SouthState Corporation Reports First Quarter 2025 Results, Declares Quarterly Cash Dividend

Rhea-AI Summary

SouthState (NYSE: SSB) has reported its Q1 2025 financial results, marking significant strategic changes. The company completed the IBTX acquisition in January and executed a sale-leaseback transaction in March. Key highlights include:

- Net Income of $89.1 million with adjusted net income of $219.3 million
- Diluted EPS of $0.87, with adjusted diluted EPS of $2.15
- Net Interest Margin improved to 3.85%
- Net Interest Income of $545 million

The company declared a quarterly cash dividend of $0.54 per share, payable May 16, 2025. The balance sheet shows total assets of $65.1 billion, with loans at $46.1 billion and deposits at $53.3 billion. Capital ratios remain strong with Total Risk-Based Capital at 13.7% and Tier 1 Common Equity at 11.0%.

Positive

• Net Interest Margin improved to 3.85%
• Strong capital position with Total Risk-Based Capital at 13.7%
• Adjusted Net Income increased to $219.3 million
• Successful completion of IBTX acquisition strengthening market position

Negative

• Reported Net Income decreased to $89.1 million
• Loans decreased by 2% excluding acquisition effects
• Securities restructuring resulted in $229 million net loss
• Higher provision for credit losses at $100.6 million

Insights

Banking Financial Analyst

SouthState delivered strong Q1 results with strategic repositioning to enhance profitability while maintaining robust capital and asset quality.

SouthState's Q1 2025 results demonstrate a successful strategic repositioning that significantly enhances its earnings profile. The bank reported $0.87 GAAP EPS, but $2.15 adjusted EPS after accounting for several one-time items. This major differential stems from offsetting transactions: a $229 million gain from a sale-leaseback arrangement and a $229 million loss from securities portfolio restructuring.

The bank's net interest margin expanded impressively to 3.85%, positioning it favorably in the industry. This margin strength, combined with the $545 million net interest income, indicates robust core earnings generation. The adjusted efficiency ratio of 50% is particularly noteworthy, reflecting disciplined expense management.

Capital metrics remain strong with a preliminary total risk-based capital ratio of 13.7% and tangible common equity ratio of 8.2%, providing ample cushion above regulatory requirements. The $100.6 million provision for credit losses appears conservative but is primarily ($92.1 million) related to acquired non-PCD loans and unfunded commitments, which is standard accounting treatment for acquisitions.

The balance sheet shows loans decreased 2% while deposits increased 1% excluding the acquisition, maintaining a healthy loan-to-deposit ratio of 88%. The $0.54 quarterly dividend remained unchanged, representing a 61.45% payout ratio on GAAP earnings but a more sustainable level on adjusted earnings.

The closing of the IBTX acquisition creates a substantially larger institution with greater scale and potential operating synergies, which should support future profitability. SouthState's strategic repositioning through these transactions appears to have significantly strengthened its financial foundation while positioning it for more consistent earnings performance ahead.

Merger & Acquisition Specialist

SouthState's acquisition of Independent Bank Group has strengthened its balance sheet and transformed its financial profile through precise restructuring.

The successful closure of SouthState's acquisition of Independent Bank Group on January 1st represents a transformative transaction that has substantially expanded the bank's scale and geographic footprint. Post-acquisition, SouthState's total assets increased by approximately 40% from $46.4 billion to $65.1 billion, creating a significantly larger regional banking institution.

What makes this acquisition particularly strategic was the accompanying balance sheet optimization. Management executed a textbook integration playbook by simultaneously conducting a securities portfolio restructuring and a sale-leaseback transaction. These two maneuvers essentially neutralized each other from an accounting perspective—the securities restructuring created a $229 million loss while the sale-leaseback generated a $229 million gain.

This balanced approach allowed SouthState to reposition its securities portfolio for better yields in the current rate environment without negatively impacting earnings. The $3.6 billion of purchased credit deteriorated loans from the acquisition received $39.4 million in day-one charge-offs to align with SouthState's credit policies, demonstrating prudent credit risk management during integration.

The 19.9% adjusted return on average tangible common equity showcases the potential earnings power of the combined entity. With goodwill increasing from $1.9 billion to $3.1 billion and core deposit and other intangibles rising from $66.5 million to $455.4 million, the transaction clearly involved significant premium payment, but the resulting financial metrics suggest the pricing was reasonable given the strategic benefits.

The integration is proceeding well with merger expenses of $68 million recognized in Q1, encompassing the bulk of expected one-time costs. Overall, this acquisition positions SouthState to leverage greater economies of scale while maintaining strong capital ratios despite the expanded balance sheet.

WINTER HAVEN, Fla., April 24, 2025 /PRNewswire/ --  SouthState 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, 2025.

"The first quarter was a strategic reset that took SouthState's earnings profile from good to great", commented John C. Corbett, SouthState's Chief Executive Officer.  "We closed the IBTX acquisition in January and then closed the sale leaseback transaction and securities restructure in March. The securities restructuring and better than expected deposit pricing pushed our net interest margin to 3.85%. SouthState is now positioned with industry-leading profitability and strong liquidity, capital and asset quality for the uncertainties that lie ahead."

Highlights of the first quarter of 2025 include:

Returns

• Reported Diluted Earnings per Share ("EPS") of $0.87; Adjusted Diluted EPS (Non-GAAP) of $2.15
• Net Income of $89.1 million; Adjusted Net Income (Non-GAAP) of $219.3 million
• Return on Average Common Equity of 4.3%; Return on Average Tangible Common Equity (Non-GAAP) of 9.0% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.9%*
• Return on Average Assets ("ROAA") of 0.56% and Adjusted ROAA (Non-GAAP) of 1.38%*
• Book Value per Share of $84.99; Tangible Book Value ("TBV") per Share (Non-GAAP) of $50.07

Performance

• Net Interest Income of $545 million
• Net Interest Margin ("NIM"), non-tax equivalent of 3.84%, and tax equivalent (Non-GAAP) of 3.85%
• $39.4 million of acquisition date charge-offs on PCD loans acquired from Independent Bank Group, Inc. ("Independent") to bring these loans in accordance with SouthState policies and practices; excluding these day one charge-offs on acquired PCD loans, net charge-offs totaled $4.4 million, or 0.04%*
• $100.6 million of Provision for Credit Losses ("PCL"), including $92.1 million of initial provision for credit losses related to acquired non-PCD loans and unfunded commitments; total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.47% of loans
• Noninterest Income of $86 million; Noninterest Income represented 0.54%, of average assets for the first quarter of 2025*
• Efficiency Ratio of 61% and Adjusted Efficiency Ratio (Non-GAAP) of 50%

Balance Sheet

• Loans decreased by $263 million, or 2%*, and deposits increased by $68 million, or 1%*, excluding the effects of the acquisition date balances acquired from Independent⁽⁹⁾; ending loan to deposit ratio of 88%
• Total loan yield of 6.25% and total deposit cost of 1.89%
• Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.2%, 13.7%, 8.9%, and 11.0%, respectively†

∗  Annualized percentages
†  Preliminary                                      

Significant Transactions

• Closed previously announced acquisition of Independent on January 1, 2025
• Executed sale leaseback transaction during 1Q 2025, resulting in a gain of $229 million, net of transaction costs
• Completed securities portfolio restructuring during 1Q 2025 with a total net loss of $229 million

Subsequent Events

• The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on May 16, 2025 to shareholders of record as of May 9, 2025        

Financial Performance

		Three Months Ended
(Dollars in thousands, except per share data)		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
INCOME STATEMENT		2025			2024			2024			2024			2024
Interest Income
Loans, including fees (1)		$	724,640		$	489,709		$	494,082		$	478,360		$	463,688
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell			83,926			59,096			50,096			52,764			53,567
Total interest income			808,566			548,805			544,178			531,124			517,255
Interest Expense
Deposits			245,957			168,263			177,919			165,481			160,162
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings			18,062			10,763			14,779			15,384			13,157
Total interest expense			264,019			179,026			192,698			180,865			173,319
Net Interest Income			544,547			369,779			351,480			350,259			343,936
Provision (recovery) for credit losses			100,562			6,371			(6,971)			3,889			12,686
Net Interest Income after Provision (Recovery) for Credit Losses			443,985			363,408			358,451			346,370			331,250
Noninterest Income
Operating income			85,620			80,595			74,934			75,225			71,558
Securities losses, net			(228,811)			(50)			—			—			—
Gain on sale leaseback, net of transaction costs			229,279			—			—			—			—
Total noninterest income			86,088			80,545			74,934			75,225			71,558
Noninterest Expense
Operating expense			340,820			250,699			243,543			242,343			240,923
Merger, branch consolidation, severance related and other restructuring expense (8)			68,006			6,531			3,304			5,785			4,513
FDIC special assessment			—			(621)			—			619			3,854
Total noninterest expense			408,826			256,609			246,847			248,747			249,290
Income before Income Tax Provision			121,247			187,344			186,538			172,848			153,518
Income tax provision			32,167			43,166			43,359			40,478			38,462
Net Income		$	89,080		$	144,178		$	143,179		$	132,370		$	115,056
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)		$	89,080		$	144,178		$	143,179		$	132,370		$	115,056
Securities losses, net of tax			178,639			38			—			—			—
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 restructuring expense, net of tax (8)			53,094			5,026			2,536			4,430			3,382
Deferred tax asset remeasurement			5,581			—			—			—			—
FDIC special assessment, net of tax			—			(478)			—			474			2,888
Adjusted Net Income (non-GAAP)		$	219,282		$	148,764		$	145,715		$	137,274		$	121,326
Basic earnings per common share		$	0.88		$	1.89		$	1.88		$	1.74		$	1.51
Diluted earnings per common share		$	0.87		$	1.87		$	1.86		$	1.73		$	1.50
Adjusted net income per common share - Basic (non-GAAP) (2)		$	2.16		$	1.95		$	1.91		$	1.80		$	1.59
Adjusted net income per common share - Diluted (non-GAAP) (2)		$	2.15		$	1.93		$	1.90		$	1.79		$	1.58
Dividends per common share		$	0.54		$	0.54		$	0.54		$	0.52		$	0.52
Basic weighted-average common shares outstanding			101,409,624			76,360,935			76,299,069			76,251,401			76,301,411
Diluted weighted-average common shares outstanding			101,828,600			76,957,882			76,805,436			76,607,281			76,660,081
Effective tax rate			26.53 %			23.04 %			23.24 %			23.42 %			25.05 %
Adjusted effective tax rate			21.93 %			20.92 %			20.06 %			22.42 %			21.83 %

Performance and Capital Ratios

		Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
		2025			2024			2024			2024			2024
PERFORMANCE RATIOS
Return on average assets (annualized)			0.56	%		1.23	%		1.25	%		1.17	%		1.03	%
Adjusted return on average assets (annualized) (non-GAAP) (2)			1.38	%		1.27	%		1.27	%		1.22	%		1.08	%
Return on average common equity (annualized)			4.29	%		9.72	%		9.91	%		9.58	%		8.36	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)			10.56	%		10.03	%		10.08	%		9.94	%		8.81	%
Return on average tangible common equity (annualized) (non-GAAP) (3)			8.99	%		15.09	%		15.63	%		15.49	%		13.63	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)			19.85	%		15.56	%		15.89	%		16.05	%		14.35	%
Efficiency ratio (tax equivalent)			60.97	%		55.73	%		56.58	%		57.03	%		58.48	%
Adjusted efficiency ratio (non-GAAP) (4)			50.24	%		54.42	%		55.80	%		55.52	%		56.47	%
Dividend payout ratio (5)			61.45	%		28.58	%		28.76	%		29.93	%		34.42	%
Book value per common share		$	84.99		$	77.18		$	77.42		$	74.16		$	72.82
Tangible book value per common share (non-GAAP) (3)		$	50.07		$	51.11		$	51.26		$	47.90		$	46.48
CAPITAL RATIOS
Equity-to-assets			13.2	%		12.7	%		12.8	%		12.4	%		12.3	%
Tangible equity-to-tangible assets (non-GAAP) (3)			8.2	%		8.8	%		8.9	%		8.4	%		8.2	%
Tier 1 leverage (6)			8.9	%		10.0	%		10.0	%		9.7	%		9.6	%
Tier 1 common equity (6)			11.0	%		12.6	%		12.4	%		12.1	%		11.9	%
Tier 1 risk-based capital (6)			11.0	%		12.6	%		12.4	%		12.1	%		11.9	%
Total risk-based capital (6)			13.7	%		15.0	%		14.7	%		14.4	%		14.4	%

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		2025			2024			2024			2024			2024
Assets
Cash and due from banks		$	688,153		$	525,506		$	563,887		$	507,425		$	478,271
Federal funds sold and interest-earning deposits with banks			2,611,537			866,561			648,792			609,741			731,186
Cash and cash equivalents			3,299,690			1,392,067			1,212,679			1,117,166			1,209,457
Trading securities, at fair value			107,401			102,932			87,103			92,161			66,188
Investment securities:
Securities held to maturity			2,195,980			2,254,670			2,301,307			2,348,528			2,446,589
Securities available for sale, at fair value			5,853,369			4,320,593			4,564,363			4,498,264			4,598,400
Other investments			345,695			223,613			211,458			201,516			187,285
Total investment securities			8,395,044			6,798,876			7,077,128			7,048,308			7,232,274
Loans held for sale			357,918			279,426			287,043			100,007			56,553
Loans:
Purchased credit deteriorated			3,634,490			862,155			913,342			957,255			1,031,283
Purchased non-credit deteriorated			13,084,853			3,635,782			3,959,028			4,253,323			4,534,583
Non-acquired			30,047,389			29,404,990			28,675,822			28,023,986			27,101,444
Less allowance for credit losses			(623,690)			(465,280)			(467,981)			(472,298)			(469,654)
Loans, net			46,143,042			33,437,647			33,080,211			32,762,266			32,197,656
Premises and equipment, net			946,334			502,559			507,452			517,382			512,635
Bank owned life insurance			1,273,472			1,013,209			1,007,275			1,001,998			997,562
Mortgage servicing rights			87,742			89,795			83,512			88,904			87,970
Core deposit and other intangibles			455,443			66,458			71,835			77,389			83,193
Goodwill			3,088,059			1,923,106			1,923,106			1,923,106			1,923,106
Other assets			981,309			775,129			745,303			765,283			778,244
Total assets		$	65,135,454		$	46,381,204		$	46,082,647		$	45,493,970		$	45,144,838
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing		$	13,757,255		$	10,192,117		$	10,376,531		$	10,374,464		$	10,546,410
Interest-bearing			39,580,360			27,868,749			27,261,664			26,723,938			26,632,024
Total deposits			53,337,615			38,060,866			37,638,195			37,098,402			37,178,434
Federal funds purchased and securities
sold under agreements to repurchase			679,337			514,912			538,322			542,403			554,691
Other borrowings			752,798			391,534			691,626			691,719			391,812
Reserve for unfunded commitments			62,253			45,327			41,515			50,248			53,229
Other liabilities			1,679,090			1,478,150			1,268,409			1,460,795			1,419,663
Total liabilities			56,511,093			40,490,789			40,178,067			39,843,567			39,597,829
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares			253,698			190,805			190,674			190,489			190,443
Surplus			6,667,277			4,259,722			4,249,672			4,238,192			4,230,345
Retained earnings			2,080,053			2,046,809			1,943,874			1,841,933			1,749,215
Accumulated other comprehensive loss			(376,667)			(606,921)			(479,640)			(620,211)			(622,994)
Total shareholders' equity			8,624,361			5,890,415			5,904,580			5,650,403			5,547,009
Total liabilities and shareholders' equity		$	65,135,454		$	46,381,204		$	46,082,647		$	45,493,970		$	45,144,838
Common shares issued and outstanding			101,479,065			76,322,206			76,269,577			76,195,723			76,177,163

Net Interest Income and Margin

		Three Months Ended
		Mar. 31, 2025								Dec. 31, 2024								Mar. 31, 2024
(Dollars in thousands)		Average			Income/			Yield/		Average			Income/			Yield/		Average			Income/			Yield/
YIELD ANALYSIS		Balance			Expense			Rate		Balance			Expense			Rate		Balance			Expense			Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks		$	2,199,800		$	22,540		4.16 %		$	1,308,313		$	14,162		4.31 %		$	668,349		$	8,254		4.97 %
Investment securities			8,325,775			61,386		2.99 %			7,144,438			44,934		2.50 %			7,465,735			45,313		2.44 %
Loans held for sale			174,833			3,678		8.53 %			179,803			2,304		5.10 %			42,872			681		6.39 %
Total loans held for investment			46,797,045			720,962		6.25 %			33,662,822			487,405		5.76 %			32,480,220			463,007		5.73 %
Total interest-earning assets			57,497,453			808,566		5.70 %			42,295,376			548,805		5.16 %			40,657,176			517,255		5.12 %
Noninterest-earning assets			6,785,973								4,214,390								4,353,987
Total Assets		$	64,283,426							$	46,509,766							$	45,011,163
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts		$	29,249,014		$	176,949		2.45 %		$	20,823,079		$	121,239		2.32 %		$	19,544,019		$	117,292		2.41 %
Savings deposits			2,904,961			1,944		0.27 %			2,427,760			1,741		0.29 %			2,589,251			1,818		0.28 %
Certificates and other time deposits			7,165,188			67,064		3.80 %			4,517,047			45,283		3.99 %			4,282,749			41,052		3.86 %
Federal funds purchased			323,400			3,479		4.36 %			292,626			3,479		4.73 %			256,506			3,369		5.28 %
Repurchase agreements			298,305			1,430		1.94 %			261,373			1,382		2.10 %			280,674			1,358		1.95 %
Other borrowings			812,136			13,153		6.57 %			394,853			5,902		5.95 %			563,848			8,430		6.01 %
Total interest-bearing liabilities			40,753,004			264,019		2.63 %			28,716,738			179,026		2.48 %			27,517,047			173,319		2.53 %
Noninterest-bearing deposits			13,493,329								10,561,382								10,530,597
Other noninterest-bearing liabilities			1,618,981								1,330,020								1,426,968
Shareholders' equity			8,418,112								5,901,626								5,536,551
Total Non-IBL and shareholders' equity			23,530,422								17,793,028								17,494,116
Total Liabilities and Shareholders' Equity		$	64,283,426							$	46,509,766							$	45,011,163
Net Interest Income and Margin (Non-Tax Equivalent)					$	544,547		3.84 %					$	369,779		3.48 %					$	343,936		3.40 %
Net Interest Margin (Tax Equivalent) (non-GAAP)								3.85 %								3.48 %								3.41 %
Total Deposit Cost (without Debt and Other Borrowings)								1.89 %								1.75 %								1.74 %
Overall Cost of Funds (including Demand Deposits)								1.97 %								1.81 %								1.83 %
Total Accretion on Acquired Loans (1)					$	61,798							$	2,887							$	4,287
Tax Equivalent ("TE") Adjustment					$	784							$	547							$	528
•    The remaining loan discount on acquired loans to be accreted into loan interest income totals $457.1 million as of March 31, 2025.

 Noninterest Income and Expense

		Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Noninterest Income:
Fees on deposit accounts		$	35,933		$	35,121		$	33,986		$	33,842		$	33,145
Mortgage banking income			7,737			4,777			3,189			5,912			6,169
Trust and investment services income			14,932			12,414			11,578			11,091			10,391
Correspondent banking and capital markets income			16,715			20,905			17,381			16,267			14,591
Expense on centrally-cleared variation margin			(7,170)			(7,350)			(7,488)			(11,407)			(10,280)
Total correspondent banking and capital markets income			9,545			13,555			9,893			4,860			4,311
Bank owned life insurance income			10,199			7,944			8,276			7,372			6,892
Other			7,275			6,784			8,012			12,148			10,650
Securities losses, net			(228,811)			(50)			—			—			—
Gain on sale leaseback, net of transaction costs			229,279			—			—			—			—
Total Noninterest Income		$	86,088		$	80,545		$	74,934		$	75,225		$	71,558
Noninterest Expense:
Salaries and employee benefits		$	195,811		$	154,116		$	150,865		$	151,435		$	150,453
Occupancy expense			35,493			22,831			22,242			22,453			22,577
Information services expense			31,362			23,416			23,280			23,144			22,353
OREO and loan related expense			1,784			1,416			1,358			1,307			606
Business development and staff related			6,510			6,777			5,542			5,942			5,521
Amortization of intangibles			23,831			5,326			5,327			5,744			5,998
Professional fees			4,709			5,366			4,017			3,906			3,115
Supplies and printing expense			3,128			2,729			2,762			2,526			2,540
FDIC assessment and other regulatory charges			11,258			7,365			7,482			7,771			8,534
Advertising and marketing			2,290			2,269			2,296			2,594			1,984
Other operating expenses			24,644			19,088			18,372			15,521			17,242
Merger, branch consolidation, severance related and other restructuring expense (8)			68,006			6,531			3,304			5,785			4,513
FDIC special assessment			—			(621)			—			619			3,854
Total Noninterest Expense		$	408,826		$	256,609		$	246,847		$	248,747		$	249,290

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)		2025			2024			2024			2024			2024
Construction and land development * †		$	3,497,909		$	2,184,327		$	2,458,151		$	2,592,307		$	2,437,343
Investor commercial real estate*			16,822,119			9,991,482			9,856,709			9,731,773			9,752,529
Commercial owner occupied real estate			7,417,116			5,716,376			5,544,716			5,522,978			5,511,855
Commercial and industrial			8,106,484			6,222,876			5,931,187			5,769,838			5,544,131
Consumer real estate *			9,838,952			8,714,969			8,649,714			8,440,724			8,223,066
Consumer/other			1,084,152			1,072,897			1,107,715			1,176,944			1,198,386
Total Loans		$	46,766,732		$	33,902,927		$	33,548,192		$	33,234,564		$	32,667,310

*	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 $343.5 million, $386.2 million, $429.8 million, $544.2 million, and $623.9 million for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

 

		Ending Balance
(Dollars in thousands)		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
DEPOSITS		2025			2024			2024			2024			2024
Noninterest-bearing checking		$	13,757,255		$	10,192,116		$	10,376,531		$	10,374,464		$	10,546,410
Interest-bearing checking			12,034,973			8,232,322			7,550,392			7,547,406			7,898,835
Savings			2,939,407			2,414,172			2,442,584			2,475,130			2,557,203
Money market			17,447,738			13,056,534			12,614,046			12,122,336			11,895,385
Time deposits			7,158,242			4,165,722			4,654,642			4,579,066			4,280,601
Total Deposits		$	53,337,615		$	38,060,866		$	37,638,195		$	37,098,402		$	37,178,434
Core Deposits (excludes Time Deposits)		$	46,179,373		$	33,895,144		$	32,983,553		$	32,519,336		$	32,897,833

Asset Quality

		Ending Balance
		Mar. 31,			Dec. 31,			Sep. 30,				Jun. 30,			Mar. 31,
(Dollars in thousands)		2025			2024			2024				2024			2024
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual		$	151,673		$	141,982		$	111,240			$	110,774		$	106,189
Accruing loans past due 90 days or more			3,273			3,293			6,890				5,843			2,497
Non-acquired OREO and other nonperforming assets			2,290			1,182			1,217				2,876			1,589
Total non-acquired nonperforming assets			157,236			146,457			119,347				119,493			110,275
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual			116,691			65,314			70,731				78,287			63,451
Accruing loans past due 90 days or more			537			—			389				916			135
Acquired OREO and other nonperforming assets			5,976			1,583			493				598			655
Total acquired nonperforming assets			123,204			66,897			71,613				79,801			64,241
Total nonperforming assets		$	280,440		$	213,354		$	190,960			$	199,294		$	174,516
		Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,				Jun. 30,			Mar. 31,
		2025			2024			2024				2024			2024
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans			1.33 %			1.37 %			1.39 %				1.42 %			1.44 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans			1.47 %			1.51 %			1.52 %				1.57 %			1.60 %
Allowance for credit losses as a percentage of nonperforming loans			229.15 %			220.94 %			247.28 %				241.19 %			272.62 %
Net charge-offs as a percentage of average loans (annualized)			0.38 %			0.06 %			0.07 %				0.05 %			0.03 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *			0.04 %			0.06 %			0.07 %				0.05 %			0.03 %
Total nonperforming assets as a percentage of total assets			0.43 %			0.46 %			0.41 %				0.44 %			0.39 %
Nonperforming loans as a percentage of period end loans			0.58 %			0.62 %			0.56 %				0.59 %			0.53 %
*        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 2025:

		Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands)		Non-PCD ACL			PCD ACL			Total ACL			UFC
Ending balance 12/31/2024		$	444,959		$	20,321		$	465,280		$	45,327
ACL - PCD loans from Independent			—			118,643			118,643			—
Initial provision for credit losses - Independent			79,971			—			79,971			12,112
Acquisition date charge-offs on acquired PCD loans - Independent *			—			(39,429)			(39,429)			—
Charge offs			(6,139)			—			(6,139)			—
Acquired charge offs			(885)			(398)			(1,283)			—
Recoveries			1,345			—			1,345			—
Acquired recoveries			291			1,346			1,637			—
Provision for credit losses			7,073			(3,408)			3,665			4,814
Ending balance 3/31/2025		$	526,615		$	97,075		$	623,690		$	62,253
Period end loans		$	43,132,242		$	3,634,490		$	46,766,732			N/A
Allowance for Credit Losses to Loans			1.22 %			2.67 %			1.33 %			N/A
Unfunded commitments (off balance sheet) †											$	10,654,446
Reserve to unfunded commitments (off balance sheet)												0.58 %
*        Acquisition date charge-offs recorded in connection with the Independent merger, to conform with the Company's charge-off policies and practices.
†        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 25, 2025.  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 25, 2025 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida.  SouthState Bank, N.A. (the "Bank"), the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, Virginia, Texas and Colorado.  The Bank also serves clients coast to coast 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, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
Net income (GAAP)		$	89,080			$	144,178			$	143,179			$	132,370			$	115,056
Provision (recovery) for credit losses			100,562				6,371				(6,971)				3,889				12,686
Income tax provision			26,586				43,166				43,359				40,478				38,462
Income tax provision - deferred tax asset remeasurement			5,581				—				—				—				—
Securities losses, net			228,811				50				—				—				—
Gain on sale leaseback, net of transaction costs			(229,279)				—				—				—				—
Merger, branch consolidation, severance related and other restructuring expense (8)			68,006				6,531				3,304				5,785				4,513
FDIC special assessment			—				(621)				—				619				3,854
Pre-provision net revenue (PPNR) (Non-GAAP)		$	289,347			$	199,675			$	182,871			$	183,141			$	174,571
(Dollars in thousands)		Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
Net interest income (GAAP)		$	544,547			$	369,779			$	351,480			$	350,259			$	343,936
Total average interest-earning assets			57,497,453				42,295,376				41,223,980				41,011,662				40,657,176
NIM, non-tax equivalent			3.84	%			3.48	%			3.39	%			3.43	%			3.40	%
Tax equivalent adjustment (included in NIM, TE)			784				547				486				631				528
Net interest income, tax equivalent (Non-GAAP)		$	545,331			$	370,326			$	351,966			$	350,890			$	344,464
NIM, TE (Non-GAAP)			3.85	%			3.48	%			3.40	%			3.44	%			3.41	%

 

		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		2025				2024				2024				2024				2024
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)		$	89,080			$	144,178			$	143,179			$	132,370			$	115,056
Securities losses, net of tax			178,639				38				—				—				—
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 restructuring expense, net of tax (8)			53,094				5,026				2,536				4,430				3,382
Deferred tax asset remeasurement			5,581				—				—				—				—
FDIC special assessment, net of tax			—				(478)				—				474				2,888
Adjusted net income (non-GAAP)		$	219,282			$	148,764			$	145,715			$	137,274			$	121,326
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)		$	0.88			$	1.89			$	1.88			$	1.74			$	1.51
Effect to adjust for securities losses, net of tax			1.76				0.00				—				—				—
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 restructuring expense, net of tax (8)			0.52				0.07				0.03				0.05				0.04
Effect to adjust for deferred tax asset remeasurement			0.06				—				—				—				—
Effect to adjust for FDIC special assessment, net of tax			—				(0.01)				—				0.01				0.04
Adjusted net income per common share - Basic (non-GAAP)		$	2.16			$	1.95			$	1.91			$	1.80			$	1.59
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)		$	0.87			$	1.87			$	1.86			$	1.73			$	1.50
Effect to adjust for securities losses, net of tax			1.76				0.00				—				—				—
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 restructuring expense, net of tax (8)			0.52				0.07				0.04				0.05				0.04
Effect to adjust for deferred tax remeasurement			0.05				—				—				—				—
Effect to adjust for FDIC special assessment, net of tax			—				(0.01)				—				0.01				0.04
Adjusted net income per common share - Diluted (non-GAAP)		$	2.15			$	1.93			$	1.90			$	1.79			$	1.58
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)			0.56	%			1.23	%			1.25	%			1.17	%			1.03	%
Effect to adjust for securities losses, net of tax			1.13	%			0.00	%			—	%			—	%			—	%
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 restructuring expense, net of tax (8)			0.33	%			0.04	%			0.02	%			0.05	%			0.02	%
Effect to adjust for deferred tax remeasurement			0.04	%			—	%			—	%			—	%			—	%
Effect to adjust for FDIC special assessment, net of tax			—	%			(0.00)	%			—	%			0.00	%			0.03	%
Adjusted return on average assets (non-GAAP)			1.38	%			1.27	%			1.27	%			1.22	%			1.08	%
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)			4.29	%			9.72	%			9.91	%			9.58	%			8.36	%
Effect to adjust for securities losses, net of tax			8.61	%			0.00	%			—	%			—	%			—	%
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 restructuring expense, net of tax (8)			2.56	%			0.34	%			0.17	%			0.33	%			0.24	%
Effect to adjust for deferred tax remeasurement			0.27	%			—	%			—	%			—	%			—	%
Effect to adjust for FDIC special assessment, net of tax			—	%			(0.03)	%			—	%			0.03	%			0.21	%
Adjusted return on average common equity (non-GAAP)			10.56	%			10.03	%			10.08	%			9.94	%			8.81	%
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)			4.29	%			9.72	%			9.91	%			9.58	%			8.36	%
Effect to adjust for intangible assets			4.70	%			5.37	%			5.72	%			5.91	%			5.27	%
Return on average tangible equity (non-GAAP)			8.99	%			15.09	%			15.63	%			15.49	%			13.63	%
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)			4.29	%			9.72	%			9.91	%			9.58	%			8.36	%
Effect to adjust for securities losses, net of tax			8.61	%			0.00	%			—	%			—	%			—	%
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 restructuring expense, net of tax (8)			2.56	%			0.34	%			0.18	%			0.32	%			0.25	%
Effect to adjust for deferred tax remeasurement			0.27	%			—	%			—	%			—	%			—	%
Effect to adjust for FDIC special assessment, net of tax			—	%			(0.03)	%			—	%			0.03	%			0.21	%
Effect to adjust for intangible assets, net of tax			9.29	%			5.53	%			5.80	%			6.12	%			5.53	%
Adjusted return on average common tangible equity (non-GAAP)			19.85	%			15.56	%			15.89	%			16.05	%			14.35	%

 

		Three Months Ended
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP		2025				2024				2024				2024				2024
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio			60.97	%			55.73	%			56.58	%			57.03	%			58.48	%
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 restructuring expense (8)			(10.77)	%			(1.45)	%			(0.78)	%			(1.36)	%			(1.08)	%
Effect to adjust for FDIC special assessment			—	%			0.14	%			—	%			(0.15)	%			(0.93)	%
Adjusted efficiency ratio			50.24	%			54.42	%			55.80	%			55.52	%			56.47	%
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)		$	84.99			$	77.18			$	77.42			$	74.16			$	72.82
Effect to adjust for intangible assets			(34.92)				(26.07)				(26.16)				(26.26)				(26.34)
Tangible book value per common share (non-GAAP)		$	50.07			$	51.11			$	51.26			$	47.90			$	46.48
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)			13.24	%			12.70	%			12.81	%			12.42	%			12.29	%
Effect to adjust for intangible assets			(4.99)	%			(3.91)	%			(3.94)	%			(4.03)	%			(4.08)	%
Tangible equity-to-tangible assets (non-GAAP)			8.25	%			8.79	%			8.87	%			8.39	%			8.21	%

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 $61.8 million, $2.9 million, $2.9 million, $4.4 million, and $4.3 million during the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, 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 restructuring 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 restructuring expense of $68.0 million, $6.5 million, $3.3 million, $5.8 million, and $4.5 million for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively; (b) pre-tax net securities losses of $(228,811) and $(50,000) for the quarters ended March 31, 2025 and December 31, 2024; (c) pre-tax (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 $(621,000), $619,000, and $3.9 million for the quarters ended December 31, 2024, June 30, 2024, and March 31, 2024, respectively; 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 restructuring expenses 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 $23.8 million, $5.3 million, $5.3 million, $5.7 million, and $6.0 million for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, 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, 2025 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 costs of $111,000, $329,000, $56,000, $3.5 million and $4.4 million for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
(9)	SouthState acquired $13.1 billion of loans and $15.2 billion of deposits from the Independent acquisition.  The total preliminary mark on the newly acquired loans was approximately $482 million, which included a rate mark of approximately $386 million and a credit mark on non-PCD loans of approximately $96 million.  The preliminary premium for acquired fixed maturity time deposits was approximately $1.7 million.  The Company also added $412.1 million in core deposit intangibles related to the Independent acquisition.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements.

SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (14) transaction risk arising from problems with service or product delivery; (15) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (16) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (20) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (24) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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FAQ

What was SouthState 's (SSB) earnings per share in Q1 2025?

SouthState reported diluted EPS of $0.87, with adjusted diluted EPS of $2.15 for Q1 2025.

How much is SouthState's (SSB) quarterly dividend payment for Q1 2025?

SouthState declared a quarterly cash dividend of $0.54 per share, payable on May 16, 2025 to shareholders of record as of May 9, 2025.

What was SouthState's (SSB) net interest margin in Q1 2025?

SouthState's net interest margin was 3.85% in Q1 2025.

What major transactions did SouthState (SSB) complete in Q1 2025?

SouthState completed the IBTX acquisition in January 2025 and executed a sale-leaseback transaction in March 2025.