,459

 

 

   Interest-bearing

 

 

 

44,192,566

 

 

 

 

42,898,716

 

 

 

 

42,224,864

 

 

 

 

41,770,100

 

 

 

 

40,642,810

 

 

         Total deposits

 

 

 

57,638,281

 

 

 

 

56,349,810

 

 

 

 

55,875,663

 

 

 

 

55,145,797

 

 

 

 

54,073,269

 

 

Federal funds purchased and securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   sold under agreements to repurchase

 

 

 

498,173

 

 

 

 

569,486

 

 

 

 

643,386

 

 

 

 

618,215

 

 

 

 

594,092

 

 

Other borrowings

 

 

 

996,855

 

 

 

 

996,749

 

 

 

 

696,642

 

 

 

 

696,536

 

 

 

 

696,429

 

 

Reserve for unfunded commitments

 

 

 

82,299

 

 

 

 

76,525

 

 

 

 

69,229

 

 

 

 

69,619

 

 

 

 

68,538

 

 

Other liabilities

 

 

 

2,176,723

 

 

 

 

1,785,990

 

 

 

 

1,663,387

 

 

 

 

1,608,137

 

 

 

 

1,604,756

 

 

              Total liabilities

 

 

 

61,392,331

 

 

 

 

59,778,560

 

 

 

 

58,948,307

 

 

 

 

58,138,304

 

 

 

 

57,037,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

241,894

 

 

 

 

242,428

 

 

 

 

244,844

 

 

 

 

247,845

 

 

 

 

252,723

 

 

   Surplus

 

 

 

6,233,566

 

 

 

 

6,247,484

 

 

 

 

6,332,285

 

 

 

 

6,480,471

 

 

 

 

6,647,952

 

 

   Retained earnings

 

 

 

3,111,483

 

 

 

 

2,951,691

 

 

 

 

2,779,896

 

 

 

 

2,614,173

 

 

 

 

2,426,463

 

 

   Accumulated other comprehensive loss

 

 

 

(539,610

)

 

 

 

(310,135

)

 

 

 

(326,109

)

 

 

 

(283,381

)

 

 

 

(316,012

)

 

              Total shareholders' equity

 

 

 

9,047,333

 

 

 

 

9,131,468

 

 

 

 

9,030,916

 

 

 

 

9,059,108

 

 

 

 

9,011,126

 

 

              Total liabilities and shareholders' equity

 

$

 

70,439,664

 

 

$

 

68,910,028

 

 

$

 

67,979,223

 

 

$

 

67,197,412

 

 

$

 

66,048,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares issued and outstanding

 

 

 

96,757,601

 

 

 

 

96,971,142

 

 

 

 

97,937,653

 

 

 

 

99,138,204

 

 

 

 

101,089,231

 

 

 

4

 

 

Net Interest Income and Margin

 

 

Three Months Ended

 

 

Sep. 30, 2026

 

 

Jun. 30, 2026

 

 

Sep. 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

 

$

 

1,226,660

 

 

$

 

9,861

 

 

 

3.19

%

 

$

 

1,386,864

 

 

$

 

12,236

 

 

 

3.54

%

 

$

 

2,212,239

 

 

$

 

23,271

 

 

 

4.17

%

Investment securities

 

 

 

9,265,691

 

 

 

 

82,895

 

 

 

3.55

%

 

 

 

9,213,359

 

 

 

 

81,371

 

 

 

3.54

%

 

 

 

8,624,670

 

 

 

 

76,029

 

 

 

3.50

%

Loans held for sale

 

 

 

249,878

 

 

 

 

4,274

 

 

 

6.79

%

 

 

 

286,422

 

 

 

 

4,602

 

 

 

6.44

%

 

 

 

289,884

 

 

 

 

5,067

 

 

 

6.93

%

Total loans held for investment

 

 

 

51,475,218

 

 

 

 

767,826

 

 

 

5.92

%

 

 

 

50,247,114

 

 

 

 

740,050

 

 

 

5.91

%

 

 

 

47,600,317

 

 

 

 

777,315

 

 

 

6.48

%

     Total interest-earning assets

 

 

 

62,217,447

 

 

 

 

864,856

 

 

 

5.51

%

 

 

 

61,133,759

 

 

 

 

838,259

 

 

 

5.50

%

 

 

 

58,727,110

 

 

 

 

881,682

 

 

 

5.96

%

Noninterest-earning assets

 

 

 

6,577,077

 

 

 

 

 

 

 

 

 

 

 

6,694,407

 

 

 

 

 

 

 

 

 

 

 

6,762,434

 

 

 

 

 

 

 

 

     Total Assets

 

$

 

68,794,524

 

 

 

 

 

 

 

 

 

$

 

67,828,166

 

 

 

 

 

 

 

 

 

$

 

65,489,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities ("IBL"):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and money market accounts

 

$

 

32,634,509

 

 

$

 

189,191

 

 

 

2.30

%

 

$

 

32,098,340

 

 

$

 

180,220

 

 

 

2.25

%

 

$

 

29,623,457

 

 

$

 

187,627

 

 

 

2.51

%

Savings deposits

 

 

 

2,794,029

 

 

 

 

1,655

 

 

 

0.24

%

 

 

 

2,817,269

 

 

 

 

1,638

 

 

 

0.23

%

 

 

 

2,879,488

 

 

 

 

1,940

 

 

 

0.27

%

Certificates and other time deposits

 

 

 

7,493,938

 

 

 

 

65,205

 

 

 

3.45

%

 

 

 

7,184,745

 

 

 

 

62,358

 

 

 

3.48

%

 

 

 

7,310,133

 

 

 

 

67,704

 

 

 

3.67

%

Federal funds purchased

 

 

 

266,686

 

 

 

 

2,455

 

 

 

3.65

%

 

 

 

289,337

 

 

 

 

2,616

 

 

 

3.63

%

 

 

 

331,707

 

 

 

 

3,640

 

 

 

4.35

%

Repurchase agreements

 

 

 

260,312

 

 

 

 

1,319

 

 

 

2.01

%

 

 

 

293,341

 

 

 

 

1,477

 

 

 

2.02

%

 

 

 

281,395

 

 

 

 

1,527

 

 

 

2.15

%

Other borrowings

 

 

 

791,385

 

 

 

 

13,513

 

 

 

6.77

%

 

 

 

851,660

 

 

 

 

14,001

 

 

 

6.59

%

 

 

 

974,992

 

 

 

 

19,547

 

 

 

7.95

%

     Total interest-bearing liabilities

 

 

 

44,240,859

 

 

 

 

273,338

 

 

 

2.45

%

 

 

 

43,534,692

 

 

 

 

262,310

 

 

 

2.42

%

 

 

 

41,401,172

 

 

 

 

281,985

 

 

 

2.70

%

Noninterest-bearing deposits

 

 

 

13,500,596

 

 

 

 

 

 

 

 

 

 

 

13,521,146

 

 

 

 

 

 

 

 

 

 

 

13,541,840

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

 

1,898,722

 

 

 

 

 

 

 

 

 

 

 

1,719,228

 

 

 

 

 

 

 

 

 

 

 

1,679,124

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

9,154,347

 

 

 

 

 

 

 

 

 

 

 

9,053,100

 

 

 

 

 

 

 

 

 

 

 

8,867,408

 

 

 

 

 

 

 

 

     Total Non-IBL and shareholders' equity

 

 

 

24,553,665

 

 

 

 

 

 

 

 

 

 

 

24,293,474

 

 

 

 

 

 

 

 

 

 

 

24,088,372

 

 

 

 

 

 

 

 

     Total Liabilities and Shareholders' Equity

 

$

 

68,794,524

 

 

 

 

 

 

 

 

 

$

 

67,828,166

 

 

 

 

 

 

 

 

 

$

 

65,489,544

 

 

 

 

 

 

 

 

Net Interest Income and Margin (Non-Tax Equivalent)

 

 

 

 

 

$

 

591,518

 

 

 

3.77

%

 

 

 

 

 

$

 

575,949

 

 

 

3.78

%

 

 

 

 

 

$

 

599,697

 

 

 

4.05

%

Net Interest Margin (Tax Equivalent) (non-GAAP)

 

 

 

 

 

 

 

 

 

 

3.78

%

 

 

 

 

 

 

 

 

 

 

3.78

%

 

 

 

 

 

 

 

 

 

 

4.06

%

Total Deposit Cost (without Debt and Other Borrowings)

 

 

 

 

 

 

 

 

 

 

1.80

%

 

 

 

 

 

 

 

 

 

 

1.76

%

 

 

 

 

 

 

 

 

 

 

1.91

%

Overall Cost of Funds (including Demand Deposits)

 

 

 

 

 

 

 

 

 

 

1.88

%

 

 

 

 

 

 

 

 

 

 

1.84

%

 

 

 

 

 

 

 

 

 

 

2.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accretion on Acquired Loans (1)

 

 

 

 

 

$

 

26,642

 

 

 

 

 

 

 

 

 

$

 

33,054

 

 

 

 

 

 

 

 

 

$

 

82,976

 

 

 

 

Tax Equivalent ("TE") Adjustment

 

 

 

 

 

$

 

769

 

 

 

 

 

 

 

 

 

$

 

751

 

 

 

 

 

 

 

 

 

$

 

718

 

 

 

 
•
The remaining loan discount on acquired loans to be accreted into loan interest income totals $159.3 million as of September 30, 2026.

5

 

 

Noninterest Income and Expense

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

Sep. 30,

 

 

Sep. 30,

 

 

(Dollars in thousands)

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

2026

 

 

2025

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Fees on deposit accounts

 

$

 

42,811

 

 

$

 

41,568

 

 

$

 

38,699

 

 

$

 

41,950

 

 

$

 

42,572

 

 

$

 

123,078

 

 

$

 

116,374

 

 

   Mortgage banking income

 

 

 

5,630

 

 

 

 

4,890

 

 

 

 

11,016

 

 

 

 

5,158

 

 

 

 

5,462

 

 

 

 

21,536

 

 

 

 

19,135

 

 

   Trust and investment services income

 

 

 

15,838

 

 

 

 

15,164

 

 

 

 

14,471

 

 

 

 

14,684

 

 

 

 

14,157

 

 

 

 

45,473

 

 

 

 

43,508

 

 

   Correspondent banking and capital markets income

 

 

 

20,124

 

 

 

 

24,839

 

 

 

 

24,427

 

 

 

 

30,638

 

 

 

 

25,522

 

 

 

 

69,390

 

 

 

 

61,398

 

 

   Expense on centrally-cleared variation margin

 

 

 

(5,560

)

 

 

 

(4,028

)

 

 

 

(3,000

)

 

 

 

(3,167

)

 

 

 

(4,318

)

 

 

 

(12,588

)

 

 

 

(16,882

)

 

   Total correspondent banking and capital markets income

 

 

 

14,564

 

 

 

 

20,811

 

 

 

 

21,427

 

 

 

 

27,471

 

 

 

 

21,204

 

 

 

 

56,802

 

 

 

 

44,516

 

 

   Bank owned life insurance income

 

 

 

9,929

 

 

 

 

9,624

 

 

 

 

9,494

 

 

 

 

9,633

 

 

 

 

10,597

 

 

 

 

29,047

 

 

 

 

29,949

 

 

   Other

 

 

 

5,139

 

 

 

 

4,669

 

 

 

 

4,991

 

 

 

 

6,857

 

 

 

 

5,094

 

 

 

 

14,799

 

 

 

 

18,041

 

 

   Securities losses, net

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(228,811

)

 

   Gain on sale leaseback, net of transaction costs

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

229,279

 

 

         Total Noninterest Income

 

$

 

93,911

 

 

$

 

96,726

 

 

$

 

100,098

 

 

$

 

105,753

 

 

$

 

99,086

 

 

$

 

290,735

 

 

$

 

271,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Salaries and employee benefits

 

$

 

217,237

 

 

$

 

205,377

 

 

$

 

205,653

 

 

$

 

202,714

 

 

$

 

199,148

 

 

$

 

628,267

 

 

$

 

595,121

 

 

   Occupancy expense

 

 

 

44,136

 

 

 

 

43,878

 

 

 

 

42,302

 

 

 

 

42,567

 

 

 

 

40,874

 

 

 

 

130,316

 

 

 

 

117,874

 

 

   Information services expense

 

 

 

29,968

 

 

 

 

29,136

 

 

 

 

29,704

 

 

 

 

30,443

 

 

 

 

28,988

 

 

 

 

88,808

 

 

 

 

90,505

 

 

   OREO and loan related expense

 

 

 

3,106

 

 

 

 

952

 

 

 

 

4,378

 

 

 

 

867

 

 

 

 

5,427

 

 

 

 

8,436

 

 

 

 

9,506

 

 

   Business development and staff related

 

 

 

10,877

 

 

 

 

10,639

 

 

 

 

11,362

 

 

 

 

13,485

 

 

 

 

8,907

 

 

 

 

32,877

 

 

 

 

22,600

 

 

   Amortization of intangibles

 

 

 

20,628

 

 

 

 

21,041

 

 

 

 

21,304

 

 

 

 

23,417

 

 

 

 

23,426

 

 

 

 

62,973

 

 

 

 

71,305

 

 

   Professional fees

 

 

 

5,898

 

 

 

 

5,090

 

 

 

 

5,239

 

 

 

 

7,410

 

 

 

 

4,994

 

 

 

 

16,227

 

 

 

 

14,361

 

 

   FDIC assessment and other regulatory charges

 

 

 

10,911

 

 

 

 

10,753

 

 

 

 

10,257

 

 

 

 

9,884

 

 

 

 

8,374

 

 

 

 

31,921

 

 

 

 

31,101

 

 

   Advertising and marketing

 

 

 

4,178

 

 

 

 

3,836

 

 

 

 

3,325

 

 

 

 

4,710

 

 

 

 

2,980

 

 

 

 

11,339

 

 

 

 

8,280

 

 

   Other operating expenses

 

 

 

27,824

 

 

 

 

27,047

 

 

 

 

26,000

 

 

 

 

28,699

 

 

 

 

28,335

 

 

 

 

80,872

 

 

 

 

82,302

 

 

   Merger, branch consolidation, severance related and other expense (8)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,494

 

 

 

 

20,889

 

 

 

 

—

 

 

 

 

113,274

 

 

   FDIC special assessment

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,835

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

         Total Noninterest Expense

 

$

 

374,763

 

 

$

 

357,749

 

 

$

 

359,524

 

 

$

 

364,855

 

 

$

 

372,342

 

 

$

 

1,092,036

 

 

$

 

1,156,229

 

 

 

6

 

 

 

Loans and Deposits

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

 

 

Ending Balance

 

 

(Dollars in thousands)

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

LOAN PORTFOLIO (7)

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

Construction and land development * †

 

$

 

2,917,132

 

 

$

 

2,982,968

 

 

$

 

2,592,908

 

 

$

 

2,548,360

 

 

$

 

2,678,971

 

 

Investor commercial real estate*

 

 

 

19,079,859

 

 

 

 

18,656,455

 

 

 

 

18,298,938

 

 

 

 

17,883,913

 

 

 

 

17,603,205

 

 

Commercial owner occupied real estate

 

 

 

7,951,811

 

 

 

 

7,852,391

 

 

 

 

7,671,535

 

 

 

 

7,576,991

 

 

 

 

7,529,075

 

 

Commercial and industrial

 

 

 

9,804,607

 

 

 

 

9,378,444

 

 

 

 

9,385,926

 

 

 

 

9,181,408

 

 

 

 

8,644,636

 

 

Consumer real estate *

 

 

 

11,343,405

 

 

 

 

11,034,102

 

 

 

 

10,573,897

 

 

 

 

10,450,223

 

 

 

 

10,202,026

 

 

Consumer/other

 

 

 

956,279

 

 

 

 

942,512

 

 

 

 

973,579

 

 

 

 

957,632

 

 

 

 

1,009,998

 

 

Total Loans

 

$

 

52,053,093

 

 

$

 

50,846,872

 

 

$

 

49,496,783

 

 

$

 

48,598,527

 

 

$

 

47,667,911

 

 

* 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 $370.5 million, $358.4 million, $360.4 million, $342.8 million, and $350.2 million, for the quarters ended September 30, 2026, June 30, 2026, March 31, 2036, December 31, 2025, and September 30, 2025, respectively.

 

 

 

Ending Balance

 

 

(Dollars in thousands)

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

DEPOSITS

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

Noninterest-bearing checking

 

$

 

13,445,715

 

 

$

 

13,451,094

 

 

$

 

13,650,799

 

 

$

 

13,375,697

 

 

$

 

13,430,459

 

 

Interest-bearing checking

 

 

 

14,323,722

 

 

 

 

14,710,312

 

 

 

 

14,119,614

 

 

 

 

13,838,558

 

 

 

 

12,906,408

 

 

Savings

 

 

 

2,775,607

 

 

 

 

2,796,845

 

 

 

 

2,841,408

 

 

 

 

2,820,621

 

 

 

 

2,853,410

 

 

Money market

 

 

 

18,741,198

 

 

 

 

17,531,137

 

 

 

 

18,014,140

 

 

 

 

17,751,688

 

 

 

 

17,251,469

 

 

Time deposits

 

 

 

8,352,039

 

 

 

 

7,860,422

 

 

 

 

7,249,702

 

 

 

 

7,359,233

 

 

 

 

7,631,523

 

 

Total Deposits

 

$

 

57,638,281

 

 

$

 

56,349,810

 

 

$

 

55,875,663

 

 

$

 

55,145,797

 

 

$

 

54,073,269

 

 

 

7

 

 

Asset Quality

 

 

Ending Balance

 

 

 

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

(Dollars in thousands)

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

NONPERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-acquired nonaccrual loans and restructured loans on nonaccrual

 

$

 

159,465

 

 

$

 

171,264

 

 

$

 

177,158

 

 

$

 

161,975

 

 

$

 

146,751

 

 

Accruing loans past due 90 days or more

 

 

 

3,642

 

 

 

 

2,961

 

 

 

 

6,915

 

 

 

 

2,997

 

 

 

 

4,352

 

 

Non-acquired OREO and other nonperforming assets

 

 

 

11,939

 

 

 

 

11,722

 

 

 

 

8,339

 

 

 

 

5,273

 

 

 

 

11,969

 

 

Total non-acquired nonperforming assets

 

 

 

175,046

 

 

 

 

185,947

 

 

 

 

192,412

 

 

 

 

170,245

 

 

 

 

163,072

 

 

Acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired nonaccrual loans and restructured loans on nonaccrual

 

 

 

124,870

 

 

 

 

99,352

 

 

 

 

116,002

 

 

 

 

135,179

 

 

 

 

149,695

 

 

Accruing loans past due 90 days or more

 

 

 

6,987

 

 

 

 

835

 

 

 

 

1,986

 

 

 

 

1,944

 

 

 

 

891

 

 

Acquired OREO and other nonperforming assets

 

 

 

3,867

 

 

 

 

1,254

 

 

 

 

18,155

 

 

 

 

3,901

 

 

 

 

7,147

 

 

Total acquired nonperforming assets

 

 

 

135,724

 

 

 

 

101,441

 

 

 

 

136,143

 

 

 

 

141,024

 

 

 

 

157,733

 

 

Total nonperforming assets

 

$

 

310,770

 

 

$

 

287,388

 

 

$

 

328,555

 

 

$

 

311,269

 

 

$

 

320,805

 

 

 

 

 

Three Months Ended

 

 

 

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sep. 30,

 

 

 

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

ASSET QUALITY RATIOS (7):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses as a percentage of loans

 

 

 

1.13

%

 

 

 

1.15

%

 

 

 

1.18

%

 

 

 

1.20

%

 

 

 

1.24

%

 

Allowance for credit losses, including reserve for unfunded commitments,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

as a percentage of loans

 

 

 

1.29

%

 

 

 

1.30

%

 

 

 

1.32

%

 

 

 

1.35

%

 

 

 

1.38

%

 

Allowance for credit losses as a percentage of nonperforming loans

 

 

 

199.66

%

 

 

 

213.79

%

 

 

 

193.96

%

 

 

 

193.71

%

 

 

 

195.61

%

 

Net charge-offs as a percentage of average loans (annualized)

 

 

 

0.09

%

 

 

 

0.06

%

 

 

 

0.09

%

 

 

 

0.09

%

 

 

 

0.27

%

 

Total nonperforming assets as a percentage of total assets

 

 

 

0.44

%

 

 

 

0.42

%

 

 

 

0.48

%

 

 

 

0.46

%

 

 

 

0.49

%

 

Nonperforming loans as a percentage of period end loans

 

 

 

0.57

%

 

 

 

0.54

%

 

 

 

0.61

%

 

 

 

0.62

%

 

 

 

0.63

%

 

 

 

8

 

Current Expected Credit Losses (“CECL”)

Below is a table showing the roll forward of the ACL and UFC for the third 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 6/30/2026

 

$

 

526,492

 

 

$

 

60,172

 

 

$

 

586,664

 

 

$

 

76,525

 

 

Charge offs

 

 

 

(10,354

)

 

 

 

—

 

 

 

 

(10,354

)

 

 

N/A

 

 

Acquired charge offs

 

 

 

(1,708

)

 

 

 

(5,663

)

 

 

 

(7,371

)

 

 

N/A

 

 

Recoveries

 

 

 

2,459

 

 

 

 

—

 

 

 

 

2,459

 

 

 

N/A

 

 

Acquired recoveries

 

 

 

1,017

 

 

 

 

1,932

 

 

 

 

2,949

 

 

 

N/A

 

 

Provision for credit losses

 

 

 

11,942

 

 

 

 

2,629

 

 

 

 

14,571

 

 

 

 

5,774

 

 

Ending balance 9/30/2026

 

$

 

529,848

 

 

$

 

59,070

 

 

$

 

588,918

 

 

$

 

82,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period end loans

 

$

 

49,599,026

 

 

$

 

2,454,067

 

 

$

 

52,053,093

 

 

 

N/A

 

 

Allowance for Credit Losses to Loans

 

 

 

1.07

%

 

 

 

2.41

%

 

 

 

1.13

%

 

 

N/A

 

 

Unfunded commitments (off balance sheet) †

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

13,392,711

 

 

Reserve to unfunded commitments (off balance sheet)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.61

%

 

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

 

 

9

 

Conference Call

 

The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 22, 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 728284222. 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 October 22, 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)

 

Sep. 30, 2026

 

 

 

Jun. 30, 2026

 

 

 

Mar. 31, 2026

 

 

 

Dec. 31, 2025

 

 

 

Sep. 30, 2025

 

 

Net income (GAAP)

 

$

 

223,798

 

 

 

$

 

230,022

 

 

 

$

 

225,820

 

 

 

$

 

247,722

 

 

 

$

 

246,641

 

 

Provision for credit losses

 

 

 

20,345

 

 

 

 

 

15,919

 

 

 

 

 

10,808

 

 

 

 

 

6,605

 

 

 

 

 

5,085

 

 

Income tax provision

 

 

 

66,523

 

 

 

 

 

68,985

 

 

 

 

 

65,551

 

 

 

 

 

67,686

 

 

 

 

 

74,715

 

 

Merger, branch consolidation, severance related and other expense (8)

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

4,494

 

 

 

 

 

20,889

 

 

FDIC special assessment

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

(3,835

)

 

 

 

 

—

 

 

Pre-provision net revenue (PPNR) (Non-GAAP)

 

$

 

310,666

 

 

 

$

 

314,926

 

 

 

$

 

302,179

 

 

 

$

 

322,672

 

 

 

$

 

347,330

 

 

 

(Dollars in thousands)

 

Three Months Ended

 

 

NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)

 

Sep. 30, 2026

 

 

 

Jun. 30, 2026

 

 

 

Mar. 31, 2026

 

 

 

Dec. 31, 2025

 

 

 

Sep. 30, 2025

 

 

Net interest income (GAAP)

 

$

 

591,518

 

 

 

$

 

575,949

 

 

 

$

 

561,605

 

 

 

$

 

581,115

 

 

 

$

 

599,697

 

 

Total average interest-earning assets

 

 

 

62,217,447

 

 

 

 

 

61,133,759

 

 

 

 

 

60,201,176

 

 

 

 

 

59,872,113

 

 

 

 

 

58,727,110

 

 

NIM, non-tax equivalent

 

 

 

3.77

 

%

 

 

 

3.78

 

%

 

 

 

3.78

 

%

 

 

 

3.85

 

%

 

 

 

4.05

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment (included in NIM, TE)

 

 

 

769

 

 

 

 

 

751

 

 

 

 

 

760

 

 

 

 

 

800

 

 

 

 

 

718

 

 

Net interest income, tax equivalent (Non-GAAP)

 

$

 

592,287

 

 

 

$

 

576,700

 

 

 

$

 

562,365

 

 

 

$

 

581,915

 

 

 

$

 

600,415

 

 

NIM, TE (Non-GAAP)

 

 

 

3.78

 

%

 

 

 

3.78

 

%

 

 

 

3.79

 

%

 

 

 

3.86

 

%

 

 

 

4.06

 

%

 

10

 

 

 

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,

 

 

RECONCILIATION OF GAAP TO NON-GAAP

 

2026

 

 

 

2026

 

 

 

2026

 

 

 

2025

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

 

Adjusted Net Income (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

 

223,798

 

 

 

$

 

230,022

 

 

 

$

 

225,820

 

 

 

$

 

247,722

 

 

 

$

 

246,641

 

 

 

$

 

679,640

 

 

 

$

 

550,945

 

 

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

 

 

 

 

 

—

 

 

 

 

 

87,719

 

 

Deferred tax asset remeasurement

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

5,581

 

 

FDIC special assessment, net of tax

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

(3,012

)

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

Adjusted net income (non-GAAP)

 

$

 

223,798

 

 

 

$

 

230,022

 

 

 

$

 

225,820

 

 

 

$

 

248,239

 

 

 

$

 

262,673

 

 

 

$

 

679,640

 

 

 

$

 

715,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - Basic (GAAP)

 

$

 

2.31

 

 

 

$

 

2.36

 

 

 

$

 

2.29

 

 

 

$

 

2.48

 

 

 

$

 

2.44

 

 

 

$

 

6.96

 

 

 

$

 

5.43

 

 

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

 

 

 

 

 

—

 

 

 

 

 

0.87

 

 

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)

 

$

 

2.31

 

 

 

$

 

2.36

 

 

 

$

 

2.29

 

 

 

$

 

2.48

 

 

 

$

 

2.60

 

 

 

$

 

6.96

 

 

 

$

 

7.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - Diluted (GAAP)

 

$

 

2.30

 

 

 

$

 

2.35

 

 

 

$

 

2.28

 

 

 

$

 

2.46

 

 

 

$

 

2.42

 

 

 

$

 

6.93

 

 

 

$

 

5.41

 

 

Effect to adjust for securities losses, net of tax

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

1.75

 

 

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

 

 

 

 

 

—

 

 

 

 

 

0.86

 

 

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)

 

$

 

2.30

 

 

 

$

 

2.35

 

 

 

$

 

2.28

 

 

 

$

 

2.47

 

 

 

$

 

2.58

 

 

 

$

 

6.93

 

 

 

$

 

7.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Average Assets (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (GAAP)

 

 

 

1.29

 

%

 

 

 

1.36

 

%

 

 

 

1.37

 

%

 

 

 

1.47

 

%

 

 

 

1.49

 

%

 

 

 

1.34

 

%

 

 

 

1.14

 

%

Effect to adjust for securities losses, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.37

 

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(0.37

)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.15

 

%

Effect to adjust for merger, branch consolidation, severance related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and other expense, net of tax (8)

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.03

 

%

 

 

 

0.10

 

%

 

 

 

—

 

%

 

 

 

0.18

 

%

Effect to adjust for deferred tax remeasurement

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.01

 

%

Effect to adjust for FDIC special assessment, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(0.02

)

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

Adjusted return on average assets (non-GAAP)

 

 

 

1.29

 

%

 

 

 

1.36

 

%

 

 

 

1.37

 

%

 

 

 

1.48

 

%

 

 

 

1.59

 

%

 

 

 

1.34

 

%

 

 

 

1.48

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Average Common Equity (non-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common equity (GAAP)

 

 

 

9.70

 

%

 

 

 

10.19

 

%

 

 

 

10.11

 

%

 

 

 

10.90

 

%

 

 

 

11.04

 

%

 

 

 

10.00

 

%

 

 

 

8.50

 

%

Effect to adjust for securities losses, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

2.76

 

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(2.76

)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

1.11

 

%

Effect to adjust for merger, branch consolidation, severance related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and other expense, net of tax (8)

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.15

 

%

 

 

 

0.71

 

%

 

 

 

—

 

%

 

 

 

1.35

 

%

Effect to adjust for deferred tax remeasurement

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.09

 

%

Effect to adjust for FDIC special assessment, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(0.13

)

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

Adjusted return on average common equity (non-GAAP)

 

 

 

9.70

 

%

 

 

 

10.19

 

%

 

 

 

10.11

 

%

 

 

 

10.92

 

%

 

 

 

11.75

 

%

 

 

 

10.00

 

%

 

 

 

11.05

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Common Tangible Equity (non-GAAP) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common equity (GAAP)

 

 

 

9.70

 

%

 

 

 

10.19

 

%

 

 

 

10.11

 

%

 

 

 

10.90

 

%

 

 

 

11.04

 

%

 

 

 

10.00

 

%

 

 

 

8.50

 

%

Effect to adjust for intangible assets

 

 

 

6.90

 

%

 

 

 

7.43

 

%

 

 

 

7.48

 

%

 

 

 

8.20

 

%

 

 

 

8.58

 

%

 

 

 

7.26

 

%

 

 

 

7.30

 

%

Return on average tangible equity (non-GAAP)

 

 

 

16.60

 

%

 

 

 

17.62

 

%

 

 

 

17.59

 

%

 

 

 

19.10

 

%

 

 

 

19.62

 

%

 

 

 

17.26

 

%

 

 

 

15.80

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common equity (GAAP)

 

 

 

9.70

 

%

 

 

 

10.19

 

%

 

 

 

10.11

 

%

 

 

 

10.90

 

%

 

 

 

11.04

 

%

 

 

 

10.00

 

%

 

 

 

8.50

 

%

Effect to adjust for securities losses, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

2.76

 

%

Effect to adjust for gain on sale leaseback, net of transaction costs and tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(2.76

)

%

Effect to adjust for PCL - Non-PCD loans and UFC, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

1.11

 

%

Effect to adjust for merger, branch consolidation, severance related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and other expense, net of tax (8)

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.15

 

%

 

 

 

0.71

 

%

 

 

 

—

 

%

 

 

 

1.35

 

%

Effect to adjust for deferred tax remeasurement

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.09

 

%

Effect to adjust for FDIC special assessment, net of tax

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(0.13

)

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

11

 

 

 

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,

 

 

RECONCILIATION OF GAAP TO NON-GAAP

 

2026

 

 

 

2026

 

 

 

2026

 

 

 

2025

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

 

Effect to adjust for intangible assets, net of tax

 

 

 

6.90

 

%

 

 

 

7.43

 

%

 

 

 

7.48

 

%

 

 

 

8.22

 

%

 

 

 

9.06

 

%

 

 

 

7.26

 

%

 

 

 

9.05

 

%

Adjusted return on average common tangible equity (non-GAAP)

 

 

 

16.60

 

%

 

 

 

17.62

 

%

 

 

 

17.59

 

%

 

 

 

19.14

 

%

 

 

 

20.81

 

%

 

 

 

17.26

 

%

 

 

 

20.10

 

%

Adjusted Efficiency Ratio (non-GAAP) (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

 

51.61

 

%

 

 

 

50.00

 

%

 

 

 

51.05

 

%

 

 

 

49.65

 

%

 

 

 

49.88

 

%

 

 

 

50.89

 

%

 

 

 

54.35

 

%

Effect to adjust for securities losses

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(5.01

)

%

Effect to adjust for gain on sale leaseback, net of transaction costs

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

5.01

 

%

Effect to adjust for merger, branch consolidation, severance related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and other expense, net of tax (8)

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

(0.65

)

%

 

 

 

(2.99

)

%

 

 

 

—

 

%

 

 

 

(5.67

)

%

Effect to adjust for FDIC special assessment

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

0.56

 

%

 

 

 

—

 

%

 

 

 

—

 

%

 

 

 

—

 

%

Adjusted efficiency ratio (non-GAAP)

 

 

 

51.61

 

%

 

 

 

50.00

 

%

 

 

 

51.05

 

%

 

 

 

49.56

 

%

 

 

 

46.89

 

%

 

 

 

50.89

 

%

 

 

 

48.68

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Book Value Per Common Share (non-GAAP) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

 

93.51

 

 

 

$

 

94.17

 

 

 

$

 

92.21

 

 

 

$

 

91.38

 

 

 

$

 

89.14

 

 

 

 

 

 

 

 

 

 

 

 

Effect to adjust for intangible assets

 

 

 

(35.32

)

 

 

 

 

(35.45

)

 

 

 

 

(35.31

)

 

 

 

 

(35.11

)

 

 

 

 

(34.66

)

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share (non-GAAP)

 

$

 

58.19

 

 

 

$

 

58.72

 

 

 

$

 

56.90

 

 

 

$

 

56.27

 

 

 

$

 

54.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Equity-to-Tangible Assets (non-GAAP) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-to-assets (GAAP)

 

 

 

12.84

 

%

 

 

 

13.25

 

%

 

 

 

13.28

 

%

 

 

 

13.48

 

%

 

 

 

13.64

 

%

 

 

 

 

 

 

 

 

 

 

Effect to adjust for intangible assets

 

 

 

(4.44

)

%

 

 

 

(4.55

)

%

 

 

 

(4.64

)

%

 

 

 

(4.72

)

%

 

 

 

(4.83

)

%

 

 

 

 

 

 

 

 

 

 

Tangible equity-to-tangible assets (non-GAAP)

 

 

 

8.40

 

%

 

 

 

8.70

 

%

 

 

 

8.64

 

%

 

 

 

8.76

 

%

 

 

 

8.81

 

%

 

 

 

 

 

 

 

 

 

 

 

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 $26.6 million, $33.1 million, $38.8 million, $50.3 million, and $83.0 million during the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $98.5 million and $208.3 million during the nine months ended September 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 and $20.9 million for the quarters ended December 31, 2025 and September 30, 2025, respectively, and $113.3 million during the nine months ended September 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the nine months ended September 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the nine months ended September 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the nine months ended September 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 nine months ended September 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 $20.6 million, $21.0 million, $21.3 million, $23.4 million, and $23.4 million for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $63.0 million and $71.3 million for the nine months ended September 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)
September 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 $(3.5) million for the nine months ended September 30, 2025.

 

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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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